Banking Labor Law References

By: ReginPaul

From real estate to personal finance, all these transactions that involve financial matters can be classified as investment. Investment entails the release or discharge of certain amounts of money from the part of the investor, in exchange of a much larger deal in the end (either monetary or not).

Investing in a bank is also possible, though the return is not really that big, at least you’ll have returns even though you are not doing anything. If you deposit your money in the bank, chances are, interest can make your money grow. The only two disadvantages I see in this setup are:

1. Interest rates are so low.
2. You need to have a lot of money deposited in your account for the returned investment to be big.

By: ReginPaul

What is a PIN number? How does it work? What is its function and importance?

The PIN number serves as your key to many banking features. It is a personalized series of numbers (normally consists of 4 numbers) that is required by some banking machines to be punched before the transactions begin. It is confidential and nobody except you (or perhaps, your partner if you have a joint account) should know what your numerical PIN is. Like I said, the ATM machine requires your PIN number prior the transaction and if you have keyed in the wrong PIN (up to limited tries), the machine will eat your card. That’s nothing to be bothered about. It’s part of the machine’s security.

by: Christine Zafra

The “Truth and Lending Act” is considered as the heart of any bank. In layman’s term, this can be translated to as “terms and conditions”, and it encompasses all of the actions and decision-makings the banks make. This Act requires the client to be honest in all his/her dealings with the bank during transactions. If the client is requesting for a loan, the client is expected to inform the bank of all his/her past transactions with other banks too (i.e. past debts, mortgaged houses and cars etc.). If the bank finds out in the latter part of their transaction that the client is lying, then the bank can cancel the transaction and blacklist the client to other banks (the client will have a hard time getting loans in future).

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By: ReginPaul

Bank machine, cash machine, hole-in-the-wall, Bancomat/Bankautomat, cashpoint, money machine and automated banking machine are the alternative names of Automated Teller Machine or ATM for short. It is a programmed machine located in or outside a bank that allows the banking customer to withdraw cash and enjoy other ATM services.

The ATM uses a plastic card (with a magnetic strip and a chip inside for card identification purposes) so it is really convenient for the person to apply for an ATM. If your card is lost you can report it to your bank immediately to deactivate it. You don’t need to worry about your security too when carrying large sums of money, since what you’re bringing with you everywhere you go is a “plastic” one. No more worries of running out of cash!

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.

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The Fair Labor Standards Act states that employees within the United States are entitled to be paid the minimum federal wage for all the hours worked and the overtime, at least. And additional one half the regular rate for all hours worked exceeding 40 hours in one work week. Section 13 a 1 of the FLSA exempts employees of minimum wage and overtime pay if the employee is employed as an administrative, executive, outside sales and professional employees. Section 13 a 1 and Section 13 a 17 also exempts some computer employees also. To be able to qualify for the exemption they have to meet certain examinations and evaluation and be paid not less than $455 per working week.

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What is an unfair labor practice?

Unfair labor practices refers to actions made by employers or unions, which are clearly violates the National Labor Relations Act or NLRA or other legislation concerned. The law has specified certain acts that may constitue unfair practice. Under the law, ULP is committed by either an employer or a labor union.

The following are Unfair Labor Practices or ULP committed by unions:

• restraint of employees in the exercise of their rights or an employer in the choice of its bargaining representative
• refusal to bargain with the employer
• engagement in certain types of secondary boycotts
• requirement of excessive dues
• featherbedding practices
• hold picket to recognize for more than thirty days without petitioning for an election
• entry into hot-cargo agreements
• lack of notice of strike or picket in a health care establishment

What are the effects of ULP

The National Relations Act or NLRA has the power to stop unfair practices if an employer or a labor union has commited an unfair labor practice, consequently the erring party must pay the other party. Aside from entitlement to compensation, the NLRA will require reinstatement, with or without back wages, a new union elections and to post notices regarding the rights of the
employees.

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Many companies do not follow proper procedure in dismissing or terminating employees. Most often than not, they end up being sued by the employees themselves and they have to face grave charges for failure to comply with the standard protocol.

It states that, If the cause of the termination is any of the just causes enumerated in Article 282 of the Labor Code such as:

• Serious misconduct or willful disobedience by the employee of the lawful orders of his employer or representative in connection with his work;
• Gross and habitual neglect by the employee of his duties.
• Fraud or willful breach by the employee of the trust reposed in him by his employer or duly authorized representative
• Commission of a crime or offense by the employee against the person of his employer or any immediate member of his family or his duly authorized representatives and other causes analogous to the foregoing.

It is then that the employer is required to observe the notice requirements. Termination of employment is a delicate issue. That’s why any employer who wants to dismiss an employee should see to it that the dismissal is in accordance with labor laws.

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If you’re like most people, you plan to work hard all your life and you want a comfortable retirement. While no one should rely on Social Security as their sole source of retirement income, it can be a nice addition to their other retirement income. Social Security can provide support for you and your family if you become disabled. Social Security can also provide support for your family when you die.

The Benefits

Have you ever thought about whether or not you might be eligible for the Social Security benefits of someone else’s record? Some examples that may be considered are your current spouse, or a divorced or deceased former spouse. The Social Security Administration always pays on your own record first, if you qualify, but if you also qualify on someone else’s higher benefit, you will get a combination of great benefits that will be received and also the higher amount you will get.