Matthew Rockwell

Archive for the ‘Banks’ Category

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Bank repossessed cars are becoming increasingly popular today because it presents most buyers the opportunity to get the car of their dreams at amazingly low price. They are usually sold by banks and other lending institutions at auction sites from people who failed to pay their loan payments. You can select wide variety of vehicles to choose from such as sedan, luxury and sports cars, pick-ups, convertibles, vans, mini-trucks, SUVs, off-road units, and 4 wheel drive vehicles. You can also select the brand of your choice like Toyota, BMW, Audi, Ford, General Motors, Mitsubishi, Honda, and so on.

If you want to buy bank repossessed cars, there are options for you. One method is to visit your nearest bank and inquire for recovered units for sale; they usually have the details of when and where the auction will take place. You can also check the pictures of the units scheduled for auction because they usually maintain records of vehicles placed on collaterals as well as those recovered from their delinquent clients.

Another method is to check your local newspaper. Most of the time, they are required by the government to publish the date and place of any public sale events in order to give its citizens equal opportunities to participate.

One of the best methods is to go online and look for sites that offer various services including access to their wide database of bank repossessed cars available for bidding. This will also give you information on where the units are located, when is the actual date of bidding and other important information like things you need before participating in the public sale.

However, despite your online access, it is still important to go out of your house and visit the site to inspect the vehicles. You must bear in mind that they are second-hand units and you don’t know how they were maintained; hence, it is imperative to thoroughly check the vehicles. If you feel that you are not an expert in this aspect, bring along with you a professional mechanic to assist you in the inspection process. It is best to spend few bucks on the mechanic to simply inspect the car than to ask him to make necessary repairs on things you failed to uncover during your incompetent inspection process.

Once you have fully inspected the vehicles and prepared the necessary documents and payments needed in the event of winning the bid, you are now ready to get one of the best deals in your life by purchasing bank repossessed cars at incredibly low price.

Make new discoveries and learn more handy tips about public car auctions such as where to find such auctions near your home and how to get great bargains for your car deals.

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If you currently have bad credit, you’ve probably found that secured credit cards are probably the way to go when it comes to re-building credit. A popular question that comes to my attention when I discuss secured cards is “What bank should I go with?” Since there are so many banks on the market, it’s hard not to choose just one but we have to keep in mind that they are all completely different.

Some banks want to focus on bad credit and others don’t even want to deal with it. Why? Some lenders truly believe that people who have bad credit will always have bad credit and will never learn from their mistakes. Studies have shown that many people who do start to rebuild their credit learn from their past mistakes and never go into debt again. Then again, there are those few who never do learn though.

What kind of bank should I go through?

With so many banks out there, the first step would be to simply check out the bank you’re banking with. Ask a teller or representative to see what kind of secured card they have to offer. Many of the major banks like Bank or America, etc do offer secured credit cards. They will be able to tell you in person on how you can use this card in order to establish your credit once again.

Are all banks different?

Absolutely. Every bank that you bank with is going to be different especially when it comes to a secured card. These types of cards will require that you put down a down deposit. Whatever you put down as a down deposit will determine what your credit limit is going to be. The more you put down, the more you’re going to get as a credit limit. Some banks will also allow you to collect interest that you have on your money stored in ties with your credit card. These are usually the banks that you want to go with. The major differences that you’ll see though will be the fees. You’ll always find an annual fee with these cards and they range anywhere from $20 to as much as $150. A card with no annual fee is going to be extremely hard to find.

If you’re in the market to repair your credit, this is going to be the only way possible because if you went the prepaid card route, these cards don’t report to the major bureaus since they act like gift cards. On the other hand, always make sure that the secured card that you apply for does report to the bureaus. If it doesn’t, you’ll soon find out that you’re using a credit card for nothing. A bad credit card on the other hand is a little different but will have higher fees. Repairing credit takes some time and as long as you work hard to pay off your debts and use your cards responsibly, you’ll see your credit score rise significantly over the next couple of years.

Start repairing your credit today with secured credit cards at http://www.FINDsecuredcards.com – where you can find even more of Tom’s work.

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If you invest in tax sale properties at the government held tax deed or tax lien auction, you’ll find that almost all the properties have one thing in common: none of them have a mortgage. The banks pay unpaid property taxes on homes that are mortgaged almost every time. Why is this?

The answer is simple: when the government forecloses on a property for unpaid property taxes, all liens and mortgages are wiped out. The buyer of the tax lien or tax deed, when they become the owner of the property, will have a free and clear title to the property. So if banks DON’T pay unpaid property taxes, then they will lose their ability to foreclose on the property and recoup their investment.

Also, frequently banks bundle property taxes into the monthly mortgage payment for homeowners. That way, as long as the mortgage is getting paid, the taxes are also getting paid, and if an owner gets behind on their mortgage, the mortgage company is still keeping the property current on its taxes and safe from government foreclosure.

What this means for investors is that it’s a much better investment to buy tax sale properties than properties that are in the process of bank foreclosure. Since most tax sale properties are free and clear when you buy them, you remove the headache of settling with the mortgage company and other lien holders… not to mention you don’t have to pay the mortgage while figuring all those details out!

Unfortunately, savvy investors have already figured this out, and large companies have grown up around this industry. If you try to buy properties at auction, you’ll be bidding against companies that invest in tax sale properties full-time. They employ teams of researchers that figure out which properties are the best investments, and they’ll outbid you on these properties every time.

The best thing to do is to forget the tax sale all together, and let the big companies do your dirty work for you! After the tax sale has been completed, there is usually a year where the buyer can come to the tax office and “redeem” the property– pay the taxes off, and get their property back. During that time, you can see which properties have been bought by the big companies and narrow your focus to those particular properties, and then go to work on buying them directly from the owner.

Current foreclosure rates won’t last – act now!

Learn “magic words” to say to owners: http://DeedGrabber.Org.

Limited time offer – get a copy of our “How to Purchase $200 Tax Property” e-book – free.

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Thinking now is the time to get a good deal on a home? Think again.

Banks are hiding their inventory of foreclosed homes to keep home prices inflated. How? By not foreclosing on homes that are delinquent on their payments, and allowing the homeowners to continue living in them rent/mortgage free.

What does this mean for homebuyers?

There is a bigger supply of homes than what is being reported, and you could be paying as much as 30% or more than what it’s worth once the rest of these homes hit the market.

What should you do?

Wait until after the $8,000 homebuyer tax credit program expires November 30th.

That’s right, I said wait until after it expires. Banks know there are a lot of people thinking now is a good time to buy, especially with an $8,000 incentive, so they’re keeping homes off the market to keep prices inflated.

If you buy a home now and it ends up being worth 30% less in a few months, I doubt you will be happy about that $8,000 tax credit.

How will you know the right time to buy?

Simple, when you start to see more people in your area moving because of foreclosure, and an increased number of “for sale” signs in front of homes, you’ll know the banks are starting to release their inventory.

If you have to buy now, I recommend buying a home around Christmas and offer 10%-20% lower than the asking price, but you’re better off waiting until the end of spring because those hidden foreclosures will be flooding the market by then.

Kyle Schindler lives in Tampa, FL and is an Expert in Business, Psychology, Marketing, and Human Behavior. He enjoys sailing his boat on the weekends, and teaching people how to live a fulfilling, successful life. You can recieve more insider information from Kyle by following him on Twitter, and learn how he became financially free at only 18 years old at: http://www.HomeBusinessEscape.com

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In this difficult economy, businesses have had to become very creative to stay profitable. Perhaps none have become as creative as the banks. I have been receiving a growing number of complaints from people that feel that they have been ripped off by their banks. The latest “scam” is what is known as automatic overdraft enrollment. Sounds like a good thing, right? After all, wouldn’t it be a great thing to have your bank cover any shortfall in your account from time to time? Imagine this scenario; you set up a checking account and add a debit card. Without informing you, the bank automatically enrolls you into their overdraft program. Next, one day you’re using your debit card and rather than the charge being declined, the bank approves the charge under the overdraft program. Perhaps your balance was getting low, but you thought that as long as the card went through there was sufficient money to cover the charge. Unfortunately for you, the charge was paid by your overdraft protection. I was shocked to read an article recently in the Chicago Sun-Times outlining a scenario of a person overdrawing their account by as little as six dollars and owing more than $400 in fees to their bank!

Banks are going to great effort to set up scenarios that will result in you owing potentially hundreds of dollars in fees. A study by the economic research firm Moebs Services forecasts that US banks could collect some $38 billion in overdraft fees from customers this year, double the amount in 2000. What is especially insidious about this latest bank scam is that it is totally legal, but clearly unethical. As a rule, banks do not tell customers that they are automatically being enrolled in the overdraft program. Most people would absolutely not go along with this arrangement if they were made aware of the details. While it certainly is true that we should all keep track of our account balances and even keep a few hundred dollars or more of padding, that is not always reality. If you do have a bank debit card, I would recommend that you contact your bank right away to find out if you were unknowingly enrolled in an overdraft program such as the one described above.

Should You Leave The Banking System?

Everyone has to have a bank account, right? Not necessarily. One option that is becoming more and more popular is that of a prepaid debit card. Imagine receiving your paycheck and going into a local Wal-Mart and having the entire amount credited to a pre-paid card. You then use the card for all of your normal weekly expenses and if you need cash you withdraw it from the card at an ATM. Most of your bills can be paid with a credit card, and as a result you may not even need a bank account at all. This is a much better alternative than operating on a strictly cash basis. Some people, becoming tirelessly frustrated with the banks, just cash their paychecks and pay their bills either in cash or with money orders. The problem with this approach is that money orders can be lost in the mail and very difficult to get refunds for (losing your cash is even worse). The better option if you want to go “bankless” is a pre-paid debit card. There are some fees associated with cards like this, but in most cases they are not nearly as bad as what many bank fees would be over the course of a year. If you have a difficult time keeping your checkbook balanced or living on a budget, this may be the perfect financial tool for you. Once the card runs out of money, that’s it. There are no bounced check or overdraft fees to ever worry about.

Other Fees To Watch Out For:

-ATM Fees

-Credit Card Fees and Interest Rate Increases

-Cash Advance Fees

-Stop-Payment and Returned-Deposit Fees

-Miscellaneous Fees

Being Banned By The Banks

Perhaps the ultimate big stick that a bank can threaten you with is the prospect of banning you from the banking system altogether. Banks can report you to a service called ChexSystems. Here’s how it works: Let’s say a bank cannot collect from you an overdraft fee, ATM fee, or any other fee for that matter. You end up closing your account and disappearing from their radar screen. They simply go online and report you to ChexSystems. Your name is now on an official bank blacklist. You will find it difficult, if not impossible to open another bank account for at least five years. Additionally, your credit may now be ruined completely.

Help From The Government?

The Federal Reserve plans on instituting a rule this year on overdraft practices that would apply to banks and credit unions. But they have provided no details as of yet. Don’t expect our elected officials to bite the hand that feeds them. The banking industry is one of the strongest lobbying groups in Washington.

Jim Paris is the Editor-in-Chief of Christian Money.com (http://www.christianmoney.com) and the head of the Internet coaching service Christian Internet Income.com (http://www.christianinternetincome.com).

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The most popular term in the media for 2009 seems to be the word “systemic” as in the challenges and problems with the US economy. Interestingly enough, I totally agree. And, I also agree with those economic philosophers who warned us that you cannot get out of debt by borrowing more money. Just like a consumer who is over extended on credit cards is not going to solve the problem by moving the balances over to another card that gives them six months with a lower interest rate.

That’s not a long-term solution, it’s a bandage, and the problem is much deeper than that; it’s a systemic problem with financial responsibility. Sure, it helps them with their payments for a while, but it also entices them to spend more. It seems like our Congress cannot seem to wrap their minds around this very simple concept. Personally, as someone who is financially frugal and doesn’t go around wasting money, especially because I had to earn it the hard way, I am rather appalled.

Not long ago, I was talking to an acquaintance at Starbucks, someone who is equally appalled by the financial irresponsibility of our government and about the fact that we bailed out banks so they can lend more money to small, medium, and large businesses to get the economy going again. Another acquaintance at a nearby table, tried to rationalize this and stated that the banks needed an infusion of cash to keep them from failing.

Of course, that was met with a rather interesting comment and the debate ramped up to a higher level of intensity like pouring gasoline on a grass fire; “Let Me Get This Straight, We Bailed Out Banks for This” he asked. In fact, he is correct. After bailing out the banks we’ve had increased fees, changes in credit card schemes, bank overdraft games, banks not clearing the checks fast enough and holding the electronic float as funds clear. We’ve also seen banks gouging customers, and they’ve stopped lending.

Please, will someone tell me why the taxpayer had to bail out the banks, only so they would stick it to us as consumers? And all this is somehow sanctioned by the government? You have to be kidding me. Please consider all this.

Lance Winslow is a retired Founder of a Nationwide Franchise Chain, and now runs the Online Think Tank. Lance Winslow believes in financial responsibility.

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In August 2007, the nation was stunned by the collapse of a major Minneapolis bridge, killing nine. The bridge had been rated structurally deficient by the U.S. government as far back as 1990, and it was only one of more than 70,000 bridges across the country with that rating. The American Society of Civil Engineers estimated that it would take nearly $190 billion to fix the country’s failing bridges over the next two decades. Minnesota and other states have the manpower and the materials to rebuild. What they lack is only the money to do it. Municipal governments have to borrow money by issuing bonds, and the interest they must pay on these bonds is going up.

On March 13, 2008, Erik Sirri, director of the SEC’s division of trading and markets, told Congress that the credit crisis has spread to municipal bond auctions. “There is no question that the recent dislocations in the municipal bond markets have created unanticipated hardships for municipal issuers and in some cases dramatically increased their borrowing costs,” Sirri said. The inability of cities and states to sell municipal bonds to investors at reasonable interest rates seriously threatens plans to build new roads, schools, airports and other public works projects.1

Although the cost of borrowing is going up for municipal governments, this is not because they are bad credit risks. In fact, they are extremely good credit risks. Creditors know where to find them, and local governments have the power to tax to pay their bills. The problem lies with the bond insurers called “monolines,” which have ventured into the very risky mortgage-backed securities market. This has put the insurers’ triple-A ratings in jeopardy, along with the ratings of the municipal bonds they insure.

While borrowing costs for municipal governments are skyrocketing, the interest rate the Federal Reserve charges to banks has been going down, even though banks are proving to be much riskier investments than local governments. The Federal Reserve is a private banking corporation that is owned by other banks. It was established in 1913 to prevent bank runs and otherwise keep the banks from getting into trouble for over-leveraging (lending out many times their assets), and that remains its principal function today. The Federal Reserve recently extended $200 billion in financing to 20 top investment banks at wholesale rates, but these low rates are not being passed on to municipal governments or home buyers. The Federal Reserve is evidently working for the banks more than for taxpayers or local governments.Thinking Outside the Box: The Minnesota Transportation Act

Many people are getting tired of waiting for the Federal Reserve and the federal government to act, and one of them is a Minnesota resident named Byron Dale. Dale has drafted a bill called “the Minnesota Transportation Act” (MTA), which is scheduled for hearing before the Minnesota Senate Transportation Committee on March 25, 2008. If adopted, the bill could represent a major innovation in the way state and local projects are funded. It would mandate Minnesota’s Transportation Department and State-chartered banks to enter into an agreement providing that the banks would advance funds for legislatively-approved transportation projects in the same way that banks make commercial loans – simply by “monetizing” the projects themselves. Banks routinely monetize the promissory notes of borrowers just by making book entries to a checking account and saying “you have a new deposit with us.” (More on this below.)

Under the MTA, the state-chartered banks would create a pass-through account titled an Asset Monetization Account (AMA), monetizing the bid value of projects. This would be done in the same way that banks monetize collateral, except that the deposit would go on the bank’s books as an asset rather than a liability, turning the bid value of the project into “money” without debt. This money would be debited electronically out of the AMA and credited to the State’s Transportation Account (STA), from which it would then be debited out and credited in to the contractor’s bank account in a state bank, according to the terms of the contract. The contractor would spend this money to complete the project. The money would flow into Minnesota’s economy, where it would provide for better, safer, more durable roads and bridges. It would be used to purchase goods and services, benefiting business. It would go to pay taxes, helping the State balance its budget. And it would flow back into the state-chartered banks as interest on outstanding loans, reducing the number of loan defaults and improving the profits of the state-chartered banks. In this way, says Dale, the MTA would benefit every segment of society.Too Radical? Maybe Not . . .

Dale says he has been proposing this sort of state funding alternative for years; but only now, with the looming liquidity crisis, have legislators begun to take him seriously. His plan may not be such a radical departure from existing practice as it sounds. Commercial banks are already in the business of creating money. Except for coins, our entire money supply is now created by banks in the form of loans.2 Indeed, banks create all the money they lend. This was confirmed by the Chicago Federal Reserve in a booklet called “Modern Money Mechanics,” which states:

“Of course, [banks] do not really pay out loans from the money they receive as deposits. If they did this, no additional money would be created. What they do when they make loans is to accept promissory notes in exchange for credits to the borrowers’ transaction accounts. Loans (assets) and deposits (liabilities) both rise [by the same amount].”3

Many other authorities have confirmed this money-creating mechanism of commercial banks.4 State-chartered banks get their authority to create money from the State, and the State has the authority to determine the purpose for which banks create money. State banks are now permitted to create money to monetize a mortgage or other promise to repay. They could as easily be authorized to “monetize” the promise of contractors to deliver labor and materials to the State in the form of road and bridge repair and construction.

The argument against this creative approach is that it would be inflationary, but would it? Inflation results when “demand” (money) increases faster than “supply” (goods and services); and in this case goods and services would be increasing along with the money available to spend, keeping the money supply in balance and prices stable. In fact, it is the lending of money created out of thin air that is inflationary, because banks create the principal but not the interest necessary to pay back their loans. Additional loans must therefore continually be taken out just to service the “money” (or debt) that is already in the money supply; and this newly-created money goes into the pockets of middlemen rather than contributing to the productivity of the community. “Demand” (money) thus goes up without a corresponding increase in “supply,” creating price inflation.

The solution to this conundrum is to authorize banks to monetize the production of real goods and services, creating supply and demand at the same time. There is substantial precedent for this approach, stretching as far back as the early American colonies:

* In the early eighteenth century, the colony of Pennsylvania issued money that was both lent and spent by the local government into the economy, producing an unprecedented period of prosperity. This was done not only without producing price inflation but without taxing the people.

* When Abraham Lincoln needed money to fund the American Civil War, rather than paying 25 to 36 percent interest charges, he avoided going into debt by printing Greenback dollars that were “legal tender” in themselves. Again, historians of the period attest that this issue of Greenbacks was not responsible for price inflation.

* A successful infrastructure program funded with interest-free “national credit” was instituted in New Zealand after it elected its first Labor government in the 1930s. Credit issued by its nationalized central bank allowed New Zealand to thrive at a time when the rest of the world was struggling with poverty and lack of productivity.

* The island state of Guernsey, located in the British Channel Islands, has been funding infrastructure with government-issued money for over 200 years, without creating price inflation and without government debt.5 But Is It Constitutional?

These governments could create the money they needed because they were sovereign entities, but what about individual States governed by a federal Constitution? In the United States, the U.S. Constitution controls. But that august document says very little about the creation of money – so little that banks have stepped in and taken over the business by default. Here are the sole Constitutional provisions directly addressing the creation of money:

Article I, Section 8, Clause 5

: The Congress shall have Power…To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.

Article I, Section 10, Clause 1

: No State shall…coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debt.

Congress has been given the power to coin money, but minting coins is not the same thing as issuing paper money, checkbook money, accounting-entry money, or electronic money – the forms of money used most often today. Arguably, “to coin” money was an archaic way of saying “to create” money, but then what is to be made of the clause stating, “No state shall . . . make any Thing but gold and silver Coin a Tender in Payment of Debt”? “Coin” here clearly means precious metal coins, period.

That clause is interesting for another reason: when was the last time you heard of a State paying its debts in gold or silver coin? States routinely pay their debts with the bank-created accounting-entry money that now composes over 97 percent of the U.S. money supply (M3), and that form of money is omitted from the Constitution altogether. The States therefore violate the Constitution every day, something they must do if they are to pay their debts at all, since gold and silver coins are no longer in general circulation. The Constitution obviously needs to be amended to suit the times. Meanwhile, the Tenth Amendment to the Constitution (part of the Bill of Rights) provides:

X – Rights of the States under Constitution

: The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

Creating checkbook money is not specifically delegated to the United States, so it must be delegated to the States, unless it is specifically prohibited to them. What about the provision that “No State shall . . . emit Bills of Credit”? According to “the ‘Lectric Law Library,” “bills of credit are declared to mean promissory notes . . . . Bills of credit may be defined to be paper issued and intended to circulate through the community for its ordinary purposes as money redeemable at a future day.” Bills of credit are promises to pay later rather than what is being discussed here: checkbook money issued as “legal tender” – the sort of dollars banks issue every day when they make commercial loans. The Constitution does not say who is authorized to issue this sort of money – whether in paper, electronic or accounting-entry form – so under the Tenth Amendment, this right is reserved to the States and to the People.

As the credit crisis deepens and exposes the inability of the existing banking structure to meet the public’s needs, creative funding plans similar to the proposed MTA could be popping up in communities around the country. If the U.S. Congress and the privately-owned Federal Reserve will not issue the funds necessary for bridge and road repair and other urgent public projects, we can encourage our State legislators to fill the breach; and if they won’t do it, we the people can get together, apply for a bank charter, and create the funding ourselves. (See E. Brown, “How to Start Your Own Bank,” webofdebt.wordpress.com, February 23, 2008.)

Ellen Brown, J.D., developed her research skills as an attorney practicing civil litigation in Los Angeles. In “Web of Debt,” her latest book, she turns those skills to an analysis of the Federal Reserve and “the money trust.” She shows how this private cartel has usurped the power to create money from the people themselves, and how we the people can get it back. The website is http://www.webofdebt.com/

Her eleven books include the bestselling “Nature’s Pharmacy,” co-authored with Dr. Lynne Walker, which has sold 285,000 copies.

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The show-down between America’s banks and American families, and the prospect of a Consumer Protection Agency, is in its final stages in the Senate. Elizabeth Warren, bailout watchdog and champion of the American family, says the outcome “will show whether we are going to let the industry continue to write the rules — to keep the cops off the beat — or whether the financial crisis actually changed something.” Outgoing Senator Chris Dodd wants to drop the proposed independent agency from the Senate’s financial reform bill. Good for you, Chris.

Unfortunately for him, and fortunately for us, Elizabeth Warren is a mighty adversary. Dr. Warren is a Harvard Law professor and outspoken advocate for the middle class. The new agency would be given the power to write rules governing basic consumer credit products like home mortgages and credit cards, and would have the authority to regulate big banks and to oversee their compliance. That’s pretty scary language if you’re a big bank. But, isn’t it about time we learn anything from the financial and economic doom we are all facing? A laser light is pointing at the big banks.

Banks want to be protected from any threats to their business-as-usual mode of operation which, even today, translate into mind-boggling profiteering (you could substitute “obscene” without a stretch). Many law professors and consumer advocates stress that consumer protection has never been a priority. That is precisely why we are at the bottom of the economic well. Except big banks, of course. Why would they want anything to change? There’s nothing in it for them except reduced profits, and that’s never a good thing for their greedy culture. Although we consumers have made them what they are, that’s always been lost on the bottom line, every time.

The rising tide of disgust and calls for big change are at hand. The necessary sea change to make this happen on our behalf is becoming a ground swell of a tidal wave waiting to crash. Well, at least we can certainly hope this is the case. The House has made its intentions known by passing a bill to implement a Consumer Protection Agency. But, as you might have guessed, the Senate is not on the same track. There’s simply too much at stake for their constituents, the big banks and their rich lobbyists, to take a moral gamble on helping everyday Americans.

So, while I’m not holding my breath, knowing Dr. Warren is leading the charge, I might hold it a little, just in case we get lucky.

Grant Brad Gerver is an entrepreneur and creative consultant for Filibi, an online classified and coupon advertising site and free home business paying 70% commissions to its members. He’s also a YouTube blues singer-songwriter and guitar player (gbgerver) who performs with The Buzzard Brothers. Additionally, Grant writes political humor, thousands of bumper stickers, and humorous movie reviews. He has also worked with various companies as a product-naming specialist. He’s a retired elementary school teacher and published children’s author who works in the health care field.

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Go fly a kite! Seriously! In the Outer Banks, the saying isn’t a dismissal, but rather an invitation to a day of family fun. While the area on the coast of North Carolina is known primarily for its beautiful beaches, wild mustangs, and various water sports and fishing, kite flying is an especially popular pastime for residents and visitors. Several events staged in Dare and Currituck County throughout the season provide hours of entertainment for the novice and expert flyer. Next time you’re vacationing in the Outer Banks and feel you have “beached” out, take a break and grab the lead on a beautiful flying wonder.

Where to Buy Kites

Have you come to the beach without something to fly? No worries! The convenience of the many available surf and sailing shops in the area allow you to stock up on the gear you need for a day of fun. String, bling, the whole flying machine…you can find it at either of these recommended spots:

Kitty Hawk Kites (several locations around the Outer Banks) – Largely regarded as the first name in kites on the Carolina shore, this popular chain has everything you need to soar through the sky! Whether you want to lead a simple single line flyer down the beach, or are interested in something more extreme like kiteboarding, this should be your stop. All manner of flying toys are here for your – leisure and competition styles, and tools for hang gliding, too.

Flying Smiles Kites (1159 Austin Street, Corolla) – This shop is all smiles! Located across the street from the Currituck Beach Lighthouse and the Whalehead Club, Flying Smiles is a recent addition to the Outer Banks. Here you will find kites of many colors – single line, dual line and quad line – as well as a “kite hospital” for repairs. Lessons on helping your nylon “birds” to sail in the clear blue are also available.

Where to Fly Kites

There’s always the beach, but in the summer the sands are likely to be occupied with many sun worshipers. It wouldn’t do to trip over a multitude of bodies in order to keep your kite aloft, so where else can you go? The expansive lawn of Currituck Heritage Park, home of the Whalehead Club, is one alternative, as is the more secluded Knotts Island area. Most visitors, too, prefer to indulge in their hobby at the original site of flight, the Wright Brothers National Memorial at Kitty Hawk.

For a soaring great time, be sure to pencil in an afternoon of breezy kite flying on your next trip to the Outer Banks. When the sky is clear and sunny, you won’t find a more beautiful site than a series of strings slanting upward, supporting a flock of colorful kites.

Kathryn Lively is a freelance writer specializing in travel articles on the Outer Banks and Richmond condo rentals.

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By creating credits we mean the process whereby commercial banks, make it possible for more deposits to be made through loan and this process of creating credits is also called creation of money or money creation. By granting loans to their customers, commercial banks increase the purchasing power of the borrower and also increase the volume of money in circulation. Commercial banks use current account as basis of creating credit or money. However, it is not possible for one commercial bank to create credit or money. For credit or money to be created, the entire banking system, will have to be involved.

Commercial banks are required by law to keep certain percentage of their deposits with them. This percentage kept with them is known as Cash ratio or Liquidity ratio or Cash reserve. This is done in order to protect customer’s deposits and prevent bank crisis. This percentage of cash ratio banks will keep is fixed by the central bank, and varies from one country to another. Assuming the central bank fixes 10% as the cash ratio, it then means that for every deposit a bank receives, 10% of the deposit must be kept in the bank while the remaining 90% can be given out as a loan or overdraft by the bank. This 10% cash ratio is kept or reserved with the bank in order for the bank to meet up with customer’s withdrawals. There are other methods by which commercial banks generate credit, for example the death of a customer, by government policies, by the sale of receipts and treasury bills, and also by selling shares to customers and the entire public.

Eze Ezenwa is an expert in providing financial solutions, he is the current owner of http://fynance.blogspot.com

The Author of this article, gives any reader/viewer of this article the full right to re-print, this article, re-print should include Author’s name and website(URL)

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