Standard Bank and Its Easy Services

Standard bank can be called as a very large banking institution in South America which started its operations in 1863 in Port Elizabeth, South Africa. It operates within the 17 African countries. The bank’s strength is its Corporate and Investment Banking, Personal and Business Banking, and Wealth management. Standard Bank market capitalization as of December 31, 2009 was R159 billion or $22 billion.

According to a report released by the Solidarity Movement (Solidarity, AfriForum and Helping Hand) Standard Bank and Absa are South Africa’s most expensive banks, while Capitec and FNB are the cheapest.

Internet Banking

To Register for Internet Banking you have to log in to the bank’s website.Then you have to select appropriate options among checking, savings or money mark account number, your ATM/debit card number or your credit number to sign up. You will be asked for your SSN number,card number, ATM/debit card PIN number and few other details. Once done while filling all details submit the application to process your request. You will find the process very easy.

Home loans explained

The bank aids in refinancing a home loan or purchasing a first time home mortgage.

If you are interested in obtaining home loans then apply by visiting their site or via phone. You can use various calculators and find out what you can afford, what the bond costs are, multiple payments, and many other interesting but necessary calculators. You can opt for Standard Home Loan Protection Plan which will repay your heirs by paying what’s owed on the loan with a limit

You can also apply at the nearest branch in your place. The benefit associated with this option is that you can speak directly with a home loan consultant. » Read more: Everything About Standard Bank and Its Easy Services

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Find a Bank With No Overdraft Fees

If you were a parched traveler in the middle of a hot desert looking for water, you can imagine what a welcome sight a lush oasis spotted in your path just up ahead would be. That is exactly how jaded bank customers who have been paying too much money in overdraft fees to their bank each month feel when they find a no-overdraft-fee bank: a sense of pure relief.

Why We Pay Too Much in Overdraft Fees

Banks bring in over $25 billion each year in overdraft fees alone. That is “billion” with a “b.” Guess who is footing the bill? Average citizens just trying to scrape enough money together each month to pay bills and get by, that’s who. If asked, most people would agree that they do not feel they need to help banks out financially in this way. (Banks are already getting plenty of help as it is).

But, what exactly brought us to the situation with overdraft fees that we find ourselves in now? How is it that banks can be making such a killing in fees? The answer lies in the relatively recent rise in two related banking phenomena: overdraft protection programs and the debit card.

Overdraft Protection Programs Are Not Your Friend

Overdraft protection programs certainly sound friendly enough. When they were introduced about a decade ago, most consumers took them for what the name implies: a way for the bank customer to be protected from checks and other charges “bouncing” due to insufficient funds in the accounts. And, in a way, this understanding is accurate: these programs do indeed protect bank customers from having their checks bounce or debit card transactions rejected.

However, that’s where the “protection” ends. You see, even though your bank will cover those charges for you, they will also turn right around and charge you an overdraft fee for the trouble. These fees usually range from $25 to $35 or more. That means that just three overdrafts in a month can cost you over $100!

Debit Cards Make Things Worse

What really has made the whole situation more difficult is the rise of the debit card. Debit cards that are attached to a checking account are so convenient to use. After all, it is so easy to make a charge on your debit card for the goods and services you need. But here is the catch that most consumers don’t know about: your debit card transaction will be honored by your bank, even if you do not have sufficient funds to cover it.

Now, this sounds like your bank is doing you a favor, but remember, when you have overdraft protection in place, the result is – ding – yet another charge to your account. These can really add up fast, putting you more in the hole. The whole situation is set up to basically invite more overdraft charges into your life. » Read more: Find a Bank With No Overdraft Fees

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Bank of America Corporation

Bank of America Corporation is one of America’s biggest financial companies with headquarters at 100 North Tryon Street, Charlotte, North Carolina, United States. According to Wikipedia it is the largest bank holding company in the United States by assets and the second largest by market capitalization (1). This leading bank holding company is registered in the New York Stock Exchange as BAC, in the Tokyo Stock Exchange as 8648:JP; it is also listed in the Dow Jones Industry Average Index and the S&P 500 Index. As of 2009, BAC had disclosed the worth of their total assets as US $2.223 trillion with total revenue of US $150.45 billion. Aside from being one the leading bank holding company, it is involved in Financial and Investment services industry also.

The corporation has a strong history in the United States of America. It was founded 1928 when Amadeo Peter Giannini merged his Bank of Italy with Orra E. Monnette’s bank in Los Angeles. Hence the union of the two banks took the name “Bank of America” which was headed by Giannini and co-chaired by Orra E. Monnette. Throughout the 1950s and 1960s, the bank faced strict legislations that restricted its further expansion and diversification. In 1967, due to the Bank Holding Company Act, Giannini-Orra’s bank and all its subsidiaries were taken over by the newly formed BankAmerica Corporation. Bank America swiftly grew into one of the biggest Bank Holding Company in the United States; but due to heavy losses in 1997, the BankAmerica Corporation could not sustain its financial standing. Finally in the year 1998, the largest US bank holding company of the time NationsBank Corporation acquired the BankAmerica Corporation. This acquisition resulted in the renaming of NationsBank to Bank of America Corporation.

On January 1 2009, the BAC successfully closed the deal to purchase Merrill Lynch & Co., Inc. at approximately US $50 billion. Merrill Lynch & Co., Inc. was on the verge of bankruptcy before the merger and due to this reason the bank was hesitant throughout the process. According to an official statement, BAC tried to abandon the deal in December when the extent of losses of Merrill Lynch & Co., Inc. was fully disclosed, but the US government forced the bank to go through with the deal. This merger proved to be disastrous for the bank as was shown in the earnings released in January of 2009 which revealed huge losses for newly purchased Merrill Lynch & Co., Inc. These losses brought the market capitalization of Bank of America including Merrill Lynch & Co., Inc. down to a total of US $ 45 Billion. The BAC stock price tumbled to about US $ 7 which was recorded as the lowest stock price for the company in 17 years. This disastrous situation called for government intervention. On January 2009, the bank received a federal bailout package of over US $ 40 billion. This bailout money helped it in regaining its lost stature and in less than a year, the Bank of America erased its previous losses. On 9th of December 2009, it was officially announced the bailout money had been completely repaid back to the US federal government. » Read more: Bank of America Corporation

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