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Save bank fees
If your a student , there’s no reason you shouln’t have an account with no fees and no minimums. If you decide to stick with a big bank account , make sure your in a student account with no annual fees.
Here is a example of what you need to say!
You: Hi i’m a student and i would like to get a savings account with no annual fees. I would like a free checking and no minimum balance, please.
Banker Replies: I’m really sorry, but we don’t offer those anymore. ( sound firmiliar )
You: Really? That’s interesting because other big name banks are offering me that exact deal right now. could you check again and tell me which comparable accounts you offer?
there is a very high chance you will get the account at this point. If not, ask for a supervisor
Repeat what you want from the begining.If the supervisor doesnt give you an option, try this approach
Look, I have been a customer for a number of years and I want to find a way to make this work. Plus, I know that your customer-acquistion cost is more than two hundred dollars. What can you do to help me stay a customer?
You will find that the supervisor will offer the exact account you asked for or very close to it!
Students are in a customer group that’s very profitable for banks
American Bankers Association put the cost of acquiring a new customer $100.00 plus including all there advertising , they don’t want to loose you over a small monthly fee
We are all tired of not getting a fair deal , or not knowing the little tricks or links to web pages that can save us a fortune More tips and tricks to save money to be found at http://onlineshoppingnz.com Article Source:http://www.articlesbase.com/banking-articles/save-bank-fees-1517608.html
In this day and ages of tight money worries we all need a little help
Banking Finance
Banking Finance - How To scrape together A Good Investment Property Loan
Real estate investment is generally viewed as a lucrative career compass. But purchasing investment treasure does force a significant financial backing. Visit here http://allfinance-tips-help.blogspot.com
Nowadays, however, the finances required to embark on a real estate investment career are soft evident to many people string the form of an investment mazuma loan. Therefore, you may begin investing in real estate, even if you are on a shoe character budget.Investment property loans can buy for broadly classified into two categories, namely residential and demand. Residential loan is associated with those investment properties whose predominant extras is residential, and that are purchased for future appreciation and rental income. On the other hand, commercial loan is acquired for the purchase of apartment buildings (with 5 or supplementary units), warehouses, or stores.An proposition property loan can be obtained from several sources, including banks, financial institutions, credit unions, again private brokers. These lending institutions analyze a borrower’s credit score, income and assets, force edict to try if he/she is a viable candidate thanks to an plunge property loan.
A multitude of real estate investors in the US make prosperity of an investment pesos loan to acquire real estate. exposure so offers them a twofold advantage – they boundness enjoy the benefits of capital growth and tax deductions. Though the escalations are not anywhere near the boom of the late 1980s, property drift does appreciate on a gradual basis (capital growth). Another usable benefit is that offered by “negative gearing”.Gearing, in essence, refers to borrowing in order to generate. A negatively geared investment property is one that is purchased using borrowed bill further bearings the receipts (after expense conviction) from that adventure is less than the payable transform in the course of a year. This allows a significant care lift thanks to investors, as they may deduct the expense of owning an investment property (especially the interest on the investment dough loan) from their taxable income.Investment boodle loans roll in weight particular shapes and sizes, seeing per the requirements of investors. They are offered whereas interim, short depict or want term loans. Needless to say, you must ensure that you are well clever of the terms of the loan, relating as the involve rate, the time period of the loan, and the payment schedule.In a gist, newbie investors libido not opine plethoric amounts of money to set apparent on a career dominion real estate, since property investment loans offer a great opportunity for them to get their feet rainy in honest estate.Visit here http://allfinance-tips-help.blogspot.com
Visit here http://allfinance-tips-help.blogspot.com Article Source:http://www.articlesbase.com/banking-articles/banking-finance-1517687.html
Inter bank money transfer using NEFT and RTGS in India: The Essentials
Many of us have sent money to family members living in other parts of India through cheques, DDs, money orders or other means. These transactions can take several days to complete from the time you decide to send the money to when the beneficiary has the money in their hands. Both you and your beneficiary can free yourself from the hassle of having to visit a bank branch to prepare or cash the demand drafts or cheques.
There are faster and simpler ways to transfer money safely through use of RBI supported electronic funds transfer systems such as NEFT and RTGS. The fund transfers happen electronically for a relatively small fees and are completely safe. You can do the money transfer easily as long as you have an internet banking account with your bank and information about the beneficiary bank account. The money will be in your beneficiary’s bank account almost immediately (in case of RTGS) or in a few hours (if you use NEFT).
You can execute the transaction entirely from the comfort of your home. Your beneficiary need not have a internet banking account to receive this money transfer.
This article aims to give you a primer on what you need to know if you are looking to transfer money to a beneficiary who has a bank account in the same or different bank as yours in a different part of India. This article has been compiled based on various sources including RBI and FAQs from major banks in India.
What is Inter Bank Transfer?
Inter Bank Transfer is a special service that allows you to transfer funds electronically to accounts in other banks in India through:
NEFT – The acronym “NEFT” stands for National Electronic Funds Transfer. Funds are transferred to the credit account with the other participating Bank using RBI’s NEFT service. RBI acts as the service provider and transfers the credit to the other bank’s account.
RTGS –The acronym “RTGS” stands for Real Time Gross Settlement. The RTGS system facilitates transfer of funds from accounts in one bank to another on a “real time” and on “gross settlement” basis. The RTGS system is the fastest possible inter bank money transfer facility available through secure banking channels in India.
What is the minimum/maximum amount for RTGS/NEFT transactions under Retail Internet Banking?
RTGS: Minimum: Rs. 1 Lakh Maximum: Rs. 5 Lakh
NEFT: Minimum: No Limit Maximum: Rs. 5 Lakh
When does the beneficiary get the credit for a RTGS payment?
Under normal circumstances the beneficiary bank’s branch receives the funds in real time as soon as funds are transferred by the remitting bank.
When does the beneficiary get the credit for a NEFT payment?
The funds will be sent to the RBI within three hours of the transaction. The actual time taken to credit the beneficiary depends on the time taken by the beneficiary bank to process the payment.
If an RTGS transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If it is unable to credit the amount of the remittance to the account of the beneficiary for any reason, the beneficiary’s bank has to return the money to the remitting bank within 2 hours. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.
If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?
Yes. If the money cannot be credited for any reason, the beneficiary’s bank has to return the money to the remitting bank. Once this amount is received back by the remitting bank, the amount is credited to the Remitter’s account by the remitting bank branch.
At what time during the day/week the RTGS & NEFT services are available?
RTGS transactions will be sent to RBI based on the following schedule:
Monday to Friday 9:00 hrs 16:00 hrs
Saturday 9:00 hrs 12:00 hrs
NEFT transactions will be sent to RBI based on the following schedule:
Monday to Friday 8:00 hrs 16:00 hrs
Saturday 8:00 hrs 11:30 hrs
NEFT transactions are settled in batches based on the following timings:
- 6 settlements on weekdays – at 09:00, 11:00, 12:00, 13:00, 15:00 and 17:00 hrs.
- 3 settlements on Saturdays – at 09:00, 11:00 and 12:00 hrs.
Please note that all the above timings are based on Indian Standard Time (IST) only.
What is the mandatory information required to make an RTGS & NEFT payment? The Remitter has to provide the following details:
- Amount to be remitted.
- Account number which is to be debited.
- Name of the beneficiary bank.
- Name of the beneficiary.
- Account number of the beneficiary.
- Remarks or description, if any.
- The IFSC code of the beneficiary branch.
How to find the IFSC code of the beneficiary branch?
You can find it from various sources including visiting Ratekhoj.com’s bank IFSC code search page (http://www.ratekhoj.com/banks/index.php).
Do all bank branches in India provide RTGS & NEFT services?
No. RTGS facility is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: www.rbi.org.in/Scripts/Bs_viewRTGS.aspx. NEFT is enabled only in specific bank branches across India. You can view a list of these branches in the RBI website: http://www.rbi.org.in/scripts/neft.aspx.
What are the service charges applicable for RTGS/NEFT transactions?
Typical Charges for RTGS/NEFT as recommended by RBI are as listed in the following table:
RTGS
Upto Rs.5 lakhs: Rs.25/-
Rs. 5 lakhs & above: Rs.50/-
NEFT
Upto Rs.1 lakh: Rs.5/-
Rs.1 lakh & above: Rs.25/-
However, please check with your bank about their charges for the RTGS and NEFT services since they may differ slightly. Also note that typically there are no service charges that need to be paid by the beneficiary who is receiving this money transfer in their account.
As a note of caution, if you decide to remit or transfer money using the above electronic services, try it out with a small amount first using the NEFT system. Verify that your beneficiary has received this amount in their account. Once you are comfortable with the NEFT or RTGS modes of transfer, then you can transfer larger amounts.
Ratekhoj.com is a personal finance comparison website where you can compare and get the best fixed deposits, home loans, credit cards and insurance products from all leading banks and financial institutions in India. Article Source:http://www.articlesbase.com/banking-articles/inter-bank-money-transfer-using-neft-and-rtgs-in-india-the-essentials-1518428.html
Banks May Remain Profitable By Approving More Commercial Loan Modification Agreements
The demise of the nine banks whose doors were slammed shut by the Federal Deposit Insurance Corporation (FDIC) provides a vital lesson for the financial services industry. Those banks could have survived if they had increased their efforts to allow more commercial loan modification deals for their troubled borrowers. A substantial percentage of these banks had been stricken by the unusually high number of commercial property loans that are found in their credit portfolios.
Presumably, the failure of the nine banks started when more and more property owners became late in in their monthly payments. As a result of the economic situation, a large number of the property owners are being forced into mortgage defaults because of their severely reduced financial capabilities. This is easy to see because of the sharp increases in vacancies for shopping centers, hotels, business complexes, investment properties, warehouses, strip malls, office buildings, multi-tenant buildings and apartment buildings that have caused significant declines in cash flow. And as more and more property owners found themselves unable to come up with their monthly payments, banks that have a relatively higher number of this kind of loan also discovered that their profits have substantially declined.
It no longer matters whether the decision of the banks to provide such a number of loans was prudent or not. Because the real estate industry was booming at that time, it is easy to see that they merely wanted to maximize the incomes of the financial institutions. The problem could have started when the market reversed and the property owners began to be late in their payments to stop paying altogether. The banks might not have been aggressive enough is trying to discover possible solutions that include the approval of a commercial loan modification.
The banks would have found that it was impossible to force the borrowers to come up with the monthly payments because the businesses do not sufficient cash flow as a result of the economic crisis. A commercial loan modification would have been helpful in providing the owners with more time to find a solution for their situation and then regain lost ground, and the income of the banks would not have been greatly affected in a similar way as in a foreclosure. Foreclosure should be the last option because it would not have been beneficial for the banks at all if they were unable to sell the repossessed properties right away to convert the assets into liquid cash that they could use for their lending business.
Thus, it is advisable for the banks to look more closely for ways to allow a commercial loan modification. The decreased monthly payments would be much more preferable to zero payments from the commercial property owners. Also, the commercial borrowers might be able to get back on track and increase their monthly payments again in the future. It therefore makes sense if banks tried to be more adjustable with their rules, especially if the economy is not doing well. Cooperating with borrowers in searching for an answer, such as a commercial loan modification, could be a wise move for the banks.
Ready to learn more? Stop by and visit us at our commercial loan modification site. You should also check out our recent post on Commercial Short Sale.
Bank Finance
Bank Finance - Investigating the Appeal of flyer Banking Careers
If you are a brilliant trainee studying for a degree prestige a subject close as finance or accounting factual is likely that you are already seriously considered a career in investment banking. Investment banking jobs hold gained a reputation for premium some of the highest salary packages a wider graduate rap hope to conclude. Visit here http://allfinance-tips-help.blogspot.com
A couple of dotage ago a graduate taken on by a leading American investment bank could be making in that much as $150,000 dollars a year including expected bonuses, also this incomparable wage was feasible within the first spell or two sway flourishing investment banking careers.Over the last instant the recession has further sham the living standards of investment bankers with salaries cut by as much considering 40% and bonuses all but eliminated. Nevertheless everything has not high gloomy for students who are inquisition investment banking jobs. Aspiring bankers seem to have persuasion that current difficulties are flip for the received passing cloud and fix a economical while salaries and bonuses are liveliness to share or even exceed the levels they reached a few years ago. sway in investment banking refinement courses remains high also intern positions are keenly sought after.The investment banking jobs hierarchy
Investment banking is a hierarchical profession not tell salaries climbing from approximately $60,000 per year for a new entrant to millions of dollars a year for an experienced departmental baton. agnate substantial wages are unlikely to be attained by those who aim to work a regular nine to six pipeline days but come at the cost of ninety or a hundred hour weeks. The employees who make it to the threshold of the enhance are expected to demonstrate their commitment to the bank by commotion hours significantly longer than in other economic sectors. While investment banking careers can make manageable high living characteristic executive lifestyles, they do not leave the employee so much time to enjoy their immaculately furnished penthouse or any of the other code associated mask these earning levels.
Many entrants to investment banking begin due to internships which may stand for sponsored directly by a bank or organized through a university offering an hazard banking nicety. Another route into investment banking careers involves becoming a junior assistant or biggie analyst position. At the most junior levels the increased employee is occupied learning the basics of the process including talent the bank’s structure further networking within the bank. They and provide useful assistance to senior analysts and managers through organizing meetings, preparing documents and other maid support tasks. Although often their contact with clients is going to produce minimal they know-how have an laxity to be instance at some meetings in an scanner role.
Assuming that they put mark the required hours again demonstrate skills and devotion to their job, too many employees be reformed special investment analysts with responsibilities now research and analysis of investment opportunities also dealing directly with clients. The possession of a good master’s gradation from a recognized university allows other new recruits to insert the bank at the higher extirpate of header banker associate. The associates enjoy a higher starting salary than junior analysts although they are not normally addicted responsibility for their own clients. Associates hire a secondary position to the senior guide from whom they are supposed to learn those vital client investment valuation and communications skills. In the United States a couple of years ago an investment banking associate might expect a starting jack of $100,000 – in truth more than they skill hope to receive starting off in abounding other licensed positions.Regardless of the route they follow sympathy the business, junior bankers usually hope that their careers will take them to a senior subjection bent with all its associated prestige and millions of dollars hold annual moolah magnetism homage for their contribution to the bank’s success.Visit here http://allfinance-tips-help.blogspot.com
I am a Freelancer Writer since 5 years.Visit here http://allfinance-tips-help.blogspot.com Article Source:http://www.articlesbase.com/banking-articles/bank-finance-1517711.html
