Learn how to make banking work for you. For tips on your banking success, just ask Alex, our expert banker. Understand more about the world of bitcoins. Learn what to do when you receive a counterfeit bill. Explore how to set up a business account.
Question: What is Bitcoin? – Will from Brockton, Massachusetts.
Answer: Bitcoin is the best known and most popular cryptocurrency in the world today. Created in 2008 by a mysterious person or group using the name Satoshi Nakamoto, Bitcoin is a form of digital currency that exists outside the control of a centralized authority. It is a computer file that is stored in a digital wallet application on a smartphone or computer. Each transaction is recorded in a digital ledger, also known as a blockchain, that is duplicated and distributed across the entire network. These ledgers are stored in massive files using thousands of computers worldwide. Bitcoins can be used to buy goods and services anonymously and are generally cheaper than physical currencies because they are not subject to fees and regulations.
Click onto this picture to access the complimentary video.
Check out more insightful videos on our YouTube Channel at: CLICK HERE.
Question: What should I do if I receive a counterfeit bill? – Tamara from Lafayette, Louisiana.
Answer: It is illegal to pass counterfeit bills. It is a federal felony that is handled by the U.S. Secret Service. According to the United States Treasury, you should observe the passer’s description and write down any information that can help to identify the perpetrator. On the white boarder of the suspected note, write your initial and date and secure the bill in a plastic bag or envelope. Contact your local police department or the U.S. Secret Service Office for further instructions. Surrender the note to a Secret Service Special Agent, police officer or mail it to your nearest U.S. Secret Service field office.
Question: What do I need to open a business checking account? – Edward from Columbus, Ohio,
Answer: In order to open a business account, the first thing you need to provide the business’ Employment Identification Number (EIN) or if it is a sole proprietorship your social security number. The bank will also require the business’ formation documents. The required documents vary depending on the type of business (i.e. sole proprietorship, corporation, LLC, partnership, association and organization) and the state the business is registered. These documents can include but are not limited to the registration of the assumed business name with the secretary of state, the partnership agreement, articles of organization or incorporation, certificate of good standing and the business license. Before opening a business account check with your banker to see what documents are required.
Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 18th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.
