Banks Also Covered by State Law

Banks worldwide were also being governed by government laws, and these laws are far stricter than the laws being implemented by banks. Such rulings were dictated by the state governing such banking institutions. It is also the moral obligation of the state to maintain a stable and effective banking system that is competitive and responsive to the needs of its people and economy. Furthermore, the state recognizes the important role of banks in providing a conducive/safe environment to its bank clients to further sustain its integrity and competitive performance globally

Money Market

In finance, the money market is the worldwide monetary market for temporary borrowing and lending. It grants short-range liquid funding for the entire financial system. The money market is anywhere short-term responsibilities such as Treasury bills, commercial paper and bankers’ acceptances where it is being bought and sold. The money market comprises of financial organizations and dealers who wish to have a loan. Participants who borrow and lend cash are for short periods of time only. Typically, they lend or borrow within thirteen months. Money market operates in short term financial instruments frequently Â called “paper”. This distinction from the principal market for longer-term funding is supplied by bonds and equity. 

On employee dismissal

It’s a sad fact that many companies are dismissing their employees without any proper reason for doing so – which saves them from paying these employees out. Many of the dismissed employees are clueless as to what the banking labor law is and what their rights are, so here are the only reasons your company can dismiss you:

- when you willfully disobey any lawful orders of your boss or employer
- serious misconduct
- serious neglect of your assigned duties
- fraud and violation of the trust your employer has placed in you.
- any crime committed by the employee or any of your relatives against your boss or employer.

Unless you are guilty of any of these offenses, you have the right to question your dismissal from the company. You can even pursue your case under a court of law, and seek damages or compensation for your unfair dismissal.

The Credit Collector

An expensive and contentious issue that concerns the mortgage banking industry is overtime pay. Deciding who gets it and who doesn’t will be a major bone of contention. Mortgage bankers and lending officers have been working staggering hours to answer the demands of home owners to either refinance their loans or purchase starter packages. This has translated to long working hours and an increase in payment of annual compensations.

However, antiquated labor laws open up most of these companies to class action law suits because many lawyers are looking for opportunities to sue companies for miscategorizing workers and unfairly depriving them of their overtime pay.

The Credit Collector

Credit cards are fast becoming the medium used in any business or personal transactions. However, a vast majority of credit card holders fail to effectively manage their credits which results in a ballooning of their expense accounts. As a rule, credit card companies and banks may use reasonable and legal means to collect the amount.

However, here are some practices which can open up a credit collector to a probable suit by the card holder:
1. Use of threat or violence
2. Use of insults, obscenities or profanity
3. Disclosure of the card holder’s name
4. Threat of illegal action
5. Communicating false credit information
6. False representation or deceptive means to collect debt or information
7. Calling at unreasonable or inconvenient hours

Also you might be Interested in checking:

BOI Net Banking Online – How To Register & Activate Account? – Bank of India

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More About Banks

Banks and bank accounts are regulated  both by the state and federal statutory law. Bank accounts may be established by national and state chartered banks and savings associations. These are all regulated by the law under which they were established. Until the early 1980′s interest rates on bank accounts were regulated and controlled by the national government. A ceiling existed on interest rates for savings accounts. Interest payments on demand deposit accounts were generally prohibited. Banks were also prohibited from offering money market accounts. The Depository Institutions Deregulation Act of 1980 (DIDRA) eliminated the interest rate controls on savings accounts.

TCF Benefits

TCF provides its part-time and full-time employees with high quality benefit and compensation programs. There are a wide variety of benefit programs that the employee can choose from that will cover his needs. Some of these benefits are:
1 Comprehensive medical benefits
2 Dental benefits
3 Flexible spending accounts for medical treatments
4 Basic life insurance
5 Short and long term disability
6 Insurance for accidental death and dismemberment
7 Paid vacations
8 Paid holidays

Additional benefits include:
1 Free daily living allowance assistance
2 Health Club discounts
3 Child Care discounts
4 Transit passes
5 Employee referral award
6 Tuition Fee reimbursement