Bank overdrafts – Welcome Echizenshi http://welcome-echizenshi.com/ Mon, 21 Nov 2022 04:40:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://welcome-echizenshi.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Bank overdrafts – Welcome Echizenshi http://welcome-echizenshi.com/ 32 32 Next government to inherit N71.5tr debts, liabilities after May 29 | The Guardian Nigeria News https://welcome-echizenshi.com/next-government-to-inherit-n71-5tr-debts-liabilities-after-may-29-the-guardian-nigeria-news/ Mon, 21 Nov 2022 04:40:00 +0000 https://welcome-echizenshi.com/next-government-to-inherit-n71-5tr-debts-liabilities-after-may-29-the-guardian-nigeria-news/ • FG accuses oil theft of massive loans• Economists prescribe securitization for flexible repayment, urge government to pursue growth policies • There is so much corruption in bureaucratic processes, says UtomiJust six months before the end of President Muhammadu Buhari’s administration, the federal government’s total debts and other financial liabilities reached N71.46 trillion. The figure […]]]>

• FG accuses oil theft of massive loans
• Economists prescribe securitization for flexible repayment, urge government to pursue growth policies
• There is so much corruption in bureaucratic processes, says Utomi

Just six months before the end of President Muhammadu Buhari’s administration, the federal government’s total debts and other financial liabilities reached N71.46 trillion.

The figure does not include undocumented contingent liabilities to university professors, public school teachers and other public employees to whom the government is indebted.

Analysts say these undocumented liabilities could run into the trillions. Figures also exclude other outstanding financial commitments to bilateral and multilateral non-lending institutions. These include regional and global institutions to which the country subscribes as a member.

While the stock of traditional central government debt has risen from less than 10 trillion naira in June 2015, a month after the start of the current administration, to 35.7 trillion naira in June 2022, FG revealed that his debts to road contractors are around N11. 0.16 trillion.

In a recent budget defence, Works and Housing Minister Babatunde Fashola said the government has pledged road contractors to the tune of about N10.4 trillion, although a total of an estimated N765 billion relates to unpaid certificates for works performed.

Of Nigeria’s documented sovereign debts of 42.8 trillion naira in June, FG’s obligation stood at 35.7 trillion naira. The amount does not include the controversial Central Bank of Nigeria (CBN) overdraft estimated at 20 trillion naira granted to the Federal Government.

In addition, the government’s ‘contingent liabilities’ to different institutions and projects stood at N4.6 trillion at the end of last year. The figure is expected to reach 4.98 trillion naira by December and jump up to 50% to reach 7.52 trillion naira next year when the current administration is due to hand over.

The Guardian had reported that the items and organizations on the list of contingent liabilities were Nigeria Mortgage Refinance Company Plc, Nigeria Ports Authority – Lekki Deep Seaport, Pension Arrears, NNPC – AKK Gas Pipeline Project, among others.

Interestingly, the liabilities do not include dues to the Nigeria Union of Teachers (NUT), Academic Staff Union of Universities (ASUU) and several other labor groups.

Obligations relating to the country’s ongoing bilateral and multilateral financial commitments are also not taken into account. These categories, according to Professor Godwin Owoh, an economist and debt management consultant, are in addition to the country’s actual debts.

Indeed, President Buhari’s administration will pass well over N72 trillion in debt and contingencies to a new administration in May next year. Other officially undocumented figures, when added, will push sovereign debt towards N100 trillion.

Along with concerns over the cost of servicing CBN’s inflated overdrafts, stakeholders are concerned about the government’s silence on how it intends to liquidate the alleged short-term facility.

Last year, the Debt Management Office (DMO) said the facility would be converted into a 30-year instrument. This was to be done in accordance with the administration’s debt management strategy, which emphasizes a long-term maturity.

Finance, Budget and National Planning Minister Zainab Ahmed followed with confirmation of the plan to secure, but it drew a shocked reaction from experts who warned the plan was alien to ways and means management (W&M) and is against the CBN Act.

Section 38 of the CBN Act states that the apex bank could grant overdrafts to the federal government to meet a temporary shortfall in revenue. However, it stipulates that any outstanding overdraft must not exceed 5% of the government’s actual revenue for the previous year.

He added that the loaned amount should be repaid “as soon as possible” and that the power to extend the credit line cannot be exercised later, if the government fails to repay at the end of the financial circle.

The IMF had asked the apex bank to make the facilities subject to its enabling loan framework. Other experts also called on CBN to liquidate the amount and cancel the lifeline to contain inflation, which broke through the 20% mark.

The federal government this weekend blamed its penchant for borrowing on oil theft. This is perhaps not unrelated to the recent advice given to the government by DMO regarding heavy borrowing.

DMO Chief Executive Patience Oniha at a workshop for senators and the House of Representatives on Thursday said revenue growth should be accelerated and loans obtained should be invested in revenue-generating infrastructure to ensure debt service. She also advised the government to prioritize revenue generation over increased borrowing.

But Labor and Employment Minister Dr Chris Ngige, who spoke at the eighth meeting of the National Employment Council in Abuja, said the oil theft has forced the current administration to resort to borrowing.

Nigeria was unable to meet OPEC’s commodity quota due to unprecedented oil theft. This development, according to Ngige, has continued to hamper the government’s efforts to provide necessary social services to the country’s young and burgeoning population.

He said: “Now we can’t even produce the 1.8 million barrels. We’re running around 1.1 million barrels a day, and they told us that some people were stealing our crude oil. This is a very serious matter because it has made us very beggars. We are now a begging nation, resorting to begging to survive,” he added.

MEANWHILE, an economist, Professor Pat Utomi, has blamed the country’s growing debt on poor management and an inability to monitor project implementation at all levels.

“A new minister arrives, awards contracts and does not control what has been done; the minister’s boys are playing their own game. Now if you awarded a road construction contract in naira last year, with the rise in the exchange rate, the money is no longer relevant this year.

“The corruption that is rampant in the bureaucracy is so big that it has developed a huge bubble that they can’t handle it anymore and that has compounded our problem as a country.

“When you don’t pay contractors, they lay off workers and tax collection goes down and unemployment goes up and the economy can’t grow.

These are the problems we are currently facing. To improve the situation, Utomi said it was necessary for a new government to adopt a zero-based model to put all debt in proper context.

“We need proper renegotiation and payment to spread over a period of time. The new government needs to look at various options to deploy to achieve multiple goals, stimulate economic activities and deal with inflation.

“There must be a new policy in the future to guide the management of projects. The government does not need to award a contract that is not guaranteed in cash, if you do, a successor may come and will not pay attention to it and the debt will continue to accumulate there.

“We need a fiscal responsibility law that covers all of this. We don’t need to go too far to achieve a balanced budget,” he added.

Former President of the Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowo, said the government should be holistic about its overall total debt before finding ways to tackle the problem.

He pointed out that the country’s growing debt is surmountable if the government can securitize the total debt to create an opportunity for a long-term repayment plan to reduce the repayment burden.

According to him, it is also necessary for the government to launch policies that will encourage growth, boost productivity and revive the economy.

“The government also needs to create a value chain for agricultural development as the sector is a huge employer of labour. Then, labour-intensive policies will also help.

“Additionally, policies that will encourage the private sector to produce and invest are also essential. We need to find a way to ensure that the creative industry and other sectors that would drive growth and revive the economy are prioritized.

“The debt profile is increasing because the government is not generating enough tax revenue and it has to borrow to implement its policies and even with the borrowing the economy is not growing.”

Olowo also stressed the need for the government to use borrowing for capital spending, become more transparent and reduce all leakages to foster rapid development.

“The debt is very high, but with the right management and people running the business, the policies would be properly executed. Nigeria remains a frontier for growth,” he said.

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Banco Macro (NYSE:BMA) rating downgraded to hold on StockNews.com https://welcome-echizenshi.com/banco-macro-nysebma-rating-downgraded-to-hold-on-stocknews-com/ Fri, 18 Nov 2022 05:23:40 +0000 https://welcome-echizenshi.com/banco-macro-nysebma-rating-downgraded-to-hold-on-stocknews-com/ Banco Macro (NYSE:BMA – Get a Rating) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released Thursday. Separately, TheStreet upgraded Banco Macro from a “c” rating to a “b-” rating in a Friday, September 16 report. One research analyst rated the stock with a sell […]]]>

Banco Macro (NYSE:BMA – Get a Rating) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released Thursday.

Separately, TheStreet upgraded Banco Macro from a “c” rating to a “b-” rating in a Friday, September 16 report. One research analyst rated the stock with a sell rating, two gave a hold rating and one issued a buy rating for the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.70.

Banco Macro shares down 2.0%

Banco Macro stock traded down $0.26 at midday Thursday, hitting $12.84. 169,671 shares of the company were traded, against an average volume of 244,197. The company’s 50-day moving average price is $14.93 and its 200-day moving average price is $13.93. The company has a market capitalization of $821.00 million, a PE ratio of 3.09 and a beta of 1.25. The company has a debt ratio of 0.16, a current ratio of 0.79 and a quick ratio of 0.79. Banco Macro has a fifty-two week low of $9.72 and a fifty-two week high of $18.05.

Banco Macro (NYSE:BMA – Get Rating) last released its quarterly earnings data on Wednesday, August 24. The bank reported earnings per share (EPS) of $0.52 for the quarter, missing the consensus estimate of $0.62 per ($0.10). Banco Macro achieved a return on equity of 10.70% and a net margin of 9.30%. The company posted revenue of $552.75 million for the quarter, compared to $404.78 million expected by analysts. On average, research analysts expect Banco Macro to post EPS of 3.35 for the current fiscal year.

Institutional investors weigh on Banco Macro

A number of institutional investors have recently changed their positions in the company. BlackRock Inc. increased its stake in Banco Macro shares by 3.7% in the 1st quarter. BlackRock Inc. now owns 20,798 shares of the bank valued at $360,000 after acquiring 747 additional shares in the last quarter. Atlas Capital Advisors LLC bought a new stake in shares of Banco Macro in Q3 valued at around $27,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Banco Macro shares by 3.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 94,872 shares of the bank valued at $1,641,000 after acquiring 3,351 additional shares in the last quarter. UBS Group AG increased its equity stake in Banco Macro by 980.3% in the third quarter. UBS Group AG now owns 3,889 shares in the bank valued at $56,000 after acquiring 3,529 additional shares in the last quarter. Finally, KBC Group NV bought a new shareholding in Banco Macro in the 1st quarter for a value of approximately $75,000. 5.52% of the shares are currently held by institutional investors.

Banco Macro Company Profile

(Get an evaluation)

Banco Macro SA provides various banking products and services to individuals and businesses in Argentina. It offers various retail banking products and services, such as savings and checking accounts, term deposits, credit and debit cards, consumer loans, mortgages, auto loans, overdrafts , credit-related services, home and auto insurance coverage, tax collection, utility payments, automated teller machines (ATMs), and money transfers.

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SMEs urged to take steps to switch bank accounts https://welcome-echizenshi.com/smes-urged-to-take-steps-to-switch-bank-accounts/ Tue, 15 Nov 2022 05:00:21 +0000 https://welcome-echizenshi.com/smes-urged-to-take-steps-to-switch-bank-accounts/ The Banking and Payments Federation Ireland is urging small and medium-sized businesses that have their current accounts with Ulster Bank and KBC to take action, as both banks prepare to exit the Irish market. The latest figures from the Central Bank show that 23,000 business current accounts were still open with outgoing banks at the […]]]>

The Banking and Payments Federation Ireland is urging small and medium-sized businesses that have their current accounts with Ulster Bank and KBC to take action, as both banks prepare to exit the Irish market.

The latest figures from the Central Bank show that 23,000 business current accounts were still open with outgoing banks at the end of the last month.

Today, BPFI is organizing a round table with business representative bodies and stakeholders to strengthen the coordinated approach for professional customers who switch accounts and to ensure that SMEs are supported throughout the process.

“Significant progress was made by the industry in moving hundreds of thousands of customer accounts during the year, including more than 63,000 business current accounts,” said Brian Hayes, Managing Director of BPFI.

“There is undoubtedly still a lot of work to be done, especially in the migration of SME customers,” he added.

Mr. Hayes called on companies that have not yet taken action to do so as soon as possible.

He said the account transfer process can be longer and more complex for business customers than for personal customers.

“While some businesses may just need a simple account with online banking capability and perhaps a deposit account, more businesses will need cash management or payments facilities,” he said. he declares.

“It is particularly important for a large proportion of businesses to ensure that credit facilities such as overdrafts, loans or credit cards are in place, as these are not automatically transferred to a new supplier. and may take some time to establish,” he added. .

BPFI has also released its top tips for businesses switching bank accounts, which highlight key steps businesses should take to make the account transfer process as easy as possible.

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Your Guide to Daily ATM Withdrawal Limits and Debit Purchase Limits https://welcome-echizenshi.com/your-guide-to-daily-atm-withdrawal-limits-and-debit-purchase-limits/ Wed, 09 Nov 2022 23:46:11 +0000 https://welcome-echizenshi.com/your-guide-to-daily-atm-withdrawal-limits-and-debit-purchase-limits/ BakiBG/Getty Images/iStockphoto All banks and credit unions place limits on the amount of money a person can withdraw from their account at one time. Here’s what you need to know about limits on ATM withdrawals and debit card purchases. What is your ATM withdrawal limit? ATM limits vary for each bank or credit union. Daily […]]]>

BakiBG/Getty Images/iStockphoto

All banks and credit unions place limits on the amount of money a person can withdraw from their account at one time. Here’s what you need to know about limits on ATM withdrawals and debit card purchases.

What is your ATM withdrawal limit?

ATM limits vary for each bank or credit union. Daily limits on cash withdrawals generally range from $300 to $1,000 per day, depending on your account type and the agreement with your financial institution.

Can I withdraw $5,000 from an ATM?

It’s not unheard of, but in most cases the answer is no. Allowing $5,000 ATM withdrawals would mean recharging the machine more frequently and requiring a bank branch to have more cash on hand.

Alternatives to using an ATM to access $5,000 in a single transaction or over the course of a day include:

  • Go to a bank branch

  • Use a debit card to make a purchase

  • Transfer via an Automated Clearing House (ACH) transaction to another account

  • Money transfer request for a payment

Why are there ATM withdrawal limits?

Consumers whose money is deposited in a bank or credit union face limits on ATM withdrawals and debit card purchases to protect the financial institution and the consumer.

If a debit card and PIN are stolen, daily debit card purchase and withdrawal limits ensure an account is not wiped out by fraudsters. Financial institutions also want to ensure that they have enough liquidity to meet cash withdrawal requests from other customers on the same day.

Good to know

If you have a large sum of money in a bank account and want to withdraw it, plan ahead. You may need to give your financial institution advance notice so they can order additional cash for your request. Alternatively, you can accept a cashier’s check or wire transfer for your account balance.

What is your debit card purchase limit?

Purchase limits on a debit card are usually higher than ATM withdrawal limits and may even allow you to spend your entire checking account balance. Debit card limits vary widely depending on the rules set by the bank or credit union.

Factors that affect a person’s withdrawal and purchase limits include:

  • Type of account

  • Duration as a client

  • Average daily balance

  • Overdraft history or exceeding your account limit

  • Credit score and credit history

Tips

Consumers who need a temporary raise for a large, one-time purchase should call their financial institution. Banks and credit unions often waive limits for a short time and on a case-by-case basis.

Daily limits for ATM withdrawals and debit card purchases at major banks and credit unions

Here’s what you need to know about the limits of different banks and credit unions across the country.

Bank or credit union

Daily ATM withdrawal limit

Daily debit card purchase limit

Allied bank

$500 in the first 90 days, then up to $1,000

$500 in the first 90 days, then $5,000

Bank of America

Varied

$5,000

Capital one

$1,000 for a 360° verification; $600 for accounts other than 360

$5,000

Hunt

Depends on account type and on a case-by-case basis

Depends on account type and on a case-by-case basis

Citi®

$1,500 to $2,000, depending on account type

$5,000 to $10,000 depending on account type

Federal Naval Credit Union

$1,000

$3,000 to $5,000, depending on account type

NCP Bank

Depends on account type and on a case-by-case basis

Depends on account type and on a case-by-case basis

Bank of Regions

$808

$5,000

State Employees Credit Union

$1,000

$4,000

How to get money if you’ve reached your ATM withdrawal limit

Here’s an overview of the options you can consider if you’ve reached your ATM withdrawal limit and need access to more of your money.

guide on what to do if you've reached your ATM limits

guide on what to do if you’ve reached your ATM limits

Get cash at checkout

If you reach your daily ATM withdrawal limit and still need more money, you can make a debit card PIN purchase at a retailer. Many retailers allow up to $100 cash back at checkout with a purchase.

Credit card cash advance

Another way to access more money after reaching a withdrawal limit is to use the cash advance option on a credit card. Be careful if you use this feature too often due to high interest rates on cash advances. Be prepared to repay the cash advance quickly to avoid paying too much interest and fees.

write a check

Although consumers are using checks less and less, it is still possible to use one to access cash in a bank account. Depending on the financial institution, you may be able to cash a personal check to access more cash on the fly.

Transfer money from a savings account

If you have extra savings, you can transfer funds from your savings account to your checking account. Alternatively, you can have an ACH payment debited from your savings account.

Keep in mind that many banks limit the number of convenience transactions on a savings account to six per statement period. Some banks will impose penalties on customers who exceed the limit. In such cases, this option is best reserved for emergencies.

Carry

It’s important to weigh the pros and cons of accessing extra cash beyond a daily limit. Before you do anything, ask yourself if a purchase can wait until the next day or if there is another way to pay for a product or service other than cash.

How to increase your withdrawal and purchase limits

Some banks and credit unions are willing to work with customers to increase limits permanently. This option depends on your bank’s policies and procedures and your relationship with the financial institution.

Maintaining a higher average daily balance and avoiding overdrafts will increase the likelihood that your bank will approve a limit increase. Keeping your accounts in good standing shows you know how to manage your money and spend within your means.

Final grip

ATM withdrawal and debit card purchase limits are in place for a reason. If you are reaching or even exceeding your limits, you may want to talk to your financial institution to ask for higher limits or rethink how you structure your spending.

FAQs

  • How do I write a check for a cash pickup?

    • To issue a cash pick-up check, write your name on the line following the words “Pay to the order of”. Then complete the rest of the check as you normally would. You can also write the word “Cash” on the payee line. However, writing the word “Cash” instead of your name will allow anyone to cash the check, which will be a problem if you lose the check or someone steals it before you can cash it. at your bank.

  • Can I withdraw money from my credit card?

    • Many credit cards allow cash advances, but they can be quite expensive. According to the Consumer Financial Protection Bureau, a credit card cash advance is considered a short-term loan, and withdrawal fees and a higher interest rate will likely apply.

  • Which bank has the highest withdrawal limit?

    • Generally, Morgan Stanley Bank has the highest ATM withdrawal limit, between $1,500 and $5,000. However, regardless of the bank, ATM withdrawal limits may vary depending on the type of account you have and your banking relationship.

Cynthia Measom, Sean Dennison and Daria Uhlig contributed reporting for this article.

Information is accurate as of November 8, 2022.

This article originally appeared on GOBankingRates.com: Your Guide to Daily ATM Withdrawal Limits and Debit Purchase Limits

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StockNews.com has upgraded Peoples Bancorp (NASDAQ:PEBO) to Buy. https://welcome-echizenshi.com/stocknews-com-has-upgraded-peoples-bancorp-nasdaqpebo-to-buy/ Sat, 05 Nov 2022 00:01:53 +0000 https://welcome-echizenshi.com/stocknews-com-has-upgraded-peoples-bancorp-nasdaqpebo-to-buy/ Peoples Bancorp (NASDAQ: PEBO), which previously had a “hold” rating, was given a “buy” rating by StockNews.com analysts in a research note that was distributed to investors on Friday. In addition, PEBO produced a variety of additional studies. DA Davidson raised its price target on Peoples Bancorp to $41.00 and gave the company an “outperform” […]]]>

Peoples Bancorp (NASDAQ: PEBO), which previously had a “hold” rating, was given a “buy” rating by StockNews.com analysts in a research note that was distributed to investors on Friday.

In addition, PEBO produced a variety of additional studies. DA Davidson raised its price target on Peoples Bancorp to $41.00 and gave the company an “outperform” rating in a research report released Wednesday, July 27. Hovde Group downgraded Peoples Bancorp from ‘outperforming’ to ‘market performing’ in a research report. released Wednesday, October 26. Additionally, Hovde Group reduced its price target for the stock from $34.00 to $30.00. B. distributed a research report on July 11, which was a Monday. The price target for Peoples Bancorp was reduced by Riley to $28.00 from $30.00 previously. Peoples Bancorp was downgraded from “overweight” to “neutral” by Piper Sandler in a research report released Friday, July 8. Additionally, Piper Jaffray lowered her price target for the stock from $31.00 to $30.00. Finally, Stephens raised his price target on Peoples Bancorp to $34.00 in a research report released Tuesday, August 23. Five stock research analysts’ recommendations are to hold the stock, while two are to buy the stock. According to Bloomberg.com, the stock is rated “Hold” on average and analysts have set a consensus price target of $33.50.
On Friday, shares of Peoples Bancorp were priced at $29.60 when the market started. While the current ratio is 0.77 and the quick ratio is 0.77, the debt ratio is 0.16. The 1-year low for Peoples Bancorp is $25.63 and the 1-year high for the company is $34.63. The stock has a 50-day simple moving average of $29.78 and a 200-day simple moving average of $28.93. The company’s market cap currently sits at $837.59 million, its PE ratio is 8.15, and its beta is 0.84.
On Monday, October 17, Peoples Bancorp Chief Executive Charles W. Sulerzyski sold 1,500 shares of the company. At an average price of $30.64 per share, shares of the stock could be sold for a total of $45,960.00. As a direct result of the transaction, the CEO now owns 45,803 shares of the company, which are currently valued at approximately $1,403,403.92. This information about the transaction was published in a filing with the Securities and Exchange Commission, which can be found here. During the last quarter, business insiders sold 3,613 shares of the company with a total value of $111,277. Currently, business insiders own 2.42% of the company’s shares.

Several institutional investors have recently increased or decreased the amount of PEBO they hold. During the third quarter, Eidelman Virant Capital increased its portfolio by approximately $262,000 by acquiring a new investment in Peoples Bancorp. Raymond James Financial Services Advisors Inc. increased its stake in Peoples Bancorp by 1.3% during the third trimester. Raymond James Financial Services Advisors Inc. now owns 34,021 shares of the bank, worth $984,000, following the acquisition of 439 additional shares during the period. Additionally, Investment Partners LTD. bought a new position in Peoples Bancorp during the third quarter, valued at approximately $621,000. A 46.9% increase in McIlrath & Eck LLC’s ownership interest in Peoples Bancorp was achieved during the company’s third quarter reporting period. After making additional purchases during the period in question, McIlrath & Eck LLC now owns 1,353 shares of the bank, which are currently valued at $39,000. During the second quarter, Prelude Capital Management LLC added an additional 0.8% of shares to its holdings in Peoples Bancorp, bringing the total number of shares it holds to 102. After making additional purchases during During the period, Prelude Capital Management LLC now owns 40,873 shares of the bank’s stock, valued at a total of $1,087,000. The shares of the company are held by hedge funds and other types of institutional investors at 52.10%.

Peoples Bank, which offers corporate and personal banking services, is a subsidiary of Peoples Bancorp Inc., the parent company of the bank. In addition to overdrafts and home equity lines of credit, the bank provides loans to commercial and industrial businesses, commercial real estate businesses, construction businesses, financial businesses, residential real estate businesses, and consumer businesses.

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Starling Bank Current Account Review – Forbes Advisor UK https://welcome-echizenshi.com/starling-bank-current-account-review-forbes-advisor-uk/ Wed, 02 Nov 2022 09:01:09 +0000 https://welcome-echizenshi.com/starling-bank-current-account-review-forbes-advisor-uk/ With interest earned at 0.05% AER on credit balances up to £85,000, no monthly charges to maintain the account and no additional overdraft charges on top of interest, this checking account from Starling is worth considering. Representative example The representative APR example gives you an estimate of how much it might cost if you borrowed […]]]>

With interest earned at 0.05% AER on credit balances up to £85,000, no monthly charges to maintain the account and no additional overdraft charges on top of interest, this checking account from Starling is worth considering.

Representative example

The representative APR example gives you an estimate of how much it might cost if you borrowed a certain amount of money. This helps you compare products and provides a guide to the cost of carrying a sale. Your personal offer may vary from the representative APR example.

If you use an arranged overdraft of £1,200 you will be charged a representative rate of 15% APR (variable).

Advantages

  • 0.05% interest on credit balances up to £85,000
  • No monthly fees
  • No minimum monthly deposit

The inconvenients

  • Interest from 15% to 35% EAR (variable) on arranged overdrafts
  • No cash exchange offer
  • No cashback, perks or discounts

Contents

Show more
Show less

Main characteristics

  • 0.05% interest on credit balances up to £85,000
  • No monthly fees
  • Arranged overdraft facility charged at 15% to 35%
  • Free purchases and withdrawals abroad
  • Online and in-app banking
  • Recycled plastic debit card

Will I be eligible?

To qualify for a Starling Current Account, you must be over 16 and live at a UK address. You do not need to be a UK tax resident. This means you are not required to spend at least 183 days in the UK outside the tax year. Applications from people of all nationalities are considered.

To apply, you must download Starling from the Apple App Store, Google Play Store, or Huawei AppGallery, depending on your device.

What more do I need to know?

You can open a second current account with Starling for a fee of £2 per month, or a joint account, free of charge.

To apply for an arranged overdraft, you must be over 18 years old. You will be charged 15%, 25% or 35% EAR (variable) depending on your financial situation including your credit history. Interest charges of less than 10 pence for the month are waived.

Starling allows you to create virtual “Spaces” where you can compartmentalize your main account money.

For account holders with children between the ages of 6 and 16, it offers the Starling Kite feature. This allows you to assign a “Space” to your child which you can top up with money. Your child can access the “Space” using a debit card.

You can adjust the daily spending limit on your child’s “Space”, choose whether they can withdraw money or shop online, and receive notifications when they spend.

If you need someone else, such as a relative, friend, neighbor or childminder to shop for you, Starling can provide them with a “connected card”. This will give them access to a designated “Space” separate from your main account. It will be capped at a maximum balance of £200.

Is a Starling current account right for me?

Interest is paid at 0.05% AER on credit balances up to £85,000. In addition, there are no fees to manage this account, nor any additional fees applied in addition to interest on arranged overdrafts. If you go over your agreed overdraft limit, you won’t have to pay any additional charges, although the bank may block payments. Overall, this makes the account a competitive proposition under the right circumstances.

What are my alternatives?

Unlike Starling, some other current account providers currently offer cash transfer incentives.

First Direct’s first account and Santander’s current 1|2|3 account pay £175. The latter also offers up to 3% cashback on household bills and 1% interest on credit balances, but the account has a fee of £4 per month.

For £2 a month, the Santander 1|2|3 Lite current account also offers the £175 switching incentive and the same redemption rates as the 1|2|3 account. However, he does not pay credit interest. You will only get dematerialized statements if you have this account.

Nationwide Current Accounts offer a £200 switching incentive. Its FlexDirect current account also offers 1.5% interest on credit balances up to £1,500.

While Virgin Money’s M Plus account doesn’t pay a switch incentive, you get 25% cashback for two months on fuel and supermarket purchases (up to £160).

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5 Ways Sharing a Bank Account Can Get You in Trouble https://welcome-echizenshi.com/5-ways-sharing-a-bank-account-can-get-you-in-trouble/ Sat, 29 Oct 2022 12:08:59 +0000 https://welcome-echizenshi.com/5-ways-sharing-a-bank-account-can-get-you-in-trouble/ Image source: Getty Images Sharing a bank account is not for everyone. Whether the person you plan to share an account with is a spouse, another romantic partner, or an aging relative, it is your responsibility to ensure that you are not hurt by pouring your funds into a big pot. Here are five of […]]]>

Image source: Getty Images

Sharing a bank account is not for everyone. Whether the person you plan to share an account with is a spouse, another romantic partner, or an aging relative, it is your responsibility to ensure that you are not hurt by pouring your funds into a big pot. Here are five of the ways sharing a bank account can backfire.

1. Your banking reputation can take a hit

If you’ve never had a problem with your bank account, you may not be familiar with ChexSystems. ChexSystems is a national specialty consumer intelligence agency. In short, it’s where banks, credit unions, and other financial institutions report customer behavior. If a person is regularly overdrawn in their bank account or if the bank is forced to close the account, this is reported to ChexSystems.

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Reporting to ChexSystems is important. Let’s say a person named Sam has discovered his account so often that the bank closes it. Sam goes to a bank down the street to open another account, but the bank down the street checks ChexSystems, sees that Sam has a history of overdrafts, and refuses to allow Sam to open an account.

How does this apply if you share an account with another person? If your names are both on the checking account or the savings account, any report regarding the other person’s banking behavior also applies to you. A bank will not consider which of you discovered the account.

Sharing a bank account with another person is also sharing their banking reputation.

2. Your money could be used to pay off the other person’s debt

Let’s say you decide to share a bank account with an aging relative. The problem is that your relative has bad credit card habits. They charge for everything they see advertised and then don’t pay their credit card balance.

A credit card company obtains a court judgment against your parent and a charge is taken from your account. Once the charge is made, the bank freezes your account and the credit card company has the right to debit the money due from the account.

If your money is mixed up with someone else’s, their debt could quickly become your debt.

3. You are easier to control financially

As cynical as it sounds, sharing a bank account gives another person a tool to control you. Let’s say you move in with the “perfect” person, only to learn that this person is actually an abuser. Sharing an account allows them to withdraw every penny, leaving you with nothing. This gives them the opportunity to threaten to harm you financially.

You only control one account in your name.

4. The other person’s existing obligations should not be your responsibility

If you share an account with someone paying existing financial obligations, such as child support, spousal support, or college tuition, your money could be used to cover those expenses. Think long and hard about whether you’re willing to pay someone else’s bills.

Someone may want to share an account with you because they know they will need your financial support.

5. Arguing over money leads to resentment

Let’s say you put $5,000 in the bank account each month and the other person also puts $5,000 in the account. After all of your shared bills are paid, there is $2,000 left. The other person likes to spend while you like to save. However, before you have time to save or invest any of the remaining funds, the other person only spends a few dollars.

Sharing a bank account is the perfect recipe for conflict. If you have different money styles, you probably shouldn’t share an account.

In a perfect world, we could all share a bank account with someone we love. But even if we trust someone to the core, we may not share the same financial outlook. Before adding your name to someone else’s account (or allowing them to add their name to yours), make sure you’re on the same financial page.

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We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Stephens raises Amerant Bancorp (NASDAQ:AMTB) price target to $33.00 https://welcome-echizenshi.com/stephens-raises-amerant-bancorp-nasdaqamtb-price-target-to-33-00/ Mon, 24 Oct 2022 17:31:58 +0000 https://welcome-echizenshi.com/stephens-raises-amerant-bancorp-nasdaqamtb-price-target-to-33-00/ Amerant Bancorp (NASDAQ:AMTB – Get a rating) saw its price target raised by Stephens from $31.00 to $33.00 in a report on Monday, Stock Target Advisor reports. The company currently has an “equal weight” rating on the stock. Stephens’ target price indicates a potential upside of 11.41% from the stock’s previous close. AMTB has been […]]]>

Amerant Bancorp (NASDAQ:AMTB – Get a rating) saw its price target raised by Stephens from $31.00 to $33.00 in a report on Monday, Stock Target Advisor reports. The company currently has an “equal weight” rating on the stock. Stephens’ target price indicates a potential upside of 11.41% from the stock’s previous close.

AMTB has been the subject of several other reports. TheStreet downgraded Amerant Bancorp from a “b” rating to a “c+” rating in a Tuesday, September 6 research note. Piper Sandler lowered her price target on Amerant Bancorp to $33.00 in a Friday, July 22 research note.

Amerant Bancorp Price Performance

NASDAQ AMTB shares rose $1.12 during Monday’s trading, hitting $29.62. The company had a trading volume of 844 shares, compared to its average volume of 102,015. Amerant Bancorp has a 12-month low of $24.41 and a 12-month high of $36.72. The stock has a market capitalization of $1.00 billion, a PE ratio of 9.63 and a beta of 1.00. The stock has a 50-day moving average price of $26.40 and a 200-day moving average price of $27.53. The company has a current ratio of 0.99, a quick ratio of 0.97 and a debt ratio of 1.38.

Amerant Bancorp Institutional Trading

A number of institutional investors and hedge funds have recently changed their positions in the stock. RMB Capital Management LLC acquired a new stake in Amerant Bancorp in Q2 worth approximately $5,624,000. State Street Corp increased its position in shares of Amerant Bancorp by 34.9% in the second quarter. State Street Corp now owns 691,703 shares of the company worth $19,451,000 after purchasing an additional 178,928 shares during the period. Foundry Partners LLC acquired a new equity stake in Amerant Bancorp in the third quarter valued at $3,271,000. Kennedy Capital Management Inc. increased its position in Amerant Bancorp shares by 45.5% in the second quarter. Kennedy Capital Management Inc. now owns 268,873 shares of the company worth $7,561,000 after purchasing an additional 84,101 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Amerant Bancorp shares by 25.5% in the first quarter. Dimensional Fund Advisors LP now owns 320,995 shares of the company worth $10,140,000 after purchasing an additional 65,122 shares during the period. 39.43% of the shares are currently held by institutional investors and hedge funds.

About Amerant Bancorp

(Get a rating)

Amerant Bancorp Inc operates as a bank holding company for Amerant Bank, NA which provides personal and business banking products and services in the United States and abroad. The company offers checking, savings and money market accounts; and certificates of deposit. It also offers variable and fixed rate commercial real estate loans; loans secured by owner-occupied properties; loans to domestic and foreign individuals mainly secured by personal residence; working capital loans, asset-based loans, national credit share participations, purchased receivables and small business administration loans; loans to financial institutions and acceptances; and consumer loans and overdrafts, such as auto, personal, or secured by cash or securities and revolving credit card contracts.

See also

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This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

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What is Regulation D – Forbes Advisor https://welcome-echizenshi.com/what-is-regulation-d-forbes-advisor/ Tue, 18 Oct 2022 14:05:00 +0000 https://welcome-echizenshi.com/what-is-regulation-d-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. You can now have more freedom to make withdrawals from your savings or money market account thanks to a pandemic-era rule change that the federal government left intact. Regulation D affects how […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

You can now have more freedom to make withdrawals from your savings or money market account thanks to a pandemic-era rule change that the federal government left intact.

Regulation D affects how banks and credit unions classify certain types of accounts. In April 2020, during the first wave of Covid-19 in the United States, the Federal Reserve Board announced changes to Regulation D in an effort to make it easier for people to access their savings deposits without penalty, ” at a time when financial events associated with the coronavirus pandemic have made such access more urgent.

While some banks and credit unions have responded by waiving their fees for excess withdrawals from savings accounts and MMAs, others have kept their pre-Covid-19 penalties in place. You may be able to access your savings money more easily now, or you may still incur fees, depending on where you bank.

What is Regulation D?

Regulation D is a federal rule governing how banks and credit unions handle your savings deposits. Until April 24, 2020, Federal Reserve regulations limited the number of withdrawals you could make from a “savings deposit” account, which included both savings and money market accounts.

Regulation D required savings accounts to be limited to a total of six “convenient transfers and withdrawals” per month. These included:

  • Automated Clearing House (ACH) Payments and Electronic Funds Transfers (EFT)
  • Bill payments taken directly from your savings account
  • Debit card transactions
  • Overdraft transfers (where you link your savings account to a checking account as a backup for overdrafts)
  • Transfers made by computer, mobile device or phone
  • Checks made out to a third party
  • Bank transfers

There were two major exceptions to Rule D:

  • You can make unlimited withdrawals at an ATM or in person at a bank. (These transactions were not considered “practical”.)
  • You can make unlimited withdrawals over the phone, but only if the cashier sends you a check in the mail. (If the bank processed your request online, it counted towards your monthly limit.)

Regulation D required savers to be careful with the number of transfers or withdrawals they made. If you go over the monthly limit, your bank may charge you a fee per excess withdrawal, close your savings account, or convert it to a checking account.

Why does Regulation D exist?

Banks and credit unions are required by federal law to keep a certain amount of cash in hand — also called required reserves — to ensure they can cover customer withdrawals.

Regulation D helped to ensure that banks had adequate reserves by limiting the number of withdrawals customers could make each month from savings and money market accounts. The rule has never applied to checking accounts, which is why these have always allowed unlimited withdrawals.

However, as part of the federal government’s financial response to the Covid-19 crisis, the Fed has made changes to Regulation D so that people can dip into their savings more frequently without penalty.

How is Regulation D different?

As part of the Regulation D review announced in 2020, the Fed relaxed requirements for how banks handle savings deposits. Instead of limiting bank customers to six convenient transfers or withdrawals from a savings or money market account per month, Fed rules now allow unlimited transfers or withdrawals. However, individual banks and credit unions may still have limits in place.

This six-month limit was removed as the Fed determined that reserves were sufficient to no longer warrant restrictions on the number of monthly withdrawals. The move was also part of the Fed’s stated strategy to help consumers who were experiencing financial hardship as a result of the coronavirus pandemic and who could be helped by having more frequent access to their savings.

The change has no stated end date. According to the Fed’s Savings Deposits FAQ, “The Board does not intend to reimpose transfer limits but may make adjustments to the definition of savings accounts in response to comments received on the rule. provisional final of the Council and, in the future, if the conditions guarantee.”

The rule change also has other specifications for how banks and credit unions can manage and administer bank accounts and their financial reserve requirements, but most consumers saw no other significant changes in their accounts.

For example, your savings account will always be called a savings account, even if you make 10 convenient transactions in it per month. Your savings account will also continue to earn interest according to the bank’s normal procedures, even if you make more transactions than usual from the account.

Do you need to worry about Regulation D?

Unfortunately, Regulation D is still something you need to be careful of. Although it has been suspended at the federal level, many banks still have the same withdrawal limits in place.

This means that you could be charged excessive withdrawal fees or risk having your account closed if you make more than six outgoing transactions per month.

For this reason, it’s important to review your savings account disclosure or call your bank to find out what limits and fees may apply.

How can the changes to Regulation D help your finances?

Covid-19 has caused millions of Americans to lose jobs and struggle to pay their bills, and many consumers have had to dip into their savings as a result. The changes to Regulation D were intended to make it easier for people to access their savings, if needed, several times a month, without losing access to the account or paying additional fees.

Before Covid-19, Regulation D stated that banks and credit unions had the right to convert a savings account to a checking, or even close a savings account, if the customer made too many withdrawals or transfers in a month. The change to Regulation D gives bank customers more flexibility in deciding when and how to access their savings.

Now, if you’re struggling to pay your bills and need extra money several times a month, you have the freedom to withdraw or transfer money from your savings as often as you like.

Will the changes to Regulation D lead to more bank charges?

One of the concerns you may have about the Regulation D changes is whether they will require your bank to charge new or higher fees.

The Fed’s Regulation D guidelines do not affect whether banks or credit unions can charge fees for excess withdrawals from savings accounts. Although financial institutions were encouraged to allow additional withdrawals free of charge, they were not required to change their existing policies. If your bank was already charging excess withdrawal fees, it will likely continue to do so.

Will Regulation D Changes Affect the US Savings Rate?

Now that Regulation D has been changed to allow more frequent withdrawals from savings accounts, is this changing behaviors and could it unintentionally motivate Americans to save less money?

It’s hard to say with certainty. The U.S. personal savings rate has trended lower for much of 2022, but changes to Regulation D are unlikely to be the main cause, especially considering that Savings rates have increased multiple times in 2020 and 2021. Ultimately, macroeconomic factors such as personal income, consumer spending, and inflation are far more influential in how much Americans save.

Your best bet? Keep saving

The Fed’s removal of the six-withdrawal limit on savings accounts gives you more flexibility to access your savings. However, withdrawing money from savings only when you really need it is still the best solution.

Regardless of what happens next with Regulation D, it is important to be careful, disciplined and deliberate in how you use your savings deposits. And with the rise in savings account rates in recent months, maintaining your savings habit has become even more rewarding.

Try to leave your savings in savings. Be careful not to overdraw your checking account and set up alerts to notify you in advance when your checking account balance is getting low. Try not to use your savings account as a regular source of money or as a way to pay your monthly bills. Ideally, you should leave your savings alone as much as possible and let compound interest do its magic to grow your savings over time.

Conclusion

Regulation D is no longer in effect, but many banks still apply the rule. Review your savings account disclosure to find out what happens if you make more than six withdrawals per month. And if necessary, upgrade to a better savings account that doesn’t charge fees.

Find the best online savings accounts of 2022

Frequently Asked Questions (FAQ)

When is Regulation D reset?

As of October 2022, Regulation D has been suspended indefinitely. The Federal Reserve said it “does not intend to reimpose transfer limits.”

Can you circumvent rule D?

There are two main ways to get around Regulation D: switch to a checking account or withdraw money using an “inconvenient” method, such as an ATM or branch. However, you will want to check your bank’s policy first. Some institutions count all withdrawals against the Reg D banking limit, regardless of how you make them. Chase is an example.


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Sri Lanka sees more foreign interest in rupee bonds https://welcome-echizenshi.com/sri-lanka-sees-more-foreign-interest-in-rupee-bonds/ Sun, 16 Oct 2022 02:46:51 +0000 https://welcome-echizenshi.com/sri-lanka-sees-more-foreign-interest-in-rupee-bonds/ ECONOMYNEXT – Sri Lanka saw a recovery in interest on rupee-denominated foreign bonds as interest rates rose and domestic credit slowed, reducing foreign exchange outflows. Foreign investors’ holdings of rupee bonds increased from 4.01 billion rupees on August 31, 2022 to 22.5 billion rupees on October 05. The bonds were bought despite the threat of […]]]>

ECONOMYNEXT – Sri Lanka saw a recovery in interest on rupee-denominated foreign bonds as interest rates rose and domestic credit slowed, reducing foreign exchange outflows.

Foreign investors’ holdings of rupee bonds increased from 4.01 billion rupees on August 31, 2022 to 22.5 billion rupees on October 05.

The bonds were bought despite the threat of a second haircut or a restructuring of the rupee bonds.

Rupee bonds have already been subject to high inflation and financial repression (IFR), with their real value nearly halving as the rupee’s loose peg to the US dollar collapsed from 180 to 360 against the US dollar.

Domestic inflation reached 70% in the 12 months to August.

Foreign holdings of Sri Lankan rupee bonds are now at levels last seen in June 2020.

Foreign investors held large volumes of rupee bonds before the rupee began rapidly collapsing under ‘flexible inflation targeting’, perhaps the most deadly ‘impossible trinity’ style monetary regime ever concocted by Washington-based mercantilists.

Flexible inflation targeting involves the application of aggressive open market operations to suppress interest rates with money printed on a collecting reserve, triggering currency crises.

Critics have said that such schemes, which are an extreme example of the impossible trinity of monetary policy goals, are easily sold to Third World countries without a solid doctrinal foundation in sound money or classical monetary theory.

A World Bank survey showed that there was no such doctrinal basis in the entire South Asian region, and only 2% of “experts” knew that balance of payments deficits were caused by central banks, indicating that the region would continue to struggle with currency instability for the coming year.

Washington-based mercantilists, including Harry Dexter White and John H Williams, were the first to concoct the Bretton Woods system by promising “independent monetary policy” to central banks pegged to the US dollar.

To be fair, however, the Bretton Woods central banks were also independently pegged to gold and were free to pursue policies aimed at maintaining the peg to gold, which has been done by countries like the United States. Germany and Japan which managed to maintain their anchorage and Germany appreciated once.

In Sri Lanka, the rupiah was dismantled by several types of open market operations under a fully discretionary policy available under flexible inflation targeting.

From 2015 to 2019, the rupiah fell from 131 to 182 due to mistargeting of rates by the termination of forward repo agreements that had stemmed liquidity earlier when domestic credit was weak, repo auctions futures, day-to-day liquidity injections and outright bond purchases.

Other tools to inject cash included a so-called ‘buffer strategy’ where bonds were redeemed with bank overdrafts refinanced with printed money and in 2018 by injecting rupee-to-dollar swaps of the style used to create liquidity and break the East Asian peg in 1997.

Starting in early 2020, as interest rates started to rise after the tax cut, a plethora of liquidity tools were unleashed.

Rupees were pumped in through injections made to force rate cuts, reserve ratio cuts and finally the deadliest tool of controlling prices to cripple bond auctions.

Any errors of mistargeting rates are offset by currency depreciation through a “flexible exchange rate,” triggering social unrest and malnutrition.

The rupee went from 182 to 360 per US dollar from 2020 to 2022. (Colombo/Oct05/2022)

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