My brother had always insisted on using a debit card the entire time he went through high school and college. I never understood his obsession of avoiding a credit charge. Many times that we would go places and he couldn’t use the debit cards because the company only accepted credit charges.

At times like this, I was often the one who had to pay. I used my credit card to pay and he would pay me back the next day. He always paid me without fail. I always made an online payment as soon as he paid me. I knew he was afraid of bad credit because our parents had that problem and it took them almost 14 years to rebuild their credit. (more…)

Busy businesses searching for ways to maximise their profit margins and scale their businesses could find that the specialist services provided by international banking could be just the financial solution they’re looking for. Whether running an international business, planning extensive business travel or simply interested in the benefits of offshore banking, you could find that international banking holds the answer to your needs.

Offshore banking is the name given to the use of banking services that are out-with the country of the depositor and international banking facilities are typically located on island nations. However, a number of Swiss and banks of other landlocked nations are also referred to under this umbrella term. There are a number of advantages to international banking services, for example, choosing international banking offers assurance that should the political situation in the home country become unstable, financial investments would remain safe in the offshore account. (more…)

One thing that the financial meltdown has show in crystal clear relief is that among the many contributing factors, there can be no doubt that Risk Management didn’t adequately manage risk. Why this was so is going to be the subject of much debate in the coming months and years. Were Risk Managers constrained by the executive suite who wouldn’t hear the warnings, or were Risk Managers not answering or not even able to answer the basic questions of their trade? Whatever the reason the profession of Risk Management has some deep soul-searching to do.

Now, all of a sudden, that the economies of many countries, not to mention the banking industry, is in tatters, we have dozens of articles and blogs all bemoaning the state of risk management and what we need to do to get everything right again; as if there is some elixir, or some magic wand that will put it all right. (more…)

With the advent of ways to transfer money online easily, and the addition of the Internet to nearly every cell phone, it is no wonder that many people now send money from their phones. However, the ability to send money online to friends and family from anywhere could be helping to increase the growth of the very idea of mobile finance. The fact that cell phone sales are up even in this economy, as well as an interest in mobile banking, could be an indication that the two are related to each other. The ability to get online fast using Smartphones enables people to perform tasks like transferring money at any time, which is certainly good for the mobile finance industry.

Smartphones have grown in popularity due to their ease of use when it comes to the Internet, as well as fast web services that come with many, such as 3G networks. Studies have shown that most people do not get online through their phone anymore just to play a game or message a friend. Instead, they perform everyday tasks that they would normally do at their computer. Long commutes home from work, slow-moving lines at lunch, and the simple convenience of the cell phone all help contribute to the growing interest in completing myriad tasks through it. The faster the service can be performed, such as the ability to send money online, the better. (more…)

“Although banks have always charged fees for overdrawing your account, they have been struggling with the negative publicity every since the Reserve Bank revealed the banks reaped $1.2bn through penalty fees last year,” Canstar Cannex financial analyst Peter Arnold said.

The research group said more banks were expected to follow suit.

The decision by NAB to axe its overdrawn fee is part of its efforts to improve its relationships with customers.

It should also put the bank on a more even footing with credit unions and building societies, who are generally more forgiving when it comes to customers being accidentally overdrawn. (more…)

The government of Canada has improved disclosure regulations for consumers who purchase principal protected notes (PPNs) issued by federally regulated deposit-taking institutions such as banks.

Jim Flaherty, Minister of Finance, announced on 2nd June that regulations aimed at improving disclosure have been approved and will come into force on 1st July, 2008.

“Adequate disclosure is needed to help investors make informed financial decisions,” explained Minister Flaherty, adding that: “Our Government believes a principles-based approach to regulation is the best way to ensure transparency in today’s rapidly evolving and innovative marketplace.” (more…)

That the Central Bank of Nigeria (CBN) has sacked the executive management of five commercial banks [Afribank, Finbank, Intercontinental bank, Oceanic bank and Union bank] operating in the country is no longer news. As shocking as it appeared, it was not unexpected. It looked in no way like anybody was out to settle any personal issue; the reasons were clear and tenable.

Making a comment on this incident would not have been a top priority but with the crop of poor analysts that Nigeria has and its largely illiterate population, the tendencies are numerous for the news to cause undue and unreasonable public commentary. These unintelligent attentions would on the long run affect the banks, and indeed the whole industry, in a more negative way than the news itself. For instance, people are already planning to make a run [withdraw their deposits] on the affected banks. (more…)

Capital Advance Solutions, LLC provides small to mid-sized businesses with another working capital funding option known as a credit card receipt advance. These advances are not considered to be loans or debt obligations. They are funds that are advanced against the merchant’s historical and future Visa® and Master Card® sales.

There is no fixed payment amount or repayment term. Instead, a small percentage of the merchant’s daily Visa and Master Card receivables are collected until the advance and premium amount are repaid. Credit card receipt advances provide merchants with additional working capital allowing them to keep existing credit lines available for other financing needs. (more…)

The Banks in India Face the problems of swelling non-performing assets (NPAs) and the issue is becoming more and more unmanageable. The NPAs have direct impact on banks profitability, liquidity and equity. The NPAs of Indian Banks are relatively huge by international standard. Therefore the biggest ever challenge that the banking industry now faces is management of NPAs. It is true that banks have to restrict their lending operations to secured advances only with adequate collateral securities.

In this connection banks must aware of the problems and recovery legislations of NPAs Non performing assets means an advance where payment of interest or repayment of installments of principal or both remains for a period of more than 180 days. (more…)

How To Play The Stock Market Ten Tips To Help You Out.

You must have an established set of rules in place before you can learn how to play the stock market with any degree of success.

If you break your own stock trading rules the most likely end result is that you will lose cash. Here is one discipline that can harvest rewards. Read these rules before your day starts and also read the guidelines when your day ends. If you want to know how to play the stock market you need to do your homework and stick to your guns. (more…)