BizAims

An account statement or a bank statement is a summary of all financial transactions occurring over a given period of time on a deposit account, a credit card, or any other type of account offered by a financial institution.

Bank statements are typically printed on one or several pieces of paper and either mailed directly to the account holder's address, or kept at the financial institution's local branch for pick-up. Certain ATMs offer the possibility to print, at any time, a condensed version of a bank statement.

If you feel sick when the bank statement arrives, or dizzy when a bill drops through the letterbox, you are not alone in your suffering.

Researchers at Cambridge University have discovered a psychological condition they are calling financial phobia, affecting more than 9 million people in Britain.

Joe Lopez will never forget the day he checked his Bank of America account online and realized that more than $90,000 had vanished.

Months before, the Miami business owner had stopped making weekly visits to his local branch, opting instead to conduct his financial transactions entirely over the Internet.

"I absolutely thought it was safe," Lopez said. "And it was convenient."

What he didn't realize were the risks. A malicious virus had infected his computer and, in a matter of minutes, captured his user name and password -- allowing a hacker to transfer $90,348 to a rogue overseas account.

Lopez got most of his money back months later, after a federal investigation and, eventually, a lawsuit. But his experience taught him the hard way, he says, what many experts have concluded: "Online banking is a danger."

Since its debut just a decade ago, online banking has become one of the fastest-growing Internet activities. Roughly 43% of people who use the Internet, or about 63 million Americans, do some banking there, according to a 2006 survey by the Pew Internet & American Life Project -- even more than make travel reservations online.

Just ask British investor Joe Lewis about the estimated $800m he has lost since buying into US investment bank Bear Stearns last summer, the bank hurriedly bought by JP Morgan at a big discount. Or look at the price of Citi shares today compared with when the Abu Dhabi Investment Authority bought its stake.

Citi is the latest international banking group to welcome a UAE government investor as a part of a recapitalisation exercise. Dubai has also taken stakes in HSBC, Standard Chartered and Deutsche Bank. But all these banks have one thing in common: they are growing their UAE operations.

Citi said ADIA's conversion will total no more than 4.9 per cent of Citi's total shares, but this still makes it the biggest single shareholder, ahead of the current number one, Prince Alwaleed bin Talal of Saudi Arabia. Citigroup has recently seen its share dip below $30 for the first time in five years.

At least in the case of Citi, the long view may prevail as the bank digs its way out of the credit crisis now enveloping the sector, but that could still mean further cash injections from willing buyers of emergency share issues. In the case of Bear Stearns, investors are fighting what looks like a losing battle for a better exit price.

LONDON — The deputy head of the watchdog agency that regulates Britain’s banks resigned hurriedly on Wednesday after he was accused of firing a whistle-blower who had warned in 2004 that Halifax Bank of Scotland, or HBOS, the fast-expanding mortgage lender both men then worked for, was accumulating levels of debt that put it at unacceptably high risk.

The resignation of Sir James Crosby, deputy chairman of the Financial Services Authority, came amid intensifying recriminations over who has most to answer for as the country descends into its worst recession in decades. The controversy is an embarrassment to Prime Minister Gordon Brown, who in recent years made Sir James a trusted financial adviser.

A $500,000 cap on CEO pay at banks that have taken billions in taxpayer money?

It's not enough.

"Off with their heads!" yelled Wonderland's Queen of Hearts. Why isn't there ever a bloodthirsty sociopath with dictatorial powers and no regard for legal niceties around when you need one?

And heads do need to roll. Not just to satisfy a widespread desire for revenge on the masters of the financial universe who got the world into this mess -- although that's certainly a plus. But because the greedy, shortsighted and, in some cases, downright crooked people must be punished this time. That includes everyone from middle-class speculators who lied to get mortgages they couldn't afford to CEOs who took extreme risks because they thought they'd be out the door before the pyramid collapsed.

    * Talk back: Who's at fault and what should be done?

And I mean punished by more than just a slap on the wrist. If they aren't, we're just asking for a replay of this mess in five to 10 years, and, worse, we're telling the investors of the world that they shouldn't trust the U.S. with their money. Those aren't good messages to send when you plan to borrow $1.5 trillion to $2.5 trillion this year alone, as the U.S. Treasury will do.

Financial planning covers a wide variety of money topics including budgeting, expenses, debt, saving, retirement and insurance among others. Understanding how each of these topics work together and affect each other is important for laying the groundwork for a solid financial foundation for you and your family.

Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management.

What is FDIC?:

FDIC stands for the Federal Deposit Insurance Corporation. The FDIC was created back in 1933 in response to the many bank failures during the Great Depression. Prior to FDIC, if you had deposits at a bank, and the bank failed, you lost your money. Now, if you have deposits in an FDIC insured account, this government agency guarantees those deposits.

What Was The Great Depression of 1929?:

The Great Depression of 1929 was a worldwide depression that lasted for 10 years. Its kickoff in the U.S. economy was “Black Thursday”, October 24, 1929, when 12.9 million shares of stock were sold in one day, triple the normal amount. Share prices fell 15 - 20%, causing a stock market crash.

Franchising refers to the methods of practicing and using another person's philosophy of business. The franchisor grants the independent operator the right to distribute its products, techniques, and trademarks for a percentage of gross monthly sales and a royalty fee. Various tangibles and intangibles such as national or international advertising, training, and other support services are commonly made available by the franchisor. Agreements typically last from five to thirty years, with premature cancellations or terminations of most contracts bearing serious consequences for franchisees.

You’ll operate in a post-code defined territory chosen to provide a minimum number of prospects that meet the profile of the existing customer base of the original business unit. In other words, if we can do it…so can you.

Whether you are already a business owner or are starting up a new business, the first thing that you will think about is Finance. There are many ways of going about getting the money you need.

That said, you must also take into consideration several factors before you get the money. Have a look at the various options you have in front of you and compare it with your business plan and projected revenues. Realistically speaking, identify how you would be able to repay the money that you are taking.

Here are some creative business financing ideas that will help you get the money you want.

Savings Account: Here we are talking about your own savings account. Before you dip into your kitty of savings, consider the following: How much savings have you got in that account? Are you dependant on that money for your day to day expenses? How confident are you that your business venture will succeed? Be realistic while you make these considerations. If the savings account is not something you depend upon and you can afford to forget about the money you take from it should you incur a loss, then go ahead and take the money from it.   The upside to this is that you are taking an interest free loan from yourself and saving quite a bit of money on that end. You can even repay this loan in variable installments, and not suffer penalties for it.

Money is anything that is generally accepted as payment for goods and services and repayment of debts. The main uses of money are as a medium of exchange, a unit of account, and a store of value.

The word "money" is believed to originate from a temple of Hera, located on Capitoline, one of Rome's seven hills. In the ancient world Hera was often associated with money. The temple of Juno Moneta at Rome was the place where the mint of Ancient Rome was located. The name "Juno" may derive from the Etruscan goddess Uni and "Moneta" either from the Latin word "monere" or the Greek word "moneres".

One of money's problem is their investing.

Successful investing requires you to understand your financial goals and the nature of your finances. Investments form an important part of financial planning.

When you take out a mortgage there are many things that you need to consider, and whilst the interest rate and repayment period are of paramount importance it is important to remember that there are a number of other fees that are linked to mortgages. It is vital that you are aware of the different fees that come with mortgages before you make any commitment, as learning about these fees will ensure that you know what you are getting into, what sorts of costs you are facing, and whether you can afford to take out the mortgage.

Mortgage organisation or arrangement fee: When you take out a mortgage loan you may be charged an organisation of arrangement fee by the company that has arranged or set up the mortgage loan. You should expect to pay around 2% or under by way of this fee, and if the fee is any higher than this you should seriously consider shopping around, as you can save yourself money by doing this.

What began as government social tinkering--with implied threats to banks and mortgage companies to extend home loans to even the most marginal of borrowers--led to a greed-blinded mortgage banking business and the meltdown we are experiencing today. Now we are asked by the same congressional leadership to go along with taxpayer-funded bailouts of the very banksters who, while making millions, created the mess.

Despite the trillions of dollars already expended recapitalizing banks, there is very little, if any, progress to show. Will a few trillion more do the trick? That seems to be the consensus among Congress and the banks. "They are simply too big to let fail," or are they really just too big to save? We can go back to "Plan A" and buy the toxic assets. If so, at what price? What if a few trillion does not remove enough toxic waste from the system or doesn't get credit flowing again and the economy bustling?

The current credit crunch is the most severe financial crisis since the 1930s and that marks the end of an era of credit expansion based on the dollar. A new paradigm is urgently needed to better understand what is going on. The paradigm used until now by most economists was based on false premises.

The existing paradigm, often referred to as free-market fundamentalism, holds that markets are self-correcting, that they naturally tend toward equilibrium. Economists as far back as Adam Smith have argued against regulation or government intervention of any kind since it would interfere with the natural forces of the market.

Since 1980, we have had about five or six crises. Most serious of these crises are: the international banking crisis in 1982, the bankruptcy of Continental Illinois in 1984, and the failure of Long-Term Capital Management in 1998.

Prior to 1999, the Bank of America that we know today was known under the name of NationsBank. Even earlier the organization was called North Carolina National Bank. As the institution branched out of its headquarters in Charlotte, North Carolina, its name was abbreviated to NCNB. After NationsBank purchased BankAmerica with its headquarters in San Francisco, the corporation changed its name into Bank of America.

The Roots

In 1904 a man named Amadeo Giannini founded the Bank of Italy which operated in San Francisco. The Bank of Italy mainly based on catering to immigrants. The founder himself was the child of Fava/Stanghellini family. His father was shot dead after he tried to collect on a $10 debt.

Orra E. Monnette was the president and founder of Bank of America, Los Angeles somewhere in the 1920s. At this time Amadeo Giannini decided to propose Monnette a merger.