Banking Labor Law References

by: Christine Zafra

A lot of people use credit cards nowadays to purchase goods, whether online or not. Some even have 2-3 credit cards at hand and in the end, they regret that they have acquired such. 1 credit card is actually enough if it’s for personal use.

A lot of people only see the good side of it. Others see the cons but of course, they choose to be blind about it since it’s convenient to have “plastic money” at hand. The interest fees of these credit cards are enormous. Since the economy nowadays is not good, companies lay off often. If you were hit by the laying off of the company you were into, and you have little money in the bank (not enough to pay for the credit cards), then by all means cut it. There is nothing more satisfying than sleeping at night without a heavy burden pressing on you.

Photo taken from http://www.nicholsoncartoons.com.au

CNet.com reports that customers of HSBC, Bank of America and Washington Mutual are top targets of identity theft in the banking industry, this was revealed by an investigative study of Chris Hoofnagle, a UC Berkeley Law School researcher.

There were 245,000 identity theft incidents in 2006 according to reports by the Federal Commission. However, names of firms and companies involved were not disclosed. Not until Hoofnagle named them after carefully studying facts and figures.

This news came as a surprise to me since I once heard Capital One and American Express reported a lot of identity theft incidents last year where billions of dollars were involved. On a different note, I hope Hoofnagle’s study raises public’s awareness of the rampant identity thefts happening today. Safeguarding our bank accounts is the prime responsibility of banks but let us do our share in keeping our money safe through responsible banking.

For the link to the article, click here.

Reports of bank failures in 2007 and prospects of more this year is enough to cause some panic among bank clients regarding the safety of their money in the bank.

CNN.com shares some advice on how to protect your money from bank failures. It starts with picking a safe bank. Of course this is easy. A safe bank bears the FDIC logo, giving you an assurance that your money is insured up to $100,000.

If you are using internet banking or dealing with bank that you barely know the reputation of, it is highly recommended to use FDIC resources in checking the legitimacy and stability of the bank. FDIC maintains a list of bank rating agencies that assess banks and can help you decide on which bank is the safest choice.

Bank failures or not, it is important to choose a safe bank so we can be assured that our money is in good hands. After all, we work hard earning them.

Yahoo! News reports that stocks sank on Thursday due to job and bank worries. The Dow Jones industrial average, for instance, registered a drop of 112.10 points ending at 12, 582.18.

Federal Reserve Chairman Ben Bernanke has told Congress that the widening credit crisis will more likely result to some bank failures and affect small banks the most, especially those that invested heavily on real estate.

As I see it, Chairman Bernanke is being realistic here. I have to agree that this financial crisis confronting the banking industry puts more pressure to small banks than to big ones as the former are more vulnerable to market changes than the latter. Also, consumers should brace themselves and expect to feel the burden in the coming months as a result of this widening credit crisis.

By: ReginPaul

The Northern Rock, Nottingham Building Society, Newcastle Building Society, Scottish Building Society, Century Building Society, Catholic Building Society, Nationwide Building Society, Yorkshire Building Society, Principality Building Society, Abbey National, and The Woolwich are only some of the “building societies” in the United Kingdom.

A building society functions the same as the financial institution (it mediates certain financial transactions between two parties–the lender and borrower). The members of the said society are responsible for financial services such as banking services, credit loans and many more. Only four countries have these societies (aside from UK): United States, Finland, Australia and Jamaica.

According to Bankrate.com�s national survey of big lenders, mortgage rates have hit their lowest point in 26 months. The benchmark 30-year fixed-rate mortgage dropped to 17 basis points to 6 percent with an average total of 0.35 discount and origination points. (A basis point is one-hundredth of 1 percentage point.)

For the record, the 30-year fixed-rate mortgage had remained looking down at below 6 percent for half a year. It seems that a series of Federal Reserve rate increases has not stopped the rates to drop. I am sure this will be greeted with warm response by the public, particularly homeowners. Expect that there will be an increase in the number of borrowers refinancing their mortgages for a more convenient payment scheme.

On the other hand, United Mortgage Capital Corp. (UMCC) President Dan Dowling warns that �for borrowers with credit scores below 680, mortgages will become more expensive soon.�

Plastic money or credit card has revolutionized the way people spend. Now we don�t have to bring a lot of cash whenever we go out and yet we could still buy loads of stuff in just one swipe.

Credit cards have good and bad effects to people. While some have control over the use of their credit cards, many splurge too much their debts continue to pile up. Those who know their limitations tend to take advantage of credit card offerings by banks. But, is this a sound decision? Yes, but it really depends on the spending habits of people.

Here are some of the advantages of multiple credit cards to help you decide:

1. Financial safety. You get to have a back-up when your other credit card get denied or stolen.
2. Rewards. Many credit cards today give reward points for every dollar spent.
3. Leverage. This is particularly helpful if you have a business. You can explore interest rates and get the best perks from not just one but many banks.

While law firms abound, it is still a hard task to find those that specialize on banking law.

Banking law is a complex subject that needs to be dealt with efficiency and profoundness. You have to talk to the experts to ensure that you get the best results, particularly in filing bank charges against a financial institution, an individual or a group.

When looking for a law firm, always ask for a recommendation from a friend or heed the advice of your trusted sites and blogs. There are hundreds of educational web sites that offer links to law firm sites based on location and legal expertise.

Here�s a link to law firms specializing on banking law from Hierosgamos.Org.

by: Christine Zafra

Offshore banking is said to be the best scheme to be done if you wish to protect your money and make the most out of it. Since the money you placed in offshore banks, banks outside of your country’s boundaries (i.e. Swiss banks if you live in USA), are exempted from any kind of tax deduction, it is really beneficial to set-up an account in these kinds of banks. Just make sure that the bank you are setting up your account with has a reputable name and not just some small-time bank in Africa (a lot of scam related issues have originated from this continent). You would want to see your money again, do you?

Photo taken from http://www.nomad4ever.com

The Bank of America has launched a web site that is expected to be of great help to customers. It provides self-explanatory information about common banking processes. It seeks to better educate bank clients about responsible financial management.

This project of BofA is admirable. Bank clients, like me, need further information about the various bank transactions and their corresponding guidelines. It is where we can get a better idea of how our banking needs are dealt with by the bank.

The online banking tutorial will surely benefit bank clients out there who have limited knowledge about the fees and processes involve in bank transactions.

To access the BofA Online Banking Tutorial, click here.