Category Archives: Banking
A large number of Americans are not interested to know how banks perform. I discussed with them the reasons behind the 2008-recession, and how it hit our banking sector. And they showed little interest.
Wannabe private banker?
If you aspire to become a private banker, know everything about banking; why the deposit interest rate in this country has always been abysmally low? What are the differences between a retail bank and an investment bank? Everything.
Acquiring knowledge of banking is not difficult because we live in a digital world, filled with multiple channels to gather info. But preparing for this career is. Making money may be easy, but private bankers deal with rigorous financial matters; the job can be very stressful at times.
Who is a private banker? Someone with financial expertise and knowledge in banking, who works for individuals with high net worth, sort of a financial advisor, whose areas of operation are investment-centric. A private banker has clients, who are extremely wealthy, and whom he helps with investment, tax planning and wealth management advice.
The minimum qualification is an undergraduate degree. A finance degree is not necessary but recommended. Unlike other finance professionals, private bankers don’t get to work as interns while they are still studying. It’s best if you could amass some experience by working in a bank or a financial institute because that’d increase your odds of qualifying for an internship.
An aspiring private banker can choose from a range of certifications. Employers prefer a candidate with two or more certificates than another candidate, who has only one. The Chartered Financial Analyst or CFA is a certification, offered by the CFA Institute. It is widely recognized, but hard to obtain because the pursuer needs a minimum of four years of working experience as a banking professional.
The American Bankers Association (ABA) offers an initiation called The Certified Trust and Financial Advisor (CTFA). To qualify for this certification, you need to have at least three years of experience in wealth management. The Association of International Wealth Management, a non-profit organization, issues the Certified International Wealth Manager (CIWM) certification.
You need license
To start your career as a private banker, you need to get licensed. An aspirant can obtain the required licenses only from Financial Industry Regulatory Authority (FINRA), an organization that monitors the activities of the US security firms. The licenses required by private bankers are series 6, 7 and 63.
- Here’s a brief description of the licenses:
Series 6: To obtain this license, you need to crack an exam, which will last for more than 2 hours. The topics are investment, regulations and relevant moral codes. A sponsorship from a FINRA accredited firm is necessary. The holders of this license provide mutual fund related advice.
Series 7: It’s hardcore finance. If you hold this license, you could offer your clients stock market and bond market advice. You need to pass an exam to qualify for this license, which will last for six hours.
Series 63: The North American Securities Administrators Association or NASAA issues the series 63 license, not FINRA. This license is required by the individual states for professionals, who offer their clients advice on investment.
Having all three of these licenses increases your acceptance to a potential employer. So try to obtain as many licenses as you could. To charge your clients for hours, obtain a series 65 license (offered by NASAA). Here’s everything you need to know about this license.
Success depends on networking
That’s right. An extended network can fetch you excellent deals. On the other hand, if you limit your network, the odds of getting opportunities will reduce. Remember, you’ll be working for high-net-worth-individuals and maybe sometimes with ultra-high-net-worth-individuals.
Don’t get surprised if you meet a billionaire one day, whose face routinely appears on the cover page of a tabloid. Such people need private bankers. It’s an art to land a client among them. Try meeting them in informal settings because that’s when they are in a relaxing mood. Add subtlety when pursuing them, but don’t be pushy.
Not everything is rosy about the career that private bankers select. The investment decisions are not easy, more so because any such decision backfires, client would have to bear the brunt. Most investors prefer big returns, which is impossible without rigorous risk management initiatives. And managing risk is no child’s play, even for a seasoned private banker.
Moreover, as the market has become more volatile than before, investors on a row seem to prefer low-cost investment options, which preserve capital. Such options translates to lower fees for the banker.
As you have all the information now, take time and decide whether you want to be a private banker. If you don’t like taking risks, and prefer to unwind yourself after little stress, the job is not for you. So think twice, three times or maybe more than that, and only then go ahead.
Tina Roth is a personal finance blogger and author. Her passion for helping people to make solid financial decisions motivated her to start her own personal finance blog, where she writes about money management tips and frugality. She is also the community manager at the finance guest post community.
Toward the end of adolescence and continuing straight on through to “over the hill,” many Americans spend the majority of those years working. Assuming that the average person works 40 hours a week for 50 weeks a year from the age of 20 until 65, that’s 90,360 hours at work. With all that time spent on the job, it’s no surprise that a large number of accidents and injuries occur in the workplace. While all employees deserve to return home at the end of their work day alive and uninjured, the reality is that not everyone does. According to the Occupational Safety and Health Administration, more than 4,600 workers died on the job in 2014 and more than three million others suffered serious, non-fatal injuries at work. These alarming numbers include multiple categories of workers with varying levels of healthcare coverage: employees and independent contractors, full-time and part-time, temporary and permanent.
While the Affordable Care Act has given more people access to health insurance, medical bills and related costs can leave injured workers in a tough spot. Co-pays, high deductibles, co-insurance, travel to and from healthcare facilities, lost wages and daycare costs are just a few of the expenses that can add up quickly. A well-known actuarial firm that has published a medical index for the last 15 years known as the MMI (Milliman Medical Index) calculates that the average healthcare cost for a family of four has more than tripled since its value of $8,414 in 2001 and now stands at $25,826. This rate of increase exceeds the growth in the consumer price index (CPI) for medical services as well as the average two percent annual increase in median household income between 2004 and 2014. Compared to employers, employees are now responsible for more of the healthcare costs than they were 15 years ago – they now pay 43 percent, up from 39 percent 15 years ago.
It’s not hard to see how getting hurt at work can be financially devastating. Over the past decade, the average amount that middle-income households spent on health care increased by 51 percent, which is nearly double the growth in their incomes (30 percent) and three times the rate of growth in their spending for all other products and services. It’s no wonder then that unpaid medical bills are the number one cause of personal bankruptcy filings (62 percent), surpassing both credit card and mortgage debt. Job loss is another reason that people are unable to pay off their debts. Spending more than you make is easy to do when you have no income. Losing a job also means losing health insurance if you are the plan subscriber, and the high cost of COBRA insurance can be hard to sustain for long. Imagine, then, the economic difficulties experienced by someone who has the all-too-common experience of being injured at work and then losing that job, whether due to layoff, termination, or resignation.
Bleak financial scenarios are one very important reason to take steps to protect yourself if you have a jobsite-induced injury or illness. Whether it was an acute traumatic injury (like falling from a ladder) or a cumulative-trauma injury (such as carpal-tunnel syndrome), there are a few basic things you should do to protect yourself.
Report it. Tell your manager, supervisor, company nurse, union representative – whoever is in charge. Be clear about how the injury happened and that it happened at work. Report it immediately even if you think you are not seriously hurt. That knee you twisted or back you strained might not require medical treatment until a few days later, and then your employer can claim you were injured someplace else. While you are usually allowed between 30 to 90 days depending on your state, some companies impose shorter deadlines and can issue formal reprimands or suspensions of pay for not reporting an accident in accordance with their policies.
Keep good records. Being organized and having proof can make the difference between winning and losing financial reimbursement for a workplace injury claim. There will be medical reports, incident reports, and insurance paperwork, but you can also help yourself by keeping detailed documents of conversations and employment actions. Request copies of any papers your employer keeps on the incident and hold on to paystubs and timesheets showing income and hours worked. What you don’t document may not be covered, so try to keep a thorough record of all expenses that are a direct result of your work-related injury.
Consider contacting an attorney. Cases involving a workplace accident can be very complicated and can involve doctors, physical therapists, independent medical consultants, adjusters, insurance company lawyers, co-workers, equipment manufacturers, maintenance companies, and more. Because it may be difficult to determine all of the details and sort out all of the necessary parties, having your case evaluated by an attorney will maximize your compensation. Many workplace injury lawyers offer free initial consultations, so it’s often worth your time to talk to an attorney who can help while you are dealing with the aftermath of a serious injury or illness.
Workplaceinjuries stem from a wide range of incidents and an even wider range of causes. Some of the more common injuries include bodily reaction (bending, reaching, climbing, etc.), being caught in or between objects, falling from heights, repetitive motion, overexertion, slips and falls, falling objects, and vehicle accidents. Of course, construction workers have different on-the-job hazards than office personnel, but all workers can help themselves by practicing safe work habits appropriate for their jobs. Keeping work areas free of clutter and taking care not to rush (many injuries occur when people hurry and take shortcuts) are two practices that can benefit virtually any worker.
Things can go wrong even in the best run business, but not every employee is able to build up an emergency fund to draw from in the event they get hurt. Medical bills should not lead to financial ruin.Depending on the circumstances, there may be grounds for a legal cause of action. At a minimum, an experienced work injury lawyer may be able to advise you on your options, including negotiating with the medical providers, seeking out help from federal and state entities, and whether bankruptcy is truly the best choice for your situation.
Author: David Mann is a workers’ compensation attorney located in Macon, Georgia. He’s a member of the Georgia Trial Lawyers Association and is a past president of the Middle Georgia Trial Lawyers Association.
Employees of the Reserve Bank of India (RBI) have been staging impromptu strikes since September in an effort to make their dissatisfaction known with the bank’s treatment of them. Workers have been staging periodic walk-outs as a response to the bank’s refusal to improve pension plans and other grievances.
- Retirement Benefits Eroded By Inflation
The latest mass walk-out occurred on November 19, when 17,000 workers staged a protest to protest what they see as crippling actions by the bank’s management in New Delhi. RBI employees claim the bank has done little to account for cost of living increases pensioners face, which is forcing many of them to live in poverty. The United Forum of Reserve Bank Officers and Employees, which oversees the four unions that represent RBI workers plans to continue to stage “casual leave” walk-outs until the bank agrees to meet their “reasonable demands” for improved pension plans.
Published reports claim that workers are attempting to obtain a “one-rank, one-pension scheme” which would level the playing field in terms of the distribution of retirement benefits. The government promised to implement this system in August, 2015, but so far has not done so. Moreover, employees are concerned that the RBI now has less autonomy than it once did.
- Monetary Policy Committee Has Been Proposed
There is concern that Prime Minister Narendra Modi is attempting to curtail the RBI’s independence by creating a Monetary Policy Committee that will set interest rates and make other decisions officers of the bank once made on their own. Central bank governor, Raghuram Rajan supports this decision, but the committee’s exact functions have yet to be determined.
The government is concerned about the country’s economy since the RBI chose to lower interest rates four times during 2015 to compensate for a struggling economy that is suffering because of low commodities prices. Despite the lower cost of goods, employees claim they can no longer pay for things like medical expenses, or obtain housing loans. They are pushing for the bank to increase benefits, rather than keep the status quo.
- More Strikes Will Be Staged In December
So far the strikes have been restricted to selected locations, but the United Forum of Reserve Bank Officers and Employees is planning to stage a nationwide walk-out on December 2. That strike is scheduled to last for two days, but some believe the actions could go on indefinitely if the demands of the employees are not met.
There will be more localized action leading up to the larger strike, and employees are planning to dig in until the bank decides it will negotiate with the union. So far bank officers have been reluctant to negotiate, but in light of a nationwide walk-out, their opinion might change. Bank customers are advised to pay attention to news reports to stay informed about local and national walk-outs.
Many of us want to know how many Banks (Public Sector Banks, Private Sector Banks, Foreign Banks) are operating in India. Below find the list of all the banks with their website link.
List of Public Sector Banks in India :- (Click to visit the website of the Bank)
List of Private Sector Banks in India : – (Click to visit the website of the Bank)
List of Private Sector Banks in India : – (Click to visit the website of the Bank)
Bank overdraft happens whenever you execute a debit, check or credit card transaction and there is no sufficient balance in the checking account it is connected with. Bank will immediately reject the transaction whenever an overdraft happens.
You can protect yourself from frequent overdrafts by enrolling in an overdraft protection program offered by the bank. Whenever a merchant or an individual hits your checking account and there is no sufficient balance in your account, your bank or the credit union will cover the overdraft amount by paying the required amount to the merchant or the individual. The bank will usually charge a fee for such services. And if there are multiple transactions in a day, you might end up paying a hefty amount to the bank in overdraft charges.
In most cases, it is the banking customer who has overdrawn his bank account should be liable to pay for the fees to the bank, provided he has been informed of the fees. But if you dig a little deeper, the reality is a bit different.
Many banks usually do transaction stacking, where they process the larger transactions first in a given day before processing the smaller ones. As a result, it will increase the chances of the account getting overdrawn because of insufficient funds and thus more fees being incurred. This is one easy way for the bank to increase their fee based income. It can cost up to $25 billion per year business for the banks.
Many a times, people find it confusing to understand the bank online statements. You might have to manually track and do back-of-the-envelope calculations to figure out the actual account balance at any given time. Even though you might see a positive balance in your account, but because of uncashed checks, pending credit card transactions, your balance will run low or into the red in no time, and before you realize, the bank has already charged you a fee for the overdrawn transactions.
Once there is an overdraft, you will notice a charge in your statement. It can be $20, or $30 or even $35 in the red. First you have to clear this fee to the bank before your account balance turns black.
- So how to control these bank overdraft charges? Follow these tips and you will be able to keep a check on your account.
1. Whenever you incur any overdraft charges, you should call the bank and clarify it. It is worth a shot, especially if you are a new customer to the bank or if this is your first overdraft in a very long time. If you are not satisfied with their services, you can close this account and open a new account with another bank. There are chances that they might waive off the fee because they don’t want to lose your business.
2. Contact the bank’s customer service department and request for a refund of the entire overdraft fee if you notice any error by the bank that led to an overdraft.
3. Shop for a bank that does not charge any overdraft fee.
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