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When it comes to handling your money, a specialised bank account can make all the difference. While certain accounts are geared towards saving and accruing interest, others aim to give consumers an easy way to access their money and pay their bills. Some bank accounts are specifically suited to business operations, while others cater to international banking. And then there are accounts tailored to meet the needs of students.
The latter of these is one of the most popular account types out there, offering students easy access to funds, not to mention perks designed to come in handy for students. What’s more, many banks offer different classifications of student accounts, ensuring that their customers end up with an account that’s right for them.
For instance, a lot of banks will offer both current and prospective students the option to open a student account. That means that even if you haven’t started studying – but plan to – you can still open a student account to get your finances ready. Early student accounts might also offer a range of benefits, discounts, and account settings – such as an overdraft – designed to help you get set up for your studies. So it’s well worth looking out for such offers.
If you’re already at university, there’s likely a specialised bank account for you. Like early student bank accounts, current student bank accounts also offer a range of tailored benefits. But instead of helping you get set up for your studies, such benefits – like an increased overdraft set-up – will help you get the most out of university life.
Of course, there are even more types of student accounts out there – such as a graduate account. These accounts usually offer the highest overdraft protection, as well as a very competitive AER (annual equivalent rate) percentage. Graduate accounts also often come with some kind of a loan offer – just in case you find yourself needing extra cash after finishing your studies.
Finally, many banks offer accounts for younger students – for example, students who are under the age of 19. These accounts usually offer features like debit banking, free banking, and interest on money saved in the account. Offering many of the most basic qualities of a bank account – and more – this type of account is a great way for young students to become acquainted with banking practices, and to learn how to manage their money early on.
With the various types of student accounts out there, there’s an account to suit every student out there. A great way to find the right student account is to speak with a banking specialist, who can point you in the direction of suitable student accounts based on your banking needs.
Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.
Article Source:http://www.articlesbase.com/banking-articles/finding-a-student-account-thats-right-for-you-1402077.html
One of the misnomers about an offshore bank account is that it is only for the very wealthy. An offshore corporation plus offshore bank account is more economical than one might think. An offshore bank account is an account that you open in a country or jurisdiction outside your own. Thus opening an offshore bank account is a good place to begin on the freedom road and such an offshore banking relationship can provide the foundation of what follows. The most obvious legitimate reason for opening an offshore bank account is the cash-flow advantage of getting interest on deposits paid gross, without the withholding tax usually imposed on non-resident bank accounts. One of the numerous benefits of opening an Offshore Bank Account is that they are often situated within tax havens, which means that the individual pays less tax.
Offshore Bank Account
Most offshore bank accounts come with a cash card that can be used to withdraw funds anywhere in the world. Offshore Bank Accounts the Ultimate Protection Seeking to protect you money in an offshore bank account once someone has laid a claim to your assets just won’t happen, its already too late. An additional benefit of an offshore bank account is that if you are not willing to leave a high tax nation you can benefit by moving money to a tax free secure and private haven. Asset security and privacy is what the offshore bank accounts and the financial world are designed to accommodate.
Opening an Offshore Account
To actually open an overseas bank account, you must firstly do some research – which country and which bank will be most suitable for your needs. Although you may not need any of these things; opening an offshore account can be as straightforward as just having a checking or savings account. Most people who open an overseas bank account want to enjoy the significant tax breaks that this will give them. A passport, a driving license, and a untilty bill are all you need to open an offshore account.
Privacy
Offshore privacy can no longer be taken for granted. Having a offshore bank account may be something you can explore in regard to banking privacy, being insulated from predatory lawsuits, building your assets and to legally avoid excessive taxation. This is a popular choice for people who are very particular about their privacy and anonymity. For maximum privacy and asset protection, however, the best advice is this: Establish an offshore corporation to own your offshore bank account. The Anonymous Panama Corporation adds in a nice thick layer of privacy protection. Right now, a secure, private bank account is reserved for your personal use in countries with some of the strongest bank privacy laws on earth.
Investment
An offshore account is an excellent way to diversify investments and take advantage of global tax savings. Sure you have to report your earnings in most places and pay taxes, but you can still open up an offshore bank account for greater investment possibilities, protection from domestic lawyers who might want to sue you for your life savings and for greater financial privacy. And, you must report any interest payments or dividends you have received from any offshore investments made using that account. You can have instant access to the world’s best investment opportunities, including currencies and precious metals without concern about your home nation’s legal restrictions.
Legal
The proper way to open an offshore bank account is through an experienced law firm offering offshore legal services. As a matter of principle the rights to privacy can be suspended when a criminal investigation is underway. Don’t rely on banking secrecy being upheld if you are engaging in illegal activites. Some countries like Panama are more tolerant than others.
Services
Typically a tax free haven is offered by countries that have little or no means of exporting goods and services to offset the imbalance they would otherwise have in terms of their overall currency exchange. You may want to consider other services the bank offers, such as different types of accounts, credit cards and safety deposit boxes. There are advantages either way here – a larger bank may offer greater security and more services, but with higher fees. Many offshore banks offer a full range of private banking services, but have certain terms and conditions that need to be met by their clients. An offshore corporation combined with the quality banking and commercial services found in Panama consistently meet the needs of diverse types of clients.
International
If you’re in regular receipt of international transactions it can make sense to establish an offshore company structure in a jurisdiction like the Seychelles where no tax is levied on income generated outside the jurisdiction and where such a company is not required to fill out annual financial or activity reports. Such a company can then open and hold an account which can be used for international personal OR business transactions. If you’re moving overseas you have a number of choices available to you – you can let your current bank know and they may change your account type to be an international account. You can then use this account to pay bills back home and conduct international transactions.
Visa
The way these programs work is Visa and MasterCard do not know who the actual card holder is – no date of birth, no address, no tax id numbers etc. So a subpoena to MasterCard or Visa would produce very little and since the bank is in a country with bank secrecy this avenue is going to be a long burdensome process that would be unlikely to be pursued and could only be pursued by a government in a criminal matter. The more private way of doing this is to get a Visa or MasterCard debit card from another bank, not your Panama bank.
Bank ATM Debit Card
Some people obtain an ATM card from another unrelated financial institution. These cards typically have no name imprinted on them which right away adds to your privacy protection. These cards also do not leave a trail to your real bank. Money can be transferred to the ATM card by wire from your Panama or other bank account and then withdrawn as needed. Some people are fond of using these cards to cover corporate expenses like travel, entertainment and other business expenses. Usually the ATM card purchase requires a copy of a passport.
Offshore banking has many advantages, some of which include the access to politically and economically stable jurisdictions, and the lower cost and higher interest rate. You can use a foreign bank account as an integral tool in an aggressive, two-pronged offshore wealth strategy. In other words, an offshore private bank account is not just a place for safekeeping cash. You might think it is a bit odd at first to open an offshore account when away on holiday but if you are going to that destination anyway on holiday it makes something nice to do one day.
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BY.- http://www.MomentumStockPick.com
In the stock market it’s not impossible to watch a stock move up dramatically in a matter of hours or days. Investors and traders can make great money and fatten their wallets every time this happens.
This seems great for every one that wants to try their fortune in the stock market, but the problem is that if you don’t know what stocks to look for and how to properly approach them you could end up wasting cash instead of making your profits grow. That’s why the most important aspect of stocktrading is the knowledge FILTER you employ to make your buy and sell decisions.
There are many “fantastic” stock systems and trading software out there, but you need to test them in order to discover which ones help you the most. That’s part of your homework as a stock trader. Test, test and test again.
Complicated stock trading strategies that rely on a “boat load” of technical analysis indicators can make you slow, and being slow when trading stocks can be as dangerous as not knowing what to do in the first place.
The worst thing that can happen to a beginner trader is to get information overload. It’s better to go step by step, and test a practical stock trading strategy that can show you how to focus on concrete ways to make money while picking SOLID hot stock trading opportunities once at a time.
In essence, You can be sure that the trading method you employ to approach the stock market and pick stocks can make a big difference in your results as a trader.
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Visit them today and learn how to take advantage of the market by picking the hottest opportunities this month.
Momentum Stock Pick helps stock traders and investors take advantage of practical stock trading opportunities every day at http://www.MomentumStockPick.com
Article Source: Five Best Stocks to Buy – How to Pick Stocks Now”>http://www.articlesbase.com/banking-articles/top-5-stocks-five-best-stocks-to-buy-how-to-pick-stocks-now-1383677.html
Yahoo Answerer asked: I want to make a new years resolution to pay off my credit cards, and I want to close them out to make sure I don’t get tempted to use them. Will that look bad on my credit score if I close them out, when they still have a balance? Also, do they carge extra for doing that? Thanks for ANY advice on this!
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Deposit insured in India, if bank fails
- S. C. Ojha
The depositors are secured in India if a bank fails. In India norms of banking is very strict and monitoring system is in direct control of country’s central bank Reserve Bank Of India.
In the beginning in 1961 an act came into existence the Deposit Insurance Act, 1961 and made effective on January1, 1962. Up to 1977 two organizations the DIC & CGCI were looking after the function of deposit insurance and credit monitoring. The present Deposit Insurance and Credit Guarantee Corporation (DICGC) came into existence with merger of DIC & CGCI on July15, 1978.
Covered Banks
In 1968 co-operative banks have got protection under deposit insurance with some eligibility norms. Initially only commercial banks inclusive of State Bank Of India & its group and foreign banks operating in India were covered.
Presently all commercial banks, foreign banks working in India, local area banks, regional rural banks, all eligible urban co-operative banks( central, state & primary co-operative banks ) are covered under the Deposit Insurance Scheme.
The insurance coverage scheme is compulsory in India and no bank can withdraw from it.
Types of Deposit Covered
All types of bank deposit are covered under this scheme like savings, current account, fixed deposits, recurring deposits etc.
Deposit not covered
Any amount due on account of and deposit received outside India, any amount, which has been particularly exempted by DICGC with the prior approval of RBI are not covered under this scheme. Govt deposits Central or State, Foreign Govt deposits, inter-bank deposits, deposits of State Land Development Banks with State Co-Operative Bank are also not covered.
Limit of Amount Covered
Each depositor is insured upto a maximum of Rs. 1, 00,000(Rs one lac) per bank. Insurance cover is available customer wise not scheme wise. The deposit kept in different branches of same are aggregated and total cover provided will be a maximum of Rs. one lac. All funds held in the same capacity in the same bank will be clubbed together for the purpose of insurance cover. Joint account will be treated as separate account and will get cover. Each joint account with different combination treated as different entity and get insurance benefit separately. All joint accounts with same person’s combination will be treated as one customer account and the combined total will be insured upto Rs, one lac.
De-registration of a bank & Liability of DICGC
If bank is prohibited from receiving deposit, or it’s licence is cancelled by RBI or it is wound up compulsorily or voluntarily or it is ceases to be a banking company or on amalgamation or merger or reconstruction where acceptance of deposit not permitted, the registration of an insured bank stands cancelled. In such situation liability of DICGC is limited to extent of deposits as on the date of cancellation.
In another situation DICGC cover is limited upto date of cancellation where a bank fails to deposit the premium amount for three consecutive periods.
Payment of Insurance Premium
Depositors have no liability to pay insurance premium. Deposit insurance premium is fully paid & born by the insured bank. Now DICGC increased the premium rate from 5 paise per Rs. 100 per annum to 10 paise per Rs.100 per annum since April 2005. The premium is payable half yearly in advance in April & October. The premium payment is compulsory to pay latest by 31st may & 31st October.
Payment of Insured amount
If a bank fails or goes into liquidation, the DICGC is liable to pay to each depositor up to Rs. one lac. The payment will be made through liquidator within two months from the date of receipt of claim from the liquidator.
In case of amalgamation or reconstruction or merger with another bank, the claim will be paid to concerned existing bank by the DICGC. The claim will be payable to transferee bank within two months from the date of claim list submission. In such case, the difference amount between the full amount of deposit or the limit of insurance, which ever is less and the amount received under amalgamation/reconstruction scheme will be paid.
The above deposit insurance scheme came into force keeping the view to protect the interest of small depositors of the country. Now feel free to enjoy opening your account in different banks and get your deposit secured more & more.
Historical data related to bank failure in India
At present upto march ’08 there are 2356 banks including public sector, private & co-operative banks in India are protected under scheme of DICGC. In previous three years no instance of failure of any major bank in India.
A number of co-operative banks have failed due to various reasons in previous years. From 01.04.06 to 30.09.08 there are 63 co-operative banks are failed and all qualified customers get payment from DICGC. In these failure banks Gujarat is on number one with 25 banks and Maharashtra is on 2nd position with 10 banks. The size of failure banks are a little bit and not in percent. It is magic of Indian economy and strategic control of the system that Indian banks are protected well.
More insurance cover expected
In USA in a temporary phenomenon all deposit accounts are insured up to at least $250,000 per depositor until December 31, 2009 at the place of regular insurance coverage $ 1,00,000 . Unlimited insurance coverage also provided for entire amount to all non-interest bearing transaction deposit account on temporary basis up to 31.12.09 for strengthen banking system and making confidence in depositors in USA.
Likewise USA, in India govt may think. In present context of global economic scenario for more protection of public deposit in the country, limit of insurance coverage is required to be increased to Rs. 2.5 lac from present Rs. 1 lac .
It will more beneficial for depositors in India if RBI can liberalize banks to get additional deposit insurance cover on higher premium for their depositors for attracting more deposits and strengthening the economy.
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soulweaponry asked: I’ve always heard its good to keep your credit/balances at a certain ratio to improve your credit rating. What should mine be? I have 2 cards: one with a $200 limit and the other with a $250 limit. How much should i spend on each?
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In the preceding years, the banking domain of the country was not like as it is now. It has matured a lot in past 10 years or so and has gone through some important transformations over a period of time. The banking system has modified itself to satisfy the needs of its growing customers. At present, with the emergence of foreign and private sector banks, the environment has changed drastically.
At present, banking entities are adopting a customer-focused approach, so as to fulfill the requirements of their clients. At the same time most of them have even unveiled a number of new products and services.
However, it is the saving account, that people of this nation are heedful of. Simply because, it is the best place to park money and get interest.
One of the remarkable feature of this type of account is that the account-holder gets interest amount on parked savings/funds every month. Depositing funds in a saving account is similar to making an no-loss investment which will only yield interest (in other words ‘profit’) for the consumer. Nevertheless, the interest rates are not impressive enough and are fully dependent on the policies of independent banks and supervisory authority of the country, RBI.
Meanwhile, financial institutions like ICICI Bank, Axis Bank, State Bank of India, HDFC Bank and Allahabad Bank are few names giving a potential saving account to their consumers. The State Bank of India which offers enormous number of savings account products in India provides two excellent types of savings accounts to their customers. One is the state-of-the-art savings account which all the people in the country are already aware of and the another one is the savings plus account which has all the attributes of a simple savings account but the bank has encased it with a term deposit as an another characteristic for this products.
Besides this, there is also a electronic fund transfer functionality, by which transferring funds to other accounts is quite an uncomplicated process. The Online banking functionality for operating saving account is also supplied by almost all banking institutions through which one can check out bank balance and can carry out all the required dealings by the banking institution’s official Internet site. This also helps a person in doing away with long waiting lines in banks. But remember, a person had better choose his/her kind of saving account according to budgetary needs.
The author is a business writer for finance and credit products. Know more on online banking, SBI internet banking visit www.paisawaisa.com/.
Article Source:http://www.articlesbase.com/banking-articles/start-saving-money-via-savings-accounts-1390954.html
Credit score calculating is not easy, it involves complex formula. It is based on lots of information. There are infinite number of factors that the FICO score is based on. The basic purpose behind this that you should handle your credit more responsibly.
It’s usually easier to loose your points, but difficult to get it back. So you should always consider improving your score and protect them at the same time. The penalty is high if you have high score and any mistake.
The following five are the major factors that affect your credit score according to their relative level of importance. The level of importance varies with the individual score.
This contributes about 35 percent of your credit score. Your payment history shows how responsible you are with your credit. Lenders wants to know how good you are in paying bills on time and more consistently. If you have never been late, you clean history will help maintaining good score.
This makes up about 30 percent of your score. The score is based on the total amount you owed on all accounts and how much you owe in different kind of account like credit card, personal loan, mortgage etc. The higher difference between your balance and limit, is better for your credit score.
This is around 15 percent of your total score. This relatively less important as compared to the previous two factors. You may have good score with a short history, but if you can maintain it for long run, that’s better. The score considers the age of your oldest account and the average age of all your accounts.
This is 10 percent of your overall credit score. Opening new account can lower your credit score. Opening too many accounts in short time is considered as negative sign for your financial situation.
This constitutes around 10 percent of your score. The FICO score gives importance on combination of different types of credit. It’s better to have mix of revolving debt like credit card and installment debt like auto loan, mortgages etc.
As the use of the Internet continues to expand, more banks and thrifts are using the convenience and ease of the Web to offer products and services, as well as enhance communication with customers. According to the Federal Deposit Insurance Corporation (FDIC), the Internet offers the potential for safe, convenient ways to shop for financial services and conduct banking business – 24/7. However, to ensure safe banking, customers need to be educated in making good decisions that protect them from costly surprises or even scams.
Protecting Deposits
Whether seeking a traditional bank or online bank that has no physical offices, the FDIC advises to make sure that the institution is legitimate and that deposits are federally insured.
The following are safety guidelines for those considering Internet banking:
1. Seek key information about the bank posted on its Web site. Read the “About Us” section that describes the institution where a brief history of the bank, the official name and address of the bank’s headquarters, and information about its insurance coverage is provided.
2. Be on the watch for fraudulent Web sites. Keep an eye out for copycat Web sites that use a name or Web address very similar to that of a real financial institution. These sites hope to lure in unsuspecting customers who might provide personal information, such as an account number and password.
3. Verify the bank’s insurance status. Customers should look for the familiar FDIC logo or the words “Member FDIC” or “FDIC Insured” on the Web site. Some banks operating on the Internet are not insured by the FDIC, such as those chartered overseas. Customers who choose to bank with these types of banks should know that the FDIC may not insure deposits.
4. For insurance purposes, banks may use different names for online and traditional services. This however, does not mean customers are dealing with separate banks. To determine maximum FDIC coverage, deposits at the parent bank are added together with those at the separately named bank Web site and are insured for up to the maximum amount covered for one bank.
5. Only deposits offered by FDIC-insured institutions are protected by the FDIC. Products such as mutual funds, stocks, annuities, and life insurance policies sold through Web sites or at the bank itself, are not FDIC-insured, are not guaranteed by the bank, and may lose value.
Protecting Privacy
Bank customers often want to know how their personal information is used by their bank and whether it is shared with affiliates of the bank or other parties. As of July 2001, banks are required to provide customers with a copy of their privacy policy, regardless if business is conducted online or offline.
Customers should be advised that banks may want to share information about their customers to help market products specific to needs and interests. Customers who do not wish to participate in information sharing have the right to prevent the bank from sharing personal information with any parties not affiliated with the bank.
Some companies may also track the Web browsing habits of their customers while at the bank’s site, to better understand interests. Customers can ask whether a specific bank track browsing habits if these practices pose a concern.
Protecting Transactions
Learning how to safeguard banking information, credit card numbers, Social Security Number, and other personal data is of vital importance when conducting business on the Internet.
Customers who want to ensure their transactions are secure should carefully examine a bank’s Web site for information about its security practices, or contact the bank directly. Examples of security features include:
1. Encryption: the process of scrambling private information to prevent unauthorized access. Some browsers display a small icon on the screen that looks like a “lock” or “key” when customers conduct secure transactions online.
2. Passwords or PINs: When customers access an account online, a password or personal identification number (PIN) should be required. Passwords or PINs should be unique and changed regularly. Avoid birthdates or numbers or words easily guessed by others.
3. General security: Virus protection over personal computers and physical access controls should be used and updated regularly.
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Have you ever wondered about collateral management or do you work with collateral management in your job? This article is designed to help you understand more about collateral management techniques and how to implement them more effectively.
First, you need to understand that collateral is the items, or assets you are using to secure obligations for yourself or your business. Obviously, you want to wisely manage these assets because they will be repossessed if you default on your obligations. In today’s market, a variety of types of securities are often the collateral. Another type of collateral that is often used is cash. Carefully managing collateral is always a wise business practice. With the complexity of hedge funds, it can be hard to keep your finger on the pulse of what is happening with your collateral.
In this new economy, everyone is being more vigilant about verifying existing trading relationships, evaluating all counterparties’ creditworthiness, and examining the rational of all trading relationships. Companies focus on improving risk-management policies and procedures.
Your collateral is important to you. It is what makes it possible to obtain loans and other money services. Poor management can result in loss of assets, loss of money, and even the collapse of a business. If you are in a position in your job to work with collateral management for your company, you are responsible to your company to make wise management choices in order to increase your companies credibility as well as their bottom line. Efficient collateral management can provide a competitive advantage in the marketplace.
It isn’t very feasible to manage collateral just using spreadsheet any more. Most companies are turning to banking software to meet their growing needs. Banking software can assist you by giving you access to marketing expertise and resources necessary to meet your collateral management requirements. Banking software allows you to retrieve information on a variety of types of transactions, which is important when working with collateral management. Some of the services that can be offered through banking software are custodizing assets listed as collateral, handling income and margin calls, processing income, clearance and collateral management services for your cash transactions, and assurance of collateral eligibility.
