Category Archives: Banking

Facts about online banking you should know

Facts about online banking you should know

Online banking allows you to manage your money without having to step foot in a bank branch. As long as you can connect to the

Is long-term loan right for your business?

long term loan for business

Long-term business loans are a popular business financing option that can provide the stability and capital that your business needs to expand. However, it is

Should you have joint bank account with your parent?

Taking care of an aging parent is full of challenges. So on first thought, opening a joint bank account with your mom or dad seems like a no-brainer. Dig deeper though, before you make such a move. For all the advantages, there are risks and complications, according to www.nextavenue.org. “Opening a joint bank account with your aging parent is one of those plans that sounds like a good idea, but usually is not,” says Joshua Zimmelman, a tax accountant and president of Westwood Tax & Consulting in Rockville Centre, New York. Advantages of having a joint bank account A joint bank account can be the simplest and easiest way to help parents pay bills and monitor and track their funds, says Lauren Klein, a Certified Financial Planner and president of Klein Financial Advisors in Newport Beach, California. There is a certain amount of comfort that comes from knowing that your parent’s bills are being paid on time. You can use a parent’s account to make everyday purchases like groceries for him or her as well as to pay for bigger expenses, keeping these separate from your personal accounts. And with your eyes on their account, it is easier for you to spot potential fraud. “It allows the adult child to check for unauthorised purchases or other problems with the account such as late fees or overdrafts,” points out Linda Sherry, director of national priorities for Consumer Action, a consumer advocacy organization in Washington, D.C. Another benefit is that in case of your parent’s death, you would have immediate access to his or her funds, without having to go through probate. This may be especially helpful for paying funeral and other final expenses. Disadvantages of a joint bank account What can go wrong if you have a joint bank account with your parent? Plenty. For starters, your parent’s money won’t be safe from your debts or liabilities. Should something happen to you — like an accident, divorce or bankruptcy —your parent’s money will also be at risk, warns Zimmelman. Also, depending on the rights of survivorship on the account, all the money in the account could go directly to you when your parent dies — disinheriting your siblings. Know too that if you add any money to the account yourself, it may affect your parent’s eligibility for government benefits. A joint account could even affect your child’s student financial aid. That is because government and financial institutions can count all the money in the account as your money, even if half of it is yours and half is your parent’s. Finally, there can be tax implications to having a joint account. “A parent should not simply add the adult child’s name to their account. Similarly, if the parent and adult child open a new account together and the parent deposits a large amount of money and the adult child later withdraws that money, it could be argued this was a gift as well.

Taking care of an aging parent is full of challenges. So on first thought, opening a joint bank account with your mom or dad seems

Reason cyber hackers pursue financial data of banks

Reason cyber hackers pursue financial data of banks

The Managing Director and CEO of Arit of Africa, an information communications and technology (ICT) firms in Nigeria, Ronke Okeremi, has advanced reasons why financial data of banks

Beware of multiple economic, political risks in 2019

Beware of multiple economic, political risks in 2019

Considering the grim socio-political and economic developments in recent times, experts are of the view that the country has reached a point where sincere policy

What to look for from a balance transfer credit card

What to look for from a balance transfer credit card

If like many people you are struggling with credit card debt, one solution is to apply for a balance transfer credit card. This allows you

Nigeria targets sub-100 on World Bank doing business ranking

Nigeria targets sub-100 on World Bank

The Federal Government has expressed optimism to double its target this year by moving Nigeria’s ranking to sub-100 in the 2020 World Bank Doing Business

CCNN, Ikeja Hotel lead stock market 0.6% gain

CCNN, Ikeja Hotel lead stock market 0.6% gain

Bargain-hunting in some blue chip stocks especially Cement Company of Northern Nigeria (CCNN), and Ikeja Hotel Plc, lifted the Nigerian Stock Exchange (NSE) All-share index

Access, Diamond merger to get all regulators’ approvals

Access bank and Diamond bank are awaiting final approval from shareholders

Access bank and Diamond bank are awaiting final approval from shareholders Victor Etuokwu, Access Bank Executive Director, says the banks will convene shareholders meetings next

Choosing payment methods

Choosing payment methods

It is important to consider what payment methods you will offer when you start your business. Review them regularly to see if you are keeping

Cheque transactions fall 5% as BVN-linked accounts hit 36m

Cheque transactions

•PoS deals rise by 39.2% Transactions carried out through cheques fell by 5.02 per cent in 2018, against 2017 levels, indicating that more customers are

Nigeria’s debt hits N22.43tn, domestic component 70.51%

Dollar

Nigeria’s total debt now stands at N22.43tn, data obtained from the Debt Management Office have shown. According to the DMO, the nation’s total debt as

Access Bank’s share price drops by 32%

Access Bank’s share price drops by 32%

The share price of Access Bank Plc has declined by 32.52 per cent since the bank confirmed its plans to merge with Diamond Bank Plc.

World Bank President Kim quits Feb. 1 2019

World Bank President Kim quits Feb. 1

World Bank Group President, Jim Yong Kim, will resign effective from Feb. 1, more than three years ahead of the expiration of his term in