Banking Labor Law References

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

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

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.

by: Christine Zafra

Some banks in UK have enforced a lot of outrageous bank charges on their clients that make them (clients) cringe with anger. But of course, these ordinary people cannot do anything about it. If they want to keep their money in their respective banks, they have to comply with all the rules and charges the bank enforces.

But Britain’s got to act. The Office of Fair Trading in UK is currently having a test run case with 7 major banks to possibly come up with a decision if these kinds of charges are legal or not. If proven to be unlawful, clients can reclaim the charges they paid.

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