By financen | February 15, 2022 - 4:06 pm - Posted in Banking


If you are feeling tight with your daily cash expenses, you know how painful it is when the bank charges you more money in fees due to non sufficient funds in your account. Your account may go $10 or $15 in the negative, but you might have to pay close to $100 just in fees due to the account been overdrawn and the bank paying on your behalf for the transactions. Here are some helpful tips on how to avoid such charges.

Keeping a ledger : Working with a balance that you get online or at the ATM is not just enough. The bank balance only shows the transactions that have been posted to your account on a particular day. There are certain transactions that are not posted instantly. Rather than forgetting about a particular transaction, it is important to write down everything as you go and keep a check on the running total. That ways, you are always aware about how much money is available in your account. Banks will often change the order of your transactions held in your account. Sometimes, they post from the largest to the smallest so you need to check with your bank about their banking procedures, but it is always a good idea to maintain a ledger with yourself so that you stay safe and stay aware about the balance availability in your account.

Asking about funds availability : Some banks will hold your money for a short period of time when you deposit a check. This will allow the bank to be sure that the check will clear. Keep in touch with your bank and ask them about when the funds will be available before you start spending to avoid any unpleasant surprises.

Opt out of overdraft coverage : This feature is available with almost all banks and they have a different name for it. They want all their customers to use this feature. The fact of the matter is, as per the laws passed by the congress, it is illegal for banks to pay debit card transactions and charge you overdraft fees when they know that there is no money in your account at the time when you swiped your card, unless you give them any written permission. There are times when you want the transactions to go through, but in most cases, the bank should make you aware that there is not enough money in your account rather than charging a $100 fee, just because you spent $3 more than what you had in your account.

Overdrafts protection : Most banks will give you the option to open another account just to cover you, in case you are spending too much. The most common practice is to link your savings account or your credit card to your checking account. Just in case, if you over spend, your bank will immediately transfer the funds from the other account to cover your transactions. There is a fee for this service but it is certainly much less than spending in overdraft fees.

These are some important and helpful tips in avoiding overdraft fees. You should always check with your bank and know about their overdraft policies before opening your account with them.

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By financen | November 7, 2018 - 9:26 am - Posted in Banking


Nowadays, it is very important for a bank or credit union to offer their customers the facility of paying bills online and direct deposit. If the bank is not able to offer this facility to their customers, there are chances that they will move to another bank or credit union. Moreover, if the customer has input all the information about his vendors and paying bills without any hassles, he will not want to go through the trouble of doing it again with another bank.

In the recent times, almost all major banks like Bank of America, Chase, and Wells Fargo have raised their fees for debit card usage. Many people complained against it including President Obama. And there were many other people who did not complain about anything. They just switched to another bank or credit union.

Kristen Christian, a famous art gallery owner in California, said she was very unhappy with the ridiculous fees and poor customer service of Bank of America so she created an event on Facebook called “Bank Transfer Day”. Days after she started this event, almost 80000 people signed up.

The credit union national association said that almost 65000 consumers nationwide moved to different credit unions, investing $4.5 billion in new savings account. It’s just an effort made by one single person in a social media website showing her unhappiness and that led 650000 people move to different bank, investing $4.5 billion.

 With the launch of SwitchAgent by Deluxe Corporation, consumers are now easily able to switch from one bank to another. There was another study that showed 66% of the account holders will consider switching primary financial institutions, but many accounts go dormant due to the laborious transition process. With the help of SwitchAgent, multiple billing vendors can be shifted, like mortgage payments, social security payments and utility bills can be moved to new accounts. This transition process will become a lot easier for both the financial institution and the consumer.

Recently, an ad campaign was introduced for hundreds of community banks and credit unions called “Scan and Switch”. This ad features a QR Code, when it is scanned with a smart phone, it will automatically take potential customers to the financial institutions’ web based switch kit.

Even congress is also getting involved. A bill was issued recently and the consumers will find it very easy to open and close bank accounts. This bill is called The Freedom and Mobility in Banking Act.

Though it has not been a good time for community banks and credit union to market about their products, services and lower fees, but with the new technology and laws, the customers find it easier to switch between different banks. And the banks need to offer more products and better customer service.

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By financen | May 5, 2018 - 12:00 pm - Posted in Banking

The idea of changing banks gets a bad rep. Too many individuals and firms believe that it is such a challenge to change and that it isn’t worth the hassle.

However, this isn’t the case.

Despite this prevailing myth, most of the time, changing banks can occur seamlessly and can actually bring you far more benefits than you initially imagine.

As your personal or business finances grow, your banking needs will also develop.

If you have grown disillusioned with your current provider, there is no reason to not shop around for a bank that can give you something more.

  • Here are five legitimate reasons to change banks this Spring.

1. You want fewer fees

Without a doubt, the main reason to change banks is so that you — the customer — can have access to superior banking for a lower price.

Unlike previously when banks would throw in lots of freebies and incentives, now you are most likely charged for everything. Fees for maintenance? Yes. Fees for overdrafts? Lots of them. Fees for bounced checks? You bet. And new fees are popping up all the time.

Even if you are not sure you want to change banks, you should always be on the lookout for better deals.

Keep your eyes wide and your ears open for banks that offer inexpensive checking accounts, unlimited monthly transactions, and a small business lending capacity (if applicable to your situation).

2. You want a more convenient app interface

While it may not be the first thing you think of, in 2018 it is crucial that a bank is staying up-to-date with enhancements in technology.

Working with a bank that prioritizes its users’ online and app experience makes things a lot easier and demonstrates their commitment to their customers.

Mobile banking services are the future, and you want to feel comfortable being able to manage your accounts from your devices. Not only will it be easier for you to check your accounts more frequently, but it also will help you stay on top of your day-to-day financial needs if you can do them from your smartphone.

3. You want greater proximity when on the go

There is no point working with a bank that is located far from where you reside. If you are a frequent traveler, you are going to require a bank that has many branches, and whose services can be utilized no matter where you go.

You will need a bank with a more extended ATM network, so your hard-earned cash isn’t merely going towards paying off ATM fees.

That being said, you don’t necessarily just want to look at the big, major banks, as a more local branch could not only offer a more personal service (see #4) but also may be partnered with a broader array of banks across the country and the world.

4. You want more personalized service

When dealing with your personal or business finances, you want to be concentrating on building a relationship with your bank manager. They can help you obtain necessary financing, apply for a personal or business credit card, and ensure you are protecting your assets.

Having a relationship with your bank manager means you can be assured that they will guide you, advise you, encourage you and support you in accomplishing your financial goals — whether they include getting a personal loan or setting up the best possible retirement plan.

If you don’t feel like you are getting the appropriate amount of personalized service with your current bank, it is certainly time to look elsewhere.

5. You just want to do some spring cleaning

We all have those recurring charges that we have been paying for so long that we forget to evaluate their necessity. Whether it is your video streaming account, an abundance of magazine subscriptions, or a gym membership, these small monthly fees add up to a large number of withdrawals from your account.

Just like spring cleaning your home, spring cleaning your bank account is an essential way to clear up your life.

By switching bank accounts, you will be forced to go through your recurring charges and make a new decision about whether they are bringing you enough value to make it worth signing up again.

Due to the significant changes transpiring in the global banking sector, there are more options than ever for you as a banking customer. Have you recently changed banks? What was your experience? If not, what is stopping you? Let us know in the comments below!

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By financen | March 20, 2018 - 6:25 pm - Posted in Banking, Career

Finance careers offer stability and enviable monetary compensation, as well as significant flexibility when it comes to moving ahead in banking or pivoting to take a leadership role in other sectors. There’s a wide range of roles available, and banking offers more opportunity than most to work your way up, rewarding those with initiative, hard work, and strong critical thinking and problem-solving skills. Here are five common careers in banking and finance to consider:

Investment banker

This is what many people think of when it comes to a career in the finance sector. The banking industry is broad, but the Wall Street stereotype tends to stick in most people’s minds, thanks to glamorous Hollywood depictions of hard-working graduates and fabulously wealthy leaders. Investment banking can be a challenging, yet rewarding career choice, and strides have been made to make it a more accessible and welcoming career for a wider variety of candidates. Investment banking hubs in New York, London, and other global-class cities makes it an exciting choice for those who love the big-city lifestyle, and it offers a strong opportunity for those who want to work their way up into management and leadership positions. This is a fast-paced, relatively demanding job and is a good choice for those who are ambitious and have a lot of drive, as well as a desire to keep learning. Experienced investment bankers are also well positioned to move away from the finance sector and take positions of leadership in other large companies.

Financial planning

Financial planning involves helping people identify and understand their goals, and then to come up with intelligent saving and investment plans to reach them. This is a good choice if you enjoy interacting with others, have good communication skills and attention to detail, and a strong affinity for research and problem solving. While some education and familiarity with professional conduct, finance, and reporting is helpful, it is possible to take the initiative and work your way up the ranks without a lot of formal training.

Bank teller

Bank teller jobs are an accessible form of entry level banking work that involves specialized service and sales roles. While attention to detail, consistency, and a pleasant, professional manner are required, formal education is usually not necessary for your first teller position. Banks usually offer a well-defined internal training and growth track, and will provide ongoing education and promotion opportunities if you want to move toward a supervisory or management role. A bank teller role could be a good choice if you want a job with less pressure that is still rewarding, or if you want to gain familiarity and experience in finance and earn some money for further education.

Banking paralegal

Banking paralegals are specialists that work in the legal departments of finance organizations. They perform research and reporting duties and have a specialist education. This is a great type of position for those who are very detail oriented and enjoy research. Those interested in learning more about how to become a paralegal will want to identify the sector they want to support as a paralegal and then sign up for a specific program like an associates degree that will teach them how to become a paralegal and qualify them to work in the field. This is not a learn-on-the-job type of role; formal education is generally required, since legal skills and specialist research skills are needed.


Various types of accountants and bookkeepers are employed in the banking industry. These are also specialized roles that require some formal education. Specific processes must be followed, and professional accountants and bookkeepers must have a shared understanding of fundamental accounting processes, as well as laws, regulations, and common practices specific to the sector they serve. A corporate accountant might need to understand regulations and tax law for multiple states or even different countries, while a bookkeeper for a small business or local clients only would require less training and experience. Depending on your goals, you might start small with some basic coursework, or get a full finance degree and get a job in banking or finance with a higher starting salary and more responsibility. These roles involve a lot of flexibility and opportunity. You might freelance part-time as a bookkeeper, or work as part of a team in a large company, with opportunities to gain more experience, continue your education, and move towards a position with more responsibility.

The banking industry offers a wide range of opportunities with good financial prospects. You can start small with some basic training and work your way up or go all out and put your ambition to work climbing the ranks.

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By financen | January 31, 2017 - 4:45 am - Posted in 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.

Basic responsibilities

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.

Educational qualification

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.

Private bankingCertifications required

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.

Think again

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.

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By financen | January 16, 2016 - 3:58 pm - Posted in Banking

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.RBI

  • 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.

Money Bhaskar always has the latest banking news in Hindi at your disposal.

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By financen | May 14, 2015 - 7:34 am - Posted in Banking

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.

Commercial Banks:

List of Public Sector Banks in India :- (Click to visit the website of the Bank)

Allahabad Bank
Andhra Bank
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
Central Bank of India
Corporation Bank
Dena Bank
IDBI Bank Limited
Indian Bank
Indian Overseas Bank
IDBI Bank (Industrial Development Bank of India)
Oriental Bank of Commerce
Punjab & Sind Bank
Punjab National Bank
State Bank of Bikaner and Jaipur
State Bank of Hyderabad
State Bank of India
State Bank of Mysore
State Bank of Patiala
State Bank of Travancore
Syndicate Bank
UCO Bank
Union Bank of India
United Bank Of India
Vijaya Bank

List of Private Sector Banks in India : – (Click to visit the website of the Bank)

Axis Bank
Catholic Syrian Bank Ltd.
IndusInd Bank Limited
ING Vysya Bank
Kotak Mahindra Bank Limited
Karnataka Bank
Karur Vysya Bank Limited.
Tamilnad Mercantile Bank Ltd.
The Dhanalakshmi Bank Limited.
The Federal Bank Ltd.
The HDFC Bank Ltd.
The Jammu & Kashmir Bank Ltd.
The Nainital Bank Ltd.
The Lakshmi Vilas Bank Ltd
Yes Bank

List of Private Sector Banks in India : – (Click to visit the website of the Bank)

Abu Dhabi Commercial Bank Ltd.
American Express Bank Ltd.
Arab Bangladesh Bank Limited
Antwerp Diamond Bank N.V.
Bank Internasional Indonesia
Bank of America N.A.
Bank of Bahrain & Kuwait BSC
Barclays Bank Plc
Bank of Ceylon
Calyon Bank
Citibank N.A.
Cho Hung Bank
Chinatrust Commercial Bank Ltd.
City Union Bank Ltd.
Coastal Local Area Bank Ltd.
Deutsche Bank AG
Development Credit Bank Ltd.
J P Morgan Chase Bank, National Association
Krung Thai Bank Public Company Limited
Mashreqbank psc
Mizuho Corporate Bank Ltd.
Oman International Bank S A O G
Societe Generale
Standard Chartered Bank
Sonali Bank
State Bank of Mauritius Ltd.
The Bank of Nova Scotia
The Bank of Tokyo-Mitsubishi, Ltd.
The Development Bank of Singapore Ltd. (DBS Bank Ltd.)
The Hongkong & Shanghai Banking Corporation Ltd.
The Royal Bank of Scotland N.V.


Financial Institutions
National Bank for Agriculture and Rural Development
Export-Import Bank of India
National Housing Bank
Small Industries Development Bank of India
Industrial Investment Bank of India Ltd.
North Eastern Development Finance Corporation
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