Business Ideas Centre

Bank is a financial institution whose primary activity is to act as a payment agents for customers, and to borrow, lend, and, in all modern banking systems, create money. The banking industry is a highly regulated industry with detailed and focused regulators.Banks safeguards the money and valuables of the people. They also provide loans, credit and payment services like checking accounts, paying cheques drawn by customers on the bank, and collecting cheques deposited to customer’s current account. Banks also enable payments method like telegraphic transfer and ATM. Banks provide a valuable service above and beyond just our basic banking accounts, and our economy would not be able to function correctly without them. Banks charge some nominal fee with the every service they provided to their customers. Banks are widely available at each and every place, and they are the first option that comes to mind when dealing with finances. But due to extensive use of internet the scenario is getting changed. Now a day’s online banking is getting very popular. Online banking makes things extremely convenient for people and saves their precious time. It allows you to quickly manage your bank account and see where your balance is. Reputed banks have introduced their sites which are strictly devoted to explaining the measures they employ to protect you and your bank account from internet hackers.A large number of national and statewide banks are offering online banking services to their customers. One can now enjoy the benefit of paying the bill online. Most banks offer online banking free of charge.

Whether you are acting as a sole trader, a partnership or a limited business the need for a specialised business bank account cannot be underestimated. Many banks have dedicated services to small business operations that ensure communication and advice are in abundance to help the company start up and get going. Like many business decisions, deciding on which small business bank account to open takes careful consideration so ensure you shop around to find the best deal.
Ultimately every company needs a good bank behind them to ensure a solid financial platform for trading. If your small business is a limited company it must have a bank account by law while those operating as sole traders have the option of using their personal account for the purpose. Whichever of these categories your small business falls into it is always advisable to find a bank that has a dedicated small business team that will be able to advice and instruct on the best ways to operate and make a profit. It is also worth investigating whether a bank has a free period once you have signed up when charges will be withheld.
When you are choosing a bank account for your small business there are a variety of considerations that should be made in order for you to find the best partnership that will be good for you, and your business. While you may be happy with a bank that conducts your personal finances it is not always the case that the institution will be able to supply you with great business services. In addition, if you choose a bank purely because you are already using their services you may miss out on discounts and offers that would be open to you as a new customer. Ultimately you need to shop around to make sure you not only receive the best offers but also to ensure that you find the best deal.
When you are comparing banks it is also important to take into account their standing. While small bank may be able to offer you great rates and unbelievable offers, the security of their position is less assured. If you use one of the bigger names you at least have some form of guarantee that your finances are in a safe place as the chances of a large worldwide bank going into liquidation are remote. Take the Northern Rock example where even though the company had financial difficulties the government bailed them out to ensure that customers did not lose their savings.
It is always worth considering the bank charges that may be applicable to your small business operations. It will usually cost money for a bank to look after your finances and hence finding an institution that will do this cheaply is the ideal. However you do not want to be paying so little that the services you receive are substandard. The ideal is to find a balance between costs and services that ensures your company is given the correct amount of financial support, but does not have to pay a large amount for it.
By following this advice you should be able to find a bank that suits the needs of your small business perfectly. Remember that in the coming years it is likely that you will be spending considerable time conversing and liaising with the bank over a number of issues. Therefore having a bank that not only supports you but understands your objectives is important in creating the perfect financial partnership.

Constant news that these accounts are used for illegal money dealings scares us away. Hollywood has done its fair share of publicity portraying offshore banking in a negative way.
Actually offshore bank accounts are legal and more than half the world’s wealth is owned through them. However if an individual or a corporation uses this facility for illegal purposes then it becomes illegal. Just like on shore accounts!
Banks that are located in another foreign country are known as offshore banks and offshore banking is done by these banks. You cannot have an offshore bank in your own country but a bank of your country can be termed as an offshore bank for others who are not residents of your country.
For offshore bank accounts Switzerland happens to be one of the oldest and most preferred countries with its legendary bank privacy laws. There are many advantages associated with offshore banking that attracts people.
* It offers privacy and stability and helps increase savings.
* Individuals who have offshore bank accounts do not access it often; rather they spend money from their accounts in a local bank.
* Offshore deposits are kept for future or emergency uses and as such these accumulate considerably over a period of time.
* One more advantage of offshore banking is that anyone irrespective of wealth can open an account. There may be certain regulations regarding the amount of money required to open an offshore account but contrary to belief it is not a massive sum. Along with the wealthy clients even a small business owner or a middle class individual can have offshore bank accounts.
Offshore banking also provides other advantages such as offshore credit cards processing services. Businessmen can accept and process payments and multiple currencies through this offshore credit card and thereby reach out to a worldwide clientele.
Offshore banking with its offshore credit card facility results in sales increase for clients and this process features zero taxation. The reason for this is that in an offshore destination normal tax rules do not apply and thus gives an extra benefit to clients. With speedy processing and a constant support system offshore credit cards makes your business work 24/7 and gives it an edge while striving to make business transactions easier.
Similarly offshore debit card transactions are also faster, authorization is quick and clients receive confirmations at the same time. The processing charges are also less and feature various online security and fraud screening. Often clients do not have to pay any gateway fee for processing.
Considering these various advantages offshore debit card processing has become all the more popular throughout the world. Increasingly, with new businesses looking for competitive innovation and focusing on maximizing customer attention, offshore banking has become an important business tool to further business interests and profits.
Businessmen are opting for offshore banking to develop their existing business and no doubt the credit/debit card facilities of offshore banks offer high security to them, and not just for savings!

Can offshore banking be your answer to earning higher returns on your investment funds and offsetting the rising cost of living? Often the answer to that question is, yes!
Do you know that the term ‘offshore’ originates from the Channel Islands (Jersey, Guernsey etc.)? They are off the coast of Great Britain and have a policy of taxation that can be beneficial for some.
Today the term is sometimes used to refer to tax havens in general.
When you begin thinking about moving some of your investment money offshore you will quickly learn that governments don’t like you to have money in a place where they can’t track the movement of every penny.
Agencies like the I.R.S. make big news out of prosecuting a few companies or individuals for hiding profits on foreign investments and not paying taxes on those gains. Those few cases frighten many people so that they won’t even consider opening an offshore bank account.
Let’s set the record straight. There is nothing illegal about moving your investments offshore. Why should it be? It’s your money. In a free society you should be able to do what you want with your money unhindered by your government.
Don’t confuse offshore investing with tax avoidance. As a citizen of the U.S., Canada or Great Britain you are required to report and pay taxes on all profits and income no matter where it is earned.
There is nothing confusing about an offshore bank account. It is simply an account held in a bank that is located outside your country of residence.
In most cases you would choose a bank that is located in a low tax jurisdiction and offers certain financial and/or legal benefits to account holders. Panama is good example of a country that is attracting foreign bank deposits.
They use the U.S. dollar as the national currency, so there are no exchange costs for U.S. citizens. Because the U.S. managed the Canal for so many decades there are many Panamanians who speak English. An even greater benefit of Panama banking is they have no agreement with the U.S. to share information about their customers.
Who would benefit from a bank account in a foreign country?
- Those who wish to bank in multiple currencies
- Those seeking international access to their money
- People who require greater flexibility from their bank account
- Those who would like to add an extra layer of privacy to their financial dealings
- Those who want maximum asset protection
- Those who want investment opportunities not available domestically
A number of countries have designed local laws to attract investment. No longer do you have to visit the country to open a bank account. You may need an introduction to the bank before you can open an account, but there are legal firms and agents that can do that for a fee. In addition you will be required to submit certain paperwork, forms of verified ID and then deposit funds.
Good offshore banks make it easy for customers to conduct all ongoing banking activity through the internet, e-mail, mail, fax or telephone. Many banks offer full credit and debit card services, so you have easy and direct access to your funds at all times.
The U.S. Congress seems to think that your money really belongs to the government and they want to know what you are doing with your funds at all times. You must complete an I.R.S. form “Report of Foreign Bank and Financial Accounts” when you open an offshore account. That form (Treasury form 90.22-1) must be completed and returned to the I.R.S. by June 30th of each year you possess a foreign account.
A major benefit of moving money offshore is that through your offshore bank or stock broker you can have access to some very profitable investments that are not available within the U.S.
We now live in a global economy. Groups like CreatingWealthClub.com can help you take advantage of it.

Core banking replacement has for quite some time been considered fraught with high risks. The costs are potentially bordering on the prohibitive and many still believe that their present in-house systems are satisfactorily serving the purpose. But the wind is changing direction and fast. There is a rising acknowledgement of the fact that banks, irrespective of size and geography, face the dual challenge of cutting costs and increasing their internal efficiencies. This is done with the ultimate aim of improving margins which are clearly under strain. Though it is easy to select a vendor for implementing a solution, the challenging part is carrying the project through to a successful implementation. Current requirement is for an experienced vendor with impeccable implementation credentials who has in the past managed all such challenges well. Banks thus need to take a holistic view while considering the replacement of their core banking platform.

It is important that banks take a holistic view while considering the replacement of their core banking platform. While the benefits of implementing packaged solutions built on modern technology are all too obvious, one cannot deny that such an exercise is fraught with risks. The risks can be mitigated and managed – a good starting point would be for the bank to recognise the different risks and consider strategies to mitigate them.Risks need to be mitigated and managed and following this line of thought, this paper delves into the risks that banks should take cognizance of before embarking on what is clearly going to be the single biggest technology initiative within the bank.

Managing Risks In Core Banking Replacements

The mobile phone is having a dramatic effect on the lives of Africans and is proving to be a life transforming device. Limited by weak physical infrastructure and supported by their ingenuity,the people of the continent are turning to the mobile phone to improve their living standards. With an estimated 278 million subscribers, the mobile phone is a key economic driver in Africa. With only 25% of the population having bank accounts, the unfulfilled needs for financial services have found a solution in mobile banking…. The unbanked, if tapped, represent a significant growth opportunity for banks. A mobile and e-banking solution enabling convenient, fast, simple, and secure branchless banking, with the support of e-payment gateways, is indispensable for banks reaching out to the unbanked. Such a solution can help reduce costs while increasing speed and efficiency through SMS-driven banking services.Mobile banking services have been successfully adopted by a few countries in Africa. For example, in Kenya customers exchange cash at an agent in return for an e-money account. South African customers can use their mobile phones to make payments, transfer money, and pay utility bills without worrying about minimum balance requirement and fixed monthly fees. Similarly, Nigeria and Egypt have also witnessed an overhauling of their banking systems with offerings like new scratch card-based savings payments system. This paper details key success factors for such a solution as well as examines the mobile banking scenario in the African continent – the strategies adopted, the policies followed and the market realities.

Banking the Unbanked: Going Mobile in Africa

DATELINE: TAUNTON, MA…Bristol County Savings Bank recently announced the appointment of Robert Skurka as a Vice President of Commercial Lending, based out of the bank’s Pawtucket, RI office. Bristol County Savings Bank is a $1.1 billion mutual savings bank founded in 1846 and headquartered in Taunton, MA, with 10 offices in Eastern Massachusetts and Rhode Island. In his new position at Bristol County Savings Bank, Skurka will serve the banking and financing needs of businesses in Rhode Island and Southeastern Massachusetts. Skurka has over 25 years of commercial lending and real estate lending experience and was previously a Senior Vice President and Relationship Manager at Webster Bank and Director of Business Banking at First Federal Savings Bank of America (FIRSTFED).A graduate of the University of Rhode Island with a B.A. in Economics, Skurka received his MBA in Management from Bryant University. Skurka is also a Retired Captain of the U.S. Army Reserve, where he served as Finance and Personnel Officer in the 443rd Civil Affairs Company in Warwick, RI. In addition, Skurka, is a member of the Turnaround Management Association and Past President and Board Member of the Risk Management Association.Skurka, a native of Coventry, RI, currently resides in Seekonk, MA. Bristol County Savings BankBristol County Savings Bank is a full service financial institution offering commercial lending, personal and business banking, and mortgage services. The key words at Bristol County Savings Bank are: “Commitment, Stability, and Community,” values that are combined with state-of-the-art technology to meet the needs of its customers. A dedicated local community bank for over160 years, Bristol County Savings Bank is actively involved in giving back to all the communities it serves both through financial support and the volunteerism of its people. Founded in 1846, Bristol County Savings has $1.1 billion in assets, with 244 employees in Southeastern MA and RI. The Bank has 10 full service banking offices located in: Taunton, MA (2); Raynham, MA (2); Rehoboth, MA; Attleboro, MA; North Attleborough, MA; Franklin, MA; Dartmouth, MA; and Pawtucket, RI; two loan production offices located in Taunton and Fall River, MA; and two Educational Branch Offices located at Taunton High School and Attleboro High School.The Main Office and Corporate headquarters of Bristol County Savings Bank are located on Broadway in Taunton, MA. For additional information please call 508-824-6626, or visit www.bristolcountysavings.com.

There is a lot of scope for banking jobs in India. Working at a job in banking can be an exciting one, but also highly stressful if you’re not careful.

Working in a bank, means you will get to meet many different kinds of people as well as learn a lot from your hands on experience. Perhaps the best part about working in a bank is that it looks pretty impressive on your resume.

But if you think it’ll be a walk in the park, think again. Many a banker comes home late – like late, late – to be with his wife and family, solely because the work pressure on him in office kept him working till 10 at night – and maybe longer.

Insurance and accounting jobs are no better. High-pressure work loads make the jobs stressful and largely draining. While it looks good on your resume to have these kind of jobs listed as work experience, you should count the cost before you step in to fill such a role.

Finance jobs can be quite exciting although, and looking on the bright side of it – at least it pays well. Jobs in Bank Industries have been known to pay over 6 digits per month and sometimes even more than that. But this need not always be the case. Jobs in Banking can be as diversified as there are types and categories of jobs in the market – well maybe not that many, but you get the point.

The first things you need to do when considering joining a bank is ask yourself why. Are you joining them for the money? Are you joining them because they are a good brand name? Are you joining them because the market is down and you have nowhere else to turn? Ok, I’m sure that’s not why you’re joining, because banking employment seems to be the last place anyone would look if they were in such a state. Are you looking because you want to learn something new? Are you there because it’s a family business or your parents want you to do this?

Once you decide on your reason for doing this, figure out whether you would like an online banking job, or work in a regular bank. There are many types of banks under the heading of a regular bank. Some of these are: a small bank, a national bank, a hometown bank, a regional bank, etc. and then take the next step to applying to them.

As with any job, there is a minimum qualification that they expect you to meet. They don’t expect you to have criminal records or any such thing. You also need to have some basic computer knowledge.

And finally, bank jobs can be found online, in local newspapers, etc. Pick up the phone and apply.

Over the past year, UK banks have incurred a significant amount of writedowns on the back of devalued sub-prime related securities. Earnings and balance sheets across the banking sector were dented and a softening economic outlook in the UK and US, coupled with fresh sub-prime news, caused selling pressure on banking shares to mount. Of the FTSE 100 banks; HSBC, RBS, HBOS and Barclays were the worst casualties in terms of writedowns and credit losses between 2007 and 2008 according to Bloomberg. During this period HSBC incurred £9.8 billion in writedowns and credit losses, followed by RBS with losses amounting to £7.8 billion. During the same period, HBOS and Barclays suffered from £3.6 billion and £3.2 billion in credit losses and writedowns, respectively. These writedowns (which are extremely complicated to value) have contributed to elevated levels of liquidity and default risks and the primary cause for the sharp sell-off in the sector. Although the sector has incurred a large amount of writedowns, there remains a view that further losses are in the pipeline: analysts recently stated that banks may have to continue slashing dividends and issue additional equity in order to counter further writedowns and liquidity constraints. On 26 June 2008, this view was reinforced when Belgian bank Fortis announced that it would cancel its 2008 interim dividend, issue new shares and sell non-core assets in order to revive its balance sheet. Analysts at Goldman Sachs predicted further writedowns for Citigroup, the world’s largest bank. Consequently, expectations of further and possibly larger writedowns are likely to lead analysts to revise their banking sector earnings lower and this outcome will add further downward pressure on share prices. High oil prices and a softening economic outlook have also contributed to the negative sentiment surrounding FTSE 100 stocks. Companies are shedding labour as energy costs eat into corporate profits and banks are scaling back on staff in order to prepare for potential losses and protect liquidity levels. According to Anthony Grech of IG Index “This has had implications on the wider economy. As UK companies shed labour, mortgage defaults rise and banks, which are already anticipating the worst, continue to tighten lending criteria. Data released in June confirms that UK bank lending, as measured by the BBA mortgage approvals, dropped at an annual pace of 56.1% in May. This vicious circle is adding to fears and weakening the outlook for the British economy further. It is also enticing investors to safer, higher yielding cash and money market instruments and probably contributing to the selling pressures across the entire equity market”However, are we close to the bottom? Should we be spread betting on equities like bank shares to go down or not? A recent analysis of the performance of seven FTSE 100-listed banks revealed that five out of the seven banks halved in value in just one year.As of close on 23 June 2008, Alliance and Leicester was 74% below last year’s price followed by HBOS with a 73% annual decline. Moreover, RBS’s share price was 66% lower over the year while Barclays and Lloyds were down by 58% and 44% respectively. Is the sharp sell-off overdone or is it too premature to tell? Note that financial spread betting carries a high level of risk and may not be suitable for all classes of investor. Only trade with money that you can afford to lose. Make sure you fully understand the risks involved. If necessary, seek independent financial advice.

Finding the right bank for you depends strongly on what you will be using the bank for. For example someone looking for a consolidation or personal loan would want to concentrate on loan interest rates. While you can get a loan from banks you don’t have an account with or a loan company, it is often easier to go to your home bank. It can also frequently lead to lower interest rates than a loan company. You may also be able to get a little more flexibility on personal loan amounts. If the bank will mostly be used for checking and savings accounts you’ll want to check interest rates on those accounts. Most banks will also have several perks, whether it be money or gifts, for enrolling in things like direct deposit, automatic bill pay and online banking. One thing to watch carefully when looking at bank accounts, other than the interest rates, is the minimum required balances. Banks will often have accounts that have great interest rates, but incredibly high required balances. This becomes less of a problem if the account will be used for a business or you are independently wealthy, but for most people a $20,000 balance is unrealistic. With huge advances in online banking it has become incredibly easy to compare banking institutions. I recommend, however, actually going into the bank when opening the account. Often there are addition accounts available that may suit you better that were not listed online. Also there are often specials or perks going on you simply can’t get online. Plus it gives you an idea of how far you will have to drive if you ever need to visit your bank. So basically, research your bank rather than just picking the closest whether you are there to open accounts or simply apply for loans.