The internet has completely changed the way that we bank in the modern age. No longer is it necessary to make trips to the bank and speak to a teller or receive paper statements in the mail – those services are becoming a thing of the past. Almost every standard banking transaction can be handled online through new technologies. Banks now offer online access to your account, email statements, web transfers, and more, all to make it easier for customers to bank 24 hours a day.
Prepaid credit cards have followed in this same path, but eliminate having to use a traditional bank account. Users can purchase a card online and reload it any time they choose. They can even have their paycheck directly deposited, just as they would with a bank. Through the card provider’s website, the user can view account activity and monitor spending. Additionally, they can transfer money from other accounts, even PayPal. Essentially, it works just as a standard debit or credit card would, but without the need for a bank account.
Another sign of the transition away from traditional banking is the use of cell phones in transactions. Most banks and prepaid credit card providers now have mobile phone friendly web pages that offer essentially the same features as the full website. Some banks, as well as prepaid credit card companies, offer a texting feature. With this, the user sends a text message to request their balance and will be sent a response with that information.
The biggest theme visible in this movement to online banking is that consumers want convenience. The internet plays such a major role in society now that people expect these kinds of services to be available. People are now able to choose the banking option that best suits their lifestyle, and have all the online conveniences.
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Posted: March 31st, 2010 by
| Filed under Banking
Bankruptcy puts an individual in a very awkward situation. As if you declared bankrupt you have to lose almost everything that has your name including your bank account. But as soon your bankruptcy period discharged you will be able to grow and regain your credibility. However, for that first of all you have to open an account to show your worthiness. Bank accounts after bankruptcy give you an opportunity to open new bank account without any hurdle.
Banks have specially designed these sorts of accounts to provide a second chance to people tagged with bankruptcy in their credit history. These bank accounts works almost same like normal bank account and helps account holders to bring bank their financial position in the market.
These bank accounts after bankruptcy are filled with numerous advantages and services that prove to be quite beneficial our bank account holder:
*Provides almost all basic banking services
*Helps to rebuild your banking history
*Enables you to make direct debit to your utility bills with which you can take advantage of discounts and save money
*Helps you in maintaining your budget with direct debit facility
*Low and affordable account opening and monthly fee
*Free and regular updates from bank
*Cash cards that make shopping easier and allow you to withdraw small cash
*Phone and online banking facility
*No unauthorized fee charged on overdraft and late payment
Financial institutes appoint personal money manager with bank accounts after bankruptcy. He/she helps the account holder the make the required steps to regain its fiscal status and fulfil its monetary commitments.
With these accounts you can also eligible for the loan amount. But for that you have to prove yourself trustworthy account holder. You can do so by build up your savings and by avoiding much spending. For that you can also avoid overdrawing and bouncing cheques. Your manger looks at your all transactions and helps you to get further loan amount.
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Posted: March 30th, 2010 by
| Filed under Banking
So you are thinking about a business cash advance but want to know very simply, will I get approved? Funding companies look at things differently than a bank for many reasons. I will give you a glimpse of how they think. Other than credit there are many things they look at. Here are some items most companies will look at.
1. Merchant Statements: Companies will require between 4 months and 12 months of merchant statements. Your processing history will give them an idea as to how consistent the volume is and what they can expect in the next 6 to 12 months. Underwriters are looking at a number of factors including average ticket, number of batches per month, and number of charges per month. Almost all companies typically like to see a minimum of 14 batches per month although one I know of doesn’t look at this at all. So if you are a marina that processes its slip rentals on the first of every month, most won’t like it but one will. They also want to see how your volume is trending. If they look at last February and compare it to this February, how does it compare? If your volume is down 50%, that may concern them. If it is a slight decline, flat, or growing then they may be ok with what they see.
2. Bank statements: They will look at bank statements to see a number of different things. If you have a number of NSF’s, that is not a good thing. If you had a tough time 5 months ago but have since cleared it up, they will often times take that into account. They will also look at average balance to see if it looks like you are on the brink of going out of business.
3. Lease agreement: All companies will want to see the lease for your business
and make sure you will still have a place to do business during the repayment period. If the landlord doesn’t renew your lease and kicks you to the curb, you are effectively out of business and can’t repay the advance.
4. Landlord interview: All companies will perform a landlord interview and make sure your rent is current and that your lease is the same as you sent over. If your lease is late, you may still get funded but they may make a stipulation that you must pay the landlord first, with the remaining funds going to you.
Underwriting guidelines are significantly different for a merchant cash advance and much more lenient than a bank. If you need funds for your business, strongly consider a business cash advance.
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Posted: March 30th, 2010 by
| Filed under Credit