Bank on Your Future

A. Why open a checking or savings account?

Convenience
When making purchase at the super market, department store, or pharmacy, you can use a Debit Card or Automated Teller Machine (A TM) card instead of carrying cash or writing checks. It is the same as using cash, but safer and more convenient. Also, with an ATM card you have access to your money from cash machines around the world!

Money
You may be spending a lot of money every year cashing checks or buying money orders to pay your bills. A checking or savings account will help you better control your budget and will allow you to pay bills directly without having to use money orders.

Education
Saving for your children’s college education is the most important thing you can do to help them secure a bright future! Banks and credit unions offer options for financing a college education – and savings accounts to help you make that goal a reality.

Safety
Carrying cash on pay day or keeping large amounts of money at home can make you a target for robbery and assault. Protect your family’s future and well-being! Open a bank or credit union account. There are people ready to help you, and a bank account comes with many other benefits.

Credit
Banks and credit unions make loans for cars, homes, and many other items – but first, you have to establish credit. Opening a checking or savings account is the first step to establishing credit and making the dream of owning a home come true.

B. How Do I Open an Account?

• There is help!

• There are many people ready to talk with you about how to open a checking or savings account.

• Ask someone who has opened an account for advice.

• A counselor in a community center can describe how the process works and help you find banks and credit unions that have bilingual employees who can explain step by step how to open an account.

• Call different banks and credit unions and ask to speak with someone who speaks your language.

• Be sure to get information from more than one bank or credit union to find the best services at the lowest cost.

• Remember, the bank or credit union is there to serve you. You are the customer!

C. Is my money safe?

Even if something happens to your bank, the U.S. government guarantees your money up to $100,000 as long as the bank is FDIC-insured or the credit union is NCUA-insured. Look for the official FDIC or NCUA sign when opening an account.

D. Credit unions and banks – what’s the difference?

Credit unions are similar to banks, but they tend to be smaller and serve people who are members of a particular group. For example, there are credit unions for people who work in government, who teach in public schools, or who live in the same city or neighborhood.

E. How much money do I need?

You usually can open a checking or savings account with a deposit of $1 to $100. Ask how much is required to open an account and how much is required to avoid fees.

F. What identification do I need?

In most places, two types of identification are required. A social security number is always accepted – but many banks and credit unions do not require one if you are not a U.S. citizen. Sometimes one form of ID and a bill with your name and address are enough to open an account.

Call first to find out. Consular Identification. Consular ID’s, such as the matricula consular, can be used to open accounts. Mexican and other consulates in the United States offer them. Visit your country’s consulate for more information.

Other types of identification: Driver’s license. Passport. Birth certificate. A bill with name and address.

G. What are checking and savings accounts?

A checking account allows you to write checks or use debit or ATM cards instead of paying with cash. Paying with a card or check is safer than carrying cash.

A savings account pays a fixed or variable interest rate on the money in your account. The higher the interest rate, the more money your account makes.

H. What is interest?

Most savings accounts pay a small amount of interest on the money in your account. That means your money is making money while it is in the account. The more interest your account pays the better. Remember that interest earned will have to be reported as income and is subject to federal taxes.

I. Advice to Save your Money

Monthly Charges
Many checking accounts charge a fixed monthly fee or a fixed amount per check written. You often can avoid these charges by maintaining a minimum balance in the account. Many banks offer free checking without a monthly fee, but they may require direct deposit of your pay check, or include other charges. Keep an eye out for the cost of additional services.

Minimum Balance
A minimum balance is the amount of money that you must keep in your account to avoid having the bank charge you a monthly fee or charge you to write checks. Some banks do not require a minimum balance but others require hundreds of dollars. Ask about minimum balance requirements when opening an account.

Transaction Limits
Banks and credit unions often limit the number of checks you can write on your account each month without being charged a fee. However, there are some accounts that do not limit the number of transactions. Ask about transaction limits and check fees when opening an account.

Debit and ATM Card Fees
You can use a debit or ATM card to withdraw money from your account or to make a purchase. These cards often are offered to account holders free of charge. However, be aware that other fees may apply to these cards. For example, it usually costs money to use ATM machines that are not operated by your bank or credit union. Ask about ATM and debit card fees.

Bounced Checks or Insufficient Funds
It is important to always know how much money you have in the bank! If you write a check for more money than you have in your account, you can bounce the check. That will cost you the amount of the check plus an extra $20 to $60 in bad check fees. Remember, you can have the same problem using your ATM or debit card.

One solution is to have a checking account that links to your savings account. That way your savings can cover your check if there isn’t enough money in your checking account. There may be a charge for this service, but it is cheaper than bouncing a check.

Other accounts offer a line of credit against bounced checks. The bank or credit union will automatically loan you the money to cover a bad check, but it will charge a very high interest rate that can end up costing you a lot of money. To avoid these problems, make a budget and stick to it!

Loans and Credit
How good is your credit? If you have a good credit history, you can qualify for loans that cost less. Having an account is the first step for getting low cost credit. You can establish good credit by paying your bills and loan payments on time. Loans can be useful for making major purchases, such as a home, a car, or college education for your children. Make your payments on time. This will save you money and will open the doors to credit.

J. Read in the other series

• Car Loans
• Credit, Debit, and ATM Cards
• Home Ownership
• How to Avoid Dangerous Loans
• Identification Needed for an Account
• Reduce Your Taxes
• Send Money Back Home
• Using Credit Cards

To download all of the content in this series, log onto www.appleseeds.net

K. Helpful Information

Federal Trade Commission
Consumer help line: 1-877-382-4357.
Identity theft line: 1-877-438-4338.

Fannie Mae Foundation
Free guides on credit and home loans.
Call toll free: 1-800-611-9566.
Español: 1-800-782-2729.
www.homebuyingguide.com

Housing and Urban Development
Free advice on home buying.
Call toll free: 1-800-569-4287.
www.hud.gov or www.espanol.hud.gov

L. Online Consumer Help

Federal Reserve Bank
Brochures on credit, finances, and how to buy a car or home. www.federalreserve.gov/consumers.htm

My Money
Financial education materials from U.S. government agencies.
Call toll free: 1-888-MYMONEY (696-6639).
www.mymoney.gov www.mymoney.gov/Espanol

Call the Attorney General’s office in your state if you believe that a provider of goods and services has treated you unfairly.

Appleseed would like to thank JAM Latino and Mark Robinson for their invaluable contribution to the drafting and design of this material series.

http://www.swissprivacy.com

A. Contents

• Introduction
• Real taste of Switzerland
• Common Myths & Facts
• Privacy and swiss banking
• Who benefits from swiss accounts?
• Swiss bank secrecy laws
• Criminal activities and money laundering
• Bank accounts Explained
• How to prevent your swiss bank account from becoming dormant
• Swiss Taxes
• Tax Violation – Tax Evasion – Tax Cuts
• Investing your money in Switzerland in the form of swiss annuities and insurances.
• Who uses swiss bank accounts?
• Frequently asked questions about swiss banking.
• Conclusion
• Related Links

B. Introduction

When you hear Switzerland, two things come to your mind. One, a famous European tourist destination and the second, is banking.

Just like Cuba is famous for sugar, India is famous for tea, Saudi Arabia is famous for oil, Switzerland excels in banking.

Ah! What about Swiss bank accounts?

If ‘Switzerland’ is a buzzword, ‘Swiss bank account‘ is a double buzzword.

People panic, once when they hear from newspaper or TV news about somebody caught with a secret Swiss bank account, and they virtually decide that it is for only business lords, kings, millionaires, rogues, criminals, and corrupt politicians.

Hollywood movies make things still more worse.

Well! Coming to the 21st century, these sayings are just non-sense.

Ironically, the reality is other way round. As we dive deep into this article, you will get more information and knowledge, enough to convince you about the real world of swiss banking.

Real taste of Switzerland is :

1. World’s foremost financial center with more than 30% of the world’s wealth being held at bank accounts in Switzerland.

2. Politically and economically stable country. Switzerland has not been at war with another country since 1505. The foreign policy of Switzerland is neutral and balanced. No perceived threats of war, escalating to political instability, violence, financial crisis and terrorist attacks on Switzerland.
   If you have read history, it even survived in two big world wars, World War I and World War II too.

3. More than 150 years of traditional swiss banking, that too not just simply banking, a world class banking.

4. Switzerland is not a part of European Union and never wanted to join European union.

5. The currency of switzerland is ‘ CHF Francs ‘ expands to ‘Confederation Helvetica Francs‘ or generally swiss francs. CHF francs, is the world’s most premier and stable currency and 100% backed by real gold bars.

6. Inflation remains very low in switzerland.

7. The swiss bankers are the pioneers in the banking industry and no other banker in the world can match the knowledge and experience held by swiss bankers. Almost all bank staff speak French, German, Italian, English notoriously called as ‘polyglot’ people.

8. Privacy in money related matters, protected by bank strict secrecy laws. No exchange controls or rules on holding foreign currencies.

9. Scenic beauty of Alps Mountains – a popular tourist destination.

10. Swiss chocolates, a must to taste.

One of the main reason why many people prefer Switzerland compared to other offshore zones, is the safety of their deposited money.

The two main factors to be considered is the countries economic trend, and political scenario.

Switzerland excels in these and further more a proven record of the 150 years of swiss tradition in banking.

However, it cannot be said that money deposited in other offshore zones are NOT SAFE but termed as ‘risky’.

C. Common Myths and facts about swiss bank accounts

It is a very common perception that swiss banks are only for those who are big business people and richest.

Ironically, the reality is the other way round. This very misconception prevails because of lack of information and knowledge.

Very few people realise the truth and importance of swiss banking and any ordinary invidual with a few hundreds of dollars can easily afford a savings account in switzerland.

Myth 1 : Swiss bank accounts are only for those, who are big millionaires and royal class people.

Fact : There is no discrimination at all observed by the swiss banks just in terms of money.

Any ordinary individual with a few hundred dollars can open a savings account in switzerland.

Most banks dont require a minimum balance at all for savings accounts.

Myth 2 : Smugglers, corrupt people, terrorists and politicians use secret swiss accounts, mostly in bad faith.

Fact : Switzerland though protect the privacy of clients through its bank secrecy laws, but unfortunately has one of the strictest laws to combat illegal and anti-social activities.

Switzerland also a member of many international treaties to fight against a growing menace of money laundering, drug trafficking, and tax fraud.

Swiss authorities will happily provide assistance with foreign authorities to combat these illegal crimes.

Be aware that recently, the banks do screen any suspicious inflow of money or from any questionable sources.

You have to show proof for economic origin of funds, if you deposit a huge amount of money to the bank explaining the nature of origin.

Myth 3 : It requires a huge amount to deposit while opening a bank account in switzerland.

Fact: This is totally false claim. For savings account there is no minimum balance required. But for numbered/coded accounts, there is a mimimum deposit of atleast USD 200’000.

Certain world class banks like Credit Suisse and UBS AG also requires you to deposit atleast USD 100’000.

While you have to forget about private banking in switzerland if you dont have USD 1,000,000 in your hands.

We can open a bank account in switzerland with no minimum balance and with powerful internet banking at low broker fee.

Myth 4 : Swiss banks restricts foreigners to open a bank account in switzerland.

Fact : There is no restriction of anybody of any nationality. Infact banks in switzerland warmly welcome people of all nationalities.

Myth 5 : My account will always remain anonymous and never known to anybody and kept secret.

Fact : No, though your account is private, this cannot be anonymous. It is surprising to note that there is no such thing called anonymous accounts in swtizerland.

The identity of the client is always known to the bank staff. If you are found to be involved in any criminal activites, your account will be frozen and bank secrecy waived. This holds true even for coded numbered accounts, savings accounts, private accounts too.

Myth 6 : I have to pay taxes, if i deposit money in switzerland.

Fact : There is no tax for foreign money in Switzerland.

Myth 7 : It is very expensive to maintain my account.

Fact : This is totally false. Most of your account management plus Internet banking is free in case of your savings account. But for higher end banks, they charge about USD 5 per month as an account management fee.

Myth 8 : My Deposits don’t earn interest in a swiss bank.

Fact : It has been estimated that about 30% of the world’s wealth being held at bank accounts and in the form of investments.

The Swiss France (CHF) undoubtedly the world’s most stable currency fully backed by real gold bars and switzerland ranks third in gold reserves.

Your bank savings deposits do earn interest rate of 3% but only optimal. But the other alternative is, consider to invest in a swiss annuity where you have a choice of investing in fixed or variable.

Interest rates start from 3%+dividends+currency value and goes as high as 15% but depending on the risk you take. This is the best alternative as advised by many swiss experts. You can find more resource out there for Learn about swiss annuities.

Myth 9 : It is not possible to cancel or close my account once opened, and my money will be ‘locked in’.

Absurd. You have the choice to cancel or block or close your account anytime. There is no charge for this.

Myth 10 : It is illegal to have a bank account in Switzerland.

Fact : It is fully legal to have a bank account in Switzerland provided taxes are paid and used for true legitimate purposes. After all it is your freedom to lead your own private life.

D. Privacy & Swiss Banking

Money! It’s all about money.

The world will come to a standstill without money.

Privacy is the fundamental right to any citizen, very importantly greatly demanded in money matters.

It may not be available in your country, but many countries in Europe, like Austria, Latvia, and Switzerland well respect privacy in money related matters. This is not limited to local country people and holds true even for non-residents.

Many people demand privacy for their money from personal enemies, business rivals, liens, lawsuits that plays an important decisive role both now, and importantly in later part of one’s life.

Safe guarding ones hard earned assets, will be the primary importance for anybody. Think about business failures, unemployment, retirement, losing lawsuits! These disasters could be big nightmares for you.

One proverb says, “It is always not too late to correct your mistakes” but do it before it is too late. You may not know the future!!

When i was a small boy, once i hear from TV news, or from newspaper about somebody caught with swiss bank account, i panic. I wonder how rich and royal class people are they! Not only me, almost many people would fear of somebody having swiss accounts and think that these accounts are only for elite, corrupts, politicians, terrorists, kings etc.

These old clichés got deep rooted in the minds of many people. Still seems to have not faded. The reality is anybody whosoever may be it is, worker or a king or you , will look into the way of protected your money and safeguarding your assets. Financial privacy from your friends, relatives, family members and other third persons will be an inevitable one.

In recent years, swiss banks welcome all foreign people and bank accounts had become so cheap and can be affordable by any ordinary person. Gone all old proverbs and myths of swiss bank accounts. Many banks in switzerland demand no minimum balance or account maintenance fee with your account.

Opening your swiss account could be the easiest ever imagined compared to the bank, next to your office. Call a broker, and he just demands a signature and copy of passport to open your account. No need to visit switzerland required and all things can be done entirely online. It’s that simple.

Say, if you often travel worldwide, or you are a student, you want to bank transfer your money to your friend or a business, your local bank charges would be as high as $50 per transfer even for a small amount.

Crediting your check take hell a lot of time with your country bank. But bank transfers with your swiss bank, costs $0 for < $50 transfer, costs $5 for amount <$200 transfer and $20 for $2000 or more. See the advantage.

Also, these all can be done with Internet banking, just with a click you can issue checks, receive money through Western Union and more. Crediting your checks, should not take no more than 3 days. See the advantage. That is why often called, a world-class banking.

E. Swiss Bank Secrecy Laws

Having talked about privacy, we shall discuss how bank secrecy laws in switzerland guard your privacy. Going back to history, the bank secrecy tradition was not just 5 or 10 years old, about 500 years old.

It was not until 1934 during the World War II the swiss adopted secrecy as a law, to counter the threat of German espionage on bank accounts, held by nazis in switzerland.

Swiss banks and their staff are obligated to keep all data, documents, all sorts of relationships between bank and client, strictly private and confidential and are bound to respect clients private matters.

The obligation to maintain banking secrecy applies to all those who are employed by or are members of any part of a bank, as well as to its auditors and the members of its board of directors.

Article 47 of the Federal Law on Banks and Savings Banks, was enacted on 8 November 1934.

This article prohibits anyone who functions as an officer, employee, mandatory, liquidator or commissioner of a bank, as a representative of the Federal Banking Commission, or as an officer or employee of a recognized auditing company, from disclosing any information that a bank customer entrusts to them in this capacity.

It continues even after termination of their employment (Federal Law on Banks and Savings Banks of 8 November 1934, Article 47).

Any banker who divulges the private records of his client, or a third party, may face a jail sentence or be fined.

Confidentiality is not, and has never been, absolute because it does not protect criminals.

Swiss banks consider it to be of paramount importance for their financial center to be free of criminal activities. One of the experts quoted saying that ‘they wanted cleanest money in their banks’.

F. Art. 273 2. Espionnage / Code pénal Suisse

Celui qui aura cherché à découvrir un secret de fabrication ou d’affaires pour le rendre accessible à un organisme officiel ou privé étranger, ou à une entreprise privée étrangère, ou à leurs agents,

celui qui aura rendu accessible un secret de fabrication ou d’affaires à un organisme officiel ou privé étranger, ou à une entreprise privée étrangère, ents, sera puni de l’emprisonnement ou, dans les cas graves, de la réclusion. Le juge pourra en outre prononcer l’amende.

[Source: Swiss Federal Administration ]

Article 273 of Swiss Penal Code punishes responsible persons of breaking the law. The convicted persons may face a jail sentence or fine upto CHF 30’000 CHF or both.

The violation of bank customer confidentiality remains punishable even after the termination of the official or employment relationship or the exercise of the profession (Art. 47, Federal Law on Banks and Savings Banks).

G. Criminal Activities and Money Laundering

Bank secrecy laws cannot be exploited and are NOT meant to shield criminals and criminal activities.

Swiss authorities are increasingly cooperating with other International world countries to combat terrorism, drug trafficking, weapons smuggling, trafficking of women and children etc…

Bank secrecy can be easily lifted, without the knowledge of the client by direct judicial orders. The swiss judge may request the clients records from the respective swiss bank, if the client is found to be involved in illegal criminal activities.

Banking secrecy is not waived in cases of tax evasion (such as the mere non-declaration of income or assets).

However, tax fraud (false invoices, false accounting, etc.) are criminal offenses.

Whether they are committed in Switzerland or abroad, the judge trying the case has the right to obtain information on the accuser’s bank accounts.

Swiss Banks have no interest in money derived from illegal crimes and therefore had adopted strict measures in place to prevent unwanted money from entering the country.

Identification of the customer, is very imperative for the swiss banks which forms the very important element of due diligence.

The banks are required to know their customers, and make sure that their deposits are free from illegal activities.

Most of the banks in switzerland would ask the client to show proof for economic origin of funds.

Thus the identity of the client ALWAYS known to the bank and limited to certain bank staff. Also there is no such concept of ‘anonymous banking’ in switzerland. Your identity is always known to the bank.

Due to the recent international pressure and increasing criminal activities committed in switzerland, banks conduct due diligence of any body who wants to bank in switzerland.

Banks do screen high volume of money flow in and out of any bank account for illegal activities. The banks always observes ‘Know your customer’ rules. That is why many brokers do ask for proof for economic origin of funds while opening your account.

Bank secrecy is waived in switzerland, for the following reasons

1. Funds from criminal activities, tax fraud, theft, crime, blackmail, money laundering.
2. Civil Proceedings / bankruptcy cases.

H. Bank Accounts Explained

All banks in switzerland operate in world class standards. Apart from that, staff working in swiss banks are very famous for their knowledge and expertise in banking.

The Swiss banking system is rooted on the concept of universal banking, as a single bank can offer a diversified range of banking services. This means that a single bank can provide all banking services, such as :

• Credit/lending Business
• Asset management and Investment advice
• Payment Transactions
• Deposits in the form of Savings Accounts, etc.
• Stock Exchange Transactions
• Issuing of Bonds etc.

There are about 400 banks in Switzerland. Credit Suisse and UBS are the two big banks in switzerland, having extensive branch networks both throughout Switzerland and in many international centers.

UBS AG and the Credit Suisse Group – together account for over 50% of the balance sheet total of all banks in Switzerland. Banks are licensed by the Swiss Federal Government through its Banking Commission, and operate throughout the country.

Most of the banks in switzerland offer the following common types of bank accounts for foreign customers.

I. Savings or Postal Account

This is a very common type of bank account, which you have heard about. These accounts comes with powerful internet banking access and requires no minimum deposit for customers.

It is very easy to open account entirely online, provided you show proof of your proper identification from your country of residence. Corporate or joint accounts also possible, provided relevent papers are shown to the bank.

Normally swiss banks ask for proof of identity with apostille and documentation for your incoming funds or economic origin of funds. For example, If you are salaried person, you can show your monthly salary certificate. It is worth to note a point that banks MUST be convinced that your money is free from illegally obtained.

J. Numbered or Coded Swiss Account

This is the most famous highly private account conceals the identity of the client holding the account owned by big millionaires, business lords, and many eminent personalities worldwide.

Numbered accounts (or pseudonym accounts) omits reference to the customer’s name or other identifying information, replacing it with a code number or the pseudonym name chosen by the user of the account.

All the transactions made in the form of checks, ATM cards, billing statements show the chosen number or pseudonym name replacing the true name of the account holder.

Normally a personal visit to the bank is required, either before or after opening the account.

Please note that there is no such thing called ‘anonymous’ numbered accounts’ in switzerland.

The identity of the client is always known to the bank, but limited to very few higher level bank officials and they are all bound by bank secrecy law.

Numbered accountshave become very expensive in switzerland, and would require a account holder to hold a minimum balance of US$200’000 or more. This account hence otherwise also known as Named account or Pseudonym or‘Sparbuch’ accounts.

K. Private Banks Offering Private Account

Private banks are the banks mostly owned by individuals assuming unlimited liability, who can take their own decisions on their bank and also personally liable for their assets in banks commitment mostly focus on asset protection and investment activities.

Private banks are among the oldest banks in Switzerland offer accounts primarily for private clients.

Never think of entering a private bank in switzerland, if your deposit is less than $1 million. The oldest private bank in Switzerland is Bank Wegelin & Co, founded in 1741.

In Geneva, the oldest one is Darier Hentsch & Cie, founded in 1796, followed in 1798 by Lombard, Odier & Cie. The “youngest” one is Mourgue d’Algues & Cie, founded in 1869.

L. Dormant Accounts

It might happen that when the account holder dies without leaving any trail of his contact details for a long time, especially in times of sudden death, the bank would try to establish contact with the client without violating secrecy law.

Should the banks search turn into an unsuccessful one, it would wait for atleast 10 years to hear from the account holder.

If this also fails, then the bank will change the status of bank account from ‘active’ to ‘dormant’ and special provisions apply.

If the account holder had nominated a beneficiary on account of his death, then the assets held will be transferred to the named beneficiary.

The descendents can also claim the ‘dormant’ assets if they know where exactly the assets were held and which bank.

Normally bank would ask for some paper work like death certificate etc. of the account holder.

Ironically, the real problem is, it is very difficult to locate a particular bank account, in switzerland as there are about 400 banks in switzerland.

You cannot just simply walk into a bank and ask ‘Whether this person X is having an account with you?’. There are a list of dormant account holder names published in www.dormantaccounts.ch

To make a search on dormant assets held in accounts opened with Swiss banks by non-Swiss nationals or residents after May 9, 1945 please contact the Ombudsman of the Swiss Banks is an impartial source of information and an intermediary whose services are free of charge.

Swiss Banking Ombudsman
Schweizergasse 21
P.O. Box 1818
CH-8021 Zurich
Tel.: (011) 411 – 213 14 50
Fax: (011) 411 – 210 37 20

If someone suspects that he or she might be entitled to assets held by a Swiss bank, but does not know which one, a search can be initiated through the Contact Office attached to the Ombudsman. A search questionnaire can be obtained from :

Contact Office for the Swiss Banks
P.O. Box 1818
CH-8021 Zurich
Switzerland

http://www.dormantaccounts.ch
http://www.swissbanking.org
http://www.bankingombudsman.ch

M. How to prevent your swiss bank account from becoming dormant ?

[Courtesy : MTBI International, Zurich]

1. Change of Name & Address
   Please inform your bank immediately if you change your address, or if you use a different name, e.g. following marriage.

2. Special Instructions
   Inform your bank if you go away for an extended period of rime and arrange for correspondence from your bank to be sent to a third party or kept at the bank during your absence.

3. Designating Proxy
   It is generally advisable to designate a proxy or representative with full power of attorney who can be contacted by your bank should your assets become “dormant”.

4. Informing Trusted Persons
   Another possibility to avoid dormant assets is to inform a trusted person about your bank details. The bank can only give information to such a person if you have first authorised him or her in writing to act on your behalf. You could also list your assets and the name of the respective bank(s) where they are deposited in your will.

N. Swiss Taxes

Swiss Taxes Non-residents bank accounts in switzerland are completely tax-free. This means, there are no income taxes, no capital gain taxes, no real estate taxes, no inheritance taxes plus a bonus of your privacy.

With your single bank account (say postal account) you can connect direct to the stock markets worldwide. You can receive or send payments in any world currency. You deposits do earn attractive interest rates.

Swiss residents are subjected to income and net wealth taxes. Non-residents as long as you do not derive any income inside Switzerland, you are free from swiss taxes.

Some of the examples, which bind you for swiss taxes, are

• Real Estate Income
• Income from business establishments in Switzerland
• Interest on mortgages
• Pensions relating to former employment in Switzerland
• WITHOLDING TAX levied on dividends, bank loans, and certain insurance payments.

However royalties, swiss annuities are fully exempted from swiss withholding taxes. The rate of withholding tax is 35%. More tax related information can be found on this website http://www.taxation.ch

O. Tax Violation – Tax Evasion – Tax Cuts

‘Tax evasion‘ is a serious crime considered by many countries.

It all depends on how properly you plan your taxes.

‘Tax Avoidance‘ , ‘Tax Evasion‘, ‘Tax cuts‘ are very different terms, have different meanings with one another.

‘Tax avoidance‘ is perfectly legal, while ‘evasion’ is a crime. Tax laws vary from country to country and laws are subjected to change anytime. We highly recommend you to consult and ask advice from tax authorities or attorneys, before you properly structure tax planning. It is very important that you use your offshore bank accounts for legitimate purposes. It is fully LEGAL to own your private bank account.

If you are a U.S citizen, the IRS will ask you to file Treasury Form 90.22.1, if you own a offshore or foreign bank account.

You might need to report to IRS if your foreign bank account value is more than 10’000 USD annually.

Also as per new IRS code, there is no need to report your swiss annuities.

If you fail to report your account to IRS it may constitute ‘tax evasion’ which is a serious crime.

There is no need to file this form if your savings in foreign account is less than US$10’000 annually.

There is no harm in honestly filing your taxes to IRS. You might also be aware that any attempt to defeat taxes constitutes a crime.

P. Who uses Swiss Bank Accounts?

Again, we emphasize that for the second time, swiss bank accounts are NOT for superrich or kings or business lords or criminals, it is for like ordinary people like you and me.

These old sayings got deep rooted in the minds or many ‘illiterate’ people, who has zero knowledge about swiss banking.

Most banks in switzerland, require no minimum balance and offers free internet banking.

There is no need to open fancy account and it is enough if you open our savings account in switzerland. Just hire a broker and they make things easier to open your account.

It would only cost you only a few hundred dollars. The only main reason why many people go for a swiss account is they want financial privacy from their friends, relatives, family members and other third persons.

Here are some the examples of people from different sectors using swiss bank account.

• People visiting European tourist destinations.
• Students studying in European Universities.
• Retired persons.
• Traders or business owners.
• Engineers or Technicians or Co-workers in fields of construction, electronics, automotive or computer industry.
• Webmasters receiving commission checks.
• Sportspersons, who often participate in sport events worldwide.
• Media or News persons like journalists, reporters.
• Movie stars or film makers.
• Small business owners or shop owners.
• Faculty from universities, school teachers, professors.
• International Airline pilots or seamen who often travel.
• Brokers / commission agents.
• Scientists or people from research related work.
• Real Estate Owners or who sell their property or receive inheritances etc.
• Software developers.
• Authors of various literary works or book writers.
• Artists in crafts, paintings etc.
• Doctors or medical practitioners.
• Diplomatic persons, attorneys etc.

Just simply boundless……. Nobody would stop you from opening a swiss bank account. After all, Its your right to lead a private life.

Q. Frequently Asked Questions about Swiss Banking

Please find below the answers for the most frequently asked questions on various topics.

We do recommend you to take your time in reading this content carefully, before you proceed to open an account.

1. Do you open swiss bank account, even for non-residents?
   Yes, majority of our customers whom we open bank account in switzerland are foreign people.

2. Do i need to visit switzerland for opening bank account?
   There is no need to visit switzerland, just for the purpose of opening a bank account. Everything can be done online or by mail through our services. However for numbered account holders, it is imperative to make a visit to the bank at least once. There is no restriction either for anybody to visit switzerland.

3. What is the minimum balance and annual / monthly maintenance fee for swiss accounts?
   For your savings accounts, there is absolutely no minimum balance, and no annual or monthly maintenance fee. But for numbered account orcorporate accounts in switzerland, there is some minimum balance to be maintained to compensate the maintenance fee. It varies from bank to bank.

4. What is the currency of switzerland ? What does CHF mean?
   The currency of switzerland is called ‘swiss francs‘ and commonly called CHF francs on ISO standards. CHF stands for ‘ Confederation Helvetica Francs ‘.

5. Do i need to speak any european language in order to communicate with my bank in switzerland?
   German, French, and Italian are official languages in switzerland. However many people worldwide use english to communicate with their banking staff in switzerland. The bank staff are most famous for multilingual skills fluent in all major world languages like english, french, german, and italian.

6. What documents are required to open my swiss account?
   We just need your copy of your passport with apostille. Incase you dont have your passport we would need your ‘notorized’ copy of your utility bill to prove your residing identity. In case of corporate accounts, we will need a copy of your company’s incorporation documents plus, a notorised copy of passport of atleast either one of the director’s or your nominee.

7. Does numbered accounts remain ‘anonymous’?
   There is no such thing called ‘anonymous’ accounts in switzerland. Numbered accounts, on contrary to the ordinary savings account, protect the identity of the customer, by replacing the name of the customer by a mere number or a ‘pseudonym’ chosen by the account holder. This chosen number or name, appears in all the transactions done by the account holder, thereby concealing the identity of the account holder. Only few senior banking staff know the true identity of the numbered account holder, and are protected by strict bank secrecy laws.

8. I am a foreign resident and i own savings account in switzerland. Do i need to pay swiss taxes for the deposits in my swiss account?
   There is no need to pay any taxes for your deposits in switzerland. There is no tax for foreign money in switzerland.

9. Why can’t i just find about the banks myself and open the swiss account, by directly contacting the bank?
   That’s a good question. There about 400 banks in switzerland, each of its operating procedures entirely different. Some are very expensive to bank with and others are handy for average clients. so there is a tradeoff balance between client and the bank. We find the best bank suitable and most convenient for the budget of the customers. Almost all the bank observe very strict operating procedures, especially with a new customer and would solicit all plausible evidences and paper work. And many banks would expect customers to come through their established consultants/bank agents only as their work of handling the new customer would simplify to a greater extend.

10. Will you be able to open postal account for under 18 persons?
    Yes, it is possible under the signatory of their parents. Infact we are proud to say that we are the only online brokers who open swiss accounts for students.

11. Can you suggest me the secure way to deposit money to my swiss account?
    You deposit money into your swiss account in the form of wire transfer, cheques, travellers cheques, bringing cash directly to bank, securities depositor using cashiers deposit. The most private way we would suggest is bringing cash to switzerland and deposit directly to your banker or by using cashies checks. For all other methods your confidentiality would stand less.

12. Is switzerland a part of european union?
    No, switzerland is NOT a part of european union, and swiss people never wanted to join European Union and let their currency sink.

13. What about my privacy and identity?
    All the information, would be handled STRICTLY CONFIDENTIAL. Once the formalities are over, all the data would be wiped off from our computers.

14. I have seen other third parties, open swiss and carribean offshore bank accounts at much lower rate than yours. What good are they?
    Excellent Question ! We highly recommend you not to fall trap of all those websites and persons, who will lure you giving false claims and assurances. Also, be wary of the carribean banks, as most of them will have secret information sharing agreements with various governments. Though true legitimate bank secrecy exists in other offshore places, political / financial stability is a serious concern. That is why we recommend switzerland.

15. What is an Euro-dollar account?
    US DOLLARS held in an European bank are commonly called euro dollar accounts. Ex. Banks in Switzerland,leichenstein, austria, latvia etc.

16. How do i avoid my swiss bank account from becoming dormant ?
    Always keep your bank informed about your change of addresses etc. Incase of emergency, do nominate a third person of your choice. We recommend in either cases, always execute a power of attorney for your swiss account.

17. What is an apostille, and where do i get one?
    An apostille is a verification document ensuring your identity, issued by your country’s responsible overseeing authority. Countries who had signed hague agreement, or member countries are entitled to issue apostille. Countries who are not a member of hague agreement,(Eg. India ) cannot issue apostille and in such cases, you must have a superlegalisation issued from a state authority. You can find more on the NET about — your country is a signatory of Hague agreement.

18. What is the minimum amount to be deposited, so as to obtain a debit card?
    The bank would ask for a minimum of US$ 1500 before it issues you international debit card.

R. Conclusion

Playing with your money can be the most fascinating part in your life, with a world famous swiss account. We recommend you to grab this opportunity, atleast once in your life, as we believe that some things can only be felt, rather than explaining word by word.

S. References

• Swiss Dormant Accounts
• Swiss Bankers Association
• Embassy of Switzerland in U.S.A.
• Swiss Federal Department of Finance.
• List of banks in switzerland.
• National Bank of Switzerland.
• Swiss Stock Exchange.

T. Disclaimer

The information contained in this Website is not meant to substitute qualified legal advice given by a specialist knowing your particular situation.

You must consult with your lawyer for proper advice and planning.

We are not a bank/insurance company and can’t be held responsible for any loss or damages whether direct, incidental, indirect, special, or consequential, among others, relating access to this page.

Thanks!

Visit our main website http://www.swissprivacy.com

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Some marketers enjoy increases of 10% to 30% in sales when they get up with a Visa/Mastercard merchants account. Others have reported increases up to a whopping 100%, or even more!

If all of your sales are made by mail, you can expect to up your total sales by at least 10%, and more likely 15% to 30% simply by offering the credit card option. If you plan to use the telephone a great deal as a marketing tool, offering a credit card buying option could double or triple your sales.

Credit card buying is seductive. Many people like the option of buying something today that they won’t have to pay for until later. Also, most consumers tend to spend more using their plastic, than when they’re writing a check, or paying cash.

A. REASONS WHY YOU SHOULD BECOME A CREDIT CARD MERCHANT

There are many good reasons why you can benefit from securing credit card merchants status.

Here are some of them :

• People with credit cards are more affluent than those without plastic. They can afford to spend more money.

• They tend to be better “credit risks“, if you want to sell”open account.”

• Overall, they buy more by mail than those without cards.

• You cannot effectively sell from commercials on radio or TV without offering credit card purchasing. Visa and Mastercard are by far, the cards most consumers have.

• They often will make credit card purchases even when they are short on cash, and/or when their checking account balance is low.

• You can sell on installments, obtaining permission to charge the buyer’s card on a monthly basis.

• You can ship goods with the secure knowledge that payment has been secured before shipment is made.

B. THE PROBLEM

By now, you’re probably convinced that accepting credit card orders is a darn good idea.

But how can you obtain credit card merchants status?

Truth is, it’s not always a piece of cake.

In recent years banks have been playing hard-ball with many business people, especially anyone doing business by mail. It’s the same old story, a handfull of mail order crooks have almost totally screwed-up a good thing for honest dealers.

The major credit card companies have told the banks to be very, very selective inissuing merchant accounts to mail order sellers and home business operators.

Because a few scum-bags have ripped off some banks, and run off with the money, your local friendly banker may not be too “friendly” when you tell him you want a merchants account.

It has become increasingly more difficult for mail order sellers to secure a merchants account, and if you only sell by mail, but also do consider setting you up for Visa and Mastercard processing.

That happens to be reality…but always remember WHERE THERE IS A WILL THERE MUST BE A WAY!

In this special valuable report I’m going to cover some of the best way to obtain your merchant’s status.

C. THE BEST WAY TO OBTAIN YOUR MERCHANT ACCOUNT

Although your banker may have already told you that they “cannot” accept you for a merchant account, the simple, unvarnished truth is that he/she can.

Visa and Mastercard do set some rigid guidelines for their affiliated banks to follow, but ultimately the banks must approve or disapprove each application.

Excuses concerning “doing business by mail“, “operating a home-based business“, “not having a long business track record“, are just that-excuses! A somewhat polite way to tell you “no”!

Could a mail order businessman, (books, home-study courses, etc.) but how also conducts his business exclusively in his home get a Merchant Account?

Fat chance of him getting a merchants account. Right? Wrong: He happily processes credit card orders for his customers will full knowledge and cooperation from his bank.

How did he do it? He never stopped asking for what he wanted.

When his own bank refused to even consider him for a merchant account, due to the fact that he was in mail order, and also doing business from his home, he beat path to several other banks.

The first four banks he visited also said "no", (2 were large institutions, 2 mid-size), so he decided to try some smaller banks.

Guess what? The very first bank he went to said "Maybe".

They asked him to transfer his account to their bank, so that they could “monitor” it for six months.

He told the bank official that he would consider their proposal, and the proceeded to another small bank one block up the street.

He liked what the second small bank said. They said “Yes!” All he neded to do was establish a checking account with them and maintain a modest $1,000, business checking account balance. This he quickly did!

He is not unique. But he was very persistent and kept asking for what he wanted, and you must also. Probably ; two best ways to get a merchant account are:

1. Keep pestering your own bank about granting you charge card privileges, until they agree to do so.
2. If your bank outright refuses, make a list of all banks in your immediate area, putting some special attention on small banks. Next, get out a pair of your most comfortable shoes and get to it! Ask…Ask…Ask..Ask.. Ask! You have nothing to lose, and much to gain by being persistent, and by constantly asking for what you want (that’s good advice in all areas-business and personal) of your life!

D. CREDIT CARD MERCHANT ALTERNATIVES

If you absolutely have no success in obtaining a merchants account from a local bank, you should consider the alternatives.

Here are some of them :

• Ted Nicholas, best known as the best-selling author of“How To Form Your Own Corporation Without A Lawyer For Under $50.00“, has established a small business organization entitles “Entrepreneurs of America.” Membership is $50.00 per year.
  This organization intends to offer reasonable rates on credit card processing to their members.
  For more information write to: Entrepreneurs of America, 2020 Pennsylvania Ave., Suite 224, Washington, DC 20006. Phone: (800) 533-2665.

• The Late Howard E. Welsh is the founder and director of the fast growing National Association of Publishers and Mail Order Dealers.
  His association has many exciting programs to help small order tabloid publishers and small mail order dealers succeed.
  Just prior to printing this report, For more information, write: NAPOD, 12 Westerville Square, #355 Westerville, Oh 43081.

• If you sell books, manuals, magazines, or forms of “paper and ink” products, you may wish to join the American Booksellers Association (ABA).
  This is the No. 1 booksellers professional association in the United States.
  In addition to many other benefits (National and regional conventions and trade shows, educational programs, etc.), members also can have their credit card orders processed through the ABA’s Merchant Service Discount program.
  Write to: American Booksellers Association, 122 E. 42nd St., New York, NY 10168.

• Barry Reid, owner of the Eden Press, has advertised that he can help mail order marketers obtain credit card processing.
  Write: Eden Press, Box 8410, Fountain Valley, CA 92728.

• Mountain West Communications of Colorado offers abusiness telephone answering service that handles inquires or orders.
  When you subscribe to their service, they can also process your credit card orders for you.
  Write: Mountain West Communications, P.O.Box 216, Hotchkiss, CO 81419. Phone: (800) 642-9378.

E. NEVER GIVE UP!

Although this special report gives you various sources that might be able to help you with your credit card processing, the main message of this report is “NEVER GIVE UP” Never take “NO” for a final answer. Keep asking for what you want! Those who keep asking and seeking, usually obtain what they want.

Avoid Check-Cashing Outlets
Check-cashing outlets charge very high fees to cash government, personal, and pay checks. Don’t use them!

Use a Bank or Credit Union
You should always use a bank or credit union to cash your checks. Advantages include:

• free or low-fee check cashing
• safety, since cash can be deposited safely in a bank instead of having to leave the store carrying cash
• ability to write checks
• easier to do household budgeting

Get the Most Out of Your Bank or Credit Union
Here are some tips to help you use your bank account instead of relying on highfee check-cashing outlets:

• Use direct deposit into a bank account.
• Find a bank close to your work/home that is open a bit later than usual.
• Prepare a budget to help plan for expenses.

Thinking of a Payday Loan?

What is a Payday Loan?
A payday loan is a small, unsecured, high interest, short-term cash loan. In most cases, consumers write a post-dated, personal check for the advance amount, plus a fee. The lender holds the check for the loan period and then deposits it, or the customer returns with cash to reclaim the check.

You Should Know!
Although a payday loan may be a convenient short-term solution, it is inappropriate for long-term cash needs. Borrowers can get trapped in a payday loan cycle of debt by taking out loan after loan sometimes called “rolling over” the loan.

Think a Payday Loan is the Answer?

Consider Your Options!

• Ask about delaying or making payment arrangements on your non-interest bills like telephone and utility bills.
• Ask to borrow money from a friend or family member.
• Ask your employer for an advance on your paycheck.

What to Expect in Washington State:

• Maximum Loan Term: ……………………………………………….45 days
• Maximum Loan Amount: ……………………………………………..$700
• Maximum Fee:…………..15% on the first $500 -10% above $500

For Example:
A loan for $500 + $75 fee = $575
A loan for $700 + $95 fee = $795
Under the Truth in Lending Act, the cost of credit must be disclosed. Among other information, you must receive information outlining the finance charge and the annual percentage rate (APR). The APR informs you of the cost of your loan. For example, a 14-day, $500 payday loan with the maximum fee permitted by statute would have an APR of 391.07%.

If You Decide to Get a Payday Loan, Shop Wisely!

• Contact the Department of Financial Institutions to verify that you are dealing with a licensed lender.
• Comparison shop for the lowest fees and penalties. For example, some credit unions offer payday loans with lower fees.
• Borrow only as much as you can afford to repay with your next paycheck.
• Know when your payment is due and be sure to repay the loan on time and in full.
• Avoid borrowing from more than one lender at a time.
• Plan for the future by making a realistic budget to help avoid the need to borrow for emergencies and unforeseen expenses.

Know Your Rights and the Law!

• You have the right to change your mind about the loan within one day.
• You have the right to know all of the costs involved.
• You have the right to a payment plan.
• A payday lender may not threaten criminal prosecution as a method of collecting a past due loan.
• Paying off an old loan with a new loan may be illegal.

Washington State Department of Financial Institutions
The Department of Financial Institutions regulates a variety of Washington State financial service providers such as banks, credit unions, mortgage brokers, money transmitters, payday lenders, and securities broker-dealers and investment advisers. The Agency also works to protect consumers from becoming victims of financial fraud. To file a complaint or get answers to your questions, contact DFI at 1-877-RING-DFI or visit our web site at www.dfi.wa.gov.

WHAT DO YOU NEED FROM A BANK?
When deciding on a checking account, remember that financial institutions offer different types of checking accounts. To determine what you need, think about how you plan to use your checking account. The following questions will help you determine what you need in a checking account.

Convenience

• How many checks do you think you will write every month?
• Do you want a bank that is close to your home or work?
• What are the bank’s hours of operation?
• Will you use the ATM often?
• Does the bank have ATMs close to where you live or work?
• How often do you plan to visit the bank to use teller services?
• What other bank services are important to you?

Cost

• How much money will you keep in your account?
• Will you be charged for writing extra checks?
• Are you willing to pay a monthly fee?
• If so, how much?
• Will you be charged to use your bank’s ATM?
• Will you be charged for using other banks’ ATMs?
• Will you be charged for using teller services?
• Are there ways to avoid paying fees?

ADDITIONAL BANKING SERVICES
For each description, fill in the name of the services that best fits the description.

Banking Services
Direct Deposit, Money transfer, Money order, Debit card, Telephone banking, Stored value card, Online banking, Loan, Automated Teller Machine (ATM).

Parts of a Check

1. Your name, address and phone number.
2. The number of the individual check.
3. Your bank’s name
4. Your bank’s routing number.
5. Your account number
6. The number of the individual check.

Check Writing
How To Write a Check
Important Tip: Use a non-erasable, ballpoint pen. Fill in the following parts of the check:

• The date
• The name of the person or company you are paying.
• The amount in numbers
• The number spelled out in words (keep the words close together).
• Draw a line from the last word written to the word “Dollars.”
• A note about what you wrote the check for
• Your signature

Practice Writing Checks
Here are a few sample bills you can pay using the sample checks provided to you.

• You owe AllBright Electricity $80.56 for the June electricity bill.
• You owe your babysitter, Sandra Chen, $150.12 for babysitting in April.

For more reading, just download this pdf free ebook here.

Source : www.hope-link.org

Produced by the FDIC in collaboration with:
• The Federal Reserve Bank of New York;
• The Office of the Comptroller of the Currency; and
• The Office of Thrift Supervision.
May be reprinted without restriction.

• Federal Deposit Insurance Corporation
• Federal Reserve Bank of New York
• Office of the Comptroller of the Currency
• Office of Thrift Supervision

As use of the Internet continues to expand, more banks and thrifts are using the Web to offer products and services or otherwise enhance communications with consumers.

The Internet offers the potential for safe, convenient new ways to shop for financial services and conduct banking business, any day, any time. However, safe banking online involves making good choices decisions that will help you avoid costly surprises or even scams.

This brochure offers information and tips to help you if you are thinking about or already using online banking systems. We will tell you how to:

• Confirm that an online bank is legitimate and that your deposits are insured;
• Keep your personal information private and secure;
• Understand your rights as a consumer; and
• Learn where to go for more assistance from banking regulators.
• So, before you click there, read here.

Confirm that an Online Bank Is Legitimate and that Your Deposits Are Insured
Whether you are selecting a traditional bank or an online bank that has no physical offices, it’s wise to make sure that it is legitimate and that your deposits are federally insured. Here are tips specifically designed for consumers considering banking over the Internet.

• Read key information about the bank posted on its Web site
  Most bank Web sites have an “About Us” section or something similar that describes the institution. You may find a brief history of the bank, the official name and address of the bank’s headquarters, and information about its insurance coverage from the FDIC.

• Protect yourself from fraudulent Web sites
  For example, watch out for copycat Web sites that deliberately use a name or Web address very similar to, but not the same as, that of a real financial institution. The intent is to lure you into clicking onto their Web site and giving your personal information, such as your account number and password. Always check to see that you have typed the correct Web site address for your bank before conducting a transaction.
• Verify the bank’s insurance status
  To verify a bank’s insurance status, look for the familiar FDIC logo or the words “Member FDIC” or “FDIC Insured” on the Web site.

  Also, you should check the FDIC’s online database of FDIC-insured institutions. You can search for an institution by going to the FDIC’s home page at http://www.fdic.gov and selecting “Is My Bank Insured?” Enter the official name, city, and state of the bank, and click the “Find My Institution” button. A positive match will display the official name of the bank, the date it became insured, its insurance certificate number, the main office location for the bank, and its primary government regulator. If your bank does not appear on this list, contact the FDIC.

  Some bank Web sites provide links directly to the FDIC’s Web site to assist you in identifying or verifying the FDIC insurance protection of their deposits. Also remember that not all banks operating on the Internet are insured by the FDIC. Many banks that are not FDIC-insured are chartered overseas. If you choose to use a bank chartered overseas, it is important for you to know that the FDIC may not insure your deposits. Check with your bank or the FDIC if you are not certain.

• For insurance purposes, be aware that a bank may use different names for its online and traditional services; this does not mean you are dealing with separate banks
  
  This means, for example, that to determine your maximum FDIC insurance coverage, your deposits at the parent bank will be added together with those at the separately named bank Web site and will be insured for up to the maximum amount covered for one bank. Talk to your banker if you have questions.

Protect Your Privacy
Some consumers may 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.

Starting July 2001, banks are required to give you a copy of their privacy policy once you become their customer, regardless of whether you are conducting business online or offline. You may also see a copy of it posted at the bank’s Web site. By reviewing this policy you can learn what information the bank keeps about
you, and what information, if any, it shares with other companies.

Banks may want to share information about you to help market products specific to your needs and interests. If you do not wish to participate in information sharing, however, you have the right to prevent your bank from sharing your private personal information with parties not affiliated with the bank, except in certain limited circumstances. As of July 2001, your bank should provide a clear method for you to “opt out” of this type of information sharing.

You may have heard that some companies track your Web browsing habits while at their site, to understand your interests and then to market particular services or promotions. You may want to ask whether your bank tracks your browsing habits if these practices concern you. Also, your Web browser may enable you to block the ability of outside companies to track your browsing habits.

Your bank and your Internet service provider may have more information about how to protect your privacy online.

Help Keep Your Transactions Secure
The Internet is a public network. Therefore, it is important to learn how to safeguard your banking information, credit card numbers, Social Security Number and other personal data.

• Look at your bank’s Web site for information about its security practices, or contact the bank directly.

  Also learn about and take advantage of security features. Some examples are:

• Encryption is the process of scrambling private information to prevent unauthorized access. To show that your transmission is encrypted, some browsers display a small icon on your screen that looks like a “lock” or a “key” whenever you conduct secure transactions online. Avoid sending sensitive information, such as account numbers, through unsecured e-mail.
• Passwords or personal identification numbers (PINs) should be used when accessing an account online. Your password should be unique to you and you should change it regularly. Do not use birthdates or other numbers or words that may be easy for others to guess. Be careful who you give your password to. For example, if you use a financial company that requires your passwords in order to gather your financial data from various sources, make sure you learn about the company’s privacy and security practices.
• General security over your personal computer such as virus protection and physical access controls should be used and updated regularly. Contact your hardware and software suppliers or Internet service provider to ensure you have the latest in security updates.

  If you have a security concern about your online accounts, contact your bank to discuss possible problems and remedies.

• Remember that nonfinancial Web sites that are linked to your bank’s site are not FDIC-insured.As an added convenience to their customers, some banks offer online links to merchants, retail stores, travel agents and other nonfinancial sites. An outside company’s products and services are not insured by the FDIC, and your bank may not guarantee the products and services.

  As in everyday business, before you order a product or service online, make sure you are comfortable with the reputation of the company making the offer. Only then should you give out your credit card or debit card number. And never give the number unless you initiated the transaction.

Download for the complete ebook of this post here.

Source : http://www.fdic.gov

Banking has changed dramatically in the last few decades due to technological advances. Many Canadians, including a growing proportion of older adults, now use telephone banking, internet banking or automated banking machines (ABMs) to carry out basic transactions.

According to the Canadian Bankers Association, more than 60 percent of customers do most of their banking electronically. Fifty two percent of adults aged 55 and over have used a bank machine.

There are more changes coming too, such as voice-activated automated banking machines (ABMs) that are being tested in many locations.

Automated Banking Machines (ABMs), also called automated teller machines (ATMs), are often located inside or near banks, in grocery, and other retail stores and in gas stations. To use an ABM, you must obtain a bank card and a personal identification number (PIN) from your bank.

You can deposit or withdraw cash, transfer funds to another account, pay bills or receive a printout of your balance and recent transactions. The easiest and most common transaction carried out at ABMs is cash withdrawal. Even if you prefer to talk to a human teller, ABMs can: save time if there are line-ups at the tellers’ wickets, provide 24-hour bank services seven days a week and eliminate the need to carry large amounts of cash, especially when travelling.

Bank Cards – You can use your bank card at an ABM and to pay for purchases at a store that has Interac direct payment service. At the cash register, you or the cashier will swipe your bank card (also referred to as your debit card) through a machine that electronically transfers money from your account to the store’s account once you have keyed in your PIN and verified the transaction.

Drawbacks: The layout and function of ABMs and Interac direct payment machines can vary widely and may be confusing. Design features that would be helpful, such as non-glare glass, large print and clear, easily manipulated key pads are not consistently available. In addition, remembering PINs may be difficult for people who have experienced some memory loss.

Internet Banking is conducted on a personal computer. Most transactions except deposits or withdrawals can be conducted. You need your bank card and a pre-registered password. It can be done at any time of day from the comfort of your home and is convenient, fast and relatively safe.

If you have a touch-tone telephone, telephone banking can save a trip to the bank by allowing you to pay bills, transfer between accounts, and inquire about balances and recent transactions.

You must pick a telephone password and tell your bank which bills you wish to pay with this method. It is safe and saves time and energy, especially in bad weather. Remember, if you change your telephone number you must inform the bank so it can update your telephone banking information.

Safe Banking Tips

• Your bank card, also called your debit card is valuable. Together with your personal identification number (PIN), it provides access to your bank account. Never lend your card or reveal your PIN to anyone else.
• When selecting your PIN, never use your birth date or other numbers that may be written down in your purse or wallet, although it is a good idea to use numbers/letters that mean something to you. If you must write your PIN down, keep it separate from your bank card and disguise it in some fashion so it is not recognizable as a PIN. Don’t panic if you forget or misplace your PIN. Simply go to your bank (take identification) and choose a new one.
• Privately owned “white label” ABMs are sometimes set up in stores or restaurants. They generally charge a higher fee per transaction than bankowned ABMs.
• Be aware of your surroundings when using ABM machines, especially those that are located in poorly lit areas. Perhaps bring a relative or friend along with you.
• Have pension or income cheques direct deposited to your account. It is safe and convenient as your money goes into your account at the same time each month and a statement is mailed to your home. Remember to check your passbook or bank statement to make sure deposits have been made.
• When doing telephone banking, you must key in the long number from the front of your bank card. This is not your PIN or account number. It helps to write this number down before calling the toll-free bank number because it is sometimes difficult to read it from the card. When your transaction is completed, an electronic voice will give you a confirmation number. Do write down this number and the day’s date on your bill and keep it as a record that you have paid this bill.

Challenges Encountered by Some People
Despite the growth in electronic banking, not all customers are able to, or want to, use the new methods.

In addition, improvements in the design and functioning of the technology are still needed in many areas. However, as banks face global competition and other pressures on their services, smaller branches in rural areas are being closed, leaving their customers with little choice but to use an electronic method for some of their banking needs.

For Canadians in rural areas who may have little or no access to the closest branch in another town, this trend can pose serious challenges. Using an ABM or internet banking may not be an option for other reasons, including those related to the natural processes of aging such as decreased vision or short-term memory loss, or perhaps a sense of mistrust towards technology and lack of access to training or a computer. Studies have shown that unless ABM technology is useful, convenient and safe, people tend to resist using it.

Sources:

1. 2000 General Social Survey, Statistics Canada.
2. Canadian Bankers Association. Fast Facts – Electronic Banking, Retrieved April 16, 2001 from
   http://www.cba.ca/eng/statistics/fastfacts/abms.htm
3. Smither, Janar Al-Awar and Curt C. Braum. Technology and Older Adults: Factors Affecting the Adoption of Automatic Teller Machines. Journal of General Psychology, Provincetown, 1994.

Fact Sheets in the Series

1. Series Overview
2. Telecommunications: Phones and More
3. Looking After Your Money: Technology and Banking
4. Computers: Getting Online – Using the Internet
5. For the Good of Your Health: Technology and Health Care
6. How Are Everyday Technologies Kept Safe?
7. Older Adults Mean Business!

Techno Terms

1. ABM – an Automated Banking Machine, also known as an automated teller machine (ATM), can carry out ordinary bank transactions such as deposits, withdrawals, transfers, account updates and bill payments. An ABM allows you to conduct these transactions 24 hours a day at your convenience.
2. Bank Card – (also known as client card, access card, debit card, ABM card, ATM card) a plastic card, issued by your bank. A bank card is necessary for ABM banking and to pay for purchases by using the Interac direct payment service. Your personal banking information is protected by your personal identification number (PIN).
3. Interac Direct Payment – a technology that allows you to make a purchase using your bank card. It enables you to make purchases without having to carry cash.
4. PIN (Personal Identification Number) – a code, containing letters, numbers or both, that allows you to access your bank accounts using an ABM, the telephone or a computer.

For more detail, you can download the ebook version of this post here.

Prepared by : the Nova Scotia Centre on Aging, Mount Saint Vincent University for the Federal / Provincial / Territorial Ministers Responsible for Seniors.

Incoming search terms:

• information technology jobs using Common Access Card personal identification number reset

Phone Bank Location Checklist

• Is it safe?
• Does it have adequate heating and air conditioning?
• Does the building have enough phone lines?
• Are the acoustics good in the room?
• Is there a rest room available?
• Is there free or accessible parking?
• Can you get there by public transportation?
• Is the building accessible to the disabled?

Phone Bank Kit

• Sign in sheets
• Script
• Instructions
• Voter list on paper or computer list on computers
• Tally sheet
• Campaign Fact sheet
• Cue cards
• Volunteer cards

Sample Phone Script

“Hello, Mr./Mrs./Ms. ____________________. My name is _____________________, and I’m a volunteer calling for ____________________. As you may know, (persuasion message). “If the election were held today, do you think you’d vote for _____________________?”

Phone Banking Tips
Florida Democratic Party

1. Training and supervision are critical.
2. Not everyone is suited for phone calling.
3. The phone-bank coordinator is responsible for making sure the phone bank is full.
4. The coordinator should schedule two to three shifts a day.
5. Remember to recruit twice as many volunteers as you have phones.
6. Determine which precincts or which voters are to be called each night.
7. The phone banks should make the calls in priority order.
8. It is the job of the volunteer coordinator to make sure that each phone bank location and volunteer has the right phone lists to call.
9. Clear instruction should be given on the method used by the campaign to mark the phone lists.
10. The marking systems should be displayed prominently on the walls in front of each phone.

Volunteer Phone Bank Rules

1. Smile – voters can tell
2. Stick to the script
3. Decide ahead of time if you are going to leave a message on an answering machine.
4. Use a uniform marking system
5. Don’t get into prolonged discussions – move on
6. Allow for five rings
7. Ask to speak to an adult
8. If you get a wrong number, don’t cross the name off. Try to find the correct number.

For more detail, just download this free pdf ebook here.

Source : Florida Democratic Party

Dear Customer,
Every now and again contact between a bank and a customer can become lost for one reason or another and as a result assets deposited with the bank become “dormant”.

This can lead to difficulties and an undesirable situation for all concerned, especially when the assets are totally forgotten about by customers and their heirs.

To help prevent the problem of dormant assets from arising, the Swiss Bankers Association, in conjunction with Swiss banks, has produced this present leaflet containing tips and advice for bank customers.

Swiss Bankers Association
Basel, February 2000

A. Tips to avoid dormancy

• Change of Name and Address
  Please inform your bank immediately if you change your address, or if you use a different name, e.g. following marriage.
• Special Instructions
  Inform your bank if you go away for an extended period of time and arrange for correspondence from your bank to be sent to a third party or kept at the bank during your absence.
• Designating a Proxy
  It is generally advisable to designate a proxy or representative with full power of attorney who can be contacted by your bank should your assets become “dormant”.
• Informing Trusted Persons / Your Will
  Another possibility to avoid dormant assets is to inform a trusted person about your bank details. The bank can only give information to such a person if you have first authorised him or her in writing to act on your behalf. You could also list your assets and the name of the respective bank(s) where they are deposited in your will.
• Individual Advice
  Your bank would be pleased to advise you individually and to help where possible.

B. Measures that banks can take in cases of dormancy
The Board of Directors of the Swiss Bankers Association has drawn up the following professional rules that Swiss banks are to follow in cases of dormant customer relations:

• Immediate Measures
  As soon as a bank determines that mail sent by post to a customer cannot be delivered e.g. because of a change of address, then the bank will attempt with due diligence to discover the new address. The bank can appoint third parties to investigate. Such third parties are of course subject to the same laws concerning confidentiality as the bank itself. Bank customer confidentiality is thereby preserved. The bank is also to follow special or other customer instructions within the framework of legislation and professional rules.
• Measures to be taken when Dormancy is established
  If the inquiries by the bank are unsuccessful or contact with the customer is not possible for other reasons, then the Swiss banks are bound by the professional rules laid down by the Swiss Bankers Association to proceed as follows:
  - register the customer’s assets centrally,
  - specially earmark the assets in order to report them to the Central Claims Office. This office, which is equipped with modern security measures, is subject to the same banking confidentiality (bank customer confidentiality) laws as the banks themselves.

C. Continued rights in cases of dormancy
The customer’s rights remain intact even in the case of dormancy. Banks may only take action that diverges from the contractual agreement with the customer when such action is in the customer’s assumed interest. So, for example, current accounts and similar assets can be transferred to low-risk instruments such as savings accounts, mediumterm notes or unit trusts.

Savings accounts will be continued as usual and interest paid at the bank’s valid rates. Commissions to administer assets are to be continued unaltered unless it becomes obvious that the investment aims are in conflict with the customer’s interests.

For further details please contact your bank.

Costs
The bank’s usual debited costs and expenses also apply in cases of dormancy. Furthermore, the banks can charge the customer for costs incurred for their inquiries as well as for the special handling and supervision of dormant assets.

The extent of the bank’s inquiries must be guided by the principles of proportion and in particular be reasonable with the value of the assets in question.

You can download the ebook version of this post here.

Source : http://www.swissbanking.org

Criminals will always gravitate towards the easiest money. The more barriers that you can put into place, the more likely the criminal will go elsewhere. The reason all financial institutions implemented new login procedures (known as multifactor authentication) a few years ago was to add a layer of security and deter criminals from your online account. Criminals adjust and so should you.

Here are some easy Do’s and Don’ts that you can use to steer criminals elsewhere:

Do’s

1. Install a reputable antivirus software program on all computers and keep them current update
   This is the single most important thing you can do to protect yourself. While we do not endorse or recommend a particular product, some good solutions are Internet Security packages available from makers such as: Norton, McAfee, or Kapersky.

2. Make your password as long and complex as possible
   The online banking system generally will permit you to create a password up to 8 characters long.
3. Make it easy to remember, but hard to guess
   Use a combination of letters and numbers that you know, but that wouldn’t make sense to others. Combine initials and important numbers and, if you are feeling particularly adventurous, a special character such as @ or # or $ or & or *. A good password could be 17dg*wm4. How can you make a similar combination work for you?
4. Use more than one password
   Use a generic password for low-risk situations such as a newspaper website where there is little risk to you if someone figures it out. Not every website warrants the same level of protection as your online banking website. To make your ever-growing list of passwords more manageable, consider using a general-purpose password for websites that do not contain personal or financial information, and creating a unique, secure password for each website that does, such as online banking.
5. Use trustworthy computers
   Shared public computers like those in airport lounges, Internet cafes, public libraries, and hotel lobbies could be connected to keystroke loggers or infected with password-stealing viruses. Don’t use them to access online banking or other websites containing confidential information about you.

Don’ts

1. Never e-mail your password or respond to an e-mailed request for your password or other confidential information
   Generally Bank will never ask you to submit confidential information in an e-mail. E-mail travels the Internet in much the same way as a postcard travels through the U.S. Mail. There is no “envelope” to protect the contents from prying eyes. There is no reason for anyone but you to know your password ever. Requests for your passwords via e-mail are most assuredly scams.

2. Do not include your login name in your password
   Similarly, any part of your login name is a poor choice for a password.
3. Avoid predictable sequences of characters, such as “1234” or “abcd”, in your password
   Automated password crackers often start by guessing predictable sequences such as these.
4. Avoid dictionary words or names Words in any language can be determined by automated password crackers that also contain multi-lingual dictionaries.
   Similarly, password crackers also contain lists of names used as possible passwords. No one else may remember the name of your high school sweetheart, but if his or her name is on the list, your password may be vulnerable.

Download the ebook version of this post here.

More reading, download this free pdf ebook here.

Incoming search terms:

• www onlinesbm com internet banking

Find more source in this free pdf ebook about:

• Central Banks before 1900, like:
  • Sverige Riksbank – Sweden (1688)
  • Bank of England – England (1694)
  • Banque de France – France (1800)
  • Bank of Finland – Finland (1811)
  • Nederlandsche Bank – Netherlands (1814)
  • Austrian National Bank -Austria (1816)
  • Norges Bank -Norway (1816)
  • Danmarks Nationalbank – Denmark (1818)
  • Banco de Portugal – Portugal (1846)
  • Belgian National Bank – Belgium (1850)
  • Banco de Espana – Spain (1874)
  • Reichsbank – Germany (1876)
  • Bank of Japan – Japan (1882)
  • Banca D’Italia – Italy (1893)
  Source: Goodhart, Capie, and Schnadt 1994, 6.
  Note: The table excludes central banking institutions of the Netherlands Antilles (1828), Indonesia (1828), Bulgaria (1879), and Serbia (1883).

• Historical Patterns in Central Banking
• Characteristics of early central banks
• The Bank of England
• The First Bank of the United States
• The Second Bank of the United States

References

• Andreades, A. 1924. History of the Bank of England. London: P. S. King.
• Angell, Norman. 1929. The Story of Money. New York: Frederick A. Stokes.
• Ashton, T. S. 1959. Economic Fluctuations in England. Oxford: Oxford University Press.
• Bagehot,Walter. [1873] 1979. Lombard Street. Reprint,Westport, Conn.: Hyperion Press.
• Bailey, Michael, Judith Goldstein, and Barry Weingast. 1997. The Institutional Roots of American Trade Policy. World Politics 49:309–38.
• Barro, Robert J. 1987. Macroeconomics. 2d ed. New York: JohnWiley and Sons.
• Bates, Robert. 1988. Contra-Contractarianism. Politics and Society 16:394–95.
• Becker, Gary S. 1985. Public Policies, Pressure Groups, and Dead Weight Costs. Journal of Public Economics 28:329–47.
• Beckett, J. V. 1986. The Aristocracy in England, 1660–1914. Oxford: Basil Blackwell.
• Bhagwati, Jagdish. 1982. Directly-Unproductive , Pro? t-Seeking (DUP) Activities. Journal of Political Economy 90:988–1002.
• Bowen, H. V. 1995. The Bank of England During the Long Eighteenth Century, 1694–1820. In The Bank of England, edited by Richard Roberts and David Kynaston, 1–19. Oxford: Oxford University Press.
• Brewer, John. 1988. The Sinews of Power: War, Money, and the English State. New York: Knopf.
• Brown, Kenneth L. 1942. Stephen Girard, Promoter of the Second Bank of the United States. Journal of Economic History 2:145–52.
• Broz, J. Lawrence. 1997. The International Origins of the Federal Reserve System. Ithaca, N.Y.: Cornell University Press.
• Cain, P. J., and A. G. Hopkins. 1986. Gentlemanly Capitalism and British Expansionism Overseas, 1688 – 1850. Economic History Review 39: 501–25.
• Carruthers, Bruce G. 1996. City of Capital: Politics and Markets in the English Financial Revolution. Princeton, N.J.: Princeton University Press.
• Clapham, John H. 1944. The Bank of England: A History. Cambridge: Cambridge University Press. Clarke,Matthew, and David A. Hall. 1832. Legislative and Documentary History of the Bank of the United States.Washington, D.C.: Gales and Seaton.
• Conant, Charles A. 1915. A History of Modern Banks of Issue. New York: G. P. Putnam’s Sons.
• Conybeare, John A. C. and Todd Sandler. 1990. The Triple Entente and the Triple Alliance, 1889–1914:A Collective Goods Approach. American Political Science Review 84:1197–1205.
• Cornes, Richard, and Todd Sandler. 1986. The Theory of Externalities, Public Goods, and Clubs. Cambridge: Cambridge University Press.
• de Vries, Johan. 1994. The Netherlands’s Financial Empire. In Handbook on the History of European Banks, edited by Manfred Pohl, 719–30. Aldershot: Edward Elgar.
• Dickson, P. G. M. 1967. The Financial Revolution in England. London: Macmillan, 1967.
• Dickson, P. G. M., and J. G. Sperling. 1970. War Finance, 1689–1714. In The New Cambridge Modern History: The Rise of Great Britain and Russia, 1688–1725. Vol. 6, edited by J. S. Bromley. Cambridge: Cambridge University Press.
• Feavearyear, Albert. 1963. The Pound Sterling. Oxford: Clarendon Press.
• Fenstermaker, J.Van. 1965. The Development of American Commercial Banking, 1787–1837. Kent, Ohio: Kent State University Press.
• Fetter, Frank W. 1965. Development of British Monetary Orthodoxy, 1797–1875. Cambridge: Cambridge University Press.
• Frieden, Jeffry. 1991. Invested Interests: The Politics of National Economic Policies in aWorld of Global Finance. International Organization 45:425–51.
• Furgeson, James E. 1961. The Power of the Purse: A History of American Public Finance, 1776–1790. Chapel Hill: University of North Carolina Press.
• Galbraith, John K. 1975. Money: Whence It Came, Where It Went. Boston: Houghton Mifflin.
• Gilligan, Michael. Forthcoming. Empowering Exporters: Reciprocity and Collective Action in Twentieth Century American Trade Policy. Ann Arbor: University of Michigan Press.
• Goodhart, Charles A. E. 1988. The Evolution of Central Banks. Cambridge, Mass.: MIT Press.
• ———. 1995. What Do Central Banks Do? In The Central Bank and the Financial System, edited by Charles Goodhart. Cambridge, Mass.: MIT Press.
• Goodhart, Charles, Forrest Capie, and Norbert Schnadt. 1994. The Development of Central Banking. In The Future of Central Banking, edited by Forrest Capie, Charles Goodhart, Stanley Fischer, and Norbert Schnadt. Cambridge: Cambridge University Press.
• Grief,Avner, Paul Milgrom, and Barry R.Weingast. 1994. Coordination, Commitment, and Enforcement: The Case of the Merchant Guild. Journal of Political Economy 102:745–76.
• Hamilton, E. J. 1945. The Foundation of the Bank of Spain. Journal of Political Economy53:97–114.
• Hammond, Bray. 1957. Banks and Politics in America. Princeton, N.J.: Princeton University Press.
• Hardin, Russell. 1982. Collective Action. Baltimore, Md.: The Johns Hopkins University Press.
• Herring, Richard J., and Robert Litan. 1995. Financial Regulation in the Global Economy. Washington, D.C.: Brookings Institution.
• Hicks, John R. 1969. A Theory of Economic History. Oxford: Oxford University Press.
• Hilton, Boyd. 1977. Corn, Cash, Commerce: Economic Policies of the Tory Governments 1815–1830. London: Oxford University Press.
• Holdsworth, John T. 1910. The First Bank of the United States. Washington, D.C.: U.S. Government Printing Office.
• Horsefield, Keith J. 1960. British Monetary Experiments, 1650–1710. Cambridge, Mass.: Harvard University Press.
• Jenks, Leland. 1924. The Migration of British Capital to 1875. New York: Knopf.
• Johnson, Brian. 1970. The Politics of Money. London: John Murray.
• Jones, J. R. 1994. Fiscal Policies, Liberties, and Representative Government During the Reigns of the Last Stuarts. In Fiscal Crises, Liberty, and Representative Government, edited by Philip T. Hoffman and Kathryn Norberg, 67–95. Stanford, Calif.: Stanford University Press.
• Kapstein, Ethan B. 1991. Supervising International Banks: Origins and Implications of the Basle Accord. Essays in International Finance, 185. Princeton, N.J.: Department of Economics, Princeton University.
• Keynes, John M. 1924. Monetary Reform. New York: Harcourt, Brace.
• Knight, Jack. 1992. Institutions and Social Conflict. Cambridge: Cambridge University Press.
• Lake, David A. 1992. Powerful Pacifists: Democratic States and War. American Political Science Review 86:24–38.
• Landmann, J. 1911. The Swiss Banking Law. In Banking in Sweden and Switzerland, edited by J. Landmann. Washington D.C.: U.S. Government Printing Office.
• Lodge, Henry C., ed. 1904. The Works of Alexander Hamilton. New York: G. P. Putnam’s Sons.
• Macaulay, Thomas B. 1831. The History of England from the Accession of James II. Boston: DeWolfe.
• Macleod, Henry D. 1923. The Theory and Practice of Banking. London: Longmans, Green and Co.
• McFaul, John M. 1972. The Politics of Jacksonian Finance. Ithaca, N.Y.: Cornell University Press.
• Mishan, Ezra J. 1969. The Relationship Between Joint Products, Collective Goods, and External Effects. Journal of Political Economy 77:329–48.
• Morgan, H.Wayne. 1956. The Origins and Establishment of the First Bank of the United States. Business History Review 30:472–92.
• Morgan, Victor E. 1943. The Theory and Practice of Central Banking, 1797–1913. London: Cambridge University Press.
• Murdoch, J., and T. Sandler. 1982. A Theoretical and Empirical Analysis of NATO. Journal of Conflict Resolution 24:237–63.
• North, Douglass C. 1981. Structure and Change in Economic History. New York: W.W. Norton.
• North, Douglass C., and Barry R. Weingast. 1989. Constitutions and Commitment: The Evolution of Institutions Governing Public Choice in Seventeenth-Century England. Journal of Economic History 49:803–32.
• Olson, Mancur. 1965. The Logic of Collective Action. Cambridge, Mass.: Harvard University Press.
• Olsson, Ulf. 1994. Swedish Commercial Banking over 150 Years. In Handbook on the History of European Banks, edited by Manfred Pohl, 963–75. Aldershot: Edward Elgar.
• Pohl, Manfred, ed. 1994. Handbook on the History of European Banks. Aldershot: Edward Elgar.
• Posnett, John, and Todd Sandler. 1986. Joint Supply and the Finance of Charitable Activity. Public Finance Quarterly 14:209–22.
• Powell, Ellis T. 1966. The Evolution of the Money Market. New York: Augustus M. Kelly.
• Redlich, Fritz. 1968. The Molding of American Banking. New York: Johnson Reprint Company.
• Ricardo, David. [1816] 1951. The Works and Correspondence of David Ricardo. Reprint, Cambridge: Cambridge University Press.
• Rogers, Thorold. 1887. The First Nine Years of the Bank of England. London: P. S. King.
• Root, Hilton L. 1994. The Fountain of Privilege: Political Foundations of Markets in Old Regime France and England. Berkeley: University of California Press.
• Roessler, F. 1978. The Rationale for Reciprocity in Trade Negotiations. Kyklos 31:258–74.
• Rowe, J. Z. 1965. The Public-Private Character of United States Central Banking. New Brunswick, N.J.: Rutgers University Press.
• Russell, Steven. 1991. The U.S. Currency System in Historical Perspective. Federal Reserve Bank of St. Louis Review 73:34–61.
• Sandler, Todd. 1992. Collective Action. Ann Arbor: University of Michigan Press.
• ———. 1993. Tropical Deforestation: Markets and Market Failures. Land Economics 69: 225–33.
• Santoni, G. J. 1984. A Private Central Bank: Some Olde English Lessons. Federal Reserve Bank of St. Louis Review 66:2–22.
• Sargent, Thomas, and Francois Velde. 1995. Macroeconomic Features of the French Revolution. Journal of Political Economy 103:474–518.
• Schultz, Kenneth A., and Barry R.Weingast. 1996. The Democratic Advantage: The Institutional Sources of State Power in International Competition. Essays in Public Policy, 67. Stanford, Calif.: Hoover Institution on War, Revolution, and Peace, Stanford University.
• Smith, Vera C. [1936] 1990. The Rationale for Central Banking. Reprint, Indianapolis, Ind.: Liberty Press.
• Stigler, George J. 1974. Free Riders and Collective Action: An Appendix to Theories of Economic Regulation. Bell Journal of Economics and Management Science 5:359–65.
• Sylla, Richard, John B. Legler, and John J. Wallis. 1987. Banks and State Public Finance in the New Republic: The United States, 1790–1860. Journal of Economic History 47:391–403.
• Timberlake, Richard H., Jr. 1993. Monetary Policy in the United States: An Intellectual and Institutional History. Chicago: University of Chicago Press.
• Tracy, Michael. 1989. Government and Agriculture in Western Europe. New York: Harvester Wheatsheaf.
• Tumlir, Jan. 1985. Protectionism.Washington, D.C.: American Enterprise Institute.
• Wallis, JohnW., Richard E. Sylla, and John B. Legler. 1994. The Interaction of Taxation and Regulation in Nineteenth-Century U.S. Banking. In The Regulated Economy, edited by Claudia Goldin and Gary Liebcap, 121–44. Chicago: National Bureau of Economic Research.
• Weingast, Barry R. 1992. Institutional Foundations of the ‘‘Sinews of Power’’: British Financial and Military Success Following the Glorious Revolution. Hoover Institution on War, Revolution, and Peace, Stanford University, Stanford, Calif. Mimeo.
• Wettereau, James O. 1937. New Light on the First Bank of the United States. Pennsylvania Magazine of History and Biography 61:263–85.
• White, Lawrence H. 1984. Free Banking in Britain. Cambridge: Cambridge University Press.
• ———. 1989. Competition and Currency. New York: New York University Press.
• Wilburn, Jean A. 1964. Biddle’s Bank. New York: Columbia University Press.
• Williamson, Oliver E. 1985. The Economic Institutions of Capitalism. New York: Free Press.
• Wilson, John S. 1957. French Banking Structure and Credit Policy. Cambridge, Mass.: Harvard University Press.Organization.

Download this free pdf ebook here.

Source : -

Incoming search terms:

• A History of Central Banking in Great Britain and the United States ebookee
• Americas Free Rider Problem
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• Treats the historical development of central bank

Of course the below tips can also be using if you plan to Switch to another Banking in your Area.

This ebook content :

• Tips to Make the Switch Easy
• New Account Application
• Direct Deposit Switch Authorization
• Automatic Payments/Transfers
• Account Closing Letter for your old bank

Simply print out these forms (included in this ebook) and complete them at your convenience. Then, bring them to any branch and your personal bankers will promptly set you up with your accounts. Or, just come into any branch and of your bank that you had choise.

Tips to Make the Switch Easy :

• Open new account(s) at your New Bank choise (example form enclosed)
• Sign up for direct deposit (example form enclosed)
• Sign up for overdraft protection
• Change all automatic payments/ transfers to your new account (example form enclosed)
• Stop using your old account(s)
• Be sure all checks have cleared your old account(s) and that all automatic payments and debits have been stopped.
• Be sure your old overdraft line is paid off
• Fill out the Account Closing Letter (example form enclosed)
• Be sure you receive a closing statement from your old bank
• 10 Ask us about mortgages, home equities and other loans

For full detail (with many example form enclosed), just download this free pdf ebook here.

All businesses would welcome extra cash to pay bills or to expand. This guide looks at tactics you can employ in three areas of your business to raise these extra funds.

1. Internal sources
2. Your customers
3. Your suppliers

1. Internal sources
   People often overlook internal sources of cashflow improvement. Before you look anywhere else, see how much money you can release from within your own business through improved management.

   Use cashflow forecasts to anticipate difficult periods and seasonal fluctuations. Good management begins with the ability to anticipate what lies ahead. Regular cashflow forecasts will show you when cashflow difficulties are likely to occur (such as seasonal dips) and will enable you to plan for shortfalls. You will also make a more favourable impression on lenders if you approach them for finance well beforehand rather than during a cashflow crisis. 

   Plan for your commitments
   Set money aside in advance for tax obligations and also for major bill payments. For more on this subject see the related Solution Guide: ‘Tax made simple.’ 

   Review or renegotiate your financing options
   Speak to your Business Banking Manager about different financing options. Is the structure of your financing balanced, and are you using the right kind of finance (for example, short-term versus long-term finance)? Could you make any changes to improve your cashflow position?

   Reduce stock levels
   You can get the quickest cashflow results from more efficient stock control – or getting rid of surplus stock. Stock is ‘money in chains,’ so look hard at your stock levels. Identify your fastest moving stock and concentrate on that. Hold a sale to free up cash by getting rid of outdated, surplus or non-core stock. The most efficient businesses are those that can turn their stock over quickest. Consider this: if you normally carry $50,000 worth of stock and you can reduce that by 20%, you can put $10,000 into your bank account. Could you achieve this several times a year?

   Increase sales (particularly cash sales)
   Brainstorm the quickest way of increasing cash sales. For example, delegate a staff member to contact the top 20% of your customers who give you 80% of your business. Offer them special deals or discounts for prompt cash payments. Could you sell them additional or complementary products or services?

   Reduce overheads
   Pay close attention to your business expenses over a six-month period to get a feel for where the money is going. Identify what you can cut back without affecting your service levels. Ask the hard question: “Are these dollars I’m spending really earning money for my business?”

   Review or defer all expenditure
   If you need office furniture or equipment can you buy second hand rather than new? Do you really need a luxury car? Could you downgrade one level? Ask: “Do we need to do this now? Is it going to be productive?”

   Look for extra income
   Do you have excess office or warehouse space? Could you rent out part of your office or facilities to bring in more cash? Could someone hire your equipment after hours? For example, a hairdressing business rented out its central city salon at night to a person who operated it as an all-night salon.

   Sell assets, rent or lease equipment
   Are there any unproductive assets you could sell? Could you sell and lease back certain equipment? Should you rent or lease capital equipment instead of buying it? Ask your accountant for advice here.

   Tighten systems and control staff
   Keep control of your own business. Who signs cheques and makes buying decisions? Reduce opportunities for theft or fraud or simply for thoughtless spending. One businessperson found staff had ordered sufficient stationery to last for five years ‘to take advantage of a good price.’ This money could have been better spent on growing the business.

   Subcontract rather than employ
   Could you save money (and administrative expenses) by subcontracting certain work rather than employing someone? 

   Factor your invoices
   Raise money quickly by discounting your invoices to a factoring company.

2. Your customers
   Raise prices
   Consider raising your prices. Many businesses are afraid of this step, but it often brings very positive cashflow results.

   Alternative payment methods
   Get to know your important customers. Putting some effort into good customer relations can pay quick dividends when you need cash in a hurry. For example, you could ask selected customers to: 
   • Pay by credit card (you get the money immediately, the customer gets up to 55 days credit).
   • Pay a deposit on a large order.
   • Make progress payments as work is completed or goods delivered.

   Make payments easier
   To encourage early payment, offer your customers as many payment options as possible, including direct credit, EFTPOS, and on-line payments.

   Improve communications
   Make it easier and cheaper for your customers to contact you: consider freephone and freefax services and promote your email address.

   Speed up the business cycle through e-commerce
   Reduce costs through e-commerce and speed up payments by emailing invoices and encouraging on-line transactions.

   Create efficient systems
   Work at releasing the money locked up in unpaid invoices. Efficient systems can greatly improve your cashflow. Here are some tips:
   • Credit check all new customers.
   • Invoice promptly, identify late payments early and follow up promptly.
   • Collect money faster. If your customers take an average of 45 days to pay you, set a goal of reducing this to 30 days. 
   • Change your terms of payment to 7 days net rather than 20th of the month following invoice date.
   • Consider cash discounts for early payment of invoices. 
   • Think of ways to increase cash sales and decrease credit sales.

3. Your suppliers
   Strengthen your relationship with your suppliers. Establish a good track record in paying your accounts. Once you’ve gained the trust of your suppliers by paying their bills regularly, try negotiating discounts or better terms of credit. Any discount is worthwhile, so always take them. Good relationships also mean a better chance of being offered special deals.

   Give ample warning of payment problems
   Give your suppliers ample warning if you foresee a problem in paying a bill. Nobody likes surprises sprung on them at the last moment. The closer your relationship with suppliers the easier it generally is to negotiate payment problems. Some options: 
   • Can you make a part payment?
   • Can you pay by credit card?
   • Can you ask the supplier to take back some surplus or obsolete stock?
   • Can you negotiate better prices or extended credit? (If you don’t ask, you don’t get!)
   • Can you find an alternative supplier (for example, by searching on the Internet) who might offer better terms?

   Just-in-time ordering
   Try to make your supplier or wholesaler your warehouse and let them carry the financial burden. (But balance stock reduction against your ability to satisfy your customer’s needs quickly and completely.)

   Cashflow checklist
   Finally, use the cashflow checklist that follows to identify possible cashflow tactics and draw up an action list for your business.

Possible cashflow improvements – Action NOW or Consider Later !

1. INTERNAL SOURCES

• Generate cashflow forecasts to predict problems
• Anticipate bill and tax obligations and set money aside
• Factor invoices to raise cash
• Reduce stock levels through sale
• Offer surplus stock to selected customers
• Increase rate of stock turnover
• Reduce overheads: defer spending/buy second hand equipment
• Tighten office buying and spending/reduce theft, fraud risk
• Subcontract rather than employ extra staff
• Sell surplus assets/lease or rent equipment
• Review or renegotiate financing options with Bank
• Look for extra income from unused equipment, space or facilities

2. YOUR CUSTOMERS

• Consider increasing prices
• Develop relationships and offer special deals to best customers
• Seek alternative payment (credit card, part or progress payment)
• Make payments easier, improve communications
• Speed up business cycle through e-commerce
• Credit check all customers
• Invoice promptly, follow up overdue payments promptly
• Change terms to payment in 7 days
• Collect money faster by shortening average collection time
• Sell additional or complementary products to customers
• Consider discounts for cash payment
• Increase cash sales, decrease credit sales

3. YOUR SUPPLIERS

• Develop relationships and a reliable payment track record
• Get advance notice of special offers
• Take advantage of discounts
• Ask supplier for alternative, more favourable payment methods
• Pay suppliers by instalments
• Pay by credit card
• Renegotiate terms/ask for extended credit
• Ask suppliers to take back surplus or over-ordered stock
• Use just-in-time ordering to reduce stock levels
• Search for alternative suppliers

Further information:
To talk to someone about your business banking needs call 0800 16 88 88 and we will put you in touch with the Business Banking Manager nearest you or visit www.nationalbank.co.nz/business

To download the ebook version of this post click here.

DISCLAIMER: THIS MATERIAL IS PROVIDED AS A COMPLIMENTARY SERVICE OF THE NATIONAL BANK OF NEW ZEALAND, PART OF ANZ NATIONAL BANK LIMITED (“BANK”). IT IS PREPARED BASED ON INFORMATION AND SOURCES THE BANK BELIEVES TO BE RELIABLE. ITS CONTENT IS FOR INFORMATION ONLY, IS SUBJECT TO CHANGE AND IS NOT A SUBSTITUTE FOR COMMERCIAL JUDGEMENT OR PROFESSIONAL ADVICE, WHICH SHOULD BE SOUGHT PRIOR TO ACTING IN RELIANCE ON IT. TO THE EXTENT PERMITTED BY LAW THE BANK DISCLAIMS LIABILITY OR RESPONSIBILITY TO ANY PERSON FOR ANY DIRECT OR INDIRECT LOSS OR DAMAGE THAT MAY RESULT FROM ANY ACT OR OMISSION BY ANY PERSON IN RELATION TO THE MATERIAL. © 2004 THE NATIONAL BANK OF NEW ZEALAND, PART OF ANZ NATIONAL BANK LIMITED. ALL RIGHTS RESERVED.

1. The security of your computer, and
2. The security practices you adopt for online banking.

The suggested guidelines below will help to secure your computer and online banking habits from potential viruses, worms, and malicious e-mail to reduce the risk of online fraud and identity theft.

1.  Computer Security
Secure your computer with the following practices to help prevent online threats such as viruses, worms, and spyware:

1. Use current versions of the operating system and applications on your computer and ensure that security patches are up-to-date
   Most major software companies regularly release updates or patches to their software or operating systems to repair security problems.
   Some companies, such as Microsoft, offer you the ability to automatically receive these updates. All other vendor software updates can typically be found on their website.
2. Ensure that your computer has anti-virus and anti-spyware protection and make sure these programs are updated regularly
   Keeping these programs up-to-date helps protect you from current virus threats and spyware used to gather confidential information such as passwords, credit card numbers and social security numbers. Also, scan your computer for viruses and spyware at least once per month. If you currently do not have an anti-virus program installed on your PC, please visit these popular anti-virus vendor sites, like: www.symantec.com, www.mcafee.com, www.trendmicro.com.
3. Use a personal firewall to prevent intruders from compromising your computer
   Every computer system connected to the internet is at risk of an attack by an unauthorized intruder. Personal firewalls serve as a protective barrier between your computer, the internet and this risk. Personal firewalls can be either hardware or software and are a big part of improving the security on your computer.
4. If you use wireless networking, secure the network with the following practices to reduce the risk of being hacked by a wireless intruder:
   • Ensure wireless encryption is enabled and the encryption level selection is at least 128-bit encryption which provides a stronger encryption level.
   • Change the default administrator ID and/or password provided by your wireless equipment (e.g. wireless router) manufacturer.
   • Change the default wireless network name provided by your wireless equipment manufacturer so a hacker can’t use the default to try to access your network. Select a name that is equivalent to a strong password.
   • Consider the option that disables the broadcast of your wireless network name over the air at regular intervals. Broadcasting the name is unnecessary and increases the likelihood that an unwelcome neighbor or hacker will try to log in to your network. Also consider the option to limit access to your wireless network to only your computer device(s). Consult your wireless equipment manufacturer for assistance on how to select these options.
   • Beware that connecting to an unprotected network may result in an intruder gaining unauthorized access to your computer. It is possible for someone to monitor your internet connection and even record your password(s).
5. Do not download or run software from unknown sources.
   This applies both to software available on the Internet and sent via e-mail. Installing software from unknown sources increases the probability of installing malicious code or accepting computer viruses. Also, exercise caution when trading files with other users as these may also contain software.
6. Power off your computer when it is not in use.

2.  Online Security
Adopt the following practices to help protect your online banking and confidential information from fraud and identity theft:

1. Use strong password construction by adopting the following principles:
   • At least eight (8) characters in length if application allows.
   • Contains at least one upper and one lower case alpha character (e.g., a-z, A-Z).
   • Contains at least one digit and one special character if supported.
   • Is not a word in a standard dictionary (English or foreign) or publicly known slang, dialect or jargon.
   • Is not based on personal information, family names, pet names, the Bank’s name or geographic location, etc.
   • Does not contain ascending or descending characters, digits (e.g., abcd, 4321), repeating characters, or digits (e.g. aaaa, 3434).
   • Try to create a password that can be easily remembered. One technique is to create a password based on a phrase. For example, the phrase might be “This May Be One Way To Remember” and the password could be “TmB1w2R!”.
2. Change your password regularly, at least every 45 days.
3. Never share your password with anyone.
4. Never write your password down or store it online.
5. Use a different password for each online system you access.
6. Never use the “remember my ID and password” option on your computer.
7. Use your own computer when accessing online banking systems and never leave it unattended during an online banking session. Internet kiosks, cyber cafes, and other public use computers are not as secure as your own computer and should not be used to access personal financial information.
8. Practice safe browsing:
   • Do not download freeware or shareware; these programs often contain spyware or malicious applications.
   • Do not click on links or buttons in pop-up advertisement windows.
   • Use a pop-up blocker.
9. Conduct financial transactions only with trusted and secure sites. When shopping or banking online, it is important to make sure you are utilizing a secure connection. You can check for a secure site by looking at the web site address. Look for an “s” to follow http (i.e. https://). Also, many web browsers show an image of a padlock to indicate a secure connection. You can verify secure sites by “doubleclicking” on the padlock icon located at the bottom of your browser application and reading the site info in the box that appears.
10. Always log off of your on-line banking session and close your browser.

Additional Information:

E-Mail Security
E-mail over the Internet is inherently unsecured. Adopt the following practices to help minimize the risk of being the victim of fraudulent e-mail scams.

1. Secure Mail, a secure encrypted e-mail service, to communicate confidential e-mail information between the Bank and its clients.
   • When communicating confidential e-mail to bank, such as account numbers and social security numbers, always use Secure Mail service. Never communicate confidential information via normal Internet e-mail.
   • In addition to Secure Mail, you may also communicate confidential information by phone to your Bank representative, by mail, via our online banking secure messaging feature, or visit one of bank offices.
2. Do not open e-mail or attachments from unknown senders, especially executable attachments.
3. Be aware of e-mail scams and phishing. Phishing is an e-mail that falsely claims to come from a known sender. It typically provides a link to a phony website where you are asked to supply your confidential information.
4. Never respond to unsolicited e-mail asking for confidential information.
5. Avoid clicking on links provided in emails. It is better to type the address directly into your browser’s address bar.
6. Use e-mail filtering software to screen for unsolicited email (spam).
7. Consider installing a software tool that will assist in filtering spam from your email in-box. These tools can help reduce the likelihood of a virus or worm installing a malicious program on your computer or receiving e-mail phishing attempts.

For full report, you can download the free pdf ebook version of this post here.

Source : Boston Private Bank & Trust Company

Banking
Student current accounts usually give you:

• easy access to your money;
• transaction free banking;
• ATM cards; and
• debit cards like Laser.

What you need when you open an account?

• identification, such as a driver’s licence or passport; and
• proof of address, such as a utility bill.

If you are an international student, you will also need a letter from your college stating:

• you are a student at your college;
• the name of your course;
• your address in your home country; and
• your address in Ireland.

Borrowing
If you need to borrow money there are a number of options available.

Personal loans
You can borrow an agreed amount of money over a certain time and commit to repaying the loan, with interest. The interest rate may be fixed or variable and differs from lender to lender. Remember there may be extra charges if you miss repayments.

If you fail to meet your regular repayments it will affect your credit record. This will make it more difficult for you to get a loan, credit card or mortgage in the future.

Overdrafts
With an overdraft, you can spend more money than you have in your account. Your bank will set an agreed limit and may charge you interest on the money you spend.

Credit cards
You can borrow money now and pay it back at a later date. Try to pay off your bill before the end of the interest-free period. Remember that every card has a different interest rate, interest-free period, and charges.

Budgeting
Start the year by making a budget, which is a plan of what you can afford to spend, based on how much money you have. You can start making your budget by following the steps below.

Add up the income you expect to get, such as:

• grant cheques;
• wages from a part-time job; and
• an allowance from your parents.

List your expenses, such as:

• rent; electricity;
• food; books;
• clothes; travel;
• socialising; savings.

Remember to include any other major expenses, such as:

• a deposit on your accommodation; or
• one month’s rent in advance.

When you know how much money you will have (your income), you can make a budget showing how much you can afford to spend on your expenses.

Dos and don’ts

Do

• Do compare the annual percentage rate (APR) on loans or credit cards to find the best deal.
• Do find out what fees and charges apply to your account and regularly check if other accounts offer better returns or cheaper facilities.
• Do try to pay off credit cards in full each month to avoid paying interest.
• Do get in touch with the lender, if you know you will miss any repayments, and work out a new repayment schedule.
• Do complain if you are not happy with the service you receive.

Don’t

• Don’t be rushed into making a quick decision or sign a document that you have not read. Ask for a clear explanation if you don’t understand anything.
• Don’t borrow more than you can afford.
• Don’t use your credit card to withdraw cash from an ATM or bank. There is usually a transaction charge and a high rate of interest.
• Don’t use credit cards as a source of long-term borrowing.
• Don’t go over your overdraft limit. The penalties may be costly.

Download the free pdf ebook version of this post here.

Source : www.itsyourmoney.ie

1. Examine your gross pay
2. Study the types of deductions
3. Identify federal income tax deductions
4. Identify Social Security deductions
5. Identify state income tax deductions
6. Identify local income tax deductions
7. Identify retirement deductions
8. Identify insurance deductions
9. Identify miscellaneous deductions
10. Examine your net pay

1. Examine your gross pay
   Most paychecks come with a “stub” (an attachment) that shows the total earned and the deductions. Begin by examining your gross pay.This is what you earned before any amounts were deducted.
   Here’s a basic fact to remember: Employees are classified as either “exempt” from federal overtime laws or “nonexempt.”
   - If you are nonexempt, your employer must pay you extra when you work beyond your scheduled hours. Your overtime pay must be at least 1.5 times your regular pay. Make sure your overtime is included in your gross pay.
   - If you are exempt, you don’t get paid for overtime. Instead, you receive a salarythat stays the same no matter how many hours you have worked.

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2. Study the types of deductions
   Deductions from your paycheck are also called “withholding,” and they fall into different categories. Be sure you understand what all of them are. If you don’t understand, ask your supervisor or the Human Resources department.
   - Common categories of deductions include these:Federal income tax, Social Security and Medicare, State income tax, Local income or wage tax, Retirement plans, Health insurance and other insurance.
   - Tax rates often change, and so do insurance costs. For this reason, the amounts deducted from your pay may change from one year to the next. The remaining tips in this lesson use typical current rates to give you an idea of how the deductions work.

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3. Identify federal income tax deductions
   Federal income tax often accounts for the largest amount withheld from your pay. On your stub, this deduction may be labeled “FIT” or “Fed Wt.” The amount withheld depends partly on the number of “allowances” you claim on the W-4 form that you fill out when you are hired. You get an allowance for each dependent, such as a spouse or child.
   - Imagine a single person who earns $26,000 in salary per year. Suppose this person is paid weekly. The gross pay per week is $26,000 divided by the 52 weeks in a year: Gross pay: $26,000.00 ÷ 52 = $500.00.
   - By current rates, this person would owe about $2,665 in federal income tax for the year. To find the FIT deduction from each paycheck, divide this $2,665 by the 52 weeks in a year: FIT deduction: $2,665.00 ÷ 52 = $51.25.

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4. Identify Social Security deductions
   Your Social Security withholding may be listed on your stub as FICA, which stands for the Federal Insurance Contributions Act. This is the act that allows Social Security deductions from your paycheck. Actually, there are two parts of FICA, and they may be listed separately:
   (1) OASDI : This is short for Old-Age, Survivors, and Disability Insurance, the program that pays you money after you retire.
   (2) Med or Medi : These abbreviations stand for Medicare, which provides health insurance after you retire.
   - The current tax rates are 6.2% of gross pay for OASDI and 1.45% for Medicare.
   - Using these rates, the deductions for a weekly gross pay of $500 would be: OASDI: $500.00 × .062 = $31.00. Medicare: $500.00 × .0145 = $7.25

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5. Identify state income tax deductions
   The great majority of states collect their own income tax. This is separate from the federal income tax. Some states use a “graduated” tax rate like the federal government, meaning that people with higher incomes pay a higher percentage. Other states use a “flat” tax, meaning that everyone pays the same percentage.
   Your state income tax may be identified on your paycheck with an abbreviation for the name of the state: TN, for example, for Tennessee.
   - Imagine you earn $500 in gross pay per week and your state has a flat tax of 3%. How much would your employer deduct from each paycheck?
   - For the answer, multiply $500 by 3%, or .03: $500.00 × .03 = $15.00.

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6. Identify local income tax deductions
   Cities and towns, like other levels of government, need money to provide services to residents. For this reason, many of them charge an income tax, sometimes known as a wage tax.
   Typically the wage tax is a flat rate, the same percentage for everyone. In a few areas, the local wage tax is higher than the state income tax.
   If you live in a locality that collects such a tax, the deduction will show up on your paycheck stub.
   - Again, assume that your weekly gross pay is $500. The township where you live charges a flat 1.5% local income tax. How much will your employer deduct from each of your paychecks?
   - For the answer, multiply $500 by 1.5%, or .015: $500.00 × .015 = $7.50.

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7. Identify retirement deductions
   Many employers offer retirement plans. These are designed to provide you with income when you retire (in addition to what you will get from Social Security). Retirement plans come in many varieties. Yours may be called a pension fund, a 401(k) plan, a SEP-IRA, or something else.
   In many plans, the employer contributes some money and you put in the rest. Your contributions are deducted from your paycheck.
   - Suppose your employer has a “matching” retirement plan. You choose to put in 2.5% of your salary, and your employer matches this by contributing the same amount.
   - If your gross weekly pay is $500, your deduction is 2.5% of $500: $500.00 × .025 = $12.50

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8. Identify insurance deductions
   Many employers provide health insurance, but often you have to pay at least part of the cost. Sometimes you have a choice of insurance plans. Your employer may also allow you to sign up for life insurance, disability insurance, and other types of coverage. The employer should tell you what each type of insurance costs and how much will be deducted from your paycheck.
   - Say you have a health insurance plan that costs $4,680 per year. Your employer agrees to pay half. The rest will be deducted from your pay. For a weekly paycheck, how much will be deducted?
   - You can figure your deduction like this:Per year: $4,680.00 ÷ 2 = $2,340.00. Per week: $2,340.00 ÷ 52 = $45.00.

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9. Identify miscellaneous deductions
   In addition to the types of withholding explained in tips 3 through 8, you may see various other small deductions. For instance, all states provide unemployment insurance. The costs are usually paid by your employer. In a few states, however, a small amount is deducted from the employee’s paycheck.
   Several states also provide their own disability insurance. This type of insurance gives you income if you are too disabled to work. The insurance fees may be taken out of your paycheck.
   - Suppose your state provides disability insurance with a fee of 1% of your salary. For a weekly gross pay of $500, how much would your deduction be?
   - For the answer, multiply $500 by 1%, or .01: $500.00 × .01 = $5.00.

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10. Examine your net pay
    Your net pay is the actual amount of your paycheck after all the deductions are subtracted. You need to know this to manage your spending. When you get your first check, you may be shocked by how large a bite the deductions have taken!
    - Throughout this lesson, we’ve used examples based on a yearly salary of $26,000, or $500 per week. With all the deductions, what would the paycheck be?
    - Here is the calculation:
    Gross pay = $500.00
    Federal income tax = –51.25
    OASDI = –31.00
    Medicare = –7.25
    State income tax = –15.00
    Local income tax = –7.50
    Retirement plan = –12.50
    Health insurance = –45.00
    State disability insurance = –5.00
    NET PAY = $325.50

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Career Solutions Training

Simple, Practical, Easy to Use. Reproducible Lessons on Personal Finance

Spending and Budgeting
10 Lessons on Controlling Your Spending
Understanding Your Paycheck, Managing Your Expenses, Staying Out of Debt, Evaluating a Purchase, Calculating the True Costs, Using Discounts and Coupons, Reacting to Advertising, Avoiding Scams and Fraud, Alternatives to Spending and Adapting Your Lifestyle to Your Paycheck.

10 Lessons on Budgeting and Record Keeping
Financial Planning, Setting up a Budget, Keeping Records, Estimating Expenses, Budget Problems, Cutting the Fat in Your Budget, Coping with Taxes, Dealing with Debt, Sharing Expenses and Using Technology.

10 Lessons on Housing and Transportation Expenses
Calculating Your Housing Budget, Finding a House or Apartment, Evaluating Your Lease, Renter’s and Homeowner’s Insurance, Controlling Transportation Costs, Buying a New Car, Buying a Used Car, Leasing a Car, Choosing Car Insurance and Servicing Your Car.

10 Lessons on Living Expenses
Grocery Expenses, Clothes Shopping, Furniture Shopping, Entertainment Expenses, Wedding Expenses, Medical Expenses, Family Expenses, Telephone Expenses, Moving Expenses and Unexpected Expenses.

Banking, Saving and Taxes, Investing and Borrowing
10 Lessons on Banking
Opening a Checking Account, Starting a Savings Account, Writing Checks, Balancing Your Checkbook, Using ATMs, Using Credit Cards, Stop Pays and Fund Transfers, Recognizing Bank Problems, Special Bank Services, Online Banking.

10 Lessons on Savings and Taxes
Reasons for Saving, Become a Saver, Roadblocks to Saving, Coping with Inflation, Choosing a Savings Approach, Understand Taxation, Federal Income Taxes, State and Local Taxes, Miscellaneous Taxes, Reducing Taxes.

10 Lessons on Financial Planning and Investing
Setting Short-Term Goals, Setting Long-Term Goals, Keeping Financial Records, Financial Planning, Planning for Retirement, Planning for Later Years, Plan for the Unexpected, Areas for Possible Investment, Pitfalls of Investment, Consulting a Financial Advisor.

10 Lessons on Borrowing
Appropriate Times to Borrow, Applying for a Credit Card, Understanding Credit Card Finance Charges, Resolving Credit Disputes, Avoid Abusing Credit Cards, Avoiding Credit Card Abuse by Others, Checking Credit Reports, Overcoming Bad Credit, Obtaining a Bank Loan, Mistakes of Borrowing.

For more detail, download the ebook version of this free pdf e-book here.

Source : http://www.careersolutionspublishing.com

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Don’t let an underperforming system cost you business conversion to a new Internet Banking Solution is easier than you think.

By Will Ferrell – Vice President

Executive Summary
Internet banking enables customers to save time, take control of their personal finances and even help the environment by opting to receive electronic statements. According to Javelin Strategy & Research, 61 million households regularly use Internet banking today, and 82 million online banking households are expected by 2012. For Internet banking users, online banking services are the third most important driver of financial institution selection, falling just behind rates/fees and customer service.

These days, it’s not good enough to simply offer online banking services, however. To maintain existing customers and attract new ones, financial institutions need to keep their offerings up to date with the latest features.

Who are these customers? In a nutshell, they are younger, wealthier and more desirable than the average banking customer. Javelin reports that 89 percent of young adults have tried Internet banking, with 53 percent reporting they had banked online within the previous seven days. Considering 30 percent of online bankers aged 25 to 34 join to save time and 21 percent join to get more control over their finances, financial institutions must ensure the capabilities of their Internet Banking Solution proficiently deliver on these customer needs, especially as younger customers gain more and more financial responsibility.

Online banking doesn’t just appeal to the young and the hip; it appeals to the more educated and affluent segments of the population as well. Eighty-six percent of individuals with incomes over $75,000 have used Internet banking and 62 percent of these users have done online banking in the last seven days. Online bankers fit the profile of customers that financial institutions want to attract. In addition to their appeal as consumers of financial services, they are also systematically easier to serve.

Internet banking users are $241 more valuable annually to banks than offline customers

The Importance of Internet Banking
Why is Internet banking so important? Convenience, control and cost savings are the three primary motivators that drive consumer adoption of online banking. In 2007, 30 percent of online bankers reported they joined to save time, according to Javelin Strategy & Research’s 2007 Online Banking and Bill Payment Report.

These online bankers want to conveniently access their financial information and conduct activity anytime, anywhere particularly younger customers who have grown up expecting immediate access to information and the ability to conduct daily tasks while “on the go.” Fifteen percent of online bankers joined for better control, which comprises improved security, as well as the ability to manage account activity and household budgeting, and to better organize financial records. Cost savings, the third key usage driver, results from avoiding trips to the bank and from replacing paper check remittance with online bill payment.

For financial institutions, Internet banking offers a myriad of direct benefits. Online bankers conduct transactions faster and more easily with 24/7 self-service applications. This not only makes the institution more valuable to customers but also reduces operational costs. For instance, a face-to-face transaction with a teller costs financial institutions considerably more for labor and paper than an online transaction.

Internet banking further reduces costs by decreasing lobby traffic, customer phone calls and the need to print and mail paper statements.

The three main factors that drive customer adoption of online banking are convenience, control and cost savings

Choosing the Right Internet Banking Solution
With the right Internet Banking Solution, financial institutions can alleviate the limitations and challenges they are experiencing with their current system. In effect, the institution can save significant time and money, while greatly reducing the risk of losing valuable customers due to an inadequate solution.

For many small- and mid-sized financial institutions, an outsourced solution makes the most sense. Excellent, ready-made options are available to enable these institutions to offer the functionality their customers demand without expensive internal development and ongoing maintenance requirements. An outsourced solution not only reduces costs, but also increases flexibility and security.

The first criterion when researching an outsourced solution should be high availability, with documented uptime statistics of at least 99 percent. An optimal solution will also include a call center for account holders to easily contact with questions or concerns. While most Internet banking providers expect financial institutions to take their own calls, some providers offer post-conversion, 24/7 customer support directly to the institution’s customers. Financial institutions typically choose the duration that the provider operates this call center, which may be as brief as six months.

Features and functionality are the next most important decision criteria. Before selecting a provider, the financial institution should have a solid understanding of their “must have” functionality. Assessing vendors based on the breadth of their offerings is critical. It’s not enough to simply check off the specific features that are being sought. Financial institutions need to understand a potential vendor’s recent product enhancements, as well as their product roadmap. Financial institutions must be sure to select a partner that will move them forward as customer needs and technology evolve.

An optimal Internet Banking Solution also integrates as many end user offerings as possible, from e-statements to check imaging to cash management to mobile banking. This integration provides a seamless, efficient experience for the user. Additionally, the solution should integrate effective security, anti-fraud and risk analysis tools. The online channel already promotes security by enabling frequent monitoring of account activity and superior alerting capabilities. Along with security, anti-fraud and risk analysis tools, financial institutions can effortlessly offer customers a fraud protection guarantee.

Pricing, of course, is always a key selection criterion. Although rare, there are Internet banking providers that offer customized pricing packages.

Depending on the quantity of users, institutions may wish to pay a fee per user or a flat fee. Notably, most providers charge for all registered Internet banking users, regardless of activity level. Conversely, a better pricing model automatically tracks activity and only charges for active users. Smaller financial institutions typically prefer paying per active user, while larger institutions with an extensive number of users typically prefer paying a flat fee.

In addition, an optimal solution provides all of the audit and reporting documentation that financial institutions need. As audit trails are synonymous with bank technology, financial institutions require an Internet Banking Solution that offers intelligent audit and reporting functionality.

As financial institutions grow, their Internet Banking Solution must grow alongside them to continue to meet their business goals and their customers’ needs. With an integrated solution from a premier provider, they can smoothly integrate additional modules over time, allowing for flexibility and scalability.

Key Unmet Online Banking Needs:

1. Multi-year statement history
2. Consolidated bill payment
3. Expedited payment services
4. Inter-institution account transfers
5. Enhanced e mail alerts
6. Personal financial management

Hundreds of financial institutions convert their Internet banking platforms each year, with most resulting in increased customer satisfaction.

Multiple pricing models exist so look for one that charges for active users instead of registered users

More explanation from this free ebook:
In this free ebook you will learn deeply about:

• Meeting Today’s Customer Needs in Internet Banking
• Common Challenges with Internet Banking Providers
• Common Concerns About Conversion
• Best Practices for Successful Conversion
• Convert to an Optimal Internet Banking Solution
• and much more …

For complete reading, just download this free pdf ebook here.

Source : http://www.firstdata.com

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Two-Factor Authentication Means Stronger Security
Two-factor Authentication protects you from Internet banking fraud. It uses two elements to verify a user’s identity:

The Benefits Of Using Two-Factor Authentication

1. Protection for high-risk transactions – All high-risk Internet banking transactions (such as fund transfers to non-designated accounts) are protected by an additional authentication factor that is physically held by you alone.
2. Much more security – Computer hackers cannot steal something you have physically by way of the Internet.

For enquiries about this security feature, please contact your bank.

4 Safety Tips

TIP 1: Safe Log On / Safe Log Off

1. Never access your Internet banking website from a public computer (e.g. in a cyber café)
2. Close all browser windows before logging on to Internet banking to protect your personal information from unauthorised access from another website.
3. Always log off after using Internet banking service.

TIP 2: Safeguard Your Identity

1. Use safe passwords that are:
   - different from your user IDs
   - easy to remember only by yourself
   - difficult to guess
   - a combination of letters and numbers of at least 6 characters.
2. Never disclose your online passwords to anyone (including bank staff and the police) and do not record them anywhere. Contact your bank immediately if you believe your passwords have been compromised.
3. Do not use the same password for other online services, e.g. e-mail or Internet access, or for other Internet banking accounts.
4. Change your passwords regularly.
5. Disable your browser’s AutoComplete’ function that remembers the data (including your online passwords) that you input. Refer to your browser’s ‘Help’ function for details.
6. Your device for two-factor authentication, e.g. smart card, security token or mobile phone, is now a crucial part of your personal identifier. Never leave it unattended or lend it to anyone.

TIP 3: Secure Your Computer

1. Make sure you are using supported versions of OS and applications. Enable the auto update feature to obtain and apply security patches regularly from trusted sources.
2. Install Internet security software with antivirus, anti-spyware and personal firewall features to perform real-time detection of new viruses, spyware and intrusions on your computer. Enable the autoupdate feature to obtain the latest virus and spyware definition files.
3. Do not download any freeware onto the computer that you use to access Internet banking.
4. Do not share computers: if you must share, set your own password to block access to your accounts.
5. Always disconnect from the Internet when you are not using it.

TIP 4: Be Alert

1. Check your bank balance and transactions regularly and notify your bank immediately if you discover any errors or unauthorised transactions.
2. Be wary of opening unexpected emails with attachments, and never click on a hyperlink in a suspicious email.
   Never use hyperlinks in emails or Internet search engines to log on to Internet banking. Always type the address into your browser or bookmark the genuine website and use that to access your bank account. The website addresses of banks can be obtained from the websites of HKAB and the HKMA.
   Never open an email attachment that contains a file ending with .exe, .pif, or .vbs as these are commonly used with viruses.
3. When an email claiming to originate from a bank looks suspicious to you, e.g. if it says you have won a prize draw or there is an offer for you to make some easy money without any action on your part, contact the HKMA hotline on 2878 8222 or the police hotline on 2860 5012-3.

Important:
Banks and the Police will never ask you for your password or send you emails requesting that information. If you receive such a request, contact your bank immediately.

Download the complete explanation of this post here.

Source : Hong Kong Association of Banks (HKAB)

Some of the ‘Safe Banking’ tips by ICICI Bank are as follows:

1. Protect yourself from Phishing

• Never reply to e-mails asking for your password or PIN
• Visit banks’ websites by typing the URL into the address bar
• Verify the domain name displayed to avoid spoof websites before using Internet Banking
• Never give away your account or card details for free gifts.

2. Protect your Money

• Check that the site is secure before shopping online

3. Protect your Internet password

• Never use unprotected PCs at cyber cafes for Internet banking
• Never leave the PC unattended when using Internet banking in a public place
• ‘Log off‘ and close your browser when you’ve finished using Internet banking
• Never install, run or use programs or files obtained from unknown sources.

4. Protect your PIN

• Never let a stranger assist you at the ATM.

5. Protect your Money

• Count the money and put it in your wallet before leaving the ATM.

6. Protect your Money

• Report lost or stolen credit card immediately
• Check your monthly credit card and bank statements for unusual activity.

7. Protect your Savings

• Never keep your PIN and cards together
• Always draw a line through unused space on the cheque
• Never leave your cheque book unattended
• Never sign blank cheques
• Remember to cross your cheque whenever applicable
• Count the number of cheque leaves whenever you receive a new cheque book.

More detail, just download the ebook version of this post here.

Source : http://www.icicibank.comand PRLog.Org – Global Press Release Distribution.

Introduction
As a valuable and controversial tool in our economy today, technology can only help improve our lives when used properly. With technology at the heart of most successful businesses, and greatly contributing to our nation’s gross domestic product, we cannot ignore the power and advantages it has on the United States economy. Banking is known worldwide for predictable business practices and measurable evolution. However, banking as any other type of business relies on technology to be successful. Over the past few years, various studies have shown that there is a correlation between banking sector productivity and technology ….

Growth in Online Banking with Technology
The American Banking Association estimated in 1996 that online transaction costs $.01, ATM transaction costs of $.27 telephone transaction costs $.54 and a branch transaction costs $1.07. New online technology would yield market control by:

• Enhancing customers’ satisfaction and improve customers retention;
• Gaining advantages through Intranets and Extranets
• Fundamental shift of power to consumers through information accessibility
• Traditional branch network can be reduced and smaller staff strength expected

Figure 1 below shows how banks rank in their efficiency in providing online customer service. SunTrust customers exert little effort choosing a checking account due to up-front, detailed information. Currently, twenty-eight million households in the United States bank online. Recent forecasts indicate that by 2010 over fifty million U.S. homes will be banking online. Exponential growth of Internet users since the middle of 1990s is an unequal business phenomenon not witnessed or encountered ….

• USA has the highest user ratio of 32%, followed by 28% for Singapore, 23% for Australia and 19% for Hong Kong
• The fastest growth of internet users are found in East Asia: with China at 51%, Hong Kong at 44% and Malaysia at 41%
• E-Banking has filtered fast in to commercial banks such as Wells Fargo Banks in 1995,
• First Union Bank and Bank of America in 1996 and Citicorp and Banc One in 1997. Not until 1998, major houses such as JP Morgan, Bankers Trust, Chase and Fist Chicago are yet to move into this new medium of financial services (VNU Business Publications 2004).

Growth in Mortgage Banking/Loan and Technology
Mortgage banking is one of the last areas of consumer credit to be affected by the Internet. Electronic commerce has been slow to gain momentum in mortgage banking, but this is changing rapidly. Numerous barriers to true on-line mortgage lending remain, but they are toppling, and online originations can be expected to grow to more than 10% of the total market by 2005. TowerGroup estimates that in 1998 consumers completed nearly 65,000 mortgage loan applications on-line, which amounted to US$8 billion in mortgages.

While large, these numbers represent only about 0.55% of the estimated 12 million mortgage applications and US$1.45 trillion in mortgages originated in 1998 (TowerGroup 1999).

On-line lending has garnered considerable attention over the last few years. Already, products such as credit cards and second mortgages are commonly originated via on-line channels. On-line lending began in earnest in 1996, and originally this channel was widely dismissed by the financial services community. On-line lending has given rise, however, to both a new industry and a new way of conducting business. Beginning in 1996, loan aggregators and Web banks began to emerge. As traditional banks have seen margin erode in their liability businesses (checking, savings, money market, etc.), they have sought to expand their product offerings and customer base on the asset side (loan products, like credit cards, overdraft, mortgages, auto loans, etc.). Loan aggregators and Web banks pose a potential threat to the asset product strategy of many financial services institutions …..

Effect of Technology on Bill Payment
Free bill payment is a service that runs circles around the paper equivalent. Users can save time, save money (postage, late fees, and check printing fees), can improve bill tracking and budgeting, and make their financial life easier. And, if the electronic payment doesn’t post at the biller on time, the bank and/or processor will go to bat for them to resolve the problem. Banks insist on providing this beneficial and costly service free of charge because they are doing it for the “relationship” value.

Customers love getting something for nothing. The technology makes it simple to pay any bill to anyone from anywhere. It saves time, money, and it’s safe. That’s the main reason online bill payment is starting to take off. By 2005, an estimated 40 million American households will pay bills online ….

Growth in Customer Service with Technology
As financial institutions expand the variety of services they offer, they rely on technology to provide them a total and accurate customer view. Having consolidated information can assist in such areas as product marketing, making decisions on check acceptance or defining the more elite customers.

Improving customer service and retention by adding or upgrading customer relationship type solutions is a typical activity found in banks. According to Roy, a bank COO, technology can provide banks with the architecture for giving better, more targeted and more effective customer service. Roy explained: ‘A uniform and integrated retail delivery strategy is the key to success, and offers the maximum opportunity for differentiation, value addition, higher customer loyalty and branding …..

For full report, you can download this free pdf ebook here.

Source : http://www.eurojournalsn.com