The chicken has come home to roost. This is the common phrase heard from commentators following the recent bombshell from the Central Bank of
While some informed commentators have argued that it is a welcome development that has long been overdue, it is my modest opinion that perhaps there are more equally serious issues to deal with beyond the change of guards at the top of these institutions. It is the single bold step that signifies that proactive risk management has taken centre stage in the Nigerian banking industry.
First and foremost, the action confirms in clear terms that the stories about the liquidity crises faced by certain banks have been true. If out of ten (10) banks examined so far, five (5) had to receive the sledgehammer, then we have a serious problem at hand as this represents fifty per cent (50%) of the sample size covered. What happens when the examination of the remaining fourteen (14) banks is concluded?
One can only imagine the run down the industry will face following these revelations. The assurance of the CBN Governor that no bank will be allowed to fail, is a strong reassuring measure. However, when it comes to money matters, I am certain that the average individual will not want to take chances.
Another worrisome development is the major reason advanced by the CBN as basis of the sack which may be summarized as poor corporate governance practices. In a nutshell, the global financial crisis has just succeeded in exposing the very poor corporate governance practices in our banking industry. I wish to state categorically that no institution anywhere in the world, with or without a financial crisis can survive for long with poor corporate governance practices. Poor corporate governance is reflected in weaknesses in internal controls hence the assets of institutions are not safe from abuse. And once the safety of depositor and shareholder fund is jeopardized, any system no matter how large and attractive it may look can eventually collapse.
This brings up the memory of a very vital lesson in business/corporate failure as it relates to financial management. Businesses do not usually fail for lack of profitability, but more as a result of lack of liquidity. The lesson here is simple; Cash Flow is as important as Profits. Understanding this sacred canon is at the heart of successful management of enterprises. It does not matter whether it is a public or private sector enterprise. The rule is universally applicable.
Other issues that beg for answers include:
What is the level of involvement of the non-executive directors, subsidiary companies and other key stakeholders in the financial positions of these banks?
Since Shareholder Funds have been significantly impaired, to what extent is the impairment and how long will it take for the institutions to be fully re-capitalized to an appropriate status following the CBN take-over?
What are the new corporate governance rules for the new management teams of these banks who are being entrusted with both public and private financial assets?
What recovery mechanisms are being put in place to ensure that all monies owed to these ailing institutions are fully recovered by the authorities?
For all financial institutions in
What is the structure of their margin loans like? There is need for a detailed breakdown based on industry, age and history of loan servicing.
If the affected institutions have been net borrowers of funds from the industry, how long has this been going on and what remedial actions were taken by those responsible prior to now?
What actions are necessary to forestall further crash of banks’ share prices on the Nigerian capital market as the industry prepares for yet another round of share price crises?
What is the legal, administrative and operational framework of these institutions following the CBN take-over?
Who takes ultimate responsibility and for what and to what extent, should these institutions fail to continue as going concerns in the near or far future under CBN watch?
It is my opinion that finding specific and valid answers in detailed terms to the above questions will help to allay depositor fears, build investor confidence and ultimately protect the Nigerian national economy. (Mr. Shafii Ndanusa, is a Certified Chartered Accountant (ACCA,
I was reviewing our logs and noticed that someone had come to Jumbo CDs, looking for the answer to, “What is the difference between FDIC and NCUA Insured?”
Boy, did I feel silly because I didn’t actually have the answer on our site. After all, it is an important question for people investing their money into banks and credit union CDs.
And the answer is, there is really no difference as far as federal protection. Both cover your bank accounts (CDs, Savings, Checking, Money-Market) up to $250,000 through 12/31/13. If the Gov’t doesn’t extend that it will revert back to $100,000. Both cover your IRA accounts assuming they are in a bank account and not a securities account up to $250,000. That was a permanent change made in 2004. IRAs are insured separately then your regular bank accounts.
Both are federally guaranteed. The FDIC oversees and insures banks and the NCUA oversees and insures credit unions. However, the NCUA is currently in far healthier shape. Not that I believe the FDIC won’t be able to meet its obligations, you just don’t here about the NCUA having to bail out too many credit unions.
The biggest difference is credit unions overall, are in better shape then banks. We have dealt with countless bank closures the last two years. There has only been a handful of credit union closures. And the reason is the foundational difference between a credit union and a bank. At a credit union, everyone is a member and has one vote, no matter how big their deposits are. The credit union exists to extend the lowest loan rates and highest savings rates it can to its members. Credit Unions are non-profit organizations. Because of their non-profit status, they are limited in what they can invest in. Most of their investments are in boring things like CDs ( :O) ), Gov’t bonds, and treasuries. They are limited in who and what they can lend to. Both of these drastically lower the risk of having problems.
Now, I don’t want my banker friends to get mad at me. Usually, small community banks operate much like credit unions in that they put the people first. However, a bank is a for profit organization. Usually, a small group of investors has put their capital into the bank and they want a return on their money. The pressure for higher returns leads banks to make riskier decisions. And over the last two years we’ve seen the result of that.
So when it comes down to it, there is no difference in your insurance protection between FDIC and NCUA insured accounts. If either a bank or credit union fails that is federally insured, you will get your money back. (Chris Duncan)
Most of the Banking activities are derived from the above definition. Apart from the activity of accepting and lending money, banks are allowed to perform certain activities which are supplementary to this business of accepting deposits and lending, Banks are allowed to perform certain activities which are ancillary to this business of accepting deposits and lending. A bank's relationship with the public revolves around accepting deposits and lending money. Another activity which is assuming increasing importance is transfer of money - both domestic and foreign - from one place to another. This process is generally known as "remittance business" in banking phrase. Forex (foreign exchange) business is largely a part of remittance although it involves buying and selling of foreign currencies.
In short, a banker or bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money, it is an institution where one can deposit and borrow money and take care of financial affairs.The first modern bank, named Bank of St. George was founded in Italy in Genoa in 1406.
Functioning of a Bank is among the more problematical of corporate operations. Since Banking involves dealing directly with money, governments in most countries regulate this sector rather strictly. In
Borrowing or raising of money
Lending or advancing of money with or without security
Drawing, accepting, discounting, buying, selling and collecting bills of exchange, hundis, promissory notes, drafts, and other instruments
Granting and issuing of letters of credit, circulars notes and travelers’ cheques
Buying and selling of foreign exchange
Buying and selling of bullion
Acquiring, holding, underwriting and dealing in stocks, funds, shares, debentures, bonds and investments of all kinds
Purchasing and selling of bonds and other forms of securities on behalf of customers
Receiving all kinds of bonds or valuables on deposit or for safe custody
Collecting and transmitting of money and securities
Carrying on and transacting all kind of guarantee and indemnity business
Managing, selling and realizing any property which form the security or part of the security for any loans or advances.
Acting as an agent for any government or local authority or for any other persons
Contracting and issuing public or private loans
Insuring, guaranteeing, underwriting, and participating in managing and carrying out of any issue (shares and Debentures) and lending of money for the purpose of any such issue
Undertaking and execution of trusts
Undertaking the administration of estates as executor, trustee etc.
Establishing and supporting institutions funds, trusts etc.
Acquiring, constructing and maintaining building for its own purpose
Selling, exchanging, managing, developing, leasing, mortgaging or disposing its own property
Performing all such activities that are incidental or favorable for the promotion or advancement of its business
Performing all other business specified by the Central Government as the lawful business of a banking company (indianmoney)
Banking has evolved with time. The entire infrastructure and concept of traditional piled files and documents has given away to a much more sophisticated and sleek outlook. Moreover with technology growing with a rapid pace the time consuming factor has been replaced with doorstep banking methods which permits you to carry on with your banking 24/7 without having to pay the bank any visit. Money orders and transfers have taken a backseat for Online Money transfers, Card and mobile banking.
When Banking started of for Independent India, you had Nationalized and regional banks handling the country’s finances. As the years progressed you had more branches opening up. The 80s and 90s saw a whole lot of Global Banks like Standard Chartered, Barclays, Grindlays opening their banks up in
Various facilities for NRI Banking consist of NRI Savings account, NRI Term Deposits and provision to remit money to
Banks also provide special facilities to their HNI (High net individual) worth customers. These people generally have a huge amount invested with the financial house and indulge in hefty transactions. They are provided with world class banking facilities termed as Priority Banking and Premier Banking, both words justifying their meaning. Savings account for the average investor has also been made easier where you no longer need a referral to open an account or minimum balance to save in your account (* condition applies in both cases). Currently the major Global players in the Indian Finance Sector include Standard and Chartered, HSBC and Barclays. Banks of Indian origin that have gradually made waves include ICICI, HDFC, SBI and Axis Bank. All in all modern day banking has every element that ensures Wealth Management Services for the longer run. (http://www.barclays.in/)
Security risks online and off are at a peak in recent years. Many people have been concerned to do any business, such as banking, online because they have a large fear of frauds and scam artists. On the reverse of that, many others will look at any offer that seems remotely legit and think that it is fine to disclose financial information. The reality is, just like in the offline world, the online one has it's share of scams and top of the line business offers. It is up to you, the consumer, to verify that you are working with a company that is indeed legitimate.
Here is a good list of online places you might want to avoid when doing your banking and other financial accounts online:
Unacceptable Charges and Fees
You should follow your gut when it comes to fees associated with opening a new account. If you find that any company charges fees for something that is normally free or if the fees being charged seem way too high, your instinct is probably correct. Key to not falling for a trap – shop around. See what several companies are charging for the same services. There are likely many companies that are legitimate where fees are either not there or at least reasonable.
Interest Rates
There has been a lot of commotion about interest rates being raised for seemingly no reason in the credit card industry. A good measure for comparison is any rate over 20% should throw up a red flag. You may want to keep shopping for more reasonable rates, especially if your credit is very good.
Less of a Return
When you have a savings account online, you can typically earn more of a percentage than you would at your home bank. If you are interested in opening a high-yield savings or checking account but the return percentage seems a bit low, look for other companies that have higher interest percentages for your return. Don't commit to any one company until you have comparison shopped.
Offshore Or Uninsured Companies
While it is smart to shop around for the best situation for your finances, you also need to be sure that any accounts you plan to open are done so with a reputable company. Those companies that offer deals that seem too good to be true usually are. Avoid companies that do not have insurance by the FDIC or those companies that are headquartered outside of the country. In the event something happens, you can end up losing all of your money because you have no protection.
Quality of Customer Service
Regardless of whether or not you are conducting all of your business online, you still need to know you can contact customer support by phone if needed. See if the company you are contemplating using answers their phones or email with a real person. Evaluating the customer service response early can help you know what would happen in the event you do need support.
It's never a good idea to play around with your money so you always need to stay on top of where you are putting it. Don't accept any offer that comes your way without first investigating it thoroughly. Check in with the Better Business Bureau if you have doubts or ask friends for honest referrals of places they have put their money. Online banking can be as safe as you make it. You don't necessarily have to be afraid of it but you certainly do have to make sure you check things out well before making any commitments. (Elizabeth Williams, Editor-in-Chief for CreditCardFlyers.com)
For some years now, the internet has been simplifying the way we approach everyday tasks - whether it’s shopping for gifts or even groceries, checking cinema times, or finding driving directions. But what never ceases to amaze the world is the rate at which the abilities of the internet advance.
When the internet first started gaining popularity in the early 90s, most people never even dreamed that they’d one day be able to find their next car, their next house, or even their next date online. But today, it seems that anything is possible within the fast-paced world of the internet.
However, while the World Wide Web drew the public eye almost instantaneously, certain aspects of the internet - while well established now - took some time to gain credibility. And even today, many of these realms continue to raise questions and concerns from users of the web. Often, these are areas of the web that deal with sensitive or confidential material, and those which require heightened security - such as banking.
For many people, the fact that they could pay bills, transfer money, check their account activity and simply manage their money online seemed too good to be true. Indeed, could they really achieve all those things, without having to worry about someone hacking into their account or stealing their identity? The answer today is yes. Glitches have appeared along the way, and improvements are always being made - but the fact of the matter is that the security of services such as internet banking has climbed to an unprecedented level.
Aside from helping people organise their finances, internet banking has offered users a great deal of flexibility. It’s now possible to use such services from anywhere in the world - whether it’s at home, at work, at a coffee shop or while travelling. What’s more, internet banking services are usually available 24 hours a day, 7 days a week - so even if the bank is closed, users can access their account information, make payments, transfer money, or manage standing orders.
Indeed, the internet is responsible for much of today’s conveniences - a fact that is perhaps most apparent with services like internet banking. Within today’s fast paced society, being able to manage ones finances with a few clicks of a button - and being able to do it all securely and with peace of mind - may prove to be a useful option to have. (Adam Singleton writes for a digital marketing agency)
The concept of Internet Banking rose from Global Financial Houses whose primary objective was to ensure that customers were tuned to their finances from any part of the world. The main transactions include Online Money Transfer and Online Lending. Online Banking services are hassle free and guarantees data confidentiality and security. Individuals residing in one country could use the internet as a medium to transfer funds from that country to another, provided the country he is transferring the money too has a branch located. The basic modus of operandi is conducted by allowing users to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society. Other major transactions that are commonly secured through Online Banking Services include Electronic Bill Payments, Loans, Investments and Banking Statements. The Financial Institute Administration features allow it to manage the Online Experience of their end users and the Hosting administration features allow the hosting company to administer the solution across the financial institute.
Features that are unique to Internet Banking include Personal Financial Management Support, Personal Accounting software & account aggregation to allow the customers to monitor all of their accounts in one place whether they are with their main bank or with other institutions. Protection and Security is provided through Single Password authentication. In most countries shopping websites are not considered secured enough for personal Online Banking Applications, hence the use of single password. Basically a couple of methods are approached to secure transactions. The first one used is a combination of a Pin (Personal Identification Number)/ TAN (Transaction Authentication Number), where Pin represents a password used for login and Tan a one time password to authenticate transactions. Usually online banking with PIN/TAN is done via a web browser using SSL secured connections, so that there is no additional encryption needed. The second option is signature based online banking where all transactions are signed and encrypted digitally. The Keys for the signature generation and encryption can be stored on smart cards or any memory medium, depending on the concrete implementation.
The Advent of the Internet has leveled the advantages that were previously held by Global Financial houses. It has afforded open access to customers in the global marketplace by being a cost effective delivery channel. It has changed the outlook of the Banking Industry and has helped develop customer relationships. Its prime focus is to improve customer access, facilitate the offering of more services, increase customer loyalty & attract new customers. Online banking services are continually evolving, and as the services expand, it will keep getting better for customers. (Banking Consultant for a Major Financial Institute in
Through the introduction of the banking industry, all transactions and financial services have been completely revolutionized over the years. The developments made in banking services are at the consumer’s disposal at all times, anywhere and at anytime. The banking industry is mainly about most of the banking related services gaining more an more access, like verifying account details, going with transactions, etc.The banker is defined as a person who carries on the business of banking, namely conducting current accounts for customers; paying checks drawn on him, and also collecting checks for customers.
In today’s society online services have also developed and are now available to all customers of a particular bank, as the information can also be accessed as long as you have a computer and an internet connection, thanks to nowadays, online Banking facilities, the majority of banks are making use of.
Banks conduct checking on current accounts for their customers, paying checks withdrawn by customers, or collecting checks deposited to customers' accounts. At the same time, banks also make possible customer payments through other payment methods such as telegraphic transfer or ATM.
Also, by accepting funds deposited on accounts, they borrow money with term deposits and issue debt securities such as banknotes and bonds; also by making installment loans, and investing in marketable debt securities, they lend money.
Almost all payment services are conducted throughout banks. The majority of businesses, as well as individuals and governments now see bank accounts as indispensable. Unquestionably, bank stocks are among the hardest one to be analyzes. Millions of dollars are held by banks with subsidiaries in a variety of industries.
Banks as well as financial institutions have become important landmark in all our economic sectors for a few reasons. Not only to they transfer money, but they also transfer risk, providing liquidity and facilitating major together with minor transactions while giving financial information to individuals and businesses.
There is one great distinction that an act to separate banking industry from other types of business, and that is the government's involvement in its doings. The government, while setting restrictions on the how much one can borrow, and the amount of deposits a bank has to hold in the vault, the government, or more specifically the Federal Reserve largely influences the bank's profitability.
It all started with which one? I don’t think I remember. But since then it has been one bank after another and then another and so on. With various names and tags, they come promising huge sums in cash reward, expensive household items as gifts, travel/tours etc. save & fly, grand slam, big splash, lion king, you go win promo and so on.
By now you should know what I’m talking about – the many savings promos that banks in
Savings accounts, traditionally, are deposits accounts that are used to put money away. The representation of the word save is to keep away. Hence the reason why a savings account earns interest as an incentive to the person who is giving his money to another’s use. This essentially is the purpose of a savings account and the banking system generally, to take money from those who have excess and lend those who are in short of it. The bank or the intermediating institution therefore needs to hold on to the money long enough to ensure its profitable use and the depositor should let go of it for long enough to allow the bank use it effectively.
While this still holds for the banking system, same cannot be said of the savings system with the influx of these promos. Many analysts have always advocated that banks should focus on longer term funds to fund their lending business, hence the need to depend on deposits and not equity funding to carry on their business. Are these promos really serving the purpose the banks hope to achieve with them? I doubt. Why am I taking this stand?
Firstly, savings accounts in
Again the caliber of people (traders, students etc) attracted by these promos, though good for banking, only make the savings system even more prone to depletion because these set of people do not really earn enough to keep in the bank for years so after moving from promo to promo (since they only have to maintain the deposits for one month or two) they finally withdraw their money for personal use.
From personal observation, people are only interested in saving as long as the promo lasts. Those who are mostly participants in these promos are opportunists seeking quick gain and do not have any interest in banking their cash. A friend once was lamenting to me how he was regretting investing in stocks and couldn’t get out because his share certificate was not posted yet because he wanted to take part in a savings promo that was promising a trip out of the country.
I think instead of these savings promos banks should start focusing on products that will really generate deposits such as their special savings accounts which do encourage saving more because depositors earn more interest while having to leave a reasonable minimum amount in the account at any given time. This ensures that the banks have money to work with for a longer period.
Banks should also build a reputation for reliability, strength, resilience and quality service rather than try to woo depositors with promos that cannot go on forever. A bank may be able to generate deposits during the period of the promo but it will gradually depreciate as depositor move their money to banks perceived to be more reliable and dependable.
Another reason banks have often given for embarking on such promos is ‘to reward loyal customers’. Well I think those who end up winning are not the real loyal customers. Loyalty is a measure of consistent commitment which can easily be determined by simply finding out customers who have stayed with the bank over a period and rewarding them collectively or by random selection without having to draw up huge budgets for promoting these lotteries called customer reward system.
Contrary to what most offshore service providers will tell you, opening an offshore bank account is not the path to instant wealth and riches, although it might get you there a little quicker. In this article I will attempt to set out the advantages and disadvantages of opening and maintaining an offshore banking facility and how you can use this vehicle to enhance and protect your personal wealth.
Initiallly, you will need to sit down and determine exactly why you require an offshore banking facility. Many people are attracted by the lure of having a secret offshore numbered account or merely want to have an impressive facility to pander to their own ego's. If you fit into the above criteria I sincerely suggest that you seek your gratification elsewhere as you will be eventually left with an empty pocket and account.
Generally, most people seek to hide or protect their assets through the use off an offshore account or they may simply be using it to not repatriate profits back to their home country. These are all valid applications and when structured correctly can maintain a veil of secrecy over your banking operations. It is advisable that whichever need your offshore presence fulfills that you determine if the cost of maintaining an account is offset by your need.
As a prospective account holder you need to clearly understand that opening and maintaining an account is neither cheap nor easy. The fees will vary from bank to bank but generally speaking you will find the relative fees to be more exhorbitant than your home jurisdiction. Try not to be deterred by any difference between bank's fees as in the offshore market you really do get what you pay for and if you have followed my prior advice and quantified a strategy then the long term cost will be minimal.
Finding and Selecting an Offshore Bank
The search for an appropriate offshore facility can be long winded and confusing without a little assistance.There are many different types of banking institutions but for the purposes of this article we shall only consider the retail offshore bank. Retail offshore banks are generally those that cater to smaller accounts for individuals rather than corporations and this is the perfect vehicle for your first account.
When selecting a bank you first need to consider which jurisdiction(country) is most appropriate for your needs. Firstly, you will need to determine if your country of residence has any information sharing treaties with a prospective jurisdiction. As you can imagine, the last thing you need is your bank of choice giving up all your account details and transactions to your home countries Tax Department. You can generally obtain information on the tax treaties and relevant country details by accessing various expat websites and viewing the country profiles.
After finding a suitable jurisdiction, you can start looking at individual banks and what they require and offer to new account holders. I would initially caution you to stay away from any small boutique style banks as it can be difficult to know if the bank you are signing up with actually exists. Without significant research a legitimate looking bank website can actually turn out to be fraudulent. Start by looking at major of known banking names in that country. Most offshore banks maintain a web presence and the use of the internet can speed up the process of finding a bank. Any legitimate bank will provide a verifiable address and client contact phone number, any sites that do not maintain valid contact details are most assuredly fraudulent.
Once you have viewed and selected some suitable institutions then take the time to either email or ring them and ask the following questions:
* What are their ID Requirements
* What is the minimum opening balance
* Do they provide Internet Banking
* Do they require professional references (bank references etc)
* Ask for a schedule of Fees
The above minimum will give you a good feel for whether the bank is honest and legitimate. Any institution which does NOT require identification to open an account will most defanitely be a scam. Generally, they will require you to provide a notarized copy of your passport and proof of a current address, for instance a utility bill. Some banks may require a reference letter from a lawyer,accountant, or current bank who are familiar with your affairs. The minimum account balance will vary from bank to bank and can range from a meagre $500 USD up to $50,0000. Again this is something that will need to be researched to fit your individual need.
TIP: Always choose a bank with good internet and phone banking, you cant just walk into a branch when you need to.
After submitting an application to your choosen bank along with your identification and proof of address you should be set up and working within two weeks. It is paramount that if you are to maintain your account secrecy that you do not advise nor tell anyone of the account. It is also advisable that you do not receive the bank statements at your home as a few errant statements laying around is the smoking gun that the IRS needs to nail you. This is where internet banking is paramount and its really advisable to only receive your account statements online.
You will find that ultimately offshore banks are extremely easy to deal with and provide an excellent range of privacy related services. Which bank or jurisdiction you choose is ultimately governed by your personal needs and risk assessment. I hope that this article has been a good primer on what is required to step into the offshore banking world.
Online banking completely changed the way we interact with banks and other financial institutions, to the way our fathers did. Online banking is a powerful "value added" tool to eliminate costly paper handling and teller interactions in an increasingly competitive banking environment. As the Internet continues to expand exponentially, banks and other financial institutions have increased their use of the Internet to deliver products and to enhance financial services, or simply to improve communication with customers.
However, the arrival of online banking has presented both an opportunity and a challenge for the banking industry. While it’s true that the Internet has the "potential" for safe and secure financial transactions, safe online banking relies very much on individuals for making good choices and decisions that will help them avoid costly surprises.
Here are some safety tips for online banking:
Protect Privacy:
Password is the key in protecting privacy as it opens the gate to one’s online bank account. Therefore it is critical to secure this vital piece of information. Password should never be too personal such as birth date, phone number, or social security number. A secure password is the one that is unique, and a combination of impersonal letters and numbers. The longer it is the better. Also, one should change password every few months or so.
Use Anti-Virus and Firewall Protection:
Anti-virus and firewall protection keep the computer and its data safe and secure. Especially for online banking, anti-virus software and firewall protection is a must. Ensure to get the best protection that is available in the market.
Beware of suspicious E-mail/Phishing:
Stealing personal information online is called "phishing". In this practice, crooks may send malicious emails asking for credit card info, PINs (personal identification numbers), or passwords. However, these emails often contain a link that leads to fake sites designed to get compromising personal information. Therefore, if an email is suspicious, it is always safe to check with the concerned financial institution. Legitimate emails from a legitimate online bank will typically follow the same standards each time, and will never ask for password, PIN, or credit card information.
Protecting credit and debit cards:
One needs to be very careful with important items like a credit or a debit card. While online shopping can be quick, easy, and rewarding but can also be dangerous at the same time. Therefore, it’s wise to shop only at trusted merchants’ websites. Also, ensure that the transaction occur in a secured environment. One should look for the padlock icon at the bottom of the browser window. Typically, website address, or URL, should begin with https:// on any pages where one enters sensitive information. Lastly, it’s advisable that, for online transaction one should buy only from merchants that request the 3-digit security code from the back of your concerned card. It just gives extra assurance that the card is physically in one’s own possession during the transaction.
Choose a legitimate bank:
Choosing a legitimate bank is very important. Legitimate online banks will usually detail their security standards on their official web site. One has to figure out exactly what s/he needs from a bank. And, make sure the selected banks offer the same, and then quickly evaluate one’s options and choose the best bank account – that suits one’s need.
FDIC Insured Bank:
FDIC is an acronym for the Federal Deposit Insurance Corporation. It is an independent agency which is backed by full faith and credit of the
Accessing bank account from public network places:
Never leave a computer unattended once signed in to online banking. After completing the transactions sign out of online banking web site. Also, it is advisable to clear cache memory, and immediately close the browser. One should avoid sharing, disclosing, or providing bank card number, or password, to another party or website other than the bank or trusted merchants’ websites. Lastly, one should never save bank card number, or password, on a publicly accessed computer.
Conclusion:
Online banking can definitely be a convenient and a safe way to manage finances. However, no matter how secure the security system is, there will still be a hole in it. Therefore, necessary precautions have to be taken in order to ensure the safest experience. Also, never hesitate to get help from the financial institution, while at the same time one must also learn, and take advantage of the security features offered by the financial institutions.
Going to the bank and queue up for people continue to be a chore and the convenience, ease and heightened security of online banking make it a good proposition. The innovation of technology led many business services as well as personal banking to be put forward online. As more people get comfortable with online banking, more are converted.
Online electronic banking includes bill payment, check writing and mailing as well as fund transfer, balance enquiries and host of other services. Online banking is not just for the biggest banks as many smallest banks are coming together providing their depositors the ability to bank online.
Increasing more people get internet savvy, they are inclined to incorporate the use of personal computer and wireless devices into their management of their daily lives, making electronic banking well received. It will maintain to be in great demand in the foreseeable future as it can be available 24/7. The advent of internet and computer also make the chore so much easier as well as efficient. Electronic means to accomplish our banking requirements consequently gain in popularity as increased services are touted online.
Since it is available all round the clock, you can do electronic banking irrespective of paying bills at 1am or simply transfer funds from one to another account during a weekend afternoon even as you enjoy your choice program without missing a bit. Even at work you can check your balances in addition to checking other services such as your mortgage account, perhaps during your lunch break without so much as break a sweat.
With so many competitions and different services touted online, you can compare rates and look at various aspects of different online banking. Just by googling search phrases such as online banking services, you can get to compare rates offer by differing banks. With a straightforward check online, you can get a pretty clear idea of the services accessible and choose one that is in line with what you have in mind. Certain banks make accessible virtual tour to let customers get a broad idea of their interface and the features that can be found. Online banking are generally simple with a few clicks and with a few accounts, you can be offered free access.
These days, online banking employs encryption means besides password-protected access to guard your banking information. Security is paramount to banks and they will ensure that your transactions are secure so as not to permit unauthorized personnel to get into your account. By following straightforward and common sense approaches such as not passing your passwords to other or remember to log off after every transaction, you can be guaranteed that with today’s technology, online banking is pretty secure.
Going to the bank and queue up for people continue to be a chore and the convenience, ease and heightened security of online banking make it a good proposition. The innovation of technology led many business services as well as personal banking to be put forward online. As more people get comfortable with online banking, more are converted.
Online electronic banking includes bill payment, check writing and mailing as well as fund transfer, balance enquiries and host of other services. Online banking is not just for the biggest banks as many smallest banks are coming together providing their depositors the ability to bank online.
Increasing more people get internet savvy, they are inclined to incorporate the use of personal computer and wireless devices into their management of their daily lives, making electronic banking well received. It will maintain to be in great demand in the foreseeable future as it can be available 24/7. The advent of internet and computer also make the chore so much easier as well as efficient. Electronic means to accomplish our banking requirements consequently gain in popularity as increased services are touted online.
Since it is available all round the clock, you can do electronic banking irrespective of paying bills at 1am or simply transfer funds from one to another account during a weekend afternoon even as you enjoy your choice program without missing a bit. Even at work you can check your balances in addition to checking other services such as your mortgage account, perhaps during your lunch break without so much as break a sweat.
With so many competitions and different services touted online, you can compare rates and look at various aspects of different online banking. Just by googling search phrases such as online banking services, you can get to compare rates offer by differing banks. With a straightforward check online, you can get a pretty clear idea of the services accessible and choose one that is in line with what you have in mind. Certain banks make accessible virtual tour to let customers get a broad idea of their interface and the features that can be found. Online banking are generally simple with a few clicks and with a few accounts, you can be offered free access.
These days, online banking employs encryption means besides password-protected access to guard your banking information. Security is paramount to banks and they will ensure that your transactions are secure so as not to permit unauthorized personnel to get into your account. By following straightforward and common sense approaches such as not passing your passwords to other or remember to log off after every transaction, you can be guaranteed that with today’s technology, online banking is pretty secure.
After liberalisation of the Indian economy, the banking scenario has undergone various changes. These days, depositing and withdrawing money do not consume much of our time. Moreover with the passage of times, the banks have become the most reliable bodies for investment and the saving purpose. However, one cannot ignore the fact, that earlier the procedures of depositing and withdrawing money from the banks used to be very stressful tasks. But these days, the online banking services are relieving the people to a great extent. The Internet is actually performing the role of a genie in our fast and steady lifestyle. It has touched every aspect of our lives in the truest sense.
The online banking services have changed the concept of banking globally. Now almost everything seems to be a click away . In other words, we can say that we can do any formalities of banking just with a click of mouse. This facility has enhanced various factors such as comfortability and consuming less time. With the development and introduction of the advanced technology such as the Internet has actually contributed to the enhancement of the banking services. This finally lead to the development of the online banking services. One can access these services from anywhere and at any possible time. From the comfort of your cozy living room or your office room, you can now easily deposit and withdraw money. The long queues to deposit or withdraw money have now become the stories of the past.
These days, offering online banking services to the valued customers have almost become a normal part of every banking module. The people of this present age always try to find out alternative options which have the ability to consume less time. As such, this special online services permit the customers to access any formality from anywhere at ease. These online services even allow the customers to get varied information relating to share market and any type of loan in a very hassle free manner. One can comfortably check his account balance, transfer funds and withdraw money whenever he or she wants. As a matter of fact, these online services have rejuvenated the entire procedure of banking. However, it must be accepted that this aspect has been backed up by the entry of the foreign players in the Indian economy. The liberalised policies undertaken by the Indian government have “almost” forced the alien players to explore and invest into the Indian market. Since, earlier days
In this context, one cannot ignore the fixed term deposit. These days, the rate of interest which is offered by most of the banks is above 9 per cent to 10 percent in fixed deposit. These high rates of interest are not limited due to any complicated issues. As a matter of fact, in other words any person from any age group can avail benefits from such interest rates at ease. The twist in this tale is that intense competition in the financial arena has actually enhanced the rates of interest. However, the senior citizens in this case enjoy little more benefit. The fixed deposits are usually preferred by most of the people because they are meant for very short period of time. Generally, they are offered for a period of one and a half year or just one year. This is basically the main reason why most of the people these days are opting for such deposits.
Just with a click of the mouse, you can access the transaction procedures at ease. These online services have actually simplified the financial procedures to a great extent. This particular boon have easily changed the whole concept of banking services in
Almost everybody needs more money as money helps to meet the multiple requirements at ease. Many individuals earn money but soon they complain that they run out of money. A majority number of people deposit their monthly income in various bank accounts. However, very few of them make use of the right kind of bank account and thus earn huge profits.
In the present time many Indian banks have made changes in their bank accounts' interest rates programs. Today a good number of banks provide maximum profits to depositors. There are different kinds of banks accounts which one can choose according to his decision. Generally there are two kinds of bank accounts: savings and current accounts. The savings account is meant for those people who deposit money for future use. On the other hand, current account is specifically meant for businessmen and entrepreneurs who have to do multiple transactions on a daily basis.
These days banks are offering attractive current account interest rate. On a yearly basis these banks give extra money to their customers. The interest rates for such accounts keep on changing according to the financial market conditions. It has been seen that the rise in the interest rates for these accounts benefits depositors as they get additional amount of money.
Different banks give different types of benefits to their account holders. A depositor of such an account can do multiple number of transactions and the banks also do not charge extra fees for such transactions. One can open a current account by depositing a minimum amount of money as decided by banks.
There are banks which even allow free bank drafts to certain amount of money. It saves lots of money for businessmen as they have to make multiple drafts on a monthly basis. Furthermore, some banks do not even charge membership fees from their current account holders.
During festive seasons banks give attractive offers which are beneficial for bank customers. Some of these offers are like no processing fees and partial deposit of minimum amount. Apart from these, one can also win free gifts like travel bags, DVD player, iPods and lots more. These are delighting offers through which one can take away his favourite entertainment gadgets.
It has been reported that these current accounts are quite profitable for big corporates and companies. They need a bank account which can give them maximum freedom for doing international and national transactions. For banks, such giant companies are the prime customers as these customers deposit hefty amount of money and the banks in return give them maximum profits.
Opening current accounts means getting better loans. Companies often need lots of money for developing their projects and banks help these companies by providing them with attractive financial aids. If these companies deposit more money in this account then there is a possibility of getting maximum amount of loans.
When a person involves in unexpected financial crunch, he wants to get money at once. But no source seems to him in his access. But when an idea of applying for fast personal loans for unemployed comes in his mind, he leaps with joy because described loans are able to provide him financial assistance in no time. Having a fast approval process these loans are known as fast personal loans for unemployed. These loans are specially designed to meet the needs and requirements of unemployed. If you have bad credit in your past record even then you can apply without any restrictions.
Describing loans are available in two forms of secured and unsecured loan. If you have assets to pledge against your amount, you can easily get the loan amount through secured form of loan. In secured form you can enjoy low interest rate and long repayment period and can get huge amount ranges between £5000 and £75000. In contrary, you can procure loan amount of £500 to £15000 and more in some rare cases. Interest rates of unsecured form will be additional in comparison of secured form. But you have no need to pledge document to the loan lender company against your amount. Both forms are different in repayment period too.
Thanks for internet process which made mentioned loans very fast and quick in its approval process. There is no paperwork and credit check involve in the process. In the absence of time consuming process mentioned loans are very quick in approval. As soon as, you fill online application then the accepted amount is wired into your bank account same day after few hours of applying. You can use this loan amount paying medical bills, paying outstanding debts, car repair starting new business and the rest.
Before finalization the loan lender company of fast personal loans for unemployed, you should read the terms and conditions of the company. Qualifying conditions of describing loans are as follow – you should be major of 18 years or above. You should have valid checking account old of at least six months. You should have citizenship of U.K.
While doing some basic research online, I was surprised to find so few articles written about Clickbank. As one of the largest affiliate networks, Internet marketers have been making money with Clickbank for as long as I can remember. There are a number of other providers of affiliate programs such as commission junction, and paydotcom. These programs have a lot in common.
The concept of an affiliate program is rather simple. These programs bring together manufacturers or providers of informational products with website owners, marketers, and vendors who wish to resell their products.
There are a number of reasons why someone would want to resell a third party product or service. The real motivator is money but there are additional benefits as well. When serving as an affiliate and selling someone else's product:
1. You don't have to take inventory. As an affiliate, you don't have to worry about buying the third party product, storing it, and then shipping it when you get a sale. Rather, you simply promote the product and receive a commission when someone that you refer buys from the manufacturer or originator of the product itself.
2. You don't have to create promotional material. In today's competitive affiliate marketplace, most product creators proactively create all the promotional material you need to sell their product. Banners, buttons, emails, and pitch pages are readily available and can be easily implemented on your website or blog.
3. You don't have to invest any money. Getting started as an affiliate doesn't require any cost. You simply sign up through an affiliate network and receive a publisher ID. When sales are made through your publisher ID, the affiliate site takes a small percentage of the sale. This is essentially how they make their money. The good part is that you don't have to spend any money out-of-pocket.
4. You can select products that are closely aligned to your niche. If you have a website or blog that focuses on a specific subject, area, or niche, you can find products that compliment your site and are closely correlated to your content. When matching the appropriate products with the right audience, conversion rates increase.
5. You can earn a nice living from commission 24/7. As you know, the best part of doing business online is that the Internet is always open, 365 days per year. This allows you to make sales of third party products at anytime.
Getting Started
When I first began in Internet marketing, there wasn't a lot of variety in the area of third party affiliate products to sell on my websites. As a result, I had to do online research, speak directly with vendors and often set up complicated tracking schemes in an effort to accurately track and record all sales being made. Since then, a lot has changed.
With the advent of affiliate networks, finding the right products to promote via your website or blog and getting up and running is very simple. To begin, visit one of the affiliate networks mentioned at the beginning of this article and sign up for a free account. Next, visit the market place and search for products related to your website's niche. Once you've identified a product that is relevant, create a tracking link and place it on your website along with any assets (banners, buttons, etc.) that can be used to promote the product or service.
The key is to remember that each link or piece of creative that you place on your site needs to have your tracking link included. This is very easy to do and is often a matter of cut and paste depending on which affiliate network you're using.
Each affiliate network offers support as well. Whether through live support, email, or some type of forum, you can get you most common questions answered quickly.
If you want to start making money online, then take a closer look at affiliate programs. It's quick, it's easy, and can add some money to your pocket.
Though the economic position of all the countries is going on up and downs all over the world, the banking system in India is so strong till now. As the encroachment of the credit crunch and raising speculation are the main reasons of the present day financial crisis, people get fear to invest their money in share market.
The businessmen in India have positive feeling regarding their financial position. As the economic position of India is mostly based on the government organisations, the speculation and financial criss have not shown much effect on Indian economy. If you study the present economic position of India, you can come to a conclusion that investing in a stock market or mutual funds will make you to face many problems. A lot of insecurity and confusions are faced by the investors, who want to invest in their money in public or private sectors. In these situations, they are searching for the best alternatives to save or invest their money.
Many of the economists in India say that going for fixed deposit is the right solution, when it compared to all the other sources where you can invest your money. This is the best source to rescue from the present liquidity crisis.
The fixed deposit is nothing but an account that allows the people to deposit their money for a period of some time. Depending on their convenience, people can choose the deposit period that say for a minimum period of 15 days to 5 years and more than that. When the deposit period comes to an end, the depositors will get high amount of interest on their deposited money. Depositing money in Indian banks is safer than other sources as the all the banks in India are under the control of Reserve Bank of India.
The main advantage of going for these deposits is that the depositors get high interest rates than the saving bank account holders. They will get lump-sum of money at a time, after the completion of maturity period of the deposit. Moreover, people do not get any insecure feeling on their deposits. The fixed deposits have been playing a prominent role, since the banking system has been introduced in the Indian economy market. They are one of the beneficial saving methods. Some years ago, people showed great interest for going long term deposits. But, now-a-days, due to the drastic changes that are occurred in the economic position of India, most of the investors want to go for short term fixed deposits.
The interest rates of the fixed deposits vary from one bank to another bank. To extend their services as well as to attract all segments of the investors, most of the banks in India offer many facilities to their customers, who want to deposit money in their banks. One of the main facilities is that the over draft facility which allows the depositors to draw money on the deposited amount, before the completion of the maturity period of deposit. On the request of depositors, some of the banks can transfer the interest amount on fixed money to the current or saving account of the depositor.
The minimum fixed amount can range from RS. 100 to an unlimited amount. If any one wants to open a fixed deposit account in a bank, he should inquire about the interest rates of all the banks. Some of the websites over the Internet help you to find the best bank that offers high amount of interest rates on depositing money.
If you believe that your bank is costing a more money than it really needs to be, then perhaps it is time to change the habit of a lifetime and switch banks. Although many people remain loyal to their banks for life, there is no need to do this. Your bank is a business and they will treat you as such, and so in turn you should look for the best deals possible. Here are some tips on whether you should switch banks or not.
Why switch banks?
Although many people are happy with their banks, this does not mean they are getting the best deal. Obviously, if you are unhappy with your bank then it is time to look elsewhere. However, if you have been with one bank for a while then perhaps it is time to look at the alternatives. If you find that you current bank is still the best, then great. If not, then you could save yourself some money.
Look for the best deal
Before you switch banks, it is crucial that you shop around. Just because you are switching banks doesn’t mean you should switch to the first good deal you come across. Look at all the alternatives, including online banks and credit unions, before deciding on which bank has the best deal for you.
Contact you current bank
If you are thinking about moving banks, then before you do so you should contact your current bank and see if they can match the terms you can get from another bank. Don’t tell your bank you are thinking of leaving as they might remove certain privileges you have. Instead, try and negotiate a new deal, as it is often easier to get a better deal from your current bank than move to a new bank. However, if your current bank doesn’t want to negotiate then you know it is time to switch banks.
Complete application process
Once you have found the right bank for your needs, you need to complete the application process. Once you have filled in any necessary forms and made sure that all the terms make sense, your new bank can begin the process of transferring your payments and money from your old bank. If you have fairly regular accounts then this should only take a week or so to complete.
Advantages of switching banks
Of course, then main advantage of switching banks is that you can get better terms on the financial products that you already have. You may also be able to get new features from a different bank that will help you to save money or make banking easier for you.
Disadvantages of changing banks
Although there are advantages to switching banks, you must remember that it is won’t always be so easy. If you have complex accounts or are borrowing money from your old bank, then the procedure might become more complicated. Also, if you switch banks regularly it can seem like you are financially unstable. Although switching banks isn’t always the best option, if you are unhappy with your current bank or want to get a better deal then you should look at what other banks have to offer.
