Fortune Watch

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After consumers complete the loan application and have chosen a loan type, the lender provides several documents to borrowers that disclose important aspects of the loan.

When it comes to borrowing money, it is common to focus on the interest rate. It makes sense, because the interest rate plays the largest role in determining how much the loan will actually cost, plus the interest rate is the easiest way for lenders to market their products.

While interest rates are certainly important, every loan has four common factors that will ultimately determine whether or not the loan is a good deal.

- Most loans come with some type of fee. This fee is usually used to pay for processing or originating the loan, and the fee isn’t always transparent. Sometimes the fees can be worked into the overall cost of the loan, or they may be completely separate. You will probably have to ask in order to find out what the fees are.

- Again, interest rates are used to advertise most loans, and obviously, the lower the rate, the better. One thing you do have to consider is whether the rate is fixed or adjustable, and if there are any special conditions that need to be met in order to qualify for the advertised rate.

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In your lifetime, you will use plenty of banking products that were previously not available to the ordinary person. Whether you are starting out with a small company or whether you run an established business it is important to ensure that you have the right business account in order to aid the smooth running of your company’s finances.

You can enjoy a choice of popular Business Banking accounts these days from a range of banks and financial institutions, so finding the right business account to suit your needs and those of your business should not prove too much of a problem. Business accounts offer increased convenience and financial support for commercial businesses, and you can enjoy a range of benefits when you open a business account.

Due to laziness alone, we often do our Business Banking with the same people our personal bank account is held with. If you shop around, you wont get much of a better deal financially (rates and services are generally almost identical) but you will find banks who offer better service, better personnel and advice. Depending on the size of your business a large part of Business Funding products are tailored to suit your business needs.

Banks are confident that through their Free Business Banking schemes you can save your business a lot of money. With a simple online calculator you can see how much you can actually save.

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Are you short for month money at the end of each month? Do you have 5-10 credit cards, all maxed out to the limit? Do you forget to pay your bills on time? If you have answered, “Yes,” to any of these questions, don’t feel bad and don’t worry. I have some tips that can help you improve your financial picture: Create a Bill-Paying System

The first thing you’ll need to do is to go out and pick up some colored hanging folders. If you don’t have a file cabinet, get a file box that you can find in any stationery store or discount department store. They’re very inexpensive. Then, make a folder for each expense. Use one color for your bank statements, another for your utility bills, and another for credit cards. Keep the system pretty simple or complexity could let procrastination) take over.

Each day when your mail arrives, separate it immediately into what you don’t need and want to throw away and your bills and other things that need attention right away. Do the things that are needed and either pay the bill right away or put them in a central place where you can retrieve them when the money is available for paying the bills. This could be the front of a desk drawer, for instance, or even a basket on top of your desk. Just be sure that nothing goes into that basket besides your bills.

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An identity thief takes your personal information and uses it without your knowledge. The thief may run up debts or even commit crimes in your name. Identity theft is serious. While some identity theft victims can resolve their problems quickly, others spend hundreds of dollars and many days repairing damage to their good name and credit record.

As the name suggests, it is the theft of the personal information of another. The theft would be incomplete unless the information was used for some nefarious process, and it is in many different ways. Keeping your personal information from falling into the wrong hands will help you from becoming another identity theft victim.

The most common form of identity theft is not the stealing of credit card numbers. Instead, the devious individual is aiming for your social security number. Why? That number is the basis of many different financial transactions.

With a social security number, an identity thief can take many financial steps. They can open multiple credit card accounts. They even apply for a loan once they establish a second address.

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Imagine, you need details of your last few transactions, but are stuck in a traffic jam on way to the bank. How you wish you could get the details on your mobile phone!

Well, you really can ‘bank’ on your mobile phone today, provided you have opted for the service from your bank. Just SMS (short message service) your bank’s customer service number and get the details in a few seconds - that’s how simple it can get, if you have a mobile phone, a personal identification number and a phone banking number from your bank. It’s the same with paying utility bills, transferring money to someone, whether in your home country or abroad, and making a purchase at a retail store.

Most banks already allow customers to make basic transactions over the phone. Banking might be getting a little easier than that. One of the largest banks, recently announced plans for a mobile banking service. To use the service, mobile users download an application to their cell phones, just like you would for a game or song, and use their cell phones to check balances, transfer funds, pay bills, or even find an ATM.

Having the ability to bank using a cell phone is an innovative idea, but will it make it easier for consumers to pay their bills? Perhaps. If your credit card payment is due today, this mobile banking service might allow you to pay it the second you remember it, rather than risk a late payment due to forgetfulness.

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Are you short for month at the end of each month? Do you have 5-10 credit cards, all maxed out to the limit? Do you forget to pay your bills on time? If you have answered, “Yes,” to any of these questions, don’t feel bad and don’t worry. I have some tips that can help you improve your financial picture: Create a Bill-Paying System

The first thing you’ll need to do is to go out and pick up some colored hanging folders. If you don’t have a file cabinet, get a file box that you can find in any stationery store or discount department store. They’re very inexpensive. Then, make a folder for each expense. Use one color for your bank statements, another for your utility bills, and another for credit cards. Keep the system pretty simple or complexity could let procrastination) take over.

Each day when your mail arrives, separate it immediately into what you don’t need and want to throw away and your bills and other things that need attention right away. Do the things that are needed and either pay the bill right away or put them in a central place where you can retrieve them when the money is available for paying the bills. This could be the front of a desk drawer, for instance, or even a basket on top of your desk. Just be sure that nothing goes into that basket besides your bills.

Online banking is a great way to streamline the bill paying process. Bank security is top notch, so the question of you having a problem online is really out of the equation. The chances are very slim. So, what you do is you take each bill that you receive and you put the information needed into the online banking account. You don’t have to do this all at once. Wait until your next bill comes in and do it one or two at a time. That way, it seems less daunting, and remember, you only have to do it once. After all the information has been entered, paying a bill becomes as simple as clicking a button, a mouse button, that is.

When you’re finished paying your bills, be it online or off, put the paid bills with the date of payment written on the front, into one of the colored file folders. That way, when tax time comes around, all your financial records will be at your fingertips.

Don’t carry around huge wads of cash or a debit card linked to your bank account, either. If you prefer the convenience of plastic, open a separate bank account and put a monthly “allowance” into it for yourself. When the money’s gone, you’ll just have to wait until next month to get more. This should help you to budget your spending and hold back on those impulse purchases a little.

And if you want to buy something, decide whether you need it or just simply want it. If you think you need it, just walk away and take 25 hours or longer to consider the purchase. Once it’s out of your site, you may find that it’s really a want, disguising itself as a need.

Before you pay any bill, any expense for the month, you should always be paying yourself. Ten percent of your income, every time you get money or a paycheck, should go into a savings account. If you don’t have a savings account, get one and never, ever use it except for depositing. Your savings account is for huge expenses, like buying a house, repairing your car, or retirement.

Put at least one of these tips into practice and see how well it works for you. I guarantee that you’ll be back to try another.

Electronic Funds Transfer (EFT) offers a host of benefits to both your business and your customers. Accepting payments electronically allows your customers to avoid using credit cards by having the funds directly debited from their bank accounts. In addition to the convenience this provides your customers, electronic funds transfer also saves your company money by eliminating the high fees associated with credit card transactions and replacing them with a much lower per-transaction fee.

Electronic funds transfer also has several advantages over accepting paper checks. You’ll receive the funds much more quickly and save time and money over processing paper checks.

Electronic billing is also a great tool for recurring payments. If you charge your customers on a regular basis, electronic funds transfer deducts the funds from their accounts automatically. This will save your business the time and costs associated with sending and processing bills.

You can set your business up with easy-to-use software and services for electronic transfers. You can accept electronic payments online, by phone, or by fax. You simply need to get the customer’s bank routing number, account number, and authorization for each transaction. You then submit this information each day through the network, and the funds appear in your account within 48 hours.

Banks can provide your company with a customized package that allows you to integrate electronic payment services into your existing payment processes. In addition to accepting electronic payments from customers, electronic funds transfer also allows you to pay employees and suppliers electronically with direct deposit.

How do you stay safe Online? What are the dangers of Online Banking. Are you likely to have your cash stolen or even your identity? Find out how to stay safe when Internet Banking.

Internet banking has been around for a little over 10 years and in the last 3-5 years has become a common feature with every major bank in the world!

With Internet Banking you can access your bank account(s) using the internet from the comfort of your own home. Most banks offer almost all the features that are available when you visit the bank. You can transfer money between accounts, pay money in/out. Apply for a loan or overdraft/credit buffer, or order a cheque book or a new credit/debit card and these are just some of the features.

Many banks actually offer a much higher interest rate if you open an Internet Savings Account. This reduces their administration costs and in turn they can pass some of those savings to the customer.

But for most people, the real benefit of internet banking is that it eliminates the need to get in the car, drive to the bank, find somewhere to park, (and usually have to pay for that too) and queue for 30 minutes just to pay in a cheque or perform a simple transaction. Or, even worse have to book an appointment!

So, is Internet Banking a little too easy? Can others access your details?

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