The Evolution of Temporary Bank Buildings

In the past trailers were a staple in the banking industry, bank trailers had been placed in regional markets in which banks were considering opening full branches in. The bank would set up a trailer at an intersection and observe the amount of clients it drew. In the event the temporary branch attracted well and the market was strong the bank would establish a permanent branch, if on the other hand the market turned out to be soft the bank would shut down the trailer and move it a few miles up the road and commence the process over again.

Now of course this is not often the scenario as full bank branches appear on virtually every corner, occasionally a couple of branches are located on a single corner and they are all battling for real estate space around the intersection with pharmacies and gas stations. Together with free-standing offices, banks are setting up shop in supermarkets and in shopping mall kiosks. In addition you will find Automatic Teller Machines (ATM’s) installed inside of pharmacies, gas stations, and restaurants.

Although you don’t see as a lot of bank trailers out there any longer they are still out there performing an important service. Additionally, bank trailers aren’t the tiny dark converted mobile homes a number of us recall visiting with our families to set up and account and get a free toaster. Today, temporary bank buildings are purpose constructed modular structures beginning with a heavy-duty 12″ reinforced frame to transport all the extra equipment needed in a bank – like a safe for instance. Current modular bank buildings are built to meet the commercial codes in the region where it’s placed, be it snow loads in the north or wind loads from the south.

Inside today’s temporary bank building you will discover bright finishes on heavy-duty materials suitable for commercial use. On the well-insulated ceilings you will find bright lighting, large insulated windows, commercial glass doors, full restrooms and break areas for bank staff. Furthermore the building comes fully furnished with teller windows, drop boxes, and cash drawers.

While typically you no longer find the temporary bank buildings used for assessing markets anymore, banking institutions will rent them to use as swing space during bank branch renovations. Contractors can upgrade or re brand a bank branch much faster and safer if they don’t have to work around bank customers and employees. Modular bank buildings also make ideal branches on military bases and in remote areas such as the man camps now developing in North Dakota, temporary banks are also found at large events like the Olympics or at auto malls during sale periods.

Temporary modular buildings found in other types of commercial applications are generally re purposed while they travel from site to site and market to market however, temporary buildings found in the financial markets as well as healthcare institutions are extremely specialized and consequently purpose-built. Since these are purpose-built occasionally the availability might be limited, especially in the wake of a catastrophe when banks have to get their branch open and accessible. As a result of the nature of these buildings and their possible availability it is wise for banking institutions to have a Disaster Recovery agreement in place with a temporary modular bank provider so they can be assured of having a high quality temporary bank building available in the case of a bank branch sustaining significant damage, and being unable to service the impacted customers.

Revolution in Retail Banking

The most outstanding feature of retail banking is the facilities offered to the consumers. It has been the most convenient banking system, exactly from ATM’s to debit cards to credit cards to online and phone banking.

The last decade has observed the appearance of Retail Banking in the global front. It is persistently changing, and the ongoing global fiscal crisis has put an impact on the directive adjoining the banking industry. The key medium for change is the emergence of mobile technology. It signifies the largest opportunity to retail banking, since the beginning of the credit card in the past. A new relationship is being labeled between the bank and its customers.

Retail banking and its forecast

In the past, the banks act as a transaction medium where people save, reclaim and borrow money. European banks have made substantial investments mounting their branches into financial supermarkets. The shift to mobile banking is being publicized greatly by market analysts. According to a recent journal, global mobile payment transaction values are expected to exceed a market worth of $600 billion with more than 400 million users by 2016. These forecasts signify a modal shift in the retail banking and a prospective opportunity for novel players to meet the requirements of the mobile-friendly consumers.

Transformation of the key areas

The three key areas in retail banking i.e. payments, products and customer service will be transformed by mobile devices. Payments can be modernized and improved by mobile devices. Many banks in various parts of the world have moved quickly to roll out m-payments. Mobile payments are emerging as an acknowledged way of life, and many more mobile payment services are being constantly emphasized in the media. The acceptance of the m-payments has been recognized as a simple payment or money transfer utility. With the change, the Smartphone has successfully incorporated the payment utility into other applications. It has enabled banks to add true value to the online shopping experience, for instance displaying real-time balance on the Smartphone’s screen.

Emergence of new technology

With the emergence of every new technology, new threats and challenges are equally associated. Some people consider mobile handsets to be far less protected than the average means of banking. However, this wrong approach would force to develop an entirely new security system exclusively for mobile apps. Banks need to assess their protection systems and revamp a common system for all means of communication with the customer. Key fraud indicators can be easily probed by checking customer location data, resolved with least trouble. The Smartphone could initiate to reinstate the aging risk-prone systems of personal and PIN details, which have been the foundation of verification in banks for the last so many decades.

Digital technology is one of the prime topics in the retail banking world. It will revolutionize the way how banks draw and maintain their customers. The changes are undeniably global, and ‘Drive-to-Digital’ appeared as the main issue in this year’s retail banking trends. The ever-increasing development in mobile banking will certainly transform the conventional channels with the branch. No doubt, many customers still rate face-to-face communication in banking, particularly when it comes to organizing for more compound banking products.

Reclaiming Unlawful Bank Charges

The first question that you may have in your mind: why you need to think to reclaim bank charges? You are certain that you are wrongly charged by the bank, but you are not sure whether the laws support you to reclaim bank charges, or whether you are right at your place when you go to reclaim bank charges?

Well, you have the answers to all these questions. On 5 April, 2006, the Office of Fair Trading (OFT) concluded that default charges over £12 are automatically presumed to be unfair in terms of the Unfair Terms in Consumer Contract Regulations–it is noticeable here that unfair terms are legally unenforceable. These charges may include late payments on credit cards, unauthorized overdrafts, unpaid direct debits and standing orders, and missed payment fees on store cards and mortgages. So, if you think that you are wrongly charged by the bank, you are entitled to reclaim bank charges.

This does not mean that charges below the £12 limit will never be deemed as unlawful and you can reclaim these bank charges; but the difference is that the OFT will take enforcement action only for charges above £12.

The law behind reclaiming bank charges

The law behind the concept of reclaiming bank charges is simple to understand–it states that any charges that banks levy on their customers must be proportional to the actual costs they incur. However, most of the time, the set amount of charges levied by the banks are quite in excess than they actually have to incur, and therefore, you are entitled to reclaim bank charges.

If we take an example, an overdraft limit, or a cheque, or direct debit payment bounce has a charge levied by the bank equal to around £30 to £35 a time. This is obviously not in proportion to the cost that the bank has to incur; and moreover, this charge applies even when you go over your limit by a single penny! However, the official words from the courts are still pending, and till then, no certain law can be imposed on the charges levied by banks.

Process of reclaiming bank charges

To reclaim bank charges, you can follow this process:

Spotting unlawful charges

To reclaim bank charges, you need to spot them in your account statement. The charges levied on you that are over and above what an infringement costs the bank can be classified as unlawful. You need to spot such charged levied on your by the bank. You can get the information about these excessive charges from your bank statement.

Banks can provide statements for the past 6 years, but there would most likely be a charge per statement. There is a law however, under the Data Protection Act that allows you to request all transactions within the last 6 years, and can be charged no more than £10 for them. In this case, banks will probably provide the information in statement form.

Writing a money back request

Once you have calculated the excessive charges that have been levied upon you, you need to take the first step in intimating the bank for reclaiming bank charges. You may include all the information and other history that will support your reclaiming bank charges.

Waiting for the reaction of bank

When you send a reclaim bank charges note to your bank, the bank has 40 days to respond, if not you are free to report them to the Information Commissioner for a breach of the Data Protection Act. If they offer a partial refund against your reclaiming bank charges, you can refuse it. You can write again and reclaim bank charges in full amount.

Most of the replies received by the customers about their reclaiming bank charges are the banks stating that the customers are mistaken on this issue and that the charges are lawful–banks very tactfully tend to refuse to pay against your reclaiming bank charges. When you feel that there is no benefit in writing more to bank about reclaiming bank charges, you can move to the next step.

Learn about the court action

To reclaim bank charges when the bank is not yielding to the written requests, you can take initiative for a legal action. However, you need to take care that from now on you will incur the cost of starting a claim. In case your claim is less than £5,000, it will be heard in the small claims court, where you will not be held liable for the bank’s legal costs. It is also a better idea to open a new current account or switching to personal loans when you are trying legal action for reclaiming bank charges, for, the bank may try to close your account with them.

Making the claim

To reclaim bank charges, there are two options: one is to go to the local County Court in person; the second one is to the court system’s Money Claims online service. This feature allows people to make claims from the comfort of their computer, save details as they go along, and pay fees of between £30 and £120 online itself. The second option is simpler for reclaiming bank charges and saves a lot of time for you.

Action taken by bank

By this time, most probably you will get the money for reclaiming bank charges. If the bank does not respond to the demands, you will win by default in 14 days. However, if the bank takes a defense, your case of reclaiming bank charges enters a new step. Though, it is very unlikely that the bank will move for defense. But anyhow, if this is the case for your reclaiming bank charges, you will receive a court allocation questionnaire. You will need to fill it and send it back to the court within a week–you can also choose to send a copy of this questionnaire to the bank. By most chances, the bank will get out of it, and you will get your claim. However, if the bank does not back away at this point, the legal action will result in your winning the case.

National Bank – How to Fix the Housing Crisis For Less Than 700 Billion

Recently the news has been dominated by developments with the 700 billion dollar bailout package, and rightfully so. 700 billion is an astronomical sum of money. The first problem is that the 700 billion dollar bailout adds a huge amount of money to the national debt. Not only that, some have hinted that the bailout is so large it could actually lower the US Credit Rating. The second problem is just as serious. There is no guarantee that the bailout will work.

The idea behind the bailout is that by taking on billions of dollars of toxic loans the government hopes to “influence” banks to start lending again. The past attempts of the government to “influence” banks have all failed. The fed lowered the fed rate to influence banks to lower mortgage rates. While the banks were appreciative of lower rates they did not lower mortgage interest rates. In fact after the fed cut rates the banks increased mortgage rates because they saw negative prospects in the housing market. In a similar way, after the US government takes over the toxic loans away from them the banks could continue to see negative prospects in the housing market and therefore would continue to have strict lending practices. The idea of spending 700 billion with no guarantees seems like a poor use of capitol.

When people hear the word “National Bank” the first thoughts are of a socialized banking system. A national bank would not replace the current banking industry. It also does not “introduce” government involvement into the banking industry. With the Fed influencing interest rates and the government rushing in to bailout every bank that runs into problems the government already has a large hand in the banking industry. I don’t want to argue whether the government should have a role in the banking industry. Currently the government already has a significant role in the banking/mortgage industry. My argument is that if the government does have a role it should be effective and cost efficient.

A national bank would be a cheaper and more cost effective way to steady the financial markets. To understand how a national bank would work lets first talk a little more about what is currently causing the housing crisis. The mortgage market operates a little like a basketball game. Lenders go from one extreme to another. For awhile lenders will lend to anyone that walks in the door with a pulse. During these periods lenders accept less and less qualified applicants in an attempt to gain market share. Then the lenders get freaked out (often because someone realizes they have been giving out billions in loans to unqualified applicants that are unlikely to pay their mortgages) and lenders run to the other extreme and practice extremely restrictive lending practices (the insurance industry sees the same cycles but that is another topic). If you haven’t already guessed currently we are in the second scenario with lenders practicing extremely restrictive lending practices. The problem with the second situation is that such extreme changes shocks the housing market and basically causes a financial crisis. The banks are in a catch 22. If collectively the banks don’t lend the housing market will continue to deteriorate. But no one wants to lend because they are worried the housing market will continue to deteriorate because collectively they are not lending. It’s kind of like at a party where you don’t want to be the first person to jump into the pool because if no one else does you look foolish. Substitute looking foolish with going bankrupt and you kind of see where banks are coming from.

The great depression and the S&L crisis were both basically examples of this same problem. Initially during the great depression the conventional logic was the government should not intervene. As the stock market continued to drop (it dropped over 80% in less than a year) and people realized how bad an economy can get (pretty bad) the idea of government intervention seemed more palatable compared to the alternative.

So now during periods where lenders are freaked the government attempts to “influence” lenders. The problem is its extremely expensive. Currently the government is taking on years and years of bad loans in an attempt to “influence” lenders to loosen their current restrictive lending practices for the next 6 months to pull us out of the housing crisis. This is kind of like trying to influence your local school to spend money on new textbooks by building them a new school. Not only is it ridiculously expensive after you build the new school you have no guarantee they will buy the textbooks. It’s not simply a poor use of government funds it’s utterly outlandish.

So how would a national bank operate? During periods where banks are giving out loans to everyone that walked in the door the national bank would practice have average lending restrictions with interest rates slightly higher than what is available at most banks and give out very few loans. When the banks became ultra restrictive the bank would again have average lending restrictions. During these periods it would give out more loans.

So the government would not practice the outlandish lending practices we saw during the boom they would not be as restrictive as the banks are now. In fact this would probably do more to influence banks lending practices than the 700 billion giveaway. Remember how we talked about banks not wanting to lend money because no one else was lending money therefore making them nervous about the prospects of the housing market. Knowing that money would always flow provides some stability to the market. Also it would be much less expensive. Having the government provide some loans over the next 6 months with average restrictions during a low point in the market would be much better than taking on years of crappy loans given out during the peak of the market to very unqualified home buyers.

Would some banks go under? Yes. But you know what they should. Bailing out foolish banks that threw caution to the wind and had wildly risky lending practices almost guarantees that we will be faced with another housing crisis in the future. Instead we should allow some of these banks to die. First it prevents these banks without a sense of risk from causing these problems again. Secondly, it influences other banks to exercise more caution during boom times. The bailout sends a message to banks that during the boom they should ignore caution because the government will come in and take all their bad loans away like some kind of bizarre magical bad loan tooth fairy.

I realize this article might bother people that want the government to have no role in the banking/mortgage market. But if we accept that the government already has a role in the banking industry (the possibility of the government taking itself out is pretty much nill for the next decade) to stabilize markets at the least it should do so in a way that is effective and cost efficient.

Consumer Banking Tip – The Devil is in the Details

As the euphoria of averting the collapse of the world’s banking system wears off, it is clear that banking’s halcyon days have ended and its road to full recovery will likely be long and difficult.

The good news is that the Fed is managing to keep the yield curve steep. As a result, banks today are able to borrow money effectively for free (have you checked your bank’s interest rates lately?), lend at much higher rates and thereby generate significant profit margins. And, with tons of cash parked in banks and reluctant to move back into the stock market, total bank profits are likely to continue to be substantial. Those profits will be needed to ultimately offset the unprecedented asset losses and write downs continuing to occur on bank balance sheets. 

The bad news is that all the pending bank failures, mergers/acquisitions, and cost reductions are negatively affecting the quality of the customer experience. Bank staffs are increasingly short-handed, untrained and inexperienced, and with banks revising their operating procedures according to those of new corporate acquirers and new federal banking regulations, it is no wonder customer service is suffering.  

Even the banking giants likely to survive and thrive in the future are as deficient in their customer service as many of the smaller community banks that will likely disappear from the treacherous banking landscape during the next few years. Consequently, in order to insure a satisfactory level of customer service, customers will need to take a more active role in managing their banking. The following tips should assist you in that mission:  

Know the FDIC insurance rules and limitations. Make sure you set up your accounts in compliance with those rules and that your accounts are fully FDIC insured. Bank personnel don’t always communicate accurately or completely when answering questions about those issues. However, many banks will offer you a free FDIC brochure that tells you everything you need to know on the topic, or you may download it yourself directly from the FDIC via the internet.  

Banks believe that paper is so twentieth century. Many banks will do almost anything to avoid giving you a paper receipt that specifies the important details of your account, such as the interest rate, expiration date, balance, etc. Many look at you dumbfounded when you remind them that CD is the acronym for “Certificate” of Deposit. They sincerely believe that in this age of online account management hard copies that verify that you’ve turned over your life savings to them are completely unnecessary. Insist on receiving that paper receipt, as it is often useful in revealing clerical mistakes that you will then be able to correct immediately.  

Verify account  tax IDs. Always check the accuracy of account tax identification numbers, which are typically social security numbers for individual accounts. Do it every time you receive an account correspondence or statement. Wrong numbers on year-end tax forms, such as 1099s, may lead to problems when you file your income taxes. Don’t be surprised if you find yourself reporting disparities often, as some banks claim to have several files for accounts all of which do not automatically revise your change. Another typical excuse for such errors is that bank computer software may override and undo revisions according to some corporate compliance measure. Banks readily blame their computer software for many of their administrative screw ups.   

Account titles can be problematic. Pay very close attention to how you title your accounts. Trust accounts can be particularly confusing, even when titles are specified by competent legal counsel. A typical trust account title might be “John Doe Revocable Trust UA (under agreement) dated 01/01/09.”  The next line usually indicates the names of the designated trustees, in this example let’s say “John Doe and Jane Doe Trustees.” Such simple time-tested legal language should be foolproof. However, that language is often ambiguous to bank lawyers and their amateur acolytes who administer your account. Some interpret the “and” between trustee names to mean both trustees must sign off in order to execute transactions. They believe that if the intent is to have either trustee act unilaterally, then the title should read “John Doe or Jane Doe trustees.” Others believe that if the intent is to have either trustee act unilaterally, the title should refer to them as “co-trustees.” When the lawyers don’t agree, everyone in the bank gets to offer an opinion. By the way, your opinion doesn’t count.  

Keep bank account-related documents handy. Periodically, and certainly every time a bank is acquired or merged with another, new account administration procedures are implemented, which often require account owners to verify the ownership structure of their accounts. Be ready to take all pertinent documents to the bank frequently to satisfy those new requirements. As unfair as it sounds, banks apparently take no responsibility for verifying once-and-for-all your authority over your accounts, so be prepared to clarify your accounts periodically.  

Avoid automatically renewing CDs and other savings accounts. Do not lose sight of the fact that most banks exploit your laziness or lack of vigilance to seek the best financial terms for your accounts. In the old days, expiring CDs were automatically rolled over with the reasonable expectation that your renewal interest rate for a certain term would compare closely to the prevailing rate for that term shown on the market yield curve. Today, promotional rates are offered for bank-favored maturities and all other rates are set artificially low. Those bank-favored maturities change frequently, which almost guarantees that your account with its set maturity will not receive a favorable rate upon automatic rollover. Worse yet is the fact that promotional rates are often two or three times greater than the rates for other maturities. So, if you miss the promotional rate, you are likely to receive a mere fraction of the prevailing market rate for your account. You must actively manage your CD rollovers.

Frequently monitor money market account rates. A casual inspection of your monthly money market account statement will often reveal a slight but continual reduction in your interest rate every month, even though other current money market rates at your bank might be much better. You need to actively manage your money market accounts and inquire constantly about upgrading your account to prevailing money market rates.

Beware of bank investment services. It’s bad enough you need to struggle to get a banker’s attention to assist you with your legitimate account needs, but these days you must fend off the army of bank-sponsored financial consultants who may be trawling your accounts in an effort to entice you to invest your bank account money into non-bank (non-FDIC insured) and often much riskier types of investment accounts. Be able to differentiate between bank and non bank types of accounts.

Avoid banks that really don’t want your business. You may have already noticed that banks seem unwilling to offer preferred customer rates for savings accounts and loans unless you are willing to make some concession to them, such as opening a direct deposit savings account or checking account. In the current low interest rate market environment preferred customer rates are substantially more favorable on a percentage basis than other rates. Clearly, they don’t want your business unless you submit to their concessions and you don’t need their below market rates. So, do them and yourself a favor and consolidate your banking needs with a few banks. The recent decision by Congress to extend until year-end 2013 the FDIC insurance increase, from $100,000 to $250,000 per account, will make that consolidation easier for everyone.

Know the Facts About Banking Fees – Are You Reading the Fine Print?

Ignorance of Banking Fees Will Cost You:

Most reputable banks will allow you to take home the documents and read them before you sign an agreement. Take advantage of this and do so. This also allows you the opportunity to check with other banks to see if you can find a better deal. For example, credit unions offer lower fees than banks. If you feel pressured to sign, or a bank won’t let you take the documents home, then you might want to reconsider doing business with that particular institution.

As a business owner, you might be seeking to open a line of credit with a bank. You should be aware that you may be charged a number of fees right off the bat, including an appraisal fee, a documentation fee, and additional miscellaneous fees depending upon any number of circumstances. There may also be annual fees, or fees for closing the account. The bank might not tell you any of this up front, but it is all in the documentation.

Most financial institutions rely upon these charges and fees (as well as ATM fees, merchant fees, and other financial products and services) as a significant portion of their profits. It does not matter how polite, professional, and trustworthy the representatives at any financial institution may seem. The bottom line is that they are a business, and their goal is to make money. So it is your best interest to be aware of all the terms and conditions related to any business you seek to do with a bank or other financial institution.

It’s very easy to blame the banks for many of our financial woes, but in many cases, we have no one to blame but ourselves. As a whole, we don’t often take the time to properly educate ourselves regarding many types of business transactions. From deceptive investment practices such as Ponzi schemes, to unaffordable mortgages, to not bothering to read the fine print about banking fees, many financial troubles could have been avoided if only we had utilized some common sense.

Is a No-Fee Account a Good Idea?:

To answer this, you need to do the math. You may have secured an account that charges no fees, but usually something else is required, such as keeping a minimum balance in the account, which bears little or no interest. This money might be serving you better in a CD or other higher interest-bearing account.

Online Banking Transactions May Subject You to More Banking Fees:

There is no doubting that online banking has facilitated the way we do business, but are you aware that engaging in certain online banking transactions can subject you to even more banking fees?

For example, suppose you have more than one bank account, in which you occasionally transfer money between accounts. Some banks limit the amount of online transfers you can make per month (in addition to other types of transactions), and then charge you a penalty fee if you go over that limit.

If you do not check your balance often, you may be surprised to find that you have incurred a penalty charge for each and every transfer over the maximum limit per month. Additionally, this may result in your account having insufficient funds for other transactions, which of course results in insufficient fund penalty charges.

Credit Card Transaction Fees:

Credit card transaction fees for business vary according to both the card issuer and the merchant account provider you have chosen. It is important that you understand how these fees will affect your profit margin.

You will be charged a percentage rate of the sale in each and every transaction: typically 1-5% depending upon the processor, but possibly as much as 15% by some third party merchant processors typically utilized by small business that at a higher risk for merchant accounts. There may also be a flat transaction fee charged for each sale, usually from.25-.50 cents per transaction.

As with banks, merchant account providers may also ask for additional fees, such as setup fees, monthly fees, minimum monthly transaction requirements, penalties and other deductions. Your credit score will also determine the percentage taken by the merchant processor, so it is important to research several different merchant processors to find an acceptable deal.

You should also be aware that different credit card issuers will charge a different percentage rate. Many small businesses choose not to accept American Express or Discover, since these issuers charge a higher rate than Visa or MasterCard.

Additional Banking Fees to Be Aware Of:

Many business owners are often surprised at the myriad charges incurred for simple transactions, whether online or conducted at the bank. But you must always remember – the banks are there to make money, and there is no shortage of ways they will try to do so. You might be surprised to find that on some accounts with some banks, you might be charged $1 for checking your balance at the ATM, and a few dollars for seeking information from a bank teller over the phone. Such banking fees are rare nowadays, but if you read the fine print, you’ll be aware of them and likely save yourself a lot of money in the long run.

Banks wont admit it, but they depend upon you not to read the fine print. They don’t really want you to be aware of all the banking fees. And when you are incurred a penalty fee or banking fee that seems wrong or unfair, they want you to feel ashamed enough at your inability to manage your money properly that you won’t complain about the fees.

Save Money by Avoiding Some Banking Fees:

There are also many other ways to save money on banking fees. These amounts may be rather small, but can add up to big numbers, and are especially beneficial to small businesses. For starters, you can certainly save money by utilizing Internet banking, but once again, be aware of any banking fees or charges you might incur as a result. Also, try to find a bank that does not charge you a monthly fee for using basic online banking services.

You can also save money by using discount check printing service, rather than having the bank print your checks. You can save yourself an average of $20 per 200 checks.

Of course, the best way to save yourself money on banking fees is to shop around, do your research, and pick the bank that works best for you and your business. Be sure to check your financials often to see if you’re being charged any banking fees you might not have been aware of, and make the necessary changes to avoid those fees in the future, if possible.

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Get Various Banking Resume Objectives for a Career in Banking

Necessity of Objective Statement

As the name depicts, objective is the goal that you set to accomplish any particular task. When applying for any job, your objective is to see yourself in a better position after a few years. While applying for the banking jobs, your banking resume objective must tell to the potential employer about your future goals working as a bank employee. This statement will show your desire to join the company and get the job of your dreams. It must talk of your future career goals and explain to recruiters how you are going to accomplish these goals while benefiting the company.

Banking Sector

The job in the banking industry is of great responsibility as the person has to deal with the financial transactions and interpret the reports prepared by the bank as a result of the transaction. It is the sector where one has to check all the transactions of the concerned bank and prepare the relevant reports. The banking resume objectives must highlight the person’s knowledge in the domain and stress on listing the details that will convince the employer to hire him/her.

Job Description

There are various positions in the banking sector. The common job responsibilities that a banking associate has to handle are:

• Generating the revenue
• Creating financial portfolio
• Strategic Planning
• Managing the profits
• Building relationship and customer service
• Training the Management
• Direct and control the retail banking activities and resources
• Discuss business strategies with the clients
• Resolve the functional related queries and undertake functional testing

Important Words to Appear in Banking Objective

Objective statement is the introductory section of a resume. It will be the first section that will be viewed by the employer. Hence, it is necessary that this part is written clearly and in a convincing way. Going through this part, employer should get complete idea of your resume details. It is important to include the words that describe your existing skills. Below are provided such words that can boost the quality of your objective statement and make your resume stand out from the rest of them.

• Enthusiastic, self motivated, energetic, positive thinker, creative
• Strong analytical and logical approach
• Thorough knowledge of finance and banking
• Strong mathematical skills

The job in the banking sector can be highly satisfying and extremely fulfilling. If you are seeking a career in the banking sector, make sure that your career statement highlights the qualifying criterion and the background in this industry. Here we present you some examples of the banking resume objective statements to give a detailed idea of writing such career statements for different banking positions.

Sample Objective Statements

For Experienced Banking Professional

As an experienced banking professional, I am seeking the position of a manager in a reputed bank to put the past experience to good use. Possess strong strategic planning skills along with the decision making and finance management skills.

For Fresher Applicant

As a beginner in the banking industry, I would like to make effective use of my analytical skills, reasoning and knowledge. My job as a banking professional will include cash flow management, operating the working capital and performing audits and compliance.

For Internship Candidates

As an intern, I would like to make effective use of my existing knowledge and skills regarding the banking sector in completing the assigned task efficiently. My job duties would include adding entries in general ledger and balancing the financial statements.

General Objective Statement for Banking Jobs

Self motivated banking professional looking for the any position in the nationalized bank where I can make use of my quality education and put extensive experience to good use. My leadership qualities can help you in managing the work and attain the company goals effectively.

If you are really keen to make a career in the banking industry, you can apply in different banks and financial organizations. The resume objective of the banking professional should reflect the applicant’s knowledge of the work carried out in the banks and financial organizations.

Going through the sample resumes, you will get complete idea of writing the objectives for banking jobs. There are different positions in this industry and you need to change your objective statement depending on the position you are applying for.

Core Banking and Choosing the Right Solution

Imagine what banks looked like before 1970. Long queues and particularly long waiting period for just about any transaction was normal. People where customers of a branch and not really a parent bank. All transactions could be performed at your particular branch only. Any entry only reflected after more than 24 hours as information went to data centers in batches at the end of the working day. However, over the next 40 years most banks chose to create a Centralized Online Real-time Exchange or Environment (CORE) to manage their operations, thus giving rise to Core Banking. In India alone, the number of public sector bank branches with core banking implementation went from 79.4% in March 2009 to 90% in March 2010. All over the world, the numbers are closing in on cent per cent.

According to US-based research and advisory firm Gartner, core banking system (CBS) is basically a back-end system that performs banking transactions on a daily basis and updates accounts and financial records. It is essentially a bank’s nervous system that if affected can change the bank’s operations drastically. CBS is a common point of connection for the entire gamut of products and services that banks today provide under one umbrella.

Centralized data centers have been formed and all banking applications can be accessed here. Data of any bank as a whole is stored in a central server that branches, regional offices and head office can lay hands on. All types of banking operations like recording all types of transactions, loan and mortgages as well as interest calculations, deposits, money transfer, payment balance, customer information and such other operations have become fully automated using a core banking solution. Such a solution makes use of the internet or other forms of connectivity to automate the operations with an appropriate software. This core banking software is then applied across all the branches thus bringing them all on a single platform.

A solution usually comprises of:

• Internet, mobile, tab banking
• Data centre and colocation as well as DR services
• Fund transfer remotely and immediately (IMPS, NEFT, RTGS, etc.)
• Automated Teller Machines (ATMs) & Point of Sale systems
• Several other services like QR Code Merchant Payment, Agency Banking Application, eKYC Solution, Connectivity and others.

Goal of CBS

Core banking solutions differ from bank to bank and largely depend on the type of customer bases that a bank has. The basic goal of core banking is to be largely customer convenient and cut down on operational expenses. A good core banking solution directly impacts profitability, customer satisfaction and competitiveness. It enables customers to achieve more freedom in transaction, banks yield from reduced time and resources spent on monotonous activities.

A Core Banking solutions is especially beneficial because of its:

• Scalability: As transactions are processed in bulk volumes daily, the business priority is to be able to scale up without any breaks.

• Flexibility: Banking has numerous modules that requires a solution which is extremely flexible that is able to configure the right mix of IT resources at the right time.

• Agility: To be competitive in the market the solution can quickly adapt to changes and transformations.

• Cost-effectiveness: These solutions not just deliver customer-satisfaction but also benefit the bank by saving them lots of man hours and maintaining accuracy.

A successful core banking application can be migrated in all types of financial institutions including:

• Corporate Banks
• PSU & Nationalized Banks
• Scheduled Co-Operative Banks
• Urban Co-Operative Banks
• State Co-Operative Banks
• Payment Banks
• Small Finance Banks
• Non-Banking Finance Corporations
• Micro Finance Institutions
• Credit Co-Operative Societies
• Securities & Insurance Sector
• Regional Rural Banks


Among the myriad of advantages that a CBS has, the most important is that it has enabled banks to strengthen their relationship with customers. Concepts of customer satisfaction, retention, customized and tailored plans, customer convenience and others were introduced in the financial industry, thanks to core banking.

Customers today have a plethora of channels through which they can contact their respective banks. It could be through their PCs via the internet, on their smart phones, tabs or through mobile kiosks. A good core banking software integrates all these channels and provides a seamless transacting experience for both the bank and the customer.

Since all processes become automated, another major advantage of a good modern core banking solution is that it reduces chances of human errors and fraud. This in turn increases employee efficiency and then eventually boosts business opportunities. All the resources are aptly utilized thus minimizing chance of wastage as well.

Automation, more often than not, always helps companies save a lot of money and time. Online banking decreases human footfalls in bank premises which means that infrastructural costs go down drastically. Similarly, operational and support expenses also go down. Maintaining legacy systems is also a pricy affair. Core banking brings down IT maintenance costs by moving to shared services platforms.

Lastly, since all steps are accurately recorded and can be tracked back, a ready business analysis is available in real-time. All the data collected in the back-end can thus be transformed into actionable insights according to need. This has made banking smarter over the years. Core banking solutions have also changed over the time bringing into its purview improved services. Chief information officer’s believe that integration of new technologies like Artificial Intelligence, Chat-bots and Internet of Things platform can help trigger business intelligence which helps in better decision-making.

Offshore Internet Banking Advantages and Disadvantages

The topic of offshore internet banking is a hot one and one that is increasingly growing in popularity not only within the consumer banking community, but also the business or corporate banking sector.

The beauty of offshore online banking is that in addition to enabling you to conduct banking activities allowed by traditional and local brick and mortar businesses, it allows you more variety and flexibility in terms of your banking needs. For example, if you travel often, offshore online banking gives you the flexibility to conduct business on to go from anywhere, while ensuring that you have access to the type of currency if you need at a time you need it.

Having said that, not all banks offer online or internet banking services as this service costs the banks a significant amount of money. Programming sophisticated and secure systems require the effort of several full time computer engineers, full security and compliance departments, as well as heavy overhead to support the service on an ongoing basis.

Because there are so many variables involved in offering this service, offshore internet banking services vary from one financial institution to another. Some have better systems while others have work to do. A lot of this is predicated on the resources the bank has dedicated to this initiative, both in terms of quantity and quality.

Opening an Offshore Bank Account

Before diving further into this topic, I want to clarify that engaging in offshore internet banking is not about evading taxes. It is about mitigating risk of capital loss due to no fault of your own. So when considering a foreign jurisdiction in which to establish an offshore bank account, consider one that is politically stable and financially strong. In addition, it helps to select a jurisdiction that pays an attractive interest rate and has low to no income tax. Some of the most preferred jurisdictions over the years have been Switzerland, Cayman Islands, Singapore, Hong Kong and the United Arab Emirates (UAE).

Opening a personal bank account is usually a very personal activity. With offshore internet banking however, there are ways you can get started remotely without having to show up to the bank’s local office, saving a ton of time, money and mainly frustration.

One such way is by visiting a local bank’s branch in your domicile state, or home country. Many big banks that offer internet banking have a multi-national presence. Chances are good that your selected bank has a local branch near where you live, despite being headquartered in another offshore jurisdiction.

In other cases, there are international banks that may not have local branches near where you live, but are willing and able to establish an offshore bank account for you through email, snail mail, fax and telephone. There are usually a set of documents required by banks in order to execute this process. Therefore you can still open a foreign bank account with an offshore bank without having to leave your country, but it may come with a little more effort, and sometimes the struggle involved in communicating with someone overseas.

The Advantages of Offshore Internet Banking

Here are some advantages of offshore internet banking that you should know about.

Protection from sovereign risk – as mention already above, parking funds in foreign bank accounts mitigates the risk of loss of capital resulting from freeze or confiscation of funds by Governments without any fault of your own. This risk is less of a concern in a developed economy with a solid banking infrastructure such as the United States, but it is nonetheless an inherent risk that exists.

Tax benefits – many offshore jurisdictions have low to no income tax implications on interest income, or income from business activities.

Higher Interest Rates – because many offshore banks operate with low costs, they can afford to offer higher interest rates compared to larger multi-national names. In fact, in developed economies like in Europe and North America, regulatory compliance requirements is seen by many as form of taxation on banks, thereby increasing overhead costs and lowering interest rates.

On Demand Access to Statements – offshore internet banking gives you instant access to your statements where you can view your activities on a real time basis. This includes past and pending deposits and withdrawals. You can therefore access your account balance at anytime.

Money Management – with offshore internet banking you can transfer funds between accounts across the globe instantly. Offshore banks have inventories of various currencies and can help you fulfill banking transactions in multiple countries. You can schedule automatic payments to vendors to release automatically.

There are several other advantages to offshore internet banking. You can open offshore trading accounts and establish offshore brokerage accounts to conduct trading and investment activity (there can be tax advantages to this). Conducting transactions online is not only mostly free, but also very efficient. Transaction time online is simply much less. You can also have streams of income potentially directly deposited straight into your offshore online bank account.

From a personal finance perspective, downloading banking activity from your offshore online bank account is easy and can be done instantly. Most online banking platforms are designed to feed information into financial or personal accounting software or to spreadsheets like Excel. Individuals can save a significant amount on accountant fees just by utilizing this feature. Not to mention more intimate knowledge and management of their own finances.

For those looking for anonymity, offshore online bank accounts also allow you to conduct banking anonymously as per bank secrecy guidelines.

The Disadvantages of Offshore Internet Banking

Merely establishing an offshore bank account can be a reason for the Government to put more focus on your activities. After all, many use offshore internet banking as a mechanism to conduct illegal activity and evade taxes. Some specific disadvantages of offshore internet banking as a result of conducting business through foreign bank accounts are the following:

Knowledge of Internet – There is a certain level of internet savvy required to be able to navigate your way through offshore internet banking platforms to ensure you are getting exactly what you want. This is a big reason why some elderly shy away from conducting banking online.

Deposit Timeline – Because many banks do not have the technology to be able to collect deposits remotely, you may have difficulty depositing all your proceeds. While many banks have developed electronic scanning technology, others have yet to catch up. There is no consistency to say the least.

Security / Fraud Implications – because banking is conducted online, offshore internet banking exposes you to the risk of network intrusion or breach. Because information is transferred electronically and stored in various databases, breaches can cause private and sensitive information to leak out into the wrong hands. But then again, this is no different than losing your check book if compared to traditional brick and mortar banking.

Spam Mail – offshore online banking also means that you will receive emails from the foreign bank you have your offshore bank accounts with. Internet predators recognize this as an opportunity for phishing, or fish for private and sensitive information. Many times you may see an email in your inbox from what seems like your foreign banking institution. However it is not. These are phishing emails hoping for you to login and enter your personal information such as login and password.

TIPS: Here are a few tips to avoid falling for phishing scams. First, when you receive an email from your bank, call them to verify that they sent the email. Second, instead of opening the email they sent you, visit the bank’s website directly and see if you can conduct what’s asked of you on their site by you logging in directly rather than clicking a login link in an email message.

Third, if you were to open the email and click on any link in it for whatever reason, once the link takes you to a website where you are required to enter personal information, look for security symbols such as an https URL address or a padlock on the lower right hand side corner of the web browser. There are other security measures as well that can be visible spotted. Read online for more on this topic.

Financial Security – some offshore bank locations are not very financially secure or stable. For example, during the global economic crisis of 2008, many savers lost money parked in offshore bank accounts in some destinations such as Iceland. I don’t mean to scare you by any means as this situation is rare, and in most cases those who suffer losses are compensated in some way over time. However, know that this inherent risk exists. Always look for deposit insurance. The bigger the allowance the better.

Credibility by Association – as I’ve already mentioned, offshore internet banking has negative connotations attached to it, often associated with money laundering, use of illegal monies, untaxed monies and support of illegal causes. Offshore bank accounts at times are tied to crime rings and terrorists. What does this mean for you? Although you may engage in offshore banking legally and legitimately, understand that there will be closer scrutiny over you by the Governments.

Access Restrictions – offshore banks are in destinations far away from you, therefore more difficult and expensive to access. In many countries, communication in person is preferred to communicating over phone, email and snail mail, therefore internet banking can get a bit difficult and frustrating. I see this trend slowly changing with banks understanding the need to communicate at all levels and mediums to satisfy a global audience.

Expensive – offshore internet banking is usually more expensive to set up and administer and thus more accessible and feasible for those more affluent or high income earners. It’s not so much that it is expensive to open a foreign bank account. It is not. However, many times you will need to go through a firm that specializes in helping expatriates establish and manage foreign bank accounts. All these activities cost money.

Internet banking today is very convenient and is accessible to almost everyone. For the average individual it can be a great offshore tax planning tool to add to the mix. For those that travel, foreign internet banking can provide all sorts of convenience, allowing one to transact anywhere and with anyone. So if you liked what you read about offshore online banking, I highly recommend you look into it further to see how it can help you meet your objectives.

Available Banking Options for People Who Need a Second Chance

Bank accounts, such as checking and savings accounts, are vital to a successful financial management. Living without a bank account is very difficult and almost unimaginable, but the truth is, there are people who do not have bank accounts because of previous financial issues and bad credit status. These issues make getting a traditional bank saving impossible, and this is when second chance banks come into the rescue.

It could be somewhat convenient for you to expend your personal revenue through a bank account. It is just like this, using a bank checking lets you spend your monthly bills, including utility bills, car loans, insurance coverage as well as rental, quicker and much easier. Without having a checking account indicates you must pay cash money for any one of the fiscal solutions. You may not easily change your paycheck into hard cash unless you own a bank saving.

You could be needed to cash your own paychecks at least one time on a monthly basis. Sometimes even on a weekly basis, depending on whenever you obtain your pay. Each time you hard cash your own paycheck, banks charge an excess sum. As well as the hassle you need to proceed through each time to locate an appropriate place for this kind of transaction.

Those who have been denied with a bank can find hope through second chance banking accounts. Being denied a savings or checking account is not a recent issue and if you were recently denied with one, then you are not alone. Hundreds of thousands of people are being denied bank saving because of their bad credit statuses and delinquent accounts. While some conventional banks may offer you a “parole” and let you open a bank account with regular features and service charges, some may not even think of giving you a second chance.

Second chance accounts or fresh start accounts are created for customers who have been previously turned down by conventional banks due to some financial issues like bad credit status. Typically, banks that offer second chance accounts do not consult the ChexSystems list. Nevertheless, because of the risk involved in offering second chance accounts, these banks charge customers additional fees compared to those of normal accounts.

While most conventional banks do not accept applications for new accounts from people who are listed in the ChexSystems, there are some exceptions. Opening a second chance account is possible. Of course, there might be some restrictions, like preventing you to get credit for a checking account and things like that, but what’s more important is that you have another chance to get back to your feet, financially.

No credit, bad credit, or a bad checking history should not hold you back from getting another bank account. Getting a second chance account is possible. Nevertheless, you have to be a lot more responsible in managing second chance banking accounts. This might be your very last chance to prove that you can handle your finances and bring back the trust you need in order to have a normal bank account once more.

“Everyone deserves a second chance” is a saying that most people like to use, and this also applies to those who want a second chance in their financial status, all with the help of second chance banks.