Bank Foreclosure

For many, the check is no longer in the mail. (electronic fund transfer systems) (Special Report: Banking): An article from: San Diego Business Journal : This digital document is an article from San Diego Business Journal, published by CBJ, L.P. on May 23, 1994. The length of the article is 1517 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: For many, the check is no longer in the mail. (electronic fund transfer systems) (Special Report: Banking)
Author: Liz Harman
Publication:San Diego Business Journal (Magazine/Journal)
Date: May 23, 1994
Publisher: CBJ, L.P.
Volume: v15 Issue: n21 Page: p17(2)

Distributed by Thomson Gale For many, the check is no longer in the mail. (electronic fund transfer systems) (Special Report: Banking): An article from: San Diego Business Journal

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We all have bank accounts in our respective countries. There is no problem with this. In fact it makes our daily lives easy.

Then comes the Internet and the world has become one global business. You can be in one remote location and be selling your goods or services via your websites globally. This is thanks to the Internet and the communication age. No longer are we restricted to our area of domiciliation.

Along with this comes a mirage of problems and needs. No longer are we okay with just having a bank account in our home country.

Today we want to consider the need to have a US Bank account as a non resident. We want to know if this is necessary or not.

I will not answer the question straight away. I will like to give you a picture of one person not having a US Bank account and another having. When you consider the scenario, then and only then can we answer the question. At that time, you will even be in a position to answer this question for yourself. You would not be requiring me anymore. So keep reading.

If you are online and doing business as a merchant or affiliate Marketer, you would have noticed that over 90% or more of the companies or service providers that you would be dealing with are based in the United States or US of short. For now that is the way it.

If you are going to be paid by them or you want to receive your proceeds from your sales activities at the end of the month, there are a few options available to you to receive your money. Let us briefly consider them. Hopefully at the end you will be able to know just how important it is to have a US Bank account as a non resident.

First way you are going to paid is via the customary way – Checks. This has been the customary way even in our countries. But let us consider how we are going to turn this into money.

First the check is cut and mailed to you by the US Company. It takes about 4-5 weeks to get to you depending on your country. This is if it does not get lost in transit. The when you get the check, you will take it to your local bank to be collected on your behalf. Your local bank takes the check and sends it back to US to be collected by one of its correspondents or its branch in the US. This is so because the check would have been drawn on a local bank in the US. This takes another 4-5 weeks to reach. When it gets to the US, it goes for clearing and this will take another 2-3 working days.

In all you may be looking at 8-10 weeks for you to have the actual money in your account from you efforts. This means no cash flow for you and your business. Also there are charges to cut the check and mail to you. Your local bank also charges to collect it for you. At the end, you might be looking at an expense of $30 – $80 just for that one check. For all you know this might be for a check of $120 face value. Imagine you have 10 – 12 of such checks in a year. The charges easily add up!

I once had a check of $178 and my bank wanted to charge $100 (their minimum fee) to clear this. I had to carry this with me for a long time before finally canceling it.

Now consider the person who has a US Bank account like myself. Yes I do now!

First you get paid by what they call the Automated Clearing House system or ACH. This takes 2-3 working days to hit your US Bank account and it is mostly free of any charge. Secondly, the amount is good in your account within that 2-3 days, yes that is how long it takes for the value to hit your account. You can withdraw a part or the whole amount from your US Bank account in your country using the ATM card giving to you by the US Bank. this you can do even the saqme day you get the credit in your US Bank account. That is how good it is.

If you have a PayPal account, you can add your US Bank account and verify your account with it. When next you wish to withdraw money from your PayPal account, you would just withdraw it to your US bank account and then use your ATM card to take it from your country. Cool, is it not?

Now consider how much you have saved both in time and the cost of clearing the checks, or drawing from Paypal. Also consider how you just saved yourself from the risk of having your checks lost in transit. Now you can easily access and use your fund without waiting for 8 weeks!

Having seen the above, I will say you will agree with me if I say, yes it is necessary to have a US Bank account as a non resident if you are selling online.

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With the real possibility that ObamaCare may sink like a lead X-Ray apron, you’d think the White House would want to avoid another health-related disaster. But you’d be ill-advised.

During the Clinton Administration, cancer victims and other intended beneficiaries of the Americans With Disabilities Act in California’s Northern Judicial District discovered a nation-wide scheme of fraud and failures in the way the federal government enforced their rights under the statute.

The U.S. Attorney in California’s Southern District joined forces to put a bogus disbarment case on the civil rights attorney who brought the bad news. A decade later, San Francisco U.S. Attorney Joseph Russoniello, is still entangled in the conspiracy which now, not only reveals the California State Bar illegally disbars members with disabilities, but discriminates against them and prevents them from seeking re-instatement as provided by State Bar rules. In the past few months, blind and quadriplegic law students had to seek court action to be allowed to sit for the California Bar Exam.

Since August, 2009, U.S. Attorney General Eric Holder has failed to respond to inquiries about the thwarting of ADA complaints. White House staff members also seem to be doing their utmost to keep this latest Obama scandal tightly wrapped in layers of bureaucratic gauze.

Even if Obama’s health bill makes a full recovery and is signed into law, the symptoms of this political tampering epidemic by his top lawyers to defeat existing health care legislation will require further check-ups.

In 1997, California Governor Pete Wilson shut the State Bar down, calling it the “ultimate political animal.” It’s doubtful other national GOP leaders will sit idly by as state bar associations throughout the nation give special treatment to government lawyers like Russoniello in discipline complaints citizens file against them.

While the Obama Administration continues to sit on the sidelines, the crisis has spread to California’s race for Governor. Wilson, now serves as Campaign Manager for Meg Whitman, who is taking on Jerry Brown. Whitman has more than a giant financial war chest and Wilson in her corner. State Bar complaints have been filed against Brown and his wife, Attorney Anne Gust for their role in the California health crisis.

Despite Brown’s many cyber and Netroot fans, practical politics suggests Californians won’t be too willing to overlook political tampering that hits them where it hurts – in the pocketbook.

Meanwhile, the White House continues to pass out Band-Aids, when the diagnosis clearly calls for an amputation.

Phil Stimac is a civil rights lawyer. His area of emphasis is eliminating bias against lawyers who represent society’s poor and powerless. He is also the founder and CEO of The Elite Lawyers and Judges Whistleblower Network of America. You can visit them at theeliteones.wordpress.com.

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