Virtual cards are electronic pre-paid cards which don’t have any plastic existence and can be used to make e-commerce transactions such as making online payments. This is one of the easy and secure ways of transacting online without providing the Primary Card/ Account information to the merchant. Virtual card can be generated by following simple steps in net banking. Individuals need to provide a debit card or credit card to load the card.

Smart Things To Know about Virtual Cards:

@toptop,

when a stale cheque lasts for 6months it's become invalid but cheque uses 3months to become stale. A stale cheque for 3months can still be revalidated. so get your information right, please.

Yes please, a cheque has a validity period of 3months to be called a stalled cheque.

No please, the id card will not be valid because the 3names are not included in the id card.

Yes, banks accept temporary id card but its has limitation to what you can do with it in a banking transaction.

please send a mail to me admin@naijabankingblog.com with the copy of the bounced or dud cheque and give me details on what transpired I will take it up from there. we need to send a mail to CBN on cheque process to curb that issues.

A cheque is a representative money issued to a person on behalf of another person to debit a particular amount of money from his account. Using technology to access banking services, is an easy task and less time consuming unlike earlier where standing in a queue for most of the transactions was mandatory. An increase in NEFT, RTGS, and other online transactions have reduced the old methods of banking.

Here are few things to know before issuing a cheque:

Many individuals have fall victims of this before on how to block their debit cards or credit cards due to lack of information but today naijabankingblog.com is writing this article for more knowledge and exposure to as when such incident occurs again. It becomes increasingly difficult to imagine life without a debit or a credit card for a few days. It can be agonizing if we have misplaced these cards. But, in case we have, we must be swift to block the debit card, so as to ensure that they are not misused by people.

There are different ways through which you can block your card.

Bank account statement is what we receive monthly or quarterly from the bank for the transaction made for that particular period. Account statement gives us a brief pattern on how we are moving financially. Bank customers can look at previous months banks statement by using net banking. However, one cannot download previous year in some banks. In such cases, they can approach a bank for the same. To discourage usage of paper, many banks charge for the physical copy of the statement.
Individuals hardly go through the statement and realize only when there is a discrepancy later.

Here are 5 things you must check when you receive your bank statement:

ATM’s Machine has a widening range of what a banker can do for you inside the bank. the question is Do You Know more of what ATM machine can do for You?

Gone are the days when customers used ATM to withdraw only cash, without knowing more of what it can do in order to boost online and mobile banking.

Here are important transactions you can do through ATMs which you may not be aware:

Young individuals are not much aware of banking and the procedure it involves. Now, doing bank transactions is easy and can be done at your fingertips. But this does not mean that you should not know about some basic things and guidelines.
The difficulty arises when you will come across some fees and charges which you had no idea about and which could have been avoided.

Here are some smart tips to know when doing any bank transactions:

Individuals who are always on the go and traveling most of the time may find it difficult to pay bills or even do most banking transaction and manage their finances because they don’t have access to their bank mobile application or do not download it on their phone. Many people using a laptop and local wifi connection to make payments when they are traveling which is not safe and secured.

See more of what mobile app can do:

Many Individuals find it difficult to make investments or bill payments on time especially those who travel frequently. Financial planning is not an easy task as one should consider risk, return, and tenure of the financial product. If finances are not planned well, one may end up spending the whole income without saving amount to pay for bills.

Ways to Automate Your Savings Into investment:

This post will help Individuals who are internet banking users should make sure they use the strong password and it is suggested that password should be changed at regular intervals to avoid being compromised. Individuals having multiple bank accounts should avoid using the same password for different accounts. For bank customers, creating a strong bank password seems like a daunting task.

Here are some simple tips to consider for setting a secure internet banking password:

I strongly believe that this post will catch the attention of many account holders who feel they are been overcharged by the bank and If you’ve ever felt like your bank charged you for something? you need to watch your bank accounts closely for unnecessary charges and if need be to make claims go ahead and do. You can use these tips to save yourself from extra banking charges.

Essential tips to avoid bank charges and keep the money that belongs to you.

Most customers find it difficult to differentiate between Loan and Overdraft but this post has come to their rescue.

Individuals who are looking for borrowing money from the bank will be more interested in understanding the difference between loan and overdraft (OD) and which one is better to avail. Both terms are used while availing amount from the bank for which interest will be charged depending on the duration. Many business individuals or current account holders will be looking for OD and Loan facility from banks to meet their constant demand.

Here are 5 differences between loan and overdraft:

Computer users worldwide are facing a second major global ransomware attack in the last two months. In early May global system users were faced with the WannaCry Ransomware attack which affected more than 230,000 computers in over 150 countries. With major companies in the UK and Germany among those hardest hit, a hacker group calling itself the shadow brothers claimed responsibility for the attacks.

See more on how this virus works and avoid it.

Once upon a time when I got to the bank one morning I met a lady who has trashed up to 3 deposit slip all in the name of I want to pay in my dividend warrant but don’t know how to fill the deposit slip. I helped her and decided to include it here for others to know how and also know more on dividend warrant.

Steps on how to deposit a dividend warrant into your bank account:

This post will help customers get in touch with banking solutions when challenges arise without visiting the bank all the time it’s faster and easier to connect.

Below are details of all most all the Nigeria banks.

Prepaid cards. These are cards that are easy to use and re-loadable, it is also convenient and reliable to use at any point in time. No credit check or bank account is required. you can also give a third party your information to use.

Are you unsatisfied or unsecured using your regular debit cards for online transaction due to inputting your account details for purchases and would prefer a prepaid card?

Details and benefit of using GTbank Prepaid card

This has come to my notice that some customers still do transfer across the counter due to network challenges using their phones for online transfer or any other transfer error. here are steps for transfer across the counter.

See process for a bank to bank transfer.

Once upon a time I went to the bank to do this transaction and its takes like hours for my GOTV to be activated I will still need to go back to make complaint after a while I approached my bank to ask for this service which I think will less stress me or any other customer who wish to do the same transaction.

check the steps to perform this transaction

This post helps us to know the differences between FGN savings and Treasury bills. Before now the retail investors in Nigeria who wanted to invest in risk-free short-term dated interested yielding securities could only invest in treasury bills. However, earlier this year the Federal Government introduced the FGN Savings Bond as an alternative security to fixed income-loving retail investors.

Common benefits and characteristics:

One of the best advice I ever got was to have a personal balance sheet. This includes a list of all mostly liquid and tangible assets, and a list of all my liabilities, asset, and my net worth. I started keeping a PBS in 2014 – I had just realized its helps a lot and changed my financial status and spending limit too and it mostly consisted of a few thousand Naira in cash, treasury bills, mutual funds, and some stocks.

Here’s a link to the simple worksheet I use:

This post will help us know about the FGN savings bond and all necessary information we may need to know, just relax and read also ensure that after reading your comment is of importance to enable us to improve on our standard.

See more details on Federal Government of Nigeria Savings Bond.

Every business at some point in its operating cycle will require some form of finance to pay its short-term indebtedness or to fund new projects or business plans or to acquire operating assets. Individuals at some point in their life may also need bank loans to help fund the purchase of a car, mortgage for a house or buy household appliances.

See Tips Below When You seek for a bank loan:

Getting a bank loan approved is not the easiest process. In light of recent economic troubles across the nation, lenders are looking for a lot more in a loan applicant and are more strict. While there are several key areas lenders will be focusing on, it is important that you are ready to present the perfect, complete package for review if you hope to get approved.

5 important steps you need to follow to ensure your bank loan can be processed without problems:]

I have noticed that 90% of Nigerians get stranded when they have no physical cash on them and what to make an urgent call but no solution. This post guides you on how you can use your bank account to recharge your phone without having a physical cash on you. Kindly note that this is applicable to only the phone number you used in opening your bank account.

See codes of some banks in Nigeria.]

Are you sick and tired of going to the bank to line up for almost everything like me? Or maybe you are just tired of all those bank procedures when you want to collect funds sent to you through Western Union Money Transfer. Well, This article has come to our rescue where Quickteller now allows you to collect western union money transfer directly into your local bank account without stepping into the bank.

Requirements are as follows:]

There are times when you would like to make and receive payment in foreign currencies from abroad but you don’t have the account or card to make such transaction. This guide focuses on how to open a Domiciliary account and allows you to transact in different currencies like US Dollars, Pounds, Sterling or Euro as at the ruling exchange rate to enable you to receive inflows, cash deposit, traveler’s cheques any other offshore transactions.

The requirement to open a domiciliary account are below:]

What is a corporate account? This refers to an account that specialized in offering services for companies and offshore businesses. Corporate account diversifies from personal or investment bank account in terms that they provide service that responds to business needs and have different regulations in regards to an opening process which is meant to meet business purposes.

Requirement to open a corporate bank account in Nigeria.]

A dormant account is an inactive account which has no activity for a long period of time other than interest. A statute of limitation usually does not apply to the dormant account. This means that any funds In a dormant account can be claimed by the owner or beneficiary at any time.

To reactivate dormant accounts just follow the steps below:]

A cardless transaction using the ATM machine means that you can withdraw cash from the ATM machine without any ATM card.

Below is the process applicable to fidelity bank customers.]

This has been one of the oldest bank in Nigeria that is still standing and rendering more efficient services to their customers. Union Bank has announced the launch of UnionAccelerate, new product services, high-interest savings account with zero bank charges for medium-sized businesses.

See more Features on the UnionAccelerate]