Category: Banking

Taking your Business to the Internet

Taking your Business to the Internet

It's been quite some time since the dot-com bubble burst, and the deep wounds of those who managed to survive the burst have healed. And after a long time websites and e-commerce sites are mushrooming all over the Internet. While every other regular business requires you to invest money in physical or intellectual ...

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What is Check Kiting?

What is Check Kiting?

"Kiting happens on a daily basis at just about every financial institution. It may be a customer with a longtime relationship or a new customer. Most kiting occurs with individuals that have businesses that don't have enough income or revenue to keep going. They supplement with check kiting." ― Robert Young, Loss ...

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Things You Should Know about Outstanding Checks

Things You Should Know about Outstanding Checks

Please Remember: Do not spend money until you are sure that the bank has collected its due amount. If you are doubtful, call the bank and verify. When a check is written by a party, it first goes through a clearance procedure at the bank, and then the money is officially transferred to the account of the other ...

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How to Find the Best Checking Account for Students

How to Find the Best Checking Account for Students

Quick Tip Avail for automatic email and SMS alerts if your balance drops beyond a certain account limit. This way, you can avoid penalty fees. Students need to get a checking account to pay their bills and make payment for rent, food, etc. With so many offers of checking accounts from various banks, choosing the ...

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How to Choose the Right Checking Account

How to Choose the Right Checking Account

Tip Banks offer lower interest rates on checking accounts due to the liquidity factor of their nature. Hence, unless you want to pay your bills or expenses through this account, you should go for high-yield savings accounts, cash deposits, certificate of deposit (CD), etc., for getting better returns on it. Gone ...

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Glossary of Banking Terms and Definitions

Glossary of Banking Terms and Definitions

You may have come across the terms, like amortization, basis point, hedge, payee, etc. While some of them may be simple enough to understand, a majority of them are complicated and make you run for cover when you walk into the bank for transaction purposes. Understanding all the terminology and remembering all the ...

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Steps to Account Reconciliation

Steps to Account Reconciliation

The process of account reconciliation is used when the transactions are recorded using the double entry system. In a double entry bookkeeping system, a single transaction has effects of debit and credit. These two effects can be cross-confirmed by tallying the account. Owing to this, all the accounts, if recorded ...

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Pros and Cons of Mobile Banking

Pros and Cons of Mobile Banking

According to a new database released by the World Bank in April this year, nearly 2.5 billion people, almost one half of the adult population around the world, don't have any formal access to our complex financial system, let alone, its simplest format - the banking system. This leaves a major fraction of the poor ...

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Tips to Secure Mobile Banking Services

Tips to Secure Mobile Banking Services

The use of mobile phones nowadays is not limited to making calls and texting. People use their phones to check e-mails, browse the Internet, and to carry out banking functions like account transactions, balance checking, account activity (withdrawals, deposits, etc.) alerts, changing PINs, just to name a few. ...

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Essential Things to Consider When Opening a Bank Account

Essential Things to Consider When Opening a Bank Account

Saving your hard-earned money in a bank account is one of the best exercises. However, such decisions are not to be randomly taken. There are several competing banks in the market that may try to entice you with schemes and offers for opening a new account with them. You need to be a smart prospective customer and ...

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