The word ‘omnibus’ refers to one item that contains inside a number of different items. For example, when we say that a book is an omnibus we mean that it contains a collection of stories possibly by different authors. An omnibus account is also one thing that contains a number of different things, but in this case it is investors.
In the United States banks use an electronic network for dealing with financial transactions. The Automatic Clearing House (ACH) offers a secure way for these institutions to deal with each other. The system has been in operation since the 1970s. It is regulated by the National Automated Clearing House Association and the Federal Reserve. It was established as a more effective way of dealing with transactions between banks; it has largely replaced check payments which was the old way of doing things.
There are many businesses that find a need for a bank service known as a lockbox. It is a way to facilitate payment by post where the money goes to the lockbox instead of office address. In some ways it is similar to a post office box, but in this instance it is the bank that has control over it. There are many great advantages to such a system and this is why it is so popular with many businesses. Read the rest of this entry »
Banks offer a number of different types of accounts to customers and each of these will work in different ways. It is a good idea to learn about the different accounts because that way you will be more likely to choose the one that is most suited to your needs. In fact choosing the wrong bank account could cost you money because it might mean that you losing out on interest or other benefits.
Some of us may not be aware of this but it is possible to use our bank card as a debit card or a credit card in a lot of shops. The decision to choose either of these options will have pros and cons and it is therefore a good idea to consider these fully before deciding on either option. If you are using your bank card as either a credit or debit card the money is still going to be taken from your account.
If you are faced with the dilemma of choosing a credit card or debit card there are a few things you will want to consider. Both of these pieces of plastic provide a different service and each has pros and cons associated with them. When you understand what each card has to offer you will be more likely to choose the one that is going to be most suitable for your needs. Read the rest of this entry »
Banking is a topic that is of interest to a lot of people. This is a subject that can not only appeal to the professional banker, or individual studying this material at university, but also people who are interested in how the economy and finance works. There are some great books available to help people learn more about this subject. The following is a selection of just some of the best banking books; it is not intended to be exhaustive but hopefully there will be something to suit people with all the different levels of interest in the subject.