What Are the Benefits of Banking Online?

Most people these days are very comfortable using the internet for gathering information and sending emails. More and more people are now using the internet to conduct their personal and business banking online as well. Banking online has vastly improved since its early days two decades ago and it is easy to conduct a wide range of different transactions.

Paying bills through an automatic payment system is one of the earliest and most common forms of money processing on the internet. Most banks provide an online banking service by setting up a system for taking care of regular bills, usually gas, electricity, water and other home related costs. Having to write multiple checks on a monthly basis, and either mailing them or making several trips down to your bank to process the bills can use up a considerable amount of free time. With online checking accounts it is all automatic and hassle-free, as long as you have the funds. All you receive is an invoice for your records.

The flip side to paying your bills through online banking is receiving payments through direct deposit. This is one of the top banking services that banks can help with. Mail can be delayed due to bad weather, holidays, strikes and other unforeseen events. If you expect to receive payment on Friday through a check sent in the mail, then you may not have enough time to deposit the funds and will have to wait until the following business day to gain access to the money. With direct deposit, the payment is automatic and you can use the money right away if needed.

In addition to saving time by not having to write out several checks and by reducing the number of trips needed to the bank, you can do your money processing on the internet around your schedule. You may work a schedule that doesn’t allow you to go to the bank when it is open but if you use online banking then you can conduct transactions and check your account information even late at night. Additionally, you can do this from the comfort of your own home through PC banking.

Some people have money invested in a variety of locations and forms, and some of these investments may require close monitoring in order to maximize profit and minimize loss. By making use of bank online services you can keep close tabs on exactly what is happening with your investments and then take immediate action when needed. You can set up a schedule of regular viewing or pay closer attention to a particular fund that is particularly time sensitive. All of this is far more convenient through online banking than it would be if you had to make regular phone calls or trips to offices and banks.

Banking online is clearly the future of banking. It is far easier and convenient than in-person visits to the brick and mortar, financial institution and can save a great deal of time and energy. From automatic payments and direct deposit, to complete control over when and how you manage your money, money processing on the internet is the way to go.

Why is Quality Banking Service Required?

A high interest savings account, free online checking accounts, and a detailed banking guide are all strong incentives to sign up with a particular bank, but if they don’t provide a high standard of banking service in core areas, none of the above will matter. Clients don’t make banking choices based solely on money; good customer care and quality service is just as important, if not more.

Because utilizing an online bank requires access to the internet, a primary service that should be provided is support for the typical browsers used on the internet. If clients are not able to do their personal online banking, then they are not likely to stay with the bank. Banks should ensure that their websites are accessible by the major browsers currently in use, and that updates to the browsers do not disrupt banking services when possible. The two major operating systems, Windows and Macintosh, should also be able to access the money processing online websites.

Good, top banking services is also about good customer service. When clients send emails requesting information or action, a prompt response is expected. Even though money processing on the internet does not involve face-to-face interaction, and even though banks are able to save money on the costs of running an online bank, good service should not be eliminated. A quality banking guide is a good start, but there needs to be a system in place for customer complaints and concerns to be resolved. If responses take too long or are unsatisfactory, then many users will be more likely to change to a traditional bank where they can receive better customer service.

The money processing on the internet industry is still very new and technology is changing rapidly all the time, meaning that every banking service provided should be relevant. An online bank that does not change its design and look over the years to become more responsive and current will not be successful. In addition to aesthetic reasons, not keeping up with technology will mean that the money processing internet services will not be as effective and may not even work.

Staying relevant and up to date is imperative for any online bank to survive. Each banking service mentioned is an important part of being successful in this new industry and with the new generation of bankers there will be little patience for a company that does not make its services clear and easy to use. To stay relevant, online banks should stay current with changes in technology and how the internet is used, while providing a high level of customer service. Doing this will keep clients comfortable with their bank and willing to explore other services available to them.

Article Source: http://EzineArticles.com/2623561

Bank of America Online Banking – Should You Do Your Online Banking With Them Or Someone Else?

When it comes to online banking, few banks can top bank of America online banking. Bank of America is one of the most popular banks around the country today, and one of the reasons is their online banking services, which is second to none. The feature has many benefits.

First, you don’t have to wait for your monthly statement balance to arrive in the mail, as you just hop on the internet, enter your user name and password, and can instantly see how much money you have available. You can see this info anytime, anywhere, and you aren’t restricted by geographic location, time of day, etc.

Also with Bank of America On Line Banking, you can also transfer money via the net to family and friends, another excellent feature. You can get alerts about your account from your email or cell phone, so if something important happens, you can know about it instantly. You can pay off your credit card bills on the internet, so you don’t have to worry about mailing a physical check in.

Many people are still under the restrictions of mailing to physical locations, paying for postage, and of course, they have to do their bills much sooner than you, because they have to plan for the allotted time for the money to arrive. You don’t have to worry about any of this with Bank of America Online Banking.

The best thing about online banking is that-surprise, surprise-you can be approved online. Even if you don’t currently have an account with Bank of America, you can open one up online, and then get started with Bank of America online banking. Either way, you don’t have to drive to the nearest branch, as you can do all of this either right online or from the phone. Both are recommended, as they will save you some serious time.

Bank of America also offers a feature where you can actually set up budgets for yourself online, and even see your accounts you hold with other banks or money companies. You aren’t restricted; therefore, to managing solely your bank of America account, and this is an excellent feature, as you don’t have to log into two or more different spots every time you want to track your money.

Bank of America online banking is definitely something you should consider for your banking needs.

Wall Street Banks Argue For Bonus Compensation Billions After Losing Trillions

Wall Street bank executives are under fire for their ridiculous compensation packages in advance of annual bonuses that will be announced and awarded next month. So far, pundits have offered three arguments for not limiting Wall Street bonus compensation. First, they say that “government should not interfere with private enterprise,” which is a premise I normally wholeheartedly endorse. However, since the Great Depression, the global banking industry has had a strong if not incestuous regulatory relationship with government. The failure of Bear Stearns and Lehman Brothers and the subsequent actions of government to prevent the failure of probably all the rest of the world’s major banks and financial institutions are the very reason they still exist to allow their leaders to haggle today about how high their paychecks should be. Moreover, the reason the banks are recovering so quickly is primarily because the government is lending them money virtually interest free that they can reinvest at much higher returns. Not only don’t citizens enjoy such investment favor, but between TARP and low bank rates, we as taxpayers and bank depositors are paying to fix the banking system.

The second reason offered is that “it is difficult if not impossible to structure compensation so as to mitigate bank failure risk” and glib advocates of that perspective will point out that the obvious alignment of interest between the crew and passengers of the Titanic wasn’t enough to keep that ship from sinking. However, common sense and various studies indicate that long term non-cash compensation structures such as the awarding of restricted stock, especially with claw-back provisions, offer clear incentives for superior management performance.

Lastly, pundits arguing the bank executives’ cause say that “limiting bonuses will cause an exodus of talent from the top banks,” which would be laughable if it wasn’t so desperate and pathetic a statement. Isn’t the so-called “top talent” at banks at least partially if not primarily responsible for the financial debacle of the past few years? If they truly want to be paid for the value they create, they should receive a bill for the damage they have done to our economy and financial system, instead of receiving a bonus. So far the cost of the global financial crisis has been estimated north of $12 trillion, the equivalent of one-fifth of global economic output, and nearly $3,000 for every person on the planet! By that measure one could easily argue that top bank talent is being overpaid, whatever their rate of compensation.

Besides, with the failure of so many major financial institutions, clearly the supply of “top talent” exceeds the current demand for their services, as the number of top-tier banks has shrunk considerably in recent years. The competition from all those unemployed Wall Streeters should drive down the price of “top bank talent” for many years to come.

The Diminishing Popularity Of Banks

The last decade or so has seen a rise in the Australian economy but it has also seen in a downfall in banking. Banking, as we know has become a necessity and loans are increasingly becoming a popular means of sufficing an immediate requirement. Banks in Australia have always been traditionally focused and some of the top banks focusing on fulfilling basic consumer requirements of include:

Adelaide Bank

This bank is a listed publicly and has its head office in South Australia. It provides different types of financial services through a detailed distribution network and by forming new national alliances.

AMP Banking Australia

AMP is one of the leading wealth management companies in Australia with an excess of AUD$84 billion in assets.

ANZ (Australia and New Zealand) Bank

ANZ Bank is considered as one of the biggest banking companies in Australia as well as New Zealand and was also ranked among the top 50 banks in the world. The world headquarters for ANZ is situated in Melbourne where it started off in the 1830s.

Bank of Queensland (BOQ)

Bank of Queensland is the second largest Queensland-based banking and financial institution and is listed among the top 5 biggest banks in Australia.

BankSA

It was formerly called the Bank of South Australia and today it is one of the largest financial institutions in South Australia and is also the main provider of personal finance, housing and rural banking in the State. Today BankSA is owned by St George Bank.

Commonwealth Bank of Australia

The Commonwealth Bank of Australia is one of leading banking and financial institutions, which has positioned itself for future growth and is aiming to make banking accessible to all Australians.

Macquarie Bank Limited

The Macquarie Bank offers different types of investment banking opportunities and also caters to selected retail financial service markets as well as commercial banking in Australia.

National Australia Bank

The National Australia Bank is an internationally acclaimed financial services group that has been providing comprehensive range of financial services in Australia as well as 15 other countries.

RBA – Reserve Bank of Australia

The Reserve Bank of Australia (RBA) is the central bank and its primary responsibility is the monetary policy. Some of the key roles of the RBA include maintaining the stability of the financial system and enhancing the efficiency and safety of the Australian payments system.

These are some of the most popular banking institutions in Australia. Off late, it has been noticed by various research groups that Banks are falling way behind in their promises to upkeep customer satisfaction and to consistently thrive to offer competitive interest rates on their loans. As a result, more and more people are turning towards newer and non-traditional forms of accessing capital such as non-bank lenders and now social lending or peer to peer lending networks.

This phenomenon can be disastrous for banks as has been experienced by banks in the UK following the launch of Zopa. Zopa is considered a pioneer in peer to peer lending and anyone can take an online loan from the Zopa borrowing platform. The salient point is that the borrower can set his or her repayment amount with a maximum interest rate. The interest rate is definitely lower than what banks are offering and hence more people are finding it advantageous from their point of view.

Social lending has landed on the Australian shores with Lending Hub http://www.lendinghub.com.au now being seen in the same light as Zopa and Prosper. Of course the funding vehicle is still under development but one can safely predict that the social lending networks will start to take lending market share from the banks. Another aspect that has pushed social lending ahead is the fact that it is more community oriented, which banks are not (although the banks like to portray themselves as being people and community focused they have spent the last 4-5 years closing branches and making banking highly automated and less consumer focused).

According to a recent study in Britain, it has been found that 74% of people feel a positive attitude towards borrowing from a social lending community as opposed to borrowing from their own high street banks. Almost 49% people feel that the banks have not been able to keep their promise of offering customer satisfaction. Another 81% believe that the banks are self-interested while a good 76% believe that they are greedy.

All in all these features make banking institutions highly unpopular especially now in the light of the unprecedented growth of social lending communities and peer to peer lending solutions.

A Guide to a Banking Career

With new banks coming up in the Indian market every year, the banking sector has become the thriving career option. The Indian banking sector is expected to record 25% growth in the next few years. Moreover, with the entry of international banks, the banking sector is ready to produce abundant bank jobs.

Some of the common bank positions available in the sector

1) Tellers
2) Auditors
3) Cashier
4) Brokers
5) Probationary Officer
6) Clerks
7) Loan Officers

If you also want to build a career in the banking sector, the below comprehensive guide would give you a steady start.

Requisite professional education & qualifications

To get into the bachelor program, you need to secure good percentage in Class XII. In India, both private and government colleges are offering banking programs to equip students with important concepts, tools and techniques. It is strongly advised that you should start preparing for the CAT (Common Aptitude Test) right from the college onwards so that you are fully prepared to clear the entrance examinations because then only you will be able to get into prestigious b-schools.

Broadly, the banking program offers specialization in below areas-

1) Micro Economics
2) Equity Debt
3) Cost Accounting
4) Banking Communication
5) Corporate Laws
6) Taxation

Here it is imperative to note that bank jobs are open for students from all streams, be it commerce, science or arts. However, to build a great career in banking, you should be good in mathematics.

Top banking colleges in India-

1) Delhi School of Economics
2) The Indian Institute of Banking & Finance (Mumbai)
3) National Institute of Bank Management (Pune)
4) Maharaja Sayajirao University of Baroda
5) Indira Gandhi National Open University (Delhi)

Where to look for bank jobs?

In India, job opportunities for graduates and post-graduates are excellent in the banking sector. Once you complete your banking course, you will immediately get a job as a banking sales officer. Nowadays, students are showing keen interest towards probationary officer (PO) jobs also. Students interested in PO jobs have to appear for the all-India entrance test. You can find such bank jobs both in private and government sectors. Moreover, positions in loan, insurance and back office operations are available in the market. If you are from a top college like IIMs, you can expect to get an employment in foreign companies like Fidelity, JP Morgan Chase, etc. Top-notch banks like Barclay’s, Royal Bank of Scotland, American Express, Standard Chartered and other financial institutions need thousands of professionals every year for their divergent banking operations.

Future of Indian banking sector

In the recent years, the Indian banking sector has recorded an extensive growth. According to the report of the Boston Consulting Group, Federation of Indian Chambers of Commerce and Industry and Indian Banks’ Association (IBA), the banking industry of India would become the third largest in the world by 2025. Even the Ethiopian government has requested the State Bank of India (SBI) to open a representative office in its nation. All these new initiatives and development would trigger the job market and there would be a demand for employees in sales & marketing divisions. Due to the mobile and internet banking, there is a high demand of IT professionals in the banking sector also.

Benefits To Offshore Banking in Hong Kong

Hong Kong is an international financial center offering a sophisticated and secure variety of financial services. It is home to many local and international banks making this city one of the top banking centers in the world and the second largest in Asia following only Japan.

Banks in Hong Kong are Stable and Secure

Banks in H.K. have come through the recent global financial crisis in better shape than many US and European banks. According to the Hong Kong Monetary Authority (HKMA), charged with licensing H.K.’s banks, the aggregate capital adequacy ratio of the banking sector, the liquidity ratio, the classified loan ratio, and other banking asset-quality indicators continue to be favorable.

In September 2010, HKMA issued a statement suggesting that the local banks would have few problems complying with the latest changes to international capital adequacy rules, noting the banks’ capital ratios were well above existing standards.

There are three types of banking institutions in Hong Kong: licensed banks, restricted-license banks, and deposit-taking companies. Only those institutions authorized by the HKMA as licensed banks are permitted to accept deposits and to offer checking and savings accounts.

The Licensed Banks must be incorporated and must publish their annual audit reports as well as monthly returns showing assets and liabilities and disclose inner reserves, realized profits, and net assets. The audit reports are reviewed for compliance with banking laws and standards and violations of the laws and standards are punishable by fines, imprisonment, or both.

Foreign-owned commercial banks can establish a Hong Kong branch if they apply for a license to enter the financial services market. There are almost 200 foreign owned commercial banks from 30 countries doing business here and many local representatives of overseas banks are also doing business in the city.

Hong Kong’s Favorable Tax Policy

The city does not consider itself an offshore banking center but rather a low tax jurisdiction which offers offshore account holders favorable tax laws.

Not only are the tax rates lower than other jurisdictions the taxes are levied only on income earned in the city and not on income eared outside. In addition, there are no capital gains taxes, no withholding taxes, no sales taxes and no annual net worth or accumulated earnings taxes on companies which retain earnings.

The tax rate in 2011 for individuals’ salaries is 15% and the business profits tax is 16.5% for corporations and 15% for unincorporated businesses. There is no tax on dividends, interest or royalties earned.

Other Reasons to Bank in Hong Kong

In addition to the strong and stable banking community and favorable tax laws other reasons Americans and Europeans consider Hong Kong an attractive banking jurisdiction include:

The official language is English
There is a long held tradition of protecting account holder’s privacy
Local bank accounts and credit cards can be obtained in many different currencies and it is possible to hold gold in an account as well
H.K. banks offer excellent interest rates on CD’s

Major Bank Foreclosures Opportunities Can Give You Extra Cash!

Major bank foreclosures from the country’s top banks present incredible opportunities. While you can buy bank foreclosures from many smaller lenders and banks, staying on the lookout for major bank foreclosures opportunities makes sense for plenty of reasons. First, bank foreclosures from major banks are very plentiful. Since larger banks give out many mortgages, they simply have many more loans defaulted and therefore get stuck with many bank foreclosure properties for sale. When you look for major bank foreclosures listings, then, you get lots of choice, which can often translate to big savings too. Since bank foreclosures are offered by large banks, or lenders who have lots of foreclosures and lots of money, in many cases, you can successfully buy major bank foreclosures for low-ball offers.

What Is the Secret of Major Bank Foreclosures?

The truth is, bank foreclosures from major banks are different from foreclosure options available from smaller lenders. That is because the large lenders have more money, more foreclosures, more mortgages offered, and more loans offered to high-risk bad-credit clients. Larger lenders have more bank foreclosures homes and so are more motivated to sell. Since they have more inventory, they may also be willing to offer their bank foreclosures for less. This means that whether you are an investor or home buyer, checking out major bank foreclosures opportunities is a great option if you are interested in distressed properties.

Plus, many larger lenders have separate departments or specialists that deal only with their bank foreclosures. That’s right: some major lenders have so many bank foreclosures that they hire special departments or experts to handle them. This can make finding major bank foreclosures easier for you, the buyer. It allows you to deal with a person or department who wants to sell bank foreclosures and is willing to listen to your offers – even if those offers are low. Some major banks even give all their bank foreclosures opportunities to one or two real estate brokers, so that simply by contacting that one broker, you can have access to the latest homes from a major lender.

How Can You Tell Good Major Bank Foreclosures Opportunities from Bad Ones?

Although major bank foreclosures are available in all styles, across the entire country and in every community, not all bank foreclosures are created equal. Some major bank foreclosures are homes that need more work than you may be willing to put in and some bank foreclosures simply have too many liabilities. It is your responsibility as a buyer to check out each of the bank foreclosures you are interested in to make sure that you are getting a quality buy. This does not have to be expensive or difficult – hire an inspector and assessor to look at the home for you and give you a sense of the home value and what work needs to be done.

There’s another way that you can easily tell the great major bank foreclosures opportunities from the duds: Foreclosure Data Bank.com. Foreclosure Data Bank.com has all the tools, insider secrets, and even major bank foreclosures listings you need to make the most out of distressed properties across the country. Foreclosure Data Bank.com lists hundreds of thousands of major bank foreclosure opportunities and other distressed homes and even allows you to get the help of foreclosure experts so that you can decipher the truth from the fiction when it comes to buying major bank foreclosures.

This Isn’t Your Grandfather’s Investment Bank

Picture an investment banker. You might start with the shoes: a freshly shined pair of calfskin Oxfords. Then the clothing: a navy blue suit, crisply pressed white button-down shirt, and a tie-not too funky, not too flashy. Hair: neatly combed and clean-shaven. This picture is almost as accurate now as it was fifty years ago. Except that on most iBanking floors today, you would find a few less full suits, a more diverse proliferation of hairstyles, and a decent share of skirt suits, heels, and ponytails.

But don’t let appearances fool you, investment banking jobs in today’s world are not what they were a few decades ago, nor do they take place in exactly the same kind of institutions. Indeed, investment banking is a constantly evolving sector.

First, the deep history: private banks began providing investment-banking services in the early 19th century, but the true father of the investment bank on American soil was Philadelphian Jay Cooke. His Jay Cooke & Company, in existence from 1861 to 1873, bought and sold securities for clients via telegraph. After the Civil War era, there was a financial service boom that ultimately split the nascent investment banking world into two camps: the German-Jewish one (i.e. “immigrant” bankers) and the “Yankee house” one. That gave way to an early-twentieth-century domination of the market by a tight fist of firms, some of which are still around: J.P. Morgan & Co; Kidder, Peabody & Co; Brown Brothers; and Kuhn, Loeb & Co. The first bulge bracket was born.

Then from 1933 to 1999, banks were not allowed to function as both investment banks and commercial ones. They had to pick. This was because of the Glass-Steagall Act, passed right after the 1929 Stock Market Crash, which was appealed just before the turn of the millennium by the Gramm-Leach-Bliley Act. Able to again underwrite securities while also taking deposits, commercial banks entered or re-entered the iBanking game. For example, Morgan Stanley found a new competitor in its once-father company J.P. Morgan, which had gone the commercial bank route in the 1930s.

Fifty years ago, iBanks focused on advising clients on public offerings and mergers and acquisitions. Come the 1980s, that trend was superseded by proprietary trading, which spans stocks, bonds, commodities, and derivatives and trades on a bank’s own money rather than that of its customers.

What changed the face of investment banking most of all is what changed the face of most businesses: technology. With computing devices and then computers, trades could happen faster than ever before, at greater volumes than ever before, and in response to more subtle fluctuations than ever before. Investment banking jobs would and never could look the same again.

But most significantly for current candidates, since your grandfather’s-and since your father and older cousin’s time, too-there has been that still all-too-recent and painful event called the “Great Recession,” or the “Lesser Depression,” or “that terrible thing that happened in 2008.” Those seeking investment banking jobs today are up against tougher standards, slighter chances, and a much larger pool of candidates than their predecessors. And investment banking institutions are still paying for and changing practices because of the mistakes made by those predecessors. Banks in 2008 might have benefited from a history lesson of their own: In 1907, J.P. Morgan (the man) apparently locked top banking executives (from more than just his namesake bank) in his office until they came up with a solution for that year’s famous banking crisis.

How to Write a Winning Banking Job CV

Finding a job with a top banking organization requires hard work and perseverance. The quality of your banking job CV will determine the results of your search for meaningful employment.

Your curriculum vitae should be formulated to highlight your qualities and skills along with your qualifications and working experience if any.

A good starting point is to consider who it will be targeted to, what message to convey and the kind of response it is designed to solicit. This will require you to customize all your banking job resumes to the standards of the institution where you seek employment.

Your curriculum vitae must show that you are an exceptional candidate for the job as compared to other similar job seekers.

Networking is also a common way of finding banking jobs. You should expand your networks whenever you get the chance so you can increase your chances of getting the best jobs through your references.

If you are pursuing a career in banking you should comprehend the duties and responsibilities of your field of work. The banking industry is quite demanding but a committed individual can be able to cope. Some of the jobs you can expect to perform include:

1. Dealing with routine bank transactions

2. Handling of checks and credit cards

3. Processing of loans

4. Marketing and selling financial products

5. Handling client withdrawals and deposits

6. Preparing Travellers checks for clients

7. Dealing with customer queries

Your resume should reflect capability to perform the above tasks plus others effectively. The following points must be present in your curriculum vitae.

Summary of Objectives: The objectives should include career objectives and your leadership qualities relevant to the job. It should portray your ambitions and goals if you should you secure employment with the prospective bank.

Contact Information: The second paragraph should include your daytime contact details. These will include: Full Name, phone number, address and email.

Candidates Career Summary: Here you will highlight your erstwhile professional working experience in the banking sector. You should demonstrate your ability to effectively carry out responsibilities for the prospective bank and its customers. You must clearly indicate your performance level and contributions to your former employer. You should also include your past working experience with other banks, positions held and roles undertaken, leadership roles assigned, professional skills gained, names of the banks you have worked with and similar information.

Academic Qualifications: This part of the resume displays your complete academic profile beginning from Grade School to College Graduation and any other specialized short courses undertaken in between. Your Banking Job CV must also show the name of the Educational Institutions, years of completion and Degrees /Diplomas awarded.

Personal Achievements: Under this sub heading, you can show the accolades, merit certificates and medals awarded to for excellence in relevant fields.

Relevant Skills: Under this sub heading, you should indicate both natural and technical aptitude for computers, banking software, languages and other similar skills required for banking jobs.

A Banking Job resume with the above details highlighted in an eye catching format is most likely to get you an interview and place you well near to getting your dream banking job career.