Ragavan Sreetharan | Who’s Your Private Banker?

Ragavan Sreetharan | I’ve Been Banned!

I went in to my bank last week and was asked to leave!

Okay okay hear me out… it’s not as bad as you think! There’s a story behind it.

Every time I go into my banks (I use 2 banks for my business) I practically say “Hi!” or exchange pleasantries with everyone I meet. (I let them know that I work them because of the amount of service charge that they deduct from my account every month.)

So on this particular morning I went to a meeting with my account officer for a new business savings account and chatted with a few people as the bank was not exactly full.

That prompted one of the senior managers to come out of his office and declare that they were going to ban me from coming into the bank! He said that I would have to only use their online banking because every time I come in there, the productivity of the bank goes down!

What? I was horrified! – Ragavan Sreetharan

He laughed and continued to ask me something about if I was watching the cricket. As if…

I tell you this story to let you know that it’s very important to have a great relationship with your bankers… especially if you’re a small business owner!

Having good relationships with your bank will: Ragavan Sreetharan

enable them to understand you and your business well
allow your business to apply for unsecured overdrafts if you’re servicing your account well
allow some leniency with respect to certain aspects of your account

Now here’s the thing. The bank has its own policies and its own procedures so please don’t think that by having a good relationship you can sidestep bank policy. That’s not what I’m saying at all!

Here are some great ways to start a good relationship with your banker.

1-Service your account. What does this mean? Make deposits, pure and simple!

It doesn’t matter if you withdraw almost everything you deposit. Making deposits sends a message that you are using the account and conducting regular business.

Don’t go into overdraft unless you have a facility.

2-Service your loan. Pay your loans. On time.

Okay sometimes paying your loan on time is a problem if you’re waiting for a big client to pay you. I’ve been there.

Ragavan Sreetharan | What do you do in a case like this?

Communicate with your bank officer and let them know that you have a big amount coming in shortly. Email them a copy of the invoice so that they know it covers your loan payment.

Here’s a great tip. If it’s always a problem servicing your loan on a particular date, then change that date! My loans never fall on the last day of the month because I know that most of the time, it’s unlikely that I will complete all my collections by that date. Some of my loans fall on the 5th or the 10th.

You can ask them to change the date but only after you’ve made a payment or the loan is current.

3-Communicate with your banking officer on a regular basis. They’ll learn to trust you and know that every if times are hard, they’ll believe that you’re doing your best. On that very day that I had the meeting with my officer, I was asked to send some clients her way!

So, if you make your officer’s job easier, you’ll make your business (and personal) life much easier. I guarantee it!

Sandra Baptist is Founder of the Caribbean Small Business Ecademy a virtual academy that helps Caribbean service professionals and small business owners make more money.

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Ragavan Sreetharan | What Should You Look For in an Online Banking Account?

Ragavan Sreetharan | Online banking is a virtual bank. So in a way you are dealing with a virtual account as well. However everything in this virtual world of banking is real. The truth about these online accounts is that only the ways things work and take place is implicit as everything is real. The transfers are real and so are the transactions.

Before you go ahead and sign up for any online banking account, you need to thoroughly research what is available. For this you need to search online properly for all the accounts available in the market. Then you need to filter through them and see what exactly suits your needs and requirements. Along with this, you need to keep certain things in mind and work accordingly.

The first thing is annual percentage which is how much interest your deposits will earn you. Not all account types will pay you interest on your deposits. Some will require you to maintain a minimum balance. Also you need to see how easily you can access your own money. This is an essential feature as during an emergency this can be a great help. You should also find out if your current accounts can be linked to an online banking account.

It is important to carefully check what products and services are on offer. Is online bill payment a feature? This can make your monthly bill payments much faster and more efficient and is one of the best features of online banking. Some banks offer additional features to online customers as well, so be sure to compare these when you are shopping for an account.

You should ask how well the online banking account serves you as a customer. How long does it take to answer and resolve your queries? Customer service should be a top priority when comparing banks.

Find out if the online banking account you are considering has an automatic savings plan or not. This is called "auto piloting a plan." All these features are essential when comparing one online banking account with another. These are features that will provide you maximum satisfaction as a customer in the long term.

It is also essential to find out what kinds of safety and security procedures the bank has put in place for online accounts. It should have constantly updating antivirus and hacker-proof features built into their site. You don't want your online account number, credit card numbers, and social security number to be at risk.

Raguragavan Sreetharan | Come what may, online banking accounts are mandatory in today's world. They are time saving, hassle free and user friendly. The transactions are easy for day to day business and are far more efficient for the user than traditional banking.

Ragavan Sreetharan | What Is So Great About Online Banking

Raguragavan Sreetharan | All of us, whether we like it or not, have to manage our finances. These days, many people opt for online banking as their preferred method of handling their bank accounts. But what makes online banking so attractive to so many people? Here are a few of the advantages that make online banking such a hit.

Some people have a fear of online banking, wondering how the banks manage to keep Internet pirates from grabbing access codes and making off with the money. Financial institutions in particular have a number of checkpoints that make it virtually impossible for someone to grab your credentials. In fact, your bank accounts are probably safer today since the advent of online banking than they were just twenty years ago.

Perhaps the single most attractive feature of online banking is the fact that you can access your accounts any time of the day or night. This feature allows you to check on available balances any time you like. You can know if a check or some other sort of debit has cleared your account, see if any pending deposits have been posted, and verify your balance at a time that is convenient for you. As an added bonus, you can transfer funds from one account to another, with the greatest of ease.

Many online banking packages also have a package you may use to create and mail checks directly from your account, rather than you having to do the checks manually. Basically, you establish a profile on each of the vendors you wish to pay with an electronic check. When you are ready to do your monthly bills, you simply log into your account, pull up the information on the vendor, and authorize a payment in the amount you wish. The check is printed and mailed on your behalf. Many people find the process takes them a fraction of the time it takes to write out a check by hand, address an envelope, lick a stamp, and then mail the payment.

Online banking also encompasses the ability to set up recurring payments. It is possible to establish electronic transfers from your account directly to your vendors each month. This process allows you to not even have to worry about whether or not the phone bill has been received and paid. Of course, you can change the status of a recurring payment any time you wish, and online banking systems always allow you to see what recurring payments have been processed in your current billing cycle.

Ragavan Sreetharan | Online banking can be a great help to anyone who would rather spend time in ways other than standing in line at the bank, or arranging your schedule to accommodate the hours that a bank is open. If you do not currently utilize online banking, contact your financial institution today. You may be surprised in the many ways online banking will make your life easier.

Raguragavan Sreetharan | Taking a Look at Popular Online Banking Services

Raguragavan Sreetharan | Many people are switching to PC banking, as the online banking services being offered nowadays are far more convenient than the services offered by traditional banks. The services are essentially the same but there is greater flexibility with the online ones. There are usually fewer service charges as well, which makes taking the internet route a more attractive option. The technology surrounding the internet is also offering more and more choices as new systems are developed.

One online banking service that is gaining in popularity is the ability to make person to person transfers. Basically, as long as the two parties both have an email address and a bank account, funds can be transferred from one place to another. There may be other restrictions, such as the requirement that the accounts be at a particular bank or within a group of banks, or that the parties both reside in the same nation. Still, email transfers are growing in usage and are a strong step in the direction of greater control within personal online banking.

Automatic payments are another of those bank online services that has been around for awhile already. Payment invoices that were and still are sent by regular mail can now be done through the internet and sent right to the account in question. From there, the client can check the amount owing and why, and then make arrangements for the bill to be paid. This can be set up as an automatic transaction every month or it can be done manually each time.

Although it is not always possible because more than one bank is involved, there are some online banking services that allow you to view all your accounts from all financial institutions in one location. This is called account aggregation and it offers a lot of convenience to those who use different banks for different purposes and want to track their accounts without having to go through the process of opening each account separately.

Ragavan Sreetharan | Online banking software plays a large role in another useful aspect of banking on the internet. Many banks will allow users to export data to an accounting program like Quicken or Money. This again gives users greater control over their finances and they can choose what steps they wish to take regarding their funds based on the information they are able to export.

Raguragavan Sreetharan | Traditional Banking Vs Online Banking

Raguragavan Sreetharan | Internet banking works in a similar manner to traditional banking, the major difference being the way one is making payments, accessing his account and personal details, and reconciling statements. Rather than visiting the local branch of his bank, the customer uses his computer to complete transactions. Internet and traditional banking have their pros and cons to consider. The choice of online vs. brick-and-mortar banking is often based on one's lifestyle and priorities.

As a major advantage of internet banking, the customer can accomplish multiple tasks in the comfort of his home. Efficiency is what makes online banking attractive to customers: they can pay bills, move money between different accounts, check multiple accounts, and much more. Banking is fast and saves customers valuable time. Transactions are completed in seconds and one can print out the receipts for his personal records. The customer may access his account at any given part of the day, even during weekends and holidays. Moreover, the online account may be accessed from any place around the world, provided that internet connection is available.

Online bank accounts make banking expedient, convenient, and inexpensive. Many banks charge fewer fees for the online banking services they offer. Furthermore, banks have higher interest rates on savings accounts and certificates of deposit, and offer more financial services and products. Customers don't need to buy envelopes and stamps, run to the post office at the last minute, and risk being late on their payments. Monthly bank statements and bills can be accessed electronically. Finally, online banking employs sophisticated tools that help manage one's money and accounts with ease. Despite increased security measures and the availability of anti-virus and anti-spyware programs, identity theft is still a concern. Other threats associated with online banking include phishing and hacking of online accounts.

Time is among the precious commodities, especially for multi-taskers. On the other hand, some people prefer to visit their local bank and interact with the teller in person. Customers can turn to the bank's special account representative or even to the bank manager. Clients are physically present when cash is handed over to them and when they place valuable items in their safety deposit boxes.

When customers hold their money in banks, they expect to have them available when required. The Federal Deposit Insurance Corporation offers coverage of up to $100.000 if banks cannot cover their clients' accounts. Most banks have increased the level of security by installing more surveillance cameras and hiring a larger number of security guards. With traditional banking, customers are better protected against identity theft. However, security is still a concern with traditional banking. While criminals cannot hold a gun to one's personal computer, they can rob a bank the traditional way.

Ragavan Sreetharan | Inconvenient locations, fixed schedules, and more limited financial services are some of the disadvantages associated with traditional banking. In contrast to internet banking, customers opting for traditional banking services need to draw money before using it.

Raguragavan Sreetharan | Tips to Improve Your CIBIL Score

Raguragavan Sreetharan | A good CIBIL score can help you in achieving many of your life goals with ease. Whether its that dream house that you have been planning or the dream vacation, you have been coveting, access to credit can ease the process substantially. A bad CIBIL score on the other hand can make access to credit very difficult. But there are ways in which you can improve your CIBIL score and achieve your goals.

Raguragavan Sreetharan

Some of the ways in which you can improve your score are

Pay EMIs on time | Raguragavan Sreetharan

The cardinal rule of good credit history is to maintain your payments in time. This factor plays a crucial role in your score and any delayed payments adversely affect your score. Make sure that your bank account is funded well in advance of the EMI due date, so that there are no bounces and unnecessary penalties due to the bounces.

Using your credit limit | Raguragavan Sreetharan

Use your credit limit on your credit card prudently, because over utilisation or maxing out your credit card month on month can affect your credit score. Also not paying your outstanding due amount every month and just paying the minimum amount due monthly can affect your score. For example, if your credit limit on your card is Rs. 50,000 then make sure your are not spending more than 50% of the same ie not more than Rs. 25,000 on your credit card.

Credit Hungry Behavior | Raguragavan Sreetharan

Any credit hungry behavior ie applying for too many credit cards or loans within a short span of time can affect your score adversely. Plan your credit requirements in advance. If you are planning to buy a house, make sure that you don’t apply for any other types of credit like personal loan or car loan in the preceding 3 months, so that getting an approval for your home loan is easier and smoother and your eligibility is higher. Too many enquiries in your credit report is a sure way to get your loan application rejected by lenders.

Check your credit report periodically | Raguragavan Sreetharan

It is a good practice to check your credit report periodically. Check for details like loan closure etc are updated correctly. Some banks fail to update the bureau in which case it might show erroneously on your report thereby reflecting on your score. Get issues like this sorted by raising the issue with the bank and bureau and sorting it out immediately. Sometimes, loans and credit cards which you have never taken might also reflect in your credit report, in which case, it is best to highlight the issue to the bureau and get it resolved so that it doesn’t impact your score negatively.

CIBIL score of 700+ is usually considered good enough for getting your loan application approved. Follow some of these rules and you can see a positive impact on your score within a few months.

Raguragavan Sreetharan | Bank Marketing Plan

Raguragavan Sreetharan | Marketing is fundamental when it comes to the success of any business. Marketing is what basically gives current customers a reason to continue doing business with you. Apart from that, marketing also creates a certain image for a business that will either draw in or repulse potential clientele. This explains why many companies invest so much when it comes to advertising. Marketing is all about portraying good self-image to the target market.

Raguragavan Sreetharan

Extensive brainstorming is crucial in making a bank marketing plan. You have to be systematic and logical in order to come up with a good bank marketing plan. First and foremost, you have to know what your bank is all about. Do you deal with small-scale or large-scale customers? Are you a global or national bank? What other services do you offer apart from banking? By knowing who you are as a bank you will be able to identify your target market.

With so much competition in the banking industry coupled with the harsh economic times, you have to know how to woo customers. Critically survey your bank’s mission, vision and objective statement. This information should be incorporated into your marketing plan.

Access the weakness as well as strengths that your bank possesses. You should be able to build a bank marketing plan by using your strengths and curtailing your weaknesses. You should definitely know what attracts people to you. Is it your customer care service or location? Is it your ability to sustain fair interest rates year in year out or is it the way you generally handle customers?

In order to make a good marketing plan, it is important to know who your main competitors are. Carry out a research to find out what their weak points are and how you can basically benefit from their weaknesses in the banking industry. Come up with a detailed marketing strategy that will help you stay on course when marketing.

Raguragavan Sreetharan | Knowing your target market helps you build a focused marketing plan. A good target market analysis should tell you where your potential clients are in terms of location as well as what they consider important in a bank. You should know the channels you can use to get to your potential clientele. This will help you know if you are supposed to concentrate on online advertisements, the media, print or events. For instance, if your target market is young people you should consider using the internet. When targeting old customers the media and promotional events will work best.

Raguragavan Sreetharan | 3 Smart Ways to Make Money

Raguragavan Sreetharan | The Internet has truly touched lives. It has opened several opportunities for the people who stay in their homes and make us of this advanced form of technology. It does not require the person to be an expert technically. Online business has opened vast opportunities for the people and letting them live their lives on their own. Every day there are numerous transactions that take place online. The top ways to make money are as follows.

Raguragavan Sreetharan

1. Manufacture or produce your unique product- This must be something related to information, like the eBooks, video courses, methods, or reports. The viewers should be able to download them on their smartphones and their computers. This is a great thing because once the information product is made it can be sold several times.

But the question here is who are going to pay for the products. The answer is the people who are in the need of the product will be willing to pay for them because they might not be ready to search for them for long and waste their time. To create such information you need not be an expert, you just have to have a little more idea than the audiences and that would be enough.

2. Sell others products- You can advertise for someone else products. When someone would be buying the product from you then the company would be paying you some of the profit as commission. This s affiliate marketing. This method is frequently used by the people who want to make money online. Everything that a company manufactures can be sold and thus it can be a subject for your information.
   The relief is that you don’t have to worry about the manufacturing, packaging, and shipping of the items. Everything would be done by the concerned authority.
3. Make use of your skills- If you already are an expert n a field, say dancing or hobbies, that you know people would be liking, bring them out. This can also be an expertise of creating the graphics, designing internet, translating the language, marketing, bookkeeping, etc. you can sign up for free from several websites rather than making a website for yourself.

Raguragavan Sreetharan | The convenience of this kind of technique is that your age, caste, creed, and gender are irrelevant. Nobody will be asking you your qualification or technical abilities. Thus, go ahead, plan your information, and let it go live to let you earn from your home.

Raguragavan Sreetharan | Is it Safe to Get an Online Bank Account?

Raguragavan Sreetharan | For most people interested in getting an online bank account, the biggest drawback is safety. Since people often feel safe banking at a physical location, it can often be hard to switch over to an online account; however, online bank accounts are just as safe as bank accounts at physical banking locations.

What makes online bank accounts safe?

Most online accounts put a lot of effort into ensuring customers' account are safe and protected against any threats, online or offline.

One of the most important safety features available on an online account is password protection. Password protection is common amongst all online accounts and provides a layer of security to ensure that only you can gain access to your account. Passwords are usually created by you and sometimes other information about you or your account is need in addition to the password to ensure authenticity of the user.

Most online bank accounts have even gone one step further than password protection and included security questions in addition to password protection. Security questions can be as simple as answering a private question that is hard for someone to easily find out about you. This is different than password protection because passwords and account information may be compromised online or offline, but the security question provides a more personal security step that helps ensure the owner of the account is the one accessing it.

Ragavan Sreetharan | While most people feel uncomfortable sharing personal and private information online, online bank accounts are set up to protect the security of your information as much as possible. One thing online banks do to ensure the privacy of information you share through your online account is encrypting your information. Encryption is simply a way to scramble you're the information you share online into a special code that can only be unscrambled by your bank. This helps prevent anyone from stealing your information it across the internet when communication with your online account.