Sunday, April 26, 2015
Top Entrepreneur News

Sun, 26 Apr 2015 16:30:00 -0500

Confronting someone doesn't have to be a defensive maneuver or a counterattack.

Sun, 26 Apr 2015 14:00:00 -0500

First impressions are a one-shot deal. For email marketers, they only come once in an inbox. Here's how not to blow that all-important initial email contact with fresh subs.

Sat, 25 Apr 2015 16:30:00 -0500

Sam Altman is redefining the venture capital firm's identity and making bold moves. After one year on the job, has his strategy paid off?

Sat, 25 Apr 2015 14:00:00 -0500

Barbara Corcoran explains how -- and why -- some deals on the show go through while others fall apart.

Sat, 25 Apr 2015 10:00:00 -0500

For Heidi and Paul Ferguson, Pillar To Post was the start of a whole new kind of life.

Fri, 24 Apr 2015 23:00:00 -0500

With mobile apps, online platforms, content management systems and a myriad of wireless communications taking over events, the millennial way of thinking is how producers should create these events.

Fri, 24 Apr 2015 22:30:00 -0500

In this environment of incessant interaction, brands might benefit by talking less and listening more.

Fri, 24 Apr 2015 22:00:00 -0500

The business world is in a constant state of flux, and companies today need to be ready to weather unpredictable markets. Here's how.

Fri, 24 Apr 2015 21:45:00 -0500

In some countries, credit cards aren't the payment method of choice. Here's what to know.

Fri, 24 Apr 2015 21:30:00 -0500

Just a few years ago many observors speculated social media would displace publishing but the resilience of the industry shows content is king.

Fri, 24 Apr 2015 21:15:00 -0500

Is your company ready for the future in credit card processing?

Fri, 24 Apr 2015 21:00:00 -0500

Give women equal pay for equal work. No rocket science, no magic tricks -- it's just simply doing what's fair.

Fri, 24 Apr 2015 20:30:00 -0500

During a recent event, four highly successful entrepreneurs talked about proving others wrong, hiring great people and being in it for the long haul.

Fri, 24 Apr 2015 20:00:00 -0500

An ex-quarterback for the Steelers describes how getting knocked down isn't what counts; it's how you get up again.

Fri, 24 Apr 2015 19:30:00 -0500

Three things you need to know before you hit reply.

Fri, 24 Apr 2015 19:15:00 -0500

With videos becoming a bigger part of a company's marketing strategy, it is imperative you always look your best.

Fri, 24 Apr 2015 19:00:00 -0500

In any given pitch scenario, there are things you can do to aid in your quest for the elusive partnership, as well as things you can do that will get in the way of success.

Fri, 24 Apr 2015 18:30:00 -0500

Numbers are vitally important to knowing how well you're doing, but only if they're pertinent to your goals.

Fri, 24 Apr 2015 18:28:51 -0500

The feisty billionaire investor and 'Shark Tank' star sounded off about the failed mega merger on Twitter and -- no surprise -- he's pointing the finger at the FCC.

Fri, 24 Apr 2015 18:25:00 -0500

Hacked emails show that product placement in a Bond film isn't easy.

Fri, 24 Apr 2015 18:15:00 -0500

From Eileen Fisher to Zady, fashion brands big and small are rallying around a global campaign that asks retailers: 'Who made my clothes?'

Fri, 24 Apr 2015 18:00:00 -0500

These oft-dreaded sessions can be fun, informative and purposeful, if you set some rules.

Fri, 24 Apr 2015 17:30:00 -0500

Starting a new and innovative business is not a highly structured process, and finding time for structured learning is unlikely.

Fri, 24 Apr 2015 17:15:00 -0500

If you think you knew Amazon, things are about to change.

Fri, 24 Apr 2015 17:00:00 -0500

Startups dream of instant success but an inability to meet demand for a wildly popular product can bring a young company to crisis.

Fri, 24 Apr 2015 16:30:00 -0500

Check out the best of the best in business travel this year.

Fri, 24 Apr 2015 16:15:00 -0500

The coffee chain reported 7 percent sales growth thanks in part to the unlikely source.

Fri, 24 Apr 2015 16:15:00 -0500

The chain is pushing into mobile tech with a delivery partnership and a new Apple Watch app.

Fri, 24 Apr 2015 16:00:00 -0500

Decisions you make on the front end will heavily impact the long-term health of your business.

Fri, 24 Apr 2015 15:47:00 -0500

The nascent monthly subscription service fitness market just consolidated.

Fri, 24 Apr 2015 15:45:00 -0500

You pay only for the data you use. How nice does that sound?

Fri, 24 Apr 2015 15:40:13 -0500

Microsoft is looking to inject a bit of nostalgia back into its latest version of Windows in the form of a much-beloved time waster.

Fri, 24 Apr 2015 15:30:00 -0500

Green tea is one. Shorter meetings are another.

Fri, 24 Apr 2015 15:15:00 -0500

You can't federally trademark your brand associated with the sale of the controversial weed. But you do have options.

Fri, 24 Apr 2015 15:00:00 -0500

Measuring something as seemingly unwieldy as the effects of bloggers and social media users talking about your brand can be daunting, but it's achievable.

Fri, 24 Apr 2015 14:45:00 -0500

This time, Samsung's Gear smartwatch could be round, according to a blog post.

Fri, 24 Apr 2015 14:30:00 -0500

A former toy maker turned inventor shares the story of one of his first big victories in entrepreneurship.

Fri, 24 Apr 2015 14:00:00 -0500

Hurt feelings and burnt bridges may result, so tread carefully.

Fri, 24 Apr 2015 13:45:00 -0500

When analysis hits a deadend, walk away from the problem to free your creative mind.

Fri, 24 Apr 2015 13:30:00 -0500

Whatever your business, keeping your customers happy is your real job.

Fri, 24 Apr 2015 13:00:00 -0500

We round up what to know as the much-hyped device arrives in stores.

Fri, 24 Apr 2015 12:30:00 -0500

Here are three simple, yet important tips on how to handle phone calls properly and help you increase your business immediately.

Fri, 24 Apr 2015 12:00:00 -0500

Some of these services are well known, while others are a bit obscure.

Fri, 24 Apr 2015 11:30:00 -0500

We don't consider how our food choices are actually making us much less effective.

Fri, 24 Apr 2015 11:00:00 -0500

By systematically outlining your expertise and what you have to say, you can generate publicity that drives sales.

Fri, 24 Apr 2015 10:30:00 -0500

The short-term financing is sensible for investments that will generate more revenue but a serious burden if cash flow remains flat.

Fri, 24 Apr 2015 10:00:00 -0500

On the heels of last week's splashy stock-market debuts of Etsy, Party City and Virtu, here's who could be next.

Thu, 23 Apr 2015 22:30:00 -0500

This oft-overlooked option might be the key to getting your company the funding it needs.

Thu, 23 Apr 2015 22:00:00 -0500

Understand when a yes is actually a no.

Thu, 23 Apr 2015 21:30:00 -0500

Luckily, these issues are all factors business owners can control.

Thu, 23 Apr 2015 21:00:00 -0500

The traits most likely to cause problems are often easily confused for strong influence.

Thu, 23 Apr 2015 20:30:00 -0500

These business must learn to make changes quickly and adapt in order to stay relevant and be successful.

Thu, 23 Apr 2015 20:00:00 -0500

Entrepreneurs who want to make it big should be ready to plan, sustain and reinvent their path to success. Here's how.

Thu, 23 Apr 2015 19:30:00 -0500

It's high time you got acquainted with the terms CRM and BI.

Thu, 23 Apr 2015 19:15:00 -0500

Package design is a powerful factor in consumer buying decisions but food safety and materials cost are big considerations.

Thu, 23 Apr 2015 19:00:00 -0500

Change your story, change your life. Follow the great motivator's three steps to achieving a breakthrough

Thu, 23 Apr 2015 19:00:00 -0500

Although these cities aren't renowned for their clusters of hopeful tech entrepreneurs, they hold new opportunities for those looking to get in the startup game.

Thu, 23 Apr 2015 18:30:00 -0500

Whether you want to sell products or gain subscribers, they've got to know who you are in the first place.

Thu, 23 Apr 2015 18:15:00 -0500

The search for talent is an integral part of a well-developed social media branding strategy.

Thu, 23 Apr 2015 18:00:00 -0500

Let your dream grow alongside your journey.

Thu, 23 Apr 2015 17:52:15 -0500

The character, which represents the American women who entered the workforce in droves during World War II, has become a symbol of female empowerment.

Thu, 23 Apr 2015 17:45:00 -0500

Techstars just held its Winter 2015 NYC Demo Day, and the companies presenting were all amazing.

Thu, 23 Apr 2015 17:30:00 -0500

Meerkat and Periscope both offer business owners a new way to market with their Twitter audiences.

Thu, 23 Apr 2015 17:15:00 -0500

While it is impossible to know how you might react to a situation that threatens your business, tap these strategies so you're not caught with a "stupid face."

Thu, 23 Apr 2015 17:00:00 -0500

Data-driven decision making is fundamentally important. Startups make a mistake thinking it is a capacity they can wait to develop.

Thu, 23 Apr 2015 16:45:00 -0500

Startup life can easily dominate one's schedule, but, as some entrepreneurs forget, they aren't the only ones with schedules, responsibilities, and needs.

Thu, 23 Apr 2015 16:30:00 -0500

A look at when seller financing makes sense and how to vet the deal.

Thu, 23 Apr 2015 16:15:00 -0500

Success can mean different things to different people but the key is to envision what it means and act on it.

Thu, 23 Apr 2015 16:00:00 -0500

The merger of Omnicom and Publicis means more than just the creation of a mega-agency.

Thu, 23 Apr 2015 15:45:00 -0500

To succeed at both, you have to have a will to win and follow these three P's.

Thu, 23 Apr 2015 15:36:01 -0500

With a strong first quarter, the pizza chain believes it has found the balance to bring customers in the door.

Thu, 23 Apr 2015 15:36:00 -0500

Sometimes you just have to let it all out.

Thu, 23 Apr 2015 15:30:00 -0500

Emotionally attuned leaders have much to offer in a business world that increasingly values networking and collaboration.

Thu, 23 Apr 2015 15:00:00 -0500

'Brain Games' host Jason Silva explains the importance of recognizing those moments when you're truly satisfied by whatever it is you're doing.

Thu, 23 Apr 2015 15:00:00 -0500

Leaving behind a steady income and starting your business introduces a conundrum: When do you get a prize?

Thu, 23 Apr 2015 14:45:00 -0500

'I believe the food printer will be the first one that is going to be adopted in everybody's home,' 3D Systems chief entrepreneur officer said in a talk on Tuesday.

Thu, 23 Apr 2015 14:39:00 -0500

'Angels sung on high,' 37-year-old Lucas Hinch said.

Thu, 23 Apr 2015 14:30:00 -0500

Careers, presuming a dollop of luck, are shaped by the relationships we build, skills we learn, our character and how hard we're willing to work.

Thu, 23 Apr 2015 14:15:00 -0500

People who consider themselves to be happy are 36 percent more motivated, six times more energized and twice as productive as their unhappy counterparts

Thu, 23 Apr 2015 14:07:00 -0500

The donut and coffee chain grew same-store sales nearly 3 percent, as franchisees were forced to get flexible due to difficult conditions.

Thu, 23 Apr 2015 14:00:00 -0500

A good credit score can help you land loans, financing and better interest rates for your business.

Thu, 23 Apr 2015 13:45:00 -0500

The founders and co-founders of Techstars' graduating class share their favorite productivity hacks.

Thu, 23 Apr 2015 13:30:00 -0500

By bugging you to pay estimated taxes and update your QuickBooks, that iPhone just might be your new best friend.

Thu, 23 Apr 2015 13:00:00 -0500

When her son suffered a devastating spinal injury, this mom devoted her life to helping him and others like him achieve maximum rehabilitation.

Thu, 23 Apr 2015 12:30:00 -0500

Childish behavior doesn't go over too well in the real world. The real business world expects results.

Thu, 23 Apr 2015 12:00:00 -0500

Whether they are romantic, professional, family, friends, staying in toxic relationships isn't worth it.

Thu, 23 Apr 2015 11:30:00 -0500

Don't go into business scared of the unknown, says HealthSource franchisee David Mathias.

Wed, 22 Apr 2015 23:00:00 -0500

Ever hear of blood diamonds? They're one reason you should keep reading.

Wed, 22 Apr 2015 22:30:00 -0500

Instagram is the modern equivalent of window shopping. It offers a peek into the world of a brand.

Wed, 22 Apr 2015 22:15:00 -0500

Quality coaches are good listeners, and they don't prey on your emotions.

Mon, 27 Apr 2015 01:12:00 -0500

It's early, but we've already seen some big shots and potentially bad shots in the NBA playoffs. Kevin Love's shoulder injury, a result of what he called a "bush-league play,'' could be devastating for the Cavs.

Sun, 26 Apr 2015 16:55:00 -0500

Book purists will hate Season 5 of Game of Thrones, but that's okay. That's their loss.

Sun, 26 Apr 2015 16:26:00 -0500

A reader asks Liz for her take on the job interview question "How do your skills fit this job?" and Liz obliges

Sun, 26 Apr 2015 15:14:00 -0500

On Saturday, May 2, Manny Pacquiao faces off against Floyd Mayweather Jr. in the most anticipated fight of the decade. For a price of $90 (standard definition) or $100 (high definition) one can purchase the fight on Pay Per View. The expectation is that Pay Per View sales will break [...]

Sat, 25 Apr 2015 21:34:00 -0500

Here are five obnoxious and intrusive job interview questions no one has the right to ask you. We've supplied answers to all five obnoxious questions, in case you run into them on an upcoming interview!

Fri, 24 Apr 2015 23:31:00 -0500

Whether or not you believe in the religion itself, The Church of Jesus Christ of Latter-day Saints (aka "Mormons") are masters of digital marketing, and businesses can learn important lessons from the religion's success.

Fri, 24 Apr 2015 19:11:00 -0500

This week, the Supreme Court heard arguments in Horne’s case challenging the Raisin Administrative Committee. It’s the New-Deal case that took 80 years to bring. Their fight against the RAC is part of a proud tradition of individuals fighting against government-created cartels, especially in agriculture. Those cartels collude against consumers in ways that would be blatantly illegal in industries that don’t enjoy government sanction. Occasionally, someone will fight back against the cartel, and the industry will circle the wagons to protect its unique, anti-competitive privilege.

Fri, 24 Apr 2015 16:55:00 -0500

How do you find job opportunities worth pursuing? Liz Ryan spells it out

Fri, 24 Apr 2015 14:44:00 -0500

A group of experts likens the food industry's PR “machinery” to big tobacco’s. Ouch.

Tue, 21 Apr 2015 13:42:00 -0500

Procrastination costs us time and takes up vital energy, yet it's something most of us do. If you’re avoiding, delaying, or sidestepping something, you can use these tips to combat procrastination and boost your productivity.

Latest News & Information

Current Articles | Archives | Search

Is Your Bank Stealing From You?
By David Najor :: Friday, August 22, 2008 :: 15463 Views :: Article Rating :: Business & Finance

California, USA - “Few would argue that the energetic entrepreneurs have transformed small business in metropolitan areas of Michigan, California, Illinois, Arizona, and Nevada,” says Rebecca Cohen of California’s Bank & Trust speaking of Chaldeans.  “They are hard-working, brilliant in business, and have a remarkable talent for negotiations.”

Although the accolades and praise rings true to many, Chaldean business owners still remind budding entrepreneurs to be mindful of banks when doing business. 

“Banks are like any other business.  Their inventory is currency.  They want to buy currency when it is inexpensive and sell or loan to you at a higher rate,” says Masood Bajou.  “Chaldeans in business or not, should always keep a close eye on their banks and the fees they charge.”

Increasingly, banks are finding ways to impose bigger and trickier fees on account holders.  Uncovering the creative ways banks assess fees and other hidden costs to their customers was no easy task.  Nonetheless, Chaldeans should be watchful over some of the sneakiest fees and quickly master ways you can avoid them...

ATM Overdraw
Many ATMs are allowing their customers to overdraw on their accounts. Request cash from your bank's ATM, and you will almost certainly receive it -- even if there is not enough money in your account to cover the withdrawal. Banks could easily program their ATMs to decline such transactions or to warn you that such a transaction will trigger a hefty overdraft fee, but that would mean a loss of extra fees for the banks.

Chaldean Self-defense: Check your balance before making the withdrawal if you are not certain there is enough money in your account.

Double ATM fees.
Last year, Bank of America increased its ATM fee for non-account holders from $2 to $3, and other banks are likely to follow suit. ATMs warn customers of this type of charge, but many ATM users do not realize that their own banks often charge an additional fee of between $1 and $2.50 for using an ATM that belongs to another bank chain. That means the total fee for an out-of-network ATM transaction can top $5.

Chaldean Self-defense: Use only your own bank's ATMs.

Check Overdraft Penalities
Clear the biggest checks first to maximize overdraft penalties. Most banks charge a fee of $30 to $40 each time an account holder bounces a check. (Any merchant who received your bad check might charge you a penalty as well.) In addition, many banks now follow a practice that often automatically increases the number of checks that their customers bounce. They do this by first deducting from your account the largest check amounts when processing a batch of your checks.

The banks claim they do this because large checks tend to be the most important, but consumer advocates contend that it is just a way to maximize fees. Bank of America, Citibank, HSBC, Wells Fargo and many other banks engage in the practice.

Example: Five checks you wrote reach your bank on a given day -- four checks for small items followed by a $1,400 mortgage payment. If there is only $1,300 in your account, only the final check -- the big mortgage payment -- should bounce. Instead, your bank processes the large mortgage payment first, which means that all five checks will bounce. Rather than a $30 or $40 overdraft fee and one upset check recipient, you now face $150 to $200 in overdraft fees and five perturbed check recipients.

Chaldean Self-defense: Avoid writing many checks or making several debit card purchases in a short period if you are not 100% certain that there will be enough money in your account to cover all of them.   Also, check with your bank to see if they have overdraft protection should you have both a savings and checking account. This is often a free service so be careful of banks that charge for this basic service.

Another hidden fee is getting a penalty for someone else's bounced check. A penalty when you bounce a check is one thing -- but many banks now charge a fee of $5 to $10 to the recipient of a bad check as well.

Chaldean Self-defense: Do not accept checks as payment unless you are confident that you can trust the payer.

Account Dormancy Fees
Some banks charge a fee of several dollars per month to keep an "inactive" or "dormant" account open. In Michigan, Charter One is notorious for this practice.  Banks have different criteria for what they consider a dormant account, so be sure to ask your bank about its rules.

Chaldean Self-defense: Close any unnecessary accounts.

Banks might charge you a fee of $5 or more if you close an account within six to 12 months of opening it. These fees are particularly common at bank branches located in college towns, because banks know that students often close accounts at the end of each semester or school year. Example: Here in California, KeyBank charges an early closure fee of $25 when "Express Checking" accounts are closed within 180 days of being opened.

Chaldean Self-defense: Ask about account closing fees before you open the account. Don't open an account at a bank that charges such a fee if you expect to leave the region or close the account for another reason anytime soon.

Gift Card Fees.
Banks sell gift cards like those offered by retailers. They can be used just as you would use a bank-issued debit or credit card. Unlike retailer gift cards, however, bank gift cards often carry account fees of as much as $2 or $3 per month. If the recipient does not spend the money quickly, a significant portion of it might gradually disappear.

Chaldean Self-defense: Give cash or a check -- or a retailer gift card -- rather than a bank gift card.

Teller and Phone Fees.
Some banks now charge $1 to $5 or more every time an account holder interacts with a teller or customer service representative in person or on the phone (or every time the account holder exceeds a preset monthly teller transaction limit). At some banks, this charge applies even when customers call the bank but interact only with the automated system. Customers are not told that they are being charged a fee at the time of the transaction, and they often are unaware of the rules.

Some banks even charge a fee for certain ATM services, such as requesting a "mini-statement" that summarizes recent transactions.

Chaldean Self-defense: Ask your bank if your account has a limit on the number of free teller visits or calls. If it does, do as much banking as possible through ATMs or on-line.

Also, ask to have any teller or phone fee waived when your call or visit is about a bank error, involves opening an account or is because the bank's ATM is out of service. You also may avoid these fees if you maintain a certain balance in some accounts.

PIN fees.
Some banks now charge a fee of 25 cents to $1.50 each time a customer uses a personal identification number (PIN) for a debit card transaction at a retailer. Debit card users typically can choose to either sign for purchases or type in their PINs.

Banks impose PIN fees to encourage customers to sign for purchases, because banks can charge retailers higher fees when they do. Trouble is, many Chaldean cardholders don't even know that PIN fees exist.

Chaldean Self-defense: Try to use credit cards rather than a debit card. If you do use a debit card, check whether your bank imposes a fee when you enter a PIN. Consider switching banks if it does.

HOW TO AVOID FEES

Many Chaldean bank customers learn that fees only after when charges appear on their account statements -- if they bother to read their statements at all.   By law banks are required to give new customers a "Truth in Savings Disclosure" statement detailing all of their fees and to notify customers in writing when policies change, but few read the fine print of bank literature. Chaldeans should routinely ask their bank for a copy of the fee-disclosure statement for their accounts.

Chaldeans will often say that their banks waive the fees because they are good customers, but this is less common now. At many banks, low-level employees no longer even have the right to waive fees, and the managers who do are increasingly unwilling to be lenient -- though it is still worth asking to have questionable fees waived when they appear on your statement.

Always keep a good record of what you have tied to a bank.  Banks know that if you have your mortgage being automatically withdrawn, direct deposit for professionals, or a business account with business dealings electronically tied, they know you are less likely to leave over the fee charges.  Some banks will take advantage of this situation and nickel and dime Chaldeans to death. 

Having all your information accessible makes it easy to call their bluff and transfer your accounts to another bank.  Competition is the only way to keep the banks offering great service at reasonable costs. 

Now that is advice you can take to the bank!