Tips Guides

When people start searching for online banks to transact any type of banking business, they will find a large variety of financial institutions that are willing to provide a variety of financial services. Some of these online banking institutions offer only one type of service and it pays for consumers to shop for bargains in online banking needs just as aggressively as they would online shopping deals.

Many titles were assigned to online banking institutions and for good reason. On the surface, the lenders seem to offer the same services but after researching further, people can get the internet search engines to produce a complete list of banks under each title. Some people might consider the services of an internet bank to be sufficient, while others will find the list for top virtual banks to be very enlightening and they will also be more financially beneficial in many ways.

The services that some online banks offer are clearly centered on online checking accounts. No other financial transactions can take place through these online banking portals. Of course, there are no fees assigned to this type of online banking, nor should there be, since no real service is conducted. Some do establish checking accounts that are tied to the credit limits allowed on major credit cards, but fees are charged for every transaction. Most people would rely on this type of online banking service in emergency situations but never on a day to day spending need for shopping about town.

Some of the online banking information will divulge that the lending institution has ties to the military population, with exclusive benefits that are tailored to the needs of military families around the world. These lending institutions are branded banks that have extended their banking services to the virtual world of the internet because military people are often stationed in different locations throughout the world and must transfer money from hometown accounts to debit cards to have money while visiting a foreign port.

Some of the information that branded banking institutions provide will inform customers of which services are offered. Most online banking customers expect to get free checking accounts through online banks but are startled to find fees assigned to the regular checking account in the land-based bank that bears the same name. These courtesy fees are charged according to land-based banking policies to allow people working out of town, the option to use their online bill payment services at no charge, but the online banking balances must often remain above a certain level to continue to use these services, which can be inconvenient at times.

When customers take the time to reading online banking information found through search engines they begin to see how virtual banking pay off. When consumers find virtual banks that provide more friendly financial services at no charge, they have time then to consider all the savings possibilities available to them. Online banking customers can still perform traditional banking transactions but benefit more from the interest rates offered for the different transactions.

Virtual banks provide consumers with financial management opportunities, credit cards with reward programs assigned, free checking savings accounts with high yield interest rates on account balances and investment opportunities that are simply marvelous. These online banking institutions also promise to keep personal information private, which is hard to believe at times in this virtual world that is growing bigger everyday.

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For check cashing businesses there is great new technology to stop thieves in their tracks. There is a payroll check cashing system available that scans a person’s fingerprint to identify them and serve them quickly and confidently.

This way of protection eliminates fraud; it tracks check cashing history and improves business.

With the fingerprint scanning it detects repeat offenders no matter whose check they are trying to cash and it keeps them from cashing another stolen check.

It tracks customer history to determine who an offender was and to catch them in the act a second time. It includes a photo, contact information and their check cashing history. After the fingerprint scan the clerk can then view the history.

What are all the benefits to this technology?

- This helps businesses gain repeat business as their customers feel safe and secure using them for check cashing. Honest customers have no problem with the fingerprint scan and are happy to help and refer others.

- The speed of handling transactions is increased. There is less need to call banks or check IDS for verification.

- Profits are increased for check cashing businesses and with those profits usually come better rates and cheaper services.

- The need for manager involvement is decreased. Your checks are cashed with confidence and ease without final approval. The customers identity is checked within the system and any prior unusual activity will have been noted on the system.

- More ease of check cashing. The clerk runs the fingerprints and checks the system. They then will tell the customer if they are approved for cashing or declined.

How does it work?

1. The customer places their finger on the scanner.
2. The information and picture appear on the screen.
3. The check is run through the check reader to record check information.
4. The customers check cashing history appears on the screen along with the recommendation on accepting the check.
5. The clerk enters the check amount and fees are automatically calculated.

This is a great asset to the check cashing industry as this is not a form of ID that can be lost, stolen or faked. Businesses know who their customers are and can cash their checks with ease and assurance.

There is a fee table that a company can customize or clerks can override this during a transaction if needed.

Chains of stores can use this to share with all the rest of their locations. It stays private within the network. This data can also be shared nationwide. There is a secure database that shares bad check activity with all payroll check cashing system merchants.

Other merchants are notified if someone is attempting to cash another bad check or if they have outstanding items with any other check cashing merchant.

There is also notification when a customer is trying to cash unusually high amounts of checks within a short period of time to indicate possible fraud.

There are reports that are generated to provide merchants with the photo and other information related to that customer.

With this new technology, those that cash checks at these businesses can do so confidently and those that have had checks stolen in the past will know that if someone tries to cash their checks at one of the locations that have this software, that the thief will be stopped.

This is a great resource not only to check cashing businesses but to consumers as well. Cash responsibly.

Michael New Jr. is an authority in the financial industry. He has written hundreds of articles relating to consumer services and Utah Check Cashing.

Contact Info:
Michael New Jr.
(866)294-4672
miken@checkcity.com
http://www.checkcity.com

ATMs, or the automated teller machine, were the brilliant brainchild of several inventors who each capitalized and improved on an idea far ahead of its time when it was first conceived. An early and not-so-successful prototype was first conceived in the late 1930s when the idea of a hole-in-the-wall machine that would allow customers to make financial transactions was conceived. This invention was tested for approximately six months at a bank in New York City. However, it was determined that demand for such a service was low and the field test was discontinued.

Many experts acknowledge the earliest patent date for a modern ATM was in 1966. The development of the first free-standing ATM followed; and an ATM was soon installed at a bank in London. An English comedy actor is noted as the first person in the country to use the cash machine on June 27, 1967. The machine distributed pre-packaged envelopes which contained ten pounds sterling. The idea of a persona identification number (PIN) was also conceived around this time and later, the concept of storing a PIN on a card was developed.

Shortly afterward, the modern, networked ATM was developed and patented by yet another inventor, along with some investors. It was eventually installed at a bank in New York. The first ATM dispensed only cash, but was followed soon by a machine that offered full automated services, including deposits, transfers, cash advances, and more.

Initially, the ATMs operated off-line - money was not automatically withdrawn from a checking or savings account. At the time, accounts were not computerized. Therefore, banks were very selective about who received ATM privileges. Most often, ATM users were those who were credit card holders with good banking records. The inventors then developed ATM cards, which consisted of magnetic strips and a PIN to gain access. These cards differed from credit cards in that they had to include account information contained in the card’s magnetic strip.

Today, estimates suggest there are more than 1.5 million ATMs worldwide. Most machines are connected to interbank networks, which enable individuals to utilize machines for banking purposes that do not belong to the bank where the customer has their account or even in the same country where the account is held.

Besides being located on a bank’s premises, ATMs can be found in shopping centers, airports, grocery stores, gas stations, or other commonly used public spaces. The ATMs at these places are either on premise or off premise. On premise machines are advanced systems that allow multi-function and are connected to an actual bank branch. Off premise machines are installed by a financial institution or an Independent Sales Organization (ISO). These machines typically provide strictly cash services and are therefore cheaper, singular-function devices.

Although ATMs may have been originally conceived as cash dispensers, the system has developed to include many other functions as well. Fully integrated international ATM networks may also offer functions not directly related to management of a bank account. For instance, some ATMs can pay routine bills such as utilities, taxes, and legal fees; print bank statements; dispense postage stamps or lottery tickets; or recharge a pre-paid cell phone.

With the advent of online banking, ATMs have also provided a convenient method to access and manage one’s finances for those who prefer to do their banking outside of the traditional brick-and-mortar bank. In fact, today’s automated system means never having to enter the bank doors if one chooses. Hole-in-the-wall banking has certainly come of age.

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The fastest, most convenient way to access one’s bank account information, online banking has gained widespread acceptance for its ease, accessibility and security. From a home computer, users can log onto their bank account and initiate transactions 24 hours a day, seven days a week.

Benefits of Online Banking

There are numerous reasons online banking has gained its reputation as the new way to bank. First, it’s convenient. An account holder may access their information at anytime and from any computer connected to the Internet. Next, users can save the time and gas involved with driving to their local brick-and-mortar bank. Most importantly, online banking is increasingly secure. High regulation standards help in providing privacy and protection of account information.

With online banking, account holders also have access to a wide range of services. For instance, online banks offer their customers the ability to quickly review account information. Customers can view a summary for savings and checking or other accounts in one convenient location. Online banking also offers detailed account information, including payment histories, balances, and due dates on loans. Users may transfer monies between accounts, or in some cases, to other institutions where an account is held. Payments can be made on loans and customers may even calculate how much they can afford to borrow with an online loan calculator. Especially attractive, online banking allows customers to pay their bills, such as utilities and other obligations, from their home computer.

The bill pay feature has allowed customers to forego paying bills with checks, stamps, envelopes, and hassle. Customers can make payments to nearly anyone who would normally receive payment by way of a check. Both one-time and recurring payments can be set up with an online bank’s bill pay service. Once a bill is received, users simply log onto their computer and schedules payment for any day of their choice. Payments are made on time, making bill paying easier than ever.

A very practical service for some online banking accounts is the option which allows banking access to family members or other persons specified by the account holder. This feature allows joint owners of accounts full or limited access to specific transactions, such as account balance inquiries, transfers, bill payments, and more. For instance, an account holder might give access to a son or daughter at college to allow transfers in specified amounts into a specific account. It’s also useful for those who have someone sharing a repayment in a bill - giving them payment access to the bill pay service.

Another feature, online banking alerts, is sent to an email or cell phone via text message. Set up by a user based on preference, alerts provide instant information regarding an account balance or other transaction. For example, balance limit alerts are received when a balance goes above or below an amount the user has specified. Transaction alerts are received if a direct deposit is received, when a check clears, a withdrawal is made, or a purchase is made with a credit card. Alerts can also be set up to communicate bill payments that have been made.

With the phenomenal growth of online banking, banks continue to develop effective security features, creating peace of mind for customers and a wall of protection against identity theft. Users should always opt in for the additional security features offered by their bank. These programs may prompt a security question, such as a mother’s maiden name, if it does not recognize the computer from which a user is accessing the account. Customers should also look for “https” in the URL as well as a locked padlock icon in the lower corner of the screen. Most importantly, personal identification numbers (PINs) that use a combination of random numbers and letters will be much harder for a hacker to break through.

Another security feature of online banking is that it can be monitored nearly in real time. For those who think online banking is risky, a recent study by a major research firm found that the average days it takes to detect fraud for online account holders is 18 days. For those who monitor accounts from their monthly statements, it took an average of 114 days before fraud was discovered. It’s hard to deny that online banking is fast becoming the more secure way to handling and protecting finances.

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QROPS stands for Qualifying Recognized Overseas Pension Scheme and is a pension scheme that is offered to those who hold a UK pension plan but reside in another country. There are tremendous financial benefits if you plan accordingly. Why do you have to plan? That’s because you want to be able to access your pension plan when it is time. However, there is a restriction that you have to wait 5 tax seasons after being a resident of the UK before you can begin taking tax-free withdrawals. This can easily translate into a waiting period of approximately six years after you move.

As it stands, an individual can claim early retirement at age 50, but that is about to change. It has been entertained that the early retirement age is going to be raised to 55. Early retirement is usually granted because an individual must retire due to poor health or they are in a special occupation. After retirement, individuals may choose to live elsewhere, which is what QROPS (Qualifying Recognized Overseas Pension Scheme) is for. It allows an individual to receive their pension immediately as long as the pension assets are transferred to a registered QROPS (Qualifying Recognized Overseas Pension Scheme) pension plan in the resident country.

Why transfer your pension?

It is important that you take the pension benefits that you have worked so hard for and have them under your control. If you are younger than the retirement age, here are some things that you should consider:

- When living overseas, you can access up to 40% of your fund tax-free under the right circumstances before you reach the minimum retirement age. In terms of the right circumstances, that means that perhaps you are ill or you have an income situation that requires you to withdraw. If you request a withdrawal before the 5 tax season waiting period, it must be reported to the HMRC (Her Majesties Revenue and Customs) to be approved.

- Once you have reached the retirement age, you are allowed to use your fund’s balance for whatever you wish. This applies to whether or not you withdrew 40% prior to reaching retirement age.

- You are able to pass the fund on to any person you wish in the case of your death.

It is important that you transfer your pension so that you can access it when the time comes or access it prior to retirement age in case something happens that you need the money. This program was implemented by the HMRC in recognition of the many UK residents who were looking for something new throughout the world. They earned their money within the UK, so the development of QROPS (Qualifying Recognized Overseas Pension) ensures that those individuals still receive what is owed to them.

Benefits

As stated before, the pension money is tax-free. Other benefits include the fact that you are not required to purchase an alternatively secured pension or an annuity. You may also be concerned about the fact that a standard pension pays in sterling. Through QROPS (Qualifying Recognized Overseas Pension), the pension is paid in local currency. This means that there is no exchange rate risk. There is also no Lifetime Allowance Charge and you are able to invest your money as you please. All of these benefits make transferring your pension worth the time and the effort. The only downfall, it seems, is that there is some loss of protected rights. That includes any rights that were accrued under a defined benefit scheme or any rights that have been contracted out. However, if you move you cannot leave your money sitting in the UK, so it is in your best interest to have your pension transferred to where you are.

Offshore financial services firms headquartered in Bermuda, with subsidiaries in Grand Cayman, Bahamas and London. The LOM Group specializes in asset management, internationally domiciled accounts, QROPs, mutual funds and top notch customer service.

Borrowing money from a bank or lending institution can help one achieve personal and financial opportunities that may not otherwise be feasible. However, without proper knowledge and discipline, borrowing can get a person into trouble. When it comes to borrowing, being an educated consumer may save a lot of headaches and plenty of money.

To ensure access to the best loan rates and credit opportunities, keep these tips in mind:

1. Pay bills on time.

Late bill payments create creditor concerns. Enlisting handy devices like online bill pay services help keep one’s life organized and make bill paying easy.

2. Be responsible with revolving credit.

Revolving credit is open-ended credit, similar to a basic credit card. This type of credit gives the opportunity to spend whenever more money is needed or desired, as opposed to staying within one’s budget. Furthermore, borrowers should be concerned about the sometimes high interest rates attached to revolving credit.

3. Be prompt in responding to creditors’ phone calls.

Responsible borrowers stay in communication with their creditors - especially if they encounter trouble making a payment. It’s a good idea to take a proactive approach when it comes to maintaining good credit.

4. Review credit reports.

Since the U.S. government offers a free annual credit report program, there really isn’t any excuse to leave credit reports unchecked.

5. Be Smart about Debt Consolidation Programs.

With many U.S. consumers carrying significant credit card debt, debt consolidation programs are in high demand. The programs are typically a large loan that pays off other smaller loans. With consolidation, monthly statements and payments are typically reduced. In addition, if strapped for cash, a debt consolidation program may stretch payments out over a longer period of time - decreasing monthly debt payments.

Still, while these programs can be beneficial to borrowers, there are pitfalls to avoid. After all, the reality is that consolidation programs shift debt - they do not eliminate the debt. Borrowers still owe the money and it will have to be paid back sooner or later. One potential pitfall is that borrowers may feel that there is less outstanding debt. For example, a person may notice that credit cards once again have generous amounts of available credit. If this credit is used, it is possible to dig into an even deeper debt hole.

6. Use loan amortization calculators to plan for success.

A loan amortization calculator is intended to show how a loan will work month-by-month. The calculator helps determine how much interest will be paid over the years, and how much of the balance is paid off at any given time.

An online loan amortization calculator includes an amortization table for reference. After filling in information related to a loan, the calculator tabulates results in a textbox below the loan amortization calculator.

7. Look further than APR to choose the best loan

Some consumers make the mistake of comparing loans by only looking at the APR. Borrows should keep in mind, however, that not all lenders calculate APR the same way. Some may or may not include all the loan costs. For example, the credit report fee, appraisals fee, and inspection fees may not be included in an APR quote. Furthermore, because various lenders can charge different credit report fees, the APR comparison becomes less valuable. Customer-focused lenders may actually include more fees that accurately reflect a borrower’s circumstances, which may make their APR appear higher. Therefore, focusing solely on APR is not the best way to shop for a loan.

Overall, to choose the best loan, it’s helpful to look at each lender’s quote closely. One should take time to review the rate and closing costs - not just the APR - and note carefully which costs are excluded.

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