Chex Systems Inc. is a network of financial institutions that reports your mishandled checking or savings accounts to its banking community. They keep a database to track negative information regarding your history of accounts and provide this information to financial institutions inquiring whether or not to allow you to open a new bank account.

They only report to those institutions that pay a member fee but this is comprised of about 80% of banks. Are you trying to open a new bank account? Did you mishandle your checking or savings account by not paying fees or bouncing one too many checks?

When you do get the unfortunate occurrence of being blacklisted by Chex Systems, you still have other opportunities to get a bank account. If you pay your fees that Chex Systems says you owe, many banks will allow you to open a savings account.

There are many non chex system banks. They opt to use the credit bureaus and rely on your credit score to approve or decline accounts. Many credit unions do not use either system of checks and balances and provide an easier way to opening an account.

Here are some tips for dealing with being on the Chex systems blacklist:

1. Do not close any of your banking accounts. It’s always good to have two accounts in different banks, especially with a shaky credit history. Most importantly, keep your accounts positive. Pay all outstanding fees as soon as you learn about them.

2. Once you have paid all your fees and satisfied the bank that reported you, obtain a chex systems report to make sure that is the only negative listed account; type a short letter explaining your new position and have that new information inserted into your Chex System file.

3. Banking officials always have the option to overrule Chex Systems by opening an account for you, but this probably will not happen until to pay off whatever Chex systems says you owe.

4. Almost 80% of banks use Chex systems, however, there are a few that do not. For example, many credit unions do not use Chex sytems. You may also want to inquire into a brokerage account that comes with check writing features.

When we say good business, what does it mean? What is at stake behind the systems made by people to create their own source of profit? The mafia would make an offer “no one can refuse,” and to them that is good business. Are bank foreclosure auctions good way for scavenging and spending bucks for business or personal purposes?

Bank foreclosures are legitimate and supported for secured creditor’s advantage. When banks repossess properties, people (borrowers) come in silent emotional armories almost forgetting what has been signed in agreement before the mess happens.

A person’s failure to comply with the bank’s timely payment requirement can lead to other proceedings and one of them could be bank foreclosure, which is considered the ultimate move. Auctions to settle the accountability are done in forcible strictness (judicial) or with leniency (non-judicial) on the part of the borrower.

How prevalent are bank foreclosures? In the U.S. alone, there is an alarming rate of 38 % increase in semi-annual real estate property foreclosures since 2005. This will continue to rise for up to 72% in succeeding quarters. To illustrate clearly, there is one foreclosure in every 350 houses in approximation.

These are a combination of invested assets or personal acquisition of companies or private individuals. In reality, people losing homes are just part and parcel of the proceedings behind bank foreclosures. Though it may sound harsh, it is a combination of the mortgagees’ discipline in managing his finances and the bank’s nifty grip to protect its interest.

Bank foreclosure auction comes in several lists available accurately in banks and legitimate sources. Currently, online lists are the visual representation on how bank foreclosure auctions have been rampant in every state and in all walks of life out of escaping a great havoc in owning a simple house.

The main ingredient in making bank foreclosures is the bait that attracts working class employees to own their own house out of interest imposed by lenders. Banks have all the control to lure buyers, while the premonition is obvious.

Usually, a person buried with debt out of careless spending would have a hard time coping with accumulated interests they pay consistently for decades. Employees are given housing benefits binding them to many years of payment scheme hurdling for the workable but financially straining interest.

On the other hand, there are business-minded people who have the glimpse of money out of foreclosure sale during auctions. When it comes to outweighing real estate price, it is easy to imagine a graph of market value increase in every years of environmental improvement in certain vicinity. It makes an attractive vision to play with repossessed properties and expecting higher gains when publicly auctioned. While others find niche in this kind of gamble, it does not work for everyone. There is no way to determine when will real estate price continue to climb up.

While there are infinite means to building a nation through business, bank foreclosure auctions have a higher place to people who can earn enough to dive into mortgage entrapment. These people comprise the targets of banks, the reason why it is not surprising how creditors create means for people to take the offer.

Bank foreclosure auctions look inviting, but behind the scene are winners and losers in the making. It is the partial vignette of ordinary people’s success and failure.

The enhancement of technology nowadays has helped so many companies in all different industries to cope up with the increasing demand of their clients. The use of internet, in particular, has revolutionized the way people deal with so many things on the Worldwide Web, from shopping, chatting with friends and family, to selling stuff. Because of this even the banking industry has also jumped into the bandwagon in hope to reach and serve more people. However, not all clients are so keen to try the internet banking because some of them do not know how to utilize it or others simply do not want to try it for fear that their bank account will be hacked. Others prefer the traditional way of banking because they are still technically and technologically behind. No matter what is the case, there are advantages and disadvantages for internet banking.

Internet banking has so many advantages; one of them is that it allows you to do banking transactions anywhere in the world 24/7, such as paying your bills and checking on your account, making it very convenient on your part. Your online bank practically never closes which give you flexibility and accessibility to your money anytime of the day. Another advantage of internet banking is that it is very quick, competent, and efficient. The use of internet executes the transaction in an unparalleled speed. Internet banking also gives you the capability to handle multiple bank accounts on one site. Most of these internet banking sites are compatible with software such as Quicken and Microsoft money which helps the faster facilitation of your money.

As you might know, everything has its pros and cons, so is internet banking. One of the main issues in internet banking is trust. More often than not, the clients may doubt that if their banking transaction went off effectively or if they have correctly pressed the right button. One of the best and simplest ways in order for you to erase that apprehension is to print your transaction and save it, so that in the event something went wrong you have your reference to present to the bank and to see if your transaction has indeed been successful.

Another drawback of internet banking is that setting up your account can take some time and sometimes getting the hang of it can be tricky. When you find it hard to familiarize with the online bank, it would be best to browse on it until you can find your way through the site and its function buttons. If you are having difficulty using the site, most of these online banks offer real time customer assistance through instant messaging, email or through the telephone.

The Online bank may require you to present identification with picture on it aside from the one form which you have already signed at one of their local offices. If you are married, either espouse may also need to sign the power of attorney if both of you intend to access the account online.

In order for you to utilize this service to its fullest, it is important that you understand the advantages and disadvantages for internet banking; otherwise you will find yourself lost in the world of wide web and worst your money might get lost with it.

Bad credit bank accounts are perfect for those who have a poor credit history, have been bankrupt, or have a county court judgment registered against them. This helps them to repair their credit history without being caught in a fraud net. For the best services with a bad credit bank account, people should check the policies of the banks because different banks have different policies regarding bad credit bank accounts.

Repairing credit history is the first step to getting back into business. With careful planning and skilled help and patience, it can be done. It is very important to know what is owed and to whom. Current copies of credit reports should be obtained from all major credit bureaus. People should check the accuracy of the information provided in these reports to avoid further inconvenience. Paying bills on time to upgrade credit is also advisable, as is assessing the credit situation regularly to avoid any mistakes. Consolidating debt by paying minimum amounts.

People should maintain their credit accounts so that they can use credit when in financial need. They should go for a secured bank credit card that is backed by money deposited in a bank account while reducing the number of credit cards they have.

It is advisable to always pay the minimum dues on credit cards and get a copy of a credit report yearly to catch any errors. People should avoid things that can limit their credit such as high balances on credit cards, too many applications for credit, and low credit scores.

Counterfeit money is an uncommon yet unfortunate reality. The chances of receiving counterfeit dollar bills are very small, but not impossible. Many incidents have been reported of people unknowingly getting fake money from Automated Teller Machines (ATMs) and bank tellers.

If you suspect you have been given fake money by an ATM, there are many ways you can verify your suspicions. Compare the bill to another of the same denomination that you are sure is not counterfeit. Closely examine the printing, the patterns, the colors, the text and the feel of the paper. Does it feel and look the same? If so, then the bill is likely not counterfeit. If you notice any discrepancies, you are likely looking at a fake bill. Hold the bill up to a lamp and look for the verification strip running through it. Is it there? If not, you are surely looking at a fake. If you are still unsure, you can easily procure a special marking pen that will help you verify the bill’s authenticity.

If you suspect your bill is indeed a fake, do not try and spend it. Even though you came by the bill through honest means, trying to spend it is a crime and can get you in serious legal trouble. Even if you claim you didn’t know you were dealing with counterfeit money, you will have a hard time explaining your case to the police.

The first thing you should do if you draw counterfeit money from a bank machine is contact the bank. Most major banks in the United States have 24-hour telephone operators standing by to help their customers deal with problems and questions. Scan the area inside the bank. You’ll likely find the 800 number printed somewhere on or near the ATM machine. If not, flip over your bank card and look for the number on the back.

If you make contact, tell your bank’s representative about the situation in the utmost detail. The bank might also want to contact the authorities, local police or the U.S. Secret Service, which deals with issues of forged and counterfeit folding money.

If you are not able to contact your bank’s representative, call the police and apprise them of the situation. Make note of the time and the location of the ATM or bank. The police might want you to turn in the counterfeit money, or hold onto it and turn it in to the bank the next day.

Whatever you do, do not spend the money. I cannot express how important it is that you do not attempt to pass counterfeit money.

If you follow the correct procedures, you should be able to get your money back without incident. Unfortunately, that is not guaranteed. If you have trouble getting your money replaced, examine your renters’ or homeowners’ insurance policy, if you have one. Many of these policies have provisions safeguarding against counterfeit money, and you may be able to get your money replaced.

Nobody wants to get fake money from an ATM machine. But if you do, you should do your best to be responsible and rectify the situation.

Home banking refers to a facility in which you can have a virtual banking branch where you can supervise and be in control of your funds. You can enjoy this service round the clock, on every day of week absolutely free. The major advantage of this is that you do not have to even move out of your home to avail this service.

What Services Are Available?

Let us talk of some services that you can get from home banking. You can know your balance and available balance anytime you wish. This difference depends on what type of account you have. For example, if you have a savings account or money market account, then the minimum necessary balance in the account is the difference.

This also lets you get the details of the transactions made during a particular time. Not only can you transfer the money between the accounts but you also can schedule the transfers. You can also get the details of transactions made in the past.

Some other information that you get at your fingertips with the help of home banking is a chance to stop payment for any particular check, credit score viewing, recorder check and viewing mortgage balance. To start using home banking services first you have to set up your account. Signing up process includes setting security measures also.



Importance Of Security Measures

One may wonder why all this stress is given on the security measures. The answer to this question is that although the possibility of theft is very rare yet there are people with mean intentions that may try to dishonestly gain from you if you are not alert enough. That is why the process is made difficult enough and discourages the malicious people to break into it.

However, to make the task easier for you there is an option called remember this computer. If you select this option computer will not ask the same security question every time you login. It will remember the answers but in any case it doesn’t remember your account number, random code and access code. You have to enter this information every time you use home banking service.

However, the security cookie used by the computer for remembering this information survives only for a definite period. After its expiry, you need to re- feed this information into the computer. However, keep in mind that you should use this option only on your personal computer where no other person has an access. Never use it if others also use the same computer as yours.

Whenever you have some bank errands to finish, you would usually have to get off early at work. For some, this may just be as easy as asking your boss for some leeway but for most of us, this is an almost impossible thing to do. And since most banks are closed on weekends, your only real choice would be to either go during your lunch break (when the bank queues are so long, you end up not eating at all) or during your 15 minute breaks. Ask bank clients everywhere and they would usually say that one of the problems they have are the banking business hours.

That is why most banks now are offering extended hours to increase client satisfaction, to compete with other banks that offer longer hours of service, to capture a wider audience and to meet customer demands. The pay off though for extended hours is overhead costs will tend to increase, with the longer electricity consumption, the over time hours and the night differential paid to employees that are to cover the latter part of the day.

Thus, are longer business hours really worth it? Take Commerce Bank for example. Their branch has an average visitor of 40,000 a month mostly attributed to the fact that its banking business hours are longer, covering periods that are more convenient to the average client. And since the start of their new hours, their deposits are now rising by 28 percent!

Commerce Bank also offer services during Sundays which was initially a test run that had to be permanently put into place as the response from the customers was so positive, the initial Sunday working hours were even extended.

Aside from Commerce Bank, TCF also offers service up until 8 pm. This bank also covers weekends so you can do your bank transactions without having to think that you are eating up precious weekday hours on doing bank transaction that you’d rather use to spend time with your family. They are also open during a handful of those holidays where you have to scour the whole metropolis looking for an open bank.

Some Wachovia Bank branches in Atlanta and Greater Washington area are also joining this trend as they offer extended weekday hours and weekend hours to serve their clientele better. However, not all branches operate this way so it is best to call Wachovia at 1 – (800) -WACHOVIA to note which branches practice the long hours.

Bank of America on the other hand, only offers extended hours depending on client demand. What happened before was that due to a high volume of customers wanting Certificates of Deposits savings, Bank of America decided to extend its banking hours and operations until Saturday of that particular week.

In whichever angle you look at it, extended banking business hours are definitely a plus factor to bank. If you juggle your family, your demanding career, put in a dash of traffic and office romance, you get to see that you end up with less and less time to do other things. Thus, having a bank that will adjust its hours for you so it can fit your schedule is a real blessing.

Self-Banking! What does that mean? Does it really mean I can be my own bank, receiving and keeping deposits for myself? Yes and No. Yes in that you will be able to keep and carry with you, your virtual vault receiving and making payments on demand anywhere anytime as you go, using your mobile phone or Personal Digital Assistant PDA. And no, in the sense that you will not need to set up a brick and mortar Wall Street type bank, with a 9 to 5 crew to make and receive deposits on your behalf.

But how is that possible? In one word, technology and in another word m-commerce. Thanks to all of the Social Entrepreneurs who made this convergence of technology and commerce possible, giving us the plat forms through which we can buy and sell, send and receive money, and even access our conventional bank accounts if need be, all from the comfort of our mobile device.

The future of banking has arrived. In the middle of all this are Mobile Network Operators (MNOs) and financial institutions providing the framework holding together the components part of the emerging mobile-commerce order.

Unlike traditional brick and mortar banking, where you are tied to your bank, self banking and mobile money are truly liberating, releasing you from the burden of having to do your banking from a particular location. A good case in point are migrant workers in countries like South Africa and other parts of the world, sending and receiving money using their cell phones, from very rural areas far away from any brick and mortar bank.

In addition to person to person transfers, mobile money and self banking enable you to do such things as fund raising without being limited by time and space. Your transactions are instantaneous and can be done anytime. There are no banking hours to observe. You can even link your mobile money account to your traditional bank account if you so choose.

Are there any concerns about mobilemoney|selfbanking?

Yes there are. The first and foremost concern is safety. How safe are mobile banking and m-commerce? Pretty safe, I would say. What about phishing and identity theft? Well, those are very valid concerns, but self banking and mobile money accounts are a pin base transaction and only those who know your pin can access your account and that is only you. Also, Mobile Network Operators (MNOs) are deploying digital security authentication and processing protocol to protect user information and transaction details from prying eyes.

As you can see, Self Banking, Mobile Money and M-Commerce are new technology cards that have been dealt and having been dealt, they will be played, whether or not you accept it. How you play will determine your level of benefits and success with the new and emerging M-Commerce. The time is now. As with many other past technologies, the early adopters are the ones that become authorities and make a fortune with the technology. Get on board the future train of self banking, mobile money and Mcommerce today.

Bank foreclosed homes are houses or properties that are currently owned by the bank itself. The previous owner had failed to accomplish their duties on paying their loans or mortgage so in turn, the bank foreclosed it. It is one of the many kinds of foreclosure in the market. It is also one of the safest and easiest ways on buying foreclosed houses.

The main reason why it is very easy to buy and transact with this type of foreclosure is because the deal is directly with the bank. The banks sell their foreclosed properties because they want to get back the money that they lost. Finding the best foreclosed home is very easy.

There are banks that advertise their foreclosures on the newspapers and magazines. The internet is also another good source of information on bank foreclosure listings. These sites provide a wide range of foreclosure houses from different cities. Banks can even use the help of real estate agencies in selling their foreclosed properties.

The bank’s main objective is to re-sell these houses to new buyers by financing a mortgage. Most bank foreclosed houses are reduced to 10 to 15 percent from the original market value. Though the rate is not as good as the rate of the others, bank foreclosure aids the novice or first time consumers on easy buying.

Generally, there are no other liens on the property of bank foreclosures which is also the other reason why it is very easy to purchase. Usually it involves no unpaid taxes to be worried about. Another reason is that it saves you from worrying on how to evict the former owners from the foreclosed houses which is one of the most difficult things to do.

Compared to other foreclosures, the bank foreclosed houses are open in letting you inspect and examine the house first. This will help you decide more effectively in whether you’ll be buying the right home or not. All of these are just some of the advantages with bank foreclosed houses.

In purchasing homes or properties form bank foreclosure, you can always negotiate with the bank on the manner or method of payment. You can ask for a low down payment, low interest rate and even to further reduce the foreclosed home’s cost. Just don’t forget to also be realistic in making your negotiations.

Banks will always stick to their goal which is to earn money. The tendency is that they won’t give the foreclosed houses just like that without making money from it. There are different lenders which you can try to avail a bank foreclosed home.

Here are tips on buying foreclosed houses:

1. Check the condition and quality of the house. Most non-productive foreclosed houses can be avail at a much lower price than those in good conditions.

2. Inspect the house and estimate your total expenses including the fixing and the likes. This is to know whether you’re buying a great deal home.

3. Hire someone with an expertise with home foreclosures. This is to know whether or not the foreclosed home you’ll be buying is a bargain.

4. Be smart in negotiating. Don’t forget to know your legal rights as a consumer to prevent future conflicts.

Bank foreclosed houses may not offer the lowest rate but it offers a lot of advantages. It is very easy to transact that is why first time buyers would not have a hard time at all.

Amidst globalisation Banking System in India has attained vital importance. Day by day there has been increasing banking complexities in banking transactions, capital requirements, liquidity, credit and risks associated with them.

The World Trade Organisation (WTO), of which India is a member nation, requires the countries like India to get their banking systems at par with the global standards in terms of financial health, safety and transparency, by implementing the Basel II Norms by 2009.

BASEL COMMITTEE:

The Basel Committee on Banking Supervision provides a forum for regular cooperation on banking supervisory matters. Its objective is to enhance understanding of key supervisory issues and improve the quality of banking supervision worldwide. It seeks to do so by exchanging information on national supervisory issues, approaches and techniques, with a view to promoting common understanding. The Committee’s Secretariat is located at the Bank for International Settlements (BIS) in Basel, Switzerland.

NEED FOR SUCH NORMS:

The first accord by the name .Basel Accord I. was established in 1988 and was implemented by 1992. It was the very first attempt to introduce the concept of minimum standards of capital adequacy. Then the second accord by the name Basel Accord II was established in 1999 with a final directive in 2003 for implementation by 2006 as Basel II Norms. Unfortunately, India could not fully implement this but, is now gearing up under the guidance from the Reserve Bank of India to implement it from 1 April, 2009.

Basel II Norms have been introduced to overcome the drawbacks of Basel I Accord. For Indian Banks, its the need of the hour to buckle-up and practice banking business at par with global standards and make the banking system in India more reliable, transparent and safe. These Norms are necessary since India is and will witness increased capital flows from foreign countries and there is increasing cross-border economic & financial transactions.

FEATURES OF BASEL II NORMS:

Basel II Norms are considered as the reformed & refined form of Basel I Accord. The Basel II Norms primarily stress on 3 factors, viz. Capital Adequacy, Supervisory Review and Market discipline. The Basel Committee calls these factors as the Three Pillars to manage risks.

Pillar I: Capital Adequacy Requirements:

Under the Basel II Norms, banks should maintain a minimum capital adequacy requirement of 8% of risk assets. For India, the Reserve Bank of India has mandated maintaining of 9% minimum capital adequacy requirement. This requirement is popularly called as Capital Adequacy Ratio (CAR) or Capital to Risk Weighted Assets Ratio (CRAR).

Pillar II: Supervisory Review:

Banks majorly encounter with 3 Risks, viz. Credit, Operational & Market Risks.
Basel II Norms under this Pillar wants to ensure that not only banks have adequate capital to support all the risks, but also to encourage them to develop and use better risk management techniques in monitoring and managing their risks. The process has four key principles:

a) Banks should have a process for assessing their overall capital adequacy in relation to their risk profile and a strategy for monitoring their capital levels.

b) Supervisors should review and evaluate bank’s internal capital adequacy assessment and strategies, as well as their ability to monitor and ensure their compliance with regulatory capital ratios.

c) Supervisors should expect banks to operate above the minimum regulatory capital ratios and should have the ability to require banks to hold capital in excess of the minimum.

d) Supervisors should seek to intervene at an early stage to prevent capital from falling below minimum level and should require rapid remedial action if capital is not mentioned or restored.

Pillar III: Market Discipline:

Market discipline imposes banks to conduct their banking business in a safe, sound and effective manner. Mandatory disclosure requirements on capital, risk exposure (semiannually or more frequently, if appropriate) are required to be made so that market participants can assess a bank’s capital adequacy. Qualitative disclosures such as risk management objectives and policies, definitions etc. may be also published.

CONCLUSION:

Basel II Norms offers a variety of options in addition to the standard approach to measuring risk. Paves the way for financial institutions to proactively control risk in their own interest and keep capital requirement low.
But . . .

Requires strategizing risk management for the entire enterprise, building huge data warehouses, crunching numbers and performing complex calculations and poses great challenges of compliance for banks and financial institutions.

Increasingly, banks and securities firms world over are getting their act together.