The links between banks in Cayman and those in America, for instance, are rooted in a long-standing American rule barring banks from paying interest on commercial chequing accounts.
At the appointed day, the lender can deposit the cheque, return it to the borrower in exchange for cash, or accept a fee to roll the principal over into a new loan.Pay-day lenders do not require credit checks or collateral; they demand only an active chequeing account and proof of a regular source of income.
So, to some extent, low income customers had been subsiding my free chequeing account by paying overdraft fees.The bank executive shrugged off the crackdown on overdraft fees, claiming they'd find another source of revenue by charging fees on some other transaction.
They will increase as a share of GDP for the first time under this tax-cutting president.In this section Hands off our homes Cocktail-bar calculationSeventytyearsrs of plenty From coke to cubists Voices from Ground Zero Home on the range ReprintsIncome taxes withheld from pay cheques account for some of the new revenues, but many of the gains are in more exotic areas.
Anyone with a bank or savings account will be familiar with the derisory rates on offer, sometimes as low as 0.1% for an ordinary cheque account.
Some have trouble getting financing and can't even maintain chequing (current) accounts.
And stacks of paper, chequing-account ledgers, compact discs (as well as floppy ones, should anybody still have them), credit cards, folders and much else besides though, cleverly, not fingers or clothes.
Traditionally, processing cheques accounted for around two-thirds of a teller's job, says TowerGroup.
A familiar range of accounts are on offer, such as instant-access products and interest-paying current and cheque accounts.
