Routing numbers are nine-digit numbers that identify your bank or credit union in a financial transaction. The banking industry adopted the numbers to make transactions faster and more efficient. Miscommunication is reduced because each bank has a unique phone number. Even if two banks have similar names, their routing numbers distinguish them. Most financial institutions […]
What is Traditional Banking?- Advantages and Disadvantages
A bank is a non-profit organization that provides banking services. Receiving deposits, lending money, and processing transactions are all examples of traditional banking services. Some banks issue legal tender banknotes. Many banks offer ancillary financial services to generate additional revenue, such as selling insurance, investment products, or stock brokerage. Traditionally, a bank makes money by […]
How much Money is in the World Economy?
Money changed the entire concept of the barter system. For centuries, money has served as a medium of exchange for goods and services, helping countries exchange goods and services and developing friendly relationships. Every great nation, in most cases, has a central bank that regulates and publishes money supply data in collaboration with the government. […]
Counterfeit Money vs Real Money- How to Know the Difference
The circulation of counterfeit money is no longer news. If you’ve ever been a victim, you can tell it’s devastating. Differentiating real money from counterfeit is not an easy task; however, it does not require a laboratory test or a university degree. Whenever you have doubts about the quality of notes issued to you, simply […]
How to Write a Bill of Sale
When buying a new item, the establishment from which you are purchasing the item will lay out the process, and your signature may be required. On the other hand, when purchasing something used, the seller may lack a defined process. If a disagreement arises, things may become complicated. It is therefore a good idea to […]