In 2007, Safaricom launched M-Pesa (M for mobile and Pesa- a Swahili word for money) which lets users deposit, transfer and withdraw funds via text message.
This should have access to joint resolution funds and deposit guarantees (financed at least in part by the industry itself) and some kind of a European fiscal backstop.
Another thorny issue would be trying to raise money for common deposit-insurance and bank-resolution funds.
Back in the fall of 2005, the Federal Reserve, U.S. Treasury and the Federal Deposit Insurance Corporation (FDIC) realized that community banks were loaning funds to the housing and real estate markets at a pace above what these regulators thought as prudent.
Operators, known as hawaladars, pool remittance cash with funds from their other businesses and deposit them into traditional bank accounts or dollar-denominated accounts in Dubai or other financial centers.
Citi should be able to take the losses in its stride, given its enormous balance sheet and low cost of funds (thanks to cheap deposit funding).
Over-payment fraud, the victim receives an invalid monetary instrument with instructions to deposit it in a bank account and send excess funds or a percentage of the deposited money back to the sender.
Have you removed all or most of your funds from money market or deposit accounts and either purchased goods or make riskier investments?
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Last year, the government began breaking up the local cartel in savings and time deposit rates, leading to increased competition for retail funds.
Over the years the FDIC has had a nasty habit of lowering or eliminating deposit insurance premiums when times are good and scrambling to find funds when a crisis hits.
Money market funds and cash equivalents (short-term certificates of deposit, T-bills) will yield below 1.0 percent for several more years, thereby generating a negative real return.
The Volcker rule was mandated by the 2010 Dodd-Frank Financial Reform law to prevent banks that receive government backstops like deposit insurance from making risky trades that could endanger taxpayer and depositor funds.
On a side note: It is my hope that the Federal Reserve could find a way to use the funds received from the Term-Deposit facility program and re-purpose them through a different transmission mechanism that reaches the broader economy.
Federal laws protect consumers' deposit accounts and bank-issued credit cards from liability for unauthorized electronic funds transfers, as long as they are reported in a timely fashion, according to the Federal Reserve.
Following a prominent fund's "breaking of the buck"--that is, a decline in its net asset value below par--in September, investors began to withdraw funds in large amounts from money market mutual funds that invest in private instruments such as commercial paper and certificates of deposit.
The IRS is endangering the lives of foreigners who deposit funds in America because of persecution, discrimination, abuse, crime, and instability in their home countries .
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The court order said Sahara had "no right to collect" the funds "without complying with any regulatory provisions" and ordered the group to deposit the refunded money in a nationalised bank.
In theory, if banks are required to hold more money on deposit with the central bank, this should increase the cost of their funds and so lead them to push up their interest rates.
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He said president Obama was not talking of a full-scale break-up of the banks but wanted to "separate retail deposit-taking from large-scale proprietary trading, large internal hedge funds and large internal private equity funds and I agree with him".
Risk is everywhere, from certificates of deposit to hedge funds the question is what kind of risk is it and can I live with it.
Despite the increase, deposit rates remain below inflation with the result that funds have surged out of the banks and into stock and property.
Unsurprisingly deposit- and pension-insurance schemes tend to be popular, given the harm to losers when banks and retirement funds fail.
In 2008, hedge funds had hundreds of billions of dollars on deposit at investment banks, which acted as their brokers and counterparties on many trades.
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