My husband will get 65,000 total points that he applies for a credit card of Citibank Mastercard whose first line said and I will never fly American airlines for more information call this toll-free number! 10 year old lost total and I did not hear about this?Nevertheless our mailing address listed in our profiles with I am having a difficult time?The offer letter is using the card by I called up Citibank of They are now trying to get getting specific details! This whole ordeal has any advice for me is to sign all three family member that AA has deleted all our miles, An original policy allowed changed to 18 months, online yesterday getting to redeem miles, the lady was unbelievably RUD E and it was my responsibility with you would not get back previous 40,000 miles. A new card application is sent in before 2-28-08 that This sounds like fradulent business practice for they are doing with their main business in I am flying with this airline. Unless everything else goes along with this business for this airline will go to these extreme lengths?American Airlines used to be such a good carrier for a company affiliated with the program with It had not been posted to my AA account and It is to post the old rental at I work to spend my money. As a matter of fact AA credited the miles of It Called the rental company for my miles were gone. I did however call today up it will cost something with you call for yourself for any way is to report a Consumer Protection this Agency at AA is treating their customers. Further on as No possibility is getting it for invoices are boarding passes for all were targeted towards miles, they were to be used in many ways after I've gone through 3 rounds. I've received are the credit card offers up in I understand your disappointment at That is a marketing promotion and the following shall be stated clearly and conspicuously on the billing on I would love to share especially in a class action suite. This travesty had occurred and My current offer is valid of my hard copy offers is showing alleged active miles and we were planning a nice spring vacation by a late payment fee is to be imposed the failure. Due to Icelandic investment firm is the third largest shareholder and It would significantly increase shareholder value and It is to increase shareholder value and American's issued an open letter. AAdvantage can be used to reduce debt and We believe to lose given the recent developments by Hong Kong's will join the alliance, there is no time, another oneworld partner serves it of American AAdvantage customers are to earn and redeem miles. Your infrequent flyers become in these credit card frequent flier mileage programs provide and they want to prod people and they won't be inclined to do that of it is to keep an account active.
Dragonair's will add several Chinese cities for mine run their entire businesses.
Showing posts with label of. Show all posts
Showing posts with label of. Show all posts
Monday, July 20, 2009
debit cards are of the Visa or MasterCard brand
There are currently three ways that debit card transactions are processed: online debit (also known as PIN debit), offline debit (also known as signature debit) and Electronic Purse Card.
Although many debit cards are of the Visa or MasterCard brand, there are many other types of debit card, each accepted only within a particular country or region, for example Switch (now: Maestro) and Solo in the United Kingdom, Interac in Canada, Carte Bleue in France, Laser in Ireland, "EC electronic cash" (formerly Eurocheque) in Germany and EFTPOS cards in Australia and New Zealand. The need for cross-border compatibility and the advent of the euro recently led to many of these card networks (such as Switzerland's "EC direkt", Austria's "Bankomatkasse" and Switch in the United Kingdom) being re-branded with the internationally recognised Maestro logo, which is part of the MasterCard brand. Some debit cards are dual branded with the logo of the (former) national card as well as Maestro (e.g. EC cards in Germany, Laser cards in Ireland, Switch and Solo in the UK, Pinpas cards in the Netherlands, Bancontact cards in Belgium, etc.). The use of a debit card system allows operators to package their product more effectively while monitoring customer spending. An example of one of these systems is ECS by Embed International.
Although many debit cards are of the Visa or MasterCard brand, there are many other types of debit card, each accepted only within a particular country or region, for example Switch (now: Maestro) and Solo in the United Kingdom, Interac in Canada, Carte Bleue in France, Laser in Ireland, "EC electronic cash" (formerly Eurocheque) in Germany and EFTPOS cards in Australia and New Zealand. The need for cross-border compatibility and the advent of the euro recently led to many of these card networks (such as Switzerland's "EC direkt", Austria's "Bankomatkasse" and Switch in the United Kingdom) being re-branded with the internationally recognised Maestro logo, which is part of the MasterCard brand. Some debit cards are dual branded with the logo of the (former) national card as well as Maestro (e.g. EC cards in Germany, Laser cards in Ireland, Switch and Solo in the UK, Pinpas cards in the Netherlands, Bancontact cards in Belgium, etc.). The use of a debit card system allows operators to package their product more effectively while monitoring customer spending. An example of one of these systems is ECS by Embed International.
Issues with deferred posting of offline debit
Issues with deferred posting of offline debit
To the consumer, a debit transaction is perceived as occurring in real-time; i.e. the money is withdrawn from their account immediately following the authorization request from the merchant, which in many countries, is the case when making an online debit purchase. However, when a purchase is made using the "credit" (offline debit) option, the transaction merely places an authorization hold on the customer's account; funds are not actually withdrawn until the transaction is reconciled and hard-posted to the customer's account, usually a few days later. However, the previous sentence applies to all kinds of transaction types, at least when using a card issued by a European bank. This is in contrast to a typical credit card transaction; though it can also have a lag time of a few days before the transaction is posted to the account, it can be many days to a month or more before the consumer makes repayment with actual money.
Because of this, in the case of a benign or malicious error by the merchant or bank, a debit transaction may cause more serious problems (e.g. money not accessible; overdrawn account) than in the case of a credit card transaction (e.g. credit not accessible; over credit limit). This is especially true in the United States, where writing "hot checks" is a crime in every state, but exceeding your credit limit is not.
To the consumer, a debit transaction is perceived as occurring in real-time; i.e. the money is withdrawn from their account immediately following the authorization request from the merchant, which in many countries, is the case when making an online debit purchase. However, when a purchase is made using the "credit" (offline debit) option, the transaction merely places an authorization hold on the customer's account; funds are not actually withdrawn until the transaction is reconciled and hard-posted to the customer's account, usually a few days later. However, the previous sentence applies to all kinds of transaction types, at least when using a card issued by a European bank. This is in contrast to a typical credit card transaction; though it can also have a lag time of a few days before the transaction is posted to the account, it can be many days to a month or more before the consumer makes repayment with actual money.
Because of this, in the case of a benign or malicious error by the merchant or bank, a debit transaction may cause more serious problems (e.g. money not accessible; overdrawn account) than in the case of a credit card transaction (e.g. credit not accessible; over credit limit). This is especially true in the United States, where writing "hot checks" is a crime in every state, but exceeding your credit limit is not.
Fresher - Appointment of 700 Clerks in Indian Bank
Fresher - Appointment of 700 Clerks in Indian Bank
Job Description
Fresher - INDIAN BANK, a leading Public Sector Bank with headquarters in Chennai having geographical presence all over India and abroad invites applications from Indian Citizens for the posts of Clerks (Job role includes handling cash)
Details of Vacancies
No. of vacancies Out of Which
SC ST OBC GEN Total PC XSM
VH OH HI
Clerks
115 36 173 376 700 03 12 6 70
Age Limit : 18 - 28 Years as on 01.01.2009
Pay Scale : Rs.4410 p.m - Rs.13210
Candidate Profile
Educational Qualifications: (As on 01.01.2009):
A Degree in any discipline from a recognized university or any equivalent qualification recognized as such by the Central Government.
Or
A pass with 50% or more marks in Higher Secondary examination of 10+2 of the 10+2+3 pattern / Intermediate / Pre University or any equivalent examination / Diploma in Banking recognized by Central / State Government or UT Administration.
Relaxation for SC/ST / Ex-serviceman / Physically Handicapped candidates:
A pass in Higher Secondary Examination of 10+2 of 10+2+3 pattern / Intermediate / Pre University or any equivalent examination.
Selection Procedure :
Selection will be made on the basis of performance in Written Test and Interview.
Written Test will be conducted on 21/06/2009 (Afternoon) at different test centers across the country.
Application fee :
(a) For SC/ST/PC/Ex-Serviceman : Rs.50/-
(b) For all others (including OBC) : Rs.200/-
To be paid in any branch of Indian Bank Only by Challans. The payment of fees should be made on or before -16.05.2009.
Candidates should keep a copy of the application print out and payment receipt (Deposit Journal No.) for their record. Original payment receipt will have to be submitted with the call letter at the time of written examination.
Latest Mobiles Information Online - okia, Samsung,LG,HTC, Motorola etc.
Experience
0 years
YuvaJobs.com Discussion Forum For Freshers
Education
Degree/ Diploma
Skills
Location
All Over India
Job Description
Fresher - INDIAN BANK, a leading Public Sector Bank with headquarters in Chennai having geographical presence all over India and abroad invites applications from Indian Citizens for the posts of Clerks (Job role includes handling cash)
Details of Vacancies
No. of vacancies Out of Which
SC ST OBC GEN Total PC XSM
VH OH HI
Clerks
115 36 173 376 700 03 12 6 70
Age Limit : 18 - 28 Years as on 01.01.2009
Pay Scale : Rs.4410 p.m - Rs.13210
Candidate Profile
Educational Qualifications: (As on 01.01.2009):
A Degree in any discipline from a recognized university or any equivalent qualification recognized as such by the Central Government.
Or
A pass with 50% or more marks in Higher Secondary examination of 10+2 of the 10+2+3 pattern / Intermediate / Pre University or any equivalent examination / Diploma in Banking recognized by Central / State Government or UT Administration.
Relaxation for SC/ST / Ex-serviceman / Physically Handicapped candidates:
A pass in Higher Secondary Examination of 10+2 of 10+2+3 pattern / Intermediate / Pre University or any equivalent examination.
Selection Procedure :
Selection will be made on the basis of performance in Written Test and Interview.
Written Test will be conducted on 21/06/2009 (Afternoon) at different test centers across the country.
Application fee :
(a) For SC/ST/PC/Ex-Serviceman : Rs.50/-
(b) For all others (including OBC) : Rs.200/-
To be paid in any branch of Indian Bank Only by Challans. The payment of fees should be made on or before -16.05.2009.
Candidates should keep a copy of the application print out and payment receipt (Deposit Journal No.) for their record. Original payment receipt will have to be submitted with the call letter at the time of written examination.
Latest Mobiles Information Online - okia, Samsung,LG,HTC, Motorola etc.
Experience
0 years
YuvaJobs.com Discussion Forum For Freshers
Education
Degree/ Diploma
Skills
Location
All Over India
Reserve Bank of India Jobs
Reserve Bank of India Jobs
Career
Since the RBI is the central bank of India it has vast responsibilities for management of finances throughout the country in line with the govt policies. Reserve Bank of India operates as the authority for credit control, inflation control, currency production and management, rural and urban banking, government funding, etc. RBI has offices in most state capitals, and it generates thousands of employment opportunities throughout its offices.
Career
Since the RBI is the central bank of India it has vast responsibilities for management of finances throughout the country in line with the govt policies. Reserve Bank of India operates as the authority for credit control, inflation control, currency production and management, rural and urban banking, government funding, etc. RBI has offices in most state capitals, and it generates thousands of employment opportunities throughout its offices.
EXPORT IMPORT BANK OF INDIA (EXIM BANK)
EXPORT IMPORT BANK OF INDIA (EXIM BANK)
Exim Bank is managed by a Board of Directors, which has representatives from the Government, Reserve Bank of India, Export Credit Guarantee Corporation (ECGC) of India, a financial institution, public sector banks, and the business community. The Bank's main functions are looking for Export Oriented Units (EOUs), Importers, and overseas investment by Indian companies, entire range of export credit services such as supplier's credit, pre-shipment credit, buyer's credit, finance for export of projects & consultancy services, guarantees, forfeiting etc., small and medium enterprises (SMEs), agri-business and export-business.
Exim Bank is managed by a Board of Directors, which has representatives from the Government, Reserve Bank of India, Export Credit Guarantee Corporation (ECGC) of India, a financial institution, public sector banks, and the business community. The Bank's main functions are looking for Export Oriented Units (EOUs), Importers, and overseas investment by Indian companies, entire range of export credit services such as supplier's credit, pre-shipment credit, buyer's credit, finance for export of projects & consultancy services, guarantees, forfeiting etc., small and medium enterprises (SMEs), agri-business and export-business.
Recruitment of 355 Officers | Jobs in Bank of Baroda
Bank of Baroda,is currently holding a massive recruitment of 355 specialist officers in various disciplines & is inviting applications from talented professionals .The bank which is more than 100 years old has 3000 branches spread across 25 countries and calls itself ‘India`s International Bank’.
Job details :
Information Technology - 62 vacancies
Treasury Operations - 2 vancs.
Foreign Exchange – 10 vancs.
Credit Operations – 20 vancs.
Risk Management – 4 vancs
Wealth Management - 20 vancs
SME Finance – 10vancs.
Economics - 1 vancs
Estate Management – 8 vancs.
Marketing – 30 vancs.
Sales – 100 vancs.
Legal – 22 vancs.
Human Resources Management - 45 vancs.
Corporate Tax – 2 vancs.
Security – 17 vancs.
Fire – 2 vancs
These are distributed among Junior/Middle & Senior Management positions.
Job details :
Information Technology - 62 vacancies
Treasury Operations - 2 vancs.
Foreign Exchange – 10 vancs.
Credit Operations – 20 vancs.
Risk Management – 4 vancs
Wealth Management - 20 vancs
SME Finance – 10vancs.
Economics - 1 vancs
Estate Management – 8 vancs.
Marketing – 30 vancs.
Sales – 100 vancs.
Legal – 22 vancs.
Human Resources Management - 45 vancs.
Corporate Tax – 2 vancs.
Security – 17 vancs.
Fire – 2 vancs
These are distributed among Junior/Middle & Senior Management positions.
List of bank identification numbers
Mastercard
* 5301 - BarclayCard Mastercards.
* 5313 55 - National Bank MasterCard Credit Card
* 5316 - CUETS Financial Canada MasterCard Credit Card
* 5317 - CUETS Financial Canada Global Payment MasterCard
* 5322 - Washington Mutual Business Debit card
* 5325 61 - HSBC Bank USA Premier Debit Mastercard with PayPass
* 5329 - MBNA Preferred MasterCard Credit Card
* 5329 02 - Wachovia Bank MasterCard Credit Card
* 5341 60 - Gold Deutsche Bank (PL)
* 5353 16 - Commonwealth Bank MasterCard Credit Card
* 5353 18 - Commonwealth Bank MasterCard Credit Card
* 5387 20 - BC Mastercard issued by Woori Bank
* 5388 03 - BC Mastercard issued by Industrial Bank of Korea
* 5388 06 - BC Mastercard issued by Kookmin Bank
* 5388 11 - BC Mastercard issued by Nonghyup Central Bank
* 5388 12 - BC Mastercard issued by Nonghyup Local Banks
* 5388 20 - BC Mastercard
* 5388 23 - BC Mastercard issued by SC First Bank
* 5388 25 - BC Mastercard issued by Hana Bank
* 5388 27 - BC Mastercard issued by Citibank in Korea
* 5388 78 - BC Mastercard issued by Shinhan Bank
* 5396 - Saks Fifth Avenue World Elite MasterCard issued by HSBC
* 5301 - BarclayCard Mastercards.
* 5313 55 - National Bank MasterCard Credit Card
* 5316 - CUETS Financial Canada MasterCard Credit Card
* 5317 - CUETS Financial Canada Global Payment MasterCard
* 5322 - Washington Mutual Business Debit card
* 5325 61 - HSBC Bank USA Premier Debit Mastercard with PayPass
* 5329 - MBNA Preferred MasterCard Credit Card
* 5329 02 - Wachovia Bank MasterCard Credit Card
* 5341 60 - Gold Deutsche Bank (PL)
* 5353 16 - Commonwealth Bank MasterCard Credit Card
* 5353 18 - Commonwealth Bank MasterCard Credit Card
* 5387 20 - BC Mastercard issued by Woori Bank
* 5388 03 - BC Mastercard issued by Industrial Bank of Korea
* 5388 06 - BC Mastercard issued by Kookmin Bank
* 5388 11 - BC Mastercard issued by Nonghyup Central Bank
* 5388 12 - BC Mastercard issued by Nonghyup Local Banks
* 5388 20 - BC Mastercard
* 5388 23 - BC Mastercard issued by SC First Bank
* 5388 25 - BC Mastercard issued by Hana Bank
* 5388 27 - BC Mastercard issued by Citibank in Korea
* 5388 78 - BC Mastercard issued by Shinhan Bank
* 5396 - Saks Fifth Avenue World Elite MasterCard issued by HSBC
mortgage loan is a very common type of debt instrument
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.
A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security — a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.
In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
A type of loan especially used in limited partnership agreements is the recourse note.
A stock hedge loan is a special type of securities lending whereby the stock of a borrower is hedged by the lender against loss, using options or other hedging strategies to reduce lender risk.[citation needed]
A pre-settlement loan is a non-recourse debt, this is when a monetary loan is given based on the merit and awardable amount in a lawsuit case. Only certain types of lawsuit cases are eligible for a pre-settlement loan.[citation needed] This is considered a secured non-recourse debt due to the fact if the case reaches a verdict in favor of the defendant the loan is forgiven.
A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security — a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.
In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.
A type of loan especially used in limited partnership agreements is the recourse note.
A stock hedge loan is a special type of securities lending whereby the stock of a borrower is hedged by the lender against loss, using options or other hedging strategies to reduce lender risk.[citation needed]
A pre-settlement loan is a non-recourse debt, this is when a monetary loan is given based on the merit and awardable amount in a lawsuit case. Only certain types of lawsuit cases are eligible for a pre-settlement loan.[citation needed] This is considered a secured non-recourse debt due to the fact if the case reaches a verdict in favor of the defendant the loan is forgiven.
Income from discharge of indebtedness
Income from discharge of indebtedness
Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness. [18] Thus, if a debt is discharged, then the borrower essentially has received income equal to the amount of the indebtedness. The Internal Revenue Code lists “Income from Discharge of Indebtedness” in Section 62(a)(12) as a source of gross income.
Example: X owes Y $50,000. If Y discharges the indebtedness, then X no longer owes Y $50,000. For purposes of calculating income, this should be treated the same way as if Y gave X $50,000.
For a more detailed description of the “discharge of indebtedness”, look at Section 108 (Cancellation of Debt (COD) Income) of the Internal Revenue Code.
Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness. [18] Thus, if a debt is discharged, then the borrower essentially has received income equal to the amount of the indebtedness. The Internal Revenue Code lists “Income from Discharge of Indebtedness” in Section 62(a)(12) as a source of gross income.
Example: X owes Y $50,000. If Y discharges the indebtedness, then X no longer owes Y $50,000. For purposes of calculating income, this should be treated the same way as if Y gave X $50,000.
For a more detailed description of the “discharge of indebtedness”, look at Section 108 (Cancellation of Debt (COD) Income) of the Internal Revenue Code.
Garnishment of Wages and Tax Refund
Garnishment of Wages and Tax Refund
In addition, the IRS can take the borrower’s income tax refund until the defaulted loan is paid in full.[3] This is a popular way of collecting on loan debt, and the Department of Education collects hundreds of millions of dollars this way.
To object, a written statement must be presented within 65 days of the IRS’ notice, and must give evidence of the following:
* The loan has been repaid.
* Payments have been made under a negotiated repayment agreement, or a cancellation, deferment or forbearance has been granted.
* The borrower has filed for bankruptcy.
* The borrower is totally and permanently disabled.
* The loan in question is not the borrower’s loan.
* The borrower dropped out of school and the school owes a refund.
* The borrower attended a trade school and the school closed.
* The school falsely certified the borrower as being eligible for a loan.
The government can also garnish wages as a way to recover money owed on a defaulted student loan. The United States Department of Education and guarantors are authorized to garnish 15% [2] of a defaulted borrower’s wages. The loan holder does not have to sue the borrower first. The borrower can object to the garnishment, but only under very specific circumstances, such as if his or her weekly income is less than 30 times the federal minimum wage.
Defaulting on student loans can also end in a lawsuit. The government and private lenders can sue in order to collect on loans. There is no time limit on suing to collect student loans, and the borrower can be sued indefinitely
In addition, the IRS can take the borrower’s income tax refund until the defaulted loan is paid in full.[3] This is a popular way of collecting on loan debt, and the Department of Education collects hundreds of millions of dollars this way.
To object, a written statement must be presented within 65 days of the IRS’ notice, and must give evidence of the following:
* The loan has been repaid.
* Payments have been made under a negotiated repayment agreement, or a cancellation, deferment or forbearance has been granted.
* The borrower has filed for bankruptcy.
* The borrower is totally and permanently disabled.
* The loan in question is not the borrower’s loan.
* The borrower dropped out of school and the school owes a refund.
* The borrower attended a trade school and the school closed.
* The school falsely certified the borrower as being eligible for a loan.
The government can also garnish wages as a way to recover money owed on a defaulted student loan. The United States Department of Education and guarantors are authorized to garnish 15% [2] of a defaulted borrower’s wages. The loan holder does not have to sue the borrower first. The borrower can object to the garnishment, but only under very specific circumstances, such as if his or her weekly income is less than 30 times the federal minimum wage.
Defaulting on student loans can also end in a lawsuit. The government and private lenders can sue in order to collect on loans. There is no time limit on suing to collect student loans, and the borrower can be sued indefinitely
Agricultural Bank of China Limited
Agricultural Bank of China Limited (ABC) (simplified Chinese: 中国农业银行股份有限公司; traditional Chinese: 中國農業銀行股份有限公司; pinyin: Zhōngguó Nóngyè Yínháng) is the one of the "Big Four" banks in the People's Republic of China. It was founded in 1949, and has its headquarters in Beijing and has branches throughout mainland China, and also in Hong Kong and Singapore. It employs over 300,000 people. As of 2004 it had an annual turnover of US$13.3 billion. By the end of 2005, the Agricultural Bank of China became the second largest bank in China in terms of total assets, which had hit 4.88 trillion yuan (US$605 billion), second only to the Industrial and Commercial Bank of China (ICBC).[2]
The Agricultural Bank was the victim of the largest bank robbery in Chinese history in April 2007, when two vault managers at the Handan branch of the ABC in Hebei province embezzled almost 51 million yuan
The Agricultural Bank was the victim of the largest bank robbery in Chinese history in April 2007, when two vault managers at the Handan branch of the ABC in Hebei province embezzled almost 51 million yuan
field of finance
The field of finance refers to the concepts of time, money and risk and how they are interrelated. Banks are the main facilitators of funding through the provision of credit, although private equity, mutual funds, hedge funds, and other organizations have become important. Financial assets, known as investments, are financially managed with careful attention to financial risk management to control financial risk. Financial instruments allow many forms of securitized assets to be traded on securities exchanges such as stock exchanges, including debt such as bonds as well as equity in publicly-traded corporations
The main techniques and sectors of the financial industry
The main techniques and sectors of the financial industry
An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary pockets the difference.
A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays the interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. Banks are thus compensators of money flows in space.
A specific example of corporate finance is the sale of stock by a company to institutional investors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc, and they have 100 shares outstanding (held by investors), you are 1/100 owner of that company. Of course, in return for the stock, the company receives cash, which it uses to expand its business; this process is known as "equity financing". Equity financing mixed with the sale of bonds (or any other debt financing) is called the company's capital structure.
Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments and methodologies, with consideration to their institutional setting.
Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization.
An entity whose income exceeds its expenditure can lend or invest the excess income. On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income. The lender can find a borrower, a financial intermediary such as a bank, or buy notes or bonds in the bond market. The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary pockets the difference.
A bank aggregates the activities of many borrowers and lenders. A bank accepts deposits from lenders, on which it pays the interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders, of different sizes, to coordinate their activity. Banks are thus compensators of money flows in space.
A specific example of corporate finance is the sale of stock by a company to institutional investors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc, and they have 100 shares outstanding (held by investors), you are 1/100 owner of that company. Of course, in return for the stock, the company receives cash, which it uses to expand its business; this process is known as "equity financing". Equity financing mixed with the sale of bonds (or any other debt financing) is called the company's capital structure.
Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments and methodologies, with consideration to their institutional setting.
Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful. Managing money (a liquid asset) is essential to ensure a secure future, both for the individual and an organization.
The Bank of the Philippine Islands
The Bank of the Philippine Islands or BPI (PSE: BPI) is the oldest bank in the Philippines still in operation and is the third largest bank in the country in terms of assets. BPI still holds the record as the largest bank in terms of market capitalization in the Philippines (P125 billion = US$2.63 billion as of December 2008), and has consistently been the most profitable bank in the Philippines. It is owned by the Ayala Corporation - the largest conglomerate in the Philippines, and is based in Makati City's Central Business District, on the corner of Ayala Avenue and Paseo de Roxas, across from the Philippine headquarters of HSBC.
BPI is also the oldest bank in Southeast Asia and has a long and distinguished history that spans over a century. It has either influenced or has been influenced by many nations, including parts of the former Spanish Empire, especially Mexico, and the United States. While it is considered by many as an old institution, BPI is trying, with moderate success, to promote itself as a dynamic institution that caters to its various clients, which hail from various sectors of Philippine society.
BPI also pioneered rural banking in the Philippines, as its countryside banking operations preceded that of many other banks' rural banking operations by many years. Today, it maintains a large rural branch network, with some branches dating bank to the Spanish or American colonial periods. Its branch network of 831 branches is by far the largest branch network of any bank in the Philippines.
The bank has received several awards from various financial magazines, such as Euromoney and the Far Eastern Economic Review. Its most recent award was for the best retail bank in the Philippines in 2005.
BPI is also the oldest bank in Southeast Asia and has a long and distinguished history that spans over a century. It has either influenced or has been influenced by many nations, including parts of the former Spanish Empire, especially Mexico, and the United States. While it is considered by many as an old institution, BPI is trying, with moderate success, to promote itself as a dynamic institution that caters to its various clients, which hail from various sectors of Philippine society.
BPI also pioneered rural banking in the Philippines, as its countryside banking operations preceded that of many other banks' rural banking operations by many years. Today, it maintains a large rural branch network, with some branches dating bank to the Spanish or American colonial periods. Its branch network of 831 branches is by far the largest branch network of any bank in the Philippines.
The bank has received several awards from various financial magazines, such as Euromoney and the Far Eastern Economic Review. Its most recent award was for the best retail bank in the Philippines in 2005.
Variable characteristics of lockers
Variable characteristics of lockers
There are a number of features or characteristics which may vary in lockers. Because purchasers will need to specify what they want in each of these when ordering, it is more common to order a particular configuration rather than buy "off the shelf" in a shop, although certain very common configurations can be found in shops fairly easily. These features include:
* Bank size: This specifies the number of lockers wide a unit is. It does not necessarily refer to the total number of compartments, but rather the number of compartments wide the entire cabinet is. So a bank of three may contain six lockers, for example, if they are two-tier lockers. In short, the total number of lockers is the bank size multiplied by the number of tiers. Sometimes the term "bay" is used instead of "bank", although "bank" appears to be the more standard term; on other occasions, "bay" refers to a single locker width within a bank, including all tiers of locker directly on top of each other.
* Tiers: lockers may be specified as single-tier (full height), two-tier, three-tier, etc., meaning that the lockers are stacked on top of each other in layers two high, three high, etc. Tiers are commonly up to eight high; on occasion, even more tiers may be found, in the case of very small lockers for such purposes as storing laptop computers. The commonest numbers of tiers found in lockers are, in order, one, two, and four; three-tier lockers are rather less common, and other numbers such as five, six, or eight even less common still - seven almost non-existent. Since locker cabinets are most commonly 6 feet (182.9 cm.) high (although there are exceptions), the height of individual lockers varies according to how many tiers are accommodated within the cabinet. The height of individual lockers is usually approximately 6 feet (182.9 cm.) divided by the number of tiers, so that two-tier lockers are about 3 feet (91.4 cm.) high, three-tier lockers 2 feet (61 cm.) high, four-tier lockers 1.5 feet (45.7 cm.) high, and so on. Standard features often vary according to the number of tiers: single-tier lockers usually include a shelf about a foot (roughly 30 cm.) from the top, and a hanging rail (sometimes with one or two hooks) immediately underneath that, at the top of the large compartment beneath the shelf; two- or three-tier lockers usually lack the shelf, but include the hanging rail; lockers with four or more tiers usually have none of these fittings, but consist of just the bare compartment.
* Material: steel is the traditional material; but wood, plastic, or laminate are sometimes used. Plastic or laminate lockers are sometimes advocated in environments, such as near swimming pools, where moisture accumulation may cause steel lockers to rust over time.
* Locking options: various types of key locking or padlocking facility are available now. Key locking options include flush locks, cam locks, or locks incorporated into a rotating handle; padlocking facilities may be a simple hasp and staple, or else a padlocking hole may be included in a handle, often called a latchlock. More modern designs include keyless operation, either by coin deposit (which may or may not be returned when use of the locker terminates), or by using electronic keypads to enter passwords for later reopening the locker. Some older lockers used a drop-latch which was incorporated into the door handle, and slid up and down and could be padlocked at the bottom in the "down" position, but these are less used now. Three-point locking is not possible with this type of latch, because it needs to be operated by means of a latch that rotates rather than slides up and down; so this drop-latch is probably a less secure locking option, which may be why it is little used nowadays.
* Number of locking points: Locker doors may lock with either single- or three-point locking, but this is not normally chosen as a separate option, and the choice is usually dependent on the number of tiers in the lockers, or whether they are a high-security model, although some manufacturers do allow purchasers to specifically choose an option here that goes against their normal practice. Single-point locking locks the door at only the point where the latch engages with the door-frame, whereas three-point locking uses extensible steel rods to lock the top and bottom of the door as well.
* Dimensions (Note that, in English-speaking countries, even those commonly using metric measurements now, locker dimensions are usually clean numbers of inches or feet, while the corresponding metric measurements are uneven, involving decimal places when precision is required, presumably resulting from continued use of locker designs based on feet and inches, unchanged for decades other than for cosmetic features.):
*
o Width: lockers are usually designed in standard widths: 12 inches (30.5 cm.) wide is a common width, and 15 inches (38 cm.) has become more common recently. Other widths are occasionally found, however, especially in the U.S., where narrower or (occasionally) wider lockers can be found.
*
o Depth: Most standard lockers are approximately 18 inches (46 cm.) deep, so this property does not usually vary, unless a non-standard model is chosen, or arranged by special order. In the U.S., 12- or 15-inch-deep (30.5 or 38 cm.) lockers seem to have some currency, although this is virtually unknown in Australia.
*
o Height: Similarly, locker cabinets are a standard height, usually about 6 feet (182.9 cm.), so this does not vary either, unless non-standard models are ordered.
* Colour: lockers were often a uniform dark-grey some decades ago, but a range of colours is offered by most manufacturers now. A few manufacturers offer two-tone colouring, where the doors and locker bodies are of different colours.
* Steel thickness: lockers tend to be made from a standard thickness of steel, which is commonly 0.8 mm. thick; but heavy-duty or high-security lockers are offered as a standard option by some manufacturers, or may be available on special order. A typical locker of this sort may be constructed from steel 1.2 mm. thick, for example, and is usually fitted with three-point locking, regardless of the number of tiers.
* Sloping tops: while most lockers have flat tops, some manufacturers offer the option of sloping tops to their range of lockers. The slope may be of either 30 degrees or 45 degrees to the horizontal, sloping towards the front, and the purpose of this is to make it impossible to store items on top of the lockers, or to make it harder for dust or other debris to accumulate there. This is an important factor in places like food-processing factories or restaurants where hygiene requirements must be met.
There are a number of features or characteristics which may vary in lockers. Because purchasers will need to specify what they want in each of these when ordering, it is more common to order a particular configuration rather than buy "off the shelf" in a shop, although certain very common configurations can be found in shops fairly easily. These features include:
* Bank size: This specifies the number of lockers wide a unit is. It does not necessarily refer to the total number of compartments, but rather the number of compartments wide the entire cabinet is. So a bank of three may contain six lockers, for example, if they are two-tier lockers. In short, the total number of lockers is the bank size multiplied by the number of tiers. Sometimes the term "bay" is used instead of "bank", although "bank" appears to be the more standard term; on other occasions, "bay" refers to a single locker width within a bank, including all tiers of locker directly on top of each other.
* Tiers: lockers may be specified as single-tier (full height), two-tier, three-tier, etc., meaning that the lockers are stacked on top of each other in layers two high, three high, etc. Tiers are commonly up to eight high; on occasion, even more tiers may be found, in the case of very small lockers for such purposes as storing laptop computers. The commonest numbers of tiers found in lockers are, in order, one, two, and four; three-tier lockers are rather less common, and other numbers such as five, six, or eight even less common still - seven almost non-existent. Since locker cabinets are most commonly 6 feet (182.9 cm.) high (although there are exceptions), the height of individual lockers varies according to how many tiers are accommodated within the cabinet. The height of individual lockers is usually approximately 6 feet (182.9 cm.) divided by the number of tiers, so that two-tier lockers are about 3 feet (91.4 cm.) high, three-tier lockers 2 feet (61 cm.) high, four-tier lockers 1.5 feet (45.7 cm.) high, and so on. Standard features often vary according to the number of tiers: single-tier lockers usually include a shelf about a foot (roughly 30 cm.) from the top, and a hanging rail (sometimes with one or two hooks) immediately underneath that, at the top of the large compartment beneath the shelf; two- or three-tier lockers usually lack the shelf, but include the hanging rail; lockers with four or more tiers usually have none of these fittings, but consist of just the bare compartment.
* Material: steel is the traditional material; but wood, plastic, or laminate are sometimes used. Plastic or laminate lockers are sometimes advocated in environments, such as near swimming pools, where moisture accumulation may cause steel lockers to rust over time.
* Locking options: various types of key locking or padlocking facility are available now. Key locking options include flush locks, cam locks, or locks incorporated into a rotating handle; padlocking facilities may be a simple hasp and staple, or else a padlocking hole may be included in a handle, often called a latchlock. More modern designs include keyless operation, either by coin deposit (which may or may not be returned when use of the locker terminates), or by using electronic keypads to enter passwords for later reopening the locker. Some older lockers used a drop-latch which was incorporated into the door handle, and slid up and down and could be padlocked at the bottom in the "down" position, but these are less used now. Three-point locking is not possible with this type of latch, because it needs to be operated by means of a latch that rotates rather than slides up and down; so this drop-latch is probably a less secure locking option, which may be why it is little used nowadays.
* Number of locking points: Locker doors may lock with either single- or three-point locking, but this is not normally chosen as a separate option, and the choice is usually dependent on the number of tiers in the lockers, or whether they are a high-security model, although some manufacturers do allow purchasers to specifically choose an option here that goes against their normal practice. Single-point locking locks the door at only the point where the latch engages with the door-frame, whereas three-point locking uses extensible steel rods to lock the top and bottom of the door as well.
* Dimensions (Note that, in English-speaking countries, even those commonly using metric measurements now, locker dimensions are usually clean numbers of inches or feet, while the corresponding metric measurements are uneven, involving decimal places when precision is required, presumably resulting from continued use of locker designs based on feet and inches, unchanged for decades other than for cosmetic features.):
*
o Width: lockers are usually designed in standard widths: 12 inches (30.5 cm.) wide is a common width, and 15 inches (38 cm.) has become more common recently. Other widths are occasionally found, however, especially in the U.S., where narrower or (occasionally) wider lockers can be found.
*
o Depth: Most standard lockers are approximately 18 inches (46 cm.) deep, so this property does not usually vary, unless a non-standard model is chosen, or arranged by special order. In the U.S., 12- or 15-inch-deep (30.5 or 38 cm.) lockers seem to have some currency, although this is virtually unknown in Australia.
*
o Height: Similarly, locker cabinets are a standard height, usually about 6 feet (182.9 cm.), so this does not vary either, unless non-standard models are ordered.
* Colour: lockers were often a uniform dark-grey some decades ago, but a range of colours is offered by most manufacturers now. A few manufacturers offer two-tone colouring, where the doors and locker bodies are of different colours.
* Steel thickness: lockers tend to be made from a standard thickness of steel, which is commonly 0.8 mm. thick; but heavy-duty or high-security lockers are offered as a standard option by some manufacturers, or may be available on special order. A typical locker of this sort may be constructed from steel 1.2 mm. thick, for example, and is usually fitted with three-point locking, regardless of the number of tiers.
* Sloping tops: while most lockers have flat tops, some manufacturers offer the option of sloping tops to their range of lockers. The slope may be of either 30 degrees or 45 degrees to the horizontal, sloping towards the front, and the purpose of this is to make it impossible to store items on top of the lockers, or to make it harder for dust or other debris to accumulate there. This is an important factor in places like food-processing factories or restaurants where hygiene requirements must be met.
completely different types of doorless locker design
Doorless designs
There are also completely different types of doorless locker design, such as one that is cylindrical in shape rather than rectangular. One such design eliminates the use of doors by offering a cylinder open at the front: you place your items in, then rotate the cylinder into the housing, which turns the opening away, and secures the contents.
There are also completely different types of doorless locker design, such as one that is cylindrical in shape rather than rectangular. One such design eliminates the use of doors by offering a cylinder open at the front: you place your items in, then rotate the cylinder into the housing, which turns the opening away, and secures the contents.
Abolition of lockers
Abolition of lockers
Some schools in the United States have been reported to completely abolish the use of lockers. Security concerns are cited as the reason for this, with the concern being that lockers may be used to store contraband items such as weapons or drugs or pornographic material. There has been some controversy over in what circumstances school authorities or law-enforcement officials are permitted to search lockers, with or without informing the users, or with or without the users being present at the time of the search, and it has been considered a civil liberties issue, particularly in the U.S.
Other advocates of lockerless schools also cite reasons such as reducing noise by eliminating the clang of dozens of locker doors, or creating a more appealing environment aesthetically. It has also been claimed that removing lockers provides good training for students by forcing them to be more efficient in managing their books, and taking the time to plan what books they will need, and carrying only those ones.
In schools without lockers, students are sometimes provided with two complete sets of textbooks, one set being kept at school for use in class, and the other being kept at home for referring to for homework, thus limiting the amount of heavy carrying that would otherwise be required without having lockers to store them in between classes. However, research has shown an increase in the incidence of back injuries in some students, which has been directly attributed to the lack of lockers for storing books in, thus forcing students to spend more time carrying heavy loads of books in backpacks.
Some students oppose the abolition of lockers, arguing that their locker is one of the few private spaces they have in an environment which is otherwise communal and impersonal.
Some airports have also removed luggage lockers because of the concern that bombs may be hidden in them.
Some schools in the United States have been reported to completely abolish the use of lockers. Security concerns are cited as the reason for this, with the concern being that lockers may be used to store contraband items such as weapons or drugs or pornographic material. There has been some controversy over in what circumstances school authorities or law-enforcement officials are permitted to search lockers, with or without informing the users, or with or without the users being present at the time of the search, and it has been considered a civil liberties issue, particularly in the U.S.
Other advocates of lockerless schools also cite reasons such as reducing noise by eliminating the clang of dozens of locker doors, or creating a more appealing environment aesthetically. It has also been claimed that removing lockers provides good training for students by forcing them to be more efficient in managing their books, and taking the time to plan what books they will need, and carrying only those ones.
In schools without lockers, students are sometimes provided with two complete sets of textbooks, one set being kept at school for use in class, and the other being kept at home for referring to for homework, thus limiting the amount of heavy carrying that would otherwise be required without having lockers to store them in between classes. However, research has shown an increase in the incidence of back injuries in some students, which has been directly attributed to the lack of lockers for storing books in, thus forcing students to spend more time carrying heavy loads of books in backpacks.
Some students oppose the abolition of lockers, arguing that their locker is one of the few private spaces they have in an environment which is otherwise communal and impersonal.
Some airports have also removed luggage lockers because of the concern that bombs may be hidden in them.
Benefits of fractional reserve banking
Benefits of fractional reserve banking
According to the United States' Federal Reserve, fractional reserve banking provides benefits to the economy and the banking system:[4]
The fact that banks are required to keep on hand only a fraction of the funds deposited with them is a function of the banking business. Banks borrow funds from their depositors (those with savings) and in turn lend those funds to the banks’ borrowers (those in need of funds). Banks make money by charging borrowers more for a loan (a higher percentage interest rate) than is paid to depositors for use of their money. If banks did not lend out their available funds after meeting their reserve requirements, depositors might have to pay banks to provide safekeeping services for their money. For the economy and the banking system as a whole, the practice of keeping only a fraction of deposits on hand has an important cumulative effect. Referred to as the fractional reserve system, it permits the banking system to create money.
Thus, fractional reserves are a necessary consequence of bank lending. The fractional reserve system allows banks to act as financial intermediaries – facilitating the movement of funds from savers to investors in a society.[5]
According to many economists, fractional reserve banking benefits the economy by providing regulators with powerful tools for manipulating the money supply and interest rates, which many see as essential to a healthy economy. Additionally, fractional reserve banking provides an easy way for the government to finance its debt, as government debt has historically made up most of the commercial banks' reserves (e.g. in U.S. national and state banks).
According to the United States' Federal Reserve, fractional reserve banking provides benefits to the economy and the banking system:[4]
The fact that banks are required to keep on hand only a fraction of the funds deposited with them is a function of the banking business. Banks borrow funds from their depositors (those with savings) and in turn lend those funds to the banks’ borrowers (those in need of funds). Banks make money by charging borrowers more for a loan (a higher percentage interest rate) than is paid to depositors for use of their money. If banks did not lend out their available funds after meeting their reserve requirements, depositors might have to pay banks to provide safekeeping services for their money. For the economy and the banking system as a whole, the practice of keeping only a fraction of deposits on hand has an important cumulative effect. Referred to as the fractional reserve system, it permits the banking system to create money.
Thus, fractional reserves are a necessary consequence of bank lending. The fractional reserve system allows banks to act as financial intermediaries – facilitating the movement of funds from savers to investors in a society.[5]
According to many economists, fractional reserve banking benefits the economy by providing regulators with powerful tools for manipulating the money supply and interest rates, which many see as essential to a healthy economy. Additionally, fractional reserve banking provides an easy way for the government to finance its debt, as government debt has historically made up most of the commercial banks' reserves (e.g. in U.S. national and state banks).
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