Power Finance Corporation

The first operating ATM, also known as an automatic teller machine, was at a branch of Barclays in England, and opened in 1967. ATM machines are also commonly referred to as bank machines, or cash machines. The majority of people use them to access funds that are in their current checking or savings accounts. There are also other uses for an ATM machine, including but not limited to paying mobile phone bills and utility bills.

The services provided by bank machines are considered essential by the majority of bank customers. The introduction of the ATM machine revolutionized the banking industry. People no longer were required to wait in long lines at banks. Even better, people were able to access their money during hours the banks normally were not working. There is still room for improvement to the overall ATM customer experience.

There are still ways bank machines could have improvement, as discussed in these six tips:

1. Availability of Functioning Bank Machines:

Sometimes an ATM will not be functioning, which is extremely frustrating to the majority of customers. This happens most often because a bank has elected to use an outdated or very old ATM system. Customers have an expectation that their bank will properly maintain the ATM, and that it will always be operational and accessible.

2. Cleanliness and Hygiene of an ATM Machine:

It is extremely disturbing to customers of an ATM machine when they attempt access their finances but find the machine is coated in grease and oil from someone else’s food. It is not uncommon to see numerous types of trash all around a regularly used ATM. It should be a concern of banks to keep both the ATM machines and the areas around them clean. Customers accessing clean ATM machines will have a more pleasant experience.

3. Ease of Access to an ATM Machine:

On occasion you may find an ATM that is not easy to physically reach. Everyone should be able to easily access any ATM. Large or adjustable text on screen should also be added.

4. Elimination of Fees and Charges

It is not uncommon to see newer and more modern banks eliminate fees and similar charges from customers using their bank machines. Despite the progress that certain banks have made, there are still a number of ATM machines that require customers to pay heavy surcharges for the access of their funds.

5. Privacy, Safety, and Security of Customers and Their Money:

The majority of people expect a degree of privacy while withdrawing money, as they do not want others to see the amounts of cash they take, or their related PIN numbers. A number of people have concerns due to the fact that some ATM machines are in unsafe areas. Of paramount concern to a number of people is their security, as criminals will only need the person to be alone in order to make them a target.

6. Sufficient Cash Stocked In Machines:

Perhaps the greatest frustration in ATM user experiences is when they finally reach the ATM only to see that there is no longer any cash in it. Every bank should make sure that the ATM they offer customers has sufficient stocks of cash available.

In 2010, President Obama signed into law the Hiring Incentives to Restore Employment Act (HIRE). One of the provisions of the HIRE Act relates to additional reporting and disclosures for US taxpayers with interest in certain foreign assets in excess of $50,000.

The federal government and US Treasury have a strong desire to close the “tax gap.” The tax gap is the difference between what taxpayers should have paid and what is actually paid. Much of the tax gap is willful tax evasion by taxpayers. The remainder is primarily caused by incorrect tax filings due to the complexity of the tax code. Some estimate that the tax gap exceeds $300 billion per year. Obviously, closing this gap is a good solution for Washington (and probably for all honest US taxpayers).

The HIRE Act is attempting to close the tax gap on those with financial accounts in foreign jurisdictions. It does this by requiring taxpayers to report their foreign financial holdings. This disclosure will be completed as part of one’s individual tax filing.

Section 6038D of the HIRE Act requires the following foreign financial assets to be disclosed as part of the taxpayer’s individual tax filing:

1. Any financial account maintained by a foreign financial institution
2. Any of the following assets which are not held in an account maintained by a financial institution:

• any stock or security issued by a person other than a United States person,
• any financial instrument or contract held for investment that has an issuer or counterparty that is not a United States person, and
• any interest in a foreign entity.

The law specifies that the following is to be disclosed regarding these foreign assets:

1. Foreign bank accounts- The name and address of the financial institution in which such account is maintained and the number of such account.
2. Foreign stocks and other securities- The name and address of the issuer and such information as is necessary to identify the class or issue of which such stock or security is a part.
3. Other foreign instrument, contracts, or interests- The name and address of the issuers or counterparties, and such information as is necessary to identify the instrument, contract, or interest.
4. For the aforementioned items, the law requires disclosure of the maximum value of the asset during the taxable year.

US tax law has always required income to be reported for foreign assets. So, you might think that if someone was not reporting income on these assets in the past, then they will continue to evade the law and not disclose the assets. However, the HIRE Act has other provisions that are strong arming foreign institutions to disclose the assets of US taxpayers to the IRS. As such, the IRS may become aware of these assets regardless of your disclosure. Needless to say, failure to comply contains significant penalties.

The IRS recently issued a draft Form 8938. This is the form in which the IRS will collect the data. It is currently out for comment now. The disclosures are onerous, but I do not believe it is appropriate to blame the IRS on this one. They are merely following the law that Congress and the President enacted. The real issue is that these rules seem to create a presumption that those with foreign assets are evading taxes. In reality, most of the account owners are merely living abroad or have lived abroad in the past. The vast majority are complying with the tax law. So the significant minority evading taxes create a massive disclosure for the significant majority complying with the law.

If someone paid for your dreams to come true, everyone would dream big. Have you ever thought of leading your dreams to reality through someone else’s expense? You are in true luck, because the US government gifts over $400 billion as free grants for its citizen’s needs. There are over 5000 federal programs, 70,000 to 100,000 corporations and foundation, many private entities, professional and community groups which contribute to this free funding.

A common question that may arise in your mind is that if there is so much funding available, then why many people don’t apply for it. The reason is that, many people aren’t aware that they could be eligible for a government grant and many others do not want put in efforts to grab this money. Agreed that it is free money, but it is not easy money. So, you need to put in a little effort and time to research and write a convincing grant application to convince the grantor of your needs.

Government Grants are available for all needs: housing, education, business, home improvement, etc. Home improvement grants provide free money to improve home and property. Considering the current housing market and economic times, buying a new home can be really tough. You can renovate your current home using the home improvement grants. You can use this money to repair damage from natural calamities, build a new roof or for modernizing your home. Minorities, senior citizens, single-parent homes, financially disadvantaged people can receive special concessions with home grants.

The government also grants over $20 billion in special grants for women. It has many financial opportunities for women owned businesses. If you are a woman and wish to start a new business after taking a long break from working to setup your family, you can apply for business grants for women. If your business needs capital to expand, even then you can apply for these grants. The several grants offered specially for women are: small business grants for woman, regular business grants for woman, Grants for single-mothers, Grants for low-income women, etc.

The chances of a woman entrepreneur winning a grant is high because there are more than 5000 government grantors, with over $10 billion just for small businesses. The amount granted can range from a few hundred dollars to six digit numbers.

US Government grants your wishes through its numerous grants. Whether you need to complete your education, buy a new home, repair your current home or setup a business, the government has free money for you, which need not be repaid. All you have to do is apply for a grant which suits your need and win the free money.