Personal banking finance

Questions and Answers

What's the best bank for personal finance?

Q) Anyone like to say what bank they're with and good and bad points. I'm with HSBC and they're a bunch of crooks. Looking around for something better, be grateful for your opinions

A) If you're in Britain, the Co-operative Bank is good. It's the only one with a complete ethical investment policy, and I've always found them helpful and less impersonal than the Halifax, my previous bank.

What's cheapest - personal bank loan or finance with car dealer?

A)

Pupils to be taught personal finance?

Q) Children will be taught how to manage their money and save for a pension under a shake-up of education for 11-16 year olds due to be unveiled on Thursday. They need to understand everyday issues like opening a bank account, buying a house and saving for their retirement as early as possible, developing a sense of responsibility as citizens

A) I agree,

Best Finance Software?

Q) I am looking for personal finance software which will help me with my income and outcome. Also it would be perfect if it could download my bank accounts from Halifax, First Direct etc.

A) I've always been a Quicken fan. Before buying, check with your bank to see if transaction downloading is possible.

Is degree in Finance is the best choice.?

Q) I AM HOPING SOMEONE CAN HELP ME HERE. I AM HERE IN FLORIDA , DID COLLEGE FOR ABOUT 2 YRS 5 YRS AGO. HAD TO LEAVE FOR SOME PERSONAL REASONS. NOW I AM AT A PLACE WHERE I CAN START AGAIN. WANT TO TAKE FINANCING , BUT THEN DONT KNOW WHICH ROUT TO GO IN FINANCING , BANKING .CORPORATE,MARKETING, AND ALSO NOT SURE IF FINANCE IS THE BEST WAY TO GO. I WANT TO MAKE MORE MONEY . AND BASICALLY ASKING IF ANYONE CAN TELL ME MORE ABOUT JOB OPPURTUNITIES IN FINANCE AND SOME ONE FROM THAT FIELD. JUST TOO MANY QUESTIONS IN MY HEAD ,LOOKING FOR A START. ANY FEEDBACK WOULD BE GREAT. THANKS. ALSO LOOKING FOR IS THAT IF THIS WILL EVENTUALLY LEAD TO A GOOD PAYING JOB.

A) http://www.careers-in-finance.com/

Advise on UK MBA's (Full Time)?

Q) Have eliminated LBS and Manchester - don't want 18mths. Also don't want to be in London (so no Cass or Tanaka). Between Warwick, Cranfield, Cambridge, Lancaster, Henley.. Particularly between Warwick and Cranfield?? Please don't suggest FT or Economist ranking, I have looked there but am looking for personal insight! Prefer Finance/Banking, and want something recognised globally / USA. Anyone have a London City employer's perspective?

A) An MBA will be internationally recognised wherever adn if you can pass with distiction (gaining grade A's) it will be even better. However, the U.S. consider Oxford and Cambridge to be the best, especially Oxford. But the standard to achieve a distinction will be higher. Warwick is good and has an excellent reputation. Have you not considerd Derby? The reputation may not be as good, but it has spirit and you will achieve a distiction without fierce competition!

Anybody know what personal details a bank gives in credit checks?

Q) What I want to know is if a bank gives details of my previous addresses and names that I once had with them, to any finance company that I have given my bank details to?? Do they just provide my present name and address? I would be very grateful if anyone knows. Thank you.

A) Credit cheques are done through a credit reference agency and not through the bank. Even the bank uses a credit reference agency to check a customers history before opening an account. They do not give out information but score you using the information you provide to the company making the checks against you. If you have given 3 or 4 different addresses then this will be picked up and will lower your score. If you have given 3 or 4 different accounts of your income this will be picked up and will lower your score. If you continually give conflicting information it may lead to your information being flagged and referred to a fraud investigations agency. The only time a bank would give out information is if they were asked for a letter of reference and this would only be done with your permission. Usually this is only to say if you have certain funds available to you and if you have been a credit worthy customer in the past. They would not supply information to anyone, only confirm information they were asked and only with your written consent to do so.

Can I get a mortgage as a student if I rented out the 2nd bedroom to help cover the rent. I have a deposit.?

Q) I'm currently studying osteopathy in London and have just under 2 more years to go on my course. I'd really like to get on the property ladder at the beginning of 2007, and would like to know if anyone is aware of any banks who might be prepared to give me a mortgage. My income includes my student loan and money obtained from part-time work, and I would be looking to rent out the 2nd bedroom to help cover the cost of repayment whilst I finish my studies. I am able to pay a deposit and am sure my mother would be happy to act as guarantor. I already pay out a fortune in rent and have had no problems with repayments or managing my personal finances. Thank you for your answers!

A) Simple answer is yes you can get a mortgage if you have a guarantor - type 'student mortgage' into any search engine and check out a few sites. The link below might give you some hope Me and my partner had a mortgage several years ago with the Bank of Scotland and we were both students, only income other than student stuff that we had was some maintenance from my ex husband, but that paid for my daughter.

Need a Mentor?

Q) Hi everyone. I would really appreciate as much help as I can get with this. I am a recent Bsc Money,Banking and Finance graduate(Grade 2:1) and I believe I need the "polishing" of a mentoring scheme before I eventually begin a working career. I have searched all through the internet and cannot find any graduate mentoring programmes. I am looking for mentors preferably within the commercial sector but wouldn't mind any other areas. I am more concerned with the personal development the mentoring would offer me rather what job it entails. I am a hardworking and intituive individual with great drive, attitude and a true thirst for knowledge. I am readily avaiIable to begin and please feel free to contact me for my resume. I look forward to hearing from you if you believe you can help and would greatly appreciate it. Thank you for your time.

A) Contact the university that you attended - most large universities will provide a mentoring scheme through their alumni organisation.

Barclays Bank?

Q) My friend is worried that his ex who has just got a job in Barclays might start looking at his account - I doubt she can do anything with the info but he don't want her having personal details about his finances. Can Cashiers/customer advisors access bank account transactions/details without having your account number and sort code? Can they look up your account by just your surname, address and date of birth? The Manager is the ex's best friend - thats how she got the job!!

A) I work for barclays. You can access accounts with surname, initial and postcode. However all they would be able to look at is balances. However....if they get caught looking at other peoples details, you can be arrested. If they are concerned that this is happening, you can actually go into a Barclays Branch,(best going to one where this person doesnt work) and speak to the manager. They can actually have a look on the system and check when the accounts were looked at. They can check the dates, times and the member of staff that looked at it. Just stress that there is no way they will get away with it if they are doing it. Hope that helps. Any further questions just mail me on spindal2001@yahoo.co.uk

Chase bank... personal finance.. is there a charge for transfering money from 1 account to another online?

Q) I looked on the banking page and I cant see if there is a fee or not

A) My bank allows 6 transfers a month between accounts without a charge. I would expect that Chase would also be of that nature. There should be a place somewhere on the screen where you can send them an email and ask that question to receive a definative answer.

Can someone in banking or finance please see my question posted today?

Q) Please find the question I asked today in Personal Finance and assist if you are truly in the financial business and not simply looking for another refi "notch" for your proverbial belt. Thank you so very much.

A) This should answer your question: Choosing a Debt / Credit Counselor Debt and/or credit counselors offer an important service to consumers swamped with debt. Consumers who have a difficult time staying within a budget may simply need a financial counselor's help to examine spending habits and how to follow sound budget advice. Other consumers may have suffered a major setback, such as a job loss, and need a debt-management programs (DMP), which is a plan a financial counselor puts in place to lower and eventually eliminate a consumer's debt. A reputable debt counselor will carefully examine a consumer's debt situation and suggest the best plan of action, but a caveat is in order. All debt counselors are not created equal. The quality of counseling services may vary considerably from one counselor to the next. Additionally, the industry presently has no federal licensing requirements and only 17 states have laws regulating them (the Department of Financial Institutions oversees debt management services in Illinois, http://www.state.il.us/dfi/). People who have received unprofessional credit counseling services complain that they owe more debt after the counselor's services bankruptcy was the best option for their financial situation, but they were steered into a debt-management program the counseling agency did not make sure creditor payments were sent within the billing cycle, so consumers received late fees in some cases, the credit counselor took consumer money but did not pay creditors at all Consumers should also be aware that credit counseling agencies were set up for the benefit of both consumers and the credit industry, so credit counseling agencies can be properly viewed as a more friendly collection agency. Creditors pay credit counselors a percentage of the money recovered from consumers so there is a strong financial tie. The system, nonetheless, benefits everyone when consumers are offered sound advice and professional services to help them get out of debt. Bottom line: a good credit counselor will help solve one's financial problems. This is how to sort the professional agencies from the unprofessional agencies. Do some homework First, locate some of the nearest non-profit credit counselors. The Department of Financial Institutions. Call 312-814-5145 (Chicago) or 217-782-3704 (Springfield) or go to its web site at http://www.state.il.us/dfi/ccd/licensees/Debt_Management_Licensees.HTM. Locate the nearest member agency of the National Foundation for Credit Counseling (NFCC) at http://www.debtadvice.org/takethefirststep/locator.html. Locate the nearest member agency of the Association of Independent Consumer Credit Counseling Agencies (AICCCA) at http://www.aiccca.org/find.html. Second, check the complaint records of local non-profit credit counselors to determine if you want their services. Better Business Bureau Call or go to its web site: www.bbb.org Illinois Attorney General's Office Call 1-800-386-5438 (Chicago) or 1-800-243-0618 (Springfield) or go to its web site at http://www.ag.state.il.us/. Good Questions to ask the Credit Counseling Agency before you receive its services Will the agency refund fees if the services received are not satisfactory? How much training do counselors at the agency receive? Is the agency accredited by a trade association such as the National Federation for Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA)? Does the agency have an independent board of directors? Does the agency keep clients funds in a trust account, separate from its operating funds? How long has the agency been doing business in this area? What types of services does the agency offer? How long will it take to complete a debt-management program (DMP)? What effect will working with a counselor have on my credit rating? Are agency services confidential? The two largest Credit Counseling Trade Associations The National Foundation for Credit Counseling (NFCC). http://www.nfcc.org/ Association of Independent Consumer Credit Counseling Agencies (AICCCA). http://www.aiccca.org/

What do young people want in banking options?

Q) I'm doing my capstone project in management, and we are working with a local bank to develop a strategic plan for them. One thing they are wondering is what the younger generation would like to see as far as products or services that the bank provides. Do you guys have any ideas related to technology, online/text message banking, personal finance classes, customizable debit cards, etc? What options would you like to see at your bank? Or those of you that bank at larger banks or internationally--what new innovative things do your banks have that we could look into starting at this small bank?

A) Better plans to help college students save would be awesome. Maybe a higher interest rate in savings accounts. College students struggle with all the fees they have to pay and any way to help them save up extra cash would be helpful. Also, maybe holding classes on how to file your taxes. It's more educational when the person does it themselves rather than taking it to the local HRBlock. Being able to check our account online is always convenient, and if there's some way to check it through text messaging that would be even better.

Which UK banks & Building societies provide statement downloads for personal finance software?

Q) Thanks in advance :-) Oh, if only things were that simple. So far I have found out that Smile do not and have only seen positive confirmation for Barclays and Nationwide. The 'online market place' is perhaps not so red hot as Quicken has pulled out of the UK market leaving Microsoft Money as the only serious contender (please correct me if I am wrong). I am going to try to compile my own list of banks, building societies and credit cards that provide downloads for personal finance software. I have found an old one that may be of use, but I will try to get it updated. Will eventually get a page together and publish the address here.

A) They now all do in one format or another....the on line market is too big to avoid this these days

Personal Finance help PLEASE....this is over my head?

Q) Bernie and Pam Britten are a young married couple beginning careers and establishing a household. They will each make about $50,000 next year and will have accumulated about $40,000 to invest. They now rent an apartment but are considering purchasing a condominium for $100,000. If they do, a down payment of $10,000 will be required. They have discussed their situation with Lew McCarthy, an investment advisor and personal friend, and he has recommended the following investments: The condominium - expected annual increase in market value = 5%. Municipal bonds - expected annual yield = 5%. High-yield corporate stocks - expected dividend yield = 8%. Savings account in a commercial bank-expected annual yield = 3%. High-growth common stocks - expected annual increase in market value = 10%; expected dividend yield = 0. Calculate the after-tax yields on the foregoing investments, assuming the Brittens have a 28% marginal tax rate (based on Public Law 108-27, The Jobs and Growth Tax Relief Reconciliation Act of 2003). How would you recommend the Brittens invest their $40,000? Explain your answer.

A) omg, are you kidding me? That **** is easy. I took Personal Finance last year and the stuff is a joke, its so easy. I for one, will not give you the easy way out. Read and study more buddy, it works!

personal finance help?

Q) Bernie and Pam Britten are a young married couple beginning careers and establishing a household. They will each make about $50,000 next year and will have accumulated about $40,000 to invest. They now rent an apartment but are considering purchasing a condominium for $100,000. If they do, a down payment of $10,000 will be required. They have discussed their situation with Lew McCarthy, an investment advisor and personal friend, and he has recommended the following investments: The condominium - expected annual increase in market value = 5%. Municipal bonds - expected annual yield = 5%. High-yield corporate stocks - expected dividend yield = 8%. Savings account in a commercial bank-expected annual yield = 3%. High-growth common stocks - expected annual increase in market value = 10%; expected dividend yield = 0. Calculate the after-tax yields on the foregoing investments, assuming the Brittens have a 28% marginal tax rate (based on Public Law 108-27, The Jobs and Growth Tax Relief Reconciliation Act of 2003). How would you recommend the Brittens invest their $40,000? Explain your answer.

A) There were a couple of stipulations left out of the problem statement. Mortgage interest rate on the condo is one. Property taxes is another. Both might qualify for income tax deductions provided they are greater than the standard deduction which increases the after tax yield on an investment in the condo. The condo annual increase may never be taxed so that is a 5%+++ return right there plus a savings in rental expense which may very well equal the monthly payment on the condo. But one thing lacking is the monthly maintenance expense on the condo. That is an unknown. But I think we can pretty much assume that the condo will yield an after tax return of about 15 to 20% because of the savings in rental and taxes. Munis after tax yield assuming they are also tax free of state income tax is a no-brainer 5% High yield corporate stocks. This is very tricky. Some are tax advantaged and some are not. The problem statement does not say which. If they are not then the after tax yield is 5.76% If they are tax advantaged, then the after tax yield is 15% (By the way 28% is not the marginal tax rate in that tax bracket. It is 25%) 06.8% Savings account 2.16% Hi growth common stocks. This is also a very tricky one because if the stocks are not sold they are not taxed. So the 10% grows and compounds untaxed until sold. And who knows what the tax rate might be then or for that matter their tax bracket. But for simplicity sake, 08.5% The investment recommendation is subject to a great deal of judgement that is not a cut and dried answer. 1st off they definitely want the condo. No question about it the after tax return beats the other investment options by a mile. But they only want the $10,000 down so they can take full advantage of the tax breaks and use the other $30,000 for other things. Depending on the interest rate on their mortgage of course. They have to have a cash cushion to fall back on in case of unknown circumstances. $10,000 in the savings account. That leaves $20,000 that they are then free to invest. Dumping it all into growth stocks would be a big mistake because those stocks are very volitile. But 1/2 would not be out of the question, maybe even 3/4. The other into high yield common stocks. Forget the munis until they start really raking in the cash or until retirement.

Business Account. Banking. Finance?

Q) Is this true to the people with bad credit? Open a business account with a bank. Get a tax ID number to that account and began to post credit to that account faithfully, Like loans and it will improve your personal credit and your business credit?

A) NO it is not. You CAN'T get a tax ID for the business account. You can only get a tax ID for the BUSINESS before you open the account. In any case, handling the business's credit is no easier then handling your personal credit. Your personal score will improve faster than you can establish business credit if you handle it as well as you think you will handle the business.

Good "Personal Finance 101" type of book for early career types?

Q) Just looking for a decent book that's sort of a 'finance 101' type of thing. There's a ton of these types of books out there, just wondering what's a good one so I'm not wasting my time. I'm in my 20's and have some of the basics covered (IRA, 401k, high-interest checking/savings) and am now starting to get more serious about this stuff (just opened a Schwab account, looking to do more than simply put money in the bank). Hopefully that helps give you a better perspective of where I'm at.

A) Go check out Suze Orman's site, or watch her on CNBC. She's one of the best personal finance people I've ever seen...

Would this be considered personal finance?

Q) Bernie and Pam Britten are a young married couple beginning careers and establishing a household. They will each make about $50,000 next year and will have accumulated about $40,000 to invest. They now rent an apartment but are considering purchasing a condominium for $100,000. If they do, a down payment of $10,000 will be required. They have discussed their situation with Lew McCarthy, an investment advisor and personal friend, and he has recommended the following investments: The condominium - expected annual increase in market value = 5%. Municipal bonds - expected annual yield = 5%. High-yield corporate stocks - expected dividend yield = 8%. Savings account in a commercial bank-expected annual yield = 3%. High-growth common stocks - expected annual increase in market value = 10%; expected dividend yield = 0. Calculate the after-tax yields on the foregoing investments, assuming the Brittens have a 28% marginal tax rate (based on Public Law 108-27, The Jobs and Growth Tax Relief Reconciliation Act of 2003). How would you recommend the Brittens invest their $40,000? Explain your answer. SHOW ALL WORK FOR EACH ASSIGNMENT AND EXPLAIN EACH STEP CAREFULLY. I need help...a starting point. And timeflow only reply when you have a smart answer not a dumb one!!!

A) Wow nice question? Well I'm not going to tell you then answer i think that is the point of homework. But I will give you a start. Essentially your looking to maximize ROI. Buy the Condo for $10k down then calculate the return on $100k. Then take the rest and put it into high yeild stocks $30k. That way you have $100k working for you, and $30k.

ways to manage personal finance?

Q) i have two banking account, two student loan account and 3 credit card account 1 line of credit how can i manage all of these in one application. that i update my balance and and all transactions in that and can find my financial situation at one time with out going to all account. all of the account have online access

A) Are they all at the same financial institution? you should be able to view all of them online at the same time then. Each financial institution is different but i know that Bank of America allows you to view everything on one page and even accounts that you have at other financial institutions as well!! (except for WA, ID, CA)