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Business banks are universal banks, which offer the best of retail banking as well as investment banking. For example, Citigroup, a very large American bank, is involved in commercial and retail lending. It owns a merchant bank (Citicorp Merchant Bank Limited) and an investment bank (Salomon Smith Barney), operates a private bank (Citigroup Private Bank), and its subsidiaries in tax-havens offer offshore banking services to customers in other countries. The majority of all large financial institutions are diversified and involved in multiple activities. Big banks in Europe and Asia are very diversified groups and also distribute insurance as a service. In spite of the small market share held by the large American banks, they are listed as some of the most profitable corporations. For example, the largest bank, Citigroup, has only a 5 percent market share even though, for the past 3 years, it has been more profitable than any other company in the world.

The objective of the Business Bank is to provide its target market customers a full range of financial products and banking services, giving the customer a one-stop window for all his/her banking requirements, including savings, fixed deposits, current and demat accounts, auto loans, loans against marketable securities, personal loans and loans for vehicles plus a free ATM Card, Interbranch banking, NetBanking, BillPay, 24 hour PhoneBanking and ATM banking, debit card and mobile banking, among others. The bank also offers a wide choice of mutual funds to suit individual needs, and expert advice on choosing the right funds based on in-depth market analysis. Also, the banks offer services like foreign currency exchanges, traveler’s checks, and foreign exchange demand drafts, to meet your travel needs. Banks also now offer life insurance and pension solutions to complete the entire range of offerings.

Banks provides detailed information on Banks, Best Banks, Online Banks, Business Banks and more. Banks is affiliated with Bank Checking Accounts.

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It can often be difficult to obtain a loan from banks, which is why owner financing is becoming very popular among home and real estate buyers. Among the many perks of owner financing, the seller often accepts a low down payment whereas banks often charge 20% or more. In addition, many owner financed properties can be obtained without a credit check. This is especially beneficial for anyone who has a few blemishes on his/her credit report, which may cause banks to charge a higher than normal interest rates. An individual, or real estate developer, who is in the business of providing owner financing will likely extend financing to anyone who agrees to keep the payments current.

In recent years, the internet has become a hub for owner financing properties while also providing plenty of lending opportunities for anyone who wishes to apply for a loan from banks. Currently, a lot of the major internet auction sites have a category that is specifically designed for buying and selling real estate. These categories are more often used for owner financing options related to land purchases, but buyers will find a few homes sprinkled in now and then. From a mountainous retreat to a tropical island paradise, there is owner financing for land in these and other areas.

Customers who wish to apply for loans from banks will find a variety of resources online, including eloan.com and lendingtree.com. These sites offer a customer the ability to have banks competing for their business. According to these sites, offers may begin arriving within hours. Not everyone will be approved, however, as there are a number of deciding factors that banks look at when deciding to extend credit. Among them, the customers credit history, debt to income ratio, ability to repay the loan and the presence of regular income.

Loans that are obtained through banks will require documentation, which may include previous 2-3 years of tax returns, current pay stubs and/or proof of employment. If they own land, individuals who are interested in buying or building a home will find that they have more success with banks. The reason is because the land will become partial collateral for the loan and, if the buyer defaults, banks will foreclose on both the house and the land. In addition, many land owners do not have to come up with the money for a down payment as the equity in their land will serve as the down payment.

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In August 2005, the people of the gulf coast United States suffered record losses of life, homes and businesses from Hurricane Katrina. Merely months before, thousands lost their homes and lives in Southeast Asia during a reckless Tsunami. Although it is hard to imagine the threat of natural disasters and emergencies until we find ourselves involved in one, it is always smart to plan ahead. Use the following three tips to help gauge whether you and your family are financially prepared for an emergency situation or disaster:

1. Start an emergency savings fund.

Many individuals and families find it difficult to save for the future. While it is important to save for your retirement or your child’s higher education, you cannot forget to plan ahead in case of an emergency. Insurance can help during a time of crisis, but very rarely does an insurance claim cover 100% of the damages incurred from a natural disaster or other emergency. By putting away small amounts of money each week, month or pay period, saving for an unexpected event can be very easy. Plus, with automatic online transfers and direct deposit, banks and credit unions can automatically transfer money from your paycheck each week to make your emergency savings much easier to swallow.

2. Stay insured.

Disasters do happen and it never hurts to be prepared. While it is easy to think, “it’ll never happen to me,” the monthly insurance cost will seem like pennies should you find yourself in an emergency situation without any insurance helping to repair or rebuild your home. If you live in a region traditionally prone to certain natural disasters such as earthquakes, floods or hurricanes, it is important to look into the specific types of insurance designed to financially protect you from the danger most common to your area.

3. Know what you own.

If you are a victim of a disaster or emergency and you place an insurance claim on property or belongings, your insurance company will want to know exactly what was lost. It is important to keep track of your most valuable belongings as well as proof such as photos and deeds to property. Make a list of all of your valuables, and be specific. Be sure to take pictures of the current state of each of these belongings, like your car and the different facets of your property, as proof of damage should a disaster strike. Make copies of your photos, as well as your family’s important documents. Keep these items in a locked safe or safety deposit box where at least one copy is out of harm’s way at all times.

ABOUT ACCC: American Consumer Credit Counseling (ACCC) is a non-profit 501 (c)(3) organization dedicated to empowering consumers to regain control of their lives through education, counseling and debt management. ACCC provides individuals with the practical solutions for solving financial problems and recognizes that consumers’ financial difficulties are often not the result of poor spending habits, but more frequently, from extenuating circumstances beyond their control. As one of the nation’s leading providers in consumer financial education and credit counseling services, ACCC works with consumers to help them with the best plan of action to reduce their debt and regain financial stability. For more information or to access free financial education resources log on to www.consumercredit.com.

Tom Palange

Education Programs Specialist

American Consumer Credit Counseling

Tags: ACCC, Banking, Banks, Credit, debt, Disasters, Emergency, Finances, insurance, Money, Relief, savingACCC, Banking, Banks, Credit, debt, Disasters, Emergency, Finances, insurance, Money, Relief, saving

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