Dateline Washington, October 19th (get it?) 2010: the Peoples Bank & Trust of America has now established itself as the only bank of any kind in the USA, totally owned and managed by the US House of Representatives.
A 2/3 majority must now approve all investment banking transactions; your district representative’s staff reviews individual mortgage applications; […]
There’s no denying that keeping precise and auditable escrow transaction records can be a challenge. From recording receipts and writing checks to reconciling accounts or delivering statements, you may be in need of better solutions to organize and manage data, as well as keep a cap on administrative costs.
While best known in the context […]
A loan is a type of debt. This article focuses exclusively on monetary loans, although, in practice, any material object might be lent. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
The borrower initially does receive an amount of money from the lender, which […]
Annual percentage rate (APR) is the simplified counterpart to the effective interest rate the borrower will pay on a loan. In many countries and jurisdictions, lenders (such as banks) are required to disclose the “cost” of borrowing in some standardized way as a form of consumer protection.
APR is intended to make it easier to […]
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt.
It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest […]
Hurricane Katrina taught some important lessons three years ago. Most importantly, preparedness when it comes to health and safety are necessary issues on which to spend time and energy. However, when faced with an unexpected situation, people should also spend time on a financial preparedness plan.
Wide-scale emergencies are not topics people want to necessarily […]
Banking has changed in many ways through the centuries. The oldest forms of banking were often simple loans issued to businesses to purchase their goods. Once the goods were sold, the lender collected the money for the loan with interest. Today’s banks have diversified their services and products, with the goal of providing fast and […]
For centuries, banks have influenced the economies and politics of the world. Traditionally, banks originated as places where businesses could secure loans to purchase inventory, and thereafter collect the funds with interest once the goods were sold. The origin of the word bank is derived from the Italian word, “banco” or desk. During the Renaissance, […]
An offshore bank is generally in a low tax jurisdiction (or a tax haven) that provides financial and legal advantages. These advantages typically include:
* greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)
* less restrictive legal regulation
* low or no taxation (i.e. tax havens)
* easy access to deposits (at […]
Starting one’s own business can be the fulfillment of the American Dream. But it’s also a risk that should be carefully calculated. According to the Small Business Administration (SBA), more than 50 percent of new businesses fail in the first five years. The SBA cites reasons such as lack of experience, insufficient capital and poor […]
