Nigeria being member of the UN has experince an increase of $2.19bn in its World Bank loan portfolio in the last three years, investigation has shown.

Statistical Data obtained from the Debt Management Office in Abuja on Monday showed that the country’s loan commitment to the bank as of March 31, 2016 stood at $6.72bn.

However, as of March 31, 2019, the loan commitment of the country to the Bretton Woods institution had risen to $8.9bn.

You May Also Read https://okfiscal.com/how-to-invest-in-nigeria-bonds-system-fgn-bonds/

This indicate that within a period of three years, the World Bank’s commitment to Nigeria rose by $2.19bn, reflecting 32.58 per cent increase.

Much of the loans from the World Bank between March 31, 2016 and March 31, 2019 came from the International Development Association, which is the concessional window of the Bretton Woods institution.

However, the collected data also showed the increasing recognition of Nigeria as a middle income country, qualifying for commercial loans from the International Bank for Reconstruction and Development, the commercial window of the bank.

While as of March 31, 2016, IBRD’s commitment of the country stood only at $7.25m while as of March 31, 2019, the commitment had risen to $124.18m, showing an increase of $116.94m, reflecting an increase of 1,613 per cent over the three year period.

In addition to, The statistical data collected also showed that World Bank’s proportion of the country’s total debt portfolio had been on the decline.

As of March 31, 2016, the bank’s portfolio as a percentage of the country’s total debt portfolio stood at 60.05 per cent (the total debt portfolio was $11.19bn as of March 31, 2016).

However, as of March 31, 2019, the bank’s percentage of the country’s total debt portfolio was 34.75 per cent (the total debt portfolio of the country as of March 31, 2019 stood at $25.61bn).

The country had in recent years been obtaining more resources from commercial sources as concessional sources had been drying up. This was said to be the reason for the diminishing proportion of Nigeria’s loan from the World Bank.
Although some experts may see the 29.98 per cent growth in Bank’s portfolio in Nigeria within a period of three years as high, there was actually more growth in the country’s commitment to Eurobonds within the same period. In 2016, the nation’s Eurobonds loans stood at $1.5Bn. However, by December 2018, the Eurobonds portfolio had reached $10.87Bn. This shows that within the period, the country’s Eurobonds debt rose by $9.37Bn or 624.67 per cent.
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Numbers of pensioners of the Federal Airports Authority of Nigeria have given the management of the agency 14 days to address the withdrawal of some of their benefits or face industrial unrest.

The pensioners, under the aegis of Nigeria Union of Pensioners, alleged that the new management stopped the emoluments which they had enjoyed for the past 14 years.

You may also read https://okfiscal.com/reason-why-many-nigerians-lack-access-to-finance/

They warned that all pensioners of the agency would be fully mobilised on August 6, 2019 for a showdown with the management of the agency in all its branches across the country.

The ultimatum is coming on the heels of a meeting held on July 24 with the ad-hoc committee put in place by the Managing Director, Capt. Hamisu Yadudu, to look into the issue with the pensioners.

The National Chairman, FAAN NUP, Rasaki Ope, and National Secretary, Emeka Njoku, said the review was taken with reasons.

They also called for the implementation of the 33 per cent increase on current pension to be used for them based on the Federal Government circular, adding that for over 10 years, the management had refused to review the pension as against the five years requirement for review.
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The Chartered Institute of Bankers of Nigeria has said it is critical for the banking community to display exemplary ethical conduct in the management of personal information.

The President, CIBN, Dr Uche Olowu, spoke during the breakfast session with the theme, ‘Managing a new oil-data protection and management strategies for the Nigerian banking industry,’ which was organised by the CIBN’s Centre for Financial Studies in Lagos.


President CİBN, Dr uche olowu
He said, “Another issue of concern is that of consumer consent or rather ‘consent fatigue’ where organisations seeking legitimate use of data serve customers with several consent notifications or forms.

Also read https://okfiscal.com/how-nigeria-federal-government-has-spent-n279-billion-for-n-power-stipends-payments/

“Customers, without taking the time to fully understand these forms or notifications indicate agreement. It is my personal belief that we, the banking community must display exemplary ethical conduct in the management of personal information and act as shining beacons to other industries.”

He said the centre, which was a wholly- owned subsidiary of the CIBN, was mandated to provide thought leadership and enlightenment on topical issues affecting the banking and finance industry, as well as the economy at large.

By organising the session, he said the institute aimed to bring to the consciousness of all stakeholders, the importance of data privacy and management via a robust panel discussion, providing measures/best practices to be taken in implementing such standards.

Olowu emphasize that data management and protection issues should be of great concern to everyone.
Breaches in data protection guidelines and laws had resulted in reputational damage and a higher risk of illicit activities, such as money laundering and identity fraud, he noted.
He said, “Additionally, McAfee, a global computer security software company, reports that 40 per cent of people worldwide feel they lack control over their personal data – and rightly so.

“Major companies such as Facebook have doused the fire of data breach scandals which put millions of personal records in the hands of criminals.

“On July 12, 2019, British Airways-Owner IAG is facing a record $230m fine for the theft of data from 500,000 customers from its website last year under tough new data-protection rules policed by the UK’s Information Commissioner’s Office.”

He said the banking and financial sector was not immune to these threats, particularly given the sensitivity of data the industry warehouses.

Using the incident that happen in 2014, JP Morgan Chase one of the largest banks in America as example where it was reported that data breach occured which affected seven million small businesses and 76 million households,

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For small businesses to perform well and grow the financial aspect of such business must be handle carefully. So it worth while to look out for the best financial institute – banks with the best services which can help you grow your business.
Recently, the banking industry in Nigeria has witnessed a lot of reforms and the evolution of a robust, strong and reliable financial institution is underway. Although Nigerian banks, specifically money deposit banks are yet to be where they should be in terms of a distress proof system as well as a system created to grow the Nigerian economy.

Before the full implementation of the treasury single account, banks depended on government funds to survive; with government treasury now secured in the TSA, it is imperative commercial banks start doing the actual business of banking – which is giving both short and long term loans especially to small and medium scale enterprises (SMEs).

knowing fully well that the best way to grow an economy is giving credit facilities to SMEs and some banks are already creating unique products to suite the purpose. Sadly to say, some top banks in Nigeria has done little or nothing about SMEs funding.
Below are the list of five banks in Nigeria which are friendly to small and medium scale enterprise. This list of bank was a result from the research carried out by our team on commercial banks across the country our conclusions came from visits to money deposit banks branches and enquiries were made on products available for small businesses. Some basic factor were used in this result which includes :
•Collateral requirements
•Ease of access to loan
•Number of SMEs product
•Disbursable amount
•Interest rates
•Loan term
With the above factors considered, below are top 5 SMEs friendly bank in Nigeria namely:

1) First City Monument Bank (FCMB):

This bank have designed a system and a banking environment conducive for small businesses in Nigeria. With the unique SME Banking without Charge account, small businesses can open account without charges for the first three months. The bank in furtherance of its continued commitment to supporting customers in growing their businesses and equipping them with the right skills required to be successful business leaders has commenced a business leadership training programme for the bank’s SME customers across the country.

The bank in its commitment to support SMEs has developed credit facilities as follows:

a) Working Capital Facility – Finance solutions that enable businesses manage their working capital/operating cycle. These solutions include overdraft and short term loans. The benefits includes to assist businesses with sufficient funds to satisfy both maturing short-term obligations and upcoming operational expenses

b) Commercial Mortgages – Long term loans typically used to acquire, refinance, or redevelop commercial properties. The loan is created to assist businesses break free of restrictive lease agreements through acquisition of commercial properties such as office buildings, shopping centers, industrial warehouses, or apartment complexes suited to your budget and with the ease of long term repayment.

c) Asset Acquisition – For acquisition of new equipment and business assets. The loan is to finance the acquisition of plant and machinery and other assets for business expansion.

https://okfiscal.com/8-questions-you-should-ask-and-answer-before-taking-personal-loan/
2) Fidelity bank:
Seating on the number second spot is fidelity bsnk, this bank has proven to be one of the most SMEs friendly bank in Nigeria. With the SMEs business Advisory products which offers a free advisory services to small businesses, the bank has been able to create amazing SMEs friendly products such as:
Fidelity Small Business Account (FSBA)
Fidelity Pharmacy Support Facility
Commercial Support Short Term Loan
Managed SME Offerings
Fidelity Managed SMEs focuses on providing solutions to the challenges faced by MSMEs in Nigeria through a multifaceted approach. At the core of the solutions the bank provide to MSMEs is the robust business advisory service component that embodies the totality of the practical steps we take in handholding and guiding aspiring and existing entrepreneurs to building sustainable businesses. Fidelity bank also have the all new Fidelity Business Plus, a combination of our low-cost current account product and the Sage One Accounting Software.

THEIR PRODUCTS & SERVICES:

•Fidelity Business Plus (FB+)
•Fidelity Eduloan
•Fidelity Eduportal
•Commercial Support Overdraft (CSO)
•Fidelity Premium Business Account
•Fidelity Mobile Church Wallet
•Commercial Support Short Term Loan (CSST)
•CBN Development Fund
•Fidelity Private Medical Support Scheme (FP-MEDSS)
•Fidelity Pharmacy Support Facility (FPSF)
•Business Advisory and Mentorship
•Fidelity Small Business Account (FSBA)
Capacity Building
•Youth Innovative Entrepreneurship Development Programme

https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/

For emerging entrepreneurs and small business owners seeking to open a business account, Fidelity bank has proven to be a friend of SMEs in Nigeria.

3) Stambic IBTC Bank:
Another bank with a lot of passion for SMEs support and funding is Stambic IBTC bank. The bank in a drive to support small businesses have created unique products which has been helping small and medium scale enterprises grow. Some of the offerings from the bank are as follows;

a) SME Overdrafts – their business overdraft helps customers make payments from business current account when the amount exceeds the available cash balance.

b) Distributor Finance – Distributor Finance provides working capital to wholesalers and offers a flexible means of payment to improve cash flow.

c) Vehicle Loan – they offer flexible repayment options for businesses looking buy new or used vehicles and insurance for the loan

d) Equipment Loan – their Equipment Loan provides you with financing options so you can get the assets you need for your business.

e) Property Loan – their Property Finance Loan can help you when you are looking to buy a property for your business.

f) Agriculture Finance – they know that the demands on an agriculture business change from season to season.

g) Business Loan – their Business Loan provides funds which customers can repay over one to five years. One can repay the loan in monthly set installments to suit your business’ cash flow.

h) Trade finance – The two main types of trade finance that we offer businesses are Invoice discounts and Purchase order discounting/LPO financing.

Apart from the above array of credit facilities available for small businesses, the bank also have special accounts for small businesses, which includes ;

i) SME Current Account – This is a special, zero COT, current account designed for small businesses with an annual turnover of less than N60 million.
ii) Mobile Money Account – Our *909# Stanbic IBTC Mobile Money service is ideal for you and your business and can be operated using any mobile phone.
iii) Foreign Currency Account – Does your business make and receive payments in a foreign currency, then our business foreign currency account may be what you need.
iv) Biz Smart Account – This is a hybrid current account designed for small and medium businesses
4) Guaranty Trust Bank Plc:
Apart from her role as a leader of innovation in the banking industry, Guaranty Trust bank is also a good friend of small business owners in Nigeria. The bank have a unique product for small business owners called ‘GT SME Banking account’.

The bank believes Small and Medium Scale Enterprise (SME) sector is vital to the development of every economy and they are fully convinced that Nigerian SMEs are the core conduit for sustainable job creation, rapid industrialization and poverty alleviation. They are therefore keen on providing our SME customers with an array of products and services to promote business growth and ensure sustainable wealth creation.

At Guaranty Trust Bank, they remain dedicated to their cause as a customer centric bank and constantly seek ways to add measurable value to businesses by offering loans and advances to fit various financial needs:

SME Term Loan (Build or Buy): This is a medium to long term facility aimed at assisting established and well-structured schools in the expansion of their landed properties to meet obvious or anticipated business demand. The tenor spans from 3 to 10 years, giving schools funds up to 400million.
Invoice Discount Facility: Is a short term borrowing facility which provides a quick cash flow solution to your business needs. Your business can draw money against invoices (receivables) issued before your clients pay for products supplied or services rendered. Up to 70% of the value of confirmed invoices can be advanced for a set period of 30-90 days prior to when payment is made.
Trading Overseas: We provide a full range of services including bills for collection and letter of credit for international trade settlement.
As a business owner looking to create a business account, GTBank has proven to be a friend of small business owners in Nigeria.

If you think this listed bank aren’t qualified to make the list or you know banks which are not included. Comment below to help us improve in delivering quality services



Read more https://okfiscal.com

For small businesses to perform well and grow the financial aspect of such business must be handle carefully. So it worth while to look out for the best financial institute – banks with the best services which can help you grow your business.
Recently, the banking industry in Nigeria has witnessed a lot of reforms and the evolution of a robust, strong and reliable financial institution is underway. Although Nigerian banks, specifically money deposit banks are yet to be where they should be in terms of a distress proof system as well as a system created to grow the Nigerian economy.

Before the full implementation of the treasury single account, banks depended on government funds to survive; with government treasury now secured in the TSA, it is imperative commercial banks start doing the actual business of banking – which is giving both short and long term loans especially to small and medium scale enterprises (SMEs).

knowing fully well that the best way to grow an economy is giving credit facilities to SMEs and some banks are already creating unique products to suite the purpose. Sadly to say, some top banks in Nigeria has done little or nothing about SMEs funding.
Below are the list of five banks in Nigeria which are friendly to small and medium scale enterprise. This list of bank was a result from the research carried out by our team on commercial banks across the country our conclusions came from visits to money deposit banks branches and enquiries were made on products available for small businesses. Some basic factor were used in this result which includes :
•Collateral requirements
•Ease of access to loan
•Number of SMEs product
•Disbursable amount
•Interest rates
•Loan term
With the above factors considered, below are top 5 SMEs friendly bank in Nigeria namely:

1) First City Monument Bank (FCMB):

This bank have designed a system and a banking environment conducive for small businesses in Nigeria. With the unique SME Banking without Charge account, small businesses can open account without charges for the first three months. The bank in furtherance of its continued commitment to supporting customers in growing their businesses and equipping them with the right skills required to be successful business leaders has commenced a business leadership training programme for the bank’s SME customers across the country.

The bank in its commitment to support SMEs has developed credit facilities as follows:

a) Working Capital Facility – Finance solutions that enable businesses manage their working capital/operating cycle. These solutions include overdraft and short term loans. The benefits includes to assist businesses with sufficient funds to satisfy both maturing short-term obligations and upcoming operational expenses

b) Commercial Mortgages – Long term loans typically used to acquire, refinance, or redevelop commercial properties. The loan is created to assist businesses break free of restrictive lease agreements through acquisition of commercial properties such as office buildings, shopping centers, industrial warehouses, or apartment complexes suited to your budget and with the ease of long term repayment.

c) Asset Acquisition – For acquisition of new equipment and business assets. The loan is to finance the acquisition of plant and machinery and other assets for business expansion.

https://okfiscal.com/8-questions-you-should-ask-and-answer-before-taking-personal-loan/
2) Fidelity bank:
Seating on the number second spot is fidelity bsnk, this bank has proven to be one of the most SMEs friendly bank in Nigeria. With the SMEs business Advisory products which offers a free advisory services to small businesses, the bank has been able to create amazing SMEs friendly products such as:
Fidelity Small Business Account (FSBA)
Fidelity Pharmacy Support Facility
Commercial Support Short Term Loan
Managed SME Offerings
Fidelity Managed SMEs focuses on providing solutions to the challenges faced by MSMEs in Nigeria through a multifaceted approach. At the core of the solutions the bank provide to MSMEs is the robust business advisory service component that embodies the totality of the practical steps we take in handholding and guiding aspiring and existing entrepreneurs to building sustainable businesses. Fidelity bank also have the all new Fidelity Business Plus, a combination of our low-cost current account product and the Sage One Accounting Software.

THEIR PRODUCTS & SERVICES:

•Fidelity Business Plus (FB+)
•Fidelity Eduloan
•Fidelity Eduportal
•Commercial Support Overdraft (CSO)
•Fidelity Premium Business Account
•Fidelity Mobile Church Wallet
•Commercial Support Short Term Loan (CSST)
•CBN Development Fund
•Fidelity Private Medical Support Scheme (FP-MEDSS)
•Fidelity Pharmacy Support Facility (FPSF)
•Business Advisory and Mentorship
•Fidelity Small Business Account (FSBA)
Capacity Building
•Youth Innovative Entrepreneurship Development Programme

https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/

For emerging entrepreneurs and small business owners seeking to open a business account, Fidelity bank has proven to be a friend of SMEs in Nigeria.

3) Stambic IBTC Bank:
Another bank with a lot of passion for SMEs support and funding is Stambic IBTC bank. The bank in a drive to support small businesses have created unique products which has been helping small and medium scale enterprises grow. Some of the offerings from the bank are as follows;

a) SME Overdrafts – their business overdraft helps customers make payments from business current account when the amount exceeds the available cash balance.

b) Distributor Finance – Distributor Finance provides working capital to wholesalers and offers a flexible means of payment to improve cash flow.

c) Vehicle Loan – they offer flexible repayment options for businesses looking buy new or used vehicles and insurance for the loan

d) Equipment Loan – their Equipment Loan provides you with financing options so you can get the assets you need for your business.

e) Property Loan – their Property Finance Loan can help you when you are looking to buy a property for your business.

f) Agriculture Finance – they know that the demands on an agriculture business change from season to season.

g) Business Loan – their Business Loan provides funds which customers can repay over one to five years. One can repay the loan in monthly set installments to suit your business’ cash flow.

h) Trade finance – The two main types of trade finance that we offer businesses are Invoice discounts and Purchase order discounting/LPO financing.

Apart from the above array of credit facilities available for small businesses, the bank also have special accounts for small businesses, which includes ;

i) SME Current Account – This is a special, zero COT, current account designed for small businesses with an annual turnover of less than N60 million.
ii) Mobile Money Account – Our *909# Stanbic IBTC Mobile Money service is ideal for you and your business and can be operated using any mobile phone.
iii) Foreign Currency Account – Does your business make and receive payments in a foreign currency, then our business foreign currency account may be what you need.
iv) Biz Smart Account – This is a hybrid current account designed for small and medium businesses
4) Guaranty Trust Bank Plc:
Apart from her role as a leader of innovation in the banking industry, Guaranty Trust bank is also a good friend of small business owners in Nigeria. The bank have a unique product for small business owners called ‘GT SME Banking account’.

The bank believes Small and Medium Scale Enterprise (SME) sector is vital to the development of every economy and they are fully convinced that Nigerian SMEs are the core conduit for sustainable job creation, rapid industrialization and poverty alleviation. They are therefore keen on providing our SME customers with an array of products and services to promote business growth and ensure sustainable wealth creation.

At Guaranty Trust Bank, they remain dedicated to their cause as a customer centric bank and constantly seek ways to add measurable value to businesses by offering loans and advances to fit various financial needs:

SME Term Loan (Build or Buy): This is a medium to long term facility aimed at assisting established and well-structured schools in the expansion of their landed properties to meet obvious or anticipated business demand. The tenor spans from 3 to 10 years, giving schools funds up to 400million.
Invoice Discount Facility: Is a short term borrowing facility which provides a quick cash flow solution to your business needs. Your business can draw money against invoices (receivables) issued before your clients pay for products supplied or services rendered. Up to 70% of the value of confirmed invoices can be advanced for a set period of 30-90 days prior to when payment is made.
Trading Overseas: We provide a full range of services including bills for collection and letter of credit for international trade settlement.
As a business owner looking to create a business account, GTBank has proven to be a friend of small business owners in Nigeria.

If you think this listed bank aren’t qualified to make the list or you know banks which are not included. Comment below to help us improve in delivering quality services

As another edition of N-power is about to kick start the federal government disclosed last week that the sum N279 billion has been spent for N-Power stipends payments since the introduction of the programme by the federal government on December 2016

The N-Power programme is one of the National Social Investment Programmes (NSIP) introduced by the President Muhammadu Buhari’s administration towards creating jobs and to reduce poverty in the land.

Briefing journalists in Abuja, the Senior Special Assistant (SSA) to the President on Job Creation and Youth Employment, Office of the Vice President, Afolabi Imoukhuede, said the money was spent on the N30,000 monthly stipend paid to the 500,000 youths engaged under the N-Power programme.

He said that the youths were not owed a kobo under the N-Power programme.

According to him, the first batch of 200,000 youths have earned a total of N180 billion for 30 months from December 2016 to June 2019 with a monthly bill of N6 billion.

You may also read Reason why many Nigerians lack access to finance
https://okfiscal.com/reason-why-many-nigerians-lack-access-to-finance/

He further disclosed addition N9 billion monthly bill was paid from August 2018 to June 2019 totalling N99 billion for the second batch of 300,000 youths engaged under the N-Power programme.

When asked how much has been spent since the inception of the programme, he said “It is every simple in talking about amount that has been invested. I am saying that in Batch 1, they started earning from December 2016, so roughly we invest N72 billion annually just for Batch 1 alone. That is aside from the gadgets that they get and aside from from all the sponsored trainings that they get.

“For instance, all the training on agric for N-Agro, training for health for those who are in health, we sponsor all of that through the federal agencies, ministry of agriculture and ministry of health.
“So direct in our people is N30,000 x 200,000 = N6 billion every month for the first batch which started in 2016. So they have been there for over two years, that is N72 billion multiply by two years or thereabout.

“But since August last year, the wage bill moved from N6 billion to N15 billion because it’s now 500,000 of them that earn N30,000 monthly.

“We have been on N15 billion for almost one year because by end of July it will be one year that we have been making that investment every month.

“So if you put it together that just tells you how much investment we have made and like I have said, we don’t owe anyone because the money is paid directly to them not through a proxy.” he stated

He explained the scheme was designed to solve the employability problems being faced by Nigerians youths after graduation.

According to him, plans are currently ongoing to recruit many of its trainees into the police force in collaboration with state governors to actualize the community policing agenda.

APPLY FOR N-POWER HERE https://okfiscal.com/how-nigeria-federal-government-has-spent-n279-billion-for-n-power-stipends-payments/

The Central Bank of Nigeria has said that Deposit Money Banks can now operate mobile money wallet services without prior approval.

The banking regulator stated this in a circular to DMBs with the title – Operation of mobile money wallets by DMBs, on Thursday morning.

The governor of CBN stated that, “The Central Bank of Nigeria remains committed to deepening financial inclusion in line with its objectives to achieve the national financial inclusion target of 80 per cent by 2020.

Also Read – https://okfiscal.com/how-to-set-up-and-use-bank-e-wallet/

In addition to complement recent growth in the agent banking services under the Super Agent and SANEF initiative, and in recognition of the increasing demand for no-frills mobile money services, the CBN hereby directs that Deposit Money Banks shall henceforth not require prior approval to offer mobile money wallet services.

“DMBs are, however, expected to notify the CBN before the commencement of these services and are required to operate within the extant regulations on mobile money operations.”

In another letter to the DMBs, which was signed by the Director of Banking Supervision, CBN, Ahmad Abdullahi, titled, ‘Regulatory measures to improve lending to the real sector of the Nigerian economy’, it stated that, “All DMBs are hereby required to maintain a minimum Loan to Deposit Ratio of 60 per cent by September 30, 2019. This ratio shall be subject to quarterly review.

“To encourage SMEs, retail, mortgage and consumer lending, these sectors shall be assigned a weight of 150 per cent in computing the LDR for this purpose. The CBN shall provide a framework for classification of enterprises/businesses that fall under these categories.

“Failure to meet the above minimum LDR by the specified date shall result in a levy of additional Cash Reserve Requirement equal to 50 per cent of the lending shortfall of the target of the LDR.”

The CBN said it would continue to review developments in the market with a view to facilitating greater investment in the real sector of the Nigerian economy.

Continue Reading hover to https://okfiscal.com

Running many banks accounts can be overwhelming specially for multi – business owners that some you don’t know that one or two of your accounts have been declared dormant due to no activity in the account.
For instance a lecturer, ran out of money in his salary account, so he has to make withdraw from his other savings account, but his withdrawal request rejected by one ATM to other he got furious that he contacted the bank’s customer care. He was told that his account had become dormant due to prolonged non-operation.
Quickly i will share some things you have to understand about active and dormant accounts.
Let’s dive in

How long does it take for account to be declared inactive or dormant?

When you don’t transact through a bank account for more than 12 months, that account gets classified as an inactive account. If that particular account does not witness any transaction for another 12 months, it is further reclassified as dormant account.

Remember when banks use the term “transaction’, only transactions initiated by you (transaction through debit card, net banking) or a third party are taken into account. Bank-initiated transactions, such as interest on savings balance or penalties and service charges debited by your bank are not considered while classifying your account as inactive or dormant accounts. However, credit of interest, earned from fixed deposits, is considered as customer-induced transaction and helps keep the account active.

You might also like to read 5 banks in Nigeria with the highest paying interest on savings
https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/

Restrictions on inactive and dormant accounts

The restrictions on inactive/dormant account vary from bank to bank. While some banks impose restrictions on net banking, phone-banking and ATM transactions, others may even restrict cheque transactions. For example, some banks do not allow ATM, phone banking and net banking transactions in its dormant accounts. However, some don’t allow cheque book request, ATM/Debit card transactions, issue or renewal of ATM/Debit card, address change request, internet banking and cheque clearing transactions in addition to phone banking, ATM and internet banking transactions.
Why you need to reclassify your inactive account

The main purpose of reclassifying the accounts is to reduce the risk of fraud in your account. By reclassifying the accounts, banks warn their staff about the potential risk involved and carry out due diligence before allowing any fresh transaction through them.

Communication from bank before reclassification

Banks are required to inform you at least three months before the reclassification of your account. They are also required to inform you about the procedure for re-activation of your account. If you chose to reply to the bank and provide the reasons for the non-operation of your account, your account will still continue to be considered as an operative account for another year. However, if you still don’t transact through your account during the extended period, your account will be classified as dormant/inoperative account at the end of the extended period. However, you will continue to receive interest on your savings account balance even after your account gets reclassified as a dormant or inactive account.

How to reactivate your bank account?
Hover cover to https://okfiscal.com/3-things-you-should-know-about-active-and-dormant-account/

Customers continue to experience difficulties in using POS for online transactions all over the country as point of sale terminal(POS) failed transaction hits 180,048 tuesday evening.
Live transaction updates obtained from the Nigeria Inter-Bank Settlement System (NIBSS) showed that payment on POS terminals had a high failure rate of 16.64 per cent out of a total of 1,081,339 transactions conducted as of 7 pm.



According to the data, the customers contributed the most to the failure of the transactions as 105,282 of the failed transactions were attributed to errors they committed.
The Statistical data indicated that 41,805 errors emanated from the acquirer bank and 25,768 errors, which originated from the issuer bank, also contributed significantly to the failed funds transfer carried out by retailers and merchants across the country.
Speaking, The acting Managing Director, NIBSS, Mr Niyi Ajao, had said, “The total turn-around-time had been configured at 15 seconds in agreement with banks and processors. However, delayed responses from issuers after this timeout in recent times could cause authorised debits not to return to the terminal before the set TAT.”
Mr Ajao further explained that the timeout was the total turn-around-time for a POS transaction cycle from the time it was received to the time a response was sent back to the terminal.
Whereas some remedial steps taken in the month of March will i reduce the rate of failure in pos transaction.

Read more https://okfiscal.com/how-pos-rate-in-failed-transactions-rises-to-17/

Many people falls to this mistake
That's why I took my time to write this

This article contains 8 questions you must answer before taking loan. To some people, interest on loan taken has been their major focus whilst neglecting other factors which i will discuss in this article.

I think Interest is not the only thing you pay for loans. There are other hidden costs. In fact your effort to submit the paperwork and get approval, It’s more sweat and money than you actually count. So before you apply for personal loan online , ask yourself some questions. Spend some time to debate each one of them.

Quickly let’s dive into questions should ask and answer before taking personal loan

1.How much should I borrow?
There is always a maximum amount restriction on personal loan. It’s the amount you can borrow as a personal loan. It depends on your financial standing. Arrive at a concrete figure of loan you need is very important. Your chance of getting the loan approved is dependent on it. Start with how much money you want. Don’t be tempted to have extra cash in hand just because it’s available. Say you want to change the living room furniture with your personal loan, research on what you want to buy, the cost of it and nothing more. Note when you borrow 50 thousand, you return more, remember that. So its worthwhile to be very calculating while arriving at the figure.

2.What do I need the loan for?
People often take personal loan online because it is easily available without definition of what they want to use the loan for, forgetting its a loan and you ‘ve to pay back with interest. I think personal loan normally taken to finance an emergency, such as to pay off debt or for home improvements. The lender asks for a reason. However, the decision on your application to some extent are not dependent on it. Still, be clear as to why you need the loan? Arriving at the reason would help you debate on whether you truly need it or not. Remember It’s a loan, and you have to pay more money than you’ve borrowed. Be clear with its objective.

https://okfiscal.com/6-major-reasons-of-taking-personal-loan/

3.what is the extra costs attached to it?
Think beyond interest rate. Interest rate is the main price you pay when you take a loan. But there are other costs attached to the loan. There are processing fees, administrative fees, penalty on early repayment of the loan etc. Understand the total cost of the loan before arriving at a decision to borrow. Plus, there is always the opportunity cost. What would you have done in that extra money you are paying as interest? Is your loan worth all of it? Think.

4.How much can I afford to repay?
The tenure of repayment for a personal loan is less than that for some other type of loans and the equated monthly installments are higher. Calculate your monthly expenses, subtract them from your monthly income – this residual is the maximum amount of money you can afford to repay as the loan installment. Remember to factor in emergencies or seasonal expenses that you may have to take care of. Never think of using all that residual income to pay off the EMIs. Best practice would be to keep the EMI figure between 60-70% of your residual income after expenses. Always leave room for the unexpected.

5.How long will you be paying the loan back?
The time space of repayment is a very important factor to consider. How long will you be paying the loan? Because you can’t take an additional loan until you pay this one off. Personal loan which offers zero percent interest rate often comes with a defined repayment tenure. It’s generally of lower duration than the other loans. Ask yourself how many years you will be paying this loan? Do you see any source of income which would help you to pay it off early? Generally, the longer the tenure, the greater the rate of interest, i.e., the cost. Answer all these questions to arrive at a calculated and conclusive decision.

6.What kind of personal loan do I need?
To know and understand your exact need is the first step to take a decision you won’t regret. There are many types of personal loans in Nigeria – wedding loan, holiday loan, loan for renovation, etc. Narrowing down the type of loan would help in getting the paperwork sorted. It would also help in understanding the legitimacy of your needs and the amount of loan you need to take. This may sound repetitive in nature as we have already talked about ‘what do you need the loan for’ earlier. This is different as it would help you to narrow down the bank or App which is offering the most competitive interest rate and conditions. Think from that perspective.Research Compare and Shop.

https://okfiscal.com/types-of-loans/

7.Where should I get the loan from?
There are numbers of banks, credit card companies or your own employer who would extend you a personal loan. Generally, the best terms of the loan are offered by your employer. Pick him over other sources. In case you are going to a credit card company, make sure to review the hidden costs. Shop around to pick a bank or App. Negotiate. Some may waive off the processing fees to get a customer. Don’t ignore the reviews online. Also, you can apply for personal loan online with play later. Download the app to know more.
More personal loan App:

Paylater
Renmoney
Aella Credit
Kwik Cash (Mines)
Rosabon Finance Quick Loan
Zedvance
Page Financials
FINT Loan

Read how to get loan fast fast in Nigeria https://okfiscal.com

8.Are there any other alternatives than to take the loan?
I think it worthwhile to give it a second, third and fourth thought –ask yourself again and again Is the loan absolutely necessary? Think of ‘what if’ scenarios. What if you don’t take the loan – Is there any other alternative to finance? Think hard. What if there is another emergency, would you have room to finance it? Ask yourself these questions to know that it’s absolutely necessary to get a loan.
Ask all of these questions or debate them with your family before applying for a loan. It would help you to arrive at a calculated and conclusive decision. Are there more questions one should ask?
What has your experience been before applying for a personal loan? Please share in the comments below.

This article contains 8 questions you must answer before taking loan. To some people, interest on loan taken has been their major focus whilst neglecting other factors which i will discuss in this article.

I think Interest is not the only thing you pay for loans. There are other hidden costs. In fact your effort to submit the paperwork and get approval, It’s more sweat and money than you actually count. So before you apply for personal loan online , ask yourself some questions. Spend some time to debate each one of them.

Quickly let’s dive into questions should ask and answer before taking personal loan

1.How much should I borrow?
There is always a maximum amount restriction on personal loan. It’s the amount you can borrow as a personal loan. It depends on your financial standing. Arrive at a concrete figure of loan you need is very important. Your chance of getting the loan approved is dependent on it. Start with how much money you want. Don’t be tempted to have extra cash in hand just because it’s available. Say you want to change the living room furniture with your personal loan, research on what you want to buy, the cost of it and nothing more. Note when you borrow 50 thousand, you return more, remember that. So its worthwhile to be very calculating while arriving at the figure.

2.What do I need the loan for?
People often take personal loan online because it is easily available without definition of what they want to use the loan for, forgetting its a loan and you ‘ve to pay back with interest. I think personal loan normally taken to finance an emergency, such as to pay off debt or for home improvements. The lender asks for a reason. However, the decision on your application to some extent are not dependent on it. Still, be clear as to why you need the loan? Arriving at the reason would help you debate on whether you truly need it or not. Remember It’s a loan, and you have to pay more money than you’ve borrowed. Be clear with its objective.

https://okfiscal.com/6-major-reasons-of-taking-personal-loan/

3.what is the extra costs attached to it?
Think beyond interest rate. Interest rate is the main price you pay when you take a loan. But there are other costs attached to the loan. There are processing fees, administrative fees, penalty on early repayment of the loan etc. Understand the total cost of the loan before arriving at a decision to borrow. Plus, there is always the opportunity cost. What would you have done in that extra money you are paying as interest? Is your loan worth all of it? Think.

4.How much can I afford to repay?
The tenure of repayment for a personal loan is less than that for some other type of loans and the equated monthly installments are higher. Calculate your monthly expenses, subtract them from your monthly income – this residual is the maximum amount of money you can afford to repay as the loan installment. Remember to factor in emergencies or seasonal expenses that you may have to take care of. Never think of using all that residual income to pay off the EMIs. Best practice would be to keep the EMI figure between 60-70% of your residual income after expenses. Always leave room for the unexpected.

5.How long will you be paying the loan back?
The time space of repayment is a very important factor to consider. How long will you be paying the loan? Because you can’t take an additional loan until you pay this one off. Personal loan which offers zero percent interest rate often comes with a defined repayment tenure. It’s generally of lower duration than the other loans. Ask yourself how many years you will be paying this loan? Do you see any source of income which would help you to pay it off early? Generally, the longer the tenure, the greater the rate of interest, i.e., the cost. Answer all these questions to arrive at a calculated and conclusive decision.

6.What kind of personal loan do I need?
To know and understand your exact need is the first step to take a decision you won’t regret. There are many types of personal loans in Nigeria – wedding loan, holiday loan, loan for renovation, etc. Narrowing down the type of loan would help in getting the paperwork sorted. It would also help in understanding the legitimacy of your needs and the amount of loan you need to take. This may sound repetitive in nature as we have already talked about ‘what do you need the loan for’ earlier. This is different as it would help you to narrow down the bank or App which is offering the most competitive interest rate and conditions. Think from that perspective.Research Compare and Shop.

https://okfiscal.com/types-of-loans/

7.Where should I get the loan from?
There are numbers of banks, credit card companies or your own employer who would extend you a personal loan. Generally, the best terms of the loan are offered by your employer. Pick him over other sources. In case you are going to a credit card company, make sure to review the hidden costs. Shop around to pick a bank or App. Negotiate. Some may waive off the processing fees to get a customer. Don’t ignore the reviews online. Also, you can apply for personal loan online with play later. Download the app to know more.
More personal loan App:

Paylater
Renmoney
Aella Credit
Kwik Cash (Mines)
Rosabon Finance Quick Loan
Zedvance
Page Financials
FINT Loan

Read how to get loan fast fast in Nigeria https://okfiscal.com

8.Are there any other alternatives than to take the loan?
I think it worthwhile to give it a second, third and fourth thought –ask yourself again and again Is the loan absolutely necessary? Think of ‘what if’ scenarios. What if you don’t take the loan – Is there any other alternative to finance? Think hard. What if there is another emergency, would you have room to finance it? Ask yourself these questions to know that it’s absolutely necessary to get a loan.
Ask all of these questions or debate them with your family before applying for a loan. It would help you to arrive at a calculated and conclusive decision. Are there more questions one should ask?
What has your experience been before applying for a personal loan? Please share in the comments below.

This article contains 8 questions you must answer before taking loan. To some people, interest on loan taken has been their major focus whilst neglecting other factors which i will discuss in this article.

I think Interest is not the only thing you pay for loans. There are other hidden costs. In fact your effort to submit the paperwork and get approval, It’s more sweat and money than you actually count. So before you apply for personal loan online , ask yourself some questions. Spend some time to debate each one of them.

Quickly let’s dive into questions should ask and answer before taking personal loan

1.How much should I borrow?
There is always a maximum amount restriction on personal loan. It’s the amount you can borrow as a personal loan. It depends on your financial standing. Arrive at a concrete figure of loan you need is very important. Your chance of getting the loan approved is dependent on it. Start with how much money you want. Don’t be tempted to have extra cash in hand just because it’s available. Say you want to change the living room furniture with your personal loan, research on what you want to buy, the cost of it and nothing more. Note when you borrow 50 thousand, you return more, remember that. So its worthwhile to be very calculating while arriving at the figure.

2.What do I need the loan for?
People often take personal loan online because it is easily available without definition of what they want to use the loan for, forgetting its a loan and you ‘ve to pay back with interest. I think personal loan normally taken to finance an emergency, such as to pay off debt or for home improvements. The lender asks for a reason. However, the decision on your application to some extent are not dependent on it. Still, be clear as to why you need the loan? Arriving at the reason would help you debate on whether you truly need it or not. Remember It’s a loan, and you have to pay more money than you’ve borrowed. Be clear with its objective.

https://okfiscal.com/6-major-reasons-of-taking-personal-loan/

3.what is the extra costs attached to it?
Think beyond interest rate. Interest rate is the main price you pay when you take a loan. But there are other costs attached to the loan. There are processing fees, administrative fees, penalty on early repayment of the loan etc. Understand the total cost of the loan before arriving at a decision to borrow. Plus, there is always the opportunity cost. What would you have done in that extra money you are paying as interest? Is your loan worth all of it? Think.

4.How much can I afford to repay?
The tenure of repayment for a personal loan is less than that for some other type of loans and the equated monthly installments are higher. Calculate your monthly expenses, subtract them from your monthly income – this residual is the maximum amount of money you can afford to repay as the loan installment. Remember to factor in emergencies or seasonal expenses that you may have to take care of. Never think of using all that residual income to pay off the EMIs. Best practice would be to keep the EMI figure between 60-70% of your residual income after expenses. Always leave room for the unexpected.

5.How long will you be paying the loan back?
The time space of repayment is a very important factor to consider. How long will you be paying the loan? Because you can’t take an additional loan until you pay this one off. Personal loan which offers zero percent interest rate often comes with a defined repayment tenure. It’s generally of lower duration than the other loans. Ask yourself how many years you will be paying this loan? Do you see any source of income which would help you to pay it off early? Generally, the longer the tenure, the greater the rate of interest, i.e., the cost. Answer all these questions to arrive at a calculated and conclusive decision.

6.What kind of personal loan do I need?
To know and understand your exact need is the first step to take a decision you won’t regret. There are many types of personal loans in Nigeria – wedding loan, holiday loan, loan for renovation, etc. Narrowing down the type of loan would help in getting the paperwork sorted. It would also help in understanding the legitimacy of your needs and the amount of loan you need to take. This may sound repetitive in nature as we have already talked about ‘what do you need the loan for’ earlier. This is different as it would help you to narrow down the bank or App which is offering the most competitive interest rate and conditions. Think from that perspective.Research Compare and Shop.

https://okfiscal.com/types-of-loans/

7.Where should I get the loan from?
There are numbers of banks, credit card companies or your own employer who would extend you a personal loan. Generally, the best terms of the loan are offered by your employer. Pick him over other sources. In case you are going to a credit card company, make sure to review the hidden costs. Shop around to pick a bank or App. Negotiate. Some may waive off the processing fees to get a customer. Don’t ignore the reviews online. Also, you can apply for personal loan online with play later. Download the app to know more.
More personal loan App:

Paylater
Renmoney
Aella Credit
Kwik Cash (Mines)
Rosabon Finance Quick Loan
Zedvance
Page Financials
FINT Loan

Read how to get loan fast fast in Nigeria https://okfiscal.com

8.Are there any other alternatives than to take the loan?
I think it worthwhile to give it a second, third and fourth thought –ask yourself again and again Is the loan absolutely necessary? Think of ‘what if’ scenarios. What if you don’t take the loan – Is there any other alternative to finance? Think hard. What if there is another emergency, would you have room to finance it? Ask yourself these questions to know that it’s absolutely necessary to get a loan.
Ask all of these questions or debate them with your family before applying for a loan. It would help you to arrive at a calculated and conclusive decision. Are there more questions one should ask?
What has your experience been before applying for a personal loan? Please share in the comments below.

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the bank, with some stakeholders, have identified smuggling and dumping as major challenges sabotaging the Nigerian economic policies.
The News Agency of Nigeria (NAN) reports that the governor made the disclosure on the sideline of a consultative round-table entitled, “Going for Growth” with some economic stakeholders in Lagos.

The essence of the round-table was to encourage participants to highlight important building blocks that would lead to greater economic growth in the country.

It also involves the CBN Governor listening to their ideas and views on how productivity and investments by companies operating in Nigeria can be improved.

Also Read https://okfiscal.com/how-nigerian-gdp-rose-to-2-1-in-first-quarter-of-2019/

According to Emefiele, “We have identified smugglers and people dumping goods as those who sabotage those policies and we decided that we will deal with them.

“The strategy that we came up with is that we will not bother ourselves with them.

“There is an agency of government that is responsible for border control and if these people pass through the border control we would use the instrumentality of being the regulator of the banking system to make sure that we get the banks to provide all details about them.
“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.

He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities, and promised to come up with the names of those that had been identified in due course.

“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.

He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities, and promised to come up with the names of those that had been identified in due course.

“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.

He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities, and promised to come up with the names of those that had been identified in due course.

Read more https://okfiscal.com

The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, says the bank, with some stakeholders, have identified smuggling and dumping as major challenges sabotaging the Nigerian economic policies.
The News Agency of Nigeria (NAN) reports that the governor made the disclosure on the sideline of a consultative round-table entitled, “Going for Growth” with some economic stakeholders in Lagos.

The essence of the round-table was to encourage participants to highlight important building blocks that would lead to greater economic growth in the country.

It also involves the CBN Governor listening to their ideas and views on how productivity and investments by companies operating in Nigeria can be improved.

Also Read https://okfiscal.com/how-nigerian-gdp-rose-to-2-1-in-first-quarter-of-2019/

According to Emefiele, “We have identified smugglers and people dumping goods as those who sabotage those policies and we decided that we will deal with them.

“The strategy that we came up with is that we will not bother ourselves with them.

“There is an agency of government that is responsible for border control and if these people pass through the border control we would use the instrumentality of being the regulator of the banking system to make sure that we get the banks to provide all details about them.
“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.

He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities, and promised to come up with the names of those that had been identified in due course.

“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.

He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities, and promised to come up with the names of those that had been identified in due course.

“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.

He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities, and promised to come up with the names of those that had been identified in due course.

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According to the information released by National Bureau of Statistics (NBS), said the nation’s Gross Domestic Product (GDP) grew by 2.01 per cent (year-on-year) in real terms in the first quarter of 2019.
The NBS said this in its “Nigeria GDP Report for First Quarter 2019’’ released on Monday in Abuja.
According to the NBS, the figure is 0.12 per cent higher than the growth rate of 1.89 per cent recorded in the first quarter of 2018.
It, however, said the figure, relative to the fourth quarter 2018, showed a decline by -0.38 per cent points.
According to the bureau, the strong performance recorded in the quarter may be due to general elections held within the first quarter of 2019.
It said the aggregate GDP stood at N31,79 million in nominal terms.
The bureau said the figure was higher than N28,43 million recorded in the first quarter of 2018, representing a year-on-year nominal growth rate of 11.80 per cent.
According to the NBS, the aggregate is, however, lower than the preceding quarter of N35,23 million by -9.75 per cent.
It said the nominal GDP growth rate in the first quarter was also higher than the rate recorded in the first quarter of 2018 by 2.54 per cent points.
The bureau said the Nigerian economy had been classified broadly into the oil and non-oil sectors.
However,The oil sector shrank in 2.4 percent in the first three-months to March of 2019, after contracting 1.6 percent in the prior period. The country produced 1.96 million barrels of crude oil per day, lower than 1.98 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.1 percent of GDP compared to 9.6 percent a year ago.
The non-oil sector rose 2.5 percent, slowing from a 2.7 percent growth in the prior quarter.
Output increased at a softer pace for manufacturing (0.8 percent from 2.4 percent in Q4 2018); internal trade (0.8 percent from 1 percent); information and communication (9.5 percent from 13.2 percent) and education. Also, production fell further for public administration (-14.2 percent from -0.3 percent); financial and insurance (-7.6 percent from -1.8 percent) and mining and quarrying (-2.3 percent from -1.2 percent). On the other hand, output advanced faster for agriculture (3.2 percent from 2.5 percent); electricity, gas, steam and air conditioning supply (8.5 percent from 0.9 percent); water supply, sewerage, waste management (3.8 percent from 1.8 percent); construction (3.2 percent from 2 percent); accommodation and food services (4.2 percent from 2.1 percent); professional, scientific and technical services (1.7 percent from 0.5 percent) and administrative and support services (1.4 percent from 0.8 percent)

Additionally, real state activities rebounded 0.9 percent, after declining 3.8 percent.
Quarterly National Accounts (QNA) are an integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis.
They provide a picture of the current economic status of an economy on a more frequent basis than Annual National Accounts (ANA).
In providing a reasonable level of detailed information of the economy, QNA allows the government to regularly access, analyse and monitor economic developments.
Read more
https://okfiscal.com/how-nigerian-gdp-rose-to-2-1-in-first-quarter-of-2019/

Unsecure personal loan unlike other form of financing do not require collateral, therefore many advantages are attached to taking personal loan. Personal loan can be use to consolidate debt, among other things which includes;

Finance home remodeling
Pay medical bills
Buy a car, boat or RV
Take a dream vacation
Make a large purchase
Let’s go into details

1.Consolidate debt
One of the most common uses for personal loans is to consolidate debt . Imagine that you have multiple loans or outstanding credit card debt and they all have varying balances due and interest rates. That’s a recipe for financial trouble, which is where personal loans can help.
When you apply for a loan and use it for debt consolidation, you’re combining all of those outstanding balances into one monthly payment. It makes it easier to work out a timeframe to pay off your debt without getting overwhelmed

2.Finance home remodeling
A personal loan can be a great option to pay for home remodeling, specially for people who don’t have equity in their home or don’t want to get a home equity line of credit
Whether you want to put on a new roof, install solar panels, remodel your kitchen, a personal loan can help

3.Pay medical bills
Medical expenses are definitely a reason people go to lenders for personal loans. This medical expenses includes;dental work, cosmetic surgery, fertility treatments oversea check ups. Ancillary expenses like medical travel, parking, medications and aftercare also can be financed by a personal loan.

4.Buy car If you can’t qualify for a secured loan with a lower interest rate, a personal loan can cover larger purchases.like buy a expensive car of your choice

5.Take a dream vacation
If you’ re planning a vacation with your family , personal loan or consumer loan can be of great help
Just as personal loans can help get a car , they can also be used to help you see the world. Whether you’ve just graduated and want to go on a trip or you’re celebrating an anniversary, personal loans can help you fund your dream vacation.
6.Making a large purchase
If you suddenly need to buy a new washer and dryer and don’t have the funds, a personal loan can be a great relief. A new computer, such as a gaming computer, can also end up costing more than what you have in your savings account.
Small personal loans let you purchase major household appliances and electronics immediately, rather than having to wait months to save up for them.

Also read https://okfiscal.com/types-of-loans/

Conclusion

The list of things you can use a personal or consumer loan can not be over emphasis .When you take out a personal loan to pay off credit cards or to buy car and other expenses , you are borrowing money that will need to be repaid, with interest. Personal loans are a great way to consolidate debt and make major purchases, but use them responsibly. And define the source of repaying

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Unsecure personal loan unlike other form of financing do not require collateral, therefore many advantages are attached to taking personal loan. Personal loan can be use to consolidate debt, among other things which includes;

Finance home remodeling
Pay medical bills
Buy a car, boat or RV
Take a dream vacation
Make a large purchase
Let’s go into details

1.Consolidate debt
One of the most common uses for personal loans is to consolidate debt . Imagine that you have multiple loans or outstanding credit card debt and they all have varying balances due and interest rates. That’s a recipe for financial trouble, which is where personal loans can help.
When you apply for a loan and use it for debt consolidation, you’re combining all of those outstanding balances into one monthly payment. It makes it easier to work out a timeframe to pay off your debt without getting overwhelmed

2.Finance home remodeling
A personal loan can be a great option to pay for home remodeling, specially for people who don’t have equity in their home or don’t want to get a home equity line of credit
Whether you want to put on a new roof, install solar panels, remodel your kitchen, a personal loan can help

3.Pay medical bills
Medical expenses are definitely a reason people go to lenders for personal loans. This medical expenses includes;dental work, cosmetic surgery, fertility treatments oversea check ups. Ancillary expenses like medical travel, parking, medications and aftercare also can be financed by a personal loan.

4.Buy car If you can’t qualify for a secured loan with a lower interest rate, a personal loan can cover larger purchases.like buy a expensive car of your choice

5.Take a dream vacation
If you’ re planning a vacation with your family , personal loan or consumer loan can be of great help
Just as personal loans can help get a car , they can also be used to help you see the world. Whether you’ve just graduated and want to go on a trip or you’re celebrating an anniversary, personal loans can help you fund your dream vacation.
6.Making a large purchase
If you suddenly need to buy a new washer and dryer and don’t have the funds, a personal loan can be a great relief. A new computer, such as a gaming computer, can also end up costing more than what you have in your savings account.
Small personal loans let you purchase major household appliances and electronics immediately, rather than having to wait months to save up for them.

Also read https://okfiscal.com/types-of-loans/

Conclusion

The list of things you can use a personal or consumer loan can not be over emphasis .When you take out a personal loan to pay off credit cards or to buy car and other expenses , you are borrowing money that will need to be repaid, with interest. Personal loans are a great way to consolidate debt and make major purchases, but use them responsibly. And define the source of repaying.

If you have never received a loan to purchase something, you are certainly in the minority! Loans can be a great thing, but they can also get you into trouble. One of the keys to being financially successful is understanding when loans are a good solution for your situation. Loans are never a good idea if you don’t have business to invest the loan in order to pay them back in the required time frame. Let’s explore what a loan is and types of loan
What is loan?
https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/

n finance , a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.
Loans are typically categorize into secured or unsecured . A secured loan involves pledging an asset (such as a car, boat or house) as collateral for the loan. If the borrower defaults , or doesn’t pay back the loan, the lender takes possession of the asset. An unsecured loan option is preferred, but not as common. If the borrower doesn’t pay back the unsecured loan, the lender doesn’t have the right to take anything in return.
These may be available in financial institution such as bank under different packages which includes:
• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds (may be secured or unsecured)
• peer-to-peer lending
The interest rates applicable to these different forms may vary depending on the lender and the borrower. Although,Interest rates on unsecured loans are nearly always higher than for secured loans because an unsecured lender’s options for recourse against the borrower in the event of default are severely limited, subjecting the lender to higher risk compared to that encountered for a secured loan.
Students loan
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as
tuition , books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. The downside is that these loans can add up to huge sum of money over a $2000 in the course of four, six or eight years, leaving new graduates with huge debts as they embark on their new careers.

Paying Back Student Loans
Many student loan providers offer three basic ways that you can pay off your student loans:
First, you can choose to defer payments until after you’ve graduated. This means you won’t be required to pay anything on your student loan until you’ve graduated and the six-month grace period has ended. If you choose to defer all payments, your balance due will still accrue interest while you’re in school but you won’t be required to make any payments. In the long run, this is the most expensive way to pay back your loans since interest has considerable time to build.
The second option for repaying your student loans is to make interest payments while you are in school. These payments can be as low as ₦10000 or can cover the amount of interest that is accruing on the loan. When you graduate and have passed the six-month grace period, you will then begin making full payments on the interest and the principal. This method of repaying can save you a lot of money over the lifetime of your loan.
The third common option for repaying your student loans is to make full payments on both the interest and the principal while you are in school. This option can be hard for most students – after all, the reason you have a student loan is because you need help paying for college. However, if you can make full payments on your loan while you are in school, you can save a significant amount of money over the lifetime of your loan.
Read more https://okfiscal.com

If you have never received a loan to purchase something, you are certainly in the minority! Loans can be a great thing, but they can also get you into trouble. One of the keys to being financially successful is understanding when loans are a good solution for your situation. Loans are never a good idea if you don’t have business to invest the loan in order to pay them back in the required time frame. Let’s explore what a loan is and types of loan
What is loan?

In finance , a loan is the lending of money by one or more individuals, organizations, or other entities to other individuals, organizations etc. The recipient (i.e. the borrower) incurs a debt, and is usually liable to pay interest on that debt until it is repaid, and also to repay the principal amount borrowed.
Loans are typically categorize into secured or unsecured . A secured loan involves pledging an asset (such as a car, boat or house) as collateral for the loan. If the borrower defaults , or doesn’t pay back the loan, the lender takes possession of the asset. An unsecured loan option is preferred, but not as common. If the borrower doesn’t pay back the unsecured loan, the lender doesn’t have the right to take anything in return.
These may be available in financial institution such as bank under different packages which includes:
• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds (may be secured or unsecured)
• peer-to-peer lending
The interest rates applicable to these different forms may vary depending on the lender and the borrower. Although,Interest rates on unsecured loans are nearly always higher than for secured loans because an unsecured lender’s options for recourse against the borrower in the event of default are severely limited, subjecting the lender to higher risk compared to that encountered for a secured loan.

Types of loans:
Personal loan
Personal loans are often unsecured and fairly easy to get if you have average credit history. You can get these loans at almost any bank. The good news is that you can usually spend the money however you like. You might go on vacation, buy a jet ski or get a new television. The booty trap of this type of loan is that the loan lend out are usually small amount and the Interest rate is higher secured loan.
Mortgage loans
This is most likely the biggest loan you will ever get! If you are looking to purchase your first home or some form of real estate, this is likely the best option. These loans are secured by the house or property you are buying. That means if you don’t make your payments in a timely manner, the bank or lender can take your house or property back! Mortgages help people get into homes that would otherwise take years to save for. They are often structured in 10-, 15- or 30-year terms, and the interest you pay is tax-deductible and fairly low compared to other loans.

https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/

Students loan
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as
tuition , books and supplies, and living expenses. It may differ from other types of loans in the fact that the interest rate may be substantially lower and the repayment schedule may be deferred while the student is still in school. The downside is that these loans can add up to huge sum of money over a $2000 in the course of four, six or eight years, leaving new graduates with huge debts as they embark on their new careers.

Paying Back Student Loans
Many student loan providers offer three basic ways that you can pay off your student loans:
First, you can choose to defer payments until after you’ve graduated. This means you won’t be required to pay anything on your student loan until you’ve graduated and the six-month grace period has ended. If you choose to defer all payments, your balance due will still accrue interest while you’re in school but you won’t be required to make any payments. In the long run, this is the most expensive way to pay back your loans since interest has considerable time to build.
The second option for repaying your student loans is to make interest payments while you are in school. These payments can be as low as ₦10000 or can cover the amount of interest that is accruing on the loan. When you graduate and have passed the six-month grace period, you will then begin making full payments on the interest and the principal. This method of repaying can save you a lot of money over the lifetime of your loan.
The third common option for repaying your student loans is to make full payments on both the interest and the principal while you are in school. This option can be hard for most students – after all, the reason you have a student loan is because you need help paying for college. However, if you can make full payments on your loan while you are in school, you can save a significant amount of money over the lifetime of your loan.

Home-equity loans
Homeowners can borrow against equity they have in their house with these types of loans. The equity or loan amount would be the difference between the appraised value of your home and the amount you still owe on your mortgage. These loans are good for home additions, home improvements or debt consolidation. The interest rate is often tax deductible and also fairly low compared to other loans.
Small business loans
Your local banks usually offer these loans to people looking to start a business. They do require a little more work than normal and often require a business plan to show the validity of what you are doing. These are often secured loans, so you will have to pledge some personal assets as collateral in case the business fails.

Cash advance
If you are in a pinch and need money quickly, cash advances from your credit card company or other payday loan institutions are an option. These loans are easy to get, but can have extremely high interest rates. They usually are only for small amounts: typically $1,000 or less. These loans should really only be considered when there are no other alternative ways to get money.

Comments below for any additional information and your questions are also welcomed
Get more insight https://okfiscal.com

I think it worthwhile to know the difference in various bank accounts before opening account with many bank.

You have to define the pros and cons of account operated by banks in terms of monthly charges, interest on savings and other policies.

Take this quote from a villain

If you have a gun, can rob a bank

But if you have a bank you can rob anyone

Black kaask
So you see your bank can be a arsenal to make wealth.

Read- 5 banks with high paying interest rate
https://okfiscal.com/5-banks-in-nigeria-with-high-savings-interest-rate/[url][/url]

Without much I do, here are the types of bank accounts:

1.Savings account
This is the most common and basic account most people operate. Basically, an account just for deposits and withdrawals which make it restricted to some types of transactions. It is an interest bearing account though the interest rate is always low. Little or no cash is required to open a savings account.

2. Current account
A current account would be preferable for business because transactions on this account are limitless, unlike the savings account. A cheque book is also issued after opening a current account.

3. Fixed deposit account
Just as the name implies, this account is for a fixed period of time, a minimum period of 30 days and a maximum period of 180 days. During this period, the money deposited cannot be withdrawn until the duration elapses. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested.

4. Joint account
A joint account is opened with the name of two or more people who are all signatories to the account. Co-owning the account, no individual can make a decision on a joint account without informing the other signatory or signatories.
There are two types of joint accounts
A. Joint-tenancy mostly operated by married couples
B. Tenants-in-common mostly operated by business partners

5. Domiciliary account
A domiciliary account is opened for carrying out foreign transactions. The account can be used to transfer money to another country or receive foreign currency from other countries.

6. Corporate account
An account opened by multinational companies and big corporations. The corporate account is totally different from the personal or investment banking accounts, it is majorly opened for business purposes

7. Non-resident Nigerian account
A Non-resident Nigerian account is a bank account designed for Nigerians living in the diaspora and want to operate a Nigerian bank account.

You can walk into any banking hall of your choice today to make more inquiries about the type of bank account that suits you

To adequately manage money is generally seen as a challenge by many. This is the same among owners of small businesses. The management skills you deploy in making your product or providing services is usually the reason your small business is successful. If you do not have a lot of experience with managing business finances, it can feel like a chore and you could be slipping into bad financial habits that could one day harm your business. Analysts at businessnewsdaily.com observe that the most important step for any business owner is to educate himself or herself

https://okfiscal.com/money-mistakes-explained-in-less-than-200-characters/

By understanding basic skills needed to run a small business, like doing simple accounting tasks, applying for a loan or drafting financial statements, business owners can create a stable financial future. In addition to education, staying organised is a major component of sound money management. Experts note that it is impossible to overstate the importance and benefit of properly tracking your financial information throughout the year. This is why small business owners must understand what he or she should do in order to stay on top of their finances
As an entrepreneur running a small venture, you should endeavour to pay yourself. If you are running a small business, it can be easy to try and put everything into day-to-day operations. After all, that extra capital can often go a long way in helping your business grow. Experts say small business owners should not overlook their own roles in the companies they manage and should compensate themselves accordingly. You want to ensure that your business and personal finances are in good shape.

https://okfiscal.com/what-is-personal-finance/

This is because many small business owners, especially at the outset, neglect to pay themselves. They do this because of the belief that it is more important to get the business up and running and pay everyone else. But, if the business does not work out, you will not have ever paid yourself. Remember, you are part of the business and you need to compensate yourself as much as you pay others.

After paying yourself, consider investing in the growth of your venture. So it is important to set aside money and look into growth opportunities. This can allow your business to thrive and move in a healthy financial direction. Experts advise business owners to always keep an eye on the future. They note that a small business that wants to continue to grow, innovate and attract the best employees should demonstrate that they are willing to invest in the future.

Read more https://okfiscal.com

To adequately manage money is generally seen as a challenge by many. This is the same among owners of small businesses. The management skills you deploy in making your product or providing services is usually the reason your small business is successful. If you do not have a lot of experience with managing business finances, it can feel like a chore and you could be slipping into bad financial habits that could one day harm your business. Analysts at businessnewsdaily.com observe that the most important step for any business owner is to educate himself or herself

https://okfiscal.com/money-mistakes-explained-in-less-than-200-characters/

By understanding basic skills needed to run a small business, like doing simple accounting tasks, applying for a loan or drafting financial statements, business owners can create a stable financial future. In addition to education, staying organised is a major component of sound money management. Experts note that it is impossible to overstate the importance and benefit of properly tracking your financial information throughout the year. This is why small business owners must understand what he or she should do in order to stay on top of their finances
As an entrepreneur running a small venture, you should endeavour to pay yourself. If you are running a small business, it can be easy to try and put everything into day-to-day operations. After all, that extra capital can often go a long way in helping your business grow. Experts say small business owners should not overlook their own roles in the companies they manage and should compensate themselves accordingly. You want to ensure that your business and personal finances are in good shape.

https://okfiscal.com/what-is-personal-finance/

This is because many small business owners, especially at the outset, neglect to pay themselves. They do this because of the belief that it is more important to get the business up and running and pay everyone else. But, if the business does not work out, you will not have ever paid yourself. Remember, you are part of the business and you need to compensate yourself as much as you pay others.

After paying yourself, consider investing in the growth of your venture. So it is important to set aside money and look into growth opportunities. This can allow your business to thrive and move in a healthy financial direction. Experts advise business owners to always keep an eye on the future. They note that a small business that wants to continue to grow, innovate and attract the best employees should demonstrate that they are willing to invest in the future.

Read more https://okfiscal.com

Paylater is a very fast means to obtain loan to start up a small scale business. As we all know that capital is the principal requirement in starting in a business. Paylater is able to provide such capital for your business to wind up. Aside been easy to access loan, paylater registration is simple to setup and no collateral is needed in obtaining loans.

In addition to, paylater contains some amazing features which can be used for your daily transaction, these includes;

Finance manager,which is helpful in check mating your total income and total expense.
Pay vestvest for investment overviwing and history.
Apply for loan used for obtaing loan without collateral easily.
Airtime recharge you can easily recharge your phone line via paylater for all networks.
Send money you can send money from your paylater account to any other bank account.
Cable tv subscription Gotv, Dstv, infinity tv, African cable television (ACTV) and any more channel payments can be made on paylater.
Power & utility payment utility services such as AEDC postpaid, Benin electricity distribution company (BEDC) postpaid and prepaid, cross river water board, edo state waste management just to mention few, these utilities payment can be made on paylater.
Educational payments school fees and exams fees payment of most institution can be made on your paylater account.
Other features includes;

Online shopping
Visa & embassy
Transport & toil
Donation & charities
Airline and hotel
Insurance
Agent and dealers
Betting & lottery
Product & services
Event & movie. e.t. c……….
For purpose of this article, here are steps on how to apply for loan on paylater

https://okfiscal.com/how-to-get-business-loan-fast-fast/

Step 1

Download paylater app from Google play store.

Step 2

Install the paylater and create an account make sure strictly adhere to instructions and be careful when create an account with paylater because if mistakes are made it will affect your activities on paylater platform. Create simple and memorable password which to be used for all your transactions on paylater


step 3

Then hover over to apply for loan at the top bar of the home screen, click on it and a pop up form appears. The filling of form are of four section, the first section is where you fill your personal information. Fill it correctly and click on next button. The next section is your eduction and employment form, here your education and employment details are required, make sure you put above #200000 as your monthly income so as to help you access high loan. Click on next and you will be taken to your address form fill your address details correctly and put owned in the residence field then click next which is the last section where you fill your loan details, the amount of loan you need and a promo code if you have any. If you don’t have promo code but worry it wouldn’t affect your loan request.

Then the amount required and the calculated interest will pop up, if satisfied with the interest then click accept, the money will be deposited into your bank account.
[url] https://okfiscal.com/how-to-apply-loan-on-paylater/ [/url]

Argument about finance are among the top reasons why relationships and friendship fails, therefore it is important to talk about money before it becomes a problem.

Understanding the pros and cons of merging money before you open a joint account is very essential. So,

What is joint account

A joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners.
A joint account is not the same as adding an additional cardholder , i.e. an authorized secondary user added to an account by the primary cardholder who remains fully and solely liable for all spending on both cards and repayments.

A joint bank account can be convenient for handling day-to-day transactions or taking care of loved ones.
When you open a joint bank account, each person on the account has access to it. For example, each owner will receive checks and a
debit card with a checking account. Usually, transactions made by one owner won’t require the consent of another owner. This means that both (or more) owners share the responsibility of maintaining the account. Successfully owning a joint bank account will include a lot of transparency between owners.
Many joint bank accounts include a “right of survivorship” feature. This states that if one account owner dies, the other owner will receive 100% of the account funds. This comes in handy when you want the money to go to the co-owner. But you’ll have to be wary of this feature if you want your money to go elsewhere after you die. The “right of survivorship” feature will override your will if you have one.
https://okfiscal.com/what-is-roi/
How to open joint account
Combining savings can be financially beneficial. But before joining savings together, make sure that you understand the legal distinction between becoming co-tenants and one party. Discussing this with your partner will help you begin your merging of money with such seemingly small details ironed out.
Opening a joint bank account is relatively easy. All you really have to do is go through the steps of opening a regular account, but choose the option of making it a joint account. When you open a joint account, don’t forget to provide the information of all the owners. This includes Social Security numbers, photo identification, addresses and more.
Depending on the account type and the institution, you may have the option to simply add someone to an existing account. The new owner will still have to provide the necessary information and documents.
Before signing on the dotted line, make sure you and the co-owner know the terms of the joint account. It can also help to make a plan outlining who will take care of what on the account. For example, if someone overdrafts the account, will you both assume responsibility? Or will the person who overdrafted have to deal with that themselves? Check with your financial institution about how they handle joint bank accounts.
Despite the fact you open a joint bank account, you should still keep a separate account open which only you have control over.
Mostly, joint bank accounts are opened by married couples. But it’s not only married couples who can open a joint bank account;
Civil partners,
unmarried couples who live together, roommates,
senior citizens and their caregivers
parents and their children can also open joint bank accounts.
Note; Before combing your assets, it might be worthwhile to first sit down together with a financial advisor to ensure you’re both on the same page.

Benefit of joint account
Putting your money in joint account will force you to talk about money regularly and seriously look at your spending, saving, and investing goals. This will make it easier to stay on a budget and to recognize when you’re going off track.
Furthermore, a joint bank account is a good way to deal with shared expenses, as with married couples or roommates. Instead of splitting a bill between two bank accounts, the funds can simply come from one joint account. Couples can also more easily budget their expenses with a joint bank account. A joint bank account also provides a way for a pair to keep an eye on each other’s expenses, like with a parent and their child. This way, the child can gain some banking experience while the parent keeps watch.
Booby trap of a Joint Bank Account
opening a joint account , whether with family members or business associates, has potential pitfalls, as well.
Although pooling your money may imply love or trust, the consequences of having a shared account can range far beyond what both parties expect, especially if things go sour.
•Rights of ownership.
•Risk of tax triggers
If someone other than a spouse is co-owner of a bank account while all parties remain alive, additional tax issues may arise.
Annual exclusions apply to gifts to each donee,
according to the IRS. There is an annual exclusion of $15,000 for 2018 and 2019. Generally, the donor is responsible for paying the gift tax, but under special arrangements the donee may agree to pay the gift tax instead. Always consult your tax professional for your individual circumstances. The IRS defines a gift as any transfer to an individual. This transfer can be either direct or indirect, where full considerations — which is measured in money or money’s worth — isn’t received in return.
• Rights of survivorship
• Most joint accounts carry rights of survivorship.
“So, if one of the joint holders dies, there is nothing the surviving joint owner has to do to get that money,” Radna says.
In most cases, a joint account holder’s rights to the funds in the account supersedes what’s written in a will, says Randall Kessler, a divorce attorney based in Atlanta and past chairman of the American Bar Association’s Family Law Section.
Say.
• Risk of debt collection, credit damage
• Joint bank accounts lay open to:
• Overdraft charges.
• Debt collection.
• Liens.
• Judgments or garnishments.
• Divorces.
Even in cases where joint account holders are not married (or perhaps not even related), what happens in one person’s life can affect the other’s money.
Here are a few examples:
An elderly parent puts an adult child as an account co-owner. If that adult child gets divorced, the account can be considered part of the adult child’s assets, even though the implicit understanding is that it’s the parent’s money.
A grandparent opens a joint bank account with a grandchild to save for college, but sometime later, the grandparent faces a lawsuit or goes bankrupt.
Either party uses the account as collateral for a loan, then defaults.
“In most cases, if it’s with a child or an elderly relative or maybe a casual business associate, we think there are much better ways to structure your assets than just to have a joint bank account with those people,”
Continue reading [url] https://okfiscal.com/is-joint-account-good-or-bad/ [/url]

Argument about finance are among the top reasons why relationships and friendship fails, therefore it is important to talk about money before it becomes a problem.

Understanding the pros and cons of merging money before you open a joint account is very essential. So,

What is joint account

A joint account is a bank account shared by two or more individuals. Any individual who is a member of the joint account can withdraw from the account and deposit to it. Usually, joint accounts are shared between close relatives or business partners.
A joint account is not the same as adding an additional cardholder , i.e. an authorized secondary user added to an account by the primary cardholder who remains fully and solely liable for all spending on both cards and repayments.

A joint bank account can be convenient for handling day-to-day transactions or taking care of loved ones.
When you open a joint bank account, each person on the account has access to it. For example, each owner will receive checks and a
debit card with a checking account. Usually, transactions made by one owner won’t require the consent of another owner. This means that both (or more) owners share the responsibility of maintaining the account. Successfully owning a joint bank account will include a lot of transparency between owners.
Many joint bank accounts include a “right of survivorship” feature. This states that if one account owner dies, the other owner will receive 100% of the account funds. This comes in handy when you want the money to go to the co-owner. But you’ll have to be wary of this feature if you want your money to go elsewhere after you die. The “right of survivorship” feature will override your will if you have one.
https://okfiscal.com/what-is-roi/
How to open joint account
Combining savings can be financially beneficial. But before joining savings together, make sure that you understand the legal distinction between becoming co-tenants and one party. Discussing this with your partner will help you begin your merging of money with such seemingly small details ironed out.
Opening a joint bank account is relatively easy. All you really have to do is go through the steps of opening a regular account, but choose the option of making it a joint account. When you open a joint account, don’t forget to provide the information of all the owners. This includes Social Security numbers, photo identification, addresses and more.
Depending on the account type and the institution, you may have the option to simply add someone to an existing account. The new owner will still have to provide the necessary information and documents.
Before signing on the dotted line, make sure you and the co-owner know the terms of the joint account. It can also help to make a plan outlining who will take care of what on the account. For example, if someone overdrafts the account, will you both assume responsibility? Or will the person who overdrafted have to deal with that themselves? Check with your financial institution about how they handle joint bank accounts.
Despite the fact you open a joint bank account, you should still keep a separate account open which only you have control over.
Mostly, joint bank accounts are opened by married couples. But it’s not only married couples who can open a joint bank account;
Civil partners,
unmarried couples who live together, roommates,
senior citizens and their caregivers
parents and their children can also open joint bank accounts.
Note; Before combing your assets, it might be worthwhile to first sit down together with a financial advisor to ensure you’re both on the same page.

Benefit of joint account
Putting your money in joint account will force you to talk about money regularly and seriously look at your spending, saving, and investing goals. This will make it easier to stay on a budget and to recognize when you’re going off track.
Furthermore, a joint bank account is a good way to deal with shared expenses, as with married couples or roommates. Instead of splitting a bill between two bank accounts, the funds can simply come from one joint account. Couples can also more easily budget their expenses with a joint bank account. A joint bank account also provides a way for a pair to keep an eye on each other’s expenses, like with a parent and their child. This way, the child can gain some banking experience while the parent keeps watch.
Booby trap of a Joint Bank Account
opening a joint account , whether with family members or business associates, has potential pitfalls, as well.
Although pooling your money may imply love or trust, the consequences of having a shared account can range far beyond what both parties expect, especially if things go sour.
•Rights of ownership.
•Risk of tax triggers
If someone other than a spouse is co-owner of a bank account while all parties remain alive, additional tax issues may arise.
Annual exclusions apply to gifts to each donee,
according to the IRS. There is an annual exclusion of $15,000 for 2018 and 2019. Generally, the donor is responsible for paying the gift tax, but under special arrangements the donee may agree to pay the gift tax instead. Always consult your tax professional for your individual circumstances. The IRS defines a gift as any transfer to an individual. This transfer can be either direct or indirect, where full considerations — which is measured in money or money’s worth — isn’t received in return.
• Rights of survivorship
• Most joint accounts carry rights of survivorship.
“So, if one of the joint holders dies, there is nothing the surviving joint owner has to do to get that money,” Radna says.
In most cases, a joint account holder’s rights to the funds in the account supersedes what’s written in a will, says Randall Kessler, a divorce attorney based in Atlanta and past chairman of the American Bar Association’s Family Law Section.
Say.
• Risk of debt collection, credit damage
• Joint bank accounts lay open to:
• Overdraft charges.
• Debt collection.
• Liens.
• Judgments or garnishments.
• Divorces.
Even in cases where joint account holders are not married (or perhaps not even related), what happens in one person’s life can affect the other’s money.
Here are a few examples:
An elderly parent puts an adult child as an account co-owner. If that adult child gets divorced, the account can be considered part of the adult child’s assets, even though the implicit understanding is that it’s the parent’s money.
A grandparent opens a joint bank account with a grandchild to save for college, but sometime later, the grandparent faces a lawsuit or goes bankrupt.
Either party uses the account as collateral for a loan, then defaults.
“In most cases, if it’s with a child or an elderly relative or maybe a casual business associate, we think there are much better ways to structure your assets than just to have a joint bank account with those people,”
Continue reading [url] https://okfiscal.com/is-joint-account-good-or-bad/ [/url]