The current mortgage and foreclosure crisis has been a boon for loan modification companies. This is an area of the economy that is growing exponentially as more and more Americans face foreclosure and financial ruin. This can be good news for many distressed home owners, but finding a reputable one can be tricky. Unfortunately, many of the dishonest folks who contributed to the current crisis will be looking to cash in on this as well.
There are some very simple and straight forward things to look for when researching loan modification companies to that you are not the victim of a fraudulent or less than honest company. By taking care to research loan modification companies before you begin the process you increase your chances of getting a good loan modification that will keep you in your home and financially solvent.
The best place to start is your own bank or mortgage company. If you are happy with them and feel that they have your best interest at heart you can simply apply for a loan modification process through them. Most major mortgage companies have loan modification departments for their borrowers. This is what will be keeping them in business. You may not have to look further than your current lender.
If this isn't the case and you need to find another company, you should first start by asking people you know about their experiences with other lenders and/or loan modification companies. People you trust will give you their honest feelings about their experiences. You can also research other well known banks and mortgage companies. Although these companies may have lengthy application requirements, in general they have solid practices that will help you to get a good loan. Look for companies that have good reviews and a good reputation.
Be wary of any company that guarantees any part or your loan modification. There are no guarantees in this process. The modifications made come from your unique circumstances and until the process has begun, no lender can honestly promise you anything. If you feel you are being sold a bill of goods, you probably are and should proceed with caution. A reputable company will be honest with you from the get go.
Do not pay any upfront fees for a loan modification. If a company wants an upfront payment or retainer fee just say no. With the federal loan modification programs currently in place, and many states mandating lenders to offer loan modifications to their clients, there is no need for upfront fees. This is a clear sign of someone looking to profit from your misfortune.
Finally, be sure that a loan modification company actually understands the process and has credibility. Many former bankers, investors and financial industry workers are starting up loan modification companies. It is one area that is actually seeing growth at the present time. This means that many unqualified people will be hanging out their shingles and start looking for potential customers. Being someone's guinea pig is probably not what you want for yourself given the potential outcomes of such a choice.
Finding a reputable loan modification company is the first step.
Then you need our home loan modification checklist to get you prepared
By Jon Higgins
source: http://ezinearticles.com/?How-to-Research-Loan-Modification-Companies-Wisely&id=2176352
Saturday, April 4, 2009
Tuesday, March 17, 2009
Online Banking in Hong Kong
Introduction
The Hong Kong online banking market is among the most advanced in the world, with online banking portals offering sophisticated features not seen elsewhere. The Hong Kong market is mature with around 3.5 million online banking customers. Hong Kong's close ties with mainland China makes the market an ideal springboard for financial institutions looking to expand into the mainland.
Scope
Includes a comprehensive overview of the Hong Kong online banking market.
Provides online banking customers data and market share of top competitors.
Discusses security issues and two-factor authentication.
Analyzes current trends in the market.
Highlights
There are over a hundred fully licensed foreign banks in Hong Kong, in addition to 23 fully licensed domestic banks. In Hong Kong's three-tier system of banking there are also dozens of restricted license banks and deposit taking companies, which are limited in terms of offering retail banking to the public.
The emergence of banking directly from the mobile phone will change the playing field for security and two-factor authentication. If the banking transaction is performed on the mobile phone, then that device is no longer considered "out of band" as a separate route of confirming identity.
Although not as fast off the mark as some other countries, Hong Kong banks have shown foresight when it comes to realizing the potential of the online banking proposition, as well as being proactive regarding channel challenges. Chekiang First Bank started offering basic online banking in 1997, and Citibank introduced online banking in 1998.
Why you should buy this report
Improve your strategic position using Datamonitor's in-depth analysis of the Hong Kong online banking market.
Understand the unique challenges the online banking market is facing, and benefit from forecasts of future product trends.
Financial services providers hoping to tap the enormous market of mainland China should study analysis of the Hong Kong market first.
source:
http://www.banking-business-review.com/research.asp?guid=DMFS2259
The Hong Kong online banking market is among the most advanced in the world, with online banking portals offering sophisticated features not seen elsewhere. The Hong Kong market is mature with around 3.5 million online banking customers. Hong Kong's close ties with mainland China makes the market an ideal springboard for financial institutions looking to expand into the mainland.
Scope
Includes a comprehensive overview of the Hong Kong online banking market.
Provides online banking customers data and market share of top competitors.
Discusses security issues and two-factor authentication.
Analyzes current trends in the market.
Highlights
There are over a hundred fully licensed foreign banks in Hong Kong, in addition to 23 fully licensed domestic banks. In Hong Kong's three-tier system of banking there are also dozens of restricted license banks and deposit taking companies, which are limited in terms of offering retail banking to the public.
The emergence of banking directly from the mobile phone will change the playing field for security and two-factor authentication. If the banking transaction is performed on the mobile phone, then that device is no longer considered "out of band" as a separate route of confirming identity.
Although not as fast off the mark as some other countries, Hong Kong banks have shown foresight when it comes to realizing the potential of the online banking proposition, as well as being proactive regarding channel challenges. Chekiang First Bank started offering basic online banking in 1997, and Citibank introduced online banking in 1998.
Why you should buy this report
Improve your strategic position using Datamonitor's in-depth analysis of the Hong Kong online banking market.
Understand the unique challenges the online banking market is facing, and benefit from forecasts of future product trends.
Financial services providers hoping to tap the enormous market of mainland China should study analysis of the Hong Kong market first.
source:
http://www.banking-business-review.com/research.asp?guid=DMFS2259
Sunday, August 17, 2008
SmartMoney reveals the top things that your bank may not be telling you
By Jim Rendon
TODAY
With the economy slowing, consumers and banks alike are doing what they can to stay afloat. Are you reading your bank's fine print when it comes to fees, online banking, interest rates and more? Here, SmartMoney reveals the top things that your financial institution is probably not telling you.
"Our branches are there to sell you, not serve you."
In the late 1990s bank branches were considered outmoded relics soon to be replaced by ATMs and Internet banking. But just the opposite happened: In 1998 there were 89,000 bank branches in the U.S.; by 2007 there were 97,000. Why? The industry realized consumer banking was profitable and that despite the predictions of Silicon Valley wonks, the main criterion consumers use in choosing a bank is proximity, says SNL Financial analyst Jennifer Payne.
But branches aren't just about convenience; they're a bank's primary sales floor. Brochures for services as varied as retirement accounts and home loans are on display, and everyone from the teller on up is trained to make a sale. That's because in the current low-interest-rate climate, it's harder to generate revenue from interest alone. Many players in the industry have been trying to boost fee- and service-based income, so if a teller sees you have a mortgage, he might suggest you meet with a loan officer to discuss a home-equity loan. Says Greg McBride, a senior financial analyst at Bankrate.com, "The more products a customer has with a bank, the more likely he is to stay with that bank."
"Our fees will only go up."
With the economy slowing and big losses looming in the mortgage market, banks are looking for reliable revenue streams. Hence punitive fees — for overdrawing your account, say, or using a competitor's ATM — are increasing. The average ATM service charge doubled between 1998 and 2007, and overdraft fees brought in $17.5 billion in revenue in 2006, up from $10.3 billion in 2004, according to the Center for Responsible Lending. Rubecca Hegarty, a married mother of three in Woodridge, Ill., says she often pays upward of $100 a month in overdraft fees to Chase, since, like most banks, it changes the order of purchases so that large debts get paid first — increasing the likelihood of incurring fees on smaller purchases. JPMorgan Chase says it does this because big payments like a mortgage are more important to consumers, so they get priority.
Revenue from penalties can be addictive for banks, says Harvard Business School professor Gail McGovern, but "they're going to face problems from angry customers, which leads to big call-center bills, employee dissatisfaction and turnover."
"We change our interest rates all the time."
Regardless of what your credit card agreement says, you can never be sure how much interest banks will charge you. For example, nearly all cards have a default rate — as high as 30 percent — which banks apply when you've done something wrong, usually after two late payments in 12 months. But some banks have cut that to one, says Curtis Arnold, founder of CardRatings.com.
Banks can also change the terms of your agreement, raising rates when they like (though you can opt out and pay off the balance at the old rate as long as you never use the card again). Bank of America did that recently, upping many cardholders' rates from 10 or 12 percent to 27 percent or more, even though they'd done nothing wrong. "There's no clarity on what criteria can lead a bank to raise interest rates," says Robert Manning, director of the Center for Consumer Financial Services at the Rochester Institute of Technology. "It's a black box." A Bank of America spokesperson says the company periodically reviews the credit risk of its accounts and adjusts rates accordingly, adding that in the past year 94 percent have had no increase.
"College campuses are a gold mine for us."
Students are the customers of the future, and banks are increasingly courting them, sometimes right on campus. More than 120 universities have cut deals with banks to issue student-ID cards that are also ATM and check cards. Schools can make millions from these deals, sometimes even taking a small cut of individual purchases.
Students are also a hot market for credit card issuers; banks will make private deals with alumni associations to get contact info for students, parents and even ticket buyers to university athletic events. Card companies cut deals to set up booths on campus, and Chase even inked a deal with Facebook to display ads and set up a Chase group on its Web site.
The problem? Mounting credit card debt among college kids, for one. "Universities don't negotiate on behalf of students," says Manning. "They're negotiating the best deal for the university." A spokesperson for the National Association of Independent Colleges and Universities says don't blame schools — banks would market to students anyway, and universities at least try to get the best rates they can for students.
"In debt? The courts won't help."
Since the late 1990s banks have been including mandatory arbitration agreements in their contracts for many of their products, including auto loans, checking accounts, home-equity loans and credit cards. Such agreements prohibit you from suing and instead require you to use an arbitrator — someone picked by the arbitration firm named in your credit card contract to hear the dispute and decide the outcome.
While these clauses were originally designed to thwart class-action suits, the banks have also been using them for debt collection, says Paul Bland, an attorney with consumer-advocacy group Public Justice. There are even times when consumers, often victims of identity theft and unaware of the debt, aren't present when awards are handed down against them.
A recent suit against an arbitration firm brought by the San Francisco city attorney noted that arbitrators ruled in favor of banks in 100 percent of the 18,045 California cases brought against consumers from January 2003 through March 2007. "From the consumer perspective, it's a nightmare," says Bland. If a bank brings arbitration against you, hire a lawyer and request a hearing — in person.
source:
http://www.msnbc.msn.com/id/25736566/
TODAY
With the economy slowing, consumers and banks alike are doing what they can to stay afloat. Are you reading your bank's fine print when it comes to fees, online banking, interest rates and more? Here, SmartMoney reveals the top things that your financial institution is probably not telling you.
"Our branches are there to sell you, not serve you."
In the late 1990s bank branches were considered outmoded relics soon to be replaced by ATMs and Internet banking. But just the opposite happened: In 1998 there were 89,000 bank branches in the U.S.; by 2007 there were 97,000. Why? The industry realized consumer banking was profitable and that despite the predictions of Silicon Valley wonks, the main criterion consumers use in choosing a bank is proximity, says SNL Financial analyst Jennifer Payne.
But branches aren't just about convenience; they're a bank's primary sales floor. Brochures for services as varied as retirement accounts and home loans are on display, and everyone from the teller on up is trained to make a sale. That's because in the current low-interest-rate climate, it's harder to generate revenue from interest alone. Many players in the industry have been trying to boost fee- and service-based income, so if a teller sees you have a mortgage, he might suggest you meet with a loan officer to discuss a home-equity loan. Says Greg McBride, a senior financial analyst at Bankrate.com, "The more products a customer has with a bank, the more likely he is to stay with that bank."
"Our fees will only go up."
With the economy slowing and big losses looming in the mortgage market, banks are looking for reliable revenue streams. Hence punitive fees — for overdrawing your account, say, or using a competitor's ATM — are increasing. The average ATM service charge doubled between 1998 and 2007, and overdraft fees brought in $17.5 billion in revenue in 2006, up from $10.3 billion in 2004, according to the Center for Responsible Lending. Rubecca Hegarty, a married mother of three in Woodridge, Ill., says she often pays upward of $100 a month in overdraft fees to Chase, since, like most banks, it changes the order of purchases so that large debts get paid first — increasing the likelihood of incurring fees on smaller purchases. JPMorgan Chase says it does this because big payments like a mortgage are more important to consumers, so they get priority.
Revenue from penalties can be addictive for banks, says Harvard Business School professor Gail McGovern, but "they're going to face problems from angry customers, which leads to big call-center bills, employee dissatisfaction and turnover."
"We change our interest rates all the time."
Regardless of what your credit card agreement says, you can never be sure how much interest banks will charge you. For example, nearly all cards have a default rate — as high as 30 percent — which banks apply when you've done something wrong, usually after two late payments in 12 months. But some banks have cut that to one, says Curtis Arnold, founder of CardRatings.com.
Banks can also change the terms of your agreement, raising rates when they like (though you can opt out and pay off the balance at the old rate as long as you never use the card again). Bank of America did that recently, upping many cardholders' rates from 10 or 12 percent to 27 percent or more, even though they'd done nothing wrong. "There's no clarity on what criteria can lead a bank to raise interest rates," says Robert Manning, director of the Center for Consumer Financial Services at the Rochester Institute of Technology. "It's a black box." A Bank of America spokesperson says the company periodically reviews the credit risk of its accounts and adjusts rates accordingly, adding that in the past year 94 percent have had no increase.
"College campuses are a gold mine for us."
Students are the customers of the future, and banks are increasingly courting them, sometimes right on campus. More than 120 universities have cut deals with banks to issue student-ID cards that are also ATM and check cards. Schools can make millions from these deals, sometimes even taking a small cut of individual purchases.
Students are also a hot market for credit card issuers; banks will make private deals with alumni associations to get contact info for students, parents and even ticket buyers to university athletic events. Card companies cut deals to set up booths on campus, and Chase even inked a deal with Facebook to display ads and set up a Chase group on its Web site.
The problem? Mounting credit card debt among college kids, for one. "Universities don't negotiate on behalf of students," says Manning. "They're negotiating the best deal for the university." A spokesperson for the National Association of Independent Colleges and Universities says don't blame schools — banks would market to students anyway, and universities at least try to get the best rates they can for students.
"In debt? The courts won't help."
Since the late 1990s banks have been including mandatory arbitration agreements in their contracts for many of their products, including auto loans, checking accounts, home-equity loans and credit cards. Such agreements prohibit you from suing and instead require you to use an arbitrator — someone picked by the arbitration firm named in your credit card contract to hear the dispute and decide the outcome.
While these clauses were originally designed to thwart class-action suits, the banks have also been using them for debt collection, says Paul Bland, an attorney with consumer-advocacy group Public Justice. There are even times when consumers, often victims of identity theft and unaware of the debt, aren't present when awards are handed down against them.
A recent suit against an arbitration firm brought by the San Francisco city attorney noted that arbitrators ruled in favor of banks in 100 percent of the 18,045 California cases brought against consumers from January 2003 through March 2007. "From the consumer perspective, it's a nightmare," says Bland. If a bank brings arbitration against you, hire a lawyer and request a hearing — in person.
source:
http://www.msnbc.msn.com/id/25736566/
Thursday, July 31, 2008
Growth ahead for more diversified game industry
By Kiyoshi Takenaka - Analysis
LOS ANGELES (Reuters) - The video game industry looks set for at least another year or two of strong growth, driven by geographical expansion, a strong hardware lineup and growing pool of casual gamers, industry executives said.
In a move to capitalize on emerging economies, Sony Corp's (6758.T) game unit said at the E3 video game trade show this week it will launch operations in Argentina, Columbia and Peru by March 2009, its first step into the South American market.
Rival Nintendo Co Ltd (7974.OS) aims to start offering its Wii console in China this year.
Hardware makers' broader reach beyond the established markets of North America, Europe and Japan would open up new business opportunities for hundreds of software makers and follow the lead of other technology sectors turning to emerging markets for growth.
"Game makers like us are now trying to get into such vibrant regions as Latin America, Eastern Europe, Russia and Asia," Konami Corp (9766.T) Executive Corporate Officer Kazumi Kitaue said on the sidelines of the E3.
"With the overall market expanding like this, we should be able do better and better if we really buckle down."
Another growth driver is the widest variety ever of game hardware available, which caters for a broader range of game players and enables software publishers to create multiple revenue streams from a single title.
Microsoft Corp's (MSFT.O) Xbox 360, Sony's PlayStation 3 and Nintendo's Wii compete with one another for dominance in the console market. The biggest seller of all time, last generation's Sony machine, the PlayStation 2, is also still thriving.
"This creates a very favorable business environment for software makers," he said.
Global video game sales are likely to grow 15.2 percent this year to $48.3 billion this year, followed by a 9.3 percent rise to $52.8 billion in 2009, according to PricewaterhouseCoopers estimates.
RECESSION-PROOF
The industry is also benefiting from a new group of casual, or light, gamers, as Nintendo has broadened the gaming population beyond the traditional user base of young males with its intuitive, easy-to-use games such as "Wii Sports."
"The Wii ... has opened up an entirely new set of gamers that weren't there before," Electronic Arts Games Label President Frank Gibeau said.
"If you look at the DS and the Wii they are just adding people to the pie," he said.
Underscoring Nintendo's smash success, operating profit at the creator of such iconic game characters as Mario and Zelda more than doubled in the year ended March 31.
source:
http://uk.reuters.com/article/ousiv/idUKN1736434220080718?pageNumber=2&virtualBrandChannel=0
LOS ANGELES (Reuters) - The video game industry looks set for at least another year or two of strong growth, driven by geographical expansion, a strong hardware lineup and growing pool of casual gamers, industry executives said.
In a move to capitalize on emerging economies, Sony Corp's (6758.T) game unit said at the E3 video game trade show this week it will launch operations in Argentina, Columbia and Peru by March 2009, its first step into the South American market.
Rival Nintendo Co Ltd (7974.OS) aims to start offering its Wii console in China this year.
Hardware makers' broader reach beyond the established markets of North America, Europe and Japan would open up new business opportunities for hundreds of software makers and follow the lead of other technology sectors turning to emerging markets for growth.
"Game makers like us are now trying to get into such vibrant regions as Latin America, Eastern Europe, Russia and Asia," Konami Corp (9766.T) Executive Corporate Officer Kazumi Kitaue said on the sidelines of the E3.
"With the overall market expanding like this, we should be able do better and better if we really buckle down."
Another growth driver is the widest variety ever of game hardware available, which caters for a broader range of game players and enables software publishers to create multiple revenue streams from a single title.
Microsoft Corp's (MSFT.O) Xbox 360, Sony's PlayStation 3 and Nintendo's Wii compete with one another for dominance in the console market. The biggest seller of all time, last generation's Sony machine, the PlayStation 2, is also still thriving.
"This creates a very favorable business environment for software makers," he said.
Global video game sales are likely to grow 15.2 percent this year to $48.3 billion this year, followed by a 9.3 percent rise to $52.8 billion in 2009, according to PricewaterhouseCoopers estimates.
RECESSION-PROOF
The industry is also benefiting from a new group of casual, or light, gamers, as Nintendo has broadened the gaming population beyond the traditional user base of young males with its intuitive, easy-to-use games such as "Wii Sports."
"The Wii ... has opened up an entirely new set of gamers that weren't there before," Electronic Arts Games Label President Frank Gibeau said.
"If you look at the DS and the Wii they are just adding people to the pie," he said.
Underscoring Nintendo's smash success, operating profit at the creator of such iconic game characters as Mario and Zelda more than doubled in the year ended March 31.
source:
http://uk.reuters.com/article/ousiv/idUKN1736434220080718?pageNumber=2&virtualBrandChannel=0
Monday, July 28, 2008
ICBC has nearly 50 million customers of personal Internet banking
China's largest commercial bank Industrial and Commercial Bank of China (ICBC) said its number of personal Internet banking customers hit 48.49 million by the end of June this year and E-banking service took 39.5 percent of its whole business.
In H1, ICBC added 9.4129 million new personal Internet banking customers, 27 percent more than the figure for the same period of 2007, and 294,200 new corporate Internet banking customers, up 54 percent.
The bank's total transaction value of E-banking service in 2007 reached 102.9 trillion yuan, up 127 percent over 2006, making ICBC China's first bank with an annual trade volume of over a hundred trillion in E-banking.
In the first six months this year, ICBC launched quite a few new Internet banking products and services for gold trading, subscribing IPOs and taxation.
source:http://www.tradingmarkets.com/.site/news/Stock%20News/1767778/
In H1, ICBC added 9.4129 million new personal Internet banking customers, 27 percent more than the figure for the same period of 2007, and 294,200 new corporate Internet banking customers, up 54 percent.
The bank's total transaction value of E-banking service in 2007 reached 102.9 trillion yuan, up 127 percent over 2006, making ICBC China's first bank with an annual trade volume of over a hundred trillion in E-banking.
In the first six months this year, ICBC launched quite a few new Internet banking products and services for gold trading, subscribing IPOs and taxation.
source:http://www.tradingmarkets.com/.site/news/Stock%20News/1767778/
Thursday, July 24, 2008
online banking 2
What are the disadvantages of online banking?
Security issues: An online banking system could be targeted by miscreants. Hackers are constantly looking for ways to exploit loopholes in bank websites as well as online stores. 'Phishing' is a term that is used for the scam in which an unauthorised person creates a replica of a website and tricks people into entering their account numbers and passwords. To avoid being tricked, you should always check the security certificate of the website you are using, before you give any details out.
Lack of documentation: When business is conducted online, everything is done through the computer screen and no receipts are given. After you make an online transaction, you should always print out a copy of the online confirmation of your payment. Ensure that details like the amount you paid, product description, terms of delivery, etc. are clearly legible on it. Also, write the date of the transaction if it is not mentioned.
System failure: On a rare occasion, it is possible for an online system to suffer a failure and crash. If it is serious, all your data records could be lost. Prepare for any possible mishaps by regularly backing up your data on CDs and printing out hard copies of any transactions you carry out. Also, have a good anti-virus program installed on your home computer and update it regularly. This will prevent any loss of data at your end.
Online banking is the stepping stone to a future where convenience will be the name of the game. Open your mind to the possibilities of this wonderful service and do not hesitate to explore its benefits.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
Security issues: An online banking system could be targeted by miscreants. Hackers are constantly looking for ways to exploit loopholes in bank websites as well as online stores. 'Phishing' is a term that is used for the scam in which an unauthorised person creates a replica of a website and tricks people into entering their account numbers and passwords. To avoid being tricked, you should always check the security certificate of the website you are using, before you give any details out.
Lack of documentation: When business is conducted online, everything is done through the computer screen and no receipts are given. After you make an online transaction, you should always print out a copy of the online confirmation of your payment. Ensure that details like the amount you paid, product description, terms of delivery, etc. are clearly legible on it. Also, write the date of the transaction if it is not mentioned.
System failure: On a rare occasion, it is possible for an online system to suffer a failure and crash. If it is serious, all your data records could be lost. Prepare for any possible mishaps by regularly backing up your data on CDs and printing out hard copies of any transactions you carry out. Also, have a good anti-virus program installed on your home computer and update it regularly. This will prevent any loss of data at your end.
Online banking is the stepping stone to a future where convenience will be the name of the game. Open your mind to the possibilities of this wonderful service and do not hesitate to explore its benefits.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
Monday, July 21, 2008
Online Banking
Online banking is a trend that has emerged recently. Learn more about the pros and cons of this easy service.
Have you ever found yourself rushing to pay your bills on the weekend because you were too busy during the week? What if you urgently need to send money to a sick relative late at night? There is a relatively new financial service that can come to your rescue called 'online banking'. Read on to learn more about it.
What is online banking?
Online banking is a service provided by a bank to customers, so that they can access their accounts over the Internet, through a secure website. The simplest thing one can do, using this service, is to view the status of their accounts as well as any transactions that have been carried out. Besides checking your account details, an online banking service also allows you to transfer money between multiple accounts as well as carry out electronic transactions. Many banks even allow you to pay some of your bills online, for a small fee.
What are the advantages of online banking?
Convenience: Online banking saves you the hassle of having to wait in a queue. You can access your account and make transactions whenever you like. This way, you do not have to wait until you get some free time off work, or spend your weekend writing checks and queuing up at the bank to deposit them. It also saves time. Just sit down in front of your computer and open up a webpage with your account details on it. In a span of a few minutes, you can check your account details and carry out a transaction. There is no need to manually go through your chequebook. Moreover, you avoid the bother of requiring stamps and envelopes to mail cheques to different places.
Organisation: Online banking simplifies your job of having to shuffle through stacks of paper every month, trying to tally receipts with bank statements. Instead, you can just create a spreadsheet on your computer and enter your expenses and account balances on it. Using simple addition, the computer can automatically tally up both of them and check to see if they match.
Reduced paperwork: With online banking, you are able to avoid the headache of dealing with the papers that tend to accumulate using a regular banking service. Since you can check your account whenever you wish, there is no need for regular bank statements to be sent to you. If you pay bills or make purchases online, you will not have to sign any receipts.
Confidentiality: You can carry out all your transactions in the privacy of your own home. This means no one is likely to find out your account number or password unless you yourself give it to them. You also do not have to worry about losing your receipts or about dishonest storekeepers acquiring your credit or debit card details.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
Have you ever found yourself rushing to pay your bills on the weekend because you were too busy during the week? What if you urgently need to send money to a sick relative late at night? There is a relatively new financial service that can come to your rescue called 'online banking'. Read on to learn more about it.
What is online banking?
Online banking is a service provided by a bank to customers, so that they can access their accounts over the Internet, through a secure website. The simplest thing one can do, using this service, is to view the status of their accounts as well as any transactions that have been carried out. Besides checking your account details, an online banking service also allows you to transfer money between multiple accounts as well as carry out electronic transactions. Many banks even allow you to pay some of your bills online, for a small fee.
What are the advantages of online banking?
Convenience: Online banking saves you the hassle of having to wait in a queue. You can access your account and make transactions whenever you like. This way, you do not have to wait until you get some free time off work, or spend your weekend writing checks and queuing up at the bank to deposit them. It also saves time. Just sit down in front of your computer and open up a webpage with your account details on it. In a span of a few minutes, you can check your account details and carry out a transaction. There is no need to manually go through your chequebook. Moreover, you avoid the bother of requiring stamps and envelopes to mail cheques to different places.
Organisation: Online banking simplifies your job of having to shuffle through stacks of paper every month, trying to tally receipts with bank statements. Instead, you can just create a spreadsheet on your computer and enter your expenses and account balances on it. Using simple addition, the computer can automatically tally up both of them and check to see if they match.
Reduced paperwork: With online banking, you are able to avoid the headache of dealing with the papers that tend to accumulate using a regular banking service. Since you can check your account whenever you wish, there is no need for regular bank statements to be sent to you. If you pay bills or make purchases online, you will not have to sign any receipts.
Confidentiality: You can carry out all your transactions in the privacy of your own home. This means no one is likely to find out your account number or password unless you yourself give it to them. You also do not have to worry about losing your receipts or about dishonest storekeepers acquiring your credit or debit card details.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
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