Banking has evolved with time. The entire infrastructure and concept of traditional piled files and documents has given away to a much more sophisticated and sleek outlook. Moreover with technology growing with a rapid pace the time consuming factor has been replaced with doorstep banking methods which permits you to carry on with your banking 24/7 without having to pay the bank any visit. Money orders and transfers have taken a backseat for Online Money transfers, Card and mobile banking.

When Banking started of for Independent India, you had Nationalized and regional banks handling the country’s finances. As the years progressed you had more branches opening up. The 80s and 90s saw a whole lot of Global Banks like Standard Chartered, Barclays, Grindlays opening their banks up in India. Still banking didn’t seem to be convenient. The modus of transaction was pretty gloomy and boring with people having to wait their turns to visit the teller’s counter to complete their transactions. With technology coupled with the internet coming into play banking solutions have become more custom made for the average consumer. Online Banking ensures that a person is tuned completely with his finances at any given point from any part of the world. Ditto for mobile banking. The last couple of decades also saw numerous Indians migrate abroad on a bid to pursue their lives and carrier. Getting monetary transactions wasn’t easy then. Postal services and courier faux passes weren’t that convincing. Now with banks offering many solutions NRI Banking has also been made easier.

Various facilities for NRI Banking consist of NRI Savings account, NRI Term Deposits and provision to remit money to India. Mobile Banking and Online Banking also offer Mobile bill payment and online bill payments respectively. Typical business banking ensures commercial as well as retail banking services. In Commercial Banking, various corporate entities and major industrial houses are liable to be offered loans to proceed with their business and financial commitments. This kind of banking is generally profitable as it includes a large amount of money. Incase of retail banking services which is basically mass marketing business transactions, direct transaction with individuals which includes loans, various accounts and deposits, and locker facilities banks look to improve their consumer base. Establishing good customer relationship strengthens your financial base as with every major deal that you incorporate via your customers adds to your treasury. As of now the Retail section is undergoing a strain courtesy the recession. The failure to repay debts has seen the fall of global financial houses. So it is very important that a thorough examination is done to ensure know your customer (KYC) norms prior to issuing major loans.

Banks also provide special facilities to their HNI (High net individual) worth customers. These people generally have a huge amount invested with the financial house and indulge in hefty transactions. They are provided with world class banking facilities termed as Priority Banking and Premier Banking, both words justifying their meaning. Savings account for the average investor has also been made easier where you no longer need a referral to open an account or minimum balance to save in your account (* condition applies in both cases). Currently the major Global players in the Indian Finance Sector include Standard and Chartered, HSBC and Barclays. Banks of Indian origin that have gradually made waves include ICICI, HDFC, SBI and Axis Bank. All in all modern day banking has every element that ensures Wealth Management Services for the longer run.

1. The file number is indicated; this gives Dana a way to notify the credit bureau of any errors in the report, by referring to this number.
2. The information shown on this section of the report is generally self-explanatory. However, there are a few items of personal data that Dana should strive to keep secure, in particular, her social security number and date of birth. Note that a portion of the social security number has been masked out–this is a desirable option when personal information is printed out.
3. Dana should examine all items, including the credit union’s record of previous addresses and employment history, and notify the credit bureau of any errors.

Account History – the history of an account can be viewed as a summary or in detail.

Dana should review the accounts displayed in the report, including the balances reported. By clicking on the show details link, she can get a listing of the payments she has made, and the status of each payment. Late payments will be flagged with the number of days the payment was late. It is important that Dana verify the validity of the report contents, because potential creditors, landlords, or insurance companies may be able to examine this report, and make decisions based on report data. Additionally, Dana’s credit score can be affected by contents of this report. The report may contain both active credit accounts and ones that have been closed.

Inquiries Section – will show inquiries by credit providers, landlords, insurance companies and others. A review inquiry is typically done by a company you owe money to ensure your credit is still in good standing. A promotional inquiry is typically done by a company who is evaluating your report for future credit – they may be planning to send you a promotional credit offer or other service.

Another type of inquiry that may appear on the report is an internal inquiry, initiated by Dana herself. If she finds an error on the report and notifies the credit bureau, her action will appear as an internal inquiry.

Public Records Information
Although not illustrated in the credit bureau report for Dana Thomas, a credit report may contain information from the court system that a potential creditor might need to know. For example, a bankruptcy, lien, judgment or failure to make child support payments could be reported, or an account that has been turned over to a collection agency.

Contact Information
At the end of the credit report, you will find contact information, in case you wish to contact the credit bureau. There are three approaches–over the internet, by telephone, and by mail. The appropriate information for each method will be supplied on the report.

As commercial real estate values continue to decline the SBA 7A loan offers the highest financing available in the business, at 85%.  Conventional bank loans in contrasts are normally capped at 65% loan to value.

Say you bought an office building 5 years ago for $1,000,000.  You put 30% down and started off with a $700,000 loan amount.  Now 5 years later your existing loan is ballooning/adjusting and you need to investigate what options are out there.

However, you quickly learn that your property has declined in value to $800,000, and your existing balance has only been paid down to $650,000.  Your existing loan to value is 81%…  Your existing bank wants you to pay down the balance to bring it to 65% and no other conventional lenders will consider your request.  However, the SBA 7A loan will go to 85% loan to value, so this could be a business life saving deal.

SBA 7a Loan

Because the SBA 7A loans are backed, i.e. guaranteed by the government, they are the most reliable loans, in terms of closing in the business today.  Many banks for example, are taking loans that fit their conventional guidelines and are pushing the borrowers to take an SBA loan because the bank wants the guarantee.

A year ago, this was not the case.  The SBA guarantee comes with additional expense for the bank and much more paperwork/reporting requirements for them as well.  Many banks wanted nothing to do with the SBA.

Borrowers need to keep in mind that the SBA does not lend money.  They guarantee the banks they do lend.  There is a wide level of flexibility between one bank to another, in terms of what is considered a fundable loan.  The key is knowing which sources are still funding loans.

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