Homeowners insurance covers a variety of risks to a homeowner, including damage to the property and the belongings within it, as well as liability coverage in the event that someone else is injured on the property. It does not include coverage for flood or earthquake damage, so people living in areas where that might be a problem will need to find a separate policy for those coverages. Homeowners insurance is highly advisable for any homeowner, and most mortgage lenders will require it. Continue reading...
FinCEN is an agency of the Treasury Department responsible for preventing financial crimes, and they have taken a few steps toward creative effective regulations for cryptocurrency transactions. FinCEN is the Financial Crimes Enforcement Network, an office of the Treasury Department, primarily concerned with money laundering and other forms of financial fraud domestically and internationally. It is because of FinCEN’s far=reaching authority that major cryptocurrency exchanges who do business with US citizens will generally require identity and bank account verification, and will impose limits on transaction amounts. In 2013, FinCEN issued guidance that anyone engaged in the transmission or exchange of cryptocurrencies may fall under their jurisdiction to regulate Money Service Businesses (MSBs), meaning you may potentially have to register as a Money Transmitter on the Federal and state level if you frequently engage in cryptocurrency transactions. Continue reading...
An account number is a serialized identifier which is ascribed to a particular account holder or account at a financial institution, retailer, or other entity. Account numbers may include letters or numbers and may be of various length, but they usually exceed 5 characters. An account number is a way for a company or organization to uniquely identify the accounts associated with each individual customer. Continue reading...
Before you dismiss that email in your inbox with the subject line "Equifax Breach Settlement (Credit Monitoring Instructions and Activation Code)," it's important to pause and reconsider. This email is not a scam; it's a legitimate offer from Equifax as part of the final settlement for the data breach they experienced in 2017, which affected millions of individuals. In this article, we will explain how eligible claimants can benefit from four years of free credit monitoring from Experian IdentityWorks℠ and provide key information to ensure you don't fall victim to potential scams. Continue reading...
An Account Hold is similar to the term Account Freeze, as both imply that transactions have been suspended for an account. A client’s financial institution might put a hold on his or her account if the individual is suspected of illegal activity, if the account is overdrawn, or if it is requested by a government entity, such as in a lien by the IRS, among other things. This is slightly different than a “freeze” or “moratorium” on the account. In a freeze, all pending transactions will be canceled and no new requests will be honored. Continue reading...
Renters insurance isn't just another policy; it's a shield for your cherished belongings in a rented space. Whether you're in an apartment, condo, or home, this specialized insurance offers protection against unforeseen damages or losses, from thefts to fires. But it's not just about possessions. Renters insurance also covers additional living expenses if a disaster renders your place uninhabitable. Ever wondered how it contrasts with your landlord's insurance? While the latter focuses on the building's physical structure, renters insurance is all about your personal items and potential liabilities. With options to choose between Replacement Cost Value or Actual Cash Value, you can tailor your coverage to your needs. In a world filled with uncertainties, renters insurance provides peace of mind, ensuring you're prepared for the unexpected. Dive in to grasp the nuances of this essential safety net for renters. Continue reading...
Embezzlement is a term that frequently surfaces in discussions about financial crimes, but what exactly does it entail, and how does it occur? This article aims to provide a comprehensive understanding of embezzlement, shedding light on its definition, mechanisms, legal implications, and prevention strategies. Embezzlement is a form of white-collar crime characterized by the intentional misappropriation of assets entrusted to an individual or entity. In essence, the embezzler gains access to these assets legally and is authorized to possess them but subsequently diverts them for unauthorized purposes. Continue reading...
Unlocking the Mystery of Gap Insurance: Your Shield Against Unexpected Vehicle Losses. Learn what Gap Insurance is, how it works, and when it's a must-have. Don't be caught in a financial gap – secure your vehicle financing today! Continue reading...
Unlock the mysteries of insurance in our comprehensive guide. From its foundational principles to the vast array of policies available, we delve deep into how insurance acts as a beacon in the unpredictable world of financial uncertainties. Whether you're safeguarding against medical emergencies, protecting your home, or ensuring your family's future, discover how insurance weaves a safety net around life's most unpredictable moments. Continue reading...
Adjusted Gross Margin accounts for the cost of maintaining inventory, which regular Gross Margin does not. Gross margin can be calculated offhand as the selling price of a good minus the price paid for the good (cost of goods sold). This is the simplest calculation for profit. The Adjusted Gross Margin takes into account the cost of maintaining an inventory as well, which is a step in the direction of accounting for the expenses of the business operation as a whole. Continue reading...
The overarching theme of blockchains is that they can provide security and asset verification in a decentralized system, which is perhaps the best-known method for preventing fraud. Blockchains are a technological revolution that provides an opportunity to establish strong systems for digital identity. Here are some of the applications and uses for it: A user can authenticate a unique physical item by pairing them with a corresponding digital token. In that sense, these tokens serve to connect the physical and digital worlds. With a token assigned to each physical good, that can revolutionize supply chain management, managing intellectual property to prevent counterfeiting and fraud detection. Continue reading...
Blockchains create an indisputable digital record that is decentralized, i.e, cannot be changed by a single actor. Using blockchain is generally for digital security. Here are few reasons to use a blockchain: Tokenization A user can authenticate a unique physical item by pairing them with a corresponding digital token. In that sense, these tokens serve to connect the physical and digital worlds. With a token assigned to each physical good, that can revolutionize supply chain management, managing intellectual property to prevent against counterfeiting, and fraud detection. Continue reading...
Navigate the intricate world of payments with our comprehensive guide. From age-old cash transactions to cutting-edge digital platforms, discover the pros, cons, and nuances of each payment type. Step into the future of transactions, armed with knowledge and confidence Continue reading...
Unlock the power of secure transactions with cashier's checks! 🏦 A bank-backed guarantee, ideal for major purchases 🏠🚗. It's like cash but safer. Get to know when & why to use it, how to obtain one, and alternative payment options. Dive in for a seamless payment experience! 🔒 #CashiersCheck Continue reading...
Operating expenses are the costs a company incurs as a part of everyday business operations. The goal of most every management team is to figure out how a company can minimize operating expenses while maximizing production and profitability. Operating expenses can involve buying inventory, the cost of running machines, rent, payroll, and so on. What it costs a company to undergo normal business operations and output. It is sometimes referred to as OPEX. Continue reading...
The Federal Deposit Insurance Corporation (FDIC) is a government entity created by the Glass-Steagall Act of 1933, and its purpose is to protect savers from losing their deposits in banking institutions if the bank becomes insolvent. FDIC insurance only covers certain types of assets, up to certain limits for each person, and only at member banks. FDIC insurance will “make whole” any deposit amount up to $250,000 per person if the banking institution that held the funds declares insolvency. Most banks are members of the FDIC program, which was established by the Federal government in the 1930s. Continue reading...
Do you like security, speed, and low to zero transaction costs when conducting financial transactions? Bitcoin aims to offer all three. Security, speed, and low transaction costs are among bitcoin’s objectives. In a peer-to-peer network, there are no middle-men charging fees for clearing transactions, operating a call center, or maintaining the security of a database. Some types of fraud are much less likely than in traditional systems since the existence of a balance and the validity of transactions are constantly checked and updated by thousands of distributed, independent nodes in the network that do not close based on traditional banking hours. Transactions clear almost immediately instead of waiting on a large market or a Federal bank to balance its books. Continue reading...
Account history is a term especially useful for investment accounts, where transactions beyond a current month or year’s records are useful for reference. Most people are familiar with the transaction history that is available for the current month, quarter, or year on an individual’s savings, checking, and credit card accounts. These are often called “activity ledgers” or something similar. Account history that reaches further back might be more useful for investment accounts, where the current value of investments, and their cost basis, will depend heavily on account history from potentially years in the past. This sort of query can be made easily with online investment account viewing software from a broker or custodian company. Continue reading...
Fraud is a deceitful act with the explicit purpose of gaining an unlawful advantage or depriving a victim of their rights. It's a term that permeates various facets of our society, and within the realm of finance, fraud takes on many forms. In this article, we'll explore the concept of fraud, its types, and the significant consequences it can unleash. Continue reading...
Explore the role of insurance in cryptocurrency's journey towards mainstream acceptance. Understand the risks, the need for regulatory approval, and how AI can revolutionize crypto trading. Continue reading...