This document provides information on basic financial services including the main types of financial institutions (banks, credit unions, savings and loans), advantages of using them, and types of savings accounts (regular savings, CDs, money market). It also discusses factors to consider when choosing a savings or checking account such as interest rates, fees, and access to funds. Tips are provided for maintaining a checking account register and avoiding overdrafts.
The document discusses various e-commerce payment systems including traditional methods like cash, checks, and credit cards as well as online systems like credit card transactions, SET protocol, digital wallets, PayPal, and B2B payment systems. It notes issues with using credit cards online like security, costs for merchants, and lack of access for some consumers. It also describes features of different online payment methods and their advantages and disadvantages.
This document discusses various savings and payment services. It provides information on:
1. Common savings plans like savings accounts, CDs, money market accounts, and U.S. savings bonds. It emphasizes the importance of comparing rates of return and terms.
2. Different types of financial institutions like commercial banks, credit unions, and investment companies. It notes factors to consider when choosing an institution.
3. Various payment methods including debit cards, online payments, stored-value cards, and checking accounts. Managing a checking account through writing checks and bank reconciliation is also covered.
4. The importance of being aware of interest rate trends and choosing financial services and institutions to best meet daily money needs and minimize
Here are a few ways you could write your checks differently:
- Use a different color ink than black. Blues and greens are common alternate colors.
- Sign your name in a unique way each time, such as adding flourishes or writing it in cursive rather than print.
- Alternate which corner of the check you write the date, payee name, or amount in to switch it up from the usual spots.
- Include a small doodle or design element somewhere inconspicuous on the check as a personal touch.
- Try writing with your non-dominant hand occasionally to disguise your usual penmanship.
- Address the payee more creatively than just their name,
This document discusses the financial system and retail banking. It begins by explaining the financial system as the mechanism that allows funds to flow from savers to borrowers through either direct financial markets or indirect financial intermediaries. It then focuses on retail banking, describing retail banks as dealing directly with individuals and small businesses, and offering products like savings accounts, mortgages, and loans. Different types of retail banks are also outlined.
This document provides information about checking accounts and how they work. It defines key terms like checks, checkbooks, deposits, withdrawals, fees, endorsements, bounced checks, and fraud protection. It also outlines best practices for using a checking account, such as how to properly fill out and safeguard checks, how transactions are tracked in a check register, and the benefits of direct deposits and safety deposit boxes.
This document provides information about checking accounts, including their benefits and how to open and use one. It discusses the convenience of checking accounts, how they can help with money management, and different types of accounts. It then covers requirements for opening an account, how to use a check register to track transactions, how to make deposits and withdrawals using cash, checks, direct deposit, ATMs, and writing checks. The document is an educational guide for setting up and utilizing a basic checking account.
Opening a checking account involves signing a signature card with the bank to establish the account. Checks are written orders to the bank to pay money from the account. Deposits are made by filling out a deposit slip listing currency, coins and checks being deposited. Endorsements on the back of checks allow them to be cashed or deposited by another person and help prevent fraud. Maintaining a register of deposits and withdrawals helps reconcile the account balance with bank statements.
Global Trends in Large Value Payment SystemsKimmo Soramaki
We discuss 10 main trends in the settlement of large-value interbank payments;
1. Diffusion of Real Time Gross Settlement
2. Take Off of Hybrid Systems
3. Emergence of Cross Border and Offshore Payment Systems
4. The Rise of CLS
5. Increasing Settlement Values and Volumes
6. Shrinking Average Payment Size
7. Falling Number of System Participants
8. Extended Operating Hours
9. Declining Transaction Fess
10. Adoption of Common Standards for LVPS
The document discusses various e-commerce payment systems including traditional methods like cash, checks, and credit cards as well as online systems like credit card transactions, SET protocol, digital wallets, PayPal, and B2B payment systems. It notes issues with using credit cards online like security, costs for merchants, and lack of access for some consumers. It also describes features of different online payment methods and their advantages and disadvantages.
This document discusses various savings and payment services. It provides information on:
1. Common savings plans like savings accounts, CDs, money market accounts, and U.S. savings bonds. It emphasizes the importance of comparing rates of return and terms.
2. Different types of financial institutions like commercial banks, credit unions, and investment companies. It notes factors to consider when choosing an institution.
3. Various payment methods including debit cards, online payments, stored-value cards, and checking accounts. Managing a checking account through writing checks and bank reconciliation is also covered.
4. The importance of being aware of interest rate trends and choosing financial services and institutions to best meet daily money needs and minimize
Here are a few ways you could write your checks differently:
- Use a different color ink than black. Blues and greens are common alternate colors.
- Sign your name in a unique way each time, such as adding flourishes or writing it in cursive rather than print.
- Alternate which corner of the check you write the date, payee name, or amount in to switch it up from the usual spots.
- Include a small doodle or design element somewhere inconspicuous on the check as a personal touch.
- Try writing with your non-dominant hand occasionally to disguise your usual penmanship.
- Address the payee more creatively than just their name,
This document discusses the financial system and retail banking. It begins by explaining the financial system as the mechanism that allows funds to flow from savers to borrowers through either direct financial markets or indirect financial intermediaries. It then focuses on retail banking, describing retail banks as dealing directly with individuals and small businesses, and offering products like savings accounts, mortgages, and loans. Different types of retail banks are also outlined.
This document provides information about checking accounts and how they work. It defines key terms like checks, checkbooks, deposits, withdrawals, fees, endorsements, bounced checks, and fraud protection. It also outlines best practices for using a checking account, such as how to properly fill out and safeguard checks, how transactions are tracked in a check register, and the benefits of direct deposits and safety deposit boxes.
This document provides information about checking accounts, including their benefits and how to open and use one. It discusses the convenience of checking accounts, how they can help with money management, and different types of accounts. It then covers requirements for opening an account, how to use a check register to track transactions, how to make deposits and withdrawals using cash, checks, direct deposit, ATMs, and writing checks. The document is an educational guide for setting up and utilizing a basic checking account.
Opening a checking account involves signing a signature card with the bank to establish the account. Checks are written orders to the bank to pay money from the account. Deposits are made by filling out a deposit slip listing currency, coins and checks being deposited. Endorsements on the back of checks allow them to be cashed or deposited by another person and help prevent fraud. Maintaining a register of deposits and withdrawals helps reconcile the account balance with bank statements.
Global Trends in Large Value Payment SystemsKimmo Soramaki
We discuss 10 main trends in the settlement of large-value interbank payments;
1. Diffusion of Real Time Gross Settlement
2. Take Off of Hybrid Systems
3. Emergence of Cross Border and Offshore Payment Systems
4. The Rise of CLS
5. Increasing Settlement Values and Volumes
6. Shrinking Average Payment Size
7. Falling Number of System Participants
8. Extended Operating Hours
9. Declining Transaction Fess
10. Adoption of Common Standards for LVPS
This document discusses the importance of credit and how credit scores are determined. A good credit score can help with obtaining credit cards, mortgages, auto loans, renting apartments, and jobs. Payment history, credit utilization ratio, length of credit history, and type of accounts all factor into credit scores. Payment history alone accounts for 35% of a credit score, while credit utilization ratio accounts for 30% and length of history and new accounts make up 25%. Maintaining good payment history, low credit utilization, and an established credit history will help achieve higher credit scores.
The Credit Process: A Guide For Small Business OwnersAli Mohammed
This Power Point is talking about The Credit Process as guide for Small Business Owners containing
=Methodology
=Major deliverables
=5 C’s of Credit
=Credit Risk Management
=Management Approvals
=Future work processes
=Future Procedures Overview
=Information system support
=Functions of Credit Control Group & Marketing Division
=Way forward
The document summarizes the Overland Asset Management Account, which allows customers to consolidate their financial assets and accounts for simplified management. The account provides various benefits like automatic daily sweeps of available cash into money market funds, check writing, a debit card, consolidated reporting and tax documents. It aims to give customers more flexibility, control and convenience over their complete financial picture through a single account.
This document summarizes procedures for receiving and recording payments in an accounting context. It discusses receiving cash, checks, credit/debit cards, and inter-bank transfers. It also covers checking payments against documentation and recording money received, including using a cash book and remittance lists. Key points covered include examining checks for validity, processing card payments manually or electronically, checking for floor limits on card transactions, and reconciling payments received to bank statements.
The document discusses the role of business intelligence in implementing anti-money laundering compliance software according to regulations introduced by the 2001 USA PATRIOT Act. It outlines requirements for financial institutions to establish anti-money laundering programs, conduct customer due diligence and file suspicious activity reports. The objectives are to help banks integrate data across divisions to identify suspicious transactions and comply with directives to prevent money laundering and terrorist financing.
The document discusses cash and marketable securities management. It describes the motives for holding cash as transactions, precautionary, and speculative reasons. The objectives of cash management are to have enough cash on hand to meet needs while minimizing idle cash balances. Methods to manage cash inflows and outflows like lockboxes, preauthorized checks, and zero balance accounts are presented. The document also covers considerations and types of marketable securities that can be held, such as Treasury bills, federal agency securities, commercial paper, and money market mutual funds.
The Citi World Money Card has several strengths compared to competitors, including 96 hours of theft/misuse protection prior to reporting, availability of emergency cash from Citibank branches worldwide, and higher exchange rates and lower fees. However, it also has weaknesses such as a lack of e-commerce functionality, no instant card activation, and only being available in 3 currencies. Opportunities for the card include introducing chip and PIN technology, enabling e-commerce and SMS notifications, while threats are increased competition from other foreign and national banks.
This document defines and explains several important banking terms. It begins by stating that basic banking terms are frequently asked about in bank interviews and are useful for general knowledge. Some key terms defined include account agreement, account holder, adjustable rate mortgage, annual percentage yield, certificate of deposit, checking account, collateral, compound interest, credit rating, and debit card. The document provides concise definitions for over 50 common banking and financial terms.
Payment and Settlement Systems(SWIFT,NEFT and Securities Cycle)Savita Marwal
Here are the key steps in creating offerings as part of bringing offerings to market in the payment processing flow:
1. Customer offerings strategy and planning: Define the strategy including pricing, targets, volumes, features and services including payment functionalities.
2. Customer offerings policies and methodologies: Develop policies and methodologies to support the offerings strategy.
3. Customer offerings relationships and management: Manage relationships with relevant stakeholders as part of bringing the offerings to market.
4. Customer offerings performance management: Establish performance management processes to track outcomes of the offerings.
5. Customer offerings people management: Manage resources required to create and bring offerings to market.
6. Customer offerings design, build and run enablement:
This document provides information on banking basics such as opening and maintaining bank accounts, types of accounts like checking and savings, and additional banking services. It also discusses credit reports, credit scores, responsible credit card use, and the key terms and costs associated with credit cards as outlined in the Schumer Box. The objectives are to explain why and how consumers should open bank accounts, maintain good credit, and use credit cards responsibly.
Personal Finance: Banking Basics and Saving MoneyJason Vitug
The plan is to introduce banking concepts and terminology. The goal is to understand basic banking products and services and importance of saving money. The takeaway is to know various banking products and services and create a savings strategy.
Additionally, understand the importance of saving money and the concepts around saving such as interest, compound interest, rule of 72 and various savings vehicles.
This presentation provides an overview of various banking products and services. It discusses the different types of banks and their core functions. It then examines several common banking products in India including deposits (current, savings, fixed, recurring), loans, cash credit, overdraft, credit cards, debit cards, ATMs, mobile/internet banking, demat accounts, and e-cheques. For each product, it provides details on what they are, the types that exist, their key features and benefits. The presentation is intended to educate audiences on the range of offerings provided by banks in India.
This document provides an overview of common banking terms and concepts. It discusses the basics of opening deposit accounts like checking and savings accounts, differences between banks and credit unions, account types, interest, online banking safety, and more. The key topics covered include choosing an appropriate financial institution, understanding account features and fees, maintaining good banking habits, and ensuring deposits are insured by agencies like the FDIC or NCUA up to $250,000 per account.
This document discusses electronic payment systems. It begins by introducing various online payment methods like e-cash, e-checks, credit cards, debit cards, and smart cards. It then describes each payment method in more detail, covering how they work, their importance and advantages/disadvantages. The document also discusses security issues in electronic payments and different biometric authentication methods. Overall, the document provides a comprehensive overview of electronic payment systems, methods, and related security considerations.
This document provides an overview of personal banking services. It discusses opening checking and savings accounts, the differences between banks and credit unions, account verification services like ChexSystems, debit cards, check writing, keeping fees low, certificates of deposit, safe deposit boxes, and how to properly manage accounts. The goal is to give participants a thorough understanding of banking basics to help them benefit from financial institution services.
Credit is important because it affects many aspects of life like renting, utilities, insurance, loans, and employment. Consumers can access their free annual credit reports from annualcreditreport.com or by contacting the credit bureaus directly. Credit reports contain personal information, credit history, inquiries, public records, and collections. It's important to check reports for accuracy as errors are common. FICO and Vantage are two common credit scoring models that use factors like payment history, credit utilization, credit history length, credit mix, and new credit to determine a credit score. With bad credit, options include credit counseling, debt management programs, or managing debt independently through budgeting and payment plans.
The document discusses various strategies for dealing with debt, including increasing income, decreasing expenses, contacting creditors, credit counseling, debt consolidation, bankruptcy, and credit card fees and traps. It provides tips on using the PowerPay method to accelerate debt repayment by reallocating payments as debts are paid off. It warns that credit card minimum payments can result in high interest costs over time and paying more than the minimum each month reduces costs.
This document discusses selecting and using credit cards responsibly. It defines different types of credit cards like bank cards, retail cards, and travel cards. It outlines factors to consider like annual fees, interest rates, and grace periods. It provides tips for responsible use like only spending within your means and paying balances in full each month to avoid interest. It also describes what information will be on credit card bills like payments, balances, and transaction details.
This document provides information on various types of financial institutions and banking services. It discusses commercial banks, credit unions, savings accounts, checking accounts, loans, online banking, and other services offered by banks. The key points covered include the differences between banks and credit unions, factors to consider when choosing a bank, requirements for opening an account, and fees associated with various products and services.
Understanding Your Credit with SpringCoinCarrie Smith
A complete presentation from SpringCoin on Understanding and Improving Your Credit Score. How to establish or re-establish credit properly to save money and pay down debt.
Electronic payment systems have grown tremendously in recent years, with over $900 billion transacted online in 2002. Credit cards are currently the most popular method of online payment, used for 65% of transactions. However, other methods like electronic cash and debit cards are growing in popularity as well. The future of payment systems will need to balance consumer preferences with privacy, taxation, and legal issues as electronic money becomes more widespread.
Payment systems allow the transfer of funds from one entity to another and come in various forms like credit cards, debit cards, and electronic wallets. The document discusses different types of payment systems including check transfers, accumulating balances, cash, credit cards, and smart value cards. It also covers online payment systems like credit cards, debit cards, electronic funds transfer, and digital wallets. Wireless and contactless payment systems using technologies like RFID are also summarized.
This document discusses the importance of credit and how credit scores are determined. A good credit score can help with obtaining credit cards, mortgages, auto loans, renting apartments, and jobs. Payment history, credit utilization ratio, length of credit history, and type of accounts all factor into credit scores. Payment history alone accounts for 35% of a credit score, while credit utilization ratio accounts for 30% and length of history and new accounts make up 25%. Maintaining good payment history, low credit utilization, and an established credit history will help achieve higher credit scores.
The Credit Process: A Guide For Small Business OwnersAli Mohammed
This Power Point is talking about The Credit Process as guide for Small Business Owners containing
=Methodology
=Major deliverables
=5 C’s of Credit
=Credit Risk Management
=Management Approvals
=Future work processes
=Future Procedures Overview
=Information system support
=Functions of Credit Control Group & Marketing Division
=Way forward
The document summarizes the Overland Asset Management Account, which allows customers to consolidate their financial assets and accounts for simplified management. The account provides various benefits like automatic daily sweeps of available cash into money market funds, check writing, a debit card, consolidated reporting and tax documents. It aims to give customers more flexibility, control and convenience over their complete financial picture through a single account.
This document summarizes procedures for receiving and recording payments in an accounting context. It discusses receiving cash, checks, credit/debit cards, and inter-bank transfers. It also covers checking payments against documentation and recording money received, including using a cash book and remittance lists. Key points covered include examining checks for validity, processing card payments manually or electronically, checking for floor limits on card transactions, and reconciling payments received to bank statements.
The document discusses the role of business intelligence in implementing anti-money laundering compliance software according to regulations introduced by the 2001 USA PATRIOT Act. It outlines requirements for financial institutions to establish anti-money laundering programs, conduct customer due diligence and file suspicious activity reports. The objectives are to help banks integrate data across divisions to identify suspicious transactions and comply with directives to prevent money laundering and terrorist financing.
The document discusses cash and marketable securities management. It describes the motives for holding cash as transactions, precautionary, and speculative reasons. The objectives of cash management are to have enough cash on hand to meet needs while minimizing idle cash balances. Methods to manage cash inflows and outflows like lockboxes, preauthorized checks, and zero balance accounts are presented. The document also covers considerations and types of marketable securities that can be held, such as Treasury bills, federal agency securities, commercial paper, and money market mutual funds.
The Citi World Money Card has several strengths compared to competitors, including 96 hours of theft/misuse protection prior to reporting, availability of emergency cash from Citibank branches worldwide, and higher exchange rates and lower fees. However, it also has weaknesses such as a lack of e-commerce functionality, no instant card activation, and only being available in 3 currencies. Opportunities for the card include introducing chip and PIN technology, enabling e-commerce and SMS notifications, while threats are increased competition from other foreign and national banks.
This document defines and explains several important banking terms. It begins by stating that basic banking terms are frequently asked about in bank interviews and are useful for general knowledge. Some key terms defined include account agreement, account holder, adjustable rate mortgage, annual percentage yield, certificate of deposit, checking account, collateral, compound interest, credit rating, and debit card. The document provides concise definitions for over 50 common banking and financial terms.
Payment and Settlement Systems(SWIFT,NEFT and Securities Cycle)Savita Marwal
Here are the key steps in creating offerings as part of bringing offerings to market in the payment processing flow:
1. Customer offerings strategy and planning: Define the strategy including pricing, targets, volumes, features and services including payment functionalities.
2. Customer offerings policies and methodologies: Develop policies and methodologies to support the offerings strategy.
3. Customer offerings relationships and management: Manage relationships with relevant stakeholders as part of bringing the offerings to market.
4. Customer offerings performance management: Establish performance management processes to track outcomes of the offerings.
5. Customer offerings people management: Manage resources required to create and bring offerings to market.
6. Customer offerings design, build and run enablement:
This document provides information on banking basics such as opening and maintaining bank accounts, types of accounts like checking and savings, and additional banking services. It also discusses credit reports, credit scores, responsible credit card use, and the key terms and costs associated with credit cards as outlined in the Schumer Box. The objectives are to explain why and how consumers should open bank accounts, maintain good credit, and use credit cards responsibly.
Personal Finance: Banking Basics and Saving MoneyJason Vitug
The plan is to introduce banking concepts and terminology. The goal is to understand basic banking products and services and importance of saving money. The takeaway is to know various banking products and services and create a savings strategy.
Additionally, understand the importance of saving money and the concepts around saving such as interest, compound interest, rule of 72 and various savings vehicles.
This presentation provides an overview of various banking products and services. It discusses the different types of banks and their core functions. It then examines several common banking products in India including deposits (current, savings, fixed, recurring), loans, cash credit, overdraft, credit cards, debit cards, ATMs, mobile/internet banking, demat accounts, and e-cheques. For each product, it provides details on what they are, the types that exist, their key features and benefits. The presentation is intended to educate audiences on the range of offerings provided by banks in India.
This document provides an overview of common banking terms and concepts. It discusses the basics of opening deposit accounts like checking and savings accounts, differences between banks and credit unions, account types, interest, online banking safety, and more. The key topics covered include choosing an appropriate financial institution, understanding account features and fees, maintaining good banking habits, and ensuring deposits are insured by agencies like the FDIC or NCUA up to $250,000 per account.
This document discusses electronic payment systems. It begins by introducing various online payment methods like e-cash, e-checks, credit cards, debit cards, and smart cards. It then describes each payment method in more detail, covering how they work, their importance and advantages/disadvantages. The document also discusses security issues in electronic payments and different biometric authentication methods. Overall, the document provides a comprehensive overview of electronic payment systems, methods, and related security considerations.
This document provides an overview of personal banking services. It discusses opening checking and savings accounts, the differences between banks and credit unions, account verification services like ChexSystems, debit cards, check writing, keeping fees low, certificates of deposit, safe deposit boxes, and how to properly manage accounts. The goal is to give participants a thorough understanding of banking basics to help them benefit from financial institution services.
Credit is important because it affects many aspects of life like renting, utilities, insurance, loans, and employment. Consumers can access their free annual credit reports from annualcreditreport.com or by contacting the credit bureaus directly. Credit reports contain personal information, credit history, inquiries, public records, and collections. It's important to check reports for accuracy as errors are common. FICO and Vantage are two common credit scoring models that use factors like payment history, credit utilization, credit history length, credit mix, and new credit to determine a credit score. With bad credit, options include credit counseling, debt management programs, or managing debt independently through budgeting and payment plans.
The document discusses various strategies for dealing with debt, including increasing income, decreasing expenses, contacting creditors, credit counseling, debt consolidation, bankruptcy, and credit card fees and traps. It provides tips on using the PowerPay method to accelerate debt repayment by reallocating payments as debts are paid off. It warns that credit card minimum payments can result in high interest costs over time and paying more than the minimum each month reduces costs.
This document discusses selecting and using credit cards responsibly. It defines different types of credit cards like bank cards, retail cards, and travel cards. It outlines factors to consider like annual fees, interest rates, and grace periods. It provides tips for responsible use like only spending within your means and paying balances in full each month to avoid interest. It also describes what information will be on credit card bills like payments, balances, and transaction details.
This document provides information on various types of financial institutions and banking services. It discusses commercial banks, credit unions, savings accounts, checking accounts, loans, online banking, and other services offered by banks. The key points covered include the differences between banks and credit unions, factors to consider when choosing a bank, requirements for opening an account, and fees associated with various products and services.
Understanding Your Credit with SpringCoinCarrie Smith
A complete presentation from SpringCoin on Understanding and Improving Your Credit Score. How to establish or re-establish credit properly to save money and pay down debt.
Electronic payment systems have grown tremendously in recent years, with over $900 billion transacted online in 2002. Credit cards are currently the most popular method of online payment, used for 65% of transactions. However, other methods like electronic cash and debit cards are growing in popularity as well. The future of payment systems will need to balance consumer preferences with privacy, taxation, and legal issues as electronic money becomes more widespread.
Payment systems allow the transfer of funds from one entity to another and come in various forms like credit cards, debit cards, and electronic wallets. The document discusses different types of payment systems including check transfers, accumulating balances, cash, credit cards, and smart value cards. It also covers online payment systems like credit cards, debit cards, electronic funds transfer, and digital wallets. Wireless and contactless payment systems using technologies like RFID are also summarized.
This document provides information on credit basics and debt repayment strategies. It discusses danger signs of debt, credit reports and scores, loan terminology and costs, credit card fees and traps, and strategies for reducing debt such as increasing income, reducing expenses, utilizing debt management plans, and improving credit habits over time. The key takeaways are how to avoid costly credit mistakes, understand credit reports and scores, and develop a debt repayment plan.
This document provides information about managing your credit, including understanding credit reports, credit scores, dealing with collection agencies, and preventing identity theft. It discusses reviewing credit reports at least annually, what is included in credit reports, how long different information stays on reports, and tips for interpreting credit scores. The document offers advice on shopping for credit in sprees, keeping old accounts open, saying no to store credit cards, and paying down debt rather than transferring balances. It also provides information on annualcreditreport.com, placing fraud alerts, and sample letters for managing credit issues.
Credit refers to buying something now and paying for it later. There are several types of credit available to students including student loans, lines of credit, and credit cards. It is important to understand credit terms like annual percentage rate, minimum payment, and interest rates when using credit. Maintaining good credit involves paying bills on time, keeping credit utilization low, and establishing a history of responsible credit use over time.
Personal Finance: All About Credit Reports and Credit Scores by @PhroogalJason Vitug
All about credit reports and credit scores. How to establish, maintain and repair credit reports and credit scores. Learn the ins and outs of credit reports with tips and tools to maintain a healthy credit report and increase credit scores.
This document provides an overview of credit and credit cards. It discusses the basics of credit, the advantages and disadvantages of credit cards, credit card terminology, tips for responsible credit card use, and how to build and maintain good credit. Key topics covered include the different types of credit, factors that affect credit scores, how to read credit reports, and steps to take to dispute errors or rebuild poor credit.
The document discusses various payment systems and methods of international money transfer. It describes traditional payment methods like cash, checks, credit cards and debit cards and their limitations. Electronic payment systems are presented as alternatives that offer benefits like speed, convenience and lower costs. Wire transfers and the Automated Clearing House network are two methods for sending money internationally discussed in the document. Both have advantages and disadvantages related to factors like processing time and fees.
Banks provide key services like accepting deposits, lending money, and facilitating payments. For deposits, banks offer savings accounts that earn interest, fixed deposits for higher returns over a set period, and current accounts for businesses. Banks also lend large sums of money through various loan products and charge interest. Additionally, banks enable various payment methods like cheques, debit/credit cards, online transfers, and more.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
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5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
2. Financial Institutions
• 3 Main Types
– Banks
– Credit Unions
– Savings and Loan
Associations (S&L)
• Advantages
– Convenient access to
your money
– Security
– Saves money
– Access to knowledgeable
people
– Building block of credit
– Earn interest
3. Types of Saving
• Regular Savings Account
– Interest paid monthly
– May require a minimum
deposit
• Certificates of Deposit (CDs)
– Money must remain in
account for a term
– Higher interest rate than a
savings account
• Electronic Transfer Account
– Direct deposits for
government payments
• Money Market Account
– Limited check writing and
withdrawals
– Pay higher interest than
regular savings accounts
– Interest rate may change
• U.S. Government Securities
– Often offers highest
return with lowest risk
4. Choosing a Savings Account
• How much will my
savings earn?
• How easy is it for me to
access my money?
• What’s the minimum
amount needed to
open the account?
• Is there a minimum
balance to keep the
account open?
• Does the account have
a maturity date?
• Is the account “liquid”
or “long-term”?
5. Checking Account Basics
Advantages
Disadvantages
• Convenient—money
available
• Cost of over-drafting
account can be costly
• Safer than carrying cash
• Greater responsibility for
record keeping
• Proof of payment
• Easier budgeting
• Minimum balance or fee
requirements
6. Choosing a Checking Account
• What types of checking accounts are
available?
• Is a minimum balance needed on an account
and is it able to earn interest?
• Does the account have ATM or Debit cards
available?
• Are overdraft protection plans available?
• What are account disclosures?
7. Maintaining a Checking Account
1. Record all transactions in your register
– Checks
– Debits
– ATMs
1. Keep a running balance of your account
2. Balance your checkbook with your monthly
statement
3. Subtract checks and ATM withdrawals from
your checkbook right away
8. Overdrafts
• “Overdrafting” or “Bouncing a check”
– Spending more than you have using a check
• “Overdrafting” with ATM or Debit Card Use
– Spending more than you have using your card
– Your ATM/Debit Card is not a Credit Card
• Standard overdraft practices
– Transaction covered for a flat fee-$20/$30 each
time you overdraw
9. Overdraft Protection
• Overdraft protection
– Offered by some financial institutions
– Moves money from savings to checking in cases of
overspending
• Options Include
– Transfer from savings, line of credit, tied to a
credit card
• New Rules:
– Rather than auto enrollment in overdraft plans
customers must “opt in” to this coverage for
ATM/debit card use
10. Savings and Checking Accounts
• Opening an account
– Identification
– Social Security number
– Money to put in the account
• Using an ATM
– Deposit money
– Withdraw money
– Check your balance
– Transfer money between accounts
11. Savings and Checking Accounts
• Direct Deposit and Electronic Transfer
Account
– Automatically deposit checks directly into a
savings or checking account
• Pre-Authorized Transactions
– Scheduled payments automatically pulled from
your account
• Online banking
– Manage all accounts with a secure website
12. Go Direct
• All federal benefit payments are moving to electronic
payments by March 1, 2013.
1. Direct deposit to a bank or credit union account or
2. Direct Express® card account (default)
1.
2.
3.
4.
5.
6.
Prepaid debit card
Make purchases, pay bills and get cash back
No bank account required
No sign-up fees or monthly account fees, but…
See: Fee_Schedule.pdf.
Optional text message notifications and alerts.
13. Looking Ahead
• Electronic Wallet (smart phone transactions)
• Continued movement from paper
– Fewer paper checks or statements
• Electronic monitoring and management
• Shifting fees – al la cart – need to watch
• Blurring of banked and under-banked
– Retail financial services at stores
– Convenience services – check cashing, bill
payment—more popular and competitive
Editor's Notes
Financial Institutions will provide you with a secure place to keep your money. These institutions offer many different options and opportunities to meet your needs.
In the community, financial institutions serve several important roles: they protect the assets of individuals who deposit money with them, they provide loans to individuals, organizations, and businesses, and they help facilitate many day-to-day transactions.
There are three main types of financial institutions:
Banks: Banks are organizations licensed by the government to provide services to customers while enriching investors. Banks are insured by the Federal Deposit Insurance Corporation (FDIC)
Credit Unions: Credit unions are typically not-for-profit cooperative financial institutions that are owned and controlled by the members. Credit Unions are insured by the National Credit Union Association (NCUA)
Savings and Loan Associations (S&L): S&Ls are financial institutions which specialize in accepting savings deposits while making loans, such as mortgages.
Even within the same categories, every financial institution will differ somewhat in poliices, services offered, and products available.
Advantages of using a financial institution:
*Convenient access to your money
*Security-less risk of theft, deposits are insured
*Cost Efficiency-a bank account is generally less expensive than using other sources to obtain cash or make transactions
*Access to knowledgeable people who can assist you with financial needs
*Building block of credit
*Earn Interest
*Creating Records of your transactions
Choosing a Financial Institution
When choosing a financial institution, select based on:
*Convenience and proximity to your location or your daily/weekly routine
*Checking & Savings options
*Costs-what fees are associated with joining
*Customer Service
Also consider the institutions’ funds availability policy
Regular Savings Account-primary purpose is to allow you to safely store & accumulate money. It is an excellent vehicle to accumulate money for those non-monthly expenses, emergencies or short term goals.
Also called share accounts at some credit unions.
Interest is paid monthly.
The bank may require a minimum deposit. (This means the amount of money you put into the account each time.)
There may be limits on the number of deposits and withdrawals you can make.
Some banks charge fees.
Electronic Transfer Account (ETA)
Electronic transfer accounts (ETAS) have been established by the US Treasury for accommodating direct deposits of federal government payments and are an option for those who are not comfortable with or do not qualify for other accounts. Learn more about ETA accounts in publication B3812 Get Checking.
Stored Value Cards
Individuals receiving various government transfers may, instead of receiving checks, be given what looks like a credit card or debit card that would have a balance reflecting the transfer. Read more about stored value cards at: http://fyi.uwex.edu/financialseries/ . Click on the Savings Product Category and read the Issue Brief titled “Financial Service Alternatives to Traditional Accounts” by J.M. Collins.
Certificates of Deposit (CDs)
Your money must remain in the account for a fixed period of time, called the term.
The more money you deposit, and the longer you keep it in the account, the more interest you’ll earn.
You’ll have to pay a penalty if you withdraw your money before the term is completed.
Rates of interest on CDs are typically higher than on regular savings accounts.
Money Market Account
Also called Negotiable Orders of Withdrawal, share-draft accounts, or interest-bearing checking accounts.
This type of savings account allows limited check writing.
Higher minimum balance typically required
You may have limited withdrawals each month.
Generally these accounts pay higher interest rates than regular savings accounts.
Interest is calculated at the end of a fixed time period, for example, every month.
Interest rate may change.
U.S. Government Securities
for more information on savings bonds, Treasury bills, and other securities, go to the government’s website: www.savingsbonds.gov
Use the questions below to help choose an account that is right for you:
How much will my savings earn?
The interest rate is usually expressed as an annual rate, even if your interest is compounded or calculated monthly or quarterly. The terms “annual percentage yield,” “rate of return,” and “APR” all refer to this amount of interest earned on your savings account after one year.
How easy is it for me to access my money?
Sometimes the number of withdrawals allowed every month is limited. Other accounts come with checks or debit cards to allow you access to your money.
What’s the minimum amount needed to open the account?
Some accounts may require a minimum, such as $100, to open an account, while others may require $1,000 or more. Sometimes, savings accounts opened for children require a smaller amount of money to first open up the account.
Is there a minimum balance to keep the account open?
After you first open your account, some accounts allow you to keep a lower balance. Other accounts lower your interest rate, stop paying interest, or even start charging a fee if your account balance falls below a certain amount.
Does this account have a maturity date?
Maturity refers to the ending date of your savings contract, for example, the date when a 12-month certificate of deposit stops earning interest. Other accounts, like a savings account, let you keep adding money to your account for as long as you want.
Is the account “liquid” or “long-term”?
Certain “long-term” accounts, like CD’s, may have penalties, such as losing some interest payments, if you take money out too soon. “Long-term” accounts usually pay you a higher interest rate in exchange for limiting access to your money. Make sure you have enough “liquid” savings — that is, savings you can withdraw anytime without a penalty — to cover emergencies and big upcoming expenses.
Checking accounts, like savings accounts, are part of an individual’s personal money management system. Some checking account users will exclusively use electronic transactions. Checking accounts are very similar to savings accounts. Both types of accounts keep your money safe, and both are very easy to access if you need cash.
The difference, however, is that checking accounts are designed to be used regularly and frequently, while savings accounts are intended to be for long-term money management. For example, financial institutions expect their customers to be making regular withdrawals and deposits from a checking account. These withdrawals can be made in person or they can be made with an ATM card, debit card, or checkbook.
Most savings accounts earn interest. Checking accounts may or may not— checking-with-interest does exist at some financial institutions.
Advantages and Disadvantages of a Checking Account
There are distinct advantages of opening a checking account, but there are also some disadvantages:
A checking account can be a great way to make your transactions easier. Use the questions below to help choose an account that’s right for you. As yourself the following questions to determine if the financial institution you’ve found is the right one for you:
What types of checking accounts are available?
There are several types of checking accounts varying in names: Basic checking, “Free” checking, Express checking, “No Frills” checking, Interest bearing, Money Markets. These vary in nature. For more information on the various types see Choosing a Financial Institution at www.aboutchecking.com or www.bankrate.com.
What types of account ownership options are available?
Individual Account-you alone have acce3ss to the money
Power of Attorney
Payable on Death
Joint Account-you and one other person have access to the money
right of survivorship
Community or Marital Property
similar to joint ownership but specific to married couples
Custodial-used for minor children
Is a minimum balance needed on an account and is it able to earn interest ?
You must be able to maintain a minimum balance in order to earn the interest.
Does the account have ATM or Debit cards available?
Sometimes a yearly fee may be charged for this convenience and fees may be charged at locations other than the financial institution that holds your account. It is important to record all fees from these transactions.
Are overdraft protection plans available?
Fees for overdraft protection may vary, but is typically not free. Funds must be available in some form of savings or an arranged line of credit to cover exceeded amounts. A significant amount is usually charged - $25 to $35 - each time a check is processed through your account. Once you make a deposit, the fees will be deducted before checks are honored jeopardizing current transactions. This snowball effect may leave you owing a significant amount of money.
What are account disclosures?
A financial institution is required to disclose in writing all policies and practices impacting your account. This would include which services have fees and how much, fund availability, deposit account rules, and features of the accounts. These disclosures help you to make informed decisions.
How to Maintain a Checking Account
Record all transactions in your register (checks, debits, and ATMs).
Make it a habit to subtract checks and ATM withdrawals from your checkbook right away so that you don’t think you have more money than you actually do.
Keep a running balance of your account.
Balance your checkbook with your monthly statement.
Avoid Overdraft
Spending more than you have in your account is also known as “overdrafting” or “bouncing a check.” Some financial institutions will offer “overdraft protection,” which can help move money from your savings account or a credit account in the case that you spend more than you have in your checking.
It is important to understand that checking accounts can’t be used like credit accounts. In order to write a check, there must be sufficient funds in the account to cover the amount being spent. It is illegal to write “bad” checks when you know there is not enough money in the account to cover the amount being spent. Violators of this law may be fined or punished, and financial institutions may keep information about your negative history for up to five years.
Getting your ChexSystems report
Call ChexSystems Consumer Relations:
1-800-428-9623
https://www.consumerdebit.com
Or write to:
Consumer Relations
12005 Ford Road, Suite 600
Dallas, TX 75234
ChexSystems ChexSystems is a consumer reporting agency which collects information on account activity and reports to member financial institutions, much like how credit bureaus report on and record your credit history.
Under the federal Fair Credit Reporting Act, you are entitled to a free copy of your report. You may dispute the completeness or accuracy of any information by contacting ChexSystems.
According to ChexSystems policy, it will not remove accurate information under any circumstances and it will keep information for five years.
Financial institutions will use ChexSystems to determine whether you will be a safe or risky customer. Using this information, the financial institution, not ChexSystems, makes the decision to open your account or not.
Overdraft Protection
Many financial institutions will now offer “overdraft protection,” or a link from your checking account to another account or line of credit that can be pulled from in case you spend more money than you have in your checking. This is a great way to add some security to your account so that you do not accidentally make a costly mistake. However, overdraft protection should not be overly relied upon. Safe and smart financial management means that you keep track of your funds and transfer them manually.
Overdraft protection options include:
Monitor account
Transfer from savings
Line of credit
Tied to a credit card
New Rules:
In the past, some banks automatically enrolled you in their standard overdraft services for all types of transactions when you opened an account. Under the new rules, your bank must first get your permission to apply these services to everyday debit card and ATM transaction before you can be charged overdraft fees. See http://www.federalreserve.gov/consumerinfo/wyntk_overdraft.htm for more information.
Opening an account
You have many options in choosing an account. In fact, you may decide that you would like to have more than one account, each for a different purpose. Knowing what you want and need in an account will help you find the types of accounts best for you.
It is recommended that you contact the financial institution before you go in to open an account to make sure you have everything the institution will need to open the account.
Proper identification – Typically you will need two forms of identification, at least one with a photo.
Social Security Number – Bring your Social Security card with you.
Money to put in the account – Find out in advance the minimum amount of money required to open an account.
Using a ATM
ATM cards provide you with access to your account through Automatic Teller Machines (ATM). You have the ability to check your balance and make deposits and withdrawals. An ATM card may be linked to your savings or checking account, or both.
Direct Deposit and Electronic Transfer Account – Electronic Transfer Accounts (ETAs) have been established by the U.S. Treasury for accommodating direct deposits of federal payments and are an option for those who are not comfortable with or do not qualify for other accounts. ETAs offer the same insurance protection as other deposit accounts and are open to all recipients of federal government payments.
Pre-Authorized Transactions – Monthly charges/withdrawals from an account to be used to pay bills. This can be convenient because you can be assured bills will be paid on time. Be sure to set up the date for the withdrawal only when you know you will have the funds in the account to cover the amount of the bill.
Online Banking – When selecting on-line banking that has no physical offices, make sure it is FDIC insured. Keep personal information secure and private. Passwords or PINs (personal identification numbers) should be used when accessing an account online. Make it unique to you and change it regularly.
Go Direct
All federal benefit and non-tax payments are moving to electronic payments rather than paper checks.
People applying for federal benefit payments must choose an electronic payment option at the time they apply for the benefit. People currently getting federal benefit checks must switch to electronic payments by March 1, 2013.
There are two options (1) direct deposit to a bank or credit union account or (2) a Direct Express® card account. The Direct Express® card will be the default for anyone receiving a paper check who has not designated an option as of March 2013.
Social Security (including Old Age, Survivors, Supplemental Security Income and Disability), Veterans Affairs (VA), Railroad Retirement and other benefits will all move to electronic payments.
The Direct Express® card is a prepaid debit card payment option for federal benefit recipients. Cardholders can make purchases, pay bills and get cash back at thousands of locations nationwide. No bank account or credit check is required to enroll. There are no sign-up fees or monthly account fees. Many other card services are free, but not all. For example, using multiple ATM withdraws per month could incur a fee. See: Fee_Schedule.pdf. Other services are helpful and free, but optional such as email or text message notifications and alerts.
Being unbanked maybe a good choice – have to weigh options carefully.