Your Questions About Business Online Banking
Lisa asks…
How long does a refund take to clear in your account?
I am expecting a refund from top up TV. They have said they refunded the amount back onto my card on Friday 3rd July but I logged onto my online banking today and it hasn’t even shown up? They are saying that its my banks problem now?
Is this right? Where do I stand with this? I have had problems with them from the beginning? and Its £99.99 so not a couple of quid either.
Jere answers:
I would expect the refund to show up by Wednesday at the earliest. Takes 3 to 5 business days ( you did this on a Friday, so it didn’t even start to process until today, Monday I bet ) to get a refund.
Betty asks…
What is the minimum deposit to open an account in the United Kingdom?
I need to know what the minimum deposit to open a personal account, a corporate account, and a transit account in the United Kingdom via an online banking system also the safety issues of such accounts. How easy is it for identity theft which is a concern of mine as in I need to open an online offshore account. Also Whatis themaximumamount possible to transfer into these said accounts monthly. Thank you for any assisstance possible. Susan Jeffers
Jere answers:
Zero is the minimum deposit for a personal account . It may be different from bank to bank – just shop around.
A corporate account (called here a business account) will want a deposit to open, but I did not need to deposit any particular amount when I opened mine (a while ago now). Again, shop around.
Transit account – never heard of it. What is it?
Safety – pretty good on both personal and corporate accounts. You must not be careless with your banking details – if you are negligent, you become liable for all losses.
Offshore account – in UK, you can have such an account, but you must declare the account, and report income for tax purposes. If you do not, that is a criminal act.
Maximum to transfer in – no limit, but all transfers, deposits in cash, and withdrawals in cash over a certain limit must be explained (because of the money laundering regulations).
Mark asks…
How do online banks work?
I’m moving out on my own soon and I’m trying to figure out how to set up my banking situation- As much information as possible would be appreciated greatly!
If I have an online bank, such as Ally Bank, is it possible to deposit cash into the account? Do I need a checking account with a physical bank? Would someone else be able to transfer money from their bank to my bank account?
Jere answers:
You can do just about anything! I’ve been on-line banking for 20+ years. I never go to a branch (in fact I haven’t used a bank in my home town for almost 20 years).
I have Ally savings and checking.
I can deposit checks using a smart phone or scanner (takes about 2.5 minutes).
I have not tried to deposit cash or checks through another banks ATM…. But have done so with my old on-line bank. I would be surprised if it didn’t work… Call Ally and ask. (Great customer service).
They also allow you to transfer funds between accounts & banks at no charge.
Bill pay is free.
Check out PopMoney with Ally (you can send money via an email or cell phone to others @ no charge).
If someone has a service like PopMoney…. The answer is absolutely! The weakness will be with their bank (not Ally) if it can’t be done.
Unless you need commercial banking (you own a business)…. I can’t think of one reason to use a “traditional” bank.
Sandra asks…
What is the most eco-friendly bank available to US citizens?
I am starting my own business making environmentally friendly women’s jewelry out of recycled, re-used, and sustainably grown/harvested materials, and would like to open a business checking and savings account. I am very environmentally conscious and am having trouble finding a bank that offers decent rates, competitive fees, is environmentally conscious in their energy and materials usage, and invests only in businesses with equally progressive environmental practices.
I am also looking for an online-only bank, since they do not waste materials, space, and energy building branches which I don’t need to use. I know there have to be a few out there, and I have found a few but they are unfortuantely in Europe and are not available to US citizens. Help!
Jere answers:
The best one is the Pentagon credit union. They do not invest in environmentally damaging industries, have a totally electronic transaction option for customers and excell in providing loans and deposit accounts to ordinary Americans.
Maria asks…
How to add funds into my Paypal account?
I need to send some money via paypal to someone overseas, but I don’t have a credit card.
I have a bank account with State bank of Patiala with online banking service…
Can I send money from my bank acount into paypal, if yes, how?
Is there any other way?
Jere answers:
If you see a link that says “Add bank” in your account overview click on that. It will ask for two info, Your routing number and account number. If you enter those, PayPal will send you two penny deposits in random and that takes 3 days. I you notice there have been deposits log back to your account and click the link that says “confirm bank” if the two amounts are correct you get notification your bank has been verified and you get to transfer funds from your bank. If you notice only one amount deposited, that’s a lump sum and your bank mistook it as just one deposit so call customer services and have rep do the verification for you.
Adding funds from the bank takes 3 days but adding a credit card ot the the atm card from the same bank account makes transactions instant. Well not really instant since PayPal just fronts the money and then turns around to take the money from your bank which really takes 3-4 business days no matter what.
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