At retail banks deposits are insured at a maximum of $100.000.How does it work at a Broker Bank?.....say if somebody has $1,000,000.00,what amount is preserved and what is lost?Also how long before one has access to the funds again?
What happens to the funds in a brokerage account when the Broker Bank collapses?
Well, there's 2 types of insurance that most brokers work with:
1. A government-sponsored insurance scheme not unlike the FDIC 100K. BUT just like the 100K policy, if the government is low on funds they will probably not pay you the whole amount, but rather negotiate and settle at a lower amount (which is usually at least 40% of you deposit).
2. The vast majority (99%) of brokers carry additional insurance from a major insurer (usually Lloyd's), which protects your account for a large sum (mine's protected till $5 million).
Reply:There are certain guarantees in place. It depends on the kind of account. For instance, a brokerage account that is designated as a tax deferred retirement account is guaranteed for the first $250,000.00. But that is only if the brokerage goes under, and takes all the money. The brokerage accounts are supposed to be segregated to protect it. You should call your broker and ask these questions. Perhaps it is necessary to split your account between different brokerages to afford you the protection of a federal guarantee, just as you would your bank accounts to get the FDIC protection.
naming
Tuesday, May 25, 2010
What are the consequences of holding a normal account after becoming and NRI?
What are the consequences of holding a normal account after becoming and NRI?
What are the consequences if some one is found out?
Thank you.
What are the consequences of holding a normal account after becoming and NRI?
All resident accounts of a person with banks in India will automatically be treated ordinary non-resident accounts on his becoming non-resident.
Similarly NRO account may be redesignated as resident accounts on the account of holder becoming resident in India. It may be noted that residential status of a person will be determined as per the definition under Foreign Exchange Regulation Act, 1973.
When an Indian national or person of Indian origin residing in India leaves India for a foreign country (other than Nepal and Bhutan) for taking up employment, business or vocation outside India, or for any other purpose, indicating his intention to say outside India permanently or for an indefinite period, he becomes a person resident outside India. His bank account, if any, in India is designated as an Ordinary Non-resident Account (NRO Account). Such accounts can also be opened with funds remitted from abroad. As funds in this type of account are non repatriable, they cannot be remitted abroad to the account holders or transferred to their NRE Accounts without the Reserve Bank鈥檚 prior permission. Interest earned on these deposits is not exempt from Indian Income-tax.
The accounts may be maintained in the form of savings or current or term deposit accounts. The accounts can also be opened jointly by non-residents with their close relatives resident in India and operations thereon by the resident account holders can be made freely. If an account is used only for the personal or business needs of the resident account holder, it may be opened jointly even with a person who is not a close relative but this needs prior permission of the Reserve Bank.
Reply:Normally, you should inform your bank so that your bank account becomes NRO account. TDS will be deducted at 30% instead of 10%.
For NRI accounts NRO, NRE and FCNR, read http://mytaxes.in/index.php?topic=150.0
What are the consequences if some one is found out?
Thank you.
What are the consequences of holding a normal account after becoming and NRI?
All resident accounts of a person with banks in India will automatically be treated ordinary non-resident accounts on his becoming non-resident.
Similarly NRO account may be redesignated as resident accounts on the account of holder becoming resident in India. It may be noted that residential status of a person will be determined as per the definition under Foreign Exchange Regulation Act, 1973.
When an Indian national or person of Indian origin residing in India leaves India for a foreign country (other than Nepal and Bhutan) for taking up employment, business or vocation outside India, or for any other purpose, indicating his intention to say outside India permanently or for an indefinite period, he becomes a person resident outside India. His bank account, if any, in India is designated as an Ordinary Non-resident Account (NRO Account). Such accounts can also be opened with funds remitted from abroad. As funds in this type of account are non repatriable, they cannot be remitted abroad to the account holders or transferred to their NRE Accounts without the Reserve Bank鈥檚 prior permission. Interest earned on these deposits is not exempt from Indian Income-tax.
The accounts may be maintained in the form of savings or current or term deposit accounts. The accounts can also be opened jointly by non-residents with their close relatives resident in India and operations thereon by the resident account holders can be made freely. If an account is used only for the personal or business needs of the resident account holder, it may be opened jointly even with a person who is not a close relative but this needs prior permission of the Reserve Bank.
Reply:Normally, you should inform your bank so that your bank account becomes NRO account. TDS will be deducted at 30% instead of 10%.
For NRI accounts NRO, NRE and FCNR, read http://mytaxes.in/index.php?topic=150.0
Is there any way to get an Itunes account without a credit card?
I don't have a credit card, and neither do my parents. How do I go about getting an Itunes account without one? I already tried paypal, and even there they ask me for a credit card number and such. Is there any way around this?
Is there any way to get an Itunes account without a credit card?
I went through the same thing. The iTunes website/application looks like you have to enter a credit card - but - if you look carefully - it is only optional! I was able to set up my account without entering a credit card! (just click next)
Good luck and enjoy!
Reply:Yeah there is. I just use my AOL account. Do you have AIM? If you do then just enter your username %26amp; password. It comes automatically with an email address %26amp; thats what they want so you can just enter your aim stuff if you do.
So if you don't then thats really the only way to get into it sorry.
Just register I guess.
:)
Reply:try a debit card. you can get one for near free at your bank(or your parents bank)
Reply:Buy a prepaid card, walmart, walgreen's, etc.
Is there any way to get an Itunes account without a credit card?
I went through the same thing. The iTunes website/application looks like you have to enter a credit card - but - if you look carefully - it is only optional! I was able to set up my account without entering a credit card! (just click next)
Good luck and enjoy!
Reply:Yeah there is. I just use my AOL account. Do you have AIM? If you do then just enter your username %26amp; password. It comes automatically with an email address %26amp; thats what they want so you can just enter your aim stuff if you do.
So if you don't then thats really the only way to get into it sorry.
Just register I guess.
:)
Reply:try a debit card. you can get one for near free at your bank(or your parents bank)
Reply:Buy a prepaid card, walmart, walgreen's, etc.
How can I withdrawl large sums with my account now visa card?
I am trying to buy a car from a private dealer and can't seem to figure out how to get more than $3,000 at one time. Can anyone help? I either need the money in cash or certified funds. My wife and I are starting to think that this Account Now account is bad idea. I can't any real reviews or figure out how to actually talk to a person at Account Now. Please Help.
How can I withdrawl large sums with my account now visa card?
If this is a regular credit card, is there any way the car dealer can process that out? If he can't, can you ask him to help you find a way, ask his business friends, or relatives? After all, he's about to make a profit.
Reply:Hey Jon. The AccountNow card is a debit card, not a credit card. There is a limit on the amount you can withdraw. I would suggest doing a mix of cash withdrawal paying for a money order. To get a more help and a better explanation, call customer at 866-925-2036. Report Abuse
How can I withdrawl large sums with my account now visa card?
If this is a regular credit card, is there any way the car dealer can process that out? If he can't, can you ask him to help you find a way, ask his business friends, or relatives? After all, he's about to make a profit.
Reply:Hey Jon. The AccountNow card is a debit card, not a credit card. There is a limit on the amount you can withdraw. I would suggest doing a mix of cash withdrawal paying for a money order. To get a more help and a better explanation, call customer at 866-925-2036. Report Abuse
How often do the three credit bureaus update account info?
I have paid off two credit cards. One 20 days ago, the other two weeks ago. It still shows the old total on my equifax and trans union and the CC companies tell me they have already reported to them.
How often do the three credit bureaus update account info?
The creditor does the updating to the credit bureaus. Most creditors only update once a month. You have to allow 30 to 60 days for it to show up on your credit report.
The credit bureaus receive updates constantly. The updates show up in your file right away.
Reply:It can take anywhere from 30-45 days for the new information to show up. Depending on how you are accessing your credit reports you may not be getting the accurate info. Wait a few more days and then go to myfico and buy your scores there... all other sites are FAKO scores, not accurate.
Reply:Typically the information is updated to the bureaus the month following the change. However, if you are looking to receive financing for a vehicle or home, your loan officer may request that the information be updated immediately.
Chris G.
www.howtogetanfhaloan.com
Reply:They update every thirty days, but it takes 60 days to show up on record.
Reply:It generally takes 30 days for your report/score to update. Give it a little more time and it should show up then.
Reply:I think it's one a month. Not too often.
first name
How often do the three credit bureaus update account info?
The creditor does the updating to the credit bureaus. Most creditors only update once a month. You have to allow 30 to 60 days for it to show up on your credit report.
The credit bureaus receive updates constantly. The updates show up in your file right away.
Reply:It can take anywhere from 30-45 days for the new information to show up. Depending on how you are accessing your credit reports you may not be getting the accurate info. Wait a few more days and then go to myfico and buy your scores there... all other sites are FAKO scores, not accurate.
Reply:Typically the information is updated to the bureaus the month following the change. However, if you are looking to receive financing for a vehicle or home, your loan officer may request that the information be updated immediately.
Chris G.
www.howtogetanfhaloan.com
Reply:They update every thirty days, but it takes 60 days to show up on record.
Reply:It generally takes 30 days for your report/score to update. Give it a little more time and it should show up then.
Reply:I think it's one a month. Not too often.
first name
What account to make to allow people to donate me on the Internet ?
Like paypal or google checkout ? Can i have a step by step please.
What account to make to allow people to donate me on the Internet ?
paypal is good because people can pay you by visa or mastercard.
go to paypal, set up an account, and follow the directions.
if you have a paypal account, all someone needs is your email address that the paypal account is registered to and they can send you money.
What account to make to allow people to donate me on the Internet ?
paypal is good because people can pay you by visa or mastercard.
go to paypal, set up an account, and follow the directions.
if you have a paypal account, all someone needs is your email address that the paypal account is registered to and they can send you money.
What are the benefits of a personal checking account?
What's so great about opening up a checking account or why would you want to open one up?
What are the benefits of a personal checking account?
1. If you apply for credit card, they want you to have your own checking account. (You need to have a credit card, so you can develop your credit history.)
2. You will need to pay your bills (phone, electric, water, cable, etc.). For this, you will have to write a check, or pay them online. In order for you to write a check or pay bills online, you will need to have a checking account.
3. Paying for things at the cash register. When you buy groceries for your family, the balance to pay is easy into $100 per trip. It is a hassle to carry hundreds of bucks in your wallet at all times. Much easier, just to slide a debit card at the cash register. And you won't have to worry about change back.
4. Most emloyees in now days don't give you a paycheck to cash it out, but do the direct deposit straight into your checking account.
5. Buy things online.
Reply:Having a Personal Checking Account is one of the big steps you take as you mature and enter adulthood.
It shows that you are organized, responsible and capable of managing your life.
It will give you total control over your own finances and ability to write checks to pay bills, etc. plus a secure location to deposit your pay checks, refund checks and other income you might earn.
You can also get a Debit Card that you can use instead of using money and writing checks...very convenient.
When applying for a credit account, it shows stability if you are established with a bank account.
How are you going to pay your bills if you can't write check?
pay cash?
buy a money order?
I don't think so.
Reply:Everybody that's posted before me, have brought up exceptional answers that I would've already said. One thing that I would like to touch upon is that checking accounts PROTECT YOUR MONEY! Let me paint a scenario fo you: It's friday, you just got paid, you go to the check cashers or the grocery store to cash your check. Well right there you're spending money to cash a check that you worked 40 some odd hours for. Now having said that, some not-so-nice person is sizing you up all this time unbeknowst to you. They know that you just cashed your check, with a purse or pocketful of bills, making you a walking bank-vault that's ripe for the pickings...Get my drift yet?
Another thing is that cash spends quicker when it's in-hand, not to mention unless you have a phtographic memory and a mind like a steel trap, there's a chance that you will forget where you spent your money.
Just the thought of those two things wakes me up in the middle of the night. Take it from the people that's answered this. It will help you in the long run.
What are the benefits of a personal checking account?
1. If you apply for credit card, they want you to have your own checking account. (You need to have a credit card, so you can develop your credit history.)
2. You will need to pay your bills (phone, electric, water, cable, etc.). For this, you will have to write a check, or pay them online. In order for you to write a check or pay bills online, you will need to have a checking account.
3. Paying for things at the cash register. When you buy groceries for your family, the balance to pay is easy into $100 per trip. It is a hassle to carry hundreds of bucks in your wallet at all times. Much easier, just to slide a debit card at the cash register. And you won't have to worry about change back.
4. Most emloyees in now days don't give you a paycheck to cash it out, but do the direct deposit straight into your checking account.
5. Buy things online.
Reply:Having a Personal Checking Account is one of the big steps you take as you mature and enter adulthood.
It shows that you are organized, responsible and capable of managing your life.
It will give you total control over your own finances and ability to write checks to pay bills, etc. plus a secure location to deposit your pay checks, refund checks and other income you might earn.
You can also get a Debit Card that you can use instead of using money and writing checks...very convenient.
When applying for a credit account, it shows stability if you are established with a bank account.
How are you going to pay your bills if you can't write check?
pay cash?
buy a money order?
I don't think so.
Reply:Everybody that's posted before me, have brought up exceptional answers that I would've already said. One thing that I would like to touch upon is that checking accounts PROTECT YOUR MONEY! Let me paint a scenario fo you: It's friday, you just got paid, you go to the check cashers or the grocery store to cash your check. Well right there you're spending money to cash a check that you worked 40 some odd hours for. Now having said that, some not-so-nice person is sizing you up all this time unbeknowst to you. They know that you just cashed your check, with a purse or pocketful of bills, making you a walking bank-vault that's ripe for the pickings...Get my drift yet?
Another thing is that cash spends quicker when it's in-hand, not to mention unless you have a phtographic memory and a mind like a steel trap, there's a chance that you will forget where you spent your money.
Just the thought of those two things wakes me up in the middle of the night. Take it from the people that's answered this. It will help you in the long run.
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