Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States.
Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle from November 17 onwards. These changes will help us more effectively manage the risks involved with these types of transactions. Another letter (PDF) received by Peak to Peak Charter School, a college in Colorado, states that the option to send both international and domestic wire transfers has been withdrawn from Chase business savings account holders. Shortly after we posted this story, other Chase business customers confirmed they had also received similar or identical letters. Chase is obviously very keen to make it hard for their customers to have any kind of control over their savings and is trying to prevent them from sending dollars abroad, prompting concerns that Cyprus-style account gouging could occur in America. A word to the wise: Keep some cash liquid and outside the banking system, maintain multiple accounts to give yourself additional flexibility. Jerry WolfgangOctober 16, 2013 at 4:54 PMAnyone really concerned that Cyprus-style account gouging could occur in America? This is a nice take of the envelope system, where you decide how much you’re going to spend in each category and literally put cash in different envelopes. I was speaking to a mobile trend analyst (yes, there is such a thing) who works with some major financial and tech companies in the UK, and she told me that something interesting has happened in the last few years. In other words, does the service provider’s app, say, a utility company, allow the consumer to view their account in a nicely designed way? With that in mind, and considering banking is the one service virtually everyone uses, I decided to take a look at the UK’s major banks and each bank’s app to rate them from best to worst.
The fact that Lloyds still doesn’t have a real banking app in 2014—seven freaking years after smartphone adoption took off—is astounding. Look, First Direct isn’t a good looking app by any means—it basically looks like it was designed in Microsoft Word.
Given that First Direct explicitly states that this app isn’t a replacement for their website, that tells you how limited it is. The HSBC Mobile Banking app isn’t going to win any awards for creativity or features, but it does what most people need out of a mobile banking app, because, you know, it’s an actual app. A really nice feature about the app is it also allows you to get a temporary 4-digit passcode if you are at a cash machine and realize you’ve forgotten your debit card. Okay, let me just say that this app too could use an iOS 7 redesign (and perhaps tone down on all the red).
Reporting lost or stolen cards is something we’ll do from our phones almost the moment we notice the card is gone, so it makes sense a bank builds and easy to use missing card reporting feature into it.
If there is a gold standard of mobile banking apps it is found in the Barclays Mobile Banking app by Barclays Bank. The app supports both business and personal accounts and makes it exceptionally easy to navigate you way around both.
The app is so feature rich it even includes a mobile PINsentry, which business users will be familiar with. Samsung Galaxy Note 7 is OFFICIAL: 6GB of RAM + 128GB Storage Model Confirmed As Chinese Exclusive! Most businesses have two separate checking accounts: one for general payments and another for payroll. For Social Security and Medicare Tax, use the same amounts as used on the Cash Payments journal for the employee. Since all taxes are liabilities, they are credited when recorded that we owe them (see General Journal entry above). You will still be able to send domestic wires and receive both domestic and international wires. Cash activity is the combined total of cash deposits made at branches, night drops and ATMs and cash withdrawals made at branches (including purchases of money orders) and ATMs.
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When she started tracking her spending, she noticed that she was spending an unbelievable amount going out every week. You can transfer from one envelope to another, but once your money runs out, that’s all you can spend for the month.


It’s about budgeting, and to get a grasp on what you are spending every month in a certain category. If you want to evaluate where you are spending money, that by necessity has to be after you have spent the money. If you are new to online banking or online fund transfer from your bank account to your client’s account, you will need Bank IFSC Code. In a recent study she conducted (set to be published in March) consumers today who are 16-34 years old are more likely to choose a service such as a bank, ISP, or mobile operator if they like the app the service provider offers. Does it allow them to manage their account settings, view other plans, easily contact the company, and pay their bills?
What’s even more astounding is that they apparently don’t even have a dedicated mobile banking team…because you don’t need one to put out an “app” like this. That’s because Lloyds TSB was divided into two separate banks last year and instead of really diversifying itself from Lloyds, TSB instead said, “Yeah, their banking app is crap, but this stuff is hard. But I would shed tears of joy if Lloyds would have cared as much about a bare-minimum mobile banking experience like First Direct has. There’s the standard PIN entry any banking app should have (Hello, Lloyds and TSB!) and once you log in you can access and view all of your HSBC accounts. Though it could use an iOS 7 makeover, it’s firmly in the category of what any good, basic banking app should do.
The RBS app offers a secure 5-digit pin needed to access it, which lets you log in and see all your accounts at RBS in one place (current, credit, and savings). That’s because NatWest is part owned by RBS, so they’ve basically reskinned the app and put the NatWest branding everywhere.
This app is so well designed and feature-loaded it would instantly make me switch from any other UK bank if I weren’t already a member. No longer do you need to have your cumbersome physical PINsentry reader with you to make payments and transfers, or identify yourself in any way: it’s all handled through the app. The Barclays Mobile Banking app receives regular updates with not just bug fixes, but major new features—the most recent being the ability to use the app to take pictures of and upload secure financial documents to Barclays’ CloudIt cloud storage feature. RBS is a close second (though power users should opt for Barclays), while HSBC is decent for a basic banking app.
For security reasons, businesses want to keep only enough cash in the payroll account to cover payroll.
The journal entry in the Cash Payments journal (above) includes the deductions for employee taxes. Taxes are paid at various times throughout the year as determined by the Internal Revenue Service (IRS). Paid employees' federal income tax withholding, sosical security tax, and medicare tax liabilities for the pay period July 3. We’ll cancel any international wire transfers, including reccurring ones, you scheduled to be sent after this date. Chase apparently feels it is easier to not engage in these transactions rather than deal with a new regulation. You wont find me saying this is a bad idea, everyone should be concerned with where there money has gone.
You use envelopes only for those expenses that aren’t a set expense each month, such as clothes, gas, groceries, etc. If so—and all other things being equal—73% of respondents said that they would choose the service provider with the nice app over one with a badly designed app or no app at all. The Lloyds Bank Mobile Banking “app” by Lloyds is actually no such thing – it’s a mobile website (.mobi) bound up in an app shell and presented to its customers as a true app. Matter of fact, judging from the quality of Lloyds Bank Mobile Banking it looks like they pawned the project off to someone’s fifteen year-old nephew who then considered it for all of twenty minutes, said “f••k it,” and decided to get drunk.
Let’s just use theirs and put our logo on it.” It’s another mobile website disguised as an app.
Yes, Halifax’s app is exactly the same because it’s a subsidiary of Lloyds—the bank that set the standard for the worst banking app you can create. The app allows you to do three basic things: view your balance and last 90 transactions, make transfers between your First Direct accounts, and make a payment to someone you already have set up as a payee through the website.
All they want to do is quickly check their balance and see what recent transactions have come through.


It’s also very easy to view your statements, make payments and transfers, and locate cash machines nearby.
Another amazing feature is called “Pay Your Contacts.” Using this all you need to have is someone’s phone number who also uses the RBS app, and you can instantly send them money that is deposited directly into their bank account.
It’s got all the same features of the RBS app above, but the NatWest app allows customers to withdrawal up to ?250 a day at an ATM using nothing but the app.
It does most of the things the other banking apps do—checks balances and statements, makes payments and transfers, find local branches—but the real reason this app is better than the previously mentioned ones is because it allows you to set up alerts that are pushed to your phone when your balance falls below or goes over a certain amount and it also allows you to report lost or stolen cards. When a payroll register is completed, the business knows how much must be transferred to the payroll account. Since money must be transferred from the general checking account to the payroll account, we'll journalize payroll accounts while writing the check for the transfer. I think a far better method is to seperate out what you have to spend for example rent, bills, groceries etc plus a fixed amount for savings and then manage your discretionary spending seperately.
The envelope system works well for those of us who have trouble managing money when it isn’t something concrete.
Matter of fact, 42% of respondents said they would even put up with slightly higher fees for a better app! When you launch it on your phone you’re presented with a very poorly designed mobile website that requires you to manually enter your account number and password each time. Sadly for Halifax users, the app is a rebranded version of the Lloyds app, which means it’s nothing more than a mobile website disguised as an app.
Another nice feature is the app quickly and easily lets you view your savings account interest rates and manage your current account overdraft.
Notice employees pay four taxes and all four taxes are journalized in the Cash Payments journal.
I don’t really have a set amount each month that I plan to spend because as Nathan suggests it encourages frivolous spending at the end of the month.
I can’t think of a more important message than one from my bank saying my balance is below a certain level.
Matter of fact, I haven’t once logged into my online Barclays account since downloading this app.
At the same time the transfer is made, the business will make a journal entry to record the payroll.
The entry will be recorded in the General Journal because the employer is recording that they owe the taxes at this time, but are not actually paying them yet. You’re responsible enough and fortunate enough to know what to do with extra discretionary money.
Besides, the envelope system (whether it’s using envelopes or checking accounts) carries a huge opportunity cost. You will get IFSC code for that bank there.Suppose I want to look for HDFC bank IFSC code in my area.
DeleteAnonymousOctober 16, 2013 at 7:37 PMThe government is congenitally unable to honor its commitments.
Then your bank denies the transaction (as you’ve asked them to do), and you have no way to pay for your tab.
If you have an issue with a bad charge to a debit card, it is in the bank’s favor to delay fixing it and putting the money back into your account. I actually know a guy that in attempts to prevent him from splurge spending on his credit cards he took them put them in a bowl of water and stuck it in his freezer.
We set aside a certain amount for savings, set expenses for things like rent and utilities, and then our household expenses. He told me that he never splurge spends anymore because he doesn’t have enough patience to thaw his credit cards.
To get a real picture of what is happening to guarantee food and fuel scarcity, check out this video.



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