Tuesday, May 29, 2012
Wells Fargo Report Phishing Scam
First off I should explain what phishing is. Phishing is basically the act of tricking a victim into divulging information. It involves the receiving of an email message with a link to a website where the victim would enter personal information. In this particular scam, you get an email from "Personal Banking: personalbanking@wellsfargo.com" stating that there may have been some unauthorized access to your account and that you should click the link and enter your account and verify some information. When you click the link you are taken to a site which looks identical to the Wells Fargo site.
If you look at the HTML code of the site, you'll notice that they are almost identical. One thing about this scam which was somewhat surprising is that the message made it past my G-mail spam filter. This is slightly different to scams I have seen before in that they don't ask you to reply to this email with your account number like most others, and they don't ask for passwords or anything like that. They simply request that you log in, as you normally do, which would not raise the eyebrow of normal users. On a closer inspection of the site you will notice that the forms submit the data entered (user name and password) to some foreign script and not to Well Fargo. Most probably, the scammer is having all the usernames and passwords emailed to him. After submission of your information the site responds that your password is incorrect. Here an unsuspecting victim would assume that this was because of the supposed unauthorized access mentioned in the email.
If you try to submit information a few more times, it takes you to another Wells Fargo look-alike page called “Online Banking Verification”. Here they ask for SSN number, your ATM card number, the expiration date, the pin number and the CVV2# (4 digit verification). With the ATM information the scammer could max out your debit card. With all the rest of the information he has gathered it would not be at all difficult to call up Wells Fargo and basically take over your account. He could change billing addresses, get checks for you account, and simply wipe it out.
How to spot scams like this
Scams like these are usually easy to spot, but this one in particular was a bit tricky, however there are some basic methods you can use to spot these types of scams.
First of all, check the link. Although it looks like the link is going to Wells Fargo’s website, if you let the mouse hover over the link for a while and look in the status bar, you will get the real address of the link. In this case the scammer used just an IP address of his domain or machine. This, however, can be overridden on the internet (if the scammer changes the status bar) and sometimes even in your email, depending on what your security settings are.
Check the address bar. In this case, the address bar reported that the website was also from the scammer’s IP address. Simply put, it did not say http://www.wellsfargo.com. Very seldom would a scammer be able to fake this. They may, however, employ other tricks like buying a domain name with a slight spelling difference that the user might not notice or by simply loading the link in a new window and hiding the address bar altogether.
Lastly, the only full proof method to avoid becoming a victim to a scam like this is to simply call in and verify the information over the phone. Please note; do not use a phone number in the email if one is given. Open up your phone book and locate the number for your firm and ask them about it.
Just remember, if it looks funny and feels funny, it’s probably a scam. Do not ever reply to such email messages for personal information as sensitive as account information and SSN.
Below is a copy of the email message for your review and amusement. The link is active, however DO NOT ENTER ANY PERSONAL INFORMATION INTO THESE FORMS. THIS IS NOT WELLSFARO’S SITE.
Kevin. A. Lloyd.
From: Personal Banking personalbanking@wellsfargo.com >
To: me@me.com
Date: Jun 2, 2005 2:22 PM
Subject: Security Notice #291240 Wells Fargo Internet Banking account
Update Necesary!
Dear Member,
We recently reviewed your account, and suspect that your Wells Fargo Internet Banking account may have been accessed by an unauthorized third party. Protecting the security of your acount and of the Wells Fargo network is our primary concern. Therefore, as a preventative measure, we have temporarily limited access to sensitive account features. To restore your account access, please take the following steps to ensure that your account has not been compromised:
1. Login to your Wells Fargo Internet Banking account. In case you are not enrolled for Internet Banking, you will have to use your Social Security Number as both your Personal ID and Password and fill in all the required information, including your name and account number. 2. Review your recent account history for any unauthorized withdrawls or deposits, and check your account profile to make sure not changes have been made. If any unauthorized activity has taken p! la ce on your account, report this to Wells Fargo staff immediately.
To get started, please click on the link below:
[https://online.wellsfargo.com/signon?LOB=CONS]
We apologize for any inconvenience this may cause, and appreciate your assistance in helping us maintain the integrity of the entire Wells Fargo system. Thank you for your prompt attention to this matter.
Sincerly,
The Wells Fargo Team
Kevin A. Lloyd:
Just launched a website, [http://www.DeleteMySpam.com/], dedicated to helping to eliminate the spam crisis.
Wells Fargo Reports $2.5 Billion in Net Income or Old Lady Losing Her Sanity and Home to Wells Fargo
Between these two headlines from April 20, 2010 I could not decide which was more important, so I figured I would use them both.
The first headline is good news for Wells Fargo shareholders who, according to their press release, stand to make forty five cents per share of common stock on 21 billion in revenue. The numbers posted reflect a giant bank which is thriving. In fact, Wells Fargo is doing so well it bought another big troubled bank last year, Wachovia, a purchase helped out by a little bit of TARP money. Things are good at old Wells Fargo.
Unfortunately, this happy prosperity is not shared with many of Wells Fargo's customers.
The second headline, which will never make the news, is one I made up. It is about a little old lady who was in my office this week. She owns a home worth about $70,000. Five years ago, she took out a loan from Wells Fargo for over $140,000. Five years ago, appraisers for banks like Wells Fargo would say anything to make sure a loan was approved and loan brokers would do anything to get the loan to closing. She was dumb to take such a large loan, and Wells Fargo was dumber to make it.
Her household income, consisting of a small pension, social security and disability for her sick husband, is about $3,100 monthly. Her mortgage payment is $1,600.00.
She is having a hard time paying such a relatively large mortgage and called Wells Fargo to see if the loan could be modified. "Sure..." the nice lady from Wells Fargo said..."All you have to do is pay off all of your credit cards."
This poor old lady has credit card bills totaling $20,000. She and her husband used them for many years, more so after he got sick and could no longer work. They can't pay them anymore. Collectors are calling her all day every day. Wells Fargo's request that the cards be paid in full is nonsensical and hardly worthy of comment, aside from the fact that these large national lenders tell their worried customers things like this every single day.
How does a lawyer advise someone in her position?
Her true situation is this. She's old enough that if she stopped paying everybody, it would take a long time for her to lose her home. The local courts are presently flooded with foreclosures, each takes a long time to process. The credit card companies will call and write her, and maybe sue in a few years, but she is underwater in every direction, and she has no assets to satisfy any judgment. The biggest price she is paying is personal. She was very distraught, having never missed timely payment of bills her whole life. I could see that the stress of her situation will simply kill her.
That's not what I told her though.
I told her to take some time and calm down, to ignore the collection calls, to stay as current on the mortgage as she is able, and to refer any lawsuits she might get to me. Now, I could see as I spoke to her that she was dumb to take such a large loan, and Wells Fargo was dumber to make it, but who is paying a higher price, the bank making billions or the little old lady crying in my office?
A partner with KPWS Law, P.C., (website http://kpws-law.com/ ), Eugene C. Kelley has spent years helping and working with people with legal and financial problems. For further reading and free advice, please visit http://getbackgroup.com/contact-us/. Financial problems are legal problems. Begin to constructively work out your problems today.
How to Enroll for Wells Fargo Online Banking
Online banking is the method of accessing your account data via your computer. It is a time- sparing method accustomed by so plenty banks around the world. This makes the banks less busy and avoids it from overcrowding. Furthermore, online banking saves the important moment and cash of the customer by preventing him or her from stopping over the bank so often.
Overview of Wells Fargo Bank
Wells Fargo is a world's well-known bank where its headquarters are located in Portland, Oregon, USA. It was established by Henry Wells and William Fargo in 1852. It was opened in San Francisco and after a time since branches were organized in different cities.
Today, it is distributed all across the USA and in some foreign countries. Its ATM are situated all across the States. It handles banking, loans, investing and insurance.
Profile of Wells Fargo Internet Banking
Being one of the world's famous financial corporations, Wells Fargo adapted internet banking system that provides 24/7 facilities.
Wells Fargo online banking makes the client to use their online account, avenue equipment to pay for their charge, debit card avenue to buy items via internet, view the account outline, move money to other account in the similar bank or different banks. In addition, it helps you to check your activities, process auto loans, see credit card information and a lot more.
In addition, its Internet banking provides free online reports and resources such 'My Money Map.' This is an internet facility that helps you to view your financial activities by graphs and charts. My money map consist of My spending report, Budget watch and My saving plan. These profile would be a good benefit to the customers who manage their cash according to their budget.
Wells Fargo Online Banking gives a 100% soundness assurance for your pool ready for use in the bank account and is taking the responsibility if anyone has stolen cash out of your account using several scam or identification fraud.
Furthermore, it has around- the-clock customer care to assist the clients with their bank account issues and to report fraudulent doings.
How to Register for Wells Fargo Internet Banking
To get started with internet banking, the account owner should enter his or her social security number, account and ATM card number and e-mail address. If the consumer doesn't have a social security number there is a check box to tick to indicate that he or she does not obtain a social security number.
When you have completed the enrollment process, you need to click on the sign on to avenue your account. Make certain to furnish all real information relating to your self.
Summary
Lastly, Wells Fargo Bank can be considered as a famous financial company that adapts modern internet banking techniques to increase their capability and serve the customers at the best achievable case.
Gil James is a personal finance blogger who likes blogging on saving, investing and banking. To learn more information on how to apply a Wells Fargo Online Banking account, you should go to Online Banking blog.
Wells Fargo Security
Did you know Wells Fargo Security started here in Buffalo New York? As I did research for this article most of the recorded history stated that William George Fargo an American pioneer express man from Pompey New York and Henry Wells American pioneer express man from therefor Vt. Joined forces in 1852 to form this company. New York City is sited as the point of origin. My research finds things a little different. Wells Fargo Security actually got its start in Buffalo New York.
Henry Wells as a child moved to central New York State. He was an entrepreneur at heart and in 1843 he established an express service between New York City and Buffalo. He competed with the U.S. Post Office and was carrying mail at less cost than the government.
In 1844 Henry Wells and William Fargo and another partner had organized Wells Fargo and company. A successful express company it merged with American Express in 1850 with William Fargo as secretary. Wells Fargo Security took the need that the gold rush had provided and handled an express company between and New York City and San Francisco. This lead to the establishment of the banking businesses on the Pacific coast with American Express Company acting as eastern representative. Wells Fargo Security was always part of the action keeping the express company assets and banking business safe. William George Fargo severed as President of the American Express Company in 1868. He also was Mayor of the city where it all began, Buffalo New York from 1862 - 1866.
We can't forget Henry Wells when talking about his company. He and Mayor Fargo worked together to establish the express service to California and the West. Mr. Wells made his home in Aurora New York and founded Wells Seminary, now Wells College.
Now I have a little something to add to the Tales of Wells Fargo. From 1852 forward, this Security company left Buffalo New York and concentrated on the business out west. As we previously stated they let the American Express Company here for the Eastern Seaboard. That is true, but guess what? The company came back for a brief period from 1980 to 1998 and everyone missed the event. Wells Fargo Security purchased the William J Burns electronic security division in 1980 and that was the first time they had been home doing business since 1852.
In May of 1998 TYCO purchased Wells Fargo Security and merged the company with ADT alarms. Once again this security company disappeared from their original home.
B.J.Lyons lives in Buffalo, NY. Take a look at some great ideas that you will want to keep safe at his site
Did you know Wells Fargo Security started here in Buffalo New York? As I did research for this article most of the recorded history stated that William George Fargo an American pioneer express man from Pompey New York and Henry Wells American pioneer express man from therefor Vt. Joined forces in 1852 to form this company. New York City is sited as the point of origin. My research finds things a little different. Wells Fargo Security actually got its start in Buffalo New York.
Henry Wells as a child moved to central New York State. He was an entrepreneur at heart and in 1843 he established an express service between New York City and Buffalo. He competed with the U.S. Post Office and was carrying mail at less cost than the government.
In 1844 Henry Wells and William Fargo and another partner had organized Wells Fargo and company. A successful express company it merged with American Express in 1850 with William Fargo as secretary. Wells Fargo Security took the need that the gold rush had provided and handled an express company between and New York City and San Francisco. This lead to the establishment of the banking businesses on the Pacific coast with American Express Company acting as eastern representative. Wells Fargo Security was always part of the action keeping the express company assets and banking business safe. William George Fargo severed as President of the American Express Company in 1868. He also was Mayor of the city where it all began, Buffalo New York from 1862 - 1866.
We can't forget Henry Wells when talking about his company. He and Mayor Fargo worked together to establish the express service to California and the West. Mr. Wells made his home in Aurora New York and founded Wells Seminary, now Wells College.
Now I have a little something to add to the Tales of Wells Fargo. From 1852 forward, this Security company left Buffalo New York and concentrated on the business out west. As we previously stated they let the American Express Company here for the Eastern Seaboard. That is true, but guess what? The company came back for a brief period from 1980 to 1998 and everyone missed the event. Wells Fargo Security purchased the William J Burns electronic security division in 1980 and that was the first time they had been home doing business since 1852.
In May of 1998 TYCO purchased Wells Fargo Security and merged the company with ADT alarms. Once again this security company disappeared from their original home.
Thanks for reading and if you are interested in more about the choices that are out there take a look at my blog and go to the link" The Ultimate Guide to Home Security "
Bud Lyons
An Analysis of Wells Fargo & Company (WFC)
Wells Fargo & Company (WFC) is a huge Western and Midwestern bank that provides a diverse array of financial services to its more than 23 million customers. The company employs more than 150,000 people at its over 6,000 locations nationwide. Wells Fargo has about $500 billion in assets.
While the company continues to derive more than half its revenues from interest income (about $26 billion), its activities are not limited to collecting deposits and lending money. Wells Fargo engages in other businesses such as brokerage services, asset management, and investment banking. The company also makes venture capital investments.
Over the last ten years, Wells Fargo has averaged a 1.57% return on assets and an 18.19% return on equity.
Location
Wells Fargo is closely associated with California in the minds of most investors. The company now operates in 23 different states. However, the concentration in California remains.
Mortgage lending in California accounts for approximately 14% of Wells Fargo's total loan portfolio. Commercial real estate loans in California account for another 5% of the company's total loans. No other single state accounts for a similarly sized portion of total loans. In fact, neither mortgage lending nor commercial real estate lending in any other state accounts for more than 2% of Wells Fargo's total loans.
Cross-Selling
Wells Fargo's focus on cross-selling is well known. The company has a stated goal of doubling the number of products the average consumer and business customer has with Wells Fargo to eight products per customer (from the current four products per customer).
Cross-selling increases customer stickiness. It also helps increase profitability by decreasing expenses relative to revenues. The need for a large physical footprint is reduced - as is the need for a large number of bankers. Instead, the existing infrastructure is able to provide additional revenue from the same customers.
Wells Fargo's Chairman & CEO, Richard Kovacevich, explains the importance of the company's cross-selling in the "Vision & Values" section of the corporate website:
Cross-selling -- or what we call "needs-based" selling -- is our most important strategy. Why? Because it is an "increasing returns" business model. It's like the "network effect" of e-commerce. It multiplies opportunities geometrically. The more you sell customers the more you know about them. The more you know about them the easier it is to sell them more products. The more products customers have with you the better value they receive and the more loyal they are. The longer they stay with you the more opportunities you have to meet even more of their financial needs. The more you sell them the higher the profit because the added cost of selling another product to an existing customer is often only about ten percent of the cost of selling that same product to a new customer. This gives us--as an aggregator -- a significant cost advantage over one product or one channel companies. Cross-selling re-invents how financial services are aggregated and sold to customers -- just like other aggregators such as Wal-Mart (general merchandise), Home Depot (home improvement products) and Staples (office supplies).
Mr. Kovacevich's enthusiasm for the cross-selling model is well justified. It is difficult to quantify the importance of meeting all the varied needs of your customers, because you can not measure the opportunities you missed. However, it is obvious that reducing each customer's interest in considering a competitor's services will greatly increase long-term profitability for any company engaged in any line of business - not just for a bank.
Later, in the same website section, Mr. Kovacevich addresses the importance of customer stickiness:
(Cross-selling) is our most important customer-related sales metric. We want to earn 100 percent of our customers' business. The more products customers have with Wells Fargo the better deal they get, the more loyal they are, and the longer they stay with the company, improving retention. Eighty percent of our revenue growth comes from selling more products to existing customers.
This focus on retention is an important part of a long-term plan to maintain Wells Fargo's above-average returns on assets and equity. Extraordinary profitability comes from differentiating your product or service from those of your competitors. Increasing customer stickiness and reducing "comparison shopping" is a key part of maintaining extraordinary profitability.
Some businesses are blessed with enviable economics because of their product's natural prominence in the minds of their customers. Most businesses are obsessed with market share. But, how many really think about "mind share"? Obviously, a product like Coke (KO), Hershey (HSY), or Snickers is going to have a positive association in the minds of consumers.
For many people, these products will also have a prominent place in each customer's mind (relative to other products and services on which money can be spent). A few other businesses have a healthy mind share without the positive association; GEICO is the most obvious example. The company's brand conjures up nothing but the words "auto insurance". Of course, that's all the GEICO brand has to do.
So, what does all this have to do with Wells Fargo? Mind share isn't just the result of exposure to advertising. In fact, in most cases, exposure to advertising can not duplicate the kind of results that a direct, differentiated experience creates. Entertainment properties are by far the leaders in mind share. People who saw and loved Star Wars remember the film. In fact, they don't just remember the film, they actually file it away (or, more precisely, cross reference it) in countless ways within their mind.
The evidence for this particular example is abundant. There are countless references to Star Wars in other media. The name, the music, the opening text and countless other elements are immediately recognizable. Even the films Star Wars fans hated made more money than almost any other movies in the history of cinema - and this was decades after the original came out. So, obviously Star Wars has the kind of lasting mind share any business should aspire to if it hopes to continuously earn extraordinary profits.
Unfortunately, most businesses, however well run, can not attain this kind of mind share. The products and services they provide can never be as differentiated and memorable as a motion picture. Just as importantly, the positive associations will not be present, simply because the product or service is not inherently exciting, entertaining, or pleasant. This is clearly the case in financial services.
So, what can a financial services company do to improve its mind share? The most obvious tactic is simply to "wow" its customers. In fact, Wells Fargo's CEO discusses this particular option in the "Vision and Values" section of the company's website:
We have to "wow!" them. We know what that feels like because we're all customers. We go to the cleaners, the grocery store, a restaurant or whatever, and we find a situation where we're "wowed!" We walk out and we say, those people really listened to me and helped me get what I need. All of us hear stories about customers, say, who pick a certain line at the supermarket because they know the person who bags the groceries connects with customers -- smiles, greets regular customers by name, asks how their families are doing. When a personal banker helps a customer in one of our stores, or when a customer gets help from one of our phone bankers or does transactions on wellsfargo.com we want them to say, "That was great. I can't wait to tell someone."
Another option worth pursuing is widening the associations present in the customer's mind. Financial services is a business where associations tend to be more conscious, categorized, and hierarchical than the associations formed in more heavily branded businesses. Put simply, the (potential) customer usually thinks of a "set" before thinking of an "element" within that set. Like many mental associations, the information can be returned in either direction. For example, the customer may normally think "banks" and then think "Wells Fargo", but will also be able to return the word "bank" if prompted by the name "Wells Fargo". This categorization is important, because it provides (limited) permission for Wells Fargo to expand its mind share horizontally (across service categories).
In other words, providing a diverse range of financial services doesn't just make sense from the provider's perspective, it also makes sense from the user's perspective, because the user of financial services has already grouped deposits, borrowing, credit cards, insurance, brokerage services, asset management, etc. together in a very loose way within his mind. As a result of this mental network, one positive experience with Wells Fargo will greatly affect a customer's desire to pay for an additional service, even if the two services are not really all that similar.
The three key elements here are: a broader definition of what Wells Fargo is (a place that does "money things", not just a bank), a positive experience, and some sense of trust that the quality of service will be consistent. The last requirement is the easiest to meet, because it's natural for a customer to assume that the positive experience was not a fluke, much the way a diner assumes the good meal he had at a particular restaurant was not caused by his picking the best offering from the menu. The diner usually assumes the overall quality of the restaurant's various entrees is superior. Likewise, a good experience with one of Wells Fargo's products or services will likely rub off on its other offerings.
Valuation
Shares of Wells Fargo currently yield just over 3%. The stock trades at a price-to-book ratio of just under 2.75 and a price-to-earnings ratio of less than 15.
Conclusion
Over the last 5, 10, 15, and 20 years shareholders of Wells Fargo & Company have fared better than the S&P 500. As of the end of last year, WFC's total return over the last ten years was 17% vs. 9% for the S&P. Over the last 20 years, WFC outpaced the S&P 500 by an even wider margin: 21% vs. 12%.
Wells Fargo has a stellar reputation with investors. The company is the only U.S. bank to earn Moody's highest credit rating. Wells Fargo also boasts a well-known major shareholder. The largest owner of the company's common stock is Berkshire Hathaway. Warren Buffett's holding company has a roughly 5.5% stake in Wells Fargo. Berkshire's last reported purchase occurred during the first quarter of this year.
Wells Fargo has a stated goal of achieving double-digit growth in earnings and revenue while managing a return on assets over 1.75% and a return on equity over 20%. Those are both very ambitious goals. The company has achieved some of the highest returns on assets and equity of any major U.S. bank. However, Wells Fargo will probably need to increase the percentage of revenue it derives from fee businesses if it is to achieve these goals.
In the years ahead, the company may well become more of a diversified financial services business. In fact, that's what I expect will happen. The company's commitment to cross-selling is not some fad. Eventually, this commitment will change the way investors think about Wells Fargo. Soon, it may be considered much more than a bank.
Wells Fargo's CEO makes the case that his company's P/E is simply too low. Wells Fargo has a solid history of strong growth and profitability. So, why should it be valued similarly to most other banks? Shouldn't it be awarded a multiple more in line with a growth company?
There's actually some merit to this argument. Wells Fargo is unusually well positioned for a bank. Often, those banks that seem certain to earn very high returns on assets and equity for many years to come are poorly positioned for future growth. These banks are often smaller than their competitors and focused on a specific geographic niche. Any acquisitions would dilute the exceptional profitability of the bank's niche.
Of course, there are also many consolidators in the banking industry. Unfortunately, many of these banks do not have a history of earning the kind of returns on assets and equity that Wells Fargo has achieved. Even more importantly, there is little differentiation between these titans of the banking industry and their national competitors. Therefore, their moats are highly suspect.
Wells Fargo is a different kind of bank. It has a history of extraordinary growth and profitability. There are two obvious opportunities for future growth: geographic expansion and cross-selling. Of these two opportunities, it's clear I'm more enamored with the latter. An eastward push is not necessary, and certainly not via an ill-advised acquisition.
There is a lot of value in the Wells Fargo franchise and there is plenty of room within that franchise for future growth. That's one of the great advantages of the financial services industry. With the right model, limits to growth are almost non-existent. In other highly-profitable industries, there is often nowhere to reinvest new capital at a similar rate of return.
If Wells Fargo is a growth stock, it is a peculiar sort of growth stock. Maybe that is what attracted Buffett to the company in the first place. Here is a business with a strong franchise that can grow for many years to come. Perhaps most importantly, it is a growth business that frequently trades in the market at value like multiples, simply because it's a bank.
At the current market price, Wells Fargo is the sort of investment you make once and forget. The valuation is not so cheap as to promise a good return if the business falters. But, the business is not so suspect as to require the margin of safety be provided by a low P/E ratio. Sometimes, near certain growth is the margin of safety.
On a separate topic, I'd like to encourage anyone with an interest in competitive advantages to read the entire "Vision and Values" section of the Wells Fargo site.
Superficially, it looks like any other online presentation to investors. In truth, it is nothing like those hollow, sugary slide shows. It's actually an engaging exploration of competitive advantages within an industry that seems totally unlike the sort of branded, consumer-oriented businesses one normally associates with strong franchises. Even if you aren't interested in the banking industry in particular, I recommend reading this section for its insights into customer psychology and behavior.
Geoff Gannon writes a daily value investing blog and produces a twice weekly (half hour) value investing podcast at:
Sunday, May 13, 2012
The Federal Reserve Bank - America's Biggest Unspoken Problem
Indeed there are plenty of problems facing the United States of America today. Of course, there have always been problems and probably always will. It's the nature of things. There are lots of things one can do about problems. You could panic. You could consult with friends. You could write down a plan. You might have to take immediate action. Every problem is different. The one action that most agree is a bad idea is ignoring a problem. Even worse is to adapt behaviors that help the problem along.
The Federal Reserve is the one of the biggest problems facing America today and it is being ignored and in fact being made worse in many ways. Front runner Presidential candidates never mention those words and when someone does there is an uneasy feeling in the air, especially in debates. Of course, the only people who will dare say those words in a debate have been marginalized and in my humble opinion it seems like no coincidence.
People might ask, what does a federal government bank have to do with our nation's problems? For starters it is federal in name only. The Federal Reserve Bank is not part of our government. It is privately owned. It is an international bank with private owners. Well, you would think with a name like that it would be part of the government. Why would a name be chosen to disguise what they are? Precisely for the reason you would suspect. They didn't want people to know what they are all about.
Unfortunately people aren't generally concerned with how things work. They don't want to see the big picture or gain knowledge about the world in which they will live. It's this nature of many people that helped the Federal Reserve Bank do their thing.
To illustrate the point, here's a simple overview and how the problem might manifest itself in a real life example.
Throughout history the world has had banks, bankers and money lenders. People sometimes need money in the form of loans for various reasons. The general practice is that if you borrowed $1,000 you would have to pay it back over a specified time at a certain rate of interest which is agreed upon by both parties. Okay, nothing dangerous about that. Now imagine that a government needs money. The government has a war to fight and a clever banker agrees to lend a sum of money to that government. Of course, to lend such a large repayment of the loan must be guaranteed. So in return the government promises to guarantee the loan repayment in the form of taxes levied on its people. Not very smart or fair.
This type of banking relationship has been developed by international bankers for centuries. These banks become the nation's central bank. More or less, this means that a government may owe large sums of money to this central bank and the taxes must be taken from the people to pay it back. Not only that the central private bank controls how much money goes into circulation, thus dictating the worth of the currency. So, in essence, the more dollars that get printed unwisely the less the money is worth.
To clarify this point let's briefly use a current example. The federal government has just approved spending 1.4 billion dollars to give to Mexico. The money will be used to help secure Mexico's southern border from illegal immigrants crossing into Mexico (you read that right). The 1.4 billion dollars will be borrowed from a private internationally owned bank called the Federal Reserve Bank. The money will be printed out of thin air. As soon as the money goes out into the world the interest meter starts running, so to speak. Now keep in mind that the 1.4 billion and the interest for the money borrowed and spent are owed to a private international bank whereby the loan is guaranteed by the payment of your taxes.
So the government has decided to spend money we don't have on fixing the illegal immigration problem of another country. The printing of the money weakens our dollar. Further, the dollar is basically worthless because we are printing it out of thin air and it is backed by no real value like gold or silver (another problem caused by The Fed). To top it all off, you get to pay back the loan on this absurd government spending by taking a large chunk of money out of your paycheck, which is now worth less because we weakened the dollar borrowing and printing the money. Let's not forget, the government will take money you earned from your paycheck before you will be able. We have to pay the government first in the form of higher taxes because of a weakened dollar to pay for spending this money to correct a problem in Mexico? Oh, please be aware that the taxes collected by the Federal Reserve Bank's virtual collection agency, the IRS, goes to pay down just the interest on the money the government has borrowed from this privately held business - owned by a relative few international bankers. Many of these bankers are from a long line of baking families which hold sway over most of the major countries on this planet. It's kind of a scary thought don't you think? There is a lot of informal political power behind the purse strings of central banks of many nations.
If that's not enough, I will just point out quickly an uncanny coincidence. It states in the constitution that taxing income is unconstitutional. However, the 16th amendment was passed rather shadily, and according to some, illegally. It went through in a very shady manner three weeks before the Federal Reserve Act of 1913 was passed in a very shady manner, as well. Remember the deal with the international central banks. They will happily be your nation's central bank as long as the loans are guaranteed by taxes. The timing and circumstances seem strange.
The Federal Reserve Bank is America's big problem. Handing over of this power to a small group of international banker's compromises our economic well being. It gives enormous control to a small group of people whose first interest is profit and power. These individuals are international in nature, not American, so their interests are not consistent with America or any other independent country. It could be said that they are the root of globalism. Nationalism gets in the way of their business interests. Some even seem to think these international banking empires represent the push for international / global law and taxes (i.e. carbon tax). You see, the problem goes much deeper. But don't take my word for it.
I will leave you with two quotes:
"If the American people ever allow private banks
to control the issue of their money,
first by inflation and then by deflation,
the banks and corporations that will
grow up around them (around the banks),
will deprive the people of their property
until their children will wake up homeless
on the continent their fathers conquered."
- Thomas Jefferson
Founding Father, Patriot, American
-----------------------
"Give me control of a nation's money and I care not who makes the law."
- Mayer Amschel Rothschild
Founder of the Rothschild family international banking empire
Article written by Richard Penney, contributor and columnist at The Black Sheep Report. It is a website where politics, pop culture and society as a whole are looked at through a unique lens. It offers a blend of analysis, commentary, opinion and biting humor. It's driving force is reason, independent thought and questioning accepted truths.
[http://www.blacksheepreport.com]
What is Your Banker's Involvement?
An important stakeholder of any business is the bank. Banks are arguably the leading source of capital for entrepreneurs. While they are reluctant to provide startup capital in the early stages, commercial lenders play a major role in helping businesses grow and expand. Your relationship with your banker is extremely important as you grow your business.
Many entrepreneurs think of their bankers as sources of capital for funding their businesses or resolving monetary issues. However, your relationship with your banker can have a huge impact on your business. Know your banker as a person and build a relationship based on trust. Get your banker involved in your business versus having him/her stand on the sidelines. Bankers are a great resource - - - so put them to work.
Your banker has an important stake in your business and a genuine interest in your progress. In order to get the most value from your banking relationship, think of your banker as more than the person who is funding your dream. Your banker can be a valuable source of information, insight and advice.
Your banker is a valuable resource because he/she understands your financial situation better than anyone--with the exception of your CPA, attorney, or advisor. Meet regularly with your banker. Make sure your banker understands your business and financial goals by keeping him/her informed. Be the first to share with him/her the good, the bad, and the ugly news about your business.
Provide your banker with a steady flow of information, financial statements, and regular status reports. When your banker feels like a member of your team and when the need for a special loan or extra financing arises, he will be more receptive to your request. Your banker is usually more than willing to help you. However, banks are risk-averse and want to protect their investment in your venture. The more information they have about your business, the less risk it is for them.
In order to communicate successfully with bankers, you need to understand who they are and how they work. Bankers are financial professionals, but they are not necessarily experts in your particular business. Bankers think in terms of general business practices and finances. They evaluate you and your venture based on these merits.
Learn their language and demonstrate sound venture planning /business skills if you wish to succeed in implementing your idea and developing it into a profitable business. Banks rely primarily on financial statements, business plans, etc., in making their lending decisions.
Create a current and well-designed formal business plan--it is the foundation of any successful business and is instrumental in securing funds for your business. A formal business plan is a summary of how you, the business owner, intend to organize your enterprise and implement activities that are necessary for your venture to succeed. It is a written explanation of your company's business model that explains, in detail, your product/service offerings, competitive environment, revenue projections, cash flow projections, cash expenditures, and required funding.
The foundation of your banking relationships rests on the premise that you need the banker, and the banker needs you. The banking industry is changing radically. You, as a borrower, can prosper by taking a proactive approach to your relationship with your banker. Develop it as one of your most important business alliances!
If you have not been meeting with your banker regularly, start now by trying this:
* Pike up the telephone and call your banker.* Ask him/her to lunch this week.
* Be prepared to discuss... the good, the bad, and the ugly about your business.
* Tell him/her the truth about the status of your business and describe the challenges that you face.
* Also, use this time to get to know him/her more personally.
An author, speaker, and consultant, Terry H. Hill is the founder and managing partner of Legacy Associates, Inc., a business consulting and advisory services firm based in Sarasota, Florida. A veteran chief executive, Terry works directly with business owners of privately held companies on the issues and challenges that they face in each stage of their business life cycle. Terry is the author of the business desk-reference book, How to Jump Start Your Business. He hosts the Business Insights from Legacy Blog at http://blog.legacyai.com and writes a bi-monthly eNewsletter, "Business Insights from Legacy eZine."
By signing up for Business Insights from Legacy eZine at http://www.legacyai.com/Business_Insights_eZine.html you can keep abreast of the latest tips, tactics, and best business practices. You will, also, receive the free eBook, Jump Start Your Knowledge of Business.
Contact Terry by email at http://www.legacyai.com or telephone him at 941-556-1299.
Saturday, May 5, 2012
Applying for Bank of America Student Loans
Many college students are finding that they have many academic funding options ranging from federal loans to private loans. Each has its own advantages and benefits that set them apart from other financing institutions. If you do not know yet, Bank of America has not only established itself as one of the trusted banks in America it also boasts of reaching out to the needs of the prospective college students, particularly those who have dreams of graduating from college or university.
Bank of America has its own student loan division which focuses on addressing the financial needs of college students. They are known to provide valuable assistance needed to apply for student loans. Bank of America is said to offer education loans that are somewhat different from standard loans. It is best that you learn the various differences in detail in order to make an informed decision.
Bank of America Student Loans includes private loan packages. This option includes Education Maximizer Loan which is good for any student that has reasonable credit ratings. This loan package can be used for just about anything that is associated with the educational process. However as with any student loan you must be disciplined in your spending or you will end up out of money and needing another student loan.
Federally based Bank of America student loans are also available and are much in demand. The US Department of Education provides the loan to students that have met the academic and or credit rating requirements necessary to qualify. These loans can be applied for by either the student or the student's parents. Public or federal loans generally have lower interest rates and more flexible terms.
Aside from private and federal loans, Bank of America Student Loans can either be certified or non-certified. Certification in this sense means that the loans have to be certified by your school. Examples of a certified loan from Bank of America are the Bank of America Private Loans and Bank of America TERI Loans. Non-certified loans from Bank of America include CampusEdge Student Loan and the Education Maximizer Loan.
In response to the growing number of students searching for student loans on the web, the Student Banking division of the Bank of America has established a website for use for students who are interested in filing student loan applications. The websites are helpful and are packed full of the necessary information on Bank of America Student Loans. You really need to go a good job of research on every student loan package you are considering. Once you have completed this exercise you most likely find that Bank of America student loans are a great way to fund your college education.
James Kesel, MS, is the publisher of the Student Loan Consolidation Advice website at http://www.student-loan-consolidation-advice.com Providing important information on Student loans and student loan consolidation including how to Bank of America student loans.
Bank Of America - Rewards American Express Card
Bank of America has launched the first credit card, which will be accepted far and wide on the global network of American Express, named the Bank of America - Rewards(TM) American Express Card. Use this card and avail the many benefits offered by both Bank of America and American Express together.
Basic Features
The Bank of America - Rewards(TM) American Express Card equips you with an appealing introductory Annual Percentage Rate (APR) of 0% on balance transfers and cash advance checks for the first 12 billing cycles. Once the introductory rate has expired, you get a very low fixed interest rate on purchases and balance transfers. There is no annual fee and you are given the option to pay over time.
Additional Benefits
Apart from the features above, Bank of America - Rewards(TM) American Express Card presents you with several other facilities, which include:
- Insurances for accident, damage and rental loss, while traveling
- Emergency services such as replacement of prescription, physicians, hospitals, and referrals as well as legal referral services
- Protection against damage or theft of the card
- Extended warranty protection on purchases from scheduled outlets
Rewards Program
The Bank of America - Rewards (TM) American Express Card's reward program gives you a host of benefits as below:
- Every net retail dollar spent on qualifying purchases earns you a point.
- For all dining and travel purchases, you receive double points
- The reward-package also offers you special privileges for traveling and shopping with merchants (who are partners of American Express). It also includes personal concierge services for 24 hours seven days a week.
- You can redeem your earned points for availing a variety of services like hotel discounts, traveling, branded merchandise, gift certificates and can even get cash.
- You are allowed to earn limitless points throughout the year and there are no blackout dates to disappoint you.
Remember your points last up to five years, which is the date of expiry.
Who Will Benefit Most?
This card from Bank of America is specifically for those of you possessing an average credit yet craving for a credit card. With the card, you can relish the flexible options for payment and a monthly revolving balance.
You do expect more out of your credit cards and the rewards program coupled to Bank of America's Credit card promises you just that.
The American Express Rewards card offers you one of the most thriving reward programs currently available with Bank of America. Through the card, you will be able to access special merchant-offers available only with American Express, as well as exclusive travel and purchase features.
Visit Credit-Wisdom.com Unraveling the best in Credit Cards. Click here for Bank of America Credit Cards [http://www.credit-wisdom.com/creditcards/bank-of-america.php] More information on:"Bank of America Rewards American Express" [http://www.credit-wisdom.com/creditcards/info/Bank-Of-America-amex.php]
All About Bank of America Credit Cards
Bank of America is one of the leading financial institutions in the US. It is also one of the pioneers that brought a revolution in the international payment system. It is the largest issuer of both debit and credit cards in the US.
Bank of America offers more choices and options than any other financial institutions when it comes to credit and debit cards. It is committed to a 10-year goal to provide $750 billion in investing, lending and community development.
With the merger of MBNA Corporation and Bank of America Corporation, the former has become a part of the Bank of America family of companies. MBNA Corporation is a pioneer in issuing specialty cards for students and business. So the choices are wider and the offers are more exciting and meet all your financial and investment needs.
At present, the privacy policy of the two financial institutions differs and use and service of MBNA credit cards are yet to be integrated with Bank of America. This integration is likely to complete by the end of 2006.
Bank of America credit cards can be categorized into popular cards, reward cards, everyday cards, entertainment cards, college and university cards, cards for charitable causes, sports cards, outdoor and recreation cards, professional and military cards and business cards.
Bank of America Rewards(TM) American Express® Card is one of the popular credit cards issued by Bank of America. It carries no annual fee and has 0% introductory APR on cash advance checks and balance transfer for the first 12 billing cycles. The regular APR is quite low at 7.99%. Other benefits are that you can earn one point on net retail purchase dollar and two points on dining and travel purchases. You can redeem the points earned on stay at partner hotels, brand-name merchandise, and gift certificates.
Reward cards from Bank of America can be further categorized in to general reward cards, travel cards, shopping cards, and automotive cards. PetRewards(TM) Visa is a reward card issued by this bank. One interesting feature of this card is that you can put the picture of your pet on this card. Plus, you can earn points on pet food discount certificates, veterinary services, and shelter donations. There is no annual fee.
'I Love New York Rewards American Express® Card' from Bank of America, an everyday card, has exceptional features like Identity theft recovery and absolute fraud protection, secure online account management, special shopping and travel offers, introductory 0% APR for the first 12 billing cycles. For every dollar spent on this card you earn one point which can be redeemed towards merchandise, airline, and hotels.
'American Diabetes Association Rewards American Express® Card' from Bank of America is a charitable card. It has features such as 0% APR for the first 12 billing cycle, special shopping and travel offers, identity theft recovery and absolute fraud protection. It also carries no annual fee and comes with the flexibility to pay over time. Its reward options include cash back offer, gift card and travel with no blackout dates plus discounts at partner hotels.
Kentucky Derby Visa® credit card is a sports card issued by Bank of America and has features like online account system and 0% intro APR for the first 12 months. It has no annual fee. Earn a point for every dollar spent on this card in net retail purchases and redeem your points for merchandise and other special privileges that include opportunity to obtain Kentucky Derby tickets.
Some popular professional cards from Bank of America are American Institute of Architects card, American Medical Student Association card, American Society of Civil Engineers card, and American Society of Mechanical Engineers card. All these cards have a 0% intro APR for the first 12 billing cycle and special and flexible reward programs.
Bank of America also issues credit cards for small businesses.
CreditMe.com is a free online credit cards review and application website. We offer credit cards selection from visa, master cards, bank of America,discover, American express, citicards, visa credit cards, and many others. We have quite some categories and hundreds of credit cards selection to fit your need. Get bank of America credit card at CreditMe.com now
Bank of America Credit Cards
The introduction of credit cards has brought a revolution in the payment system. The conventional way of purchasing things with cash is done away with and what can be more convenient than buying items on credit and repaying the amount after a month from the day you have bought the item?
Credit cards have made shopping simple and convenient. And with the number Internet users gradually increasing, the future of online shopping is bright. It is not an exaggeration to say that online shopping is experiencing a boom. In such market condition, the use of credit and debit card is going to increase manifold. Buying items and services over the Internet saves time and energy. Rather than standing in a long queue, you can book your tickets or buy things with just a few clicks on your mouse.
One of the market leaders of credit card issuers is Bank of America. In fact, Bank of America is the largest issuer of credit cards in the US. It has surpassed its nearest rival J.P. Morgan Chase as the largest credit card issuer after its merger with one of the leading credit card issuers - MBNA.
With this merger, Bank of America Card Services organization has more than 40 million active U.S. accounts. It is worthwhile to take note that Bank of America is also the largest issuer of debit cards.
Bank of America credit cards are one of the most flexible credit cards in the market. Its credits cards are designed to suit extensive credit situations and special needs of students and big businessmen.
One of the most interesting features of Bank of America credit cards is its low Annual Percentage Rate (APR). Though some of the Bank of America credit cards have introductory APR, they are quite low, which is usually 1.9% for a period of usually 6 months. It's quite a good deal if your regular APR is fixed at 6.99% even though there is an introductory APR of 1.00% for a period of 6 months. Most other credit cards issued by Visa and MasterCard have higher regular APRs.
For example, Mexicana® Airlines Visa® Platinum has a regular APR which is 6.99% and an introductory APR which is fixed at 1.9%. Though it carries an annual fee of $45, its benefits are immense. After your first purchase, you receive 1 free companion ticket coupon. Thereafter, you will receive a $99 companion ticket coupon each year. You can also earn 1 Frecuenta Mile for each dollar spent and 2 Frecuenta Miles for every dollar spent with Mexicana Airlines. Each year you will receive 2,000 anniversary mile and 4,000 Welcome Miles after you have joined the Frecuenta Program. These miles can be redeemed on Mexicana or on any of its 15 partner airlines.
On the flip side, most of the Bank of America credit cards carry an annual fee. Like any other credit cards, Bank of America credit cards have reward cards, credit cards for students, corporate etc. Its cards are also designed to serve the different needs of its diverse range of customers. It has reward programs designed for air travelers and frequent shoppers. In additions some of its credit cards has additional benefits and perks.
Though Bank of America is the largest issuer of credit and debit cards, it does not have its own electronic payment processing network. It pays fees to card issuers Visa and MasterCard to process charges made with cards issued by Bank of America. After MBNA merged with Bank of America, it is considering acquiring its own electronic payment processing network. If it succeeds in doing so, it will no doubt emerge as a serious competitor to market leaders Visa and MasterCard.
With the merger of MBNA, Bank of America credit cards have also acquired a new dimension. MBNA was the pioneer in issuing specialty credit cards to universities, colleges, and business. It is sure to the break the market monopoly of Visa and MasterCard.
CreditMe.com is a free online credit cards review and application website. We offer credit cards selection from visa, master cards, bank of America,discover, American express, citicards, visa credit cards, and many others. We have quite some categories and hundreds of credit cards selection to fit your need. Get bank of America credit card at CreditMe.com now.
Bank of America Review - Big Bank Can Bring in Customers - Can it Keep Them?
Bank of America, headquartered in Charlotte, North Carolina is a banking giant. As a big bank, second in holdings only to JP Morgan Chase, Bank of America attracts many customers because of the vast number of locations and the huge offering of services of products. Some customers seek out big banks like Bank of America for the feeling of security; others become customers by default as Bank of America gobbles up other institutions like Merrill Lynch and FleetBoston Financial Corp. Many customers are drawn to the competitive rates of Bank of America and others are lured in by special online deals and gifts. So Bank of America now has over 53 million customers including individuals and businesses but are Bank of America customers "happy customers?'
Bank of America's Comprehensive Products are a Plus
Bank of America is no doubt a full service bank offering about any financial product a banking customer could desire including checking accounts, savings accounts, home loans, school loans, car loans, business loans, certificates of deposit, credit cards, brokerage services and much more.
Bank of America's Customer Service Options:
Bank of America has branches in most medium to large cities in the United States. They also have a website, bankofamerica.com, for account access and bill pay. The website also offers a myriad of customer service phone numbers.
Can Customers have a "Happy Meal" at a Super-sized Bank?
Most customers are happy with the selection of products offered by Bank of America. Those with good credit have found it easy to get competitive rates. Many have taken advantage of temporary low rates, made at least the minimum payments on time and paid off the balance before the rate skyrocketed. These are the happy customers.
While the products are vast and the rates are competitive, many customers share the same stories of customer service frustrations. Unhappy customers are blasting away in forums about negative experiences with phone calls to Bank of America customer service reps.
Our own experiences with Bank of America have included phone calls resulting in long holds, many transfers, unresolved questions and customer service reps that seem to want to pass us off.
On the other hand, our experiences with the Bank of America web site have been favorable. It is easy to access, easy to use and fast.
Bank of America also offers many cash incentives to bring in new customers. As with all fine print, with Bank of America you'd better read it carefully. For example, a $50.00 cash gift for opening a new account will only be made 50 days later and sometimes standard fees reduce the "gift" before you ever get it.
Bank of America recently announced Brian Moynihan as the new CEO. Moynihan admits, "We have a lot of work to do, and I'm ready."
Bank of America has an impressive number of services and products but unfortunately, many customers just feel like a number, and not a very high one, when dealing with this big bank.
Jonathan Kraft is a recognized expert in helping consumers save money, shop safely and be protected from identity theft. Learn more about the money saving strategies and consumer protection at the Identity Theft Secrets blog.
Tuesday, May 1, 2012
Money Transfer Services - Convenient and Reliable
Money, perhaps the most significant invention of mankind, has been a major force behind the development of trade. Before the advent of money people used to rely on barter system, in which people used to exchange goods for goods. The acceptance of money as a source for trade has led to the need to transfer money from one location to another. The quest to create some effective money transfer system always propelled people on digging deep for better solutions. The necessity eventually led to the evolution of various money transfer services. Also the expansion of the global economy and migration of people provided the much needed impetus for money transfer services that led to the advancement of different forms of money transfer services.
Today there are various media through which money can be transferred to different locations, and each method has its own benefits. Services like wire transfer, money order, bank draft, instant money transfer and internet money transfer are the various methods that are now used to transfer money. What medium of money transfer is more effective vary according to the requirements and convenience of individuals.
Wire Transfers: Before the inception of computerised banking systems, the world needed a secure method to transfer money from one location to another. This brought wire transfer into context, which over the years has been the common method of transferring money from one bank account to another and in fact the best way to send money. Though the "wire" involved has developed from old world telegraph wires to modern fiber optic cable, the term "wire transfer" has stuck around because the service provided remains essentially the same since its inception. The wire transfers are considered safe and convenient because bank/financial institution verify both the sender and the receiver's account details and neither of them can stay anonymous. The sender needs to provide his/her account number and the receiver's account number to the bank/financial institution to transfer the amount. After bank/financial institution receive the account number it transmits the message through SWIFT which is the acronym for Society for Worldwide Interbank Financial Telecommunication (allows bank/financial institution to exchange financial data i.e. data regarding money transfers, account status etc.) to the receiver's bank with the payment instructions.
Money Order: A money order is a payment order usually issued and payable at a bank or post office. The sender has to fill a form that includes name, address, amount to be sent along with the recipient's name and address. The sender can also write a short message as there is a provision for it on the money order form. The advantage of sending a money order is that the receiver or the sender doesn't require a bank account. In some countries international money order services are also available, which is similar to a regular money order, except that it can be used to make payments abroad.
Bank Draft: A bank draft or Demand Draft is issued by a bank or any other money transfer company and is cashable at any banking institution. This type of money transfer service is generally preferred by large sized business houses and institutions due to additional security and audit trail features. The main feature of the bank draft is that the amount is already paid for in full before the draft is issued, ensuring its clearance and credibility.
Instant Money Transfer: This facility enables the sender to transfer money anywhere in the world within minutes without the use or need of a bank account. The sender needs to produce his/her original identity document to the bank/financial institution from where he will be doing the transaction along with the phone number (but not mandatory) of the receiver; the amount that the sender wants to transfer to the receiver including the location where the amount needed to be transferred.
Internet Money Transfer: Internet has made the money transfer service more convenient and hassle-free. Today sending money anywhere in the world is just a matter of few clicks. With Internet money transfer services anyone can send money to anywhere in the world within a span of a few minutes. To avail the service you need to have an online Login ID and password (provided by the bank/financial institution). You also need to register receiver's name, bank account number and the branch location to make online transaction.
Money Transfer Companies Fees Compared
Here is a money transfer comparison of the different methods to transfer money and some of the main companies offering such services. The three main methods for transferring money overseas are: cash transfers, money orders and bank transfers.
Cash Transfers
These are done by specialist companies that are able to transfer money around the world quickly and efficiently. Here are some of the main money transfer companies and also there fee for a $300 US money transfer from America to the Philippines.
Western Union are one of the leading companies in this field. They have a huge network of over 245,000 agents in over 200 countries all over the world and can boast a revenue of over $4 billion US. Besides money transfers they also offer a messaging service.
Transfer fee: $16 for the money in minutes service.
Moneygram has over 125,000 locations worldwide. There online service allows anyone to transfer money around the world within minutes. They also offer services to pay utility bills in the US from abroad.
Transfer fee: $9.99 for the ten minute money transfer service.
Xoom, another growing money transfer company whilst not being as established as the leading brands yet offers very competitive low money transfer fees. You can make payments online via PayPal, any major credit card or alternatively you can have money withdrawn straight from your bank account.
The recipient can choose to receive the money in either US dollars or local currency.
The slight limitation with Xoom currently is that they only services to the following 30 countries. They are:
Argentina, Australia, Bangladesh, Bolivia, Brazil, Canada, Chile, Colombia, Dominican Republic, Ecuador, El Salvador, Germany, Guatemala, Honduras, India, Jamaica, Mexico, Morocco, Nepal, Nicaragua, Panama, Paraguay, Peru, Philippines, Poland, Sri Lanka, United Kingdom, United States, Uruguay, and Vietnam.
Transfer Fee: $14, however a value service for 7.99 is available whereby Xoom makes an electronic withdrawal from your bank account, which has to be based in the US. The transfer may take up to four days to go through for new customers due to several set-up procedures that have to be completed. Xoom also offer a money delivery service whereby recipients can have the money physically taken to their house or business.
Money Orders
In America it is possible to get a money order issued from the US Postal Service.
The normal limit for a money transfer is $700 for each money order although you may buy multiple money orders per day totaling up to $10,000. The fee per money order is variable from between $3 to $9. A money order from the US can be converted to money at most major banks and financial institutions around the world. Each money order is traceable via its unique money transfer reference number. Most banks are able to issue money orders of up to around $1000 they will also have a fee of approximately $10 pre money order.
Bank Transfers
Banks usually offer several ways to transfer money. However all banks are different so you would have to check locally to find out what services are available.
One method would be to simply send a cheque overseas. However the bank where the recipient tries to cash the cheque may well hit them with a large fee possibly around $50 and they may also have to pay a fee for the money to be converted into the local currency. Checks can also take up to six weeks to cash
Another method is to do a wire transfer. You can do one of these even if you do not have an account with a bank but the recipient must have access to a corresponding bank where they can collect the money transfer. Wire transfers can be done almost immediately but you would need to pay in cash when you do it. The fee varies from bank to bank but usually they cost around $65 for non-account holders and approximately $40 for existing account holders.
So those are the main methods of money transfer outlined and some of money transfer companies fees compared. Prices may also be different depending on both which country you are sending from and also which country the money will be collected in. Please make sure you are clear on exactly what exchange rate you are paying as this can add greatly to the real cost of the transfer.
One final option that you may wish to pursue is that of finding a credit card that has low transaction fees for making withdrawals abroad. You could open a joint account and let the recipient take the card with them abroad and you simply foot the bill in your country. Of course a high degree of trust is required for this method but it is worth looking into.
There are many money transfer options and the lowest costing service is not always the best option so shop around and find which company offers the best and most convenient service for you.
Money Transfer Review provides free money saving comparison charts, safety tips and money saving advice for all your money transfer needs. Simply click: Money Transfer to discover more.
Money Transfer Advice For Security And Savings
With over 175 million people living outside of their country of origin, the growing usage of migrant workers and the continuation of globalisation the money transfer market looks set to continue its current growth levels of 10-12% per year. Currently the market is already worth over $250 billion with more and more companies organising new and innovative services for transferring money alongside some more traditional money transfer companies.
Some of the more well known money transfer companies are: iKobo, Western Union, ICICI, MoneyGram and E-gold. For newcomers to the money transfer market it can be a little overwhelming at first. There are a variety of methods that these companies use to transfer the money not to mention bank transfers and paper transfers. For this reason it is important to make an informed choice about who you are going to transfer your money with, it is far better to make an informed and safe judgment than to just use the first money transfer company that you come across.
Whilst we all want to get the best value for money transfer it is a good idea to remember that the cheapest option is not always the best option. With that in mind here are a few points worth bearing in mind whilst arranging your money transfer:
What exactly is the money transfer fee and how is it calculated?
What is the exact exchange rate that they are using?
How will the money actually get into the hands of my intended recipient?
How soon will the funds be made available?
Is it possible for the recipient to be able to collect the funds from different locations?
Are there any extra fees for using credit cards? Exactly how much will they come to?
If they are able to answer the above questions quickly and easily then the chances are the company are well organised and capable of transferring your money. However save your receipts - all signed documents are proof of the money transfer and would be useful if there was to be a dispute.
Furthermore here are a few more questions you may wish to ask the company:
If the money is not received by the specified time/date will I receive any compensation?
What rights do I have if this situation were to occur?
Does the recipient have to pay a fee as well?
What rights do I have if the money is not received at the promised time?
If the recipient is unable to pick up the money transfer for some reason, what is the refund policy?
What ID is acceptable for the recipient to provide in order to collect the money transfer?
Now of course having dealt with the safety concerns how about saving a bit of money as well. Here are a few top tips to consider:
Consider a delayed transaction. These are often significantly cheaper the only difference is the money transfer can take 2-3 days. This should not be a problem if there is no emergency.
Think about performing a direct bank to bank transfer although generally these are slower this can often save a considerable amount, consult your local bank for details of any particular bank codes that you may need.
Don't forget to watch out for hidden exchange rate costs. This is often where the money transfer companies will make their money on you. They don't always make it clear exactly how much they are charging and for what.
Be aware that different companies charge more money for sending to different locations so depending on your situation this could increase the fee dramatically.
Try not to use a credit card if possible as this may also add an extra charge for you as you will have to pay the cash advance fee. Furthermore try and find a company that offers a flat rate fee as opposed to a money transfer company that charges a percentage as this tends to be a better deal.
Finally, Check the newspaper or online for the latest rates and cross check them with what the company are offering you. You may find you are losing money compared to what you should be getting so don't be afraid to find a new company if this is the case.
There are a lot of new companies starting all the time and a great variety of ways for you to transfer your money so make sure you check out all the competition to find the one that suits you most, your needs and your budget. So having considered all the above safety factors and money saving tips there is no reason for you not to be able to transfer your money in timely and cost-effective manner.
Money Transfer Review provides FREE money saving comparison charts, safety tips and money saving advice for all your money transfer needs. Simply click: Money Transfer to discover more.