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Monthly Archives: May 2017

You must Use Online Banking

1. The ultimate in convenience: When you use online banking you can conduct your transactions from the comfort and privacy of your own home, so you won’t have to worry about going out to your local branch, spending time queuing up, and trying to fit your banking commitments into your busy day, which can be particularly difficult for those that work full time.

2. No time constraints: With regular banking you are restricted in terms of when you can contact or call in to the bank in order to conduct transactions, and this can prove difficult for those with busy lifestyles and full time jobs. However, when you opt for online banking you can conduct transactions at any time of the day or night, which means that you can effectively manage your account around the clock.

3. Do everything you need to online: You will find that you are able to conduct pretty much any banking transaction that you can perform by phone or visit to your branch by going online, other than withdrawing and depositing cash. This means that you can effectively control your finances from the privacy of your own home.

4. Increased security: Banks now use very secure software to ensure the safety and security of customers, making it safer than ever to bank online. Just remember never to link to your bank account from an email link, as this could be a false link, and do not save your banking passwords and security details on a shared computer that could give others access.

Cash You Never Pay Back

There is free government grant money that individuals can claim, but the majority of the $80 billion in grant funds are not for your personal use, so to speak. These funds are mostly available for small business owners, college students and for community development. If you are starting a business or thinking about going back to school, then you may be in luck. Otherwise you might have a bit of a harder time finding what you are looking for.

There are a variety of grant programs provided by the government and private foundations. This includes grant for veterans, grant money to help pay medical bills, grants for housing and transportation, and even grants for minorities and single mothers. While these funds exist, they are not the majority. You’ll have to do a little digging through current grant directories to find these funds.

Once you find the programs that can help you with your personal needs, you’ll soon realize that it may have been time well spent. Typically applying for a grant does not require a credit check, down payment or collateral. That’s because the money that is awarded is provided tax free and with no repayment necessary. That’s why so many people hire professional grant writers to help them claim as much money as possible. The cash never has to be paid back.

Offshore Bank Fails

Offshore Banks – A brief definition of this term is in order. These are banks that are located in various countries around the world many being in Caribbean Island Nations. These banks have a license that enables them to only do business with people and entities (trusts and corporations) that are not from that country. The offshore jurisdiction does not trust the offshore bank to accept deposits from its citizens or corporation filed in that country. This right away should tell a moderately astute investor that he or she is perhaps not exercising the correct amount of caution when it comes to selecting a bank and an offshore jurisdiction. So the first warning sign is be careful of offshore banking licenses. A bank can be in an offshore jurisdiction and not have an offshore banking license, instead be a regularly licensed bank. Offshore bank licenses can be had in some jurisdictions with as little as a $50,000 deposit with the country issuing the license. Usually this amount is never more than $500,000 and many countries require less. As a point of comparison a regular bank operating in Panama is required to post $10,000,000 cash deposit and the owners go through a rigorous background investigation.

Bank Failure – This is a term relating to the offshore bank being unable to fulfill the demand for funds from their depositors. This can occur for a number of reasons, some bad and some not so bad. The offshore bank may have been found to be below its protective ratios and the government bank auditors or financial ministry may decide to shut the bank down in terms of money going out for a limited period of time to see if the bank can return their ratios quickly to an acceptable level. In the event the ratios return to an acceptable level the bank operation resumes normally and the depositors may not even know anything occurred.

Complaints – The way offshore bank failures generally start is with complaints to the licensing authority of the country where the bank is located stating that requests to withdraw funds are not being met by the bank. To document this the account holder generally retains legal counsel in the country where the offshore bank is located and files a formal demand for the funds to bank with a very short deadline. When this demand is not met the law firm will file a formal complaint to the offshore bank licensing authority who will generally conduct an investigation. They may have their own auditors or hire an independent team of auditors to go through the offshore bank records. They will look to see if there are any loans on the books that do not meet the guidelines for lending such as writing uncollateralized loans is usually considered an offense. Loans to the principals of the bank are another red flag. Real estate acquisitions like mansions on the island where the offshore bank is located for the bank executives to live in is another red flag as well. Usually without loans the bank would not fail to meet its ratios. When these loans go bad and there is no collateral to go after then the banks get into trouble. The complaint process is possibly the only way the government is going to know their offshore bank is in trouble and by then it may be too late, but it may not be too late. Remember we are talking about offshore banks here, not regularly licensed regular banks which are audited and watched way more closely by the government and usually by a different government agency than the agency supervising offshore banks. We as a Panama Law firm do not introduce clients to offshore banks which should tell you something.

Places to Save Money

Insurance

Insurance is also another option to make a saving for your future life. This insurance could assure the existence of your money so it will help you if something bad happens to you. Choosing the right insurance is also consideration you need to do if you wan to take advantage from it.

Bank

Bank is the best place you need to choose if you would like to make a bank account that could help you in saving your money. Before making a bank account, you need to choose the right bank for you that are suitable with your needs and your preferences. Checking the reputation of the bank is the right thing to know that it is good choice for you so you will not feel disappointed with the facilities which are given.

If you choose the right bank which is suitable with your qualification, you will feel safe about your money. So, you could take benefit from it. In fact, the rate is not too important aspect in saving the money because the essential is the safety.