Only 25 years ago, today’s ubiquitous use of “universal” bank credit cards might have seemed a futurist fantasy. Prior to the finance regulation of the financial services industry in 1980, banks made consumer loans as “installment” credit. Loan approval was based on an assessment of the applicants’ household income, personal assets, credit repayment history, and outstanding debt. Preferred clients had financial collateral and repaid their loans (pre approved auto loan) on a fixed time schedule. Similarly, financial companies and banks cautiously issued charge cards and revolving credit cards to low-risk clients, primarily upper- and some middle-income households, who used them for convenience or for business. (more…)

You also must make choices about how you spend money. For example, would you buy the $129 pair of sneakers you saw at the mall or save that money? You cannot do both, because most people have a limited amount of money. To help make choices, consider the time value of money, which is the increase of an amount of money due to earned interest or dividends. (more…)

Banking in America began in 1791, soon after the United States declared independence. Congress established the nation’s first central bank with eight branches. Today, with more than 11,000 banks, 2,000 savings and consumer credit loan associations, and 12,000 credit unions in the United States, you have a wide array of financial services from which to choose. A trip to the bank may be a visit to an automated teller machine (ATM) in the mall or a quick look at your savings account balance on the Internet. Your choice of financial services will depend on your daily cash needs and your savings goals. (more…)

Today most banks and commercial services companies offer their customers banking insurances. This insurances are associated with credit cards, debit cards and checks. However, the National Consumer Service clarify that these policies serve as a complement and not to replace the responsibilities of financial institutions to make proper arrangement for the safety of their clients’ funds/money. (more…)

So many American’s these days have fallen prey to the predatory credit companies and now find themselves in credit card debt. They do not understand simple financial strategies and because of their charge cards, they now have more month at the end of their money. Charge card debt can happen to folks of all generations and for a variety of reasons. (more…)

In contrast to residential or independent financial services, commercial financial services focus on serving those who are in private companies, government agencies and non-profit organizations. There are many different types of commercial financial services available, and if you’re a new business owner you may feel overwhelmed by all of the options. (more…)

On general terms retail banking refers to typical mass-market banking in which individual customers use local branches of larger commercial banks. Retail banking aims to be the sole destinations where an individual finds as many as financial services possible catered to meet his needs.

As of late Retail Banks has also gone ahead and stepped into wealth management services, (more…)

A current account is the most common type of financial product: Most people have one. If you’re like the majority of account owners, you didn’t give much thought to what you want from a current account before signing up for one, which means your current bank account may be unsuitable for your needs. For example, if you frequently go overdrawn, you don’t want an account with expensive overdraft charges, or if your account is usually in credit you don’t want one with a poor rate of interest on current account balance. (more…)