Banking Labor Law References

by: Christine Zafra

If you’re eyeing a certain car yet you do not have the funds to purchase it, then maybe it’s about time that you get a loan in the bank. Chattel mortgage is beneficial to those who want to purchase certain “movable” goods, such as cars, air conditioners, mobile phone, laptops etc., but do not have the money to do so.

If you have already acquired the money from the bank or any other lender and you have already purchased the good, depending on your arrangement (sometimes, payable up to 6, 12, 18, 24 etc. months), the good is still under the name of the bank or lender (i.e. mortgaged with: ______). After you have finished paying the installment, then that is the only time that the item will be transferred to your name.

Be warned though, because if you weren’t able to pay up with your debt, the bank or lender can reclaim your item.

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

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).

Photo taken from http://pro.corbis.com

Image source: www.bctheatre.com

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.

The banking establishments has the responsibility to elucidate to their customers the happenings on their transactions. They are also in charge of educating them in the most basic terms, the rules or methods they are undergoing. Occassionally, it is not all the time that bank customers know the guidelines of bank transactions while most of the people utilize these services that bank offers to organize our money and we expect them to handle every transaction well enough or at least with nominal errors.

You can also understand that it is the code of conduct of every bank client to learn about the flaws of this arrangement of laws.

Each activity or transaction involving two entities or parties are governed by laws. Unless you are in a territory governed by no one, then law would be nonexistent. Each set of law has its own purposes, parameters and guidelines.

The law on sales of financial products usually explains the legal aspects of closing a sale transaction involving financial products. It seeks to protect the rights of sellers and consumers and ensures that the conduct of sale is properly done.

It should be noted that law on sales of financial products differ among countries and different considerations are made before arriving to the enactment of the law.

Here’s an example of a certain country’s law on sales of financial products.