Ahmed Shafik’s Post

Canadian banks launch "Notice Accounts".🤣🚩 They should call them "Holiday Accounts", because that's effectively what these are. A pre-emptive bank holiday, to protect themselves against a bank run. Not all bank deposits are created equal: ⏱️DEMAND DEPOSITS (like your chequing account) can be withdrawn at any time, in full. No notice. No limits. They're risky for the bank, since they never know when you'll ask. Also everyone can ask simultaneously.😨 ⏳TERM DEPOSITS (like GIC's in Canada, or CD's in USA) are locked-in. The bank has time to shuffle their assets to come up with your cash by the pre-set maturity date. So by creating a "notice account" banks are trying to convert their "demand deposits" into "less demandy deposits". 🗣️TRANSLATION: This bank is already worried about its liquidity and/or the prospect of a banking crisis.⚠🚩⚠🚩

Federal Bank Q3FY24 Con Call Highlights: > Loan book growth in line with guidance of 20%. >High interest rate scenario is making Term deposits attractive. Plus the stock market doing well in the last 12-18 months is putting more pressure on the CASA franchise of banks. > The shift in capital from savings to the capital markets may hurt the margin profile of banks. > Banks had to increase risk weights on a lot of its products after RBI instructions. > Federal Bank is focusing a lot on growing high-yielding products like PL, CC, MFI etc. > The RBI has also raised concerns for banks with a high credit/deposit ratio. Federal Bank is good at 80%.

Sterling Bank ! [Spoilers]: This is a real life event. I remember some time in 2016, I was looking to open another Bank account for my savings, for some reason I settled for Sterling Bank; I dont know why I did, maybe because it had/has a spectacular name or just sheer love for its colours, or maybe it was one of their pretty CS employee I met before, I wasnt sure. I didnt know so much about Sterling Bank at the time, so I talked to a friend about it, and asked his advise on the matter.  He wasnt sure Sterling Bank was a good idea, noting that it wasnt widely accepted at the time with so few branches around. In fairness, Sterling Bank was quite small compared to the Giants in those days. But for some reason they peaked my interest and I've kept watch on them since. As at the year ended 2016 Sterling Bank had a disappointing profit after tax of 5.180bn(estimated)compared to it's over 10bn on the 31st  December,  2015, with total assets of over 830bn(as per Asue Ighodalo's led Report of the Directors) Bad business year I'd say, but instead of standing down, Sterling Bank decided to turn their fortunes for the better... Fast forward to 2022, as at the end Q4 2022, Sterling Bank had raked in a clean 19.298bn Profit after Tax, a 28% increase to its 15bn in 2021. Its net assets grew to an estimated 1.860trillion(as per Sterling's 2022 Annual Report). Wow! Today with over 140 branches Nation-wide, Sterling Bank boasts of been Nigeria's first Financial institution to go-Clean energy, powering its Headquarters with 100% Solar Power , becoming every investor's dream bride with an 11.4bn Profit before Tax as at Q2 2023(They weren't even joking in the second Quarter, imagine what they'll turn in at the end of FY 2023), sitting at Nigeria's top 10 banks in terms of Market Cap. and overall Customer Experience. I'd say Watch out for these guys. THIS IS A SUCCESS STORY. Disclaimer: This piece is skeletal and not a Financial advice. (Not like I can influence any of you anyway) More: All figures are in Naira(N) Weldone Sterling Bank -Kudi Msughter

Just like yesterday, can't believe its a year already,Thank you Sterling Bank for the growth, you have make my career a successful one. During the first year, you make me to have an amazing two roles by switching which I thought will be a challenge but it actually shapen my knowledge which has already been part of my skills that will make me excel in any future roles that come my way. My connect 😉 kindly buzz me with transactions and investments with amazing good rates that Sterling has offered.. -Doubble Investment with up to 20percent p.a, kindly click this link to get started. https://lnkd.in/eW9GC9mR -Business Registration as low as 23k for enterprise and 47k for limited with free search Report and TIN click link below to get started: https://lnkd.in/d96z-dze -Instant Account and ATM request on the App Sterling Bank does it better. kindly click in this link to download and register. Referral code: AFEEA0282 -Switch App for people in diaspora. click this link to get started: https://lnkd.in/diwTffCC -Equities, Bonds,Commercial papers, I-invest is here. https://lnkd.in/dNbrWenK -Loans for personal needs,businesses specta does it,click the link below to get started: https://lnkd.in/dDmhkiJX

Holds on cheques. Another lesson on how banks make money with your money. My son was paid by a bank draft (a whole other story) and being an adept online banking user, he deposited using online banking to be later advised there would a 10 day hold. 10 days, well beyond the normal 4 for a cheque. Of course I lost my mind (not literally). Next day we went to a branch. The hold was lifted immediately. It was a bank draft, not even a cheque meaning the money has been removed and reserved, banks won’t replace a lost bank draft because it’s basically like cash. Yet they are going to hold it -why? 10 Days!!! To make money. Every day that your money is held in limbo, not in the senders account and not available in the receiver’s account, the bank makes money. How long do most cheques clear in Canada if they are written and deposited on a big 5 bank - 24 hours. We have one of the best cheque processing and clearing systems in the world. And some of the most profitable banks. Over a billion cheques are still written every year in Canada, that’s a lot of float revenue on your money. If you get a bank draft, go to the branch, have them phone the other bank the draft was issued on to ensure the money is available. It might take a few minutes and they may tell you they can’t do it. Insist. It’s your money. Alternately ask for an Electronic Fund Transfer that goes directly into your bank account instead of a draft. #financalliteracy #itsyourmoney

If you are in the Caribbean... especially Trinidad and Tobago...this is the most important account for you to have. You can receive Payments from friends and family around the world into your Wise account and deposit it into any Local bank account. Connect it to PayPal and receive payments from clients around the world and deposit it to your business bank accounts. Remember when you get the digital or physical Wise cards...you can use it anywhere in the world and it allows you to spend up to 41k USD per month... providing you have it. The article also shows you how to load funds to your Wise account.

The Central Bank of The UAE has recently introduced a new set of buy rules now, pay later products and services in the country. The aim is to monitor companies that offer short-term credit and protect the consumers by bringing in tougher requirements on who can offer BNPL schemes. According to experts, the new BNPL regulations will protect consumers from potential predatory practices and encourage responsible lending.

Q. “Indian banks recorded a 28% year-on-year increase in unclaimed deposits to Rs 42.27 cr as on March23. How? How will they utilise it?” A. Money kept in a bank account that is not operated by the account holder for 10 years or more — is called 'unclaimed deposit'. RBI regulations say this money has to be moved to RBI. Banks cannot use this money for their own purposes. Bank account holders (or their inheritors) can get their money from RBI. Unclaimed bank accounts commonly happen when the bank account holder dies. After the person’s death, relatives/inheritors of the money don’t claim the money in the bank. This money then becomes ‘unclaimed deposit’.

🏠 Looking to buy or sell a house abroad? On average, we save over 3% compared to using the bank to convert your foreign currency. We also keep you updated when markets move in your favour and can use tools such as limit orders to target your desired exchange rate. #movingabroad #propertyinvestment #foreignexchange

Buy now pay later products are great for the occasional treat, but if left unregulated, consumers can quickly find themselves in a debt spiral. The global BNPL market is set to grow from $120bn to $576bn (2021 - 2026), so it is great to see the UAE Central Bank leading the charge and introducing regulations. Some key highlights include: Maximum credit restricted to AED 20k($5445), or 3 months net income. Total fees including late payments not to exceed 30% of original credit. Credit check if amount exceeds 5000 AED ($1361). Agents must partner with a finance company or bank.