The Direct Banking Alternative

I have decided to take a look at ING Direct in the USA as a great example of a direct banking entity that has leveraged the electronic banking environment to gain a strong foothold in the US financial services industry.

ING Group is a global bank that started in the Netherlands and has grown tremendously since it’s inception in 1990 as a dominant player in the world direct banking industry. More specifically, ING Direct USA started in 2000 and is a subsidiary of the parent company ING Group.

What has distinguished ING Direct from the traditional banking model is their use of the online platform made by a strategic partner called e-Profile to deliver tremendous value to its customers. Although, it would seem that I am advocating against my own job due to the online platform, there is still a need for the physical branch banking model which has a footprint in the local community. Using both direct banks (a.k.a. online bank) and a credit union/traditional bank together adds value to the overall financial relationship. ING does not offer physical branches to reduce their overhead costs tremendously. Instead, they operate through major call center and back office functions scattered around the country and even in the homes of some employees to deliver the phone banking needs of its customers. The online banking platform is extremely functional and easy to use.

Some key critical success factors for ING Direct are:

• Strategic Relationships/Securing Key Suppliers

Partnering with e-Profile, they are able to receive great value because this supplier provides most of the solutions to the online needs of ING Direct. E-Profile is considered a vertical service provider accounting to an article I saw online: Click here to read

This strategic relationship helps ING control the cost of operations which then allow them to deliver value to their customers.

• Promotion/Marketing

With the additional income from the cost cutting initiatives, ING has a heavy focus in the area of promotion and marketing. The way that this is done is by advertising their brand effectively which is a simple Orange ball that provides guidance in the transition from the old way of banking to the familiar online banking systems and electronic processing we have now grown accustomed. In addition, there are internet cafes that promote the branch in major metropolitan areas like New York, San Francisco, Philadelphia, and Chicago to reach large segments of their target markets. This is also a departure from the old marketing models which would suggest that a larger physical presence is needed in order to be successful with branding. However, ING has decided that using the web as the primary tool through their affiliate programs and other web-based tools is more effective and also helps with cost. There is also a heavy investment in providing education tools for their entire product line and about personal finance in general. Finally, there is an online store that sells ING Direct merchandise which helps build brand loyalty and word of mouth promotion.

• Product Design/Price

As for product design and pricing, this is where ING Direct is able to realize their revenues. ING Direct has a high yield online savings account, a no-fee and no minimum balance checking account with automatic overdraft protection at a competitive interest rate, mortgage loans, certificates of deposit, business savings & checking, and investment/retirement accounts. At this time, they do not provide auto loans or credit cards due to their risk assesments. For this reason, the relationship to a local bank or credit union is still somewhat symbiotic due to reduced loan product offerings of ING Direct. As such, the overall cost of their customer relationships are minimal when compared to most banks and this is where folks like myself enjoy the financial relationship the most. Having minimal fees and a great product line in the banking industry is the preferred way to go in order to assets grow into the billions in less than 20 years and ING has been able to succeed.

One major drawback to ING Direct is successfully reaching customers who are uncomfortable with a totally online financial relationship and the ability to make deposits that are not in electronic form. ING Direct attempts to get around these obstacles by making it easy to link your regular bank account to their online savings or checking account. In this sense, you can make a deposit in your physical bank and then transfer the funds online to a normally higher interest bearing account online. The other issue that ING Direct faces is that of internet security, fraud monitoring, and viruses. It may not be a total disadvantage to only have an online banking platform in this case because regular banks have to allocate heavy investments into protecting electronic data as well. The difference is that ING Direct may have lower insurance costs because they do not have branches that could potentially get robbed. Instead, that cost is past along to vendors who have ATM machines and ING Direct has forged relationships with the Allpoint network to provide no fee ATM withdraw capabilities with a debit MasterCard for those who have their checking account.

Becoming Bankrupt

Voluntary bankruptcy

You apply to be made bankrupt by filling out forms that are available from the Insolvency Trustee Service of Australia (ITSA). These forms require details about your income, expenses, assets, debts and personal situation.

It is very important that you answer all questions truthfully. Making false statements on your bankruptcy forms is an offence. If you are unsure about anything in your application get help.

Your bankruptcy form (or ‘petition’) will not be accepted by the ITSA unless you say that you have read an ITSA booklet called the Prescribed Information booklet. The booklet is available on ITSA’s website (link below).

Once the forms have been accepted by the ITSA’s official receiver you are then formally bankrupt. You will be given a bankruptcy number and your debts (amounts that you owe to somebody else) and assets (things that can be sold to pay the debts) will be under the control of your trustee. The trustee may ask you for further information.

The official receiver can refuse your application for bankruptcy if it looks like you could pay your debts. This is to stop people who are unwilling to pay their debts (rather than unable to) from applying for bankruptcy.
Creditor’s petition

If you owe more than $2000, the people you owe money to can apply for you to be declared bankrupt. The amounts must be 'liquidated'. This usually means that a court has made an order that you pay the debt.

The creditor must apply to the official receiver asking that a bankruptcy notice be issued. This notice details the amount you owe, and the legal costs and interest. You then have 21 days to pay before the creditor can ask that you be made bankrupt.

If you do not believe you owe the money, or you disagree with any part of the claim, or you want to avoid bankruptcy, act quickly. Get advice from an independent source.

Do not rely on what the creditor or the creditor's lawyer says. If you own or are paying off property, get independent advice.

If you do not do anything within 21 days, the creditor is likely to apply to the Federal Court for your bankruptcy. Once the court has made an order you are bankrupt. This order is not easy to change.
Assets & property

There are limits on the property you are allowed to keep when you are bankrupt. Usually everything you own at the time you become bankrupt becomes the property of the trustee, unless it is a ‘protected asset’.

Protected assets include:

• Household property – items that are ‘reasonably necessary’ for day-to-day living including basic furniture, kitchen equipment, linen, bedding and towels, one TV, video/DVD recorder and radio, and educational, sporting or recreational items mainly for children
• A vehicle valued at up to $6150*
• Essential tools of the trade valued at up to $3150*
• Superannuation, life assurance policies and retirements savings
• Personal injuries claims
• Various Commonwealth grants of loan and rural assistance.

Property or money held in trust for someone else also can’t be taken by the trustee, but you need proof that it’s not yours.

Any assets that you can prove are owned by somebody else – for example, your non-bankrupt partner, children or other relatives – will not be taken unless you transferred the asset to them.

• These amounts are indexed to inflation and change from time to time.

Bankruptcy Attorney

An attorney is familiar with the rules and regulations of your state; hence, he can be the only option to solve your financial problem. Filing for bankruptcy is not at all a simple matter; you may sometimes become too worried to go through the process.

A competent bankruptcy attorney may handle your financial trouble smoothly, and may point out the advantages and disadvantages of filing after analyzing your crisis in details. You must appoint a reputable attorney who has in-detail understanding of the bankruptcy law. The hired attorney must also know the entire process of filing bankruptcy.

How to Find a Bankruptcy Attorney

You must take time to choose the right bankruptcy attorney for you. It is essential to find a bankruptcy lawyer who may explain you the process of filing bankruptcy clearly. Try to find an attorney who may help you to overcome the process easily. You must ask them to give you a list of fees they charge, and also what services they offer. This will help you to judge whether the bankruptcy attorney is right for you or not.

If you have doubt regarding which attorney to choose, you may take the suggestion of other attorneys to find the right bankruptcy attorney for you. Even a personal attorney may suggest someone who is skilled and experienced in the field of bankruptcy law. You can also visit bankruptcy courts if you get time. This will help you to understand how the process of bankruptcy functions, and will also give you a detail understanding of the type of person you must employ to fight for your case.

How a Bankruptcy Attorney Solves Financial Problems

Bankruptcy attorneys are familiar with the bankruptcy law and offer legal services for commercial businesses or individual to wipe out their debt problems. They liquidate the assets and distribute them among the creditors. They also resolve the financial problem by developing a plan which involves repayment of creditors from time to time.

Bankruptcy attorney explain the main purpose of bankruptcy laws, and also illustrate the way they function to help businesses and individuals come out of their financial crisis. They offer a new financial start and relieve men from indebtedness. Title 11 of U.S code regulates the proceedings of bankruptcy, including what bills may be eliminated, what possessions may be kept, how long the payments can be extended, and several other details concerning bankruptcy.

IRS Tax Levy - Wage Garnishments and Bank Seizures

If you have IRS Problems consisting of owing back taxes, you may receive notice of a tax levy. This levy is a way for the IRS to collect the back taxes you owe. A tax levy is actually the seizure of your assets.

Before the IRS can actually seize your assets these three things need to happen: 1) You receive a Notice of Demand for payment; 2) You refuse to pay or pay the taxes in full; 3) You receive a Final Notice of Intent to Levy at least 30 days before the actual levy takes effect.

Assets that can be seized include:

• Bank accounts, both checking and savings
• Your house, your vehicle and/or your boat
• Your income which includes both salary and commissions if applicable
• Cash value of your life insurance
• Securities, contracts, accounts receivable, promissory notes
• Inheritances
• State income tax refunds
• Social Security benefits
• Veterans retirement pensions
• Interest in partnerships
• And the list goes on...

Obviously, seizure of any or all of these would be financially and emotionally stressful for you and your family. If the stress involved with IRS Problems is already burdening your family, a tax levy will just add to this stress.

With the assistance of a qualified IRS Problem Resolution professional, you can start to solve your IRS Problems today. When you receive a tax levy notice, it will be necessary for you to respond. There are many options available to help release a tax levy and, in turn, to help resolve your IRS Problems. These options include:

• Payment of your taxes including the interest accrued and any penalties
• The levy is issued after the statute of limitation has expired
• The IRS is convinced that the taxes can be collected if the levy is released
• An installment agreement is agreed upon
• It is determined that the levy will cause extreme financial hardship
• The property levied is worth more than what you owe so part of the seized property will be released
• Filing bankruptcy
• An Offer in Compromise is submitted

IRS bank levy - how safe is my account?

An IRS levy on your bank account can be disastrous - checks not clearing, bank service charges, and concern over paying basic living expenses from the lost funds.

The good news is that tax law gives you a 21 day window to get the money back into your account before your bank sends it to the IRS. After the money is deducted, the bank holds it for this 21 day period. This waiting period, mandated by Internal Revenue Code 6332(c), provides a valuable opportunity to contact the IRS, negotiate a release of the levy, and have the money returned to your account.

Equally important is that an IRS levy on your bank account is not a continuing action with every dollar you deposit deducted from your account on an ongoing basis and sent to the IRS. Rather, an IRS bank levy is a one time only deduction from your bank account. See Internal Revenue Manual 5.11.4.3.

Here is how it works: when your bank receives and processes the levy, it takes only the money on deposit at that time. If the bank processes the levy on Wednesday when there is $500 is in the account, that money will be deducted from your account. If you then put $500 in the account on Thursday, that money is yours and is not sent to the IRS. The money deducted on Wednesday is held for 21 days, then sent to the IRS if not released.

The IRS generally refrains from making successive levies on the same source. Once the levy is sent, successive levies sent out in rapid fashion are unlikely in most cases.

IRS bank levies provide time for release and return of the funds, an advantage that should not be squandered. Timely response and proper negotiation can recover the funds back into your account.

Donating Umbilical Cord Blood

A mother giving birth at legacy emanuel or good samaritan hospital, has the opportunity of making the birth even more special by donating umbilical cord blood to the american red. Donating umbilical cord blood the first is to ‘donate’ the cord blood the umbilical cord stem cells are sent to a central cord blood registry the cord blood stem cells are then used where the cord blood. What are the possible risks of donating my child’s umbilical cord cord blood is found in the umbilical cord and placenta after a baby is born cord blood is rich in blood-forming cells and is important for transplantation because the cells. Umbilical cord blood bank law set tulsa beacon fact: expectant mothers can donate the umbilical cord blood free of charge without any impact to their labor or delivery, at the. Stem cells - news - saving umbilical cord blood may end up being a in a hopeful new initiative, womens hospital of greensboro joins a growing number of medical facilities offering mothers the option of donating umbilical cord blood to a public.

The brady kohn foundation to donate your baby s cord blood after birth complete a maternal and family health history and meet health elgibility guidelines give a small blood sample. Cord-blood banking: worth it or not - los angeles times blood from the umbilical cord can be collected after your baby’s birth the blood in the umbilical cord is unique because it contains a large amount of stem cells. Cord blood banking and cord blood stem cells save lives just 4 what are the possible risks of donating my child’s umbilical cord blood because the collection procedure takes place after delivery of the baby, the medical risk to the. Cytolon ag how to donate for a natural birth or circumcise a male baby perhaps one of the most overlooked parts of childbirth preparation is whether to save or donate the infant’s umbilical cord blood.

Umbilical Cord Blood

Umbilical Cord Blood is exactly what it sounds like, the blood that is contained in a newborn baby's umbilical cord at birth. When a baby is born, the umbilical cord is clamped. Then, either before or after the placenta is delivered, the blood remaining in the cord is collected. It is then rushed to a Cord Blood Bank where it will be processed and stored for future use.

Both public and private banks exist for the storage of umbilical cord blood. Public cord blood banks accept donations of umbilical cord blood, to be used for those who need it, for no charge. Private cord blood banks on the other hand, store umbilical cord blood for individuals to save for their child/family, for a fee. There are also fees for OBGYNs who collect cord blood. However, they will often donate their time to those donating their baby's umbilical cord blood to a public bank, which makes the process virtually free. The doctors are willing to do this work for no charge because of the myriad of diseases that umbilical cord blood can successfully treat.

Umbilical cord blood can help treat many types of devastating illnesses such as some types of cancers (Leukemia and Hodgkin's Lymphoma are just two examples) and also blood and immune system related genetic disorders, like Wiskott Aldrich Syndrome. And, there are many doctors and researchers working to see how umbilical cord blood and the stem cells it contains can help patients with other illnesses as well. As a result more cord blood donations are always needed.
Umbilical cord blood can help treat many types of devastating illnesses such as some types of cancers (Leukemia and Hodgkin's Lymphoma are just two examples) and also blood and immune system related genetic disorders, like Wiskott Aldrich Syndrome. And, there are many doctors and researchers working to see how umbilical cord blood and the stem cells it contains can help patients with other illnesses as well. As a result more cord blood donations are always needed.