Why can't you legally take more than $10,000 out of your bank account?
I'm assuming this question only applies to a US bank. You can take as much cash as you own from a bank but the bank is required to file a report of all withdrawals greater than $9,999 for possible further review. This is done to flag transactions that may be done for money laundering reasons. When you think about it, most cash transaction are small notional amounts. It's common to buy a beer with cash but it's uncommon to buy a $100,000 house or a $10,000 car with cash. Usually people use some sort of check or wire to transfer funds. It makes sense for practical purposes such as security and convenience. It's much easier to rob $10,000 out of a briefcase being carried around by its owner than it is to rob the same amount from the bank at a loss to its owner. Even if the money is successfully stolen and not recovered, the owner of the $10,000 deposit is insured for the whole amount by the bank and the FDIC. Security is a priority and can become a problem for businesses operating and generating high amounts of actual cash. They become targets for robbers and security costs become significant. I once deposited more than $10,000 in cash and I promptly received a call from the bank investigating the reason for the transaction. It's part of the regulatory “Know Your Customer” requirements implemented on all banks. The fact that our society is moving away from a cash based economy to an electronic transaction based economy is actually a positive development in the sense that you minimize robberies and security costs incurred.
Why is it legal for banks to lend money they do not have using fractional banking but it is illegal for people?
You just have to find someone who will lend you money, using your loan portfolio (of loans you’ve made to other people) as security, and then you, too, can lend more money than you actually started with.If you don’t have any money to begin with, but you have some asset (like a home you own outright), you can borrow money using that as security, and lend the money out to others. Of course, to make this profitable, you have to find borrowers who are willing to pay a higher interest rate than you’re paying. In this case, you’re able to profit by lending out money that isn’t actually yours (i.e. it’s money you owe somebody else). Then go back to using the loan portfolio as security, and voilà, fractional banking.
What is illegal about keeping money in Swiss banks?
There is nothing is illegal. Like other country banks swiss banks are also legal. Anyone can open their Swiss account. However, due to some special circumstance regarding privacy, the level of scrutiny over providing official documentation of your identity is more strict. For example, you may need to show your official passport to provide your identity, whereas a driver's license would probably suffice in the U.S. There are also different minimum balance requirements depending on the type of account you want. These can range from a few thousand dollars to millions of dollars.The main benefits of Swiss bank accounts include the low levels of financial risk and high levels of privacy they offer. The Swiss economy is one of the most stable economies in the world and has not been involved in any conflicts in hundreds of years.
What is AC? (its some illegal bank thing but can someone explain further)?
its when people hack into someones account or if they know someone in the bank willing to do it, transfer large amount of money into another account, they get some one (A IDIOT) only a idiot will do this but they get someone that is willing to give them their bank card and pin number so the money can transfer into their account and if its successful they promise the person that gave them the account a bit of the money, the thing is they tend to target young teenagers that don't work or make money and put like 9grand in their account and expect the bank not to realise what their doing and they get court you have to be very smart and know what your doing to pull it off hope that made sense lol
Is it legal to photograph banks?
I have included a link that should be helpful. A bank is private property which means you can't go inside and do whatever you want - including photography. Standing on public property (like a sidewalk) is diffferent. You can photograph anything you can see. You cannot obstruct other people while doing it, however, like setting up a tripod that gets in people's way. Bank security might not like you making pictures of the bank, but that's too bad for them if you're on public property. They can't legally make you stop, you go away and they certainly can't take your camera or make you erase your pictures. If confronted, take out the print of your rights from the link, below. Heck, bring two copies with you so any one bothering you has a copy to keep for themselves. Be friendly, smile, explain that you're a hobby photographer and this is a personal project to photograph the banks of your city. Don't act like a jerk. But be firm as well. You are free to photograph what you want from public property for your own personal, private use. Disclosure: I am the owner of http://www.lenslenders.com in Canada.
Is it illegal for the bank to charge you for going over your overdraft limit?
i've just read somone alses question that was a bit like this, my partner had had a bit of trouble with his bank (Natwest) witch was no fault of his own, his phone bill was due to go out and they didn't take it out but they charged him £48 then another £48 a few days later in that time he went over his overdraft and then got charged another £35 can they do this or is there any way we can claim this money back. thanks xx