Some towns are taking note and learning how to survive a depression by using old tricks from history’s playbook. When people have no ready cash on hand, some towns are trying to stimulate commerce using some dollar alternatives that work in local areas. One of these alternatives is scrip, local currencies that can be used to trade within a select group of merchants. Another alternative that can work is a time bank. Instead of using dollars, people trade hours for different services. Each of these probably can’t uphold an economy all by themselves, however they do support additional ways to create commerce when cash is in short supply.

(more…)

Are you interested in online banking? Do you feel that this is a good way to organize and track your money? If so, there may be one thing holding you back: the possibility of your information being stolen. This is a valid concern but remember that there are millions of people currently banking online and not facing any problems. You can join them if you know how to keep your information safe. (more…)

Times are often tough, but there many options for those who are need of money. From personal loans that are available at banks and financial institutions and pay day loans that are available online and at check cashing place in your area, you have ways to get money to pay past due bills and other financial obligations. Although bank loans have much paperwork to deal with, their interest rates are lower than any of the other options available to consumers. Payday loans are great because they are quick and easy and have very lenient credit guidelines. Once you get the money you need, you can pay off any bills and repay your loan when you can. (more…)

For many, the thought of a Swiss bank account conjures images of organized crime, smuggling, and embezzling. These images are clearly influenced by the media, but the underlying principle is based in fact. In movies, people utilize Swiss bank accounts because they are virtually untraceable. While law dictates that this is clearly not the case in instances of smuggling and organized crime, the Swiss banking system takes great pride in the amount of privacy given to customers with private accounts, leading many to wonder exactly how to open a Swiss bank account of their own. (more…)

Banking goes back at least to the first civilization in Babylon, when the priesthood engaged in lending to the citizens. Of course, there were likely types of banking before this, but they would not tend to fall under the modern definition of a bank. Various organizations have engaged in lending and protecting money on behalf of everyday people. Even the Knights Templar, the famous armed forces of the Crusades, offered services to pilgrims that enabled them to keep their money secure. The oldest bank in the world which is still in operation, however, is the Banca Monte dei Paschi di Siena of Siena Italy. It has been in operation since 1472. (more…)

Some people swear by credit unions, and here are some reasons why a credit union might beat a regular bank:

• A credit union usually offers lower interest rates on borrowings, and better interest rates on deposits
• You have a better chance of getting a personal loan at a credit union than at a bank
• Credit unions usually charge lower fees than regular banks
• You’ll get more attention and better service at a credit union because they have a lot fewer customers
• Credit unions are less focused on profits than banks - they are trying to serve their members rather than make huge profits
• And they are still covered by NCUA insurance so there’s no extra risk involved
• If you need to solve a problem, you’ll probably do it face to face or at least over the phone with an employee who is physically at the credit union you bank at - rather than being routed to a call center miles away to a faceless operator
• You are able to get involved with the running of your credit union if you are interested - the board of directors of a credit union are mostly ordinary members just like you who have decided they want to have a say in how it runs

Are you interested in opening an account with an online bank? This is a trend that is taking off, and you can get in on the action soon enough. That being said, you should know that there are many online banks to choose from. Do you know which one is best for you and your money?

Choosing an online bank comes down to many factors. One, you want to get involved with an institution that has a good reputation within the financial industry. After all, you never want to take a risk with your money regardless of how good the potential benefits sound.

You should keep perks in mind. For instance, are you opening a savings account at an online bank? If so, you want to find the one that offers a competitive interest rate. But again, don’t forget about other details that go along with this such as whether or not your money is FDIC insured. (more…)

Everytime you turn on the news or open the paper, it seems like another bank has folded or been merged into the embrace of another, larger concern. Here are a few that have withstood the financial crises of centuries past. Although at least one may not be around for much longer.

Banca Monte dei Paschi di Siena Siena, Italy

Established in 1472 to grant loans to “poor or miserable or needy persons,” Monte di Pieta, or Monte Pio as it was then known, translates as mountain of piety. The idea for a lending institution that catered to the needy came from the Franciscan Friars who advocated interest-free loans to the needy. That idea had been tried as early as the 14th Century when the Michael Northburgh, the Bishop of London, left 1000 marks of silver to establish a bank that would lend money on pawned objects, without interest, providing that the expenses of the institution be defrayed from its foundation capital. The capital was eventually consumed, and the bank closed. The mercantile families of Siena who started the bank doubtless had this in mind when they established the interest rate at 7.5 percent.

The bank was awarded a new charter after Florence’s Medici family was given the Republic of Siena for its support of Emperor Charles V in a long civil war. In 1624, then, the new institution was founded, which was to be managed by eight citizens belonging to the nobility. The bank expanded into agricultural and business loans that were guaranteed by a lien on income from the public pasture lands in Maremma, called the “Dogana dei Paschi.” (more…)

More and more people are turning to online banks, such as HSBC, when opening a savings account. Online savings accounts often times offer a higher interest rate than those of local branches. That being said, you need to make a decision on how much money you are going to keep in your online bank. Obviously, there are many details that will go into making this decision.

Before you do anything make sure the bank is FDIC insured. This way you don’t have to worry about losing money if the bank goes under; which is becoming increasingly more common in today’s day and age.

How can you transfer money to and from your account, and how long will this take? Most people use an online savings account to save. In other words, they don’t use this type of account to pay bills. This is due in large part to how long it can take for funds to be transferred from one account to the next.

There is nothing wrong with saving a lot of money in an account with an online bank. But as noted above, you want to make sure that you don’t go over the FDIC limit. Right now, the limit is $250,000, but this is set to drop back to $100k at the end of 2009.

Thanks to above average interest rates keeping your money in a savings account at an online bank is a great idea. Just make sure you know the pros and cons, as well as why you are using this type of account, before you get started.

It’s really ironic that a purely online account takes a lot longer to transfer money in and out of than an account based at a physical bank. Most of it has to do with security, and checking that the money really exists before it gets withdrawn or deposited anywhere. Fraud is not a large problem for online banks but they say that’s because they’re so careful and because they take longer to move money around.
If you are needing your money from an online bank in a hurry, here are a few tips that might help speed up your transactions:

• Plan ahead with your transactions as far as possible; or when you realize you need to make a transfer then do it online as early in the working day as possible and it will be more likely that your transaction happens a little faster.
• It might be possible to open a (small) checking account at the physical bank connected to your online bank. If you transfer money within the same bank (from your online account to a physical checking account) it will usually be available the same day.
• Complain to your bank if transactions are particularly slow, because there are rules about how quickly funds should be credited.

Apparently the European system already works a lot faster than that in the United States, so online bank customers can hope that things will improve in the next few years.