Payday Loan Advice service: September 2013

Saturday, September 21, 2013

The Playpen starts today

At this time of Holy Thursday the Cypriot banking employees have already been instructed surreal to open the doors of the banks after two weeks of being closed and bolted . Six hours of opening to the public in which they will not be able to make withdrawals over 300 euros , you can not cash checks or transfers abroad than 3,000 '- € . Nor can physically out of the country , or whether the lock reaches even the foresight to keep their money in the mattress.

For those who plan to liquidate some of its assets in order to get money and be able to keep out of reach confiscatory European has also decreed a playpen real estate and exports. In other words, whoever sells land, buildings or perform any export of services or goods, is also obliged to enter the banking circuit the amount resulting from that transaction. It has established a period of a week to see how the controls taxes , renewable indefinitely.

No one should escape these blockages or playpens can change their specific restrictions soon (amounts and types of transactions) , but at its core will last many months , perhaps beyond this 2013 . So the free movement of capital will not see in Cyprus for another looooong time , when money 's worth and much less locked . Is it about playpens , that the purpose of the blockade is to steal frozen assets value . And that can be accomplished either by external devaluation of the currency ( in which case you would leave the Eurozone Cyprus and re-converted the assets into a new local currency) , or by direct confiscation of money from non-resident and resident population ( mostly Russian ) , as is the case . No money blocking an entire country for beating around the bush , it is locked for the state steal it partially or completely , in one way or another , with the complicity or even the imposition of the Eurogroup and the EC in this case.

Therefore, the true yard starts today , when banks reopen their doors closed keeping the Cypriot banking system . And this situation will continue until the state and the EU decide that they have enough wealth plundered from the unwary who put their money in banks in Cyprus . And the same is true of what can happen at any time in the periphery of the eurozone , as the markets become stressed ( distrust ) enough .

Another question that so far has not been resolved is whether the seizure reach only to deposits and other cash settled on the banks' balance sheets ( IPFs , structured , junior and senior debt , shares of the bank and other financial products of the entity) , or also affect assets off bank balance simply have been deposited in Cypriot entities ( shares of listed companies , foreign investment funds , etc. . ) . The insolvency of the bank legally should not affect foreign assets to bank balance sheets for financial institutions to act as mere Cypriot depositors. But the law in this process is absent , and the Eurogroup has shown and induced legal uncertainty across the Eurozone worthy of the worst banana republic. We will see in the coming hours as if not only affect asset that has entered the Cypriot bank balance sheets , but also any asset that has entered through the door just physical or electronic banking system. And that this is not a "simple " default but before a default bank and state bank tried to contain neuroburócratas and inept politicians and Central .

Speaking of inept , as he begins to walk a yard indefinite and contagious throughout the Mediterranean , some Spanish banks launch first order circular notes and desperate among its customers to avoid the mass exodus of capital abroad . In these notes we read phrases worthy of police court , by their falsehood and malice, such as:

    Regarding the possibility that Spain might be the same circumstances [ in Cyprus ] , in BBVA Private Banking categorically reject it , to have occurred and the financial sector bailout . Indeed , Spain currently has a healthy inancial system , thanks to the rescue by the FROB to all financial institutions with solvency problems , amounting to 40,000 million euros. This rescue , along with the creation of the SAREB (which has served to nationalized banks divest themselves of troubled assets ) and the two royal decrees have forced a major effort provisioning to all Spanish financial system , guaranteed by present tissue healthy and well capitalized bank . Moreover, having deposits in Spain , once it has completed the reorganization of the financial system is even safer than having it in many other European Union countries .

However, the director of the IMF , Christine Lagarde , warned just a couple of weeks of the weakness of Spanish banks , excessively exposed to Spanish sovereign debt and holder of an inordinate amount of real estate. Lagarde stressed the high probability that both types of assets will lose value in the future , thereby causing a further need for recapitalization of Spanish banks . Not to mention the effects of capital flight that can carry the playpen Cyprus , it would be like disconnecting the artificial respiration of a terminally ill while cutting veins. Nor should we forget that the speech of the IMF has been since the beginning of this crisis, politically correct and therefore optimistic and unrealistic. So these circulars as BBVA are a Kafkaesque moral turpitude , that puts business interests of the entity 's financial security of citizens. Again Spanish banking prioritizes sales criteria , survival of the banking business , to the most basic professional and personal ethics , but this time in an already very extreme , which makes them especially outlaws .

As you can see , the situation that we drag the Cypriot yard is very delicate to Spain and Italy. The masks have fallen already, and finally speaks clearly . The bailouts will be paid by the people who need to be rescued . And if for there to block, seize , convert , control and steal from the citizens, not the slightest doubt you will be taken appropriate measures to pseudo - legalize these actions , as is being done in Cyprus. The money will go to search wherever you are and there is enough . First investors in banks, depositors and perhaps after all his customers, and in a first phase only nationally . If this is not enough because the hole is larger and too much money has already left the country , the next step will be the involvement of foreign accounts whose owners are citizens of the country concerned . Is there life beyond ? There is, but unfortunately to no less than 250,000 savers ' - € . Only managing our assets from banks abroad and whose ownership is not a Spanish legal entity represents a barrier today to secure enough confiscatory greed struggling countries in collusion with Brussels. This is a scenario in which what it is to bring the money from other more naive and less farsighted between confiscatory and our heritage. That money from other more confident and / or worse is advised that satiates the needs of bank capitalization and states. Because when that happens the law and order ( and why not , economic growth ) will return to their beds , but along the way will have been the estates of people who have taken fewer security measures . We have before us a long mined in the desert to survive the heat and thirst ( economic crisis ) does not prevent die for having stepped in the wrong place ( confiscation and playpens ) .

At the end of the EU give legal cover any foray keep afloat involving the periphery without affecting the pockets of the richest countries . Technically the restrictions that will determine the EC are called " overriding public interest action " under which anything goes, as for example: " ... including holidays for banks , limits on cash withdrawal , freezing assets , the prohibition of fixed deposits close and execute certain orders, restrictions on the use of credit cards , debit or prepaid and other banking operations , and the execution of certain transactions subject to approval by the Central Bank ( eye ) as well as other steps ... " . Solidarity is over. Now we just legal uncertainty Eurozone Mafia , and our own misery. Be too careful , and the best advice is stronger than ever as a vital necessity . The yard has just begun .

Bitcoin is over a billion dollars

This Thursday , BitCoins history marked a new milestone to exceed the value of the billions of dollars of Bitcoins in circulation, ie the actual number of bitcoins issued , 10.97 million by the dollar price that was changed one bitcoin that exceeded the $ 90 mark . Today and Sunday Bitcoin trading at $ 94.75 . The decisions of our "beloved" leaders are the main guarantee of success for BitCoin , alternative electronic currency and central banks are showing right now , more investment antifrágil be a black swan in our monetary system . Antifrágil is an interesting concept coined by Nassim Nicholas Taleb and relates those things which are enhanced by the appearance of a Black Swan .

In the case of Bitcoin , since last November 2012 to today 's price against the dollar has gone from $ 10 to $ 94 ( appreciation of 840 % in 4 months) and since early March has today has gone from $ 30 to $ 94 ( appreciation of 213 % in less than a month) . Giddy ? ?

The truth is that it is difficult to say whether this is a bubble in the price of Bitcoins or not. The revaluation is meteoric and scares , but let's look at the facts coldly.

1 - There are some Bitcoins nearly 11 million currently issued . The maximum number of Bitcoins to be issued will be 21 million. This figure will be achieved beyond 2033 . I attached the expected curve creating Bitcoins

number bitcoins

That is successful if the Bitcoin going to be a pretty lame and how well its currency relative to other currencies 'official' is set according to supply and demand, as you gain popularity Bitcoins demand will to be much higher than the number of Bitcoins that will be created , so the equation can only be adjusted via price .

2 - It seems that its creators had already planned on success that Bitcoin could suffer sharp increases in the price. It is created with 8 decimal currency . For one day a reach Bitcoin worth $ 100,000 can still make small transactions with 0.00001 $ 1 left over we Bitcoins and decimals.

3 - The current use of Bitcoins and its popularity is still in diapers, need to build a robust ecosystem of companies that facilitate their use and still is a minority option . But more and more services or companies are adopting it as a payment option , including WordPress , Mega or Reddit . BitPay a Bitcoin payment processor in March has seen shopping with Bitcoins were made amounting to $ 2 million , ie one months has processed 66% of all transactions processed in 2012.

That is Bitcoin is a two-way upward pressure on prices . On the one hand people fleeing the traditional banking system frightened by Cyprus , on the other how adoption through payment settled. If the current price is not outright bubble or not I have no idea, because everything depends on the success and adoption have, but it gives the feeling that the snowball effect or the traction needed for a successful Bitcoin has already begun .

By the way the market is still relatively narrow Bitcoins . At any time if someone is selling a considerable amount of Bitcoins normal is to sink the price.

By the way the same Thursday that the value of getting Bitcoins exceed one billion dollars, Bitcoin spoke on the news of TVE (just know one coming out in the news )

If deposits fall in February at 2.079 million .. just wait the March data

Bank deposits of residents in Spain have dropped in February at 2.079 million euros compared to the previous month and have scored his second consecutive decline , corresponding to the first two months of the year, according to provisional data released by the Bank of Spain .

Specifically , the Spanish deposits totaled 1.484 billion euros in February 2013 , compared to 1.575 billion a year ago. Thus, reduced bank deposits saw the Spanish residents in the last twelve months of 2012 at about 91.117 million .

All Quiet :

Seem to think we have no memory and have already appeared the first financial industry sources indicate that this decrease is equivalent to February seasonal effect is already felt in the first month of the year when normally the deposits are reduced because that citizens have less money to spend , so there is a reduction in demand accounts .

Moreover, this decline unlinked communication that the Bank of Spain moved to financial institutions to restrain the return of their deposits under the threat of being penalized.

In the chart you can see the drop in deposits that we had last July 2012. At that time we also sold the same bike :

At the time , Secretary of State for Economic and Business Support , Fernando Jiménez Latorre, assured us that the Government had detected a " significant withdrawal " of deposits in Spain and part of the fall was due to seasonal factors , and companies had to pay taxes the day after the end of the quarter , so we have resorted to deposits in July to meet these payments. For families in July and August also have a seasonal spending for vacation , which explains the withdrawal of bank deposits.

For despite that July 2012 was a purely seasonal factor seems to have become the norm since we never get that level .

Meanwhile , deposits in Spain of residents in other states of the Economic and Monetary Union grew by 3.756 million , for a total of 37.856 million . This represents an increase of 11% compared to January.

Said the interesting fact to begin to see the impact it has had the rescue, confiscation and deposits in Cyprus playpen between the Spanish begin to see with the data of March and April , even if you tell us that if there is a fall is due to a purely seasonal ... Easter effect .

Deposits Guarantee Fund

The Deposit Guarantee Fund Credit Institutions was created by Royal Decree -Law 16/2011 , of October 14 . The Deposit Guarantee Fund is to guarantee the deposits of cash or securities or other financial instruments made ​​in credit institutions , with a limit of 100,000 euros for the deposits in cash or , in the case of deposits denominated in another currency , the equivalent using the exchange rates prevailing , and 100,000 euros for investors who have committed to a credit institution securities or other financial instruments.

The warranty applies per depositor , whether natural or legal person whatever the number and kind of guaranteed deposits listed as a starter in the same entity. This limit shall apply also to depositors holding deposits for amounts above the maximum guaranteed.

When an account has more than one holder, the amount will be divided among all the holders , in accordance with the provisions of the Deposit Agreement and , failing that , in equal parts. Each holder has guaranteed to the maximum limit described above.

The fund is constituted annual contributions of financial institutions - banks, savings banks and credit unions , registered in the Bank of Spain and linked to deposits has captured . If necessary , an institution shall calling up ( extraordinary contributions ) . In addition , the Fund may draw on extraordinary contributions of the Bank of Spain and resort to borrowing.

In December last year, the Executive decided to extend quotas to FGD entities . He spent the previous legal limit of two per thousand of their deposits , up to three per thousand , and the actual contribution increased to two per thousand ( about 1,600 million euros per year). That is, for each $ 1,000 that depositors left in the company, this should provide a maximum of three euros to provision the Fund
Which products are covered by the Deposit Guarantee Fund

There are basically three products guaranteed by the FGD :

    Current accounts.
    Savings accounts .
    Fixed term deposits .

Thus, in case of bankruptcy of an entity , the fund guarantees up to a limit of € 100,000 per deposit and owner. In the case of deposits denominated in another currency, the money to be returned will be the equivalent to the application of the exchange rates .

This guarantee of 100,000 euros is for Spanish entities that are required by law to adhere to the FGD . The institutions of the European Union with a branch in our country are benefiting from guarantee funds in their countries of origin. A fund that is never less than 50,000 euros.

For entities that are not members of the EU and are not covered by the guarantee system of their country of origin, are required to adhere to the FGD . The list of member entities of the FGD is published annually in the Official Gazette .

In case of bankruptcy of an entity, the FGD must pay within three months of bankruptcy.
Products not covered by the Deposit Guarantee Fund

These are the products that are not covered by the deposit guarantee fund

    Stocks : stock market investment is outside the protection of the FGD .
    Notes and bonds : This fixed income product , fashion after Salgado law and marketed by the bancano massively covered by the FGD . Nor are protected by the FGD or bonds or obligations . In case of bankruptcy of the company, will be reimbursed only if there was enough money in the bank balance sheets to cover them.
    Preference Shares : are not covered by the FGD , how and have lived in the flesh thousands of Spanish savers .
    Investment fund and pension plan are not guaranteed by the FGD . Investment funds and pension plans are independent to the bank as it is the fund manager who administers or plan . The failure of the bank , therefore, would not affect them unless they had deposited the cash in the bank or invested in bonds had this .
    Insurance: All insurance associated with a bank product are not covered by the FGD . But yes they are by the Insurance Compensation Consortium .

Among these we must distinguish those at risk with the financial institution that issues and are therefore debt is bank balance , how notes, bonds , onligaciones , preferred . On the other hand the shares or investment funds are not in the bank's balance sheet and therefore only have the risk of the underlying asset . If you invest in shares of Coca Cola just the risk that Coke break .

In the case of shares and mutual funds, the FGD covers the risk that the credit had not made the deposit or registration of the customer's purchase order . This means that in the case of actions you really have not been acquired by the bank to their client and the client's money had been used for other purposes .

Spanish citizens give away other 12 billion to banks

From the pocket of citizens to the financial system or government coffers . It has been the norm since the crisis began . Never have so many had done so much for so few. A direct aid and rescue of the state, we can aumar silent or subtle measures but they are still more of the same . A transfer of wealth from the citizens to the bench.

This is the case when in late December , early January 2013 , the Bank of Spain , " recommended " to all banks in a coordinated lowering profitability of deposits. In other industries who decide to make concerted efforts to agree on the price of the products or services offered Competition Courts usually end up imposing heavy fines . This seems to not be the case in the banking sector , which seems to be always on the sidelines of the good or evil in our country.

The consequence of the recommendation of the Bank of Spain is quite clear in the chart where you attach reflects the evolution of the average return on deposits offered by Spanish banks . You can see the sharp fall between late December 2012 and February 2013. From an average return higher than the 2.8 % we have moved to an average return of 1.95% , we will deposit yields levels of mid-2004 when the Spanish banking liquidity swimming in rivers and had no problem financed.
Impact ? For the pockets of citizens ?

Then we perform a calculation roughly . The total volume of deposits in our country is about 1.4 trillion euros. If offered an annual return of 2.8 % would enter some 39,200 depositors million a year. If the current yield 1.95% down to enter depositories 27,300 million. Nearly 12 billion euros to spend pocket thicken the depositories to fatten the bottom line of banking.

Sunday, September 15, 2013

Tax havens for the rich

When you look at the financial picture and profile Spanish means our savers have , you realize that the laws and regulations governing the financial system are not made to the poor.

Needless to say, the average profile of our savers amount (not amounts ) are fixed term goers and savings account and occasionally perform some dabbling in the world of investment funds or public debt but not too often.

Now if we go to that type of saver where what prevails is the amount of money instead of the product, is when we realize that not all Spanish are equal, nor to the law or to the rules , nor so even before the savings products.

We start from the SICAV 's famous financial institutions that market for certain customer profiles which typically requires a minimum of 300,000 euros to create them ( at least almost nobody meets as they go well above that figure ) .

Phenomenal products for all he is worth half that , the holders end up paying the IRS less than 5 % of their profits . As much as I wanted to hire have not found any entity that has been allowed me .

Seeing this , I preferred to try opening an account in foreign countries . It is difficult, indeed , I would say it is easy, from my house and over the internet , anyone can open an account in Switzerland, Germany , Holland, etc. .

Now, talk about current accounts , not the encrypted possessing certain savers and banks often do not inform the originating country Haciendas holders . For that you can use the Internet and you can open an account with a couple of thousand.

Since it goes beyond whether what I intend to open an account in a country that is already clearly seen as a ' tax haven ' . In that case the amount I want to set aside at least it does not reach 99% of Spanish savers .

The strange part is that , these three examples above are clear ways to evade taxes in this case in Spain and , thus , it violates what we are all equal before the law and rules .

Pity the ordinary citizen who forgets to include in his tax returns interests shared with other account holders or verily to include returns in kind of a gift you have given your household payroll entity .

Now if you misplace 4 or 5 million in an account in Switzerland or in another tax haven , the thing has provided explanation and then pay tax an amount slightly higher than ' will ' , the thing is in watered .

Now is when you wonder if financial leaders themselves and / or politicians who have invented these tax havens for their own benefit while the rest of the citizens are at the mercy of the rules they impose more miserable without forgiveness if ' forget ' to include a profit in its income statement .

The thing becomes a little outrageous when you see 80-year old people who help the interest they charge every 3 months of their deadlines for completing your monthly pension and live , and for which the Bank of Spain has limited profitability to charge for deposits, which ultimately is a way of clearly worsen their living by having less interest to add to your pension.

Is not this a playpen small savers ? Why not leave them alone to small savers and are dedicated to pay over the SICAV'soa avoid opening Spanish accounts in tax havens ? There is only one explanation , and that is who dictates these rules are not interested in it , being able to understand that it is because they personally hurt .

Everyone consider what you want, but from my point of view , limit the interest to the small saver while allowing money to tax havens to evade people with power, not a democracy , it's just a way to pay " for the sins ' .

A financial dictatorship falls into the hands of people willing to serve only Mr. Don Money .

The best investment in recent years has been 37 years ...

Neither Warren Buffett, or gold, or oil, or the actions of Apple or another company. The best investment of the last 37 years would have been in view of the results obtained last November by the House Team Breker, could have been purchased at the time one of the 200 computer Apple I that were on sale for $ 666 in 1976, one of which was sold last November for $ 640,000 a return greater than 20% annually in 37 years.

The next May 25 will be auctioned six of the Apple I which have survived the passage of time.

Obviously, the sales price of the Apple I, can not be considered as an investment but as a curiosity. That said, I hope that no mother a cleaner throw it in the trash that your child pileup kept in the closet. By the way, say that antiques or collector's items begin to have real value when they are over 100 years old. So maybe there is someone who believes that bought an Apple I for $ 640.ooo can be a good investment within 63 years.

Ready to pay for the banks to keep you your money? Thanks Mario

With the announcement of interest rate cut by the ECB at 0.50 % , lower interest rates will only serve to better banking intermediation margins and in the best states to be financed temporarily cheaper, but that obviously does not serve for flow of credit to the economy and for citizens to have access to cheaper credit , we have had a disturbing statement of Mario Draghi


Frankly that each one interprets it as I can, but my interpretation is very clear . We will do everything possible to end up paying depositors to leave their money in banks. This means the interest you pay the banking oligopoly beware your money and invest in subprime mortgages , bonds or any other junk that is not lending to SMEs and citizens who do not fall into the category of credit solvent, ie almost anyone, be less than inflation. That is, a negative real interest rate .

In short , retirees , and sparing conservative profile , you are screwed, not only will creak to tax, but the bank will not give you anything for your money . The only option left to you to try to get some performance and saving for the future is to hurl you into buying government bonds , they also pay a pittance on indebted states or hurl you into the arms of casino equities.

That is, the house always wins and you are going to lose. This will not save or god and you can go and ready to work until you have 80 years , that if you are lucky to have a job . Who said the word seize , when the central banks , the banking oligopoly and governments can steal quietly and slowly ?

First effect Draghi 's talk today :

The German bond yields at rock bottom lows and the German 10-year bond with a yield of 1.17% . ( They give you a 1.17 % annual inflation will not beat a 10-year bond ) or negative returns in the two-year German bond .

Want to know how much your bank pay in commissions ?

Sorpende time we can lose in buying a new plasma TV and the little attention paid many citizens of the costs being charged banking. In case anyone has any doubt who will end up paying the new tax on deposits and begin to be aware that costs us leave our money in the bank and the ability that you will have the new banking oligopoly to crujirnos we leave the study Fintonic made ​​on costs and banking fees .

Fintonic notes that due to the current economic climate , financial institutions are charging more and more for the services they provide to their customers. In fact , according to the ADICAE ( Association of Users of Banks, Savings Banks and Insurance ) , an average user can pay up to € 567.8 to its entity in fees .

Below is a review of the different sections of the "Study Fintonic on banking fees and expenses " and the recommendations proposed that this new tool to make intelligent use of revenues :

- Fintonic.com users pay an average of € 220 in commissions per year, compared to the 111 € of the European average, ATM fees and overdraft the most important.

- On the other hand , users who use online banking fintonic.com pay significantly less than those who use traditional banks, with an average of 95 € a year. Those who operate a bank only pay up to 35 % less commissions that users who use more than one entity .


Fintonic Study states that since 2012 maintenance fees have increased by about 78 % compared to 2011 , from around € 26.70 to € 45.85 average at present , and up to 84 € in many cases ( the audited entities are the ones that have elevated ) .

Fintonic analysis shows that in case of resident payroll, no bank charges for account maintenance . However, if you are domiciled , banks where it is more costly to maintain an account are Ibercaja (84 € / year) and Barclays ( € 72 / year). The only banks that do not charge fees , even without the account domiciled , are ING Direct, Openbank , A- E and Selfbank .

Fintonic , through his study of mystery shopping , except Caixa Catalonia states that no bank charges its customers for making transfers if the payroll is domiciled in the same . But if the list is not, the only entities that maintain these conditions are ING Direct, Evo bank, A- E, Bankinter and Openbank . The banks which is more expensive to make a transfer are Barclays ( 0.6 % with a minimum of 8 € ) and Sabadell (0.45 % with a minimum of 4.50 € ) .

Transfers can account for a good amount of spending , reaching € 8 minimum charge or 0.60 % on the transfer when the payroll is not domiciled in the bank. Many entities suppress the commission if the customer orders transfers itself through its online banking.

Fintonic revealed through this research that the study groups or open a credit can be avoided if requested within the special conditions of the loans for young , independent or small companies , where such commissions are usually more flexible.

In regard to prepayments of deposits, to get a complete liquidity , fintonic.com recommended to opt for a demand deposit or interest-bearing account , which not only can be canceled at any time , but it allows withdrawals whole or in part without changing the product's profitability .

In general should always hire financial products which do not penalize early repayment .

After knowing this stage and with the goal of eliminating commissions Fintonic recommends:

- If the user has multiple accounts that use open , merge them into one. If for example you have three accounts open but only uses one, to remove the other two accounts you do not use , you save an average of € 91.7 per year in maintenance costs.

- Maintain a high balance in the accounts may allow the client to negotiate commissions or delete them entirely . Other companies allow you to leave a minimum balance in account to avoid fees . Should ask each entity.

- Use online banking to make arrangements saves charges entity would charge them for doing the same job.

- The relationship with the entity enables negotiate a reduction or elimination of fees : household bills (electricity, water , gas , telephone and Internet connection) , payroll, pension or unemployment benefit ( over 600 euros) and have any insurance contract , deposit or pension plan , etc. . allow the removal of some commissions .


When a customer is overdrawn faces this situation: banks usually takes about four days from the occurrence of the overdraft in penalizing with charging a commission on the overdrawn balance . From the sixth day on red number until the situation is regularized , banks charge an interest of 10 % APR on the days of delay. Also, while not paid the amount of the debt , each claim for liability position an additional cost of about 35 € approximately .

Thanks to the fintonic.com overdraft alerts , unique on the market , the user of this site will be informed in real time of your overdraft situation and have time to react in those first five days , to prevent the bank will apply claim expenses debtor position , commissions and interest involved be in the red.

Fintonic Study states that the average cost per claim for pay debt position of € 29.64 Spanish is whenever you are in the red.

According to the Study Fintonic , the bank most claim charge for debit position is Banesto (39 € ) and the lowest paid are Selfbank (14.90 € ) , followed by ING (25 € ) .

EVO bank is the only bank that does not charge overdraft . However, it compensates with a commission of 20 % of the debt when it is below 200 € and 9.56% if the debt exceeds this figure .

To manage well the accounts, fintonic.com recommends:

- Ensure that you are never overdrawn, to avoid the risk of being penalized by the bank for the commission . Besides having to pay an interest of 10 % APR on the outstanding balance and a penalty of between 20 € and 39 € per claim discovered .

- To avoid this , simply always maintain a minimum balance of receipts tested last minute . Fintonic.com also alerts warnings specific minimum balances and fees .

- Avoid paying commissions. Also well , you get a good credit history that will play in favor of the customer in future banking transactions .


Fintonic recommends caution to the offer of free credit cards of many entities . The fine print says they are , but only during an initial promotional period . It should ask before accepting such offers . For some cards , banks charge an annual , and other just need to make different payments per year for a minimum amount . Keep in mind that the amount of this fee depends on the type of card : the higher the rank of the card, the higher the commission.

Thanks to Studio Fintonic , regarding card fees known that:

- Cheaper for banks have debit card without payroll are domiciled and Evo Selfbank bank (0 € ) , Open Bank also is 0 € , and only if you have a second holder will pay € 12 Open Bank (12 € ) and Kutxabank (10 € / year). The most expensive are Bankinter (30 € / year), Caixa Catalunya (30 € / year) and Unicaja (25-40 € / year).

- The only banks that charge debit card to have , even if you have your salary paid to them , are La Caixa (23 € / year for over 26 years) and Kutxabank (10 € / year for over 26 years).

- The only banks that do not charge to have a credit card without having your salary paid and Evo are SelfBank bank, followed by ING Direct and the amount charged Kutxabank least 20 € / year. The most expensive are Caixa Catalunya (60 € / year) , La Caixa (52 € from the second year) and Bankinter (50 € ) .

- In case you have your salary paid , all banks offer credit card service free of charge except La Caixa (43 € / year for over 26 years) , Cajamar (18 € / year) and Kutxabank (10 € / year to over 26 ) . Many of the banks , if you have your salary paid provide a free card debit or credit , but not both unless conditions are met and minimum volume usage .

The maintenance fee for the debit card is around € 20.02 on average per year, with up to 60 € for the credit . Therefore, fintonic.com recommends:

- Unsubscribe cards are not used , in order to save each year and pay the outstanding balance on the credit card every month.


Fintonic.com proposes that if you opt for a frequent withdraw money from the ATM with the card, it is better to opt for a debit card whenever possible , make the withdrawal at ATM of the same bank that issued the card to avoid the high positions of other entities. These fees range from € 5.5 minimum and 5.5 % on the amount withdrawn. We must also be aware of when drawing money at an ATM at another bank that belongs to the same network of the bank ( 4B , Servired , euro6000 ... ) , because often billed as 3.5 € and 4% of the retired .

Fintonic Study shows :

- EVO bank is the only bank that does not charge for withdrawals at any ATM network is that it ( Servired , 4B , euro6000 ) .

- Direct ING ste no service charge if it is the same network ATM (4B) .

- Lender Bankia is the most charge customers for cash withdrawals at other banks of the same network ( Servired ) , imposing a rate of 4 % with a minimum of € 3.50 per transaction.

- When withdrawing cash from an ATM that does not belong to a network of ATMs , the only bank that does not charge for this service is EVO bank.

- Bankinter only charges if you use another bank of the same entity if the withdrawal is less than 90 € .

- The most expensive are Cajamar ( 5.5 % with a minimum of 5.50 € ) followed by Caixa Catalunya ( 4.5 % with a minimum of € 4.50 ) and La Caixa ( 4.5 % with a minimum of € 4 ) .

- Avoid at all costs get in the ATM network card not related .

Among the possible charges that banks identified by the management of customer accounts , are the correspondence or communication . There are companies that charge for correspondence. In that case, Fintonic recommends entering the online platform of the entity to unlock this option not to send mail or movements Requests made on the account. You can always look via online.

Other possible cases of communication costs between bank and client fintonic.com identified as hazardous by the associated costs are:

- If the payroll is domiciled in a financial institution , it does not charge its customers the service of notice of purchases by SMS except Kutxabank (0.10 € ) .

- In case you have no payroll domiciled , all financial institutions offer free service shopping SMS notice except Kutxabank (0.10 € ) and A- E (0.15 € per alert ) .

- Receive by mail the receipts bank is free to all users except for banking customers bank EVO , which shall bear the shipping costs .

- The only bank that charges for telephone banking service is La Caixa , which from the second monthly operating charge customers 0.4 % commission with a minimum of € 3.50 per transaction.

But according Fintonic not only have to be aware of control spending caused some banks in the sense of correspondence , but sometimes the problem is precisely the opposite : the lack of communication of certain notices of significant risk or for the customer who in some cases will involve abusive or commissions expenses , such as being overdrawn, a card payment doubled , having received a transfer ...


- Oversee maintenance fees entities where there is no resident payroll, can reach up to 84 € .

- Monitor overdraft fees , up to 20 € for debt. If the situation continues and no claim for liability position , it gets worse , charging up to 39 € plus a 10% APR interest on the outstanding balance .

- Avoid at all costs using ATMs that are not of the network itself costs up € 5.5 minimum and 5.5 % on the amount withdrawn , and even on the same network it carefully because many companies charge for it , some up to 3.5 € and 4% commission only avoided if the same entity , where no cobra.

- Check the potential cost to have cards : debit of up to 20 € and 120 € credit .

- Know that transfers can also be a good amount , reaching € 8 minimum charge or 0.60 % on the transfer .

- Reduce the number of banks , never more than two entities for personal or family unit .

- Reduce the number of accounts by entity and centralize liquidity in one or two banks profitability for more money and have more bargaining power.

- Reduce the number of cards to avoid unnecessary costs ( at most two of credit in order to be able to increase credit and tranquility if one does not work)

- Work in a bank online , instead of going to the bank branch offices .

Invest where the middle class grows.

In the investment world there are various strategies or criteria on which to rely to select assets where we deposit our money. Within equities (but also partially could apply to bonds and to a lesser extent to other asset classes such as commodities ) , essentially have three generic criteria :

- The analysis of company fundamentals data : Study of balance sheets, sales figures, profits , corporate governance, etc. . And all this in the past, present and future forecast .

- Technical analysis : Market psychology that interprets the graphics that make up the stock prices constantly.

- The analysis of macroeconomic trends : As a good complement to the first criterion.

Speaking of the criteria you are looking for value , one of the universal truths of investing is that if we invest in assets that have an intrinsic value greater than its price objective in the long run not only protect our heritage but also to win more benchmarks , which are usually the average of good and bad investments . Often called , as most know, Value investment strategies .

However there are other investment criteria , although not preserve much of the losses in the medium and long term also help get past the mean yields . These other investment criteria found the style often called Growth , which focus on the potential future of business growth , rather than on its current intrinsic value . Therefore have somewhat less tangible component and therefore more uncertain, or less conservative . At the ends of both strategies have Deep Value criteria and Aggressive Growth , and of course, in the middle , all the shades of gray such as GARP (Growth At Reasonable Price) . Logically , the closer we get to the criterion Deep Value, we run less risk of loss in the medium / long-term or permanent, and vice versa.

The criterion of technical analysis , the best we can say is that in the short term often correctly interpret market psychology , with a clear component autocuplida prophecy . But the reality is very stubborn , and the largest fortunes generated by the best investors in the world, never have been consolidated long-term following these technical criteria , but the fundamentals ( and saying it someone with 23 years old started in the market as broker, technically analyzing all kinds of commodities in the golden decade of the derivatives of Sherman McCoy) .

So essentially follow this criterion , and provides security to avoid permanent losses , and assures us outperform the benchmark indices in the medium and long term. In fact it is far from the value of the underlying businesses of the shares , which gives rise to aberrations such companies sell recommendations laughter and purchase prices to crazy prices . In the "positive " is the small effort required to analyze a simple graph , as opposed the complex art of analyzing the present and future value of a company ...

As for the third criterion , which follows the macroeconomic winds wherever they go , can be a good supplement to take into account not required thorough and fundamental analysis. Because in the New Normal in which we live , macroeconomics gives us a unique opportunity : The fastest growing middle class ever seen by mankind . And no one should escape a massive and growing middle class , is the breeding ground for businesses to grow , and with them the price of their shares .

We are today , in decline in developed economies , stand before the full flowering of the emerging world . Economies steadily growing and powerful, and a middle class that continues to multiply. And all this data eye with a worth of Western debt nearly half a century .

Below you will see in this chart , which I borrowed from Albert Pares, how the middle class is exploding and today, and for the next 15 years.

As you can see on the map , the massive growth of the middle class is occurring primarily in Asia. Which brings us to a logical conclusion and easy : Today and in the coming years, the best corporate yields are going to find in companies located and / or majority interests in areas ranging from Turkey to Brazil , to Russia, Middle East , India , Malaysia, Thailand , Vietnam , China , Philippines , South Korea , Chile , etc. .

Returning this demographic and economic explosion as a more macro approach , we conclude that a search strategy of value and / or growth at a reasonable price ( GARP ) , in the area that we marked on the map as "Asia Pacific" , will be the most successful for years .

Unfortunately , for Europeans, the center of the world is left far behind. And as you said the Paramés admired , the distance between the manager (or coach investments) and the companies in which it invests , is inversely proportional to alpha going to get. That is, the farther pretend invest may be less exhaustive knowledge of the businesses in which we invest , and therefore get less performance over time. But to avoid this handicap of distance , we have a perfect solution , but only available to the best informed . And none other than investment through funds managed locally in those countries, star managers who live there, and have proved to know to find value in their investments for years.

But beware, there is another problem: That most of the best mutual funds in these markets are not registered for sale in Spain . Do not forget that as we said in " Investment funds and the mother who bore " , only 10 % of the funds in the world , recorded in Spain for sale. And the best funds in these emerging markets , to the " Bestinveres " of these countries , unfortunately Spain is too far away . And the weight of Spanish investors , not worth the effort to register in our country (just as Bestinver such as Exchange or Sicav ElCano not recorded in Indonesia or Hong Kong to be marketed there) .

Therefore, not enough to know how to choose the best managers in the emerging world , but you also have to have investment vehicles that allow us to access them as if deferring taxation of any background nontransferable corner bank concerned.

In conclusion , given the huge growth being experienced by the middle class in Asia , this has become fonómeno already (and will continue in the next decade ) in a macroeconomic criteria essential that we add to the ongoing search for business value . Today is imposed recommendation to invest in the best fund managers with strategies Value / GARP , wherever it is producing the miracle of capitalism : In the emerging world . We are witnessing the massive creation of an emerging middle class that soon will comprise 70 % of the population of the entire planet .

As investors we can not afford to miss it , and would do well to procure good advice that we select the best local funds and a tax jurisdiction and proper vehicle in which to deposit such investments. The growth of the world and of our heritage is there , far away, but still within reach of the best advised .

P. D. For those of you interested in Value initiate you in strategy , I recommend this light and cheap booklet Alvaro Vargas Llosa ( son of the famous writer Mario ) . Not that what we subscribe in full, but we consider it very educational and accessible for investment neophytes Value.

Amazed ? ? Credit card placed Banco Santander Ferrari half a million customers

I can not help being astonished by the ability of financial institutions remain in place to mass banking products to its customers do not need. The last example is the credit card of Banco Santander Ferrari undoubtedly the product that currently meets the needs of customers of Santander and placed in time and about 500 thousand people.

Advantages of Credit Card Bank Ferrari Santander:

Card with the Ferrari logo , draw for tickets to Formula 1 racing and hotel stays with a Ferrari , Online store discounts Ferrari .

In exchange for this, you place a MasterCard credit card , maybe you will be the second or third credit card with the bank's customers and that they will not need for anything, but that obviously has costs and not just a card inexpensive credit :

Obviously the amount of the first year is free, but even assuming that after the leave saved in the portfolio and do not use it for anything, as they will in most cases , the card will cost you € 60.10 Ferrari annual maintenance fee , although you forgot you do.

If you decide to withdraw money from ATMs with the card will cost you 5% of the set with a minimum of 4 € , check the balance on another ATM network will cost € 0.75 , the commission for buying the card abroad will of 2.5 % with a minimum of 2.50 € , and the Commission for exceeding the card limit will be 2% .

Anyway, you do not lose the hope that one of these days a bank appears to start thinking first what products your customers need and not what products you are interested in the Bank placed according to their statements of income . Meanwhile, you can enter a Banco Santander office and ask for your credit card brand new Ferrari . We will glad to exchange the 60 euros a year.


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