Banks-Money and Gold in Bank

Wells Fargo Financial National Bank Means Options

2010-01-06T03:52:00.001+07:00

Each one of us has enough to worry about on a daily basis. Juggling between work and family, schedules are full and the last thing you want to worry about is access to your accounts. Thankfully, some financial institutions have gone the extra mile to provide their customers with thorough service at the click of a button. If you have not yet, it is time to consider the services that Wells Fargo Financial National Bank offers.

No Task Too Small

A quick visit to the Wells Fargo Financial National Bank website provides customers with a number of online options. You can request a cash out refinance loan to pay off any existing debts and get cash upon repayment. Lower your car payments or consolidate existing debt easily and quickly. The information provided is extensive and covers most anything you could want to do!

Insurance for All

You never know when things will happen. The Wells Fargo National Bank also offers a variety of insurance types to keep you covered. Have you just bought a new home and want to make sure your investment is safe? Take out affordable homeowners insurance

. On the other hand, auto insurance is also offered as well as life and credit insurances.

Service Variety

Wells Fargo Financial National Bank offers a variety of services to its customers. Many of these, including insurance and loans, can be applied for online! Just visit their website and follow the application process. It is that easy, and convenient. You can get things started in the comfort of your home or wherever you might be! Even after the application process, your accounts can easily be managed from the Wells Fargo Financial National Bank website! Save yourself postage by paying bills online and enjoy the convenience that only comes with Wells Fargo!

How to save money on credit cards

2009-12-20T21:07:00.001+07:00

How to save money on credit cards This article will guide you on how to save money on credit cards. You can save up money which would otherwise be gone if you sign up with regular credit cards being offered before. Why is this happening? Why not? We all deserve to save up some of our money with all the purchases we make. But the reason behind all this credit card offers is because the competition to get the business of even existing card holders, not just new credit card applicants, is really heating up and these credit card companies are returning some of the money back just so you will go with them. This is really great news for us. But then again, before choosing a credit card that you think has really great offers, make sure to understand its terms first. You may end up losing more money than you did with your previous card. Here are some of the credit card offers that you can avail off from some of the major banks that provide credit card services, this can provide you a glimpse on how you save money through their offers; ALL ABOUT CREDIT CARDS • Chase Manhattan Bank – offers cash plus rewards, value miles, gas rebates, you can earn a mile for every dollar that you purchase, you can get free DVD's or CD's, earn points from shopping in selected establishments and a lot more. • Capital One – provides great rewards for those who frequently travel and uses their credit card for their purchases. Other offers include waved annual membership fee, miles earned don’t expire, cash backs, annual bonus and insurance against theft, physical damage, and loss on rental cars. They also offer extended warranties on your purchases and a lot more offers. • Citibank – offers low APR's for one year, instant application approval, waived annual fee, no liability on fraudulent card usage, cash gifts, miles and points rewards for purchases and a host of others as well. • American Express – Provides great cash backs, free rewards programs, very low interest rates, waived annual fees, zero percent APR, low balance transfer rates, travel accident insurance plans, buyer assurance plans, free tickets to major events like concerts, games plus an assortment of other offers. • Visa – easy accessibility with ATM's all over the world, bonus miles, zero percent APR, low interest rates, low balance transfer rates, cash backs, rewards, exclusive discounts, free accounts, waived annual fees and a lot more. These are just some of what these banks and other credit card establishments have been dangling to lure clients into their fold. With these credit card offers, you will surely be able to enjoy the perks and benefits of owning a credit card. They are virtually paying you to use their cards. But of course, getting these rewards and offers must mean you have to posses a good credit rating. People with a bad credit score can avail of some of the offers but only limited. So make sure that you handle owning a credit card right. Because if you have a good credit record, these credit card institutions will be waiting for you, offering you everything they can just to do business with you. Today is the great time to enjoy owning a credit card, and make some money out of it as well.

Find Out What Your Friends Think About Your Credit Card Transactions?

2009-12-20T21:04:00.000+07:00

A new service will allow you to let your friends, and the world, know everything you've purchased on your credit score. From a Washington Post article, I understand that Blippy is similar to Twitter, except it posts your credit card transactions, showing how much you spent, where you spent it, and in some cases, a detailed list of what you bought. Similar to Facebook statuses, your friends can "Like" what you purchased and even comment on your transactions.

Could Blippy encourage credit card debt? I can imagine some users would increase their spending so more transactions would show up on Blippy. They might even use the service to show off in front of their friends, saying "Look what I bought."

Could it become a competition to see who is spending the most on their credit cards? And if you max out your Blippy card, would you go out and get another one so you can keep updating? I can see how making credit cards more "social" would cause credit card spending to spiral out of control. Credit card companies are undoubtedly excited about the prospect of a social networking site that would drive credit card usage.

Blippy could create some problems, especially if you don't want your whereabouts known. You called in sick to work, but a spa treatment just showed up on your Blippy. You could get fired. Your wife thinks you're working late and sees you just paid for a room at the local hotel. You could end up divorced. The creep who's been stalking you sees you just purchased gas from the Shell on 5th Avenue You get the point...

You'd have to be very careful about what you purchased on your Blippy card. Some things you just don't want anyone to know, like that you've just paid to get your back waxed.

On the other hand, Blippy could help in early detection of credit card fraud. You'd know sooner if someone's been using your credit card or if a restaurant charged you the wrong amount. Plus, it sounds fun.

Right now, Blippy is in a beta stage being tested by a private group. You can sign up to be alerted via email when the service is open to everyone else.

Credit Card Debt

2009-11-16T11:17:00.002+07:00

Credit card debt can affect all types of individuals. Statically many college students find themselves a victim of credit card debt. Many students can recall that while in school they were bombarded with credit card applications. Many of them had very lenient requirements and the lure of the extra money appealed to many students and they signed up for credit card. Many students run up their credit cards with miscellaneous items and by graduation many have charged up several cards. However some individuals need credit cards to pay for expensive items at school such as housing and books and by the time they graduate they are faced with loans and credit card debt. There are countless other situations that have led people to have to depend on credit cards.

There are options for those that have large amounts of credit card debt. Users may be interested in credit counseling programs. They can help people determine what they need to do to get out of debt. Some of these programs are geared toward helping people improve their credit rating and pay off their debts without having to file bankruptcy. These groups help to negotiate better rates and payment plans for their customers. They are there for the customer and they work for the good of their client. They many also offer programs that teach customers not only how to manage their debt but how to manage their money overall. As mentioned previously many people get into trouble with credit card debt because they spend excessively on their credit cards without thinking about the ending result.

Credit card debt can creep up quickly but it can take several years to get out. Individuals who are interested can read about helping themselves get out of debt. There are legitimate websites that provide individuals with information regarding getting rid of their debt. Users can follow step by step guides that teach them the secrets of getting out of debt faster and easier than other methods. This is also a safer method for many individuals because unfortunately many credit counseling and debt programs are scams and instead of saving people money they end up costing people money. Individuals who have fallen victim to these scams or who simply want to save the money they would have to pay theses individuals and do the work themselves can follow the necessary steps to negotiate on their own. Many individuals were not aware that they could perform their own credit counseling services but they can.

There are a variety of rules and strategies that are great for negotiating debts. They can all be performed by the average everyday consumer. Bankruptcy and options such as that require outside legal services but that should always be a last resort. Most of the time there are simple steps that consumers can take to help them alleviate their credit card debt and reclaim their life. Credit card debt can be crippling to a person’s physical and mental health but it is possible to fight back and come out on top.

Article Source: http://www.upublish.info

Debt Consolidation Loans

2009-11-16T11:16:00.000+07:00

Keeping more than one credit card is a household scenario in today's open economy. And card holders face the real time difficulties to control. The new habit of the generation is to keep multiple cards on the wallet and play with the balance transfer loop. But it’s too risky in nature as the actual debt gets added with time and by the time water reaches to the neck level, it becomes too late for the users to come out of the debt. Because it’s not that difficult to extend the debt and satisfying the buying need of the card holders. Today’s economy allures the card holders to spend more by giving him options and choices for the products in one side and providing him with the means to pay later for their purchases in the other side. The entire economy runs on the future book adjustment. Therefore a consolidation strategy will help the card holder to fight against these unhealthy financial situations and give them a mean to plan their spending.

While opting for consolidation, it is actually important to know how these consolidations are done and the working model of the company that you are going to bank on. The company you are dealing with should be well reputed in the market, preferably a market leader in their area of business. There are industry forums, trade associations; business bureau can provide the valuable information about these companies. You may collect their credit rating, service rating, business history, financial statements, solvency ratios, legal status etc. from these industry bodies. The entire plan should be under a consultancy of a personal counselor. The role of a counselor is to analyze your credit status, setting priorities for the credit payments and their repayment scheduling, analyzing the assets and solvency ratio of the client etc. They work on the mutually agreed settlement amount which is a part of the credits and most of the banks agree to these settlements. The idea of this consolidation is to figure out a consolidated amount to be paid for all the credits and then break the payment to a monthly unit. So the idea of this credit card consolidation service is to help the creditors to recover their important part of debt from the debtors and help debtor to pay that. This consolidation process is a dynamic one as one's financial health keeps on changing with the time. So these consolidation service providers also ensure on these dynamics.

These services make a borrower a responsible repayment master and ensure the borrowed money is returned with responsibility and help the borrower to avoid bankruptcy. On the other hands, the credit card companies can turn the part of their bad debts into a payment receivable. So it’s a mediatory service adding value to both the ends. Statistics shown that after the introduction of these companies into the market, the credit rating of the individual borrowers has been dramatically improved. The trend and demand for these services are on all time high.

Article Source: http://www.upublish.info

Bankgold-Nazi Gold

2009-11-02T12:15:00.000+07:00

Many European Jews deposited their life savings in Swiss banks when WWII broke out during the 1930s and 1940s. And, after the war many were not allowed to recover their assets because their documentation was gone.

Swiss banks have come under fire in recent years because of their actions towards Jewish account holders after World War II and also because money that German Nazis plundered from defeated countries and their prisoners was held in Swiss banks. Christoph Meili, a former bank security guard, exposed the bank he worked for, saying that they destroyed records of people murdered in the Holocaust so that their money would not be returned to their heirs.

According to a report by Stuart Eizenstat on Nazi theft of Jewish assets, during WWII "between January 1939 and June 30, 1945, Germany transferred gold worth around $400 million ($3.9 billion in today's values) to the Swiss National Bank in Bern." It is believed that much of this gold was stolen from Jews and sent to Switzerland to be melted down and used to finance the war. According to Eizenstat, "Although there is no evidence that Switzerland or other neutral countries knowingly accepted victim gold ... at least a small portion of the gold that entered Switzerland and Italy included non-monetary gold from individual citizens in occupied countries and from concentration camp victims or others killed before they even reached the camps." This gold was deliberately mixed with other gold when re-smelted. It's assumed that the Swiss feared possible invasion from neighboring Germany.

After the war, to ensure that there could be no Nazi return to power, the Allies held or disposed of German external assets to prevent their return to German ownership or control. A plan was also made to take care of Nazi victims who needed aid. The Paris Agreement of 1946 provided that non-monetary gold recovered by the Allies in Germany and an additional $25 million from the proceeds of liquidating German assets in neutral countries would be transferred to the Intergovernmental Committee on Refugees.

The 1946 Allied-Swiss Washington Accord was held by the United States, United Kingdom and France. Switzerland was invited to discuss issues as a result of the Paris agreement. Under the Washington Agreement, Swiss negotiators agreed to transfer approximately 250 million Swiss francs ($58.1 million) of gold into the Tripartite Gold Commission's (TGC) monetary gold pool. In return, according to Eizenstat, the United States, United Kingdom and French governments agreed to "waive in their name and of their banks of issue all claims against the government of Switzerland and the Swiss National Bank in connection with gold acquired from Germany by Switzerland."

Recognized claims against the monetary gold pool greatly exceeded the amount of monetary gold actually recovered. So the TGC established a proportional redistribution system which established that each country would receive approximately 65 percent of its recognized claim.

The problem of dormant accounts and heirless assets was not directly addressed in the Washington Agreement. The head of the Swiss delegation did state, however, that his Government would "examine sympathetically" possibilities for making available for "relief and rehabilitation" proceeds of property found in Switzerland which belonged to (Nazi) victims . . . who have died without heirs." Although no action was taken until 1962 when a Swiss Federal Decree required banks, law offices, trustees and others to comb through records to discover dormant accounts belonging to foreign or stateless persons who were deemed victims of racist, religious or political persecution. As a result, a total of nearly 9.5 million Swiss francs (an approximate 1962 value of $2.4 million) was reported and about three-fourths was transferred to the rightful heirs. Of the remaining heirless assets, two-thirds were given to the Swiss Federation of Jewish communities and one-third to the Swiss Central Agency for Refugee Assistance.

The current investigation by the Swiss Bankers Association, begun in 1995, is the most recent attempt to find remaining dormant accounts and heirless assets. The investigations turned up approximately $32 million in 775 additional dormant accounts opened prior to 1945, though not all were of European origin.

An ad hoc task force known as the Historical Commission was established by the Swiss to determine what happened to assets transferred to Switzerland as a result of the Nazi regime. During this study, bank secrecy laws will be waived for a period of five years so the Commission can conduct a thorough study. The Swiss have indicated a three-to-five-year time frame for this study with the release of interim reports that will be submitted to Parliament. This will help resolve whether dormant accounts were used to satisfy Swiss business claims against central and eastern European countries which nationalized that property during the Communist era.

Offshore Banks: Panama Banks Compared

2009-11-02T11:35:00.000+07:00

Important: All banks listed below have online banking with the ability to send and receive wires.

Each bank below has been evaluated using customer feedback and other sources of information. Please keep in mind this is not an overall assessment of the bank, but rather feedback from customers with an "offshore" perspective. Some of the banks that did not fair so well below are actually very good banks, for those who wish to do "walk-in" banking.

	Hxxx	Bxxxxxxxxx	Cxxxxxxxx	Mxxxxxxxx
Overall Rating	Poor	Good	Fair	Good
Debit Card for Corporate Accounts	No	Yes	No	Yes
Name on Secured Credit Card	Personal + Corporate	Personal + Corporate	Corporate Only	Personal + Corporate
Interest Rates	2.5% - 3%	4% - 5%	3% - 4%	4% - 4.5%
Customer Service by Phone & Email	Very Poor	Average	Fair	Average
Mortgage / Lending Available	Yes	Yes	Yes	Yes
USD Account Minimum Deposit	1000 USD	5000 USD	1000 USD	1000 USD
Euro Account Minimum Deposit	1000 Euro	5000 Euro	3000 Euro	11000 Euro
Bank Size by Assets	22 Billion	1 Billion	700 Million	500 Million
Cost for Online Banking	$900 / year !	Free	Free	Free
Online Banking Language	English & Spanish	Spanish Only	Spanish Only	English & Spanish
Merchant Account Connected to your Bank Account	No	No	Yes	No
Time to Open Account	5-10 Days	4-5 Days	5-15 Days	5-8 Days
Trip to Panama Required	Yes	No	No	Yes
Onshore Locations	Yes	No	No	No
Tax Return (or Certified Financial Statement) Required (The bank does not use this for anything except to prove they know their customer in case the customer turns out to be a drug smuggler. This information is strictly protected under Panama bank secrecy laws.)	No	Yes	US Passport Holders Only	No
Full Account Feature List and Document Requirements	Click	Click	Click	Click

If you would like to know more information about any of the banks listed above please call us.

Bank Of Canada

2009-11-02T11:27:00.000+07:00

The early years: 1935-38

The Bank of Canada opened its doors in March 1935, operating from rented premises in the Victoria Building on Ottawa's Wellington Street.

Conditions in the Victoria Building quickly grew cramped and inefficient, and in January 1936 Governor Graham F. Towers proposed the design and construction of new premises to Prime Minister Mackenzie King. King agreed, and by May the Bank had purchased a building site further west on Wellington Street, at a price of $83,500 (about $1.2 million in 2004 dollars.)

The Bank hired S.G. Davenport of Montréal to act as consulting architect and adviser for the project. Davenport, in turn, recommended that the Toronto firm of Marani, Lawson and Morris be hired as principal architects.

This firm submitted its first set of designs in May of 1936. These were rejected, however, because "they showed a building set in, somewhat in the manner of the Bank of England . . . It is extremely difficult to obtain unity in such a building. The inset part either looks like a chimney, or the whole thing looks like a flower pot in its saucer. The architects more or less agree with us, and are now trying something else." – Letter from Deputy Governor J.A.O. Osborne to H.C.B. Mynors, 4 July 1936.

A more successful set of designs was submitted later that summer. One of these was approved by the Bank's newly established Building Committee (composed of Governor Towers, his two Deputy Governors, and the Bank's Secretary), and the firm was instructed to proceed with working drawings. The Building Committee meanwhile met periodically to decide on materials, furnishings, and other details of the new headquarters.

In December of 1936, the architects presented final elevation drawings to the committee. These showed a five-storey stone-clad building, neo-classical in style and featuring two large stone urns flanking the bronze centre doors. Seven tall windows were accentuated with bronze-and-marble spandrels. There was also a substantial underground area, designed to accommodate vaults and strong rooms, "all constructed in accordance with the most up-to-date methods." The plan provided sufficient space for a projected staff of 380 people.

Ground was broken early in 1937. The principal contractor was the Piggott Construction Company of Hamilton, Ontario, and subcontractors were drawn from throughout Ottawa, southern Ontario, and Quebec. Construction proceeded rapidly, without any undue delays or cost overruns, and by 10 August the structure was sufficiently complete that Prime Minister King could join with Governor Towers in the ceremonial laying of the cornerstone. (Embedded in the cornerstone is copper box containing the signatures of senior Bank officers and other mementoes of the project.) Staff began moving in 1938.

1938-69

The Bank rapidly outgrew its new building. By 1946, staff were housed in temporary premises scattered around downtown Ottawa, and the Bank's executive commissioned Marani and Morris to develop proposals for renovations. These were never implemented. The Bank again turned to Marani and Morris in the 1950s for proposals on substantial additions to the building, but these too were eventually discarded.

In 1963, the Bank announced a competition in which a short list of Canadian architects would be invited to submit proposals for additions to the building. This appears to have spurred the Marani firm (now Marani, Morris and Allan) to revisit its earlier proposals, leading to a new design that the Bank's board found "imaginative and satisfactory." The competition was cancelled, and in January 1964, the Bank announced its intention to begin construction.

(It is interesting to note that throughout the planning phase, serious consideration was given to the possibility of demolishing the original building and rebuilding on the site. Professor Eric Arthur, a prominent architect of the day, opposed such a step, advising in a 1963 memorandum that the existing building be retained and surrounded "with a new structure which would be sympathetic in terms of material and main horizontal lines . . . the old Bank will be able to keep its identity [while being] more expressive of the twentieth century.")

The Bank's plans were soon postponed, however. Ottawa in the 1960s was in the midst of an unprecedented building boom, and it became evident to the Bank's executive that the scale of their planned expansion would place undue pressure on the already overburdened construction industry. Late in 1965, Governor Louis Rasminsky announced that the Bank had decided to "defer for the time being the start of construction of our badly needed new head office."

1969-present

By the time the Bank was finally ready to build in the late 1960s, it was decided to commission a new design. The Marani firm — now Marani Rounthwaite & Dick — and Arthur Erickson were hired as associate architects, and in 1969 their new design was presented to the Bank. It preserved the original granite building, partially enclosing it in a vast glass courtyard flanked by two glass towers.

Construction began in 1972 and continued throughout the decade. The building was completed in 1979, and staff were fully installed by 1980. One of its outstanding features was the enclosed courtyard's large tropical garden, bordering a shallow pool. The garden is open to the public and is a popular setting for wedding photographs, especially during Ottawa's long, cold winters. It also serves as the forecourt of the Bank's Currency Museum, which houses artefacts from the 100,000-item National Currency Collection.

A quarter-century later, the Bank of Canada headquarters remains one of Ottawa's most distinctive and architecturally noteworthy buildings. It has undergone only minor upgrades and renovations in that time, and will continue to meet the Bank's needs for many years.

The Swiss Offshore Bank Account Your Money Will Love

2009-10-19T01:17:00.000+07:00

bankgold

Swiss offshore bank accounts are synonymous with class, prestige and exclusivity. For many the mere fact that they acquired a Swiss bank account shows they have "made it" - with good reason. These days it's getting indecently hard to open one.

First of all, many have very high entry standards. Swiss private banking starts at around $1M US, while even basic accounts at cantonal banks or supermarkets may have minimum deposit requirements of several thousand dollars.

Its getting much harder for US citizens to open Swiss bank accounts, because of US suspicions that their wealthy only use Swiss bank accounts to dodge tax. Of course Swiss bank accounts aren't just used to hide money. Switzerland has around $2.5 trillion in assets under management and is one of the biggest wealth management markets in the world. The country is so popular with the affluent because it provides excellent financial services, and solid banks that don't vanish into thin air.

Nevertheless, the days where you could just walk into a Swiss bank with a suitcase full of cash are over. With international rules governing money-laundering and tax evasion getting tighter - Switzerland can no longer operate quite as secretly as it once did.

Some Swiss banks can offer more confidentiality than others, especially the smaller private banks that limit their operations to Switzerland. These have less motivation to hand over client records because foreign governments cannot blackmail them.

By contrast, large international banks that have operations in Switzerland, or Swiss banks that have operations in your country will be the first to hand over secret information. We have seen this with the huge international banking groups like Credit Suisse and UBS.

When foreigners try to open a Swiss offshore bank account it is usually through one of two routes.

1) Flying to Switzerland, and setting up a meeting with a bank.
2) Arranging for an agent to facilitate the account opening process remotely.

In both of these cases it is not guaranteed that the account will be opened. The likelihood of success increases exponentially when the bank thinks the applicant will deposit a very large amount.

Either option will cost several thousand dollars. Holders of Swiss work permits may not have to worry. Others are introduced by lawyers or friends with Swiss bank accounts. But for the majority who fear wasting thousands of dollars unsuccessfully there are better alternatives.

Swiss Trust banking

In this brand of Swiss offshore banking, a Swiss Trust Company opens an offshore bank account for you either in Switzerland, or elsewhere. It is in fact more secretive to open a Swiss offshore bank account in this way since Swiss Trust Company laws are separate from Swiss Banking Laws and will hold firm even in a direct attack on Swiss bank secrecy.

Furthermore, sending and receiving funds through a Swiss Trust Company will allow you to send large wires with greater credibility and less hassle. You can also open brokerage accounts and buy gold bullion effortlessly.

Due diligence procedures are modest and sensible, and require no travel to Switzerland. All you need is a notarized passport copy and proof of residence to open an account from the comfort of your own home!

Find great alternatives to a swiss offshore bank account with offshore banking specialists Capital Conservator. Open an online account in just minutes from the comfort of your own home. NO tax haven visit required. The Capital Conservator offshore bank account.

Article Source: http://EzineArticles.com/?expert=Patrick_Winters

Investment Banking BSC - The Key to a Bank's Success

2009-10-19T01:15:00.000+07:00

bankgold

Most people think that regular banks and investment banks operate in the same way. In actuality, they are two distinct entities. Regular banks offer the public products, such as loans and deposits, while investment banks offer services, such as raising capital, providing investment advice, and the like. In investment banking, the risks are greater. In order to ensure the success of such endeavors, these institutions develop what many people call Investment Banking BSC, also known as investment banking balanced scorecards.

There are many factors to consider in developing a well-balanced scorecard. One has to take into consideration that investment banking is unlike any other industry. In this industry, the risks are indeed great so sets of standards must be defined in order to draw a distinct line between right and wrong. Another aspect to consider and include in the balanced scorecard are key performance indicators. Although these indicators may vary from one bank to another depending on their individual goals and objectives, some of these indicators can be applied to all.

One key performance indicator that should be included in the scorecard is the financial perspective. This aspect will cover a whole bunch of sub-aspects, such as ROI, average rise in investments, proportion of revenue contributed by each service being offered, and many others. Basically, this covers the whole profit generating function of the bank itself. These indicators tell you if the bank is healthy or not. They also help ensure a strong financial foundation for the bank.

The second indicator that banks should include in the scorecard is risk. There are many ways to calculate and evaluate risk. Risk evaluation is an extremely important part of investment banking because the industry itself is subject to the whims of the market as a whole. The ups and downs in the stock market will greatly influence the whole performance of the bank. Bearing this fact in mind, it would be prudent and wise to ensure that the risk evaluation capability of your bank is good.

Internal operations perspective is the third aspect that should be included in the scorecard. This aspect fates the efficiency and performance of internal operations of the bank from marketing to services offered to clients. Since this indicator is quite broad and covers the whole bank, periodic evaluations should also be carried out to ensure that it is able to cover all the operations of the bank.

Finally, the last aspect to include in a well-balanced scorecard is growth perspective. As with any other business or industry, growth is always one of the main objectives. The purpose of such indicator is to know if the goals are attainable in a given time frame.

In this industry, compromising one's performance is never an option. Specific parameters must be set up and strictly followed with the utmost vigor and zest. The risks are too great to be complacent. This is where investment banking BSC comes into the picture. This proper use of this managerial tool ensures the survivability and the success of the bank as a whole and a successful bank also means a strong economy.

If you are interested in investment banking bsc, check this web-site to learn more about investment banking kpi.

Article Source: http://EzineArticles.com/?expert=Sam_Miller

Swiss Bank Account - Why Aren't You Using One?

2009-10-19T01:13:00.000+07:00

bankgold

Historically, the world's biggest offshore tax havens have been in Switzerland. Although this reigning title may have now moved to other offshore banks. A Swiss Bank Account still offers benefits that few other offshore banks can offer. No longer just for the wealthy, a Swiss Bank Account can offer the individual investor many advantages.

1. Swiss banks offer some of the most secure and safe holdings in offshore banks.

Switzerland has a well developed reputation of staying neutral in times of serious world conflict and aggression. The result is it has become one of the world's top banking centers and is recognized by all offshore financial professionals as an ideal location because of its ability to avoid political and social upheaval. This translates into more security for your money in the form of strict privacy laws. These are very beneficial for those who are looking to keep their money and transactions private.

2. Starting a Swiss Bank Account is a simple process.

The application processes for a Swiss Bank Account is very straight-forward. Generally, you must prove you are at least 18 years of age by providing a passport or other form of identification. In addition, you will need to provide documents which explain your livelihood, your professional licenses, proof of the origin of the money to be deposited, your date of birth, proof of your residence etc. However, beyond this paperwork, all that is needed is to meet the minimum balance standard for the specific Swiss Bank. This can vary from bank to bank so do not be afraid to look around.

3. It offers an embarrassment of globally banking investment options.

Due in part to the well respected reputation of Swiss banks, you will have no difficulty finding a number of different investment tools at your disposal. These can range from mutual funds, stocks, bonds, buying different currencies, precious metals, purchasing foreign companies to a basic Swiss Bank Account. The key here is to recognize that a Swiss Bank Account offers you a virtual passport that allows you access to global economy in ways you would not have access to domestically.

By keeping these advantages in mind, it is easy to see why so many have opted to get a Swiss Bank Account. If you haven't begun your initial research into Swiss Bank Accounts, we strongly suggest you begin as soon as possible. Once the initial research is completed, you can rest easy knowing the hard work is over. Setting up an offshore bank account will be a breeze in comparison.

For more information and tips on a Swiss Bank Account, try visiting http://www.theoffshorebankaccount.com - it is a website offering solid tips and information on offshore banking and investing.

Article Source: http://EzineArticles.com/?expert=Frank_D._Miller

Corporation Banking

2009-10-12T21:45:00.000+07:00

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The Function of the Bank of England

2009-10-12T20:58:00.000+07:00

Bankgold

1. It issues notes and coins. The Bank of England is the sole issuer of notes and coins in the UK. In theory you could take a £10 note to the Bank of England and ask for you equivalent sum of Gold. I don't know whether they would take kindly to such requests but in theory that is how they maintain confidence in notes and coins as a medium of exchange

2. Managing the government’s debt. National Debt in the UK At the end of 2005/6 general government debt was £529.1 billion, equivalent to 42.1 per cent of GDP. [1]
To manage the government debt the bank of England sell bonds and gilts to the private sector. Usually bonds have a lifetime of about 30 years. In order to encourage people to buy government debt they need to offer an attractive interest rate. Interest payments on UK debt amount to nearly £30 billion a year

3. Managing Monetary Policy. In particular the MPC Monetary Policy Committee is responsible for changing interest rates in order to keep inflation within the governments target of CPI 2% +/-1. To achieve this inflation target the MPC meet every month and examine future inflation trends. If inflation looks to be increasing then they will vote to increase interest rates in order to dampen demand. They don't directly set mortgage rates but indirectly they do influence mortgages through the setting of interest rates.

4. The Bank of England actually set the base rate of “repo” rate. This is a rate at which they lend to the commercial banks. They keep the banks short of liquidity so that they often have to borrow on this repo rate. If this repo rate changes then the commercial banks usually pass the changes on to their customers by changing there own interest rates.

5.. Acting as lender of last resort. If the commercial banks are short of cash then they go to the Bank of England who will be able and willing to lend them money. This is important for the banking system because it ensures the banks are never short of cash and so people have confidence in the banking system.

6. The Bank of England oversees the banking and financial system of the UK

[1] http://www.statistics.gov.uk/cci/nugget.asp?id=277

Richard Pettinger studied Politics and Economics and , Oxford University. He now works as an economics teacher in Oxford. He writes frequently on the UK Economy and the UK housing Market. He edits a site on UK mortgages: http://www.mortgageguideuk.co.uk

Article Source: http://EzineArticles.com/?expert=Richard_Pettinger

Gold and Silver Cannot Evaporate - But Accounts Receivable Can

2009-10-12T20:57:00.001+07:00

Way back in 1999, Alan Greenspan told the United States Congress, "Gold is always accepted and is the ultimate means of payment and is perceived to be an element of stability in the currency and in the ultimate value of the currency and that historically has always been the reason why governments hold gold."

It's rather a long sentence, but well worth re-reading. Especially if you are concerned about protecting and hedging your assets against inflation. After all, traditional offshore asset protection strategies tend to focus on hiding your money in an offshore bank account, with the aim of making sure your ex spouse or creditors don't get at your assets. That's all very well as far as it goes - but by gradually devaluing fiat currencies like the dollar, the government is taking your money through the ultimate 'stealth tax.' Because your assets should not just be counted in dollars or pounds or euros. They should be counted in what you can actually buy with those dollars, pounds and euros! And in this regard, gold is the perfect hedge against inflation.

Now, getting back to Alan Greenspan's words, here's my thought for the day. Water's boiling point is about 100°C or 212 °F. Gold's boiling point is 2,856 °C or 5,173 °F. Silver's boiling point is 2,162 °C or 3,924 °F. Gold is also extremely resistant to corrosion and can sit at the bottom of the corrosive ocean for centuries and still retain its luster. (That's why it's fun to go diving underwater for sunken pirate treasure ships!)

In other words, physical gold like coins and bullion bars cannot evaporate or disappear when used as a currency in ordinary daily transactions, nor when hoarded safely in offshore bank vaults. At all times and in all circumstances gold remains money. It is the ultimate store of value.

Obligations - or accounts receivable - can, however, evaporate. We've seen that happen so many times recently. Starting with securitized sub-prime mortgages, then with giant failed investment schemes, or maybe General Motors bonds - not to mention iniquitous civil asset forfeiture orders against bank accounts of persons who have never been accused of any crime.

Bear this in mind when you consider how to invest in gold. Do you want "accounts receivable" denominated in gold like ETFs or other methods of holding gold in brokerage accounts? Or do you want real, physical gold and silver bullion investments? It's up to you!

Peter Macfarlane is an author and lecturer on offshore finance, investment, due diligence and wealth creation matters. He has recently written The Gold Report, a free eBook explaining the why and how of investing in physical precious metals offshore.

Article Source: http://EzineArticles.com/?expert=Peter_Macfarlane

Axis Bank Credit Cards - Highly Trusted and Useful Cards

2009-10-12T20:54:00.000+07:00

Bankgold

There are many advantages of having a credit card. One of the main benefits is that there is no need to depend on your friends and family members, if you are in urgent need of money. It helps you to solve your unexpected expenses. It also helps you to pay amount for some hotels, airlines and travel companies, who do not accept cash payment. Like this, people can enjoy with many benefits of credit cards by using them for right purposes.

As the number of people who apply for the credit cards in India has been increasing day by day, several banks and private companies entered in the market and started offering credit cards with different amounts, interest rates and repayment plans.

Among these banks, Axis bank is one of the leading banks in India that has been offering good services in Indian banking sector for several years. It offers various types of credit cards to suit the needs of all kinds of people. All the Axis bank credit cards are known as high-utility cards. For its honoured customers, this trusted bank offers even the high amount of credit cards at low interest rates.

Some of the most popular credit cards of Axis bank are the Axis Bank Silver Credit Card, Axis Bank Gold Plus Credit Card, Axis Bank Corporate Credit Card, Axis Bank Platinum Credit Card and Axis Bank Secured Credit Card (Gold).

Most of the premier banking establishments give credit cards and, therefore, the user is likely to have the thought about the benefits of taking the credit cards that are being given by Axis Bank. Some of the benefits are given in the above paragraphs and, therefore, a careful thought about each of them is enough to serve the purpose of the utility of these cards.

However, for a person who is financially a little more adept, the reasons can be shown in the form of interest rates that are given by these credit cards. One of the primary features of the interests is that they are formulated while keeping the customer as one of the main factors of consideration.

Hence, the interest rate are quite manageable and so is the repayment tenure of these cards. Versatility and also flexibility are two of the major stalwarts of the features of Axis bank credit cards.

With the advent of the Internet, now, people can find the details of all the companies that offer credit cards at one place. So, they can compare all the deals that are available in the world of credit cards at one place and can select the best one depending on their needs. Axis bank offers online banking services to its customers. So, the persons, who want to get a credit card from Axis bank can fill the application form online without visiting the bank.

If the details that are provided on the application form are correct, the bank employees will sanction credit card with in a short time. If you do not use your Axis bank credit card, you are not required to pay any such type of interest rates. One more benefit of these cards is that you can get extra points and discounts, if you repay the credit card amount in time.

Finally, we can say that Axis bank credit cards are available at low interest rates and are very beneficial for the users.

For more to know on ICICI credit cards just visit PaisaWaisa.

Article Source: http://EzineArticles.com/?expert=Alice_Erin

Making a Marvelous Gold Investment Decision?

2009-10-12T20:48:00.000+07:00

Bankgold

Investing In Gold?

I have a lot of friends and clients asking me recently about whether they should put their money into gold. Before I address that question, let's talk about GOLD. For millennia, gold has been a barometer of financial health and the ultimate store of value. It has long been considered the ultimate safe haven investment when all else fails especially after this credit crisis and global recession.

So now that gold has made a second big swing - shooting from $600 an ounce to $900 an ounce after punching through the $1,000 plateau last year - is the "yellow metal" still a prudent investment, or is it an investment that has already been played out?

Before the above question can be answered, let's look at "GOLD 101"; the supply and demand of gold which in turn determines its price. Talking about gold price, here is the interesting fact about gold price

Gold price is

$252.80 on 20 July 1999
$255.95 on 2 April 2001 (Where the Bull Run Started)
$1,011.25 on 17 March 2008 (Peak of the Run)
$692.50 on 24 October 2008 (Price Hit By Credit Crisis)
$930.00 on 31 Jan 2009
$881.00 as I'm writing this article...

If you have noticed the sharp fall in gold price within a short span of 6 months from the peak in March 2008 to the valley in October 2008, it is obvious that the huge fall in price was a result of the credit crunch as investor cash out of gold amidst the fall in all other asset classes.

If we look at gold as compared to other commodities, I would consider it safer as it moves independently. Gold is the only commodity with positive gain as compared to other commodities in 2008.

There are a lot of factors affecting the demand and supply of gold. Some examples will be that of the value of US dollar, political risks, inflation, new gold discoveries etc. Honestly, there is no one single factor that can determine the demand and supply of gold in totality.

According to World Gold Council, Demand of gold from 2003-2007 are broken down as follows:

Jewellery- 68% (2008 is 59%)
Industry Usage- 13% (2008 is 11%)
Investment- 19% (2008 is 30%)
The Supply of gold is as follows:
Recycled Gold- 25%
Mine Production- 60%
Net Central Bank Sale- 14%

It is to be noted that the net central bank sale on the supply side has been rather constant after the incident in 1999 where the bank of UK sold 400 tonnes of gold which causes the plunge in gold price in that same year. Since then, to prevent such drastic plunge in gold price, most central banks have an agreement signed not to sell more than 400 tonnes of gold at one time. The current agreement by all central bank is not to sell more than 500 tonnes of gold into the market with the exception of the central bank of UK. Currently, all European central bank has 60% reserve in gold, except UK only 40% after the great sale in 1999 which it must have regretted for many years to come...

Talking about the jewellery demand side of gold, there is no doubt that India is the highest, followed by US (But it has went down in recent years) and then China ( China demand for jewellery has doubled in last 5 years)

Demand of gold for industry usage has been rather consistent over the years, although it is expected to dip a bit amidst this global recession.

What is worth an attention is the spike in demand of gold from the investment side. 30% of total demand for gold in 2008 as compared to only about 19% in previous years. I believe this figures will continue to rise in year 2009.

Switching our focus into the supply factors, there will always be people selling gold when price starts to increase. Recycled gold percentage as a supply will tends to go up as price of gold increases.

The good news is that Mine production for gold has been going down and this accounts for 60% supply of gold in the whole world. There is no new discovery for the past years as price of gold then is low and gold mining is expensive. The bad news about this supply factor is that as price of gold accelerates further, there is greater motivation for businessman to start mining for gold again and hence increases the supply of gold as new mines are being discovered.

Net central bank sale of gold had been rather consistent for the past few years with US holding currently around $252 Billion worth of Gold Reserve

This brings us back to the big question: "Should I invest in gold?"

With the above analysis, it is obvious that price of gold will go up as investment demand for it increases in 2009. The counter effect on gold price will then comes from the increase in recycled gold and new mining ventures following up.

With US Dollar likely to depreciate in the long run as mentioned in my second Blog and inflation creeping higher in the future, Gold may be a good hedge against US dollar.

Therefore, gold is a necessary component of almost any portfolio. The problem is that the iShares SPDR Gold Trust ETF already has accumulated more gold than the rich countries of Switzerland or China. That means any move from the masses of investors to leave the metal will have a huge downward effect on it.
But, knowing this important technical risk, I would still be ready to invest if gold pulls back to the $750 an ounce level. From there, I'd keep building a prudent position not exceeding 10% of my portfolio, as we should see a price spike once inflation starts showing up in 12 months to 18 months. As inflation spikes up, be prepared to let go the gold at prices beyond the $1,000 marks.

I hope you enjoy this discussion.

Talk to you again and do have a fantastic week ahead!

Sincere Appreciation,

Philip Chua, ChFC CFP FChFP

IARFC AMC B.BUS (Hons)

http://www.philipchua.com - A Place To Master Wealth

Twitter me @ phichua.

Graduated from the Nanyang Technological University of Singapore, Philip holds an Honors Major Degree in Finance and a Minor Degree in Insurance. Actively involved in the Financial Planning industry since 1998, his success and leadership have led him to become a professional in the financial planning arena.

Visit A Place To Master Wealth.

Article Source: http://EzineArticles.com/?expert=Philip_Chua

The Orchard Bank Credit Cards: For Less Than Perfect Credit

2009-10-12T20:46:00.000+07:00

Bankgold

There are few more stressful things than dealing with dinged credit. Millions of Americans have experience with it, so there is a large pool of experience and options to draw from. The important thing to realize is that if you are determined to repair your credit, the right tools are available to help you. One option is The Orchard Bank MasterCard.

What to Expect in General

There is no “one-size-fits-all” explanation for choosing credit cards to fix up your FICO score. There are, however, a few general expectations across the category. Whether it is true or not, credit vendors consider lower FICO scores as higher risk. That pretty much means two things: higher interest rates and lower credit limits.

You can expect to see that for at least the first year of the rebuilding process. Initial credit limits will be anywhere from $250 to $1000, most likely somewhere toward the middle or lower end. The third feature to expect from this category, including Orchard’s cards, is an annual fee in addition to precessing fees. These fees are one of a few ways that banks mitigates the risk of default.

What to Expect from Orchard

Orchard Bank, a branch of credit giant HSBC, has an industry-wide reputation as a “go-to” card for those seeking to repair their credit. Orchard Bank offers a few features across its credit card products. Firstly, they promise an offer after the application process. While that may not mean an unsecured card, they do have relaxed approval restrictions to get almost everybody started. They offer an array of cards with different levels of obligations and credit requirements. Here are their primary offerings:

The Orchard Bank Platinum MasterCard – As the “Platinum” moniker might suggest, this is the top of the line option from Orchard. The Platinum MasterCard comes with every feature somebody recovering from bad credit could hope for. The Platinum MasterCard will offer a slightly higher credit limit and lower interest rate for its users, and nice features like hotel reservation and car rental service. The Platinum MasterCard has a $39-$59 annual fee based on credit worthiness. The Platinum card has the most (relatively) stringent credit history requirements of these four cards.

The Orchard Bank Gold MasterCard - The Orchard Bank Gold MasterCard extremely similar to it’s Platinum cousin. With a maximum initial credit line of $1000, the Gold MasterCard has the same features, but a slightly higher annual fee of $79, and a processing fee of $19. As far as relative strictness goes, the credit guidelines for the Gold card fall in the middle of Orchard’s lineup.

The Orchard Bank Silver MasterCard – You guessed it: Silver. It’s the logical next step. And just like the Gold and Platinum MasterCard, the Silver offers all of the same features, albeit with a $49 annual fee in addition to a $49 process fee. We expect to see more approvals on the Silver, but probably with higher interest rates and lower limits.

The Orchard Bank Secured MasterCard – The Secured card is the bedrock of rebuilding bad credit. If you have trouble getting approved for the other offers, the this is the way to go. Secured cards, as the name implies, require a security deposit prior to usage. Typically companies, including Orchard Bank, will ask for 100%-200% of the desired credit limit upon approval. The Orchard Bank Secured cards look and act just like a regular credit card, and with time, can lead to unsecured cards with increased limits.

In general, all Orchard Bank cards share some common features. If you stay on top of your payments and refuse to let yourself get behind, then these cards will help you rebuild your credit; they do so by reporting to the three major credit bureaus every thirty days. This gives you an opportunity to show that you can handle credit card debt. These cards are accepted at over 22 million locations, and can get you a cash advance on over 770 thousand ATMs.
Since it’s inception, HSBC has helped over 2 million Americans take the first step toward rebuilding their credit.

Copyright Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to credit-card-surplus.com .

Please click here to find Orchard Bank Credit Cards.

Ed Vegliante runs the website http://www.Credit-Card-Surplus.com , a well organized credit card directory enabling the consumer to compare and apply for a variety of credit card offers. View more Credit Card Articles.

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Gold Key Words For Your Bank Account

2009-10-12T20:45:00.000+07:00

What is a key word? is the first question people ask. A key word is a word that people search for on the web. For example, your product is organic dog food, a key word would be pet nutrition.

To help build your web site you need to sprinkle your site with pertinent key words. You need to have enough content to support these key words. Usually a web page is setup with about three to four key words. If there is not enough content to support the number of key words or too many keywords, the search engines will consider that the website is over using these words and will punish the site by lowering their page rank. This means that you need to consider carefully what words you use. Check to make sure that these words have at least one thousand people searching for them. Fewer than one thousand people it would not be worth while using that word and a new word should be substituted. Use keywords that are highly focused, such as a product's brand name. The person who is looking for and searches for tires is not necessarily buying tires but doing research on different brands of tires. If they research specific product names, however, it means they have already done the research and decided on a product. This also means that the competition is less, and that means that you have a better chance of selling your product.

If you are using AdWords this means that you will keep the cost of your keywords down by not having as much competition. The way to get AdWords is to go to Google. You sign up for an account and they advertise the words you pick. Each time a person searches the word or words you picked, your ad shows up. You are charged every time someone clicks on your advertising.

The proper key words for your business can mean the difference between making lots of money and just eeking by.

Learn more about how to generate traffic to your website. Sign up to get marketing ideas and get three free marketing videos just for joining. Go to http://www.knowaboutbusiness.com

Article Source: http://EzineArticles.com/?expert=Bonnie_M_Feltz

bankgold-Canadian Internet Banks

2009-10-12T12:07:00.000+07:00

Banking is a major industry in Canada. It plays a key role in the country's financial system and economic growth. In fact, banks account for more than 70 percent of the assets of the financial services sector of the country. Over 90 percent of which is from the country's six giant domestic banks. As of 2002, the banking industry was composed of 14 domestic banks, 20 foreign bank branches and 33 foreign bank subsidiaries. Collectively, these institutions managed more than $1.7 trillion in assets.

The financial world is growing rapidly due to its unstoppable technological development. Technology tremendously alters the landscape of the banking industries across the globe. Canada is not an exception. As new banks emerge and penetrate the market, Canadian banks face increased competition from other financial services giants and new foreign entrants. Thus, as international Internet banks mushroom left and right, Canadian banks are setting online branches, allowing their clients to make transactions over the Internet.

Many of Canada's major banks made considerable investments in technology to address these challenges. They now provide innovative products and services that fulfill customer demands, intensifying their competitiveness. Through online banking, they are able to expand their customer base and break national borders. Today, Canada's largest banks offer services online. The Bank of Montreal, the Canadian Imperial Bank of Commerce, the TD Bank, the Royal Bank of Canada and many others have launched their own websites that their clients can use to conduct transactions easily and efficiently. These banks also make sure that they are not only informative and helpful, but also secure. Competition is stiff, but online banking has broadened the horizons for Canadian banks. They are now extending their services to the United States, Europe and Asia. Canada is also the birthplace of many new online banks such as the Bank West.

If you want to know more about Canada's leading Internet banks, you have come to the right place. This site contains a collection of their profiles, complete with their history and services being offered.

Want to read more of this article? You can read more tips on Canadian Internet Banks, plus other Online Banking Tips only at http://www.onlinebankpro.com/

Article Source: http://EzineArticles.com/?expert=Mau_Angeles

bankgold-Largest Internet Banks

2009-10-12T12:02:00.000+07:00

bankgold

Internet banks, no matter what size, guarantee one thing: accessibility. You can have access to your Internet bank anytime and anywhere as long as you have an Internet connection. You can transfer funds from one account to another, pay your bills, and view your bank transactions and balances whenever you want. Some Internet banks even hook up to vendor sites so that you can purchase your groceries and shop for a new pair of shoes.

Large versus small

Looking for an Internet bank that you think would suit you? Are you unsure if you want to go with the big banks or the small banks? Are you afraid of the instabilities of smaller banks? Or do larger banks intimidate you? You should choose a bank that can address your requirements and that you feel comfortable with. Here's a comparison so you can make an informed decision.

Smaller banks tend to offer a narrower ranger of online services compared to their larger counterparts. With a smaller pool of funds, smaller Internet banks do not have the flexibility to offer high interest rates. But the opening and maintaining balance required by these banks are lower, too, so it is much easier to open an account with them. If you only need basic Internet banking services such as local fund transfers, deposits, crediting, etc., then these banks may be sufficient.

Large banks, on the other hand, can compensate for many of the shortcomings that their smaller constituents cannot fulfill. Interest rates continue to rise whenever the amount of the transaction rises. Larger banks have a farther reach, allowing them to have more associates worldwide.

The infrastructures of larger Internet banks are also substantially different. Aside from accessing your account, you can also gain access to your accounts via SMS using your GSM handy phones. You can also send instructions to the bank through this technology. Larger banks tend to have more elaborate security systems to ensure the safety of your money.

Internet Banks provides detailed information on Internet Banks, Internet Bank Accounts, Best Internet Banks, Offshore Internet Banks and more. Internet Banks is affiliated with Internet Business Banking.

Article Source: http://EzineArticles.com/?expert=Damian_Sofsian

bankgold-US Internet Banks

2009-10-12T12:01:00.000+07:00

bankgold

Americans love everything to be quick and easy. That's not a surprise because people really need to cope with the fast-paced world. Times have changed and today, every second counts and every dollar matters. It is now very difficult to find time to go to the bank, fall in line for what seems like a lifetime and wait for the teller to tell you that your transaction has been successfully made. This is exactly why online banking became a hit in the United States. It is easy, fast, efficient and above all, convenient.

Americans are trying to leave the traditional brick-and-mortar banks for Internet banks. Why not? If you can do business and make transactions in the comfort of your home or at the office, why would you physically go to a bank? Indeed, after almost a decade of creating, building and enhancing web-based capabilities, online banking in the US is enjoying tremendous popularity among a large base of customers within and beyond the country's borders. In fact, according to the Pew Internet and American Life Project released in 2004, approximately 53 million Americans make banking transactions online. That's one in every four adults.

As one adage goes, however, every opportunity comes with threats. Many Internet users are still apprehensive to trust web-based financial institutions in terms of security. True enough, there have been conspicuous reports of identity theft, phishing scams and other fraudulent acts. However, one survey reveals that only 40 percent of Americans with bank accounts do not use online services. We can see how much Americans enjoy online banking just by looking at the number of Internet banks mushrooming left and right.

Many of American Internet banks are online subsidiaries of a much bigger standard bank. For example, one of the most successful is the online arm of Wells Fargo, a traditional banking giant. Other excellent examples are Citibank and the Bank of America. Some are newly founded full online banking institutions such as the Bank of Internet, Century Bank Direct, UmbrellaBank.com and VirtualBank.

Article Source: http://EzineArticles.com/?expert=Dianna_Cruz

The Advantages Of Online Banking

2009-10-12T11:58:00.001+07:00

bankgold

Online banking uses computer technology to relieve the consumer of the paper based and time consuming
aspects of traditional banking, which allows people to manage their finances efficiently and quickly. Sometime online banking is called electronic banking, Internet banking or home banking. With the help of the internet, banks have started utilizing powerful computer networks for automating large numbers of daily transactions, which minimizes the time consuming manual paper work and giving access to many different banking services to its clients instantly, on demand, at home or at work.

With the help online banking the banks have the power to attract the new and potential customers by giving them an opportunity to eradicate time consuming teller interactions and has therefore become a significant competitive weapon in an increasingly over supplied banking environment. Online banking allows day to day transactions over the Internet through a secure bank website. With the help of online banking one can have access to money and banking functions anytime and anywhere, where there is internet access.

One advantage of these online banks is that they remain available all the time unlike the traditional banks, which are open only within office hours. If the consumer is out of town and he needs money, then he can log on quickly to his banks website and take care of the required business, such as paying a pressing utility bill. Also the individual can manage and access all of the aspects of bank accounts like CDs, IRAs securities from one protected website. Increasingly banks are using online access to bundle access to stock brokerage and other financial services.

The speed employed by the online banks for executing and confirming the transactions is faster than the traditional speed of ATM processing. Also various features are included in online bank websites. These features such as stock quotes, account aggregation, programs for managing portfolio and rate alerts assist the customers in organizing all their assets easily and efficiently. This technology has seen a tremendous increment in usage, as more and more big national banks and various other banks in smaller regions, have started some form of online banking to provide convenience to their customers. In fact it is rare today to find a significant bank without a comprehensive online presence.

The online banking mechanism is fast and relatively secure compared to the traditional banks operations because of automation of the manual aspects of banking practice, which is time consuming. It is interesting to note that often a modern internet banking facility is built as a front end to an older legacy banking system. Banks are loath to change something that they know works, when millions of dollars flow through the system.

Apart from various benefits, there are also some downfalls of online banking as online crime is increasing day by day. A few computer glitches which have revealed individuals personal details have been occurring, sometimes at third party processors. Therefore one must check the security of the website, while conducting business online as any leak of passwords to the wrong person may have adverse
effects. Also one should make sure to log out after finishing the session. The computers security system should be sound enough to maintain privacy of personal information. But still, we can say that Internet banking is really a boom to the customers in accessing and managing their account effectively, anytime and almost anywhere.

How important is credit card debt management?

2009-09-27T04:23:00.000+07:00

After what the economy has been reeling under, how can one undermine the importance of credit card debt management? It can also be said the other way round. How important is money management whether you use plastic money or cash. A credit card is money in disguise!

Of late there has been a lot of hue and cry about effective credit card management skills and managing credit card debts. It has been observed on several instances that even if you have mastered the art of money management, you may encounter unforeseen events that can sweep you off the ground. How you rise up to such a situation and how well you are equipped to counteract the financial crisis essentially reflects your money management skills.

Credit cards can be your foe or friend depending on how you use them. It is very important to keep in mind that whatever you do with your finances gets recorded in your credit report. And there is a close association with your credit score and your financial well being. Your credit score also indicates how financially responsible you are.

Given below are few measures that you can adopt to remain financially in good health

When you use credit cards, you are using someone else' money, so how can you misuse cash that doesn't belong to you. But that is what most of the consumers do. Use credit cards only if you are in dire need of cash. Just because you have been allowed to use credit doesn't necessarily mean that you have to exploit it.

After fulfilling your financial obligations each month, make sure you keep aside some cash for building an emergency fund. You will realize the importance of an emergency fund only if you face financial hardship.

Avoid taking fresh credit unless you are done with your existing credit card debts. When you are making payments for your monthly financial obligations, make sure you don't strain your purse. Maintain the comfort level in making payments. In other words, live within your means.

As far as investment is concerned, choose an investment vehicle that will give you good returns. This may not be possible if you are a beginner. But you can always take help of a stock/forex broker to get best returns.

Keep aside money for your retirement.

You will manage your finances well only if you are aware of the consequences of money mismanagement and what it can lead to.

What Is The Ideal Banking Strategy For A New Small Business?

2009-09-10T02:40:00.000+07:00

The best banking strategy for a small business? Have a line of credit set up before you need it.

That means you need a business plan, or at least cash flow projections. For your own use, you need to have a worst case scenario to determine your maximum needs. That should be your target for funding, although you won't necessarily share that with lenders.

A line of credit with vendors is always a good thing as they are, in essence, a free source of funds. Although that can go sour really quick if you don't maintain a good payment history. But, for every vendor you can pay at 30 days, that is a 30 day loan you don't have to take out.

Depending on your business, there are sources of funds besides banks, and depending on circumstances can be reasonably priced. I'd Google for those options.

And, as much as possible, you don't want to sign personally on the loan, nor collateralize it with personal assets, although it is unlikely you will be able to achieve that, at least initially.

Since my brother-in-law is an accountant, I would be remiss if I didn't insist that you keep a good set of books. You can't manage what you don't measure, and the way businesses (and lenders) keep score is in dollars and cents. So, keep those numbers current and accurate and that will go a long way in helping you manage your business.

Another idea would be to try a lean approach to banking.

The first step is to ensure that you have a solid cash flow budget that considers the costs and delays in funds availability. This is the ultimate tool in managing banking for a small business. Have a candid and open discussion on banking services with the bank of your choice.

Keep in mind that banking and treasury management go hand in hand in a small business. Consider each method of payment and consider the costs of settlement for transactions (e.g., wire receiving fees). Most to all banks have online resources to help manage banking and treasury activities. The basic backbone of banking strategy is to separate the accounts by type: operating (one for receipts and another for disbursements), payroll, and legal (for escrow and sinking funds). These would typically be checking accounts.

Synergize where your customers and vendors will use the same bank. Transfers between you and your customers and vendors will then have minimal to no cost. For customers and vendors who do not use the same bank, and do not accept ACH or credit cards, utilize tools like PayPal to minimize transfer fees. Additionally, with customers and vendors who do not use the same bank as your business, consider funds availablity if tools like PayPal are used.

Although this type of plan is not formally a part of your business plan, prepare a grid to "map" quickly and concisely the potential costs of doing business for 1) customers using the same bank and 2) customers using a different bank. This will also help you to manage the true cost of serving customers. Also, have this plan handy when you have discussions with your bank on the cost of services they provide.

There you go .... might look like Greek but all of it is important. Just wait until your head stops spinning and reread it all again. Do that until it sinks in .... it's that important.

Senator asks White House to hammer bailed-out banks that refuse to help small businesses

2009-09-10T02:33:00.000+07:00

Specifically, Senator Nelson is talking about the ARC Loan program. He feels it is underperforming and crucial banks who have received bail out funds are not participating. The staff at the Small Business Development Center at the University of North Florida have a fairly large number of loans in to the program since the inception of these loans in June. We have not received any word about the status of these applications to date.

TALLAHASSEE, Fla. – America’s big banks took billions in bailout money, with officials hoping it would spur lending. Wrong, at least in the case of small businesses.

Across Florida and in many other places around the country anger is mounting because small business owners say the banks are refusing to help them obtain loans even when they are government-backed and there’s no risk to the banks. And with tension mounting U.S. Sen. Bill Nelson of Florida on Wednesday asked President Barack Obama to step in to get the banks to start lending.

In a letter to the president, Nelson said he had been approached by business owners from across the state who were having trouble finding banks that would loan them money through a new government program aimed at helping small businesses. What’s more, Nelson added, the list of banks not providing the help includes two of the biggest recipients of federal bailout money – Bank of America and Citigroup.

“At a time when our largest financial institutions are being sustained on the backs of American taxpayers, it’s appalling to know that so few lenders are willing to help keep small businesses on their feet by extending risk-free loans to eligible borrowers,” Nelson wrote.

The government’s $255 million America’s Recovery Capital (ARC) loan program was launched in June by the Small Business Administration and aims to help many viable small businesses temporarily get through the economic downturn by providing them with zero-interest, no-fee loans of up to $35,000. The program relies on banks to lend the money to small business owners. In return, the loans are 100% federally guaranteed so banks that offer the money don’t have to worry if a loan goes bad. And, the government pays interest on the money banks lend.

Despite the incentives, the lending program has gotten off to a slow start due to the banks’ refusal to offer the loans. As a result, less than 10 percent of the money had been distributed by the end of July. In Florida, a state with nearly two million small businesses, only 65 such loans have been issued to date– a figure Nelson called “pitiful”.

In the letter, Nelson also asked the president to get the government to look into reports that banks were aggressively marketing high-interest-business credit cards to small businesses seeking help. Specifically, Nelson wants to find out if banks are engaging in the practice in lieu of offering the no-interest, government-backed loans.

Korea Braces for a Credit Card-Less Society

2009-09-09T23:54:00.000+07:00

Korea is bracing for a ``credit card -less'' society but legal and technical barriers are still lingering.

Mobile phones are already masquerading as televisions and Internet devices, providing stock info, news alerts, games and video cameras. But next, handsets are expected to replace plastic credit cards.

Mobile phone carriers said the intriguing possibility is near at hand. Ideally, wireless users will be able to pay phone bills, taxes, shopping expenses, transport fees and hospital bills with their handsets. This would make plastic cards or paper money almost obsolete.

SK Telecom and KT said users of data-enabled, third-generation (3G) handsets are now capable of doing a limited range of financial services with microchips inserted into the phones.

SK Telecom has more than 10 million users with handsets that are embedded with universal subscriber identity module (USIM) chips, or smart cards that contain user information and process data.

``The very goal of inserting USIM cards was to enable financial services, and credit card capabilities are the last frontier,'' said an industry watcher.

``Currently, mobile operators are merely the middlemen connecting consumers with conventional financial service firms, but they are exploring the possibilities of establishing their own financial service units.''

Telecommunications operators have high hopes for the Lee Myung-bak government's efforts to ease the cross-ownership restrictions between financial and non-financial services.

The National Assembly is currently reviewing the possibility of allowing non-financial companies to own financial units, such as credit card and securities firms.

Should the restrictions be lifted, SK Telecom is moving to acquire Hana Card.

Legal issues aren't the only obstacles to the mobile wallet. An SK Telecom executive said that the conventional ``combi-type'' USIM cards, which can store data up to 144 kilobytes, wouldn't be powerful enough to support the expanding range of transactions services.

And unlike plastic credit cards, which users can take with them all over the world, geography still matters in mobile payment.

A new technology called near field communications (NFC) could provide a solution to both of the problems.

NFC is similar to radio frequency identification (RFID) technology and is considered crucial for the mobile wallet as the chips inside the phones store personal information and act as credit cards.

If NFC is adopted as a global standard, users will eventually be able to take their handsets abroad and pay for hotel rooms and souvenirs.

KT, the country's biggest telephone company and No. 2 wireless carrier, plans to release an NFC-enabled USIM chip with 256 kilobyte storage early next year and also develop a 1-gigabyte USIM. SK Telecom is also developing NFC-based USIM chips.
Source :

Credit Card Reform Law takes place

2009-09-09T23:47:00.000+07:00

By Jeff Plungis

Aug. 19 (Bloomberg) -- Americans with the best credit may be hurt the most as the first phase of a credit card reform law takes effect tomorrow, said Schwark Satyavolu, founder of a card-comparison Web site.

Lenders are raising rates across the board, according to Satyavolu, president and co-founder of BillShrink.com , which compares terms offered to consumers for credit cards , mobile phones and gasoline. The company says the average lowest card rate is about 11.25 percent, up from 8.85 percent in January. The average for less credit-worthy customers rose to 15.75 percent in July, from 13.75 percent in January.

“Banks are setting the bar high enough so they’ll only go down from here,” Satyavolu said.

The law gives cardholders some of the tools Congress promised to exercise more control over their accounts. They’ll have 45 days to reject proposed rate increases and they’ll have the option of paying off their existing balances at the current rates over a period of at least five years. Companies will have to mail bills 21 days before the due date, up from 14 days.

Read full article....

Gold for Retirement Plans:

2009-09-09T23:42:00.000+07:00

The basic format of any retirement plan assumes that you are deferring assets until you reach retirement age. Most plans rely on third party to administer the investors money. Among these are IRAs, 401 Ks, Roth IRAs and other popular retirement plans.

Gold Bullion is a great investment for 3rd Party Plans as long as someone else holds the assets. In other words, you won't take actual possession of your gold until you retire or another event takes place to allow you access to your gold without penalties. Some banks will act as a third party custodian for a fee. Remember, if you want to invest in gold, you better make sure your 3rd Party is someone that you can trust.

For those of you that are nervous about someone else having possession of your gold, there are other retirement vehicles available. These are called self-directed plans that allow you to hold onto your gold bullion directly. The two I like the best for gold are the SIMPLE IRA and the self-directed IRA.

You will need to talk to your tax professional about setting up a self-directed plan for gold. The rules are simple. You buy the gold. You hold the gold. You sell the gold. All transactions are reported as funding transactions whereby you avoid disclosing the asset; but you report on the amount of money you invested in gold.

Self-Directed plans are designed primarily for the self-employed. So, if you have a business, this is your best option for investing in gold. If you don't have a business, start one! All you need is a source of legitimate revenue and an LLC or Corporation with you as the principal owner. With the LLC, you should act as the registered principal. With a corporation, you should own the majority of the stock and act as President.

Corporations and LLCs are legitimate third parties and are allowed to purchase gold and gold bullion to fund retirement vehicles. Even if you are the primary owner!

To be eligible, the investment must be 90% or greater in gold content. This means that most gold bullion coins, like the American gold Eagles, are ideal assets for these plans. The benefit of minted gold coins is that they are also technically currency, another permitted investment for retirement plans.

One of the fears of owning gold bullion is the fear of the government calling in all of the gold and replacing it with a paper currency. This has happened before in the United States under Franklin Delano Roosevelt. Roosevelt ordered all Americans to turn in their gold for dollars under his gold confiscation act. He also made it illegal for Americans to own gold.

While this is a very real possibility in the near future, there are technical loopholes that will allow you to avoid confiscation.

1. No government can confiscate the currency of any other government. The United States, for example, cannot demand that Canadian Currency be confiscated. Neither can Canada confiscate US currency.

2. Gold Bullion Coins minted by another country cannot be confiscated by the United States Government.

3. The gold Krugerrand, minted by South Africa fell into disfavor as a result of Apartheid. Prior to that, it was the investment of choice in America before the gold confiscation act was repealed.

4. The Gold Canadian Maples, which are 100% pure gold, came into favor after the Krugerrand. They are available in 1 ounce, ½ ounce, and ¼ ounce and 1/10th ounce. These gold coins are softer because they contain no hardening metals. Store them in hard plastic cases for the best possible protection from scratches and defacement.

To learn more about gold and IRAs please click here: Or visit one of the many advertisers on this blog.

Top Recommended website for: gold IRAs

Gold Jewelry

2009-09-09T23:40:00.000+07:00

Gold Jewelry is one way to buy gold. It comes in many shapes and sizes but its value is based on its gold content and artistry. Artistry is a more speculative investment because beauty is in the eye of the beholder and much of what we hold as valuable to us will fail to elicit the same emotional response in others. Thus, from an investment perspective, less art and more gold is what an investor wants to look for. Gold Chains, for example, have minimal art and can have maximum gold. Gold Watches, on the other hand, have maximum art and may use minimal gold.

Gold Rings can fall into either category and may or may not contain a separately valued precious or semi-precious stone. Gold Bracelets can fall into the same category.

To understand gold content, you need to understand the karat system used by goldsmiths and professional jewelry manufacturers:

24 karat (24K) gold is pure gold.

18 karat (18K) gold contains 18 parts gold and 6 parts another metal or metals, making it 75% gold.

14 karat (14K) gold contains 14 parts gold and 10 parts another metal or metals, making it 58.3% gold.

10 karat (10K) gold contains 10 parts gold and 14 parts another metal or metals, making it 41.7% gold. 10k gold is the minimum karat designation that can still be called gold in the US.

Other Metals are added to gold to make it harder and more resistant to scratching or malformation. These can include copper or nickel or other metal like zinc. From an investment perspective, purity is everything. Most gold jewelry in the United States is either 14 Karat or 10 Karat gold. 24 Karat is popular in the Far East.

Many companies have formed that will buy your gold jewelry solely based on its gold content. These companies will melt down the jewelry and separate the gold from the other base metals. The gold is then reformed as ingots or bars and then sold off to investors.

Gold Content value changes daily. The "Spot Price" of gold is what investors will pay for one ounce of bullion. This is what you should use to calculate the value of the gold in your jewelry. The karat value is stamped on the jewelry itself on a part that is not visible to the human eye. It can also be verified with a signed certificate from the manufacturer.

One of the difficulties of melting gold down yourself is verifying its purity. Most gold resellers rely on professional "Asayers" to certify the purity and weight of the gold they sell to investors. Hiring a private "Asayer" is an expensive proposition and should only be considered when the amount of gold is larger than a few ounces.

Security should be a primary consideration when investing in gold. Most investors mistrust the system and want to hold the investment on their own. These individuals fear losses that may occur with economic or social destabalization. In reality, it is very difficult to store large amounts of gold in the average home. A safe may offer some protection from amateurs, but is nothing more than an inconvenience for the true professionals.

Please see: Storing Your Gold for home storage suggestions.

It seems that effective home storage is based more on deception and obfuscation than on the strength of any one safe. Most individuals that store gold also have a way to protect that gold from a forced home intrusion. Thus, gold and firearms usually go together.

A more elaborite security system might involve multiple storage areas so that the entire amount of gold is never fully at risk. The key is, loose lips sink ships. So, if you brag about your holdings and can't keep a secret, you are more at risk of the wrong people finding out that you have them. All it takes is one wrong person, and you can end up losing everything.

Get Paul A Drockton M.A's Gold Course HERE.

Top Recommended website for: gold+futures

Gold

2009-09-09T23:37:00.000+07:00

Gold is one of the rarest elements on the earth. As such, it is the perfect medium for exchange on the face of the earth. Gold has been used by almost every society as money and coinage. What makes gold so valuable is that it can not be replicated. Alchemists tried for centuries to make gold from other "heavy elements" like lead.

Gold is also a token of wealth. Monarchs, Wealthy Merchants and Aristocrats have used gold to ornament their hair, adorn their garments and as jewelry and art. Gold plateware was also used by the very wealthy at special banquets and feasts.

Today, gold is most popular in jewelry, like bracelets, necklaces and rings. It is no longer used as currency, but it makes an excellent investment none-the-less. Gold traded for $290 an ounce prior to 9/11 and that same ounce of gold is now worth over $850 and rising! That's almost a 300% return on investment! Compare that to any stock or bond investment and you will see that gold literally outshines them all!

Smart Investors know that gold hasn't even come close to its price potential. Paper currencies, like the dollar, have been gutted by over-printing which will lead to double-digit inflation and continuous loss of earning potential in the future. In fact, CITI financial came out and stated that gold will exceed over $2,000 per month as the dollar continues to loose its value.

Due to the fact that, the US govt. pays interest on its currency in gold to the Federal Reserve, a vast majority of gold holdings lie within the Fed's vaults and will never see the light of day. It takes 5 years to bring new gold mines into production, and even then, high-producing mines are almost non-existent. In fact, all of the existing gold in the world would fill a three story building the size of a tennis court!

Although banks can dump their gold holdings to bolster the dollar like they have done in the past, global insecurity simply means it is no longer possible for supply to keep up with demand! Amazingly enough, it is not a far reach to see one ounce of gold reach $5,000 to $10,000 per ounce when the dollar panic begins and trillions of dollars seek out a safe haven.

Consider all of the alternatives. Real-Estate, the most highly favored investment lost almost 30% of its value over the past few years and the search for a bottom continues. Because of a soft market, things will only get worst. Lower interest rates are often unreachable because of the difficulty of refinancing lower valued homes.

Lower Interest Rates have helped make existing bonds more attractive, but not even the best bonds are keeping up with inflation. In fact, the devaluation of the dollar will favor gold even more as foreign investors stay away from unstable government bonds and money market instruments.

We already discussed the stock market, but the bigger issue is the health of corporate America. Gold is no longer the hedge against the stock market. It is the only sound alternative. Earnings and Consumer Spending will only continue their downward spiral as the recession continues to worsen. Profits give corporate stocks their value. Lower profits will only force more and more investors into gold.

Then their is the gold jewelry market. While more and more individuals are selling their gold jewelry to generate immediate cash. It could be argued that just as many, or more are purchasing gold jewelry because they see it as a purchase that will keep, or even increase its value over time. Some countries, like India, also view gold jewelry as the best way to hold onto wealth during times of instability. If their is a better investment out their than gold, it hasn't presented itself.

To Learn More About Buying Gold: Visit Learn How To Invest in Gold

Top Recommended website for: gold jewelry

gold bullion coins

2009-09-09T23:34:00.000+07:00

Gold Bullion Coins are coins that are produced as actual currency by the United States or another Government. They usually have a nominal face value (for example: the one ounce, United States Gold Eagle has a $50 face value). Of course, no government sells at the face value. Instead they sell Gold Bullion Coins for the market value of the gold plus a nominal premium for making the coin.

Gold Bullion Coins are usually available in in 1 ounce, 1/2 ounce, 1/4 ounce and 1/10 ounce. It is less expensive to buy a 1 ounce coin than two 1/2 ounce coins because you pay "manufacturing costs on two gold coins instead of just one. The same holds true for even smaller denominations. It is cheaper to purchase a 1/2 ounce than two 1/4 ounce gold coins etc.

Liquidity is the other side of the equation. It is easier to liquidate (sell) a 1/2 ounce gold coin than a 1 ounce coin. It is also easier to liquidate a 1/10 ounce coin than a 1/4 ounce coin. However, right now, and in the forseeable future, gold is far more liquid than any other asset regardless of the denomination and size.

American Eagle Gold Coins:

1. American Gold Eagle Coins are 95% pure gold. Although each coin has the stated amount of gold (IE: 1 ounce) it also contains copper to "harden" the coin and make it less scratch resistant. This in no way detracts from the coin's value. In fact, it can be seen as a positive for investors because the Gold Eagle is more resistant to scratching and other defacements that could effect its value.

2. Gold Eagles were available through the United States Mint, which manufactured them. However, due to excessive demand, the Mint's availability is sporadic at best. Most gold bullion coins are therefore, supplied by the secondary market.

3. Because the Gold Content is guaranteed and backed by the Good Faith and Credit of the United States government, gold eagles are extremely liquid and do not require a certificate or asayer to prove value.

4. American Eagles can be purchased here: or through a reputable gold bullion dealer, or coin dealer such as those that are listed in the Google ads on this site.

5. Gold Eagles have a nominal face value (IE $50 on the 1 ounce coin). This means you can spend them at anywhere that American Currency is accepted. This means it would be highly advisable to keep them away from family members and friends that would spend them as cash. As the coin is really worth almost 20 times face value for its gold content, spending it for groceries is enough to make any grown man or woman cry.

It is recommended that you store gold bullion coins in a protective plastic sleeve. If buying them in a larger quantity is desired, they will often be packaged in rolls of 10 (1 ounce Coins). It is important that the coins are not scratched or defaced as this will effect their retail value.

Gold Storage options include home safes, bank safety deposit boxes or even bank vaults. The option you choose should depend on the quantity of gold you have on hand.

Large quanties of gold require greater security. Most individuals don't have the availability to provide this type of security in a home setting.

Mid-size quantities and smaller quantities can be divided up between home storage and a bank safety deposit box. As I mentioned in a previous article, "loose lips sink ships".

So, the best home storage place is one that only you will find and/or know about. If you use a bank safety deposit box to store your gold, remember, access to the key is access to the gold. Make sure you store the key with the same care you would store the gold.

This means, don't carry it around on your key-chain. Any criminal worth his weight in salt knows what a safety deposit box key looks like. With a few sophisticated friends they could easily plunder your gold stash before you even know its gone.

Get Paul A Drockton's Gold Course Here!

Gold drops 2% to two-month low as crude tumbles

2009-09-09T04:51:00.000+07:00

NEW YORK (MarketWatch) — Gold futures fell 2.1% Wednesday to end at their lowest level in two months, pacing losses in other commodities as slumping oil prices reduced the metal’s appeal as a hedge against inflation. Crude fell for a sixth straight session Wednesday, marking the longest losing streak since December after the U.S. regulator said Tuesday it will hold a series of hearings this summer on whether to limit investor positions in commodities futures markets. On the Comex division of the New York Mercantile Exchange, August gold lost $19.80 to $909.30 an ounce, the lowest settlement for a front-month contract since May 5.

“Neither firmer U.S. dollar, the weakening oil price nor the currently stagnating investment demand provide any support for gold,” analysts led by Barbara Lambrecht at Commerzbank wrote in a note. India, the biggest gold consumer, this week doubled import taxes on gold and silver as the government sought to raise funds. Analysts said the move could further curb the country’s gold imports and pressure gold prices. In other commodities Wednesday, crude fell to as low as $60.28 a barrel, the weakest prices since May 26.

Falling oil prices tend to ease inflation worries and reduce gold’s attractiveness as an inflation hedge. In currencies trading, the dollar edged higher against the euro, with the European currency trading down 0.5% at $1.3851. A stronger dollar tends to push down dollar-denominated commodity prices. See Currencies. In exchange-traded funds, SPDR Gold Trust,(GLD 89.68, +0.41, +0.46%) , the biggest gold ETF, stood at 1,120.19 metric tons Tuesday, unchanged from the previous session, according to latest data from the fund. Holdings in the iShares Silver Trust (SLV 12.69, -0.20, -1.55%) , the largest silver ETF, stood at 8,724.86 metric tons Tuesday. In other metals, September silver lost 36.8 cents, or 2.8%, to $12.852 an ounce; October platinum fell $34, or 3%, to $1101.80 an ounce; and September palladium dropped $6.40, or 2.7%, to $234.10 an ounce.

articel www.marketwatch.com

Good news, everyone. World bank predicts worsening global recession

2009-09-09T04:48:00.000+07:00

Although Goldman Sachs is predicting record bonuses will be paid out in their best year ever, the rest of the world is not going to be as lucky. The LA Times is reporting that the global economic downturn is even worse than originally thought, with an expected contraction of 2.9% in the world’s economy. The previous prediction was 1.7%. And growth is expected to be at 2%, down from an original prediction of 2.3%.

Developing countries saw 8.1% growth in 2007 and 5.9% in 2008. Poorer countries are also suffering from a delayed fallout, as economic aid falls in response to the ailing markets. From the LA Times:

“‘Unemployment is on the rise, and poverty is set to increase in developing economies, bringing with it a substantial deterioration in conditions for the world’s poor,’ the World Bank said. While the world is set to return to growth in the second half of 2009, a recovery will be subdued, the report said.”

Crude oil also fell sharply on Monday, down to about $68 a barrel, on news that the recession ”has been much deeper and broader than previous crises” and recovery is “unusually uncertain.”

www.inquisitr.com

The 2008 UK Queen Elizabeth I £5 Gold Proof Coin

2009-09-09T04:46:00.000+07:00

A very unique gold coin has been struck by the British Royal Mint. The 2008 UK Queen Elizabeth I £5 Gold Proof Coin.

In 1558 on the 17 of November, Elizabeth, the 25-year-old daughter of Henry VIII and Anne Boleyn, was proclaimed Queen of England. She became one of the longest serving, best-loved and influential English monarchs, whose date of accession remained a national holiday for 200 years.

To celebrate the 450th anniversary of her becoming Queen, the British Royal Mint has struck a rather unique £5 crown featuring on its reverse a portrait of Elizabeth I, by the silversmith Rod Kelly. So we have the only coin in the world with two Queen Elizabeths, Elizabeth the first on the reverse and Queen Elizabeth the second on the obverse

As per the Royal Mint, “…the Queen is crowned and set within a mandorla created by four decorative arches. A Tudor rose has been placed at each connecting point while the two side arches each contain a beautiful leaf pattern reminiscent of the carvings made by the Queen’s loyal servant and friend, Robert Dudley, Earl of Leicester. The year of her accession and the year of the anniversary are both shown in Roman numerals with the inscription I HAVE REIGNED WITH YOUR LOVES.”

This unique coin is struck in 22 karat gold to proof quality. On the obverse is the portrait of the present Queen by Ian Rank-Broadley FRBS, while the reverse design by Rod Kelly bears a stunning portrait of Queen Elizabeth I crowned and set within a mandorla created by four decorative arches.

Only 1,500 gold Proof crowns will be struck to satisfy demand from collectors throughout the world and will be sold at the price of £925.00. (Approx 1825 US Dollars)

The coin is housed in a luxury walnut wood-veneer presentation case and accompanied by an individually numbered Certificate of Authenticity and the Royal Mint logo in gold on the top right-hand corner of the lid.

The product code for ordering is UKQEFGP.

This coin, if only by its uniqueness and limited strike will be sure to increase in value over the coming years.

articel goldprice

Mexican 20 and 50 Pesos Gold Coins

2009-09-09T04:39:00.000+07:00

USA Gold has managed to acquire some 200 Mexican 20 pesos, & 300 50 Pesos Gold Coins in excellent condition, some unminted, and these are sure to be grabbed quickly by USA Gold states, “In the course of acquiring the 50 Pesos, we were also able to acquire 200 20 Pesos coins in brilliant uncirculated condition. The 20 Pesos coin is hands down one of the most visually appealing coins in the historical era, featuring a detailed representation of the Aztec calendar on the obverse of the coin, and the modern Mexican coat of arms on the reverse. It was minted in comparatively low numbers and is a terrific companion to the 50 Pesos coin.”

The peso was initially the name of the eight-real coins issued in Mexico by Spain. These were the so-called Spanish dollars or pieces of eight in wide circulation in the Americas and Asia from the height of the Spanish Empire until the early 19th century. After Mexico gained its independence in 1821, the new government continued the Spanish monetary system of 16 silver reales = 1 gold escudo, with the peso of 8 reales the largest silver coin. Paper money was also issued, denominated in pesos.

In 1910 Mexico celebrated the Centennial of the beginning of its War of Independence with Spain. To commemorate the event, a giant column was erected in the middle of Mexico City with a statue of “El Angel de la Independencia” (”The Angel of Independence”) sitting atop. This 6.7-meter statue, constructed of Bronze and Gold, represents the “Winged Victory”, a Greek symbol for the goddess Nike (Victory). In her right hand the Angel holds a laurel crown, symbolizing Victory, while in her left she holds a broken chain, symbolizing Freedom.

First minted in 1921, the 50 Pesos gold coin honors the Centennial of the successful end of Mexico’s War of Independence. “El Angel” is pictured on the coin opposite the national coat of arms. The Mexican coat of arms depicts the Mexican golden eagle devouring a snake while perched atop a cactus, an antiquated version of the coat of arms developed in the French Style in the late 1800’s.

The Mexican Gold Coin 50 Pesos is a beautiful gold coin and is larger than the one ounce Gold Eagle. The 1821 on the lower left commemorates the year of Mexico’s independence. The date on the right indicates year of mintage.

USA Gold have often managed to locate Mexican 20 and 50 gold pesos but never in such a large quantity as this.

For those interested in collecting this rare and valuable coin now is the time to step up to USA Gold! and buy now.

articel goldprice

Bank Central Asia

2009-09-09T04:37:00.000+07:00

The Asian monetary crisis in 1997 had a tremendous impact on Indonesia’s entire banking system. In particular, it affected BCA’s cash flow and even threatened its survival. Panic rush forced the bank to seek assistance from the Indonesian government. The Indonesian Bank Restructuring Agency took over control of the bank in 1998.

Thanks to its management’s business sagacity and shrewd decision making, full recovery was accomplished later in the same year. In December 1998, third-party funds were back at the pre-crisis level. BCA’s assets stood at Rp 67.93 trillion, as opposed to Rp 53.36 trillion in December 1997. Public confidence in BCA was fully restored, and BCA was released by IBRA to BI in 2000.

Subsequently, BCA took a major step by going public. The IPO took place in 2000, selling 22.55% of BCA’s shares that were being divested by IBRA. After the IPO, the agency still controlled 70.3% of BCA’s total shares. The second Public Offering took place in June and July of 2001, with IBRA divesting an additional 10% of its interest in BCA.

In 2002, IBRA divested 51% of its BCA shares through a strategic private placement tender. The Mauritius-based Farindo Investment won the tender.

Man Loses $6 Million Overnight

2009-09-08T00:28:00.000+07:00

All it took was one night to wipe out David Shorr's nest egg. As a former Lehman Brothers employee, David's investments were heavily concentrated in the beleaguered financial firm. Recent news of the company's troubling financial problems has caused his stocks to plummet, and his benefits are now worthless.

In the New York Post, he was quoted as saying "I lost over $6 million overnight...I'm wiped out."
Image Credit: TW Collins

Blame Game
David places blame on the CEO for his losses, but I wonder whether he takes any personal responsibility.

After all, as someone with years of experience in finance, why didn't he diversify?

The primary purpose of diversification is to minimize risk by spreading those investment dollars. Not to sound too harsh, but when he made the decision to invest in excess of $6 million in a single company, that's when he lost his money. He just had a delayed "day of reckoning," so to speak (more on David later).

Why People Don't Diversify

To be fair, not everyone is a fan of diversification. For example, by investing in a broad range of securities, diversified portfolios also reduce the upside potential of winners (great individual stocks). This is perhaps the primary reason why most do not diversify: they are trying to beat the market. I suspect trying to beat the market motivated David to concentrate in Lehman rather than diversify. The caveat is the odds are against those who concentrate in a single stock. Famous investor Peter Lynch has been quoted saying in his line of work, if you were right six times out of 10 times, you'd be pretty good. In other words, picking individual stocks that are winners is difficult, even amongst the most skilled professional investors.

Diversification with individual stocks can also pose a challenge: it can be pretty expensive because it is often recommended that someone have at least 10 stocks for a reasonably diversified portfolio (some suggest even holding 40-50 stocks). For small, retail investors, this requires a lot of income and time.

Primary Benefit of a Diversified Portfolio's

By developing a well-diversified portfolio, one can avoid some of the biggest challenges the financial markets throw his or her way. With diversification, as one part of the portfolio is down, other investments rise in value, offsetting or even outweighing those losses. Proper diversification provides smooth, steady growth while reducing the volatility.

Concentrated Investing Approach (a.k.a. focused investing)

Even if you don't wholly subscribe to the diversification philosophy, carefully consider your holdings because it is possible to diversify and concentrate at the same time. For example, if you carefully choose 10 to 12 really great stocks in different sectors, it is perfectly possible that you can achieve just as much diversification as someone with hundreds of individual stocks or a mutual fund or index funds without the heft. Perhaps the most compelling reason for this strategy is that individuals who win the biggest with investing often make the majority of their money on just a few great picks. Warren Buffet, for example, made some extraordinary returns by big investments in companies such as Washington Post and American Express. Although actively managing 10-12 stocks can be time-consuming, it definitely offers substantial risk-reduction compared to owning a single company stock, such as David Shorr's Lehman investment.

Back To David

Although David Shorr's story of gambling and losing is quite sad, currently he is employed as a senior vice president at Morgan Stanley as a wealth adviser. Hopefully, he will not only get a second chance to rebuild his investments but will be able to spare someone else the pain of making the same mistake.

By: Roshawn Watson

Good Old Middle Class or Wealthy, You Decide

2009-09-08T00:24:00.000+07:00

My wife and I make $400,000 annually and I'm "barely getting by" bemoans James Duran, an owner of a human resource company Silicon Valley.

In a recent WSJ article, high income earners suggest that they are not rich and should not be subject to a 3% tax rate increase proposed in the Obama budget. They argue that although they may be in the top 2% of Americans with respect to income, they are not rich. In fact, the wife of one surgeon, Mrs. Ellen Parnell claims their family is "good old middle class" despite their $260,000 annual income.

We're Just Middle-Class

Although few claimed that they were struggling, it was clear that these high income earners felt they were in the same financial boat as most Americans. For example, Mr. Parnell works 7 days a week and drives a 10 year old Infiniti. Although the family vacations at a beach resort every year, it is owned by Mrs. Parnell extended family. Her five member family would like more space than the 2500 square-foot home, but she is hesitant to do the renovations during an economic downturn. She laments

our needs are met, but we don't have a load of cash to cover wants... the reality is Obama may call me wealthy, but I thought we were just good old middle class

Under President Obama's budget proposal, two of the highest tax brackets would see rates rise from 33% to 36%, and deductions would be reduced for households earning more than $250,000 annually. Many members of Congress are seeking to scale back some of the proposed tax increases.

Threats to Cash Flow

Several factors can impact someone's location, his or her life choices, and some expenses are generally unavoidable. As mentioned in the article, location is important because changes to the tax code don't reflect the immense disparity between living in Gary, Indiana vs. Manhattan. Life choices such as sending kids to private school, having conspicuous consumption (including car payments and McMansions) can also tremendously dwindle down someone's cash flow. Additionally, there are expenses that are just unavoidable in most cases, including health-care costs and childcare.

We're Just Sloppy With Our Finances

Although the Parnells are doing well on the income side of the equation, they are pretty crappy at controlling their cash flow. In the article, the Parnells attempt to justify their position that they are just middle class; however, this only serves to weaken their claims.

The value of their house is down $60,000. Ms. Parnell says the couple's gross income last year was about $260,000. Taxes, premiums for medical care and deductions for Social Security and their 401(k) contributions cut the gross to about $12,000 per month. The family tithes $1,300 a month at their church. Their mortgage, second mortgage and payment on land they bought is nearly $4,000 a month. Other expenses, including their family car payment, insurance and college funds, as well as basics like food, utilities and donations to charities, leave them with about $1,200 left over each month.

First, with a $260,000 salary, there is really little excuse to have a family car payment or a second mortgage. Like others, they are living on more than they make and using debt to finance a lifestyle they feel entitled to. Second, donations to charities are great for the recipients and the givers and provide tax deductions; giving reasonable contributions to charities should not be a real stretch for a family earning $260,000 per year. However, due to sloppy financial management, they may not yet be in a position to do a high level of giving. The truth is whether you make $40,000 per year or $400,000, you can still be broke. If you make more and spend accordingly, you just end up with more toys but can suffer from the same financial insolvency experienced by low income earners.

Some people could take the Parnells income over time and create tens of millions of dollars. The Parnells chose differently, which is their right, but to argue that America needs a "reality check of what being rich really means" is them missing the point. Their income makes them the financially elite, and they have an opportunity to build wealth like very few can. Consider that they make more than 5 times the median American income. Indeed, you can make millions and not be rich. Pro athletes do it all the time. Similarly, it is their choice that with over a $21,000 monthly income they only retain $1200 (plus 401K contributions). It's their lack of personal responsibility with regards to their finances that I find particularly troublesome not their opposition to the tax hike.

Notably, the article doesn't state the couple's 401K contributions, investments, or net worth, so it is impossible to really get an accurate financial snapshot. That said, I do believe the Parnells when they say that they are not rich. It is very plausible that they are not, but in their case, it is not the taxman's fault.
By: Roshawn Watson

The Sad State of American Finances

2009-09-08T00:14:00.000+07:00

Harris Interactive recently released the 2009 Consumer Financial Literacy Survey. This survey sampled 1000 Americans over 18 years old between March 13-16. Their results demonstrate that most Americans have considerable financial deficiencies. Here are their revealing findings...

Financial Literacy

41% of U.S. adults gave themselves a grade of C, D, or F on their knowledge of personal finance.

Budgeting

Less than half of adults keep close track of their spending, and several had no idea of food, housing, entertainment, and do not monitor their overall spending.
I would argue that much fewer people rigorously budget than this study indicates.

Spending

57% of adults spend less than they were a year ago although 45% of those now spending less admit that if their financial situation were to improve, they would resume their previous spending habits.

Savings

one-third of adults report having no savings, and only 23% save more than they did a year ago.
48% Generation Y adults have no savings.
Not surprisingly, 55% say that they would borrow in the case of emergency.

Debt and Credit Card

26% admit to not paying all bills on time, and this rises to 51% of African Americans.
6% carry debt load of 10,000 or more and the same percentage have debts in collection and are now considering bankruptcy.
I definitely believe this is underestimated as well.

Credit Score

64% have not ordered a copy of their credit report despite it being free, and this rises to 72% for Hispanics.
37% do not know what their credit score is.

Housing

42% of adults have a mortgage, and a little over one-fourth (28%) say that their mortgage terms turned out differently from their expectation.

Retirement

One-third of adults put no part of their annual household income towards retirement.

Insurance

13% of adults have no medical insurance, and 65% of elderly adults have no long-term care insurance.

These findings definitely indicate that most Americans don't know very much about their finances, don't have a good handle on their budgets and spending, and have little idea of what their recent credit history looks likes. Additionally, many of us are signing contracts that we don't understand, not investing for retirement, and falling behind on our debts.

We have to do better, regardless of our income. Even a household making $40,000 per year will bring in over $2 million over the typical life-time, and to be financially inept is just irresponsible, especially now that we're in the midst of a global financial mess. If anything, this survey is probably underestimating our financial dysfunction, since it relies on participants to self-report somewhat embarrassing (or at least non-flattering) details of their finances. However, these results will hopefully serve as our wake-up call. Otherwise, we have not learned the lessons that got us in this financial mess in the first place, which would be the true tragedy.

Lastly, if you like this post, please subscribe (see upper right-hand corner), Mixx it, Propel it, Stumble it, and tag it on Delicious.

Is A Credit Card Safer Than A Check Card?

2009-09-08T00:07:00.000+07:00

I was recently participating in a forum about credit card deadbeats and was amazed by some of the debt myths being perpetuated by experts (I use this term loosely). Moreover, one was so brazen as to attack me likely because his (or her) differences in opinion about debt and his misinformation. Of course, I simply responded to the attacks with the truth, and at the time of writing this I have yet to be challenged again. However, this got me thinking,
"if the disseminators of personal finance wisdom have this issue wrong, could some of my readers also believe the same debt myths?" I hope not to offend you with the last question. I have the utmost respect for you; after all, you're clearly reading a personal finance site to improve your financial literacy or to interact with other like-minded individuals. Nonetheless, debt myths have been so ingrained into our society that people cling to them religiously and will attack anyone who challenges their paradigm.

Let me be clear. I am debt free (excluding the house) and NEVER intend to carry consumer debt again. To date, getting out of debt was one of the most painful experiences I have undergone. I simply don't care enough about what other people think of me to go into debt to prove I am doing well. Instead, I will simply do well.

My "controversial" statement and the obnoxious reply
Now, I made a comment on the forum stating since I primarily use my check card as a credit card,

according to (the) Visa-Mastercard websites, I am afforded the exact same legal protection as anyone using their credit cards. Thus, it is my understanding that it is no safer to use a credit card over a debt card.

Now of course, the Visa or Mastercard's legal protection on their check cards is simply a verifiable fact, yet instead of going to their website BEFORE trying to discredit me, one zealous credit card enthusiast decided to attack first. Here is his or her rant...

Check your facts... There is no federal law that protects debit cards from fraudulent activity (though at least one state--MA--has state law mandating it). For everyone else, it is up to the bank to create its own policies, and it's strictly voluntary. Contrast that to credit cards, which have strict federal laws regarding liability with fraud...

There is a federal law regarding consumer liability with ATM cards, but depending on your bank they may not apply it to debit cards. And either way, the law protecting credit card is better.
i) $50 if you notify the bank within 2 days of finding out your card is lost or stolen;

ii) up to $500 if you notify your bank after 2 days of learning of the loss or theft;

iii) potentially, unlimited liability for all unauthorized transactions that occur after 60 days from when you receive your statement containing the unauthorized transactions if you fail to notify your bank within 60 days of receiving your bank statement.

Notice that I never said that there was a federal law that gave the same protection. I have been aware of legislation he quoted for years, and yet I said according to Visa-Mastercard's website, I am afforded the exact same legal protection as anyone using their credit cards. Well because I value the truth more than peace I responded as such.
Look, I know my facts fine. Here is a statement straight from VISA site...

Q: Does my Visa Debit card have security protections?
A: Yes, when you sign for your purchases, Visa Debit card’s security protections help prevent, detect and resolve fraud in various ways:

Visa's Zero Liability Policy, which protects you from unauthorized charges. Any funds taken from your account due to fraudulent use will be returned to you.

Did you get that? When you use the check card as a credit card (sign for purchases), you have ZERO LIABILITY. This is the condition that Visa mandates from banks issuing check cards with their logo...period.
If you want to read more, check it out for yourself

The Great Credit Card Battle To Come

2009-09-08T00:03:00.000+07:00

The next front in the banking wars will be over credit cards. Some of the nation's biggest bankers -- including representatives of Citigroup, JP Morgan Chase, and other recipients of billions of taxpayer dollars -- are meeting today with the President to ask him back off his move to reform credit-card lending practices.

What's happening to credit card lending is a smaller replay of what happened to mortgage lending. For years, banks used every gimmick possible to get the public to use their cards -- regardless of the credit worthiness of the customer. They lured borrowers with low "teaser" rates. They told borrowers they could get by paying minimum balances.

And now that tens of millions of Americans are poorer than they used to be, the credit-card bubble is bursting. Credit card delinquencies are soaring. At the Bank of America, the largest U.S. lender by assets, 7.8 percent of credit-card accounts were delinquent in February by more than 30 days, up from 5.9 percent last August. Yesterday, Bank of America reported a $1.8 billion first-quarter loss in its credit-card services unit.

As delinquencies mount and profits shrink, card lenders are raising fees and interest rates, including rates on existing balances. They're also charging higher fees when customers exceed their credit limits, and shortening the duration of the teaser rates. When a customer makes a payment in excess of what's owed, card companies now routinely apply the excess to balances with the lowest rates rather than those carrying the highest rates. And banks disclose very little of relevance: For example, most customers have no idea how long it will take them to pay off their balances if they make minimum repayments, or what interest they're actually paying on their balances.

As more and more Americans find themselves in the credit-card squeeze, they're complaining loudly. But the bankers have their own loud lobbyists on Capitol Hill, whose voices haven't been muzzled despite the giant bank bailout. Last month, the Senate Banking Committee reported a bill that bans rate increases for existing balances, among other things. But the vote was close -- 12 in favor, 11 opposed -- and its future in the Senate is uncertain. A House bill advanced yesterday, sponsored by Representative Carolyn Maloney, Democrat from New York, has only a fifty-fifty chance of succeeding. Meanwhile, the Fed is working on a set of watered-down reforms scheduled to go into effect a year from July, but that's way too far off to avoid the pending battle.

Enter Obama. The Treasury holds lots of cards given how dependent the big banks are on its solicitude. Meanwhile, the public has grown weary and suspicious of the bank bailouts. Knowing how unpopular the bailouts have become, the Administration is considering how to get additional capital to the banks without going back to Congress for the money. One big idea is to convert taxpayer-provided bank loans into bank equity -- even though the swap puts taxpayers at greater risk (after all, loans have to be repaid, but equity can continue to fall).

That's why getting tough on the banks' credit card lending practices has such appeal for the Administration, politically. It puts the White House on the side of the people rather than Wall Street, on an issue that the public is becoming more and more upset about. And the Administration's push could be enough to get reform legislation through Congress.

The bankers will tell Obama today that any new contraints on credit card lending will cause the banks to reduce the amount of credit card lending they do, which will hurt the economy. But it's a weak argument because it presupposes that any lending is good for the economy -- even lending to people who don't know what they're getting into and can't repay the loans. It's the same argument banks used two years ago, when precient observers warned that constraints had to be placed on mortgage lending practices. What may hurt the economy in the short term, we now know, may save it from even larger pitfalls to come.

The Administration's proposed Responsible Wall Streeter Tax Credit

2009-09-08T00:01:00.000+07:00

The Administration is about to launch a new plan designed both to stimulate the economy and clean up Wall Street at the same time. The "Responsible Wall Streeter Tax Credit" will provide Wall Street executives and traders a credit against their 2008 income taxes in an amount equal to their individual share of responsibility for the nation's financial collapse.

The Congressional Budget Office estimates overall losses from the collapse to be about $7 trillion but figures only about 10 percent of that sum will be claimed by Wall Streeters seeking the tax credit because of the reluctance of some executives and traders to take responsibility for the financial mess. That would put the cost of the new program at about $700 billion -- roughly the amount the federal government is now paying to bailout the Street.

In effect, the plan redirects the bailout money to these honest executives and traders who fess up and take responsibility. It's a win-win-win. They get to clear their consciences, which is a first step to clearing up their balance sheets. At the same time, they get big tax breaks which will cause them to spend more, and thereby stimulate the economy. And the plan won't cost taxpayers a dime more than we're already spending on the bailout, since the bailout money will go to these honest executives and traders.

One potential glitch: Many Wall Street executives and traders don't pay enough income taxes to take full advantage of the tax credit. Their earnings come in the form of capital gains, taxed at 15 percent, or they're parked in the Netherlands Antilles and other tax havens. The only way around this is to make the RWSTC fully refundable. That way, executives and traders who don't pay enough income taxes to get the full benefit of the credit will be able to collect it anyway, in the form of a direct cash subsidy from the federal government.

How to Get Rid of Credit Card Debt

2009-09-06T06:12:00.000+07:00

People tend to use their credit card for almost every expenditure from grocery, accessories, entertainment to children's toys.Sooner or later,they find themselves facing serious credit crunch and unable to pay back their debt.

Choose the Right Credit Card
Before you apply for a credit card, you have to make sure you understand the credit card terms and what a “credit card” really is. Being a form of borrowing that involves charges, credit cards usually have underlying credit terms and conditions affect your overall cost.So,before you apply for a credit card,please remember to compare terms and fees and agree to open an account.

Search for 0% APR(annual percentage rate) interest
When you apply for a credit card, you must know how the APR affects your credit account.Here is another way that can really help you to cut down the amount of interest that you pay each month on your credit cards.Get a credit card that has 0% APR(annual percentage rate) interest, and make sure that this benefit will last for at least one year.

Budgeting
A budget is the most fundamental and effective financial management tool to help control your spending. Budgeting can keep track of your finances and achieve your financial goal in the long run. Hence, setting up a good personal budget is vital to personal finance perspective as it will show you how much money you have spent and where you have spent it.Make a budget will guide you to spend less than you earn.

Stop using too many credit card
It's hard to get rid of debt if you keep using a lot of credit card.Although paying with a card seems convenient compared to carrying lots of cash,using your credit cards usually will only increase your debt problem and make it harder for you to control your finances.

Lastly,it’s tough to get out of credit card debt.However lots of peoples just like you have begun to cut their credit card debt by following the simple steps outlined above.If you are willing to put in the effort and spend some serious time thinking about how get rid of credit card debt,I believe you can get out of debt very soon.Good Luck.

Quintessence gold-plated turntable from Transrotor

2009-08-23T03:53:00.000+07:00

Remember DaVinciAudio Labs’ AAS Gabriel turntable with gold-leafing on it? Now the time has come to revive the memories, with Transrotor’s Quintessence for those with deep pockets. The luxury turntable comes with a lustrous layer of chrome and gold to give it classier look. The turntable appears to be something more like a piece of art crafted for the purpose of showing up in a museum. It is designed to create quality music output by zeroing noise and vibrations by means of isolating the pick-up arm from the rest of the body. As the product page suggests, the clear style of the device, the audio output of highest quality, exclusivity and the absolutely mature musical qualities are a few advantages of the turntable that convince a buyer to shell out a hefty amount of $38,790 to get his or her hands on one. By incorporating all standard traits of the manufacturer, this device utilizes hydrodynamic bearings with black acrylic gilt weights embedded in the (bearing) reservoir. The turntable weighs around 70 kg.

Insured, but Bankrupted by Health Crises

2009-07-25T16:14:00.000+07:00

Health insurance is supposed to offer protection — both medically and financially. But as it turns out, an estimated three-quarters of people who are pushed into personal bankruptcy by medical problems actually had insurance when they got sick or were injured.
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The Work-Up
False Security
Articles in this series are analyzing the economic and financial issues at the heart of the health care debate in Washington.
Related
The Work-Up: Obama and Congress Clash on How to Pay for Health Care (June 26, 2009)

Wal-Mart Says It Backs a Mandate on Insurance (July 1, 2009)

Times Topics: Health Care Reform

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And so, even as Washington tries to cover the tens of millions of Americans without medical insurance, many health policy experts say simply giving everyone an insurance card will not be enough to fix what is wrong with the system.

Too many other people already have coverage so meager that a medical crisis means financial calamity.

One of them is Lawrence Yurdin, a 64-year-old computer security specialist. Although the brochure on his Aetna policy seemed to indicate it covered up to $150,000 a year in hospital care, the fine print excluded nearly all of the treatment he received at an Austin, Tex., hospital.

He and his wife, Claire, filed for bankruptcy last December, as his unpaid medical bills approached $200,000.

In the House and Senate, lawmakers are grappling with the details of legislation that would set minimum standards for insurance coverage and place caps on out-of-pocket expenses. And fear of the high price tag could prompt lawmakers to settle for less than comprehensive coverage for some Americans.

But patient advocates argue it is crucial for the final legislation to guarantee a base level of coverage, if people like Mr. Yurdin are to be protected from financial ruin. They also call for a new layer of federal rules to correct the current state-by-state regulatory patchwork that allows some insurance companies to sell relatively worthless policies.

“Underinsurance is the great hidden risk of the American health care system,” said Elizabeth Warren, a Harvard law professor who has analyzed medical bankruptcies. “People do not realize they are one diagnosis away from financial collapse.”

Last week, a former Cigna executive warned at a Senate hearing on health insurance that lawmakers should be careful about the role they gave private insurers in any new system, saying the companies were too prone to “confuse their customers and dump the sick.”

“The number of uninsured people has increased as more have fallen victim to deceptive marketing practices and bought what essentially is fake insurance,” Wendell Potter, the former Cigna executive, testified.

Mr. Yurdin learned the hard way.

At St. David’s Medical Center in Austin, where he went for two separate heart procedures last year, the hospital’s admitting office looked at Mr. Yurdin’s coverage and talked to Aetna. St. David’s estimated that his share of the payments would be only a few thousand dollars per procedure.

He and the hospital say they were surprised to eventually learn that the $150,000 hospital coverage in the Aetna policy was mainly for room and board. Coverage was capped at $10,000 for “other hospital services,” which turned out to include nearly all routine hospital care — the expenses incurred in the operating room, for example, and the cost of any medication he received.

In other words, Aetna would have paid for Mr. Yurdin to stay in the hospital for more than five months — as long as he did not need an operation or any lab tests or drugs while he was there.

Aetna contends that it repeatedly informed Mr. Yurdin and the hospital of the restrictions in policy, which is known in the industry as a limited-benefit plan.

The company says such policies offer value by covering some hospital expenses, like surgeons’ fees or a stay in the intensive care unit. Aetna also says all of its policyholders receive significant discounts on the overall cost of hospital care. But Aetna also acknowledges that a limited-benefit plan was inappropriate in Mr. Yurdin’s case because his age and condition — an irregular heartbeat — made him likely to require more comprehensive coverage.

“Limited benefits aren’t right for everyone, and it clearly wasn’t right for Mr. Yurdin,” said Cynthia B. Michener, an Aetna spokeswoman.

Charles E. Grassley, the ranking Republican on the Senate Finance Committee, which is taking a lead on health legislation, says Congress needs to make “meaningful” insurance coverage more affordable and accessible. But “until that happens,” he said, “any presentation of limited-benefit plans ought to be completely straightforward, and not misleading in any way.”

articel form nytimes

British Economy Suffers Worst Drop in 50 Years

2009-07-25T16:09:00.000+07:00

The British economy contracted in the first quarter by the most in more than 50 years, official figures showed Tuesday, as output in the manufacturing and construction sectors plummeted.

Gross domestic product fell by 2.4 percent in the first quarter from fourth quarter of 2008, the Office for National Statistics said in London, the most since 1958 and greater than the agency’s estimate of a 1.9 percent decline. From a year earlier, the economy contracted 4.9 percent, the largest annual decline since records began in 1948.

Michael Saunders, an economist at Citigroup in London, said the second quarter, which ends Tuesday, would also probably show a contraction, though not as bad as the first quarter. The recession should be nearing its end soon, he added.

Nonetheless, he said, “I don’t think recovery will be strong in U.K.”

Construction sector output fell 6.9 percent in the January-March period, the agency said, worse than the 2.4 percent initially estimated. Britain’s housing market has been hurt badly by a bursting of the property bubble, a loss of highly paid financial jobs and the drying up of credit markets.

However, signs of stability have emerged. The Nationwide Building Society said Tuesday that house prices in Britain rose 0.9 percent in June from May, meaning prices had gained in three of the last four months.

Industrial output fell 5.1 percent from October-December 2008, the largest fall since the first quarter of 1974, as manufacturing output slumped. Production tumbled 12.5 percent from a year earlier.

In Brussels, meanwhile, the European statistics agency, Eurostat, said prices in the euro zone fell 0.1 percent in June from a year earlier, the first such decline since the euro was created in 1999. Prices in May were unchanged from a year earlier.

Daniele Antonucci, who covers Europe at Capital Economics in London, wrote in a research note that while commodity price developments could alter the inflation outlook, “there are plenty of reasons” to believe that the annual decline marked the beginning of a downward trend.

“At this stage, we expect negative inflation rates for the next six months or so,” Mr. Antonucci wrote. “With factory gate prices falling, wage growth likely to slow sharply and a big amount of spare capacity in the economy, core inflation will decelerate considerably.”

He also warned that the euro zone, “with a more timid policy response than elsewhere,” runs a risk of “a more prolonged and damaging period of deflation.”

Oil prices, though, are currently working against that possibility. Nymex oil futures for August delivery were trading Tuesday afternoon at $71.35 a barrel, giving them a gain of about 44 percent for the year.

Cat Contiguglia contributed reporting from Paris.

posting http://www.nytimes.com/2009/07/01/business/global/01euro.html?_r=1&ref=global

Compound Interest

2009-07-16T22:34:00.000+07:00

According to Wikipedia,compound interest is the concept of adding accumulated interest back to the principal, so that interest is earned on interest from that moment on.

In other word,earning additional interest on interest. Once you earn your first interest payment, it is added into the principal. It will allow your money to earn even more money over time. It is the most common type of payment you will earn by lending your money to a bank.

For example,say you had invested $1,000 today in a 5% savings account. You will have $1,050 after one year. However, in year two, that same initial investment would be worth $1,102.50. And in year three, the same $1,000 would be worth $1,157.63.After 10 years, the initial $1,000 investment would be worth $1,628.90 and after 20 years, it would be worth $2,653.30.What if by year 50,it woud be worth $1,1467.40.

This second example shows how the compounding effect can work against you.
Let say you want to borrow $5000.00 to purchase a used car. You want to be able find out how much the carry will cost you if you borrows the $5000.00 at an interest rate of 8% for 4 years. The amount that you actually paying for your $5000.00 is $6802.44.Thus,the total amount of interest you will be charged for borrowing the $5000.00 is $1802.44.

Can you the the the power of compound interest now??

Ways to Save Money

2009-07-16T22:33:00.000+07:00

Being able to successfully save money is one the most important things that you can do in order to prepare for your financial future.Here are some money saving tips.I have listed some money-saving tips:

Ways to Save Money:

* Make more money online.
* Don't ever spend money just because you have it.
* Find a hobby that you can earn money doing.
* Stop smoking.
* Look critically at how you spend and save your money.
* Learn how to manage your finances by reading financial publications.
* Increase the money you earn (part time job, promotion, through invesment,saving,etc.)
* Take public transport to work or car-pooling.
* Be patient.
* Start saving money today!
* Don't give up!
* Cook at home instead of eating outside.
* Spend less money than you earn.
* Find ways to make more money.
* Create a financial budget to help you save.
* Do not use credit cards.
* If you do use credit cards, pay them down in full each month.
* If you have a lot of credit card debt at high rates, look into consolidating your debt.
* Lower your student loan payments..
* Stop purchasing unnecessary items.
* Refinance your mortgage or debt at a lower rate.
* Refinance your car loan at a lower interest rate.
* Find cheaper insurance rates.
* Lower your phone bill.
* Don't buy anything just because it is on sale.
* Reward yourself for saving money.
* Drive used cars.
* Look for a higher paying job.
* Reduce your auto insurance.
* Don't eat out as much as you'd like to.
* Invest the money you save so that it earns money too.
* Try to spend more time at home.
* Sell your junks.
* Borrow books from library books,don't buy.

Start Saving Today

2009-07-16T22:30:00.000+07:00

It is so important to start saving and investing today.

To understand why a dollar saved today is worth so much more than a dollar saved tomorrow,you have to take a look at the time value of money rule for a description.And start saving money today!

The time value of money states that a dollar today is worth more than a dollar at some time in the future.It's not that simple to understand at first glance,so let me show you some financial examples:

If you invest $2,000 in a 6% savings account today, it will be worth $2,120 in one year. Therefore, if you can have $2,000 today or choose to have $2,000 one year from now, it is always better to have the money now. By saving and investing today, you make the time value of money work for you.

Let’s look at the reverse of this, to see how the time value of money can work against you. Suppose instead of receiving $2,000 that you spent $2,000 by purchasing merchandise on your credit card. Remember that a dollar today is worth more than a dollar tomorrow, so in this case, you will have lost money because you will need to pay off your debt with money from the future (which is worth less than money today). In addition to having to pay with future money, you will also have to pay interest expense. So, in this case, if you paid off the credit card in one year (assuming 15% interest), you’d have to pay $2,300.

You should think about the time value of money before making any decisions. Another, maybe even more important concept related to the time value of money is the compounding effect of money.