Your Questions About Business Online Banking
Richard asks…
Can smaller banks and financial institutions keep our economy fluid?
Since larger banks and financial firms are failing it seems, does that give smaller banks and institutions (including online banks) the opportunity to grow and be the new ‘king of the mountain’ sort of?
Jere answers:
Yeah but for them to grow to the sort of giants that exist today, will take time. During that downtime, we will have a period of strict lending because there will be a lack of lenders. You need to slow the falls of the giants so that the entire lending/borrowing market does not melt down forcing quality lenders out of business too.
Steven asks…
What is a T-PIN number used to open an online Bank Account and is it safe if someone knows about it?
Is it safe if someone knows the T-PIN number that I got from an ATM machine using my Debit MasterCard to open an online Bank Account and if yes,how do I change it so my account cannot be hacked into.
Jere answers:
A T-Pin number is used to open your account (the 1st time) and if you lost your password or want to change it a T-Pin is required.
T-Pin number is safe, why?
It is only open for 24 hours and then you can’t used it anymore.
Just use it after getting the number and then rip it up, put it in a dustbin and wait for at least 24 hours before throwing it out to the garbage men.
Other security measures I take,
Use PayPal in buying online via your card.
Clear your history (including active log in) whenever you do business with your card.
The account where I keep my money and the account where I buy online are different accounts.
Never put too much details on any blog (people can just look for you if you do) or any net service unless it is a legitimate service like Amazon, Ebay, PayPal and etc.
I also never buy any online money (if you use facebook games or any online game, you would know what’s this) because I’m not so sure about their security measures.
Laura asks…
What new technology is used by the major brokerage firms today?
I am looking to try and do an industry analysis for a business class and I’m not sure where to look for 3 emerging technology trends by the major brokerage firms. Other than online banking and investing what else are these companies doing?
Jere answers:
Cold calling, cold calling, cold calling…if you consider that “new” technology go right ahead
Mary asks…
how come phone banking and online banking are different?
now i tried online banking why does it take 3 working days for it to be processed and phone banking it’s instant with bpay and and other services.
Jere answers:
Im not sure why your bank is like that. My bank is the opposite. Phone banking is according to the previous business day while online is instant. Anything done to my account (debit card use, withdrawals, anything) hits my account instantly.
William asks…
Do you have to have a license for an online business?
And tax ID? Is it required by law to be licensed if you have a business online selling a physical product?
Jere answers:
No you don’t need a license to run an online business. You will want to get a sales and use tax certificate. Ask your local chamber of commerce about it. It usually costs about $20 and you will have to add tax to your sales if the item is sold within your state if you want to be official.
But the other part of it is that if you think your business is going to work, why not incorporate to shield yourself from personal liability. You can get a mail box at a local UPS store for $50-$80 for a year and business cards in your business name. This way no one will get your personal name, personal social security number, personal credit, personal checks or bank numbers and credit or debit card numbers. Your business will even have its own mailing address at the UPS store and you can get a pre-paid phone for $30 and about $10 per month for limited usage so the business even has its own phone number, website, and phone number. It will be a totally anonymous.
If you rack up $1000 in ebay fees, buy something on a payment program, sign up for internet and internet programs to help your busines, and your business fails, it won’t affect your personal credit. In fact, won’t even know it is you. In the first name type the first word of your LLC or corporation in the last name put the last words of your businesses name and then Inc. LTD or LLC after it depending on the type of business structure you set up. Also with some affiliate programs you need to give your social security number and checking account number, not when your are incorporated/licenced. If you sign up and identity theft happens in the internet, it only affacts your business and the problem doesn’t touch your personal life.
For $300 – $500 for everything, you can create a totally seperate identity for your business.
I remember that I set up an LLC through the state attourney general. A business partner signed up for some services under the LLC’s name and the business failed. Those businesses couldn’t come after me, and my personal credit report wasn’t negitivly affected.
It is well worth the money incase you or anyone else in the business screws up. No one who knows what they are doing wouldn’t set a business up without an LLC or other legal structure.
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