Category Archives: Banking

The Fractional Reserve Banking Fraud

Posted on by

Fractional reserve banking and the fraud that came with it is at the core of the present-day financial system. In order to grasp an understanding of the ongoing dilemma, and why Federal Reserve Banks are at fault, it is essential to understand the concept of Fractional Reserve Banking and why it is more than just counterfeiting.

Contrary to what is believed, the American dollars in your bank account are not the same dollars in the form of cash (Federal Reserve Notes) in your wallet. The dollars in the banks are make believe paper dollars, or numbers on a computer created by the bank an obligation or promissory note to pay you a certain dollars in Federal Reserve Notes. Simply stated, the bank backs the dollars in your bank account while the Federal Reserve backs the Federal Reserve Notes.

Throughout time, gold was the only existing currency. Purchasing your daily loaf of bread with pure gold did not seem practical and for that reason, goldsmiths served as early bankers. Goldsmiths would issue certificates that were backed by gold and this allowed people to purchase things with paper money. This paper money was represented by pure physical gold bullion and was stored in the goldsmiths vaults.

Producing certificates to look after gold meant that a significant amount of cash (gold) was just sitting around in storage. So the goldsmiths decided to start a fraud. When this happened, they became the bankers we know today.

Creating this fraud was really simple. Given that people did not know how much gold was actually stored, it was easy for goldsmiths to issue out more certificates than the gold being stored. By doing this, they attempted to earn more interest than would have been possible if they would have limited themselves to loan based on the gold stored. These goldsmiths relied on the assumption that not all of the certificates would be cashed in at the same time and therefore nobody would find out.

This is a critical explanation of the fraud that is fractional reserve banking. In the time of goldsmiths, it was easy to distinguish between right and wrong. The promissory notes were backed by the gold in the vaults. The moment the goldsmiths decided to issue notes that were backed by nothing (aside from the supposition that they would have enough gold inventory to pay, assuming not everyone demanded their physical gold at the same time)thus the process of fraud began.

How is it possible that bankers were allowed to get away with something like this? How could no one say anything about the false creation of gold?

Enter the government. Corruption can stem from power, and absolute power corrupts absolutely. So indeed, the government knew the trick of the goldsmiths scam. However, the worlds ruling classes knew it was not convenient to stop it. Instead, they saw it advantageous to perpetuate the scam. Why? Because by taxing and regulating the issue of money, they could keep a system in place where both could profit. This inevitably led to what we know as Fractional Reserve Banking.

If you move forward in time 500 yearsthe US Dollar is the worlds reserve currency and serving like the worlds goldsmith. Privately owned by several mysterious group banks, the Federal Reserve System illustrates the jaded relationship banks and governments have developed in the last 500 years. For some reason, world economies fall in the same trap of the same scam.

The interest rate banks operate under and lend are controlled by the Federal Reserve. In addition, the Federal Reserve controls the fractional reserve ratios banks are required to maintain (as a percentage of their reserves held in Federal Reserve Notes). What does this mean? The money supply and the new money being created are controlled by privately owned company comprised of banks allowed to counterfeit money. There is also the interest charge on those dollars created out of thin air!

For those reasons, I have a nickname for Fractional Reserve Banking: I refer to them as Fictional Reserve Banking. How long will you allow yourself to be fooled by this fraud? Will you take the steps necessary to protect yourself and stay ahead of the crowd?

Here are some suggestions for further reading: It is essential to understand the Fractional Reserve Banking in order to find or create positive banking solutions for your family and future. Solutions like these are the ones author Peter Macfarlane writes about in his blog on offshore banking. Peter also writes several articles on the topic of Wealth Creation for The Q Wealth Report which is a leading quarterly journal dedicated to financial privacy and individual liberty, as well as offshore asset protection. He is also a well-known authority and speaker at offshore living events.

Banking Software Solutions To Increase Efficiency And Profitability

Posted on by

Today the global banking industry is slowly recovering from the credit crunch and the subsequent financial crisis. Though the overall industry growth is considerably slower, profitability is showing a marked improvement. However, today banks are facing many stringent regulations and risk management standards, imposed as a way to restore the customer confidence in the banking industry. This (regulatory norms) coupled with the economic conditions have made the banking industry highly competitive.

Banks today are transitioning to a universal banking model as a means to control costs and increase profits. The universal banking model is a corporate structure where a financial services company offers both investment services and commercial savings and loan services together. Simply put, it is the marriage of retail banking with investment banking. Touted to be the best possible solution for the current problems of the banking industry, universal banking model changes banks to one stop source for all kinds of financial services. According to Bank of America’s Brian Moynihan, the model (Universal banking model) is the most important model there is because it gives consumers access to global information, capital markets, investment advice and basic banking all in one place. Hence, apart from doing their regular services such as checking, savings, and loans they would tread new terrains such as peer-to-peer lending, micropayments, collaborative financial planning, and social savings.

The implementation of new regulatory directives such as the Foreign Account Tax Compliance Act (FATCA) and anti-money-laundering rules has made regulatory compliance a critical factor in day-to-day operations.

Hence, today the banking industry needs banking software solutions to
comply with regulatory requirements
make business lines more efficient
understand their customers more greatly
increase profitability
reduce costs

Banks can tide over the issues of ageing technology, complex processes, and low efficiency by collaborating with industry experts who can help build and support banking software solutions. Such a move would help banks to
Leverage SaaS models to incorporate SOA best practices
Develop financial reporting products that implement XBRL standards, adhere to SEC norms and generate statutory reports
Design lending applications that integrate with credit bureaus and credit reports
Develop frameworks for fraud detection and prevention
Build financial analytics and business intelligence tools
Migrate legacy banking software to a Cloud Computing model
Ensure banking software compliance with MiFiD, Basel II, trading & broking KYC and anti-money laundering regulations
Develop mobile banking applications

Thus by embracing innovation, the global banking industry is looking towards changing the landscape of this sector.

Fino-mitra Leading The Way In Mobile Banking

Posted on by

Transactions through mobile:

FINO-MITRA:

FINO-MITRA (Mobile Based Information and Transactions), a comprehensive set of end-to-end offerings for enabling microfinance initiatives leveraging mobile as a platform for better mobile banking services to customers.

Services:

* Covers the entire range of services starting from operational tasks such as enrollment to complex transactions such as mobile commerce.

* Caters to the needs of the agents/ middlemen as well as the end users.

* Agents are offered Mobile Based Enrolment as well as Mobile Based POT.

* End users are offered Mobile Banking, Mobile e-wallet, M-commerce thus completing the solution ecosystem for enabling financial inclusion using mobile as a platform.

Your browser may not support display of this image.

Mobile Banking Strategy and Approaches:

The mobile banking strategy has 2 approaches

* Mobile banking for agent.

* Mobile banking for customers.

Your browser may not support display of this image. Your browser may not support display of this image. Your browser may not support display of this image.

Your browser may not support display of this image.

Sustainability of Mobile Banking among the pyramid customers:

Initiatives to be seen to create a sustainable model are:

Your browser may not support display of this image.

* Robust Partnership:

o Using mobile phone as a channel for financial inclusion is definitely the way ahead due to the vast reach of the telcos irrespective of varied geographical locations and diversities

o A Telco-Business Correspondent alliance will go a long way in developing banking and financial solutions for the unbanked customer

o The private sector and government too needs to come ahead and support the Business Correspondents in their initiatives

o Once the market is tapped and the model of financial inclusion becomes scalable, all the stakeholders would benefit in the form of new revenue channels

* Innovative models:

o Since conventional modes of communication like a text sms do not work for base of the pyramid customers, newer modes of communication like voice alerts and IVR need to be looked at

o Since the customer already knows how to receive a call, receiving a voice alert on his mobile phone will be easier for him

o Further sending a voice alert in a regional language will be a value addition and help in building the trust of the customer

o IVR, being a self help channel, the customer can inquire/transact using his mobile phone/landline/PCO at his convenience

o The customer can choose to communicate in his preferred language while using the IVR solution

* Simple and Cost Effective Solution:

o Developing solutions for the base of the pyramid customers is no rocket science.

o The above information can be leveraged in developing a simple user experience for the end customer using mobile phone as a channel. Partnerships with educational institutions/research organizations can further enable organizations to strengthen their understanding of base of the pyramid customers

o Further it is important to understand that base of the pyramid customers do not have the ability to pay for expensive solutions, given the fact that they lead a hand to mouth existence. However they have a good savings habit, even thought the savings amount may be a meagre Rs.5/- to Rs10/-

* Training and Financial Literacy:

o Once it is known what works for the bottom of the pyramid customers a business correspondent can use its existing agent network to train the customer on the use of mobile technologies

o Financial literacy in terms of giving information about banking products and saving and investing can be carried out using voice technology and IVR, in addition to agent as a medium

Also, note that there always exists a financial need for the financially excluded customer, however difficult to match a banking product to address that need. This brings out the fact that more and more products tailor-made for financially excluded customer need to be in place. (For eg: No Frills savings account).

New Horizons for Breeze Mobile Banking

Posted on by

Today, Breeze, the online and mobile banking application offered through Standard Chartered Bank is providing bank customers with a long list of unique features. People using Breeze find the functionality of this online and mobile banking solution extremely beneficial as is but according to bank officials, additional features will be added. Some enhancements will take place over the next few months, some over the course of the next year, and of course, changes will occur to meet changes in customer demand.

It is important for people to know that Breeze was designed based on direct customer input. Instead of guessing or following trends, bank officials wanted to develop a viable mobile banking application based on what customers wanted. The only way to accomplish that goal was to ask people the features they felt were most beneficial and those that could be eliminated from the design. Based on the in-depth data gathered from research, the IT department of Standard Chartered Bank was able to design the most innovative mobile banking solution on the market today.

We wanted to address some of the changes are already being developed, features that will enhance an already incredible mobile banking solution. For starters, this platform currently runs as an application on Apples iPhone but next month (September 2010), it will also be available on the iPad. Now, as more mobile devices are developed, opportunity for Breeze to be offered as an online and mobile banking solution increases.

Another change coming to Breeze over the next few months is a bill reminder feature. As the name implies, this feature would work in conjunction with due dates for bills paid through Breeze. Therefore, as a scheduled payment nears its due date, notification would be sent to the customers iPhone automatically. Today, people live very busy lives so overlooking payment on a bill happens. This feature would make handling finances easier, reduce risk of being charged penalties for late payments, and even eliminate risk of the customers credit score from being damaged by a late payment.

The market that will be using Breeze will also be expanded. Today, beta testing was completed in Malaysia and Singapore but two countries next on the list are India and Hong Kong. Already, people in these countries are getting exciting at having the same opportunity as initial users to manage bank accounts in a more efficient manner. Once Breeze has infiltrated these two countries, Standard Chartered Bank has a plan in place to launch the application for international markets.

In addition, while Breeze has already established presence on a variety of social medial websites to include three of the top sites YouTube.com, Facebook.com, and Twitter.com, it is anticipated that other like sites will be added. Standard Chartered Bank understands the value of keeping its current and potential customers abreast of changes within the bank specific to online banking, but also the mobile banking solution Breeze.

Finally, a newer version of Breeze is currently being developed by Standard Chartered Bank. Although the official name could change, at this point it is being targeted to launch as “Typhoon.” With this version, a variety of enhanced features would be available. For instance, to use the “Pay my Bill” or eCheque features of Breeze today, registered payees can only be added through the banks website. However, when Typhoon launches, payees could be added directly from the mobile device.

The Five Most Influential Figures Of Canada

Posted on by

If Canada were to be defined by the deeds of only five people, it would have to include a humanitarian politician, a dedicated peacekeeper, charismatic nationalist, enthusiastic scientist and possibly the best sportsman of all time. These five Canadian figures briefly explain Canada’s story throughout the 20th century and offer a broad view of how Canada has become what it is now. I chose the five people because I believed they best represented the advancements made by Canada in those fields during the 20th century.

The humanitarian advancements would have be undoubtedly the result of the work of Tommy Douglas, who I chose as the most influential Canadian of the 20th Century and Canada’s peacekeeping identity should be credited to the father of UN’s peacekeepers, Lester B. Pearson. Also, the bilingualism in Canada would not exist without the work of Pierre Trudeau, the science and eco-friendliness of Canadians is the effect of the effort of David Suzuki, and last, but not least, the identity of Canada as a nation in the world of sports can be defined through the accomplishments of Wayne Gretzky.

Tommy Douglas was born to a poor family and when he was young, he suffered a severe bone infection. This was treatable, but without the sufficient funds of the family, Tommy was not able to get it fixed and as a result, he was scheduled for a leg amputation. Even with such a dreadful fate on his hands, Tommy went to search for a better solution and by the slightest of chances; he met a doctor who was willing to do the surgery for free as long as his students could observe.

The story ended with Tommy keeping his leg and this was the story that inspired Tommy Douglas to take action. His dream was to allow every person to be able to receive health care, no matter the financial status and with this goal; he became the premier of Saskatchewan and offered the citizens of Saskatchewan Universal Healthcare. Even on top of that, he greatly contributed to the central banking, unemployment insurance, and old age pensions. I have included Tommy Douglas on this list because of the fact that one man, who did not become prime minister, added these components to this country was extraordinary. Not only that, the services that Tommy Douglas publicized are vital services that are much more efficient and cheaper when they are government controlled.

A central bank to control inflation and standardize interest rates, unemployment insurance to lower homelessness rates and poverty levels, old age pensions to insure good senior treatments and increase net income for those with senior parents to support, and finally universal health care to offer everyone equal healthcare and adding a bit of humanity to the otherwise lifeless government. With these changes, Canada has become a better nation that boasts excellent living conditions and proved by the Human Development Index. Universal health care is obviously better for the citizens than private health care and it was the courage and initiative taken by Tommy Douglas that made the change possible. Before Tommy Douglas came around, there weren’t many significant differences between America and Canada and with those socialistic, yet beneficial touches to the government, Tommy Douglas changed the face of Canada for the better.

During the First World War, all the soldiers of both sides wanted a better solution than all the fighting and killing, an alternative that did not involve as much violence and pointless combat. However, they did not know that the Canadian medic, Lester B. Pearson, would later in his life convince the world and achieve such a goal. With a strong educational background, Lester B. Pearson could have done pretty much anything he wanted, but his dedication for change forced him to turn down many appealing jobs and take up politics.

When he finally became Prime Minister, he had a job to do: to spare his people from the dreadfulness of war and racism. With that mind set, he did not send Canadian troops to Vietnam and rid of the racist immigration laws especially against the Chinese and Jews. With his immigration policies, Pearson created the multicultural Canada that we live in today and opened Canada to many opportunities and prosperities due to them. However, the possibly most important deed that Pearson did was not on the national scale, but rather on the international scale.

When the Suez Crisis occurred, Pearson did not see the valid reason for all the violence and deaths resulted from the violence. As a result, he led the UN into creating peacekeepers to resolve the issue. The goal of peacekeepers wasn’t to stop the war with force, but instead enforce peace treaties, create living conditions even with the presence of war and make sure human rights are carried out throughout the whole world. Introducing peace keepers allowed Canada to take initiative and become famous and second for intensive peace keeping everywhere.

The final deed which Pearson changed Canada was by changing the image that the world saw Canada with, its flag. With Canada having lost many of its original ties to Britain, the Union Jack on the Canadian flag was no longer appropriate. As a result, Pearson encouraged changed of the flag and in his second year in office, he made the change that gave Canada its own identity on the international scale. Nonetheless, Pearson was a great figure to Canada; he offered peace, equality in times of war and terror.

A sector that grows even in times of economic distress is the entertainment sector. Even when times are rough and people are short on money, entertainment never fails the people and the people never fail it. As a result, the famous people in this district turn out to be the most influential and celebrated people of the world.

The case of Wayne Gretzky was no different. Wayne grew up with hockey and by the age of 16, he was on his way to becoming the greatest hockey player in the world. When he reached the NHL, he was clearly the greatest and possibly the most talked about player in sports. With this status, Wayne Gretzky took the advantage and gave hockey and Canada a good name. His sportsmanship and kindness resulted in many good images of Canada and the sport of hockey and eventually he erased many biases on hockey players and the country itself. On top of all the change towards hockey, Gretzky set a good example of a model Canadian. For the first time, there was an internationally known person who was proud to be Canadian and gave Canada a good name. His game on and off the ice was his was of contributing to Canada and being such a great person, Gretzky succeeded in doing so. This example led many kids all over Canada to do the same and as a result there is a new wave of Canadian patriotism that was created by Gretzky.

The end of the 20th Century was the end of a great era for Canada. The ties that Canada had with Britain almost disappeared completely and Canada had taken many steps to become a fully independent and a self run country. With the help of Tommy Douglas, the Canadian structure of society and government gained the unique touches that it needed to become a better nation and with Pearson, Canada gained its own flag and a new identity in the international scale as peacekeepers. Pierre Trudeau gave Canada a new side to its identity, the French side, which has actually be around longer than the English side, David Suzuki gave Canada the scientific acknowledgement and the care for Canada as land, and Wayne Gretzky gave Canada the recognition in the world of sports and entertainment.

With all these great figures changing Canada for the good, this country was given the greatest make over from a simple British colony to an independent country that measured up or was better than the United States when it came to many levels. It could be said that the 20th century was a great start to Canada as a modern country and a better nation overall.

Most Frequent Investment Banking Interview Questions

Posted on by

Agustin Valecillos here.
I’d like to tell you about the top 3 most frequent questions in Investment Banking interviews so that you can prepare the answers, impress the interviewer and land the job. I my 7 year career as a Vice President in a Bulge Bracket Investment Bank I have seen many excellent candidates fail and I want to help you avoid it.
The first one (and these are in no particular order) is how do you calculate an options’ delta?
This is one of the more technical ones you may be asked it during a sales and trading interview but maybe not if you are applying for a corporate finance role.
I would answer “An options’ delta can be calculated in 2 ways, either with the Black Scholes models or numerically”.
By differentiating analytically the formula you can get the sensitivity of the option price to the underlying asset, and that is your delta. Numerically, you can just bump the underlying up or down by a given amount (this method is technically called “finite differences”) and you can figure out how much the option price changes by.

The second question is “why do you want to work for us”?
Every time you get this question you should be jumping up and down out of happiness in your mind. I can guarantee you will get this 99% of your interviews and it’s one of the most important questions overall in an interview. So prepare for it and make sure you have an outstanding answer. Don’t just prepare an answer, prepare and outstanding answer. It needs to be outstanding. Get it?
I usually structure my answer in 3 bullet points, from the most to the least important. Make sure every bullet point has a statement and proof with example from your CV of the statement. One day I may put together a stand-alone piece on how to answer interview questions, but that’s a different topic to itself.

The last most frequently-asked question is “Estimate the annual demand for car batteries in XYZ country”. Now, this one may surprise you and seem completely impossible if you haven’t come across this type of questions before. They are also very frequent in consulting interviews. The end figure you come up with doesn’t matter, no-one (not even the interviewer) knows the answer for that matter. This is all about checking you are a logical thinker. On this one think out loud, don’t think just in your head. You are getting the question wrong if you are just trying to come up with a number in your head.
The population in XYZ country is about 100 million (if you really don’t have a clue, just assume) and assuming there is a car every 2 people, that is 50 million cars. Let’s say an average car needs to have the battery replaced every 5 years, that’s 20% of cars needing a new battery every year. So that’s 10 million batteries. You could also add something about new cars, etc.
If you found this insider information helpful, make sure to get my free report, 5 Reasons Why Good Candidates Fail Investment Banking and Other Interviews.
Its free and it contains 5 of the biggest causes for why great applicants fail to land their dream investment banking job over and over. Just go to http://ww.bankinginterviewsuccess.com. See you there!

Bank Jobs In India In Banking Sector Also Involves The Marketing Jobs Due To The Diverse Functions

Posted on by

One of the most coveted careers in India, that is held in high esteem and is demanded by people, is that of the jobs in banking sector. Not only in the present day, but also in the post independence days, these jobs were considered prestigious and were in demand among the public. Since the time the government started the banks, there has been the requirement of people who could deal with the money of the public, helping in their deposits and withdrawals.

A few decades after independence, banks were looked upon as institutions which could be used for things more than just deposits and withdrawals. This involved the extending of loan services to the deservingly interested customers. To manage the loan paraphernalia, the bank jobs in India were created where competent people with knowledge of loan and its principles were recruited.

Gradually as the arena of loans widened, more and more officers were needed who could carry out the loan section of the banks. As loan facilities began to be provided in different aspects for the customers, more and more competent people were needed besides those employees who could help in the safekeeping and disbursal of the money.

During this era where the loans were provided to the customers, profitability of the bank increased and more numbers of loans were thought of being distributed to the requiring but deserving customers. To make people aware of different such loan facilities, there was a requirement of competent people who could convince the customers and help them avail of the loan. These people should have the knowledge of bank policies and

People who could carry out these functions were suitable for the marketing jobs in India. Not only banks, but the marketing jobs are on offer in almost every field, be it services or products. Every aspect of the economy and social life is directly or indirectly related to the sales and hence the marketing of products. Every sector functional and imaginable has the requirement of such personnel and therefore, in recent years marketing jobs in India are the highest in the country.

As the banks are diversifying into different other financial matters, the need of marketing people in the banks are also increasing. Private banks have already started this concept of selling their services and making them known to the general public. The concept is gradually seeping into the public sector banks. With the use of mutual funds, debit and equity related investments and insurance portfolios, the banks are also in requirement of marketing executives who can help spread the network of the banks.

All these effects, which are resulting in job proliferation, are due to the growth of the economy and are putting an indirect positive effect on the jobs that are being created. The whole of the country is looking at a plethora of jobs in almost every sector, but the jobs in banking sector have been especially spurred, so that hundreds of thousands of students and aspirants are able to find a job that is professionally and economically satisfying.

InfiniteCourses is a foremost name in the arena of web sites offering umbrella solution to all education related queries and dilemmas. Explore Bank Jobs in India, Jobs in Banking Sector, Marketing Jobs in India and much more.

Free Remote Deposit and Much More with Online Banking

Posted on by

Have you been wondering how you can get your business checking not to cost so much? Bank fees can be difficult for most small business owners to handle. They are paying outrageous fees so that a bank can hold their money. For a small business just making it financially, that can be hard to take. However, doing business without a bank is almost impossible in today’s world. However, if you could get free remote deposit and other benefits, would using online banking be an option for you?

You can get many common services with an online bank without the hassle and cost of a local bank.

1.Free checking accounts Do not pay your bank to hold your money again. You deserve a free checking account that offers you all the services you need for a small business. You can get this with an online bank. They do not have the overhead of multiple local offices and large numbers of tellers waiting around. They save money so you can save money on fees.

2.Free business debit cards The bank should have no issues issuing a debit card to any depositor. However, some charge a fee for that option. Others will charge you for each purchase you make with that card. Find an online bank that will give you the free card and will not charge you use fees. That is the only way a small business can keep their financial straight.

3.Interest on all deposits Banks make money off of money they lend out. They should pass on some of the interest they earn to you in your deposits. If your bank is not giving you interest on all your accounts, find another bank. A free remote deposit bank will give you that interest that should be yours.

4.Free remote deposits If you have checks that you need to run to the bank constantly, stop wasting the gas and time. You can use scanning software to deposit those checks to your online bank.

5.Easy online access You want a bank that allows you to do almost everything online. You want an account that you can access 24/7. This will ensure you are empowered to be an account owner.

6.FDIC backed With the right online bank, you will have all the same protections that your local bank offers if the online has FDIC backing.

Small Business Bank – How Specialized Banking Works for You

Posted on by

If you’re opening a small business, you need a small business bank, pure and simple. Using your regular bank won’t net you the benefits that a specialized banking account can come with. No matter who you choose as a host for your banking needs, you always need to open a new account for a business. Never use your personal bank account as this can make it next to impossible to discern your business income and expenses from more personal sources. Always choose a new account, and look for a specialized bank whenever possible. The right bank will have a deep understanding of your business needs.

One of the most important features of a small business bank is an assortment of affordable banking solutions. Money is usually tight when you’re starting out. You don’t want to have a high minimum amount on your account that you can’t possibly sustain. If you need to make a large withdrawal for business purposes, you should know that you can do so without jeopardizing your bank account. It’s also important that you’re able to make deposits and withdrawals without a lot of fees. The right business bank will work with you so that you can maximize your profits early on.

Small businesses today are far different than what they were in the past. A mom and pop shop used to be a brick and mortar store with an easily-defined address and actual location. Today, many businesses are run online. You could be running your business from locations all over the country, or all over the globe. You can’t always work with the bank down the street. You need a small business bank that will go with you everywhere you happen to be. Online banking, mobile banking, and more are essential for a business banking account. You don’t want to be tied down to one location, and with the right account you won’t be.

When you’re getting ready to open a new banking account for your business, it’s important to take the time to do your research. Look into a variety of banking opportunities to find the small business bank that’s right for you. When you look at other offers, you’re sure to notice where the best deal really lies. It’s important to understand what’s out there so you don’t get sucked into the first well-worded advertisement you see. Compare your options and look for a small business banking account that provides all the services, benefits, and convenience you need to make your company a success.

Standard chartered online banking hints and tips

Posted on by

Online banking is a great feature which has come a long way from what it was. Standard Chartered Online Banking offers so many features which make banking much more convenient than it used to be. With the Standard Chartered online banking you can bank from anywhere you want, at any time during the day. You can even do mobile banking by accessing your bank account from your mobile phone as long as you can access the internet with it. Opening a Standard Chartered online bank account is quite simple and it can be done in no time at all. However, with the rise in internet fraud all around the world you have to be careful while using these online banking services.

Yes, you do have to take some common sense precautions to safeguard your personal information, but if you do so, internet banking can a be safe, secure and convenient way to pay credit cards, access online savings accounts, balance checking accounts and conduct a host of other online financial transactions. So what do you need to do?do?

Here are a few simple guidelines which you need to follow to have a safe and secure online banking experience with Standard Chartered:

1) Never give your username and password you use to log on to your online account to anyone. Honest, a bank employee will not ask you for it – so even if they claim to be part of your bank staff, do not give it to them.

2) If you receive an email with a link in it that leads to your bank’s website – Ignore it! This is a tactic called phishing that may direct you to a website that will take your login information to gain access to your financial accounts. It may even look exactly like your bank’s website, so always use your direct online banking website URL to access your account. Never click an email link and then sign in to your online banking account. Really!

3) Use your own computer to do your online banking on. Shared, public or networked systems at work just make it all the more possible to have your ID stolen.

4) Run Ccleaner, or manually clear browser history, cookies, cache and saved passwords after you accessed your online accounts.

5) No sticky posts or diary entries with ID, username or password. Keep these to yourself by committing them to memory – or at least written down where noone but you will ever find them.

6) Never forget to log out after you are done with the bank’s website. If you forget to do this, most of the other things you did above may not matter.

Take the time to follow the few simple steps listed above and you will help keep your Standard Chartered online banking transactions safe, secure and out of the hands of folks that shouldn’t be seeing them anyway. Of course, that goes for any online service you use where personal information is sent over the internet.

Max Nielsen – always looking for great investments and online banking opportunities. For more info, see internet banking