Got questions about banking? Just ask Alex, our expert banker to get the advice you need to be successful. Learn what it means to put a freeze on your credit report. Discover how mobile deposit works. Find out why your bank is legally obligated to report currency transactions (cash or coin) over $10,000 in a single day.
Here are pertinent questions asked by people like you.
Question: I am concerned about credit fraud. Should I put a freeze on my credit report? – Rachel from Salem, Oregon
Answer: Placing a credit freeze limits who can view your credit report information. Existing creditors and debt collectors can still access your credit report. However, if you want to apply for a new loan, line of credit, mortgage or credit card the freeze must first be lifted. This can be done for a particular time period or for a specific party like a new lender or landlord. In order to place a credit freeze, you must contact all three credit reporting bureaus (Equifax, TransUnion and Experian). The easiest way to do that is online through the credit reporting bureaus’ website. Congress recently amended the Fair Credit Reporting Act requiring reporting agencies not to charge for placing a credit report freeze.
Question: How does mobile deposit work? – Simon from San Antonio, Texas
Answer: Mobile check deposit or remote deposit capture is a service that many financial institutions offer. It allows the customer to deposit a check into a checking or savings account with a smartphone. The customer uses the mobile banking app and smartphone camera to take a picture of the front and back of a paper check. Once the image is “captured”, the check is electronically deposited into the desired account. Check your bank’s funds availability schedule to see when the funds from a mobile check deposit can be used. Deposits received after the financial institution’s cut off time will be considered received on the following business day.
Question: I heard that banks file a report if you withdraw or deposit large sums of cash. What is the limit to avoid that from happening? – Molly from Norman, Oklahoma
Answer: Financial institutions are required by federal law under the Bank Secrecy Act to report currency transactions (cash or coin) of over $10,000 in a single day. This can be conducted by or on behalf of an individual or business and includes multiple currency transactions that, in tota,l go pass the $10,000 threshold. If that occurs, the financial institution will file a Currency Transaction Report that goes to Financial Crimes Enforcement Network. This law was enacted to safeguard the financial industry from threats posed by money laundering and to help curtail illegal activities like terrorism, prostitution and illegal drug trafficking.
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 15th 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.
