bankaccount.org: Latest News http://www.bankaccount.org/ Latest news from bankaccount.orgen bankaccount.org: Latest News http://www.bankaccount.org/EXT:tt_news/ext_icon.gif http://www.bankaccount.org/ Latest news from bankaccount.orgTYPO3 - get.content.righthttp://blogs.law.harvard.edu/tech/rssFri, 17 Oct 2008 16:53:00 -0400 Bank Account http://www.bankaccount.org/article/bank-account/ When you decide to open a bank account you need to know there several types of bank accounts to...When you decide to open a bank account you need to know there several types of bank accounts to choose from according to your financial needs. In order to make the right decision for you or your business, you may want to try to understand each large category of bank accounts.

 Current Account/Checking Account

A current account is the basic account which can be used for daily deposits and purchases. It usually comes with such additional services as a check book and a Debit Card or ATM card. This bank account enables account holders to easily access their funds and use them to pay bills, make purchases, transfer funds to other accounts, withdraw money etc.

 Savings Account

Savings bank accounts are specifically designed for customers who have a lot of money that they are not planning to use regularly. With a savings account users can set aside their wealth while receiving a monetary return. Savings accounts usually come with high interest rates but lack the flexibility of checking accounts.

 Check Account

Even though check books are normally assigned to current accounts you can still open a specific check account to use checks as the main instrument for manipulating your cash.

 Student/Children/Senior/Special Account

Most banks offer special accounts for senior citizens, students or children. These are usually Current Accounts that have several specific features.

 Money Market Account

This account combines checking with savings. Money market accounts require a minimum balance to open.

 Certificates of Deposit (CDs)

CDs, also known as time deposits, are bank accounts that require users to make a deposit and keep their money there for a certain length of time. CDs have a fixed term and a fixed interest rate that is much higher than with other accounts from which money may be withdrawn at any time.

]]> Fri, 17 Oct 2008 16:53:00 -0400 Opening a bank account http://www.bankaccount.org/article/-6523ba1ffa/ Opening a bank account can be quite simple if you follow several essential steps. You should start...Opening a bank account can be quite simple if you follow several essential steps. You should start of course by choosing a good institution. You can achieve that by knowing exactly how you are going to use your bank account. Do you need to move money in and out or would you rather put money in your account and let it grow? The bank's schedule must work with your schedule so make sure you find a bank that is open at convenient times. Feel free to look for bank reviews ask your relatives, friends or neighbours if they are happy with their bank accounts. Then you can start comparing and shopping around before choosing one that will best suit your needs. You can set up your bank account whether by showing up at the branch or by finding the institution's website if you prefer opening the account online.

Banks offer a wide range of different account types and financial services. Don't be tempted by all the fancy names and pick the one that you've been looking for. Next you may have to provide certain details including your full name, birthday, identification number, driver's license number etc. All you have to do now is agree to their terms and conditions, sign the contract and congratulate yourself as you have just became the owner of a new bank account.

]]> Fri, 17 Oct 2008 16:51:00 -0400 Swiss Bank Account http://www.bankaccount.org/article/swiss-bank-account/ Contrary to the common belief, there is no direct link between Swiss bank accounts and rich...Contrary to the common belief, there is no direct link between Swiss bank accounts and rich dishonest crooks who are trying to hide away their dirty gains. There’s actually nothing “fishy” or illegal about having or wanting to have a Swiss bank account. The majority of Swiss bank account holders are everyday people. The reason why people all over the world chose to open a bank account in Switzerland is the fact that Swiss Banks are known to be the world’s most trusted asset haven. It’s the ideal place to protect your wealth from badly intended individuals who might try to get their hands on it. Why has the privacy of such accounts become so legendary you may ask. Well, that is mainly because they are coded with a number instead of a name.

Starting with the year 1934, the Swiss Parliament passed a law that makes it illegal for any bank to disclose any information regarding these accounts. Bankers are forbidden to even disclose the existence of your account without your consent. Most importantly, no matter how many financial institutions crumble, your money will never be in danger with a Swiss bank account. Switzerland is a country renowned for its stability and hasn’t been at war since the XVth century therefore your money will be as safe as it gets. Here’s a list of the big five Swiss banks:

 

]]> Fri, 17 Oct 2008 16:48:00 -0400 Offshore Bank Account http://www.bankaccount.org/article/offshore-bank-account/ An offshore bank account is a bank account opened overseas. Offshore bank accounts were created as...An offshore bank account is a bank account opened overseas. Offshore bank accounts were created as an alternative to domestic ones to provide users with greater financial security and privacy. Independent individuals with a strong desire for personal freedom are the ones who usually choose to use an offshore bank account - people who wish to protect their assets from being seized. Most wealthy individuals and companies prefer to open offshore bank account in small countries in order to remain anonymous. Even though offshore bank accounts used to represent a means of hiding ill-gotten profits from dirty activities, people nowadays consider setting up offshore accounts for lawful financial reasons, as American banks are very susceptible to failing.  Banking abroad provides higher interest rates on deposits, gains from interest payments, tax relief and protection for your money.

 Don’t forget to look over the fee structure when opening your account as there are numerous differences in account transaction fees and account costs. You may want to establish your account requirements and personal circumstances before signing up. Make sure you go over the pros and cons before deciding to open an offshore bank account.

]]> Fri, 17 Oct 2008 16:45:00 -0400 Business Bank Account http://www.bankaccount.org/article/business-bank-account/ If you are a business owner wondering whether you need a business bank account or not, think no...If you are a business owner wondering whether you need a business bank account or not, think no more. Running a business without a business bank account may be close to impossible.  Setting up a business account should actually be one of the first few things you must do when starting out a business. A business bank account will provide your business with credibility with both potential creditors and customers. Intermingling of personal account and business expenses and income is asking for trouble. By using a business account you will efficiently keep business separate from personal finances.

Before opening an account you may want to do some research as business bank accounts can vary greatly in things as implemented fees, interest rates, withdrawals, access etc. Take your time and compare several banking services, offerings, costs and charges.  Establish whether your business is structured as a non profit, corporation, partnership or sole proprietorship. Certain bank accounts will best suit your needs depending on this factor. Avoid banks you haven’t heard of or that don’t have a strong background. Don’t forget that banks usually charge higher fees for business accounts than for personal accounts so you may want to know what the overall charges will be before signing up.

]]> Fri, 17 Oct 2008 16:41:00 -0400 Bank Checking Account http://www.bankaccount.org/article/bank-checking-account/ Checking accounts are bank accounts designed for people who wish to use checks in place of cash as...Checking accounts are bank accounts designed for people who wish to use checks in place of cash as the main instrument for manipulating money. A checking account can be used for withdrawing money, making purchases, paying bills, or giving money to anyone you want. With a checking account you can also transfer funds to bank accounts at different financial institutions. The terms of a checking account usually vary from one bank to another yet in most cases a checking account holder can make cash withdrawals using ATM cards or electronic debit cards. In the US there is restriction regarding interest payments on checking accounts. This is probably the most efficient way to meet such routine debts as utility bills, credit card bills or mortgage payments. Virtually every financial institution provides customers with some type of checking account service.

 Here's a list below of several forms of checking accounts offered by most banks:

 Regular Checking Account - for customers who use their checking accounts to pay bills and day-to-day expenses.

 Interest-bearing Checking Account - for customers who can maintain high minimum balances and wish to earn interest on their funds.

 Joint Checking Account - An account that has more than one holder

 Express Checking Account - An account designed for young customers

 No Frills Checking - An account that allows for only a limited number of withdrawals, deposits and checks to be processed per month. Transaction fees are very low.

]]> Fri, 17 Oct 2008 16:39:00 -0400 Bank Savings Account http://www.bankaccount.org/article/bank-savings-account/ Bank savings accounts are probably the most popular operating accounts for and also the safest...Bank savings accounts are probably the most popular operating accounts for and also the safest short term investments. Bank savings accounts allow users to deposit money and withdraw money at any given time. Bank savings account have really nice features. First of all,through a bank savings account you will have easy access to your money. Second of all, you will get paid for keeping cash in the account. This type of account is also the safest place where you can throw money you are not planning to use in the near future. While setting up the account you may want to ask the stuff to inform you about details of charges, collection facilities, minimum balance requirements etc.

Make sure you search for reviews and compare several banks before opening a bank savings account, to decide which one best suits your needs and expectations as each bank pays a different amount of interest.  Don't forget that you can use online banking that usually pays more than traditional banks. Great savings accounts come from such online banks as ING Direct Orange or HSBC. It's time to choose the best savings account for you. Wait no longer, start saving today!

]]> Fri, 17 Oct 2008 16:38:00 -0400 Business Bank Account http://www.bankaccount.org/article/business-bank-account-1/ If you are a business owner wondering whether you need a business bank account or not, think no...If you are a business owner wondering whether you need a business bank account or not, think no more. Running a business without a business bank account may be close to impossible.  Setting up a business account should actually be one of the first few things you must do when starting out a business. A business bank account will provide your business with credibility with both potential creditors and customers. Intermingling of personal account and business expenses and income is asking for trouble. By using a business account you will efficiently keep business separate from personal finances.

Before opening an account you may want to do some research as business bank accounts can vary greatly in things as implemented fees, interest rates, withdrawals, access etc. Take your time and compare several banking services, offerings, costs and charges.  Establish whether your business is structured as a non profit, corporation, partnership or sole proprietorship. Certain bank accounts will best suit your needs depending on this factor. Avoid banks you haven’t heard of or that don’t have a strong background. Don’t forget that banks usually charge higher fees for business accounts than for personal accounts so you may want to know what the overall charges will be before signing up.

]]> Fri, 17 Oct 2008 16:36:00 -0400 Online Bank Account http://www.bankaccount.org/article/online-bank-account/ You can set up your bank account whether by showing up at the branch or by finding the...You can set up your bank account whether by showing up at the branch or by finding the institution's website and opening the account online. The last of the two will save you a lot of time and trouble as the account can be set up online in no longer than an hour. Another advantage lies in the high interest rates specific to online bank accounts. Unlike brick-and-mortar banks, online banks never close so you will be able to manage your account 24/7.

You can however expect to experience several unpleasant surprises if you decide to use an online bank account. When you open an online bank account you will probably fail to benefit from the same customer service as if you were opening the account in person. At the bank you will have the chance to meet the staff and make sure you discuss with well-trained, knowledgeable tellers. Most people tend to feel more secure knowing that their money will be managed by someone they met in person.  Another disadvantage is the speed of clearing. Online bank accounts are designed to make things happen fast. Otherwise why would someone use online banking if not to avoid the time-consuming aspects of traditional banking? If you set up your account online you will however have to print, sign and mail the document to the institution. Until they receive it you won't be able to use your account, and this may take a while. Aside from that, online deposits can be really slow and no one likes to wait. Make sure you consider both advantages and disadvantages when decising whether to open an account in person or online.

]]> Fri, 17 Oct 2008 16:17:00 -0400 http://www.bankaccount.org/article/-b7945b19db/ Fri, 12 Sep 2008 18:02:00 -0400