Direct deposits – Direct Vanqex http://directvanqex.com/ Sat, 25 Sep 2021 20:04:25 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://directvanqex.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Direct deposits – Direct Vanqex http://directvanqex.com/ 32 32 Why Interest On Bank Deposits Of Some Seniors Should Be Tax Free https://directvanqex.com/why-interest-on-bank-deposits-of-some-seniors-should-be-tax-free/ https://directvanqex.com/why-interest-on-bank-deposits-of-some-seniors-should-be-tax-free/#respond Sat, 25 Sep 2021 07:46:33 +0000 https://directvanqex.com/why-interest-on-bank-deposits-of-some-seniors-should-be-tax-free/

Real interest rates have turned negative in India (meaning the interest rate is lower than inflation), as happened in the United States and Europe a few years ago. This has created a lot of problems for savers, especially the elderly, many of whom have kept most of their money safe with banks. If they have no other income, they would permanently struggle to cope with the double impact of low interest income and rising inflation, eroding their savings.

Economists call it financial repression. The financial crackdown is here to stay because large sections of the population – mortgage borrowers, banks, businessmen, investors in risky assets like stocks and real estate – all have a vested interest in staying weak because they all benefit.

However, it is the savings with the banks which is an important fuel for the economy. By depriving savers of a fair interest income which we wish to build prosperity for borrowers and investors alike, it is only right that such benefits of financial repression be shared with depositors who are cheated with negative interest rates.

One way to do this is to give tax relief on interest earned, especially by older people who have no other income or insignificant income.

In the total term deposits of the banking sector, the contribution of 40 million and more of the elderly, who remain very dependent on accrued interest income to cover most of their fixed expenditure needs, hovers around 20%. Although some banks are offering an incremental rate of 25 to 50 basis points (bps) to this vulnerable class, the pressure to keep deposit rates low to accommodate loan pricing is reducing their yield.

Many bankers agree that there is a need to rethink and exempt seniors from tax on interest earned on deposits. Not all of the country’s seniors are retired civil servants receiving a large pension. What these retirees have is money paid in taxes, saved and then deposited in banks and government plans. The majority of these seniors depend entirely on the interest income earned from these savings and deposits. If the lower returns are not enough, they are required to pay tax on the interest earned. This not only leaves them high and dry, but sometimes even their deposit capital erodes.

Dr Anil Khandelwal, former chairman of the Bank of Baroda (BoB), agrees that older people should be exempt from income tax on interest on their deposits. He says: “I find this proposal absolutely right. With the attractiveness of bank deposits declining in an inflationary scenario, funds are being diverted to many risky corporate bonds and stock markets. The elderly are the worst victims, who are persuaded to divert their funds into risky investment avenues.

Earlier in April this year, the State Bank of India (SBI), in a report, suggested that the Union government seek to provide full tax exemption on the Seniors Savings Scheme (SCSS) and help the elderly to build up some sort of social security. . “The February 2020 outstanding under SCSS was Rs73,725 crore.

If the amount receives a full tax refund or up to a certain threshold, it will have minimal impact on the treasury, ”the report said.

Delhi-based Right to Information (RTI) activist Subhash Chandra Agrawal believes that even the interest charged by special schemes for the elderly, including the Savings Scheme for the Elderly (SCSS) and the Premier Minister Vay Vandana Yojna and RBI bonds should also be tax exempt.

“The Union government should also introduce a unified savings scheme for seniors available in all bank branches merging the existing SCSS and Prime Minister Vay Vandana Yojna with a combined maximum investment limit of Rs50 lakh,” said he declared.

Earlier this week, in a report, the SBI pointed out that the real rate of return on bank deposits has been negative for quite a long time. “We believe the time has come to review the taxation of interest on bank deposits, or at least increase the exemption threshold for the elderly,” he said, adding that “The Reserve Bank of India (RBI ) may also revamp regulations that do not allow bank interest rates to be determined based on age demographics. ”

Additionally, while there are no RBI restrictions on benchmarking loans against the previous marginal cost of the funds-based lending rate (MCLR) and banks are free to use n Any benchmark published by Financial Benchmarks India Pvt Ltd (FBIL), continued restrictions on not allowing negative spread on MCLR may also be removed.

G Jaganmohan Rao, former Managing Director (MD) of Bank Note Paper Mill India Pvt Ltd, points out that the deposit tax ruling is a tax ruling. “What the RBI may suggest is that due to the declining negative interest rate on household savings, citizens are investing in financial assets, real estate companies, gold, some of which are not. are not included in household savings category. Bank deposits are the last bastion to hold your savings due to RBI and Deposit Insurance & Credit Guarantee Corporation (DICGC) regulations at least so far. ”

“In the absence of a credible social security system like in the United States, Europe, the elderly or retirees in India have to fend for themselves, including health insurance, which is prohibitive for the elderly because insurance companies almost exclude them from coverage. Negative interest for these people is, in fact, like a head tax for living beyond an age. The government should remove the income tax on them. deposit interest for them or offer them positive inflation-corrected rates by giving instructions to the RBI and banks, ”said Mr. Rao, who was also senior managing director (PCGM) in the banking supervision department from RBI.

According to Dr Nita Mukherjee, a retired development banker, the low interest rate regime has taken its toll on people’s retirement planning. “Even government pensions, as well as the cost allowance (DA) that government employees receive, continue to be revised upward periodically. They are also not affected by escalating medical expenses as their The central government health scheme (CGHS) is almost free. why the bureaucracy is so insensitive to actual demands for interest rate protection for non-government officials as well as the lack of withholding tax (TDS) on bank deposits and plans for the elderly. ”

“We as seniors are affected the most. Due to (TDS) we have less spending money, and the long wait for tax refunds makes life even more difficult. Compliant taxpayers like we don’t make false statements 3pm, so we have to claim the tax refunds, ”she added.

According to the SBI, about 44% of bank deposits in the entire banking sector, with little tolerance on either side for the big banks, constitute a current account savings account (CASA), with current accounts representing about a fifth of this compartment.

SBI estimates the total number of depositors in the banking system at around 207 crore, the number of creditors at 27 crore. All bank deposits at Rs151 lakh crore constitute Rs102 lakh crore of retail deposits including senior citizens.

“Obviously, the real rate of return on bank deposits has been negative for quite a long time, and the RBI having made it clear that supporting growth is the primary objective, the low rate of return is unlikely. bank interest is making a move north anytime soon. liquidity continues to be plentiful, “the report adds.Read: Excess liquidity and pricing of credit risk. Are we doing enough, asks SBI)

Earlier this month, the Central Commission on Direct Taxes (CBDT) notified a new rule that requires people over the age of 75 to submit Form 12BBA to claim the benefit of not filing a tax return ( ITR) under section 194P.

Under section 194P, the TDS is only deductible for people over 75 years of age. These seniors must submit an income tax return in the form 12BBA to the specified bank, as notified by the Union government. The statement contains information such as total income, details of deductions under section 80C to section 80U, refund available under section 87A and a statement confirming receipt of income only from the pension and interest. (Read: People over 75 must submit Form 12BBA to be exempt from filing RTI)

]]>
https://directvanqex.com/why-interest-on-bank-deposits-of-some-seniors-should-be-tax-free/feed/ 0
Summer is finished. Where Is Your IRS Unemployment Tax Refund? https://directvanqex.com/summer-is-finished-where-is-your-irs-unemployment-tax-refund/ https://directvanqex.com/summer-is-finished-where-is-your-irs-unemployment-tax-refund/#respond Fri, 24 Sep 2021 19:00:34 +0000 https://directvanqex.com/summer-is-finished-where-is-your-irs-unemployment-tax-refund/

The IRS has so far sent 8.7 million unemployment benefit refunds.

Angela Lang / CNET

Summer is over, and presumably, so are IRS refunds for 2020 tax returns to those who were eligible for the $ 10,200 unemployment tax break. The tax agency said it would make adjustments throughout the summer, but the last batch of refunds, which went to some 1.5 million taxpayers, was almost two months ago. The IRS has not announced whether the payment adjustments will be extended or not.

Here is a summary of the purpose of these refunds. Since the first $ 10,200 of 2020 unemployment benefits ($ 20,400 for married couples filing jointly) became tax-free income by the American Rescue Plan in March, taxpayers who filed their returns before the legislation and paid taxes on these benefits were to be refunded. And while some have reported online that their transcripts show pending filing dates, others have received no clue. Some wonder how to contact the tax agency with questions or if they had to file an amended return. Theirs’ massive backlog of untreated returns does not help the question.

We’ll walk you through how to access your IRS tax statement to see what’s going on with your refund, and why you should always look for a TREAS IRS 310 transaction on your bank statement. For other news, unemployment aid in the era of the pandemic – including weekly premiums of $ 300 and coverage for freelancers – finished on labor day. If you are a parent receiving the Child Tax Credit this year, find out how it could affect your taxes in 2022. This story has been updated.

What is the 2020 unemployment tax reduction for?

The first thing to know is that refunds would only go to taxpayers who received unemployment benefits last year and paid taxes on that money. before provision of the American Rescue Plan Act of 2021. The tax break is for those who earned less than $ 150,000 in adjusted gross income and for unemployment insurance collected during the year 2020. At this stage, the unemployment benefits received this calendar year will be fully taxable on the 2021 income tax returns.

The $ 10,200 tax break is the income exclusion amount for single tax filers, not the amount of the refund (married and jointly filing taxpayers may be eligible for tax relief of $ 20,400). The amount of reimbursement will vary per person depending on overall income, tax bracket and amount of income from unemployment benefits. Repayments to date have averaged over $ 1,600.

However, not everyone will be reimbursed. The IRS can seize the refund to cover past due debt, such as unpaid federal or state taxes and child support. One way to find out if a refund has been made is to wait for the letter the IRS sends to taxpayers whose returns are corrected. These letters, issued within 30 days of the adjustment, will tell you if it resulted in a repayment or if it was used to offset a debt.

If the IRS continues to issue refunds, they will be paid as a direct deposit if you provided bank account information on your 2020 tax return. A direct deposit amount will likely appear as IRS TAX TREAS 310 REF. Otherwise, the refund will be sent as a paper check to the address the IRS has on hand.

The IRS has set up an FAQ page if you have questions about eligibility. The IRS says eligible people should have received Form 1099-G from their state unemployment agency showing in Box 1 the total unemployment benefits paid in 2020. (If you didn’t, you must apply for one online from this agency.) Some states may issue separate forms based on unemployment benefits – for example, if you have received Federal Pandemic Unemployment Assistance, or PUA.

Is there a timeline for unemployment tax refunds?

With the last batch of payments in July, the IRS has now issued more than 8.7 million unemployment benefit refunds totaling more than $ 10 billion. The IRS announced it was performing the recalculations in stages, starting with single filers with no dependents, and then for those who are married and filing jointly. The first batch of these additional refunds went to those with the least complicated returns in early summer, and the batches are expected to continue for the more complicated returns, which might take longer to process.

According to an igotmyrefund.com forum and another discussion on TwitterSome taxpayers who reported being head of household or married with dependents started receiving their money from the IRS in July or getting updates on their transcripts with dates in August and September. No further official IRS news has been released regarding the payment schedule.


Now playing:
Check this out:

Answers to your tax questions in 3 minutes


3:26

How can I track my refund or view my tax statement?

The first way to get clues about your refund is to try the IRS’s online tracking applications: the Where’s My Refund tool is available here. If you have filed an amended return, you can consult the Status of Amended Return tool.

If these tools don’t provide information about the status of your unemployment tax refund, another way to see if the IRS has processed your refund (and for how much) is to view your tax records online. You can also request a copy of your transcript by mail or through the automated IRS telephone service by calling 1-800-908-9946.

Here’s how to check your tax slip online:

1. Visit IRS.gov and sign in to your account. If you haven’t opened an account with the IRS, it will take some time as you will need to take several steps to confirm your identity.

2. Once logged into your account, you will see the Account Home page. Click on View tax records.

3. On the next page, click on the Get the transcript button.

4. Here you will see a drop-down menu asking why you need a transcript. To select Federal tax and leave it Client file number empty field. Click it Go button.

5. The next page will display a Restore the transcription, Account statement statements, Account transcription and Salary and income Transcription since four years. You will want it 2020 account transcription.

6. This will open a PDF of your transcript: Focus on the Transactions section. What you are looking for is an entry listed as Refund issued, and it should have a date at the end of May or June.

If you don’t have it, it probably means the IRS hasn’t obtained your return yet.

Do I have to file an amended return to benefit from the tax relief?

Most taxpayers do not need to file an amended return to claim the exemption. If the IRS determines that you are entitled to a refund on unemployment tax relief, it will automatically correct your return and send a refund without any further action on your part.

The only reason to file an amended return is if the calculations now make you eligible for additional federal credits and deductions that were not already included on your original tax return, such as the Additional Child Tax Credit or the Child Tax Credit. tax on earned income. If you think you are now eligible for deductions or credits based on an adjustment, the most recent version of the IRS contains a list of people who must file an amended return.

004-cash-stimulus-empty-wallet-economic-crisis-dollar-bill-currency-2020

The average IRS refund for those who paid too much tax on unemployment benefits is $ 1,686.

Sarah Tew / CNET

What do codes 971, 846, 776 and 290 mean on a tax slip?

Some taxpayers who have consulted their transcripts say they have seen different tax codes, including 971 (when a notice has been issued), 846 (the date and amount of a refund) and 776 (the amount of additional interest owed by the IRS). Others see the code 290 as well as “Additional assessed tax” and an amount of $ 0.00. Since these codes can be issued in a variety of cases, including stimulus checks and other tax refunds or adjustments, it is best to consult with the IRS or a tax professional about your personalized transcript.

Can I call the IRS if I am waiting for my refund?

It’s best to locate your tax slip or try to track your refund using the Where’s My Refund tool (mentioned above). The IRS says you can expect a delay if you filed a paper tax return or had to respond to the IRS about your electronically filed tax return. IRS specifies not file a second return.

The IRS says not to call the agency because it has limited live assistance. The agency juggles the backlog of tax returns, delayed stimulus checks and child tax credit payments. Even if the chances of speaking with someone are slim, you can still give it a try. Here is the best number to call: 1-800-829-1040.

What else should I know about unemployment tax refunds?

The IRS has provided information on its website on taxes and unemployment benefits. But we still don’t know exactly which banks receive direct deposits first or who to contact the IRS with if there is a problem with your refund.

Some states, but not all, are adopting the unemployment exemption for 2020 state income tax returns. Because some receive full unemployment benefits and others do not, you may need to dig to see if the tax break. for unemployment will apply to your state income taxes. This chart from the H&R Block Tax Preparation Service might give some clues, as well as this state-by-state guide from Kiplinger.

Here is information about the child tax credit up to $ 3,600 per child and details on who qualifies.

]]>
https://directvanqex.com/summer-is-finished-where-is-your-irs-unemployment-tax-refund/feed/ 0
Metals Company’s Pilot Processing Campaign Converts Seabed Nodules to Alloy Containing Critical Metals for Batteries https://directvanqex.com/metals-companys-pilot-processing-campaign-converts-seabed-nodules-to-alloy-containing-critical-metals-for-batteries/ https://directvanqex.com/metals-companys-pilot-processing-campaign-converts-seabed-nodules-to-alloy-containing-critical-metals-for-batteries/#respond Fri, 24 Sep 2021 12:30:00 +0000 https://directvanqex.com/metals-companys-pilot-processing-campaign-converts-seabed-nodules-to-alloy-containing-critical-metals-for-batteries/

NEW YORK–(COMMERCIAL THREAD) – The Metals Company (Nasdaq: TMC), an explorer of low-impact battery metals from polymetallic seabed nodules, today announced that it has derived an alloy of high-quality battery metals from its campaign pilot merger, carried out in partnership with Expert Process Solutions (XPS) with the support of Hatch and Optimize Group. The smelting work builds on last year’s calcination campaign at FLSmidth’s facilities, which demonstrated that conventional and proven rotary kiln technology can be used for this process.

Led by The Metals Company’s head of onshore development, Dr Jeffrey Donald, the pilot project team used a custom process derived from conventional nickel processing schemes to separate the base metals contained in the nodules into two streams. concentrates: an alloy composed of critical metals essential for EV batteries and wiring, including nickel, cobalt and copper; and a manganese silicate which can be sold directly in the market and subsequently processed into a manganese alloy – an essential input to steel production.

“From a metallurgical point of view, nodules are an excellent raw material to work with,” said Dr Donald. “They have high precious metal qualities, low impurities, low variability and come in shapes and sizes that make them very easy to handle, dramatically reducing the cost and complexity of processing.”

This latest step in The Metals Company’s pilot processing program brings the company closer to its ambition to build a full-scale metallurgical processing plant and further advances the company’s mission of eliminating solid waste streams and tailings and harmful residues associated with conventional soils. extraction and production of base metals.

“These encouraging results show that nodules could be an attractive alternative to terrestrial minerals for securing high volumes of essential metals needed for energy independence,” said Gerard Barron, President and CEO of The Metals Company. “With the potential to ship them anywhere in the world for processing, the nodules could help solve national supply needs for important metals like nickel and manganese. ”

The Metals Company’s metallurgical strategy is to use a processing scheme that uses conventional equipment in a process that aims to generate near zero solid waste. Compared to terrestrial ores, polymetallic nodules have relatively lower levels of harmful elements, and the dual pyro / hydrometallurgical process planned by the company should allow the recycling of tailings to the smelter and the selection of reagents that produce products. in place. of waste.

About The Metals Company

TMC the metals company Inc. (The Metals Company) is a low impact battery metals explorer from polymetallic seabed nodules, with a dual mission: (1) to provide metals for the clean energy transition with the least amount of possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company, through its subsidiaries, owns exploration rights to three polymetallic nodule contract areas in the Clarion Clipperton area of ​​the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga. More information is available at www.metals.co.

Forward-looking statements

Certain statements made in this press release are not historical facts but are forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as ” believe “,” may “,” will “,” estimate “,” continue “,” anticipate “,” intend “,” expect “,” should “,” should “,” plan “, “Foresee”, “potential”, “seem,” “seek”, “future”, “prospect” and similar expressions which predict or indicate future events or trends or which are not statements of historical matters. The outlook contained in this press release includes, but is not limited to, TMC’s expectations regarding the construction of a large-scale metallurgical processing plant and the disposal of solid waste streams and harmful residues and residues associated with the operation. ‘extractio n and the production of conventional metals, the capacity of nodules to help solve national nickel and manganese supply needs, and the success of the dual pyro / hydrometallurgical process planned by TMC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are beyond TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: regulatory uncertainties and the impact of government regulations and political instability on TMC’s resource operations; changes in any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations; environmental liabilities; the impact of the collection of polymetallic nodules on biodiversity in the CCZ and the recovery rates of the affected ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the absence of development of the polymetallic nodule deposit of the seabed; uncertainty in estimates for mineral resource calculations for certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty regarding specialized treatment and the treatment of polymetallic nodules that TMC could recover; risks related to collective operations, development and transformation; fluctuations in transport costs; testing and manufacturing of equipment; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property; and other risks and uncertainties indicated from time to time in the Final Prospectus and the Final Proxy Circular, dated and filed with the SEC on August 12, 2021 relating to the recently completed business combination, including those mentioned under “Risk Factors” and in TMC’s report on other future filings with the SEC. TMC cautions that the above list of factors is not exclusive. TMC cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are posted. TMC does not undertake or accept any obligation or commitment to publicly issue updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is made. based, unless required by law.

]]> https://directvanqex.com/metals-companys-pilot-processing-campaign-converts-seabed-nodules-to-alloy-containing-critical-metals-for-batteries/feed/ 0 FTC notices risk of exposure – Barbados Today https://directvanqex.com/ftc-notices-risk-of-exposure-barbados-today/ https://directvanqex.com/ftc-notices-risk-of-exposure-barbados-today/#respond Thu, 23 Sep 2021 17:01:03 +0000 https://directvanqex.com/ftc-notices-risk-of-exposure-barbados-today/

Barbados’ two major financial sector regulators noted that in 2020, insurance companies and credit unions faced increased risk exposure from commercial banks as both segments increased the level of their deposits in these institutions.

Addressing the issue of contagion, the Central Bank of Barbados and the Financial Services Commission (FSC) who produced the recent report Financial Stability Report 2020 on the impact of contagion in the system, noted: “Contagion of the financial system can occur when the failure of one section of the financial system can spread through its interconnected enterprises, thus creating disruptions that may have a negative impact on financial stability.

“The risk of contagion arises from both direct and indirect links. Exposures in direct links occur when financial balance sheets are exposed through interbank markets and connection failures of nonbank financial institutions.

According to regulators, they used network analysis to help them assess the exposure of other financial institutions to commercial banks, finance companies and trust companies, relative to their assets.

“Given their centrality in the payment system, commercial banks have remained the main source of interconnectivity in the domestic financial sector, as financial institutions held substantial assets in the banking system in 2020,” the FSC revealed and the Central Bank.

However, regulators pointed out that “exposure to commercial banks was reduced from the previous year as all financial institutions held smaller balances except credit unions.

The credit union sector has become the subgroup most exposed to commercial banks, as they have increased their deposits, while finance and trust companies have significantly reduced their holdings of deposits compared to 2019.

“For deposit finance companies and trust companies, insurance companies and credit unions have increased their exposures through higher deposits with these institutions. “

Meanwhile, in the commentary on the Barbados Financial System Report, regulators revealed that by 2020, financial system assets grew by 3%, to 285% of GDP.

In addition, asset growth was recorded in all segments of the financial system except finance and trust companies.

Deposit-taking institutions recorded a marginal decline for the year. On the other hand, commercial banks and credit unions continued to dominate the increase in assets, with larger cash balances resulting from increased deposits and weak demand for credit.

(BMI1)

Read our ePaper. Fast. Factual. To free.

Sign up and stay up to date with Barbados FREE latest news.

]]>
https://directvanqex.com/ftc-notices-risk-of-exposure-barbados-today/feed/ 0
Homegrown Proptech Platform Boosts Digital Land Sales https://directvanqex.com/homegrown-proptech-platform-boosts-digital-land-sales/ https://directvanqex.com/homegrown-proptech-platform-boosts-digital-land-sales/#respond Thu, 23 Sep 2021 06:32:50 +0000 https://directvanqex.com/homegrown-proptech-platform-boosts-digital-land-sales/

Oliver Hume has launched a new Proptech platform, allowing buyers to pay down payments online, without going to a sales office.

The announcement:

A real estate innovation in the COVID-19 era has ticked off more than 850 online transactions while helping buyers adapt to the challenges of lockdowns, social distancing and health protocols.

Leading real estate services group Oliver Hume launched their online direct deposit technology platform in April 2020 in collaboration with Villawood at their Redstone estate in Sunbury.

The platform, which allows buyers to make down payments on new blocks of land without meeting a representative or going to a sales office, has accounted for 12% of all Oliver Hume transactions since its launch.

Oliver Hume CEO Julian Coppini said the company has moved quickly to overcome restrictions and pandemic-proof sales processes.

“The platform creates a seamless transaction between the project website, CRM and interactive master plan, ensuring that inventory is always online and only available lots can be purchased,” Coppini said.

“Buying land has gone from being a physical exercise to a digital experience thanks to technological innovations and changes in buyer behavior.

“Transactions now take place remotely online anytime, any day, anywhere – with some finalizing their transaction between 12pm and 6am.

“Oliver Hume is innovating so that buyers can deposit fully online in a transparent way that works for them and that respects health and safety protocols.

“Buying land is now a 24/7 industry and digital platforms like our online direct deposit are making sales more convenient and secure than ever. “

Oliver Hume, operations manager for project marketing Darren Blair, said the platform continued to gain momentum as COVID-19 accelerated digital transformation in most industries.

“Online sales now represent a significant proportion of all of our offerings and we expect them to become even more prevalent in the future,” said Mr. Blair.

“Buyers are buying on sight in many cases through the use of renderings, interactive blueprints and now online deposit functionality.

“Buying land can be done with confidence while watching the latest Netflix series.

“The land is accessible and purchasable like never before and the way that online direct deposit has been received by shoppers is very encouraging. “

Source: RGC Media & Marketing

]]>
https://directvanqex.com/homegrown-proptech-platform-boosts-digital-land-sales/feed/ 0
Closure of the Stuarts Draft BB&T branch. Do we still need in-person banking? https://directvanqex.com/closure-of-the-stuarts-draft-bbt-branch-do-we-still-need-in-person-banking/ https://directvanqex.com/closure-of-the-stuarts-draft-bbt-branch-do-we-still-need-in-person-banking/#respond Wed, 22 Sep 2021 18:27:22 +0000 https://directvanqex.com/closure-of-the-stuarts-draft-bbt-branch-do-we-still-need-in-person-banking/

STUARTS DRAFT – The Stuarts Draft BB&T branch will close next year and its customers will be consolidated into another branch.

SunTrust and BB&T, which merged in 2019, is now called Truist. A number of branches of the two banks have closed since 2020 to merge.

According to Amber Odom, spokesperson for Truist, the branch will be merged with the SunTrust Waynesboro Eastgate branch at 1100 W. Broad St. in Waynesboro.

As of February 18, 2022, the Stuarts Draft branch at 2857 Stuarts Draft Highway and will move its operations to Waynesboro.

Odom said there would be no job loss associated with the consolidation.

“All the teammates in the Draft branch of BB&T Stuart are moving to different locations,” she said. “Our customer relationships will automatically transfer to our SunTrust Waynesboro Branch Eastgate branch where they will receive the same attention and customer service they are used to.”

According to Odom, with so many BB&T and SunTrust branches close together, this is an opportunity to “reduce redundant branches” without impacting customers too much.

Your support helps keep the lights on at The News Leader. Stay connected with our stories, corporate reports and more by by clicking on “Register” at the top of the page.

Following: Coming mixed-use development in the former Staunton Steam Laundry bringing more housing to the city center

Following: Waynesboro PD: Man shot dead, suspect on the run

Following: Missing 3-year-old Augusta County girl died in the care of suspects, sheriff reports

The closure raises the question: are in-person bank branches necessary?

“Like many industries, we are seeing the preferences and behaviors of our customers change as more and more customers choose to do business with us digitally,” said Odom. “This trend has accelerated further due to COVID-19. “

Since the start of the COVID pandemic, activity on SunTrust and BB&T mobile apps has increased 11% and mobile check deposits have increased 26%.

“This has had a gradual effect on customer traffic patterns and branch office usage,” Odom said.

With mobile apps and online banking, it allows customers to bank anywhere, anytime.

“To date, we have seen virtually no customer attrition through this consolidation process,” said Odom.

Overall, COVID has caused the majority of the population to turn to online options, like mobile and online banking.

According to a Chase Digital Banking Trends report, Chase QuickDeposit deposits checks using his cell phone, which is over 40% of all check deposits compared to 30% before COVID.

According to Value Penguin, a research brand of Lending Tree, a recent study found that 71% of customers surveyed regularly used online banking and 43% regularly used mobile banking.

Among survey respondents who mainly used mobile banking in the past 12 months, the main uses are as follows:

  • Checking an account balance or recent transactions – 94% of respondents
  • Money transfer between bank accounts – 58% of respondents
  • Receive an alert – 56% of respondents
  • Depositing a check using a mobile camera – 48% of respondents
  • Pay an invoice – 47% of respondents
  • Location of the nearest ATM or branch of their bank – 36% of respondents

“Mobile banking services offer increasingly sophisticated practical features capable of replacing physical services,” the survey said. “As consumers become more familiar with and more confident about mobile technology, the use of web applications and tools for banking will increase.”

About Truist

Truist is the sixth-largest commercial bank in the United States, serving approximately 10 million consumer households and a full range of commercial clients, with a leading market share in many of the country’s most attractive and high-growth markets , according to a statement.

The transition to Truist began in 2020 and will continue into the next year. There are no changes related to the merging of account numbers or routing numbers for checking, savings and money market accounts for the vast majority of customers, the release said. Most customers won’t need to order new checks or make any changes to direct deposits, automatic drafts or wire transfer instructions related to those accounts, the statement said.

It is not the first banking brand to close due to the merger.

In 2020, it was announced that the SunTrust site on West Beverley Street in downtown Staunton would close and move to the main branch of BB&T Staunton at 125 N. Central Ave.

Laura Peters is the current affairs reporter at The News Leader. Do you have any advice on trends or local businesses? Or a good feature? You can reach journalist Laura Peters (she) at lpeters@newsleader.com. Am here @peterslaura. Subscribe to The News Leader at newsleader.com.

]]>
https://directvanqex.com/closure-of-the-stuarts-draft-bbt-branch-do-we-still-need-in-person-banking/feed/ 0
PayPal’s super-app plans put in place clash with neobanks’ ambitions https://directvanqex.com/paypals-super-app-plans-put-in-place-clash-with-neobanks-ambitions/ https://directvanqex.com/paypals-super-app-plans-put-in-place-clash-with-neobanks-ambitions/#respond Wed, 22 Sep 2021 04:58:02 +0000 https://directvanqex.com/paypals-super-app-plans-put-in-place-clash-with-neobanks-ambitions/

The news: PayPal’s New Super App Provides Access to Myriad Financial Services Features Under One Banner, TechCrunch reports. The new app started rolling out on September 21 and is on a phased release schedule that will see the rollout complete in the coming weeks.

More on this: Some of the available and upcoming services through the PayPal app include (but are not limited to):

  • Direct deposits, which PayPal users can receive two days early.
  • A high yield savings account, nicknamed “PayPal savings,”Insured through a partnership with Synchrony Bank, with an APY of 0.4%.
  • Personalized shopping rewards offered via the shopping and rewards platform Darling, which PayPal acquired in November 2019, from TechCrunch. These rewards will become smarter as the product is adopted and PayPal uses artificial intelligence (AI) and machine learning to analyze customer trends, Julian King told TechCrunch, PayPal’s senior vice president for consumers.
  • A wide range of payment functions, including peer-to-peer (P2P) payments and one bill payment function compatible with approximately 17,000 billers.
  • The possibility of registering for PayPal debit, credit and payment card programs.
  • The ability to buy, hold and sell cryptos, in particular Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
  • Access to PayPal crowdfunding Platform, Generosity network.

PayPal also told TechCrunch that it is working on an investing feature that will allow you to buy stocks, fractional shares and ETFs.

The big takeaway: PayPal’s super-app ambitions, combined with its huge customer base and digital prowess, have the potential to shake up the banking industry.

Even though PayPal isn’t specifically aimed at being a bank, as TechCrunch reports, its features like debit and credit cards, direct deposit, and bill payment, among others, leave the payment company more than well placed. to eat lunch from the banks.

The PayPal threat is particularly powerful for neobanks.

  • With their branchless, digital-native business models, neobanks’ value proposition to clients centers on their ability to create a best-in-class digital banking experience.
  • However, PayPal is just as, if not more, digitally capable than neobanks, offers a significantly wider range of services, and has a powerful brand recognition that neobanks don’t quite yet have, despite their marketing. efforts.
  • If PayPal can garner even one-eighth of its gargantuan user base: 403 million Q2 2021– in its banking services network, it would have more than triple the number of banking customers served by the main American neobank Carillon (13.1 million, according to Insider Intelligence estimates).
  • In addition to the customer data benefit that these pre-existing relationships give the payments giant, PayPal can also sell its banking offerings to these customers for free.
]]>
https://directvanqex.com/paypals-super-app-plans-put-in-place-clash-with-neobanks-ambitions/feed/ 0
85% of products fail when businesses don’t talk to consumers – this business is changing that https://directvanqex.com/85-of-products-fail-when-businesses-dont-talk-to-consumers-this-business-is-changing-that/ https://directvanqex.com/85-of-products-fail-when-businesses-dont-talk-to-consumers-this-business-is-changing-that/#respond Tue, 21 Sep 2021 14:00:00 +0000 https://directvanqex.com/85-of-products-fail-when-businesses-dont-talk-to-consumers-this-business-is-changing-that/

Companies and brands have been pretending to be “customer-centric” for as long as we can remember. Banks remind customers that “you are not just a number, you are a person”. Clothing brands tout that they incorporate the opinions of their customers into their designs. And everyone from emerging digital startups to legacy insurance companies has invested their marketing dollars to let consumers know how their products are created to meet your specific needs. Some of them even are.

But when the pandemic struck, something became very clear: Most businesses’ knowledge of their customers is a mile wide and an inch deep. Because of this, they have not been able to adapt their offerings quickly enough to meet the needs and wants of consumers, and the way that is changing from minute to minute. This resulted in products that suddenly felt out of place and messages that went deaf.

According to Rob Holland, CEO of research technology platform Feedback Loop, the lack of instant information about consumer preferences is not unique to the pandemic. “Businesses really want to be customer-centric, and even customer-centric.LED– but the majority of product teams do not speak regularly enough with consumers. This is often because they think the research is taking too long, that they don’t have researchers, or that they don’t have the resources to get together and speak quickly with a group of targeted consumers.

Instead, they end up making product decisions in a vacuum, which often leads to products that end up failing. “Something crazy like 85% of new products in the US fail and this is partly due to a lack of testing before investing. But there are also other opportunity costs.

Namely, when consumers like a product, they don’t just buy it, they also tell their friends and family about it: over three quarters (76%) of respondents say they regularly or occasionally advise others about the products or services they’ve purchased, according to a recent Media Behaviors & Influence ™ study from Prosper Insights & Analytics.

I spoke with Rob about why product and marketing teams need to build an ongoing connection with consumers while developing new concepts and continuously optimizing their offerings.

Gary Drenik: What has been the impact of the past year on how brands integrate consumer needs and preferences into their products and offerings?

Rob Holland: Until the pandemic woke people up, the majority of companies assumed they would never really know what will work until it hits the market. Today, businesses in all industries have experienced firsthand what it is like to be in the marketplace without a good understanding of changing consumer views. They also realize how often they need to be in contact with their target consumers.

A formal research study once a year after a product is already in the hands of customers is not enough. It is essential that brands are constantly connected to consumers, so that they can understand how their needs are changing and seize the right opportunities when they arise.

The pandemic has caused this new inflection point where everything is accelerating – and it isn’t slowing down anytime soon. It’s up to brands to stay in this new environment by using data to make the right decisions, quickly.

For example, we’ve been working with the Ad Council since the onset of Covid-19 to understand the differences in Americans’ willingness to do things like stay indoors, wear a mask, and get vaccinated. The Advertising Council was one of the most influential drivers of public health awareness during the pandemic, and it needed to quickly ensure that the message of its advertisements resonated with the public. We performed rapid response tests with consumers to understand things like the most common challenges staying home among black and Hispanic adults, and what type of messages would motivate young adults, ages 18-34, to wear face covers. All of this information has resulted in helping inform the Advertising Council’s series of Covid-19 response campaigns.

Drenik: What are the most common use cases for a company or brand that gets information about consumers before they bring a product to market? What are the consequences of not doing this?

Holland: We see Feedback Loop customers in four critical areas of the product development process:

  • Early discovery – Discover new opportunities by exploring consumer behaviors, understanding consumer attitudes and uncovering their unmet needs.
  • Concept test – Identify what resonates with consumers to select the best ideas and avoid the bad ones.
  • Compare options – Decide between two or more features, color options or other product variables.
  • Message testing Identify the most effective message by testing different languages, terminologies, advertisements, nomenclatures and product names.

By simply testing ideas before investing in them, brands can save a lot of money and time, and in some cases avoid a decision that could be catastrophic for their brand. For example, if Kim Kardashian had tested the brand name Kimono (the precursor to what is now SKIMS) before its launch, she would have known it was not culturally appropriate and avoided a significant backlash. We have also worked directly with companies who have tested product names and avoided going forward with them because they either meant or didn’t respond to something different in other cultures. good.

Drenik: You mentioned that 85% of products fail, and a big part of it is that companies haven’t talked to their consumers first. Considering how often this happens, why do you think businesses still don’t talk to their target customers before they get started?

Holland: While product teams can understand the importance of speaking with consumers, they end up “flying blind” because traditional search solutions are too slow, complex, and expensive to support real-time decision making. .

Another big deal for teams is getting a target audience together to gather consumer feedback and doing it quickly. While there are easy-to-use survey tools available, they don’t provide access to a high-quality audience, which produces reliable results. Teams need to be able to quickly access the right audiences, based on demographic and behavioral criteria, to get precise answers.

Sales teams need to be able to generate fast, easy, and reliable consumer reviews without direct research intervention. The Feedback Loop solution offers this to teams by automating and streamlining the research process, with safeguards in place to ensure that surveys are optimized for learning to results which are automatically checked for quality at within the platform. We make it easy and quick for sales teams to get the reliable results they need, so they never find themselves in the situation where they need to launch a product without talking to consumers first.

Drenik: Can you share some examples of how companies have used consumer feedback to guide critical product decisions and some of the surprising insights they’ve gained from that feedback?

Holland: We worked with Centennial Farmers Insurance before launching their first Toggle startup. The idea behind Toggle was to create products for Gen Z and Millennial audiences that innovated more than newcomers by determining what consumers actually wanted, rather than just making the marketing smoother and the experience smoother. easier line. While speaking with consumers, Toggle found that tenant insurance policies did not take into account that tenants were storing material related to their “side activities” in their homes and that most people wanted pets to be kept. covered by their tenant’s insurance. Based on this information, Toggle launched products specifically covering companion animals and side shaking equipment.

And when insurance tech company Rhino decided to replace security deposits with low monthly insurance payments, it didn’t anticipate a pandemic that would completely reshape the rental market and change the profile of its customers. ideals. We worked with Rhino to gather consumer insight that would ultimately inform its Covid-19 hub and how it prioritizes different business initiatives. For example, when a number of reinsurance companies stopped guaranteeing payments for security deposit claims, Rhino was able to put safeguards in place in their policies to protect their business while benefiting tenants.

We also worked with Swiss Re’s digital insurance startup iptiQ, which used consumer insights to determine how to turn 150 years of b2b knowledge and expertise into a new b2b2c model. When switching from b2b to b2b2c, they found that consumers did not understand much of the language used by insurers, such as “life coverage”, “sum insured” and “lapse of my coverage”. They are more comfortable with easily understood terms and expressions such as “life insurance”, “payment amount” and “cancellation of coverage”.

Drenik: By speaking directly to consumers, brands are able to make decisions that will save them time, money and their brand reputation, especially today when rumors of a brand are spreading quickly. . According to a recent Prosper Insights & AnalyticsIn the Media Behaviors & Influence ™ study, 35% of respondents advise others about the products and services they have purchased via text message, 28% via mobile device, and 24% via email.

Thanks, Rob, for your ideas on why brands should test before investing.

]]>
https://directvanqex.com/85-of-products-fail-when-businesses-dont-talk-to-consumers-this-business-is-changing-that/feed/ 0
The Treasury and the Fed fear that stablecoins will disrupt the financial system https://directvanqex.com/the-treasury-and-the-fed-fear-that-stablecoins-will-disrupt-the-financial-system/ https://directvanqex.com/the-treasury-and-the-fed-fear-that-stablecoins-will-disrupt-the-financial-system/#respond Tue, 21 Sep 2021 02:29:23 +0000 https://directvanqex.com/the-treasury-and-the-fed-fear-that-stablecoins-will-disrupt-the-financial-system/

“There are certain benefits for consumers that are worth exploring; that is, facilitating faster payments, ”FDIC President Jelena McWilliams said in an interview. “But there are also risks if stable coins are adopted more widely.”

Since their value does not fluctuate much, stablecoins could gain credibility as a common payment method, especially if adopted for use on e-commerce platforms. Regulators want to make sure that the companies issuing these stablecoins have assets that are strong enough to back up the tokens, so if users are looking to trade them for cash, they won’t be caught off guard.

Their use has exploded over the past year. Transactions directly using stablecoins, which were tiny in 2017, have grown from around $ 250 billion in 2019 to $ 1,000 billion in 2020, according to data from crypto research firm Messari. This growth has accelerated; Trading volume in the first three months of this year roughly matched that of last year, and in the second quarter jumped to $ 1.7 trillion.

Currently, stablecoins are mainly used as a medium of exchange on cryptocurrency networks, rather than replacing more traditional payment methods like credit or debit cards. But that could change under the vision of organizations like the Diem Association, which is associated with Facebook and could take advantage of the social media giant’s nearly 3 billion users as a marketplace where its Diem stablecoin could be used to buy. goods and services.

The Treasury, along with other regulators such as the Federal Reserve, Securities and Exchange Commission, and FDIC, will issue a report in a few weeks on the next steps in regulating these crypto assets. The FDIC insures bank deposits in the event of default, but stablecoin issuers say they don’t need such support, arguing they have adequate assets as reserves.

“What you can worry about from a financial stability standpoint are not the riskiest things, but the things that are generally safe, and what can happen to them in a crisis when the thing you were thinking sure turned out not to be. so be it, ”said a treasury official, who asked not to be identified because the report has yet to be released.

Coins are popular on decentralized crypto networks where they can be borrowed in exchange for cryptocurrency-based collateral or used as a form of payment in self-executing “smart contracts” that look like loans or other products. financial.

But their wider appeal is speed. Under the traditional American system that handles card payments and direct deposits, transactions are settled en masse three times a day and only during business hours – a costly reality for the millions of Americans living on paychecks in paycheck.

The Fed, along with the banks, is working to reduce the time it takes for people to get money into their accounts, but in the meantime, outdated U.S. infrastructure has already spawned businesses and products designed to close the gap, like Venmo, Square’s Cash app. and Zelle.

Stablecoins solve a similar problem, as tokens can be transferred quickly, rather than having to wait for the underlying dollars to hit someone’s account.

But despite the technological advantages, a key question for regulators will be whether these assets look more like unregulated bank deposits or disguised mutual funds, which only thrive because they aren’t subject to the same types. of rules that these companies.

“The ‘stablecoins’ we see in the market today are anything but stable and, in their current form, lack transparency about what sustains them, pose an increased risk of financial crime, and claim to be much safer than they actually are, ”said Paige Paridon. , Deputy General Counsel at the Bank Policy Institute, which represents major banks.

Treasury officials say they would like to create a regulatory framework that would allow stablecoins to be reliable, efficient and inclusive, which means looking for loopholes where current financial rules wouldn’t apply.

Financial companies that issue stable coins pegged to the dollar invest in a variety of assets to back up their tokens. Some, like the largest stablecoin, Tether, invest heavily in short-term corporate debt, a practice reminiscent of money market mutual funds. This has caught the attention of the SEC and raises questions about what role these types of coins could play in the markets where businesses and the U.S. government itself obtain funding.

But even more secure stablecoin structures could pose problems for regulators, especially the Fed, which manages the underlying infrastructure for traditional payments.

“There is a risk that the widespread use of private funds for consumer payments will fragment parts of the US payments system in such a way as to impose burdens and increase costs for households and businesses,” said the governor of Fed Lael Brainard, whom many progressive groups are supporting to become the next central bank chief, said in a speech earlier this year.

Avanti Financial CEO Caitlin Long, who runs an as yet non-operational crypto firm that received a ‘special purpose’ banking charter in Wyoming, said it was actually a selling point for stable coins, whose arrays are relatively easy to connect.

“The winner will be the one who is easiest to integrate with,” she said.

Several key companies plan to back their stablecoins only with dollars and US government debt, which is more like a bank. Indeed, some issuers of stable coins seek banking-type privileges. Paxos received preliminary approval this year to become a national trust bank. Avanti plans to issue what it considers “a cash equivalent” once it opens.

Circle, which issues the second largest stable coin, USD Coin, applies to become a national bank and says it might not even need deposit insurance because its digital currency is being fully backed by US government liquidity and debt. unlike traditional bank deposits.

These trends put pressure on the Fed to determine whether these unorthodox financial institutions should be allowed access to traditional payment rails; that is, whether to give them accounts where they can deposit reserves directly to the Fed.

Such a move could encourage stablecoins to be backed by more secure assets by making it cheaper for them to hold cash reserves rather than interest-bearing assets. It could also give the Fed more regulatory control over those stablecoins and prevent them from being based overseas, as Tether already is.

“Becoming a new digital currency bank in the United States recognizes not only the importance of the US dollar as the benchmark asset underlying these innovations, but frankly, the importance of the United States as a global standard-setter. recognized, ”said Dante Disparte, director of global policy at Circle.

But having large amounts of reserves at the Fed could encourage further development of these assets at a time when the central bank is simply considering issuing its own digital currency instead, which could replace many of the same. technological attractions than stablecoins.

Fed Chairman Jerome Powell told lawmakers this summer that “one of the strongest arguments” for a central bank digital currency is the idea that “you wouldn’t need coins stable “.

Some issuers like Circle and Paxos are also eyeing that future, believing the payment networks they are building for their stablecoins could be used as routes a digital dollar from the Fed could lead.

]]>
https://directvanqex.com/the-treasury-and-the-fed-fear-that-stablecoins-will-disrupt-the-financial-system/feed/ 0
Aegis Capital Corp. Acted as Sole Principal Distributor in connection with a registered direct offer of $ 15 million US Depository Shares and pre-funded warrants to purchase US Depository Shares for Molecular Data Inc. (NASDAQ: MKD) https://directvanqex.com/aegis-capital-corp-acted-as-sole-principal-distributor-in-connection-with-a-registered-direct-offer-of-15-million-us-depository-shares-and-pre-funded-warrants-to-purchase-us-depository-shares-for/ https://directvanqex.com/aegis-capital-corp-acted-as-sole-principal-distributor-in-connection-with-a-registered-direct-offer-of-15-million-us-depository-shares-and-pre-funded-warrants-to-purchase-us-depository-shares-for/#respond Mon, 20 Sep 2021 15:40:00 +0000 https://directvanqex.com/aegis-capital-corp-acted-as-sole-principal-distributor-in-connection-with-a-registered-direct-offer-of-15-million-us-depository-shares-and-pre-funded-warrants-to-purchase-us-depository-shares-for/

NEW YORK, NY / ACCESSWIRE / September 20, 2021 /

About Molecular Data Inc.

Molecular Data Inc. is a leading technology platform in the Chinese chemical industry, connecting participants across the chemical value chain through integrated solutions. The Company offers e-commerce solutions, financial solutions, warehousing and logistics solutions, as well as a SaaS suite designed to solve the problems faced by participants in the traditional chemical industry. Leveraging a comprehensive knowledge engine and artificial intelligence (AI) capabilities, the Company’s e-commerce solutions are primarily delivered through its online platform, consisting of molbase.com, molbase.cn, Moku Data WeChat account, Chemical Community app and other auxiliary platforms. .

LogoDescription automatically generated with medium confidence

About Aegis Capital Corporation

Aegis Capital Corporation (“Aegis”) has been in the business of wealth management and investment banking since 1984. Aegis is engaged in the provision of corporate finance, strategic advisory and related services to public and private companies in several sectors and regions. Aegis also provides research and sales and trading services to institutional investors. Aegis offers its investment representatives a conflict-free service platform and is able to provide a full range of products and services, including investment banking, wealth management, insurance, asset planning. retirement, structured products, private equity, alternatives, equity research, fixed income and specials. vocation vehicles.

For more information on this offer or on investment banking services, please email Banking@aegiscap.com or call (212) 813-1010.

Shape, logo Description automatically generated

Shape, logo Description automatically generated

www.aegiscapcorp.com

Investment brokerage and advisory services are offered by Aegis Capital Corporation, a member of FINRA and SIPC. The investment and insurance products offered are not insured by the FDIC or any other federal government agency, are not deposits or other obligations of, or guaranteed by, any bank or subsidiary of a bank, and are subject to investment risks, including the possible loss of the amount invested capital.

THE SOURCE: Aegis Capital Corp.

See the source version on accesswire.com:
https://www.accesswire.com/664792/Aegis-Capital-Corp-acted-as-Sole-Lead-Placement-Agent-on-a-15-Million-Registered-Direct-Offering-of-American-Depositary- American-Depositary-Shares-for-Molecular-Data-Inc-NASDAQ-MKD

]]>
https://directvanqex.com/aegis-capital-corp-acted-as-sole-principal-distributor-in-connection-with-a-registered-direct-offer-of-15-million-us-depository-shares-and-pre-funded-warrants-to-purchase-us-depository-shares-for/feed/ 0