The Next Banking Revolution Commentary – Microfinance is Not Just About Loans

The world is in the midst of a banking revolution that has nothing to do with exotic financial engineering. It’s in microfinance, or the provision of financial services to poor people worldwide.

To most people, microfinance means microcredit, or lending to the owners of very small businesses in the developing world. In recent years, though, efforts to extend a wider range of financial services to reach the nearly three-quarters of the world’s population with per-capita incomes below $3,000 — the so-called “base of the pyramid” — have gained significant traction.

Since the first microloan was dispensed in Brazil in 1973, microlending pioneers such as Accion International and Grameen Bank — the latter founded by Nobel laureate Muhammad Yunus — have proven that the poor, served responsibly, are excellent credit risks and prudent users of financial services.

A surge of experimentation in the last five years, fueled by an influx of investment capital, has demonstrated an equally strong demand from the base for savings, insurance and tools such as bank cards and cell phones to facilitate payments.

New York Times columnist Paul Krugman has said that we should “make banking boring again.” If “boring” means returning to the basics of relationship banking, strong underwriting and transparent products, he’s right. But there is nothing boring about extending service based on those principles to the base.

$5 trillion in purchasing power That’s the long-term challenge for the financial industry, from multinational banks looking for new sources of sustainable growth to small microfinance organizations seeking to extend their reach and diversify their services. Statistics show the base’s collective purchasing power currently stands at $5 trillion.

Scaling microfinance up presents daunting challenges. Chief among them are the high costs of reaching deep into rural backwaters and inner-city slums, and of servicing very small transactions. Meeting these challenges requires creative alliances and cultural insight as well as technical innovation.

Some recent successes:

– Partnerships for last-mile delivery: In 2001, Brazilian banking authorities introduced the banking correspondent model, a regulatory innovation that has radically transformed access to financial services in Brazil and is being adopted, with regional variations, across Latin America and to a limited degree in India. Brazil allows any enterprise, including supermarkets, lottery kiosks, pharmacies and post offices to act as an agent to one or several banks.

In Brazil today, 95,000 agents are conduits for services such as new accounts, deposits, withdrawals and bill payments. Before the banking agent revolution, almost a third of Brazil’s municipalities had no banking services; now they all do. At least 13 million new savings accounts have been opened.

The agent model may be the single most powerful means of localizing banking services. Banking authorities in Peru report that a bank branch costs about $200,000 to set up, while an agent costs just $5,000.

– Technology: One engine of the agent model is the pre-paid bank card and the humble point-of-sale machine, the device that reads your card at the supermarket checkout counter. A point-of-sale machine typically costs less than $100 vs. thousands for an ATM. Customers can use cards at locations with the point-of-sale machine to make deposits, withdraw cash, make a money transfer, and pay bills as well as make purchases.

The pre-paid card model avoids risks of over-indebtedness and the problems of complex fees currently bedeviling the U.S. market. For poor people, liberation from the need to pay every bill in cash and in person at the bank branch saves a tremendous amount of time, cost and risk.

An even more flexible and user-centered payment device has taken off in parts of Africa and Asia: the cell phone. In Kenya, the Philippines and South Africa, millions of cell-phone customers use text messaging to withdraw and deposit cash at the same retail outlets where they buy airtime for their phones. They also use the phones to receive their salary, pay off loans and store money, as well as make retail purchases.

– Product design: Microinsurance providers have proved especially creative in designing products tailored to specific cultural needs. In Latin America, many women balk at buying life insurance because they don’t want to enrich their husband’s imagined second wife. “Education life” policies therefore provide benefits in the form of school vouchers. Other policies pay out vouchers for food at large grocery chains.

Often, major insurers seeking to crack the low-income market rely on microfinance or microinsurance specialists to design and distribute products that they underwrite. Zurich Financial Services recently announced a partnership with microfinance group Women’s World Banking to offer “caregiver insurance,” covering a range of expenses arising from a woman’s hospitalization.

Progress on all of these fronts is mutually reinforcing. New technologies help enable new kinds of partnerships, such as those between financial institutions and retailers, which in turn enable delivery of a wider range of services, spurring providers to get creative.

The core vision of microfinance pioneers — to help the poor help themselves — has broadened to the concept of inclusive finance: delivering to the world’s poor the basic financial infrastructure that is a foundation of wealth development and risk management. In turn, these pioneers have begun breaking the cylcle of poverty worldwide.

Portable Money Counter Machine: Best Choice for a Small Office

Money counter machine is a machine that will help you to count your money accurately. This machine is commonly seen in a bank. Bank need to use this machine to help them get the proper calculation to avoid mistake since in many cases, money is the most sensitive cases.

Many business and banks combine coin and bill counter machine. It will be very good to have a portable counter machine. This device can be moved from one place to other places. There are various kinds of counter machine which have very affordable price.

This portable device is the best choice for a small business. This is a good option for a small office. If you do not have large space to save your device, you can buy portable money counter machine for your place.

You can have various options in the market from many companies such as Royal Sovereign, Carnation, and Angel. These companies offer various types and function in competitive price. You can take a look at the feature of the product to decide which product will be the best and the most suitable item for your needs.

You may also find other office supplies for your requirements such as table and file cabinet but if you need the best device to count your money accurately. You must have money counter machine. The advantage of portable device is you do not need to provide large space.

If you are interested to buy this device, you should also consider about the warranty of the product. It will be very helpful if you encounter problems with your device, you can figure the problem easily. Feature and warranty are the most important factor in choosing the right machine. You should also consider the company’s reputation. A good company must have good customer service and durable product.

Learn How to Bank Like a Banker

The business of banking has changed dramatically over the last decade. Because the cost of doing business the old-fashioned way is no longer effective, banks are interested in changing their customers’ behavior by encouraging electronic banking alternatives whenever possible. They have done this by charging high fees for services that were once free. If you pay $200 or more in annual fees for banking, it’s time to do some competitive shopping.

Before becoming furious with your bank, it may be that the products you’re using no longer meet your personal needs. If you have an established relationship with your bank, inquire about the other types of lower-cost checking and savings account products.

By understanding the rationale of why a bank charges fees for different services will allow you to be a savvy banking customer. If human contact is required to serve you, such as a teller or personal banker, this is very expensive for the bank. The incentive is for banks to encourage more high-tech, “low-touch” methods of meeting your needs. This is accomplished by servicing as many customers as possible with automated telephone services, cash machines, and online self-service banking.

Since the bank needs to train their employees, provide a paycheck and benefits, pay for the branch building, in some cases supply uniforms etc., it is conceivable that your one banking transaction per pay period could cost the bank $3 or more for your one banking transaction.

If you conduct your banking via an automated telephone system, the cost of this type of transaction is much less expensive. However, if you then require assistance from a telephone banker, the price goes from $1 for the automated process to as much as $2 for human contact. For the same reasons stated above, the training, location, computer equipment, etc. become more expensive when human interaction is needed.

Now it is clear why electronic banking methods are preferred by financial institutions. In fact, most banks are rewarding their customers with lower fees the more the customer does his/her banking electronically. For example, even though Automatic Teller Machines (ATMs) costs the bank around $100,000 each plus the cost of the computer network and maintenance, the cost of these type of transactions drop to $0.50 – $1 each. Not only are these machines more cost effective, the 24-hour availability to customers is very convenient.

With the ease and convenience of Automatic Clearing House (ACH) payments, this “checkless” process drops the price to around $0.25 each. And finally, the Internet drops the expense even further to less than $0.10 a transaction. I realize that there is still some fear of banking electronically, but the security that banks have instilled with computer technology far surpasses the current security of traditional banking methods. If you lose your checkbook and wallet, the cost and worry of canceling these checks is very tedious. It’s very possible that a thief could forge your name and deplete your accounts in a matter of hours. The sophisticated computer technology, however, although not perfect, has a far more secure system to protect you and your money.

Avoid being the bank’s best customer. Attempt to cut your annual bank fees in half by educating yourself. Inquire about the options and products available to you with your banker. By asking about the alternative banking methods, you may find that your bank fees will drop considerably.

Electronic Banking, Online Banking and Internet Banking

Electronic banking or Electronic Fund Transfer or EFT) uses computer and electronic technology as a substitute for checks and other paper transactions. It involves many different types of transactions. You can access your money through an automated teller machine (ATMs), the internet (Internet and Online Banking), the telephone (Pay-By-Phone) or Direct Deposit of paychecks into checking or savings accounts.

With internet banking you can perform transactions over the internet through a secure bank website. Electronic banking is very useful for banking outside bank hours and for banking from anywhere where internet access is available.

Electronic Fund Transfers (ETF’s) are usually initiated through devices like debit cards or codes that let you access your account in a secure way. Many financial institutions such as banks and credit unions use ATM or debit cards and Personal Identification Numbers (PINs) for this purpose. Some financial institutions use other forms of debit cards such as those that require a signature or a scan.

Electronic Fund Transfers (ETF’s) offer various services to consumers.

1. Online Banking (Internet Banking or Personal Computer Banking)

Lets you handle many banking transactions using your personal computer. With internet access and a computer, you can view your account balance, request transfers between accounts, and pay bills electronically over the internet. Online banking also offers such features as electronic bill payment and access to downloadable bank statements which can be imported in a personal finance program.

2. ATM’s or Automated Teller Machines (24-hour Tellers)

These are electronic terminals that let you bank almost any time. You can use them to withdraw cash, make deposits, or transfer funds between accounts by inserting an ATM card and entering your PIN. Some financial institutions and ATM owners charge a fee for this service but they are required to tell you they charge a fee and its amount before you complete the transaction.

3. Direct Deposit Facility & Direct withdrawals

Direct Deposit lets you authorize specific deposits, such as paychecks and Social Security checks, to your account on a regular basis. You can also pre-authorize direct withdrawals so that recurring bills, such as personal loans, insurance premiums, mortgages, and utility bills, rent, and so on are paid automatically.

4. Pay-By-Phone

This allows you to call your bank or credit union with instructions to pay a bill or to transfer funds between different accounts. To make such transfers, you must have an agreement with the institution.

6. Point-of-Sale Transfers

Lets you pay for purchases with a debit card or an ATM card. A debit card purchase transfers money from your bank account to the store’s account.

7. Electronic Check Conversion

This system converts a paper check into an electronic payment at the point of sale or elsewhere.

Electronic banking services differ between different banks, credit unions and other financial institutions. If you decide that you want to use electronic banking then you should shop around for the most suitable package that meets your needs.

The Perpetual Money Machine

The armor shield of protection for your self and family protection must be impenetrable to enemy forces. A Trojan horse of strength and attack, An M-1 tank in resistance strength, and the agility of an aerodynamic fighter jet, your first line in defense against attack of ones livelihood or survival. It’s a jungle out there you hear them say. Yeah you’ll get eaten alive without the proper intelligence, information resources and specific operations objectives to achieve total market infiltration and penetration. You need your resources to be a rock solid foundation essential to your success.

Wealth is first and foremost practical knowledge of money its normal applications and a systematic way to manipulate its value by strategically purchasing a position whether whole or partial percentage, in the form of a set negotiation of price and terms or in options on a position to buy an item for pure speculation of appreciation growth and cash return value.

Sometimes fixed return as well the common adjustable or variable rate. The same rate that you pay in interest charges to any institution via the form of currency trading or bartering services like mortgages, credit cards, personal loans and vehicles to name a few; department stores, instant credit services, seminar finance, education funding, equity investments all different types of leverage for different reasons of the same action, the purchase of goods and services of perceived need and value. These rates are the investing companies return on investment. A percentage of the funds go to the bank that extended the money for the loan the remainder goes to the brokerage or wholesaling finance company profits and operating expenses.

In this equation we have the ebb and flow of money through influxes of gains, returns and capital appreciation along with the outward revenue streams. The wealth cycle has to become a two fold process where your earning strategy will exceed your current needs and your planning strategy performs at the required levels of growth to hedge against future cost increases in living, medical care and commodities purchases.

Supply and demand are two major influences on costs of money, risk as well as stability of borrower (money requestor) and well as the item of purchase. Your objective in this mission is to discover what your wealth cycle is; are you a positive builder or a negative consumer. Your perpetual money machine needs to be built to meet and exceed your costs of living. In this mission your mental agility and awareness are going to be put to the extreme test, your physical being and spiritual strengths and commitments will be challenged to the extent of their capabilities.

Your suit of armor needs to be developed to harness your true strength as well as the growth and complexity of your estate. Here are your vulnerable points, your weak spots can be in the areas of tax exposure, over extension of credit, overdraft charges, identity theft and fraud, health condition, low or loss of income for daily requirements, fatigue, asset protection, improper budgeting and accounting just to name a few.

Proper education, continual learning, future requirements, date of retirement preparedness are other factors you’ll need to take into consideration. All of these factors are very real in today’s economic “instability”; I quote “instability” for two very good reasons. As accurate as the news gets for me I have to look at both extremes of a situation to find some commonalities or conflictions with.

It does not matter about the state of the economy or the global economic factors. What matters the most is you; your wealth structure, and the fact that your intuition is a great indicator you can trust and the knowledge that you have acquired that numbers never lie. In good times or bad times a great deal or opportunity that meets your needs and requirements is always a great deal, so you acquire it for a great deal’s price. Your wealth grows at a more rapid rate due to more opportunities.

Proper diversification will always offset severe market fluctuations that prevent you from losing huge amounts of money in the case of an overactive market sector. Non traditional investment vehicles and asset classes are better choices for greater wealth accumulation with reduced risk exposure. Again your wealth is up to you no matter what.

If you’re cash strapped you can use leverage to help grow your wealth at a faster rate. For example if you had $100,000 and you lost the bulk of it due to improper market choices, and your remainder was $19,000 you could roll it out of your current employer’s care and place it into a self directed IRA for ease of use and control. From this stand point you can join IRAs together for combined purchases or in real estate more commonly known as TIC or “tenants in common;” way to leverage money without debt for greater acquisitions and growth capabilities. Wealth can always be grown back again it may take time yet the principle of wealth will always be the same.

Once you have this system set up you can reinvest both principle and earnings back into new growth opportunities, like a business, a new piece of real estate property, T-Bills, Annuities etc. You can grow also by way of credit availability, savings from income, combined credit and capital wealth will grow exponentially over time. Continual care and nurturing will reshape your future horizons.

Your wealth machine is one item you must have to free yourself from the nine to five grind. You don’t have to give up your day job to do it either it’s actually easier if you don’t. You allocate new savings to future growth, combined with starting a new profitable hobby and grow that passion into fun and profits. You add new streams of income into the mix gradually growing them into rivers of cash as the mountainous glaciers of frozen hard to find wealth start to melt into your pools of profits.

Your money machine perpetually gets larger and larger stronger and stronger as your army of income soldiers fight off the enemies called inflation, taxation and income depreciation. Your troops are at your beck and call fighting for a better future, growing the protection for your future generations so they don’t have worry about the fight. Your money machine becomes a superpower of good in the epic battle of good vs. evil.

Just imagine a war on poverty, scarcity, financial illiteracy all headed up by you and your passion of quality of life. Getting mad is the fire to fuel the fight, getting even is the sweet taste of success. The best revenge is living well. Your decision to get out of debt and build a prosperous future starts with a vision and a desire so will your army of wealth generation soldiers become more real as you plan and grow your strategies of wealth creation. The force will be so immense and strong nothing will stop you.

Your strength comes from knowledge, desire and a willingness to learn and change, your machine will come alive when the time is right, your vision of a wealth cycle should clearly show two opposing forces. Earned Income from a job or business with or without passive income will be the inner circle of your wealth attack the core of the machine. Then the growth of assets to replace and exceed your current income and financial requirements will follow in the plan to quickly obtain and grow wealth.

These are essential for growing wealth; income from a job won’t make you wealthy on its own, unless you stay focused and execute a plan of attack to grow your passive income. This is fine yet slow unless you started while you were living at home with your parents. When you implement the perpetual money machine you create new income and profits into your life which grow your wealth faster than you could if you just rely on your standard salary. Your exit from the rat race is just around the corner then suddenly BAM!

Your vision of financial freedom came true, you see your day when all debts are gone and you live in a 100% cash growth world. The rays of sunshine focus on you and you feel as if you’re on the top of the world. Your future is bright, a rendezvous with the reality of stress free living is scheduled and your ship has set sail. No more silliness and immaturity when it comes to your money, your machine keeps you inline and operates like a precise time piece. Just like clockwork the functions required daily, weekly and monthly happen without fail. If your sick or on vacation the money still comes in and worry gets farther away from reality.

New ATM Technology Makes Banking More Efficient

Recent developments in banking technology and ATM software are ensuring a new range of convenient banking options for customers.

As technology continues to improve in leaps and bounds, the average Western person becomes ever more used to having everything they need at their fingers tips. This desire for immediate gratification has had a huge influence on the way banking companies have performed in recent years, as much investment has been made in helping people have their money exactly when they want it most. From online banking to contact-less credit cards, there have been many huge advances in banking technology designed to offer people the convenience they crave. Another area many banks have investigated includes multifunctional ATM machines, which offer a number of time-saving devices for customers and banks alike.

As the functionality of ATM machines has improved, it has become possible for banks to allow customers to carry out a growing number of transactions in places where there are no physical branches of the bank. This has a myriad of benefits for both sides of the equation, but there can remain a problem of anonymity. While there are a growing number of people who are happy to embrace new technology and the ways it can make their day-to-day chores easier, there often remains a preference for receiving personalised treatment.

The kind of interaction that customers are used to having with bank tellers and cashiers is something that a significant number do not want to relinquish. There is often a feeling that by meeting someone face to face, the customer will be able to enjoy better service. This means that the majority of reputable bank CEOs would never think of making their services entirely automated, not while there is still such perception. However, opening and maintaining banks everywhere that a bank may have potential customers would be a large financial drain and is not often practical.

In the past, a CEO would have to make the decision between opening a physical bank and placing a standard ATM machine in such locations. Luckily, technology has now advanced to a stage where CEOs have another option – ATM machines that are able to offer their users a personalised experience. This new technology can allow banks to maintain a customer relationship while also being confident that all transactions are dealt with to a level of precision not achievable with human tellers. What’s more, it’s possible for these advanced machines to also work as sales tools for the bank, by alerting customers to applicable products and the variety of financial solutions offered.

By combining two of the attributes customers most desire when it comes to their finances, a personalised experience and extreme convenience, new technology could have found the perfect solution for banks wishing to both save money and create happy customers. As ATM software continues to develop new ways for banks to communicate with and service customers remotely and with success, people are likely to find it ever easier to enjoy the banking access they need even when it is not practical or possible for a physical bank in the area.

Make Money Online With Blogging – Turn Your Blog Into a Virtual Cash Money Machine!

Do you have a great blog getting tons of visitors daily?

If so, How would you like to see your blog become your very own virtual money machine?

Because it’s very possible to make it happen. All you need to know is how to effectively monetize your blog so it can make you money on full auto-pilot!

It’s ashamed to see so many great blogs out there, that have a huge audience, but the blogger simply doesn’t know the right way to make money with his blog…

Well that’s not going to be you. Once you’ve read this entire article you’ll have a pretty good idea on how you start blogging all the way to the bank!

Here’s how…

1. Become an Affiliate

After you’ve been blogging for awhile and built up a decent-sized audience, you can make generous money online by doing affiliate marketing. Affiliate marketing is where you promote somebody Else’s product or service.

So that means you don’t have to worry about developing the right product or service to provide. You just need to FIND the right product that matches your audience.

Finding a product that resonates with your audience is highly important. You don’t want to turn off your audience by promoting something that is garbage. So make sure when you promote affiliate products that you have some honesty and integrity behind.

Actually try out the product for yourself before you recommend someone else to buy it. When you do that you can give an honest review about the product and your audience will love you for taking the time to do so.

The next way to monetize your blog is…

2. Sell Advertisement Space

When your blog becomes highly popular the space that you have on your blog becomes valuable. With so many eyeballs hitting your blog, advertisers will want place advertisements on it.

And there are some advertisers who will pay you big money just to advertise their promotions. I Know a few bloggers who make a full time income just from selling advertising space!

So consider your blog as virtual real estate. The more popular it becomes the more valuable it will be to business owners and marketers. So you need to make sure you’re prepared when this happens.

Have an area on your blog that displays options on where advertisers can advertise plus how much the monthly costs would be. Also you can go out and find advertisements to place on your blog.

Companies like Google AdSense, Textlinks, BlogAds are great places to find programs for advertisements.

The next way to monetize your blog is…

3. Develop Your Own Products and/or Services

This method is my favorite of all. When you create your own product/service you’re rewarded the most because all the profits are YOURS. But also there is more risk with this method…

You see, as an affiliate the products that you find have already been tested and proven within the market. You can be certain that you can make money promoting those products…

But when you develop something new, there is no guarantee that it’s going to sell well. You have to test in order to find out it’s maximum profitability. But there are a few ways to make sure you’re product can be a surefire winner…

By finding out what your blog audience wants before you develop your product/service you can ensure that you’re providing them what they WANT. That’s highly important. You must sell products/services that people actually want because people don’t buy things that they have no desire for…

Internet Money – Questions and Answers

Internet money. One of the most important questions about internet money is how do I make money online?

The questions are simple. They are about how to make cash online and what are the best ways to earn capital and cash on the net. How how de we make money online ?

So let’s try to give some answers to the internet money quest.

* Rule number 1: Beware of many scams and false promises. Many rich quick websites claim that you can join them for free and become a millionaire doing nothing. Be skeptical and not naive. There is not free or easy money.

* Yes you can make money and cash online. The web is offering great opportunities but be conservative and realistic in your expectations. Expect to make money after a few months or intensive internet marketing and advertising or promotion of your online presence. How much is difficult to be answered. It is hard to be an instant millionaire but give it enough time and you could be making a few hundreds or thousands dollars per year or month.

* Best ways to make money online are highly objective. There is no holy grail. Some good ways are to start and join an affiliate business, start a blog which is a favorite topic of search engines, start an eBay or amazon shop, or create a website to promote your physical business if you are a merchant or for example in the services sector. Internet marketing is necessary to be found on search engines.

* Forget about free money. It is a myth. If you try you will get money. If not then there is no magic money machine that will flood your bank account overnight.

* Have the following virtues: patience, realism, self-confidence, will to succeed and desire to be successful plus positive energy.

* Answers to best ways and top solutions vary. What is best for me is not for you. Make a thorough web search and you will get your own answers. Start small with low expectations as truth is often harsh. Big money on the web and great residual internet income will come after time and hard work.

* Use the social media services and social web to be popular. If you post many links and people like you then the results of your online presence will be enormous. The key to success is links, traffic, money.

Some of the best online resources to find answers on the internet about money are Yahoo! Answers, Amazon Askville questions, Wikipedia, Google answers, Answerbag, Eher, Yedda, AllExperts. Just type to search engines their name and their site will appear. A great advantage that steps from answering queations in these communities is that you can get traffic to your websites by adding links and you can become a money expert in your field. Plus search engines love these human edited questions so traffic from these answers translates to business and money. Internet marketing works very well with this technique. And best of all it is free.

An internet marketing advice is to get your own domain name and market it on the internet. This gives you greater credibility for people to join you and support your efforts.

How to Sign Up To Regions Bank Online Banking

Regions Financial Corporation is the 22nd largest bank in the United States and the 10th largest U.S. based bank with over $137 billion in assets. It provides retail and commercial banking, trust, securities brokerage, mortgage and insurance products and services.

Regions Bank is its banking subsidiary and has about 2,000 branches with over 2,400 automatic teller machines spread out across 16 states in the South, Midwest and Texas. Following other major banks across the country and around the world they also have a Regions online banking service available to their customers.

Enrolling is easy – just go to their site and click the “Enroll Today” button found in their online banking section. If you just have personal accounts then you just need to submit your name, social security number, check card number and check card pin number.

Once you’re registered you can view your account statements online, make bill payments, transfer funds or pay other people online. All that and more with the added convenience of being able to do this at any time of the day, any day of the year.

One Regions online banking service that makes a lot of sense is the ability to view your account statements online. This is either on top of or in lieu of an actual paper statement.

The advantages are pretty obvious. You can access your statements from anywhere at any time. That’s great if you’re on the road and you need to check your current statement – you don’t have to wait to reach home in order to see that. You also get access to your statement days before your paper statement would have arrived – an email notification will let you know about that.

And unlike paper statements you lessen the chances of it getting lost – you can view up to 18 months worth of statements and store them electronically in your computer for you to print out at anytime. If you opt for online statement only you also get to be “green” because you lessen the need to use paper.

Another Regions online banking service is their Bill Pay. With it you can set up bill payments to a person or a company. Bill pay will take money from your account and send the designated recipient either a paper check or an electronic payment. With the recurring payment option you can set regular payments to your regular creditors – all for free.

If you want a secure way to send money from your account to any person in the United States with a bank account the Regions online banking Personal Pay is for you. As the sender all you need is the recipient’s email address or mobile phone number. You get charged $1 for every Personal Pay transaction you do. It’s also fast since once the recipient has verified themselves the money you sent can be in their accounts within 1 business day. The same is also true if you receive such payments. You can also connect your online account to Microsoft Money or Quicken at no charge so you can update your own records in real time.