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New York Banking Questions & Answers
1 Answer | Asked in Banking and Tax Law for New York on
Q: Do I need to pay taxes when transferring money from my foreign bank account to my American account?

Hi, I wanted to get information about the possibility of transferring money I have in Brazil in my account there to my US account, about $225,000. Do I need to pay tax on that when I transfer, or in the end of the year? Do I need to declare it in my tax return? I am a temporary resident in the US... Read more »

D. Mathew Blackburn
D. Mathew Blackburn answered on Dec 3, 2019

Any transfer over $10,000 US is reported by the bank but is not taxed.

You don't report it on your personal income return as long as it's a personal transfer.

If it's a gift or earned income it changes things.

1 Answer | Asked in Banking, Contracts and Family Law for New York on
Q: My neighbor who has no family passed away and my family wants to claim the body. Is there any way to Access her money?

The money would be used to pay for her funeral and what not

Michael David Siegel
Michael David Siegel answered on Nov 15, 2019

Not immediately for this. You can get it back later.

1 Answer | Asked in Consumer Law and Banking for New York on
Q: Checks designated to be paid to ONE, were stamped & deposited into TWO, without the permission of the check writer.

The check writer is now asking why this occurred, since it was not their intention for their money to go to TWO. What is the recourse?

Taylor P Waters
Taylor P Waters answered on Oct 30, 2019

The check writer does not usually have a say in what happens after a check is written and signed. For example, the person to whom it was made could have simply indorsed the back and made it bearer paper, where anyone could have further indorsed it to whomever. The check writer's intention means... Read more »

2 Answers | Asked in Consumer Law and Banking for New York on
Q: Checks designated to be paid to ONE, were stamped & deposited into TWO, without the permission of the check writer.

The check writer is now asking why this occurred, since it was not their intention for their money to go to TWO. What is the recourse?

Michael David Siegel
Michael David Siegel answered on Oct 29, 2019

It depends on what ONE intended to happen.

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1 Answer | Asked in Banking and Collections for New York on
Q: Can a New York bank ignore EIPA Laws because levy was placed on accounts relating to a CALIF judgement?

I am in New York resident with New York bank accounts. My bank will not release my funds and recognize my protection under EIPA $1740 exemption for basic living needs. Each account contained under $1,740. because it’s a California judgement. Are they acting lawfully? What are my options? Thanks

Michael David Siegel
Michael David Siegel answered on Oct 4, 2019

It depends where the levy was done. If it is a New York restraining notice, then EIPA applies. If it is a bank in CA, and the levy was done there under CA law, even though you live in NY and use an NY branch, CA law applies.

3 Answers | Asked in Banking, Criminal Law and Estate Planning for New York on
Q: Can a joint account holder deposit a check into their account if the check is made out to someone who passed away?

Mother received a large check from retirement account and she passed away before cashing it. Her boyfriend deposited the check into their joint account several days after her passing and then closed the account once the check cleared. He now has the money and is refusing to give it to the children.... Read more »

Benjamin Z. Katz
Benjamin Z. Katz answered on Sep 28, 2019

If he endorsed a check made payable to your deceased mother he committed fraud. You can call the police and/or DA to report it.

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1 Answer | Asked in Banking and Business Law for New York on
Q: is it right for me to be charged as the vendor for something that the customer inputted online incorrectly?

https://support.buildium.com/hc/en-us/articles/200689678-Return-Code-R03-Unable-to-locate-account-or-name-does-not-match

we are not a retail establishment

Mathew Paulose
Mathew Paulose answered on Sep 11, 2019

Greetings. Are you a retail establishment? If so, New York has codified general business rules concerning refunds. For example, a retail merchant that has a refund policy must provide notice of the policy to its customers and then live up to whatever promises are made in the policy. If it's a... Read more »

1 Answer | Asked in Banking for New York on
Q: trying to get money back from western union that is owed to me

i have been trying for over a month to get back money that is owed to me by western union. every time i call im told the check "should" arrive next week, and every time i ask to speak to a supervisor im put on hold for at least 20 minutes, or until i hang up. once im put on hold the call is never... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Aug 28, 2019

Yes, you could hire a lawyer and sue Western Union; but the fees would be a lot more than the amount they owe you.

1 Answer | Asked in Banking and Business Law for New York on
Q: Do I have to file a restated certificate if I already filed an amended certificate of incorporation?

I’m a single owner of my corporation trying to get an SBA Loan through a bank.

Michael David Siegel
Michael David Siegel answered on Aug 20, 2019

I do not know what a "restated" certificate is. What are you trying to do?

1 Answer | Asked in Banking and Business Law for New York on
Q: I was 50% owner of a small corporation. When I retired I gave my shares to my partner for $1 with the understanding that

he would pay outstanding loans. Two were in my name personally but he has agreed to pay them off. Years have gone by and I am making payments but nothing from him. About $40,000. Can anything be done?

Michael David Siegel
Michael David Siegel answered on Aug 8, 2019

You can sue, but the case will turn on your proof, which seems thin based on your post.

2 Answers | Asked in Banking and Real Estate Law for New York on
Q: Can I purchase a first mortgage of a residential property, from a bank.

Want to Buy Mortgage Note from a bank, I'm not currently the owner of the property.

Michael David Siegel
Michael David Siegel answered on Aug 2, 2019

Legally, yes you can. Will they sell it to you? It depends.

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2 Answers | Asked in Banking, Contracts and Small Claims for New York on
Q: I want to start a very small lending company. $1000-$5000 max no more then 14% what exactly do I need to do this?

I read that 25000 and under and over 16%

But I would be charging less in interest so would I need any license ?

Michael David Siegel
Michael David Siegel answered on Jul 24, 2019

If you are lending to the public you need a banking license.

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2 Answers | Asked in Banking, Federal Crimes and Identity Theft for New York on
Q: I was a victim of identity theft. bank where card was opened is refusing to send me documents I am legally entitled

Is there any legal recourse? The bank has been dishonest multiple times, I have by mail requested the application which they approved in my name (spelled incorrectly and wrong mothers maiden name etc) and they are refusing to send me the application. According to government websites they cannot... Read more »

Michael David Siegel
Michael David Siegel answered on Jul 21, 2019

The bank is right. If the card was canceled you have no damages. If you made a police report, then the police investigate the account, not you. The bank records are not yours, by your own allegation. You can sue and do a subpoena, but I am not sure what the suit would be claiming.

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1 Answer | Asked in Consumer Law, Contracts and Banking for New York on
Q: Can a private investigator track where i have been using my phone GPS or my car GPS?

I recieved a business card from a repo company PI. Not only did i recieve it at my house but it got addressed to me and sent to my boyfriends house as well. I never put his address on any documents what so ever. The only place i have his address is my phone and my car GPS. I never put his address... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jun 26, 2019

In these days of very advanced high-tech electronic systems and devices there is no doubt that smart investigators, private or otherwise can track anyone, anywhere at anytime--without stopping for coffee. There is nothing legal that you or I can do about it either. Welcome to America, circa 2019.

3 Answers | Asked in Real Estate Law and Banking for New York on
Q: Is a Referee deed valid if the grantor listed was not on the deed

My house was sold back to the bank after a foreclosure the Referee listed my exhusband as the Grantor on the deed instead of me. He was removed from the deed by quit claim when we got divorced 12 yrs ago. He was still on the mortgage but he was no longer responsible for that either since he filed... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Jun 6, 2019

Probably not. However, the error can easily be corrected.

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1 Answer | Asked in Banking for New York on
Q: What is the law or banking policy regarding checks submitted for deposit and NSF...?

I can't imagine it being a customary practice of any or most banks (as a result of all the fees they would lose); But if a merchant makes a night drop of received checks for DEPOSIT into their account and knows someone at the bank who, as a courtesy- checks the availability of funds BEFORE... Read more »

Bruce Alexander Minnick
Bruce Alexander Minnick answered on Apr 30, 2019

Since you say you are "delighted" with the outcome, what are you hear on Justia asking lawyers to do?

1 Answer | Asked in Landlord - Tenant and Banking for New York on
Q: I have a question regarding the rights of landlords to assign fees for the return of rent checks for NSF....

The management company of the property we rented had a relationship with someone at the bank that enabled them to verify funds were available before processing checks. Saving fees to both the management company and the tenants. As a result, any time throughout our 10 year tenancy that funds were... Read more »

Elaine Shay
Elaine Shay answered on Apr 11, 2019

The fees that a landlord is allowed to charge depends upon the terms of the lease.

4 Answers | Asked in Copyright, Intellectual Property, Patents (Intellectual Property) and Banking for New York on
Q: I have an idea for a Credit Card product that will solve a number of problems for Banks & Card Issuers. Can I patent it?

I cannot 'deploy' the invention, of course, since I cannot issue credit cards. The idea is specific to how card fees are charged. How can I protect it.

Ahaji Kirk Amos
Ahaji Kirk Amos answered on Mar 21, 2019

I can't tell you that you can patent your invention. You can patent an invention that is patentable subject matter. It must be new, non-obvious and you must be the first to apply for a patent on the invention. You don't need a prototype so long as the invention is fully developed/designed.

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1 Answer | Asked in Personal Injury and Banking for New York on
Q: I won a settlement. My lawyer died and his son that took over cannot access his bank account how long do I have to wait

The check is at my lawyers office.

Michael David Siegel
Michael David Siegel answered on Feb 28, 2019

Something is not right. You need to contact the bar and file a grievance. This is not how this works.

1 Answer | Asked in Consumer Law, Banking, Collections and Stockbroker Fraud for New York on
Q: about a stock purchased

i have invested $20,000 in a company selling securities, i was told they would send the certificate of stock after 6 months, it has been more than a year i have yet to receive a certificate, the company is still online selling securities but their information have chnaged i cannot get any contact,... Read more »

Michael David Siegel
Michael David Siegel answered on Jan 2, 2019

It sounds like you were scammed. Call the Securities and Exchange Commission enforcement office and the FBI. Your bank has nothing to do with this. They just sent a wire to a place you ordered. Am I missing something? The "company" you are dealing with likely does not really exist in a way a... Read more »

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