What is the future for banking?

So does this mean cheques are truly on their way out? Of course, it isn’t—but the changes in banking habits will affect cheque usage. Some changes that will bring about some good, however, include improvements in the process of clearing cheques.

Before, it can take several days to clear a cheque from one’s checking account. After all, the process includes physical confirmation of cheque details, as well as the archaic procedure of sending out confirmations and details. New tools allow faster cheque verification, while faster means of communication make bank to bank dealings quicker.

Account connectivity

And then there’s the trend when it comes to bank connectivity. Suddenly, bank account holders need to connect their current account to their saving account. This isn’t an innovation, to be sure, but it’s as if it has never existed until now.

This is feature important? The answer isn’t clear cut: it depends on how you are using your saving account and current account. But the important thing here is that the option is now more widely available. It is no longer an option available only to VIP banking account holders; today, it’s as if everyone can benefit immensely from the hook-up.

What should change in banking?

So there are some innovations and changes that can help one determine the future of banking. But what things would bank account holders want to see in the future?

For one, banks could use improvements in determining and stopping online fraud and identity thieves. Identity thief should be considered as a major concern; it costs the entire world more than billions of US dollars every year. What can banks do to stop thieves from accessing people’s current and saving accounts, credit cards, and credit line?

In Europe, for instance, credit cards have improved data storage systems that would require card holders to input a pin before the transaction is approved. Improving credit cards to accept this kind of innovation can cost banks a lot of money—but just imagine many credit cards can be saved from scams if America and Singapore—and other countries as well—follow their example?

Better laws and rules that would benefit the consumer would be beneficial as well. Credit card holders are protected by the law, but only because you don’t for the purchase automatically. Debit cards, however, don’t work that way. Many customers would also want banks to focus more on current clients. Business is tight so many banks actually favor new clients by giving them more perks. What happened to loyalty?

Basically, the point is here his: bank account holders want better service. With so many choices available, it is basically criminal to stay with your bank if it offers substandard services and bonuses.

Who knows what will happen to banking after this? No one, needless to say, although all of these do indicate the banks are indeed willing to follow the trend when the trend is reasonable and provides a deeper layer of service and protecting the bank account holders.

Types of Properties in Singapore

What types of properties can you rent or purchase in Singapore? Well, there are many.

Majority of the houses are called public housing. They are the ones that are planned and regulated by the Housing and Development Board (HDB). They are also the residences of over 75 percent of the population. They are normally form small communities, with schools, transport, health care facility, and other basic services.

If you want to save on your flat, it’s best to start looking for them first, as their cost will rarely go beyond a thousand dollars. Moreover, you have several types of flats to choose, from one-bedroom to five bedroom. You may even find a mansionette, with rooms composed of two levels.

Those who are living in the busier districts are in apartments and condominiums. At first glance, you cannot tell the difference as they’re often described as skyscrapers. However, they are different in the sense you get a lot of services and facilities from condominiums. Only a few, though, can afford them as they are worth around 10,000 dollars. Apartments normally don’t have shared amenities, though they can offer 24-hour security.

There are also landed properties, but they don’t come very often. Knowing how small Singapore is, the government is apprehensive of building individual houses in a very limited land.

Nevertheless, if you truly value your privacy and you’re most likely staying in the country for good, these homes are going to be very good investments.

A lot of these landed properties are bungalows or detached homes, semi-detached houses, and terrace houses.

You may also find some of the homes that are very old. They are the ones that are usually aspired—and coveted—by the expats because of their very unique architectural design, story, and location.

You have the colonial houses, which are easy to spot since they almost have the same look and structure. They are painted white and are made of black wood. Some of the terrace houses have been built during Singapore’s pre-war. They bear Chinese influence. Before you settle for a property, compare the price, location, and features. This way you’re getting som

Are You Still Stable? Know the Signs You’re Not

Are You Still Stable? Know the Signs You’re Not

Do you know that a lot of people are not aware they are already in a financial struggle? This could be because they have not been paying attention in the first place. Not all financial problems are so obvious, but a lot of them are. When they happen it’s time for you to reassess your skills in handling money and ask for necessary help.

You cannot make your ends meet.

It’s typical for people to blame the economy with the rising costs of commodities. Hence, it’s a lot harder to manage finances. But there’s also another side of it. It could be you’re wasting your money on things that are really not needed.

Before you conclude your hardship is all about recession check your finances first. How much did you spend for the last few months, say, 3 to 6 months? There’s a very huge chance your savings have been eaten up by unneeded purchases. Once you spot the culprit, redo your budget list, making sure you’re trying to stick to it to a T. If nothing still changes, then put all the blame to worldwide financial meltdown.

You have a bad credit report.

A credit report basically informs you and the lenders of your credit standing. Have you been paying all your debts religiously? What types of accounts do you have? Have you undergone a debt management program? All these questions can be answered by your credit report.

If it tells you you’re not doing well then there are two things you can do. First check the information. Go back to your previous statements. Perhaps the credit card company just missed out one of your repayments because it was late. Then send a dispute to Credit Bureau Singapore. Second, know where you’ve gone wrong. You may have been charging all products and services to your credit card, or you’re always late in repaying your mortgage.

You can no longer pay the bills.

This is perhaps one of the scariest signs you’re in financial trouble. You cannot make your repayments anymore. The repercussions, when this happens, are very serious and huge. For one, this will damage your credibility and credit report. Second, your debt will continue to pile up and earn interest and even late fees.

Sometimes the main reason is you’re stuck with a variable interest rate, and the prevailing one in the market is too high. In this case, it’s time to take a whole new approach. With mortgage you can think of going refinancing. If you’re paying credit cards, ask if you can be given a different due date or they can lower your interest rate (provided you’re a good payee). You can also request for balance transfer (terms and conditions apply).

You’re rejected by lenders.

There are times when your credit applications get rejected. That’s normal. What isn’t is when you are ignored a lot of times. Perhaps it’s time to take a look at your credit standing and your salary. It could be you debt service ratio is too low, which means you still have a huge long-term debt that needs repaying. Your credit report is not good, or your salary is not enough for lenders to feel comfortable of your capacity to pay. The good thing is you can ask the lenders the reason for the rejection. Normally they will say so in a letter. If the reason isn’t stated, feel free to communicate with them. Fixing the wrongs as soon as possible may just improve your chances of getting a loan very soon.

You are already filing for bankruptcy.

One of the worst things that can happen to you because of financial issues is bankruptcy. When you file one, it means you really don’t have the capacity to pay anymore, and creditors have to look for other means to recover their loans from you. The court may repossess your homes and other valuable properties. They may be sold, and the money raised will be used to pay the creditors and to finance the family of the bankrupt individual.

Your bankruptcy record can stay in your credit report for years, and during this time, just when you need the money the most, it’s very difficult for you to get a loan. If you ever do, you have to pay a very high interest rate and settle the loan in a very short period of time.

Singapore offers plenty of opportunities to regain yourself. For one, you can join a debt management program created by credit counselors in the country. You will be taught how to manage your finances; then they can direct you to financial institutions they think can help you. They can also keep track of your progress to ensure you’re not back to your old habits. n{bro

Steps to Apply for Mortgage

Steps to Apply for Mortgage

Are you planning to relocate in Singapore? Though there are several condos and houses you can rent, it is still a good idea to buy a property especially if you are planning to stay for several years in the country. You can use the following tips as your guideline:

1. Make sure you are eligible.

The requirements can vary from one lending institution to another, so you better make sure you can obtain a list before you apply. Normally, you will be asked for your income documents such as your payslip and IR8A form as well as your option to purchase.

Sometimes age is used to determine your eligibility. They may be open to borrowers who are 21 years old up to 60 years old. Others may demand you are a Singaporean citizen or a holder of permanent residence.

2. Know the limits.

How much can you borrow? You have to know this one as most lenders would not give you the full amount, especially if you are a non-resident. For instance, some banks may only give you up to 1 million SGD. Thus, you have to come up for the rest of the balance.

3. Decide what type of loan you want to obtain.

There are two general types of loans offered in Singapore: purchase of completed properties or a private home loan and refinancing loan, also referred as an existing home loan.

4. Find a good lender.

Your lender can definitely make or break your Singapore private home loan application, so choose wisely. You may look for them online, as there are plenty of them in the Web. Nevertheless, always come up with a list of criteria.

First, always opt for those that are considered reputable. You will know it by reading their FAQs, testimonials, and testing them out by calling or e-mailing their customer care. Make sure you will not be required to pay for anything, especially if you are just asking for a quote. Payments usually happen when you are already in the process of filing for your private home loan—when you are already approved and you have to pay for the financing costs and down payment.

Prevent Yourself from Getting into a Credit Card Debt

PIf you’re currently under credit card debt then most definitely there’s no reason to feel bad. You’re not alone. In fact, there are thousands of others who need to pay up issuers every month. However, it becomes a very huge dilemma if it gets out of control.

There are several ways on how you can avoid carrying large credit card debts. You can begin with the following:

1. Avoid using the credit cards at all times.

If you can pay your purchases in cash, then do so. By doing this, you prevent yourself from accumulating charges and interests, two of the things you need to pay to the credit card company for using their products and services.

2. Pay the debt in full.

Usually, the credit card company will give you two options on how to pay up your debt. You can either pay the entire amount due or the minimum balance. When faced with this two, always opt to pay your full debt than the minimum balance. You can avoid further increasing the amount you pay for your interest.

3. Pay on time.

What happens you don’t pay at the exact date? The company may already add some hefty charges into your account, such as late fees. Moreover, the default can be reflected into your credit rating report, and it may reduce your chances of getting a good loan in the future.

Know, though, you can avoid having the default included in the credit rating report as long as you can settle the debt in less than 30 days.

4. You have a lot of credit cards.

Credit cards are simply debts in plastic. Having so many of them only means accumulating debts. There’s also the possibility of spending compulsively since you feel so secure having a lot of cards with you. Limit the number of cards you carry, perhaps two at a time. You can keep the other one untouched as much as possible unless it’s an emergency, and you don’t have any cash with you.

5. Compare interest rates.

Credit card companies can vary in terms of interest rates they charge to their consumers.