...Part-01 Introduction The Jews in Jerusalem introduced a kind of banking in the form of money lending before the birth of Christ. The word ‘Bank’ was probably derived from the word ‘Bench’ as during ancient time Jews used to do money lending business sitting on long benched. First modern banking was introduced in 1668 in Stockholm as ‘Savings Pis Bank’, which opened up a new ear of banking, activates through out the European Mainland. Banks are now beyond those old concepts. Now bank represents a significant & influential sector of business worldwide. Most individuals and originations make use of the Banks, either as depositors and borrowers. Bank play a major rule in maintaining confidence in the monetary system through their close relationship with regulatory authorities & governments the regulation imposed on them by those government. 1.1: Origin of the report For any business school student only curriculum activity is not enough for handling the real business situation, therefore it is an opportunity for the students to know about the field of business through the internship program. As internship program is a perfect blend of the theoretical and practical knowledge. This report is originated to fulfill the requirement of the assign project internship report on “Loan Disbursement and recovery system” has been assigned to me by Human Resource Division (HRD) of NCCBL, Head Office, Dhaka. In this regard, I have worked as an internee in National...
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...financial service terms form is part of your Financial Service Agreement with The Toronto-Dominion Bank and its affiliates. The financial service terms document helps explain what the services are provided by the bank with detailing the use and important information about their accounts. When a person signs the financial service agreement any existing agreement between the bank and the person who signs the agreement, for any particular product or service is replaced by this new agreement. There are few exceptions in which replacements of the existing agreement are not replaced. These exceptions are “any provisions whereby you have indicated who may deal with your joint account or whether your joint account has a right of survivorship remain valid until replaced with a new joint ownership record; and all provisions dealing with the specific terms of a particular product or service, including term, interest rate, amount of investment or any other terms particular to the product or service provided to you by us, to the extent that such provisions are not contained in the Agreement, remain valid until expiry or renewal.” It is not necessary that all the services mentioned in the contract will be used by the signatory. Person can request for new services later on, and if the bank introduces any new services then the signatory will be informed. There are seven parts of the Financial Service Terms, in which it is clearly stated what the services in your agreement are. The first...
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...financial service terms form is part of your Financial Service Agreement with The Toronto-Dominion Bank and its affiliates. The financial service terms document helps explain what the services are provided by the bank with detailing the use and important information about their accounts. When a person signs the financial service agreement any existing agreement between the bank and the person who signs the agreement, for any particular product or service is replaced by this new agreement. There are few exceptions in which replacements of the existing agreement are not replaced. These exceptions are “any provisions whereby you have indicated who may deal with your joint account or whether your joint account has a right of survivorship remain valid until replaced with a new joint ownership record; and all provisions dealing with the specific terms of a particular product or service, including term, interest rate, amount of investment or any other terms particular to the product or service provided to you by us, to the extent that such provisions are not contained in the Agreement, remain valid until expiry or renewal.” It is not necessary that all the services mentioned in the contract will be used by the signatory. Person can request for new services later on, and if the bank introduces any new services then the signatory will be informed. There are seven parts of the Financial Service Terms, in which it is clearly stated what the services in your agreement are. The first...
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...1. An ATM with a service fee of $4 is used by a person 200 times in a year. What would be the future value in 7 years (use a 5 percent rate) of the annual amount paid in ATM fees? Use Exhibit 1-B. (Round time value factors to 3 decimal places and final answer to 2 decimal places.) | Future value | $ | Explanation: $6,513.60 = $800 × 8.142 (Exhibit 1-B) | 2. If a person has ATM fees each month of $34 for four years, what would be the total cost of those banking fees? | Total cost | $ | Explanation: $34 × 12 months × 4 years = $1,632 | 3. A payday loan company charges 3.2 percent interest for a four-week period. What would be the annual interest rate from that company? (Round your answer to 1 decimal place.) | Annual interest rate | % | 4. What would be the annual percentage yield for a savings account that earned $31 in interest on $500 over the past 365 days? (Round your answer to 1 decimal place.) | Annual percentage yield | % | 5. Janie has a joint account with her mother with a balance of $749,000. Based on $250,000 of Federal Deposit Insurance Corporation coverage, what amount of Janie’s savings would not be covered by deposit insurance? | Amount | $ | 6. A certificate of deposit often charges a penalty for withdrawing funds before the maturity date. If the penalty involves one months of interest, what would be the amount for early withdrawal on a $19,000, 5 percent CD? (Do...
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...Cash Management Trends in India Niraj Vedwa President Head – Global Sales and Marketing Nucleus Software (Original article published in gtnews.com) This article examines the cash management and payments developments in India, in terms of bank offerings and new corporate best practice. Traditionally having a paper-based clearing system involving not only high processing cost but security risk, cash management in India has certainly undergone a paradigm change. From a product-centric approach, the focus for almost all banks today has shifted emphatically to the customer. And success is all about bringing the maximum possible delivery channels to the prospect's doorstep. In the rapidly transforming world of business, banking faces its biggest challenge yet - constant change. With every bank seeming to offer service possible, efficiency coupled with innovative value added solutions have emerged as the key business differentiators that affect a bank's bottom line. Confronted with shrinking deposits/margins, rising customer expectations and intensifying competition, banks must at all times strive to be a step ahead of industry standards. At the same time, they cannot lose sight of credit risk, a natural byproduct of the increasingly complex relationships in today's dynamic markets. For some time now, technology has been the key driving force behind every successful bank. In such an environment, the ability to recognise and capture market share depends entirely on the bank's...
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...1.1 Background of Study Bachelor in Business Administration (BBA) program is run by Tribhuvan University from 2002 under the supervision of the Faculty of Management (FOM). It aims to provide quality education through quality and professional courses. BBA is four years international standard program consisting of eight semesters along with internship program. Thus, BBA program is a blend of theoretical and practical knowledge on the financial sector enabling the students in understanding business environment and solving practical business problems. It also aims to develop creative, socially responsible and skilled professionals who are able to carry out the responsibility of middle level managerial positions in the rapidly growing business sector in Nepal as well as abroad. Theoretical knowledge is not sufficient in this competitive and complex business world. Thus, in the eight semester of BBA program, student is required to work in financial institution for at-least eight weeks, where they can experience real situations of work environment in the organization. It also helps in understanding organizational environment and work culture. Internship program enables in acquiring skills and techniques by experiencing practical work situations directly applicable to develop career on financial sectors. It may also create the opportunities for placements in the same host organization or other organizations. 1.2 Objective of Report After the completion of internship program, it...
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...Cash Management Trends in India Niraj Vedwa President Head – Global Sales and Marketing Nucleus Software (Original article published in gtnews.com) This article examines the cash management and payments developments in India, in terms of bank offerings and new corporate best practice. Traditionally having a paper-based clearing system involving not only high processing cost but security risk, cash management in India has certainly undergone a paradigm change. From a product-centric approach, the focus for almost all banks today has shifted emphatically to the customer. And success is all about bringing the maximum possible delivery channels to the prospect's doorstep. In the rapidly transforming world of business, banking faces its biggest challenge yet - constant change. With every bank seeming to offer service possible, efficiency coupled with innovative value added solutions have emerged as the key business differentiators that affect a bank's bottom line. Confronted with shrinking deposits/margins, rising customer expectations and intensifying competition, banks must at all times strive to be a step ahead of industry standards. At the same time, they cannot lose sight of credit risk, a natural byproduct of the increasingly complex relationships in today's dynamic markets. For some time now, technology has been the key driving force behind every successful bank. In such an environment, the ability to recognise and capture market share depends entirely on the bank's...
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...IMPORTANT NOTICE TO FIRST TENNESSEE BANK CUSTOMERS This notice describes changes to the terms of the First Tennessee Bank Fee Schedule (“Fee Schedule”). Effective September 26, 2011, unless a later effective date is noted with regard to certain fees, the following will apply to your consumer deposit account with First Tennessee Bank. Except for the changes described herein, all other provisions of the Fee Schedule remain in effect. The section titled Automated Teller Machines (ATMs) is amended to read as follows: There is no charge to use an ATM card or First CheckSM Visa® Debit card issued by us for your deposits, cash withdrawals or most balance inquiries at any of our ATMs. A $2 fee will be charged for QuickStatementsSM. QuickStatements provides a print-out of your last ten transactions (including bank charges) and your available balance. Checking accounts are charged $2.00 for each account transaction and each balance inquiry using a non-First Tennessee ATM. Premier Checking accounts do not incur a charge for use of a non-First Tennessee ATM. The owner of that ATM (or the network it uses) might also surcharge you to use its machine. Surcharges from owners of other ATMs are refunded to Premier Checking customers. The section titled Charge back check fee is amended to read as follows: A charge of $16 is made for each check you deposit that is returned to us unpaid and debited from your account. The section titled Miscellaneous Charges is amended to read as follows: Cashier’s...
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...University of Technology, Jamaica Faculty of Business and Management School of Business Administration Post Graduate Division SUBMISSION DATE: July 24, 2010 Service Encounter themes with San Flora Express Recovery Satisfactory I ordered a bouquet from San Flora Express and paid for same day service but the wrong bouquet was delivered a day later. The customer service manager called back to apologize and advise me about the delay and sent a gift basket on the delivery day, sent an upgrade to the floral arrangement the following day and this was done without any additional charges. Dissatisfactory The customer service representative informed me that there was nothing they could do about delivering my bouquet on-time and told me that late or next day delivery was a consequence of placing an order on a public holiday. This was not explained when I was making the ordering and payment. She furthered informed me that the order was non-refundable. Adaptability Satisfactory My cousin went into labour a week and a half before the expected time. The policy at San Flora Express states that orders placed after mid-day will be delivered on the following day. However, the receptionist said there were not much delivery to go out that afternoon and made an exception in my case to have the bouquet delivered that evening. Dissatisfactory I know that my cousin is allergic to Daffodils and Chrysanthemums so I asked San Flora Express to inform me of the types of flowers...
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...Substantive Audit Program- Cash Balances Assertions: 1. The amount of cash is not materially more than the amount shown on the balance sheet. (checked with procedure 3, 5 and 7) 2. All cash has been recorded. (Checked with procedures 3, 5 and 7) 3. Cash is correctly shown as a current asset. (Checked with procedure 12) 4. Cash is not restricted to noncurrent use. (Checked with procedure 12) 5. All deposits and disbursements of cash reflect transactions before the end of the year. (Checked with procedure 2, 3, 4, 5, 6, 7) Procedures 1. All reconciliations are for valid bank accounts, obtain confirmation from a third party (Existence) 2. AOW vouched deposit in transit to the cutoff bank statement, noted it cleared the bank on january 4 2010, appears to be a valid reconciling items. (Existence) 3. AOW traced selected January deposits from the cutoff bank statement to the cash receipts journal. No other reconciling items. (Completeness) 4. AOW vouched outstanding check to cash disbursement journal and cutoff bank statements, noting the check cleared after 12/31. (Existence) 5. AOW made a selection from the cash disbursements journal and trace to the cutoff bank statement to test outstanding checks for completeness. No exceptions noted. (Completeness) 6) All outstanding checks from the cutoff statement written before year end are included on the reconciliation. (Existence) 7) All deposits from the cutoff statement made before year end are included...
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...Assignment #2 Use Cases Raquel S Murillo Dr. Johnnie E. Drake, Jr. HCAD 520: Healthcare System Analysis February 3, 2014 Use Cases Need cash? When a customer decides that he or she needs to process a withdrawal from their bank account that action is exactly that, a process. The customer first inserts their ATM into the card reader slot and expects that the transaction will go by smoothly and uneventful, but things could possibly go wrong. If the card reader is not able to read the card, it will eject the card and display an error message on the screen. Examples of an error message may include “Error Code 1” which would me that the system has timed-out while trying to process your request. If the system is able to successfully read the card, it will move on to ask for the customer’s pin number. The system will, in a matter of seconds, verify that the pin number entered is in fact correct and if so continue with the process. As soon as the pin number is verified, it will than display a menu of various options. Among that list of options, the customer will find the option to withdraw money. And this will be the beginning of a new process. Once the card has been inserted, read, accepted, and authenticated by the system; the withdrawal transaction will begin. This withdrawal transaction has many steps that need to be followed. First off, the system will display the question on the screen asking the customer to choose whether to withdraw from a savings or...
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...Chapter 4 Real World Word Problems 1. Citibank charges $17 for 150 checks. In Sunday's, Boston Globe, you can order 200 checks for $5.50 as a first time customer. Shipping cost is $1.95. What is the total savings by getting your checks from the advertisement in The Sunday Boston Globe? 2. Ranch Company received a bank statement showing a bank balance of $9,732. Ranch's bookkeeper noticed that the bank collected a $2,400 note. A $500 June 1 deposit was in transit. Outstanding checks for the month were $492. The bank charged a $15 service charge. Ranch forgot to record a $45 withdrawal from the ATM. Could you help Ranch's bookkeeper prepare a reconciliation assuming Ranch has a $7,400 checkbook balance? 3. Alice Kool has a checking account with Citizens Bank. Her current balance June 1 was $1,017.20. For the month of June, the following information was recorded in her check register. What is her ending checkbook balance on June 30? June 8 | Check No. 611 | Amazon.com | $81.96 | 15 | Check No. 612 | Dell Computer | 33.10 | 19 | Deposit | | 800.40 | 20 | Check No. 613 | Sprint | 110.22 | 24 | Check No. 614 | Krispy Kreme | 217.55 | 29 | Deposit | | 198.10 | 4. Anna Carmen, who banks in New Jersey, wants to balance her checkbook, which shows a balance of $1,018.25. The bank shows a balance of $210.20. The following checks have not cleared the bank: No. 85, $20.50; No. 87, $145.50; and No. 88, $215.10. Anna has a $20.00 service...
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...IBM, i-flex bag Canara core banking project Article by Business standard * Computer maker and IT services firm IBM has won the bid to implement a core banking solution for Canara Bank. In a deal, which market sources estimate at some Rs 250 crore, IBM will implement Flexcube, supplied by i-flex solutions in some 1,000 branches of the bank. * The hardware part alone will cost Rs 100 crore, M B N Rao, Canara Bank's chairman and managing director told reporters here on Friday. The IBM - i-flex combination beat competition from multinational rival Hewlett Packard and a desi system integrator, Wipro, both of whom had offered to implement Finacle, supplied by Infosys Technologies, a senior bank official said. * IBM's services business, IBM Global Services, will do the system integration work, said Shankar Annaswamy, managing director of IBM's Indian subsidiary, IBM India Limited. * IBM will also supply all the hardware required for the project. It will build a data centre at Bangalore, where the bank is headquartered, and a disaster recovery centre at Mangalore, the official said. * It will take some eight months for i-flex to customiseFlexcube to Canara Bank's requirements. By that time one branch, at the headquarters will go live with the core banking solutions. In the next five months, 1,052 branches will be hooked up. * These branches have been chosen to account for the bulk of the bank's business. They will cover "about 83-84 per cent of our business",...
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...months. The customer is particularly worried about risk following the GFC and the market volatility that continues to characterise world financial markets. Explain the features of call deposits, term deposits and CDs to the customer and provide advice on risk-reward trade-offs that might be associated with each product. Answer Call deposits or demand deposits are funds held in a savings account that can be withdrawn on demand. Features of call deposits are: • They are held in accounts other than a cheque account where the funds are available on demand. These types of accounts are generally referred to as savings account. • They may take the form of the traditional passbook account, whereby the depositor holds a physical passbook that provides a record of all transactions and funds held. • Call deposit account holders usually receive interest payments, but the return on funds invested is low. Term deposit: A deposit held at a financial institution that has a fixed term. These are generally short-term with maturities ranging anywhere from a month to a few years. When a term deposit is purchased, the lender (the customer) understands that the money can only be withdrawn after the term has ended or by giving a predetermined number of days notice. The features of term deposits are: • The main purpose of fixed deposit account is to enable the individuals to earn a higher rate of interest on their surplus funds (extra money). • The amount can be deposited only...
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...The article presents a study which aims to analyze the role of information technology (IT) in the Indian banking industry. Indian banks are investing heavily in the technologies such as automated teller machine (ATMs), net banking, mobile banking, tele -banking, credit cards, debit cards, smart cards, call centers, CRM, data warehousing etc. It is essential to evaluate the impact of information technology on the performance of Indian banks in terms of extended value added services and customer satisfaction thereby. Foreign banks and Private sector banks which took more IT initiative, were found to be more efficient and more competent force than public sector banks in India. Based on the article, technological innovations have enabled the industry to open up efficient delivery channels. It is said that IT has helped the banking industry to deal with the challenges the new economy poses. The study examines the views of banking customers on the implementation of IT in banks. According to the author, private and foreign banks use more IT-related banking services than public sector banks. Keywords and Abbreviations: Awareness level, Banking sector, Customer Satisfaction, ITeS, Security ATM – Automated Teller Machines / Any Time Money CBS – Core Banking Solution IAM – Investment and Assets Management CRM – Customer Relationship Management GRC – Governance Risk and Compliance IDRBT - Institute for Development and Research in Banking Technology...
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