May 28, 2013
insurance and money matters Bank
Bank deposits are safe, so saving in a bank remains one of the more common investments. Banks compete to Party Dresses 2013 attract savers by offering various plans for bank deposits
(bankinnskudd). Provided other aspects, such as loyalty to a bank where
you have other accounts or the convenient location of a nearby bank, are
not more important, you should compare the interest schemes offered by
competing banks. The schemes usually offer increasing interest for
greater deposits, in stages. However, the offers vary from bank to bank.
Consider two banks, A and B, both of which offer 3% interest on savings
account balances up to NOK 50,000, but differ in their offerings for
greater balances. Bank A offers 6% on amounts above NOK 50,000, whilst bank B offers 6% when the overall
balance exceeds NOK 50,000. The results of interests they offer are
shown below:
Securities Depository (Verdipapirsentralen, VPS)
A
distinctive feature of the Norwegian financial infrastructure is that a
single organisation, the Norwegian Central Securities Depository (VPS
ASA), performs functions that in other markets are performed by
different organisations, including registration, processing corporate
actions, and clearing and settlement. The registration of financial
instruments is completely dematerialised in Norway. Consequently, VPS
maintains an owners register for issuers and administers payments and
dividends. The individual investor keeps title on securities accounts
with VPS through one or more account operators, who manage accounts and
act as intermediaries between VPS and investors and issuers. The market
is known as Oslo B both in Norway and elsewhere, though it is often
called the stock exchange Buyers and sellers of securities meet and
trade through the market on the simple principles of matching supply and
demand. The product areas offered by Oslo B are: shares and primary
capital certificates, bonds and other fixed-income instruments,
derivatives and warrants.
Oslo B is in the NOREX alliance of the
stock exchanges that includes the exchanges in Copenhagen, Denmark,
Helsinki, Finland, Stockholm, Sweden, Reykjavik, Iceland, Riga, Latvia
and Tallinn, Estonia. NOREX operates the SAXESS electronic trading
system, which in turn supports the exchanges common system for share
trading and promotes uniform trading and practices. SWIFT was formed in
1973 by 239 banks from 15 countries, including four banks from Norway
Den norske Creditbank (now DnB NOR) and Bergen Bank (now merged to Den
norske Bank), Christiania Bank og Kreditkasse (now Nordea) and
Forretningsbanken (now Fokus Bank). SWIFT members worldwide now include
banks, brokers, dealers, investment managers as well as market
infrastructures in payments, treasury and trade.
In everyday
private banking, you will encounter SWIFT only when sending or receiving
cross-border transfer which actually means transfer via SWIFT. In
making a transfer, you will need to know the Bank Identifier Code (BIC)
of the payee bank, which is also called the address because it was
originated by SWIFT, which is the global registrar for BICs. The
telebanking services offered by the commercial and savings banks vary,
but are of two sorts. The customer account service (Kontofon) provides
figures, such as account balance and recent transactions, and allows
you to transfer funds between different accounts in the same bank. Some
banks also offer printouts of Kontofon transactions via telefax. The
interbank giro transfer service (TeleGiro) is part of the giro system
and permits you to pay a giro by keying in the Cheap Evening Gowns
details of it. Kontofon and TeleGiro both provide protection by
requiring you to use your personal identity number (PIN) to gain access
to services, and both operate using a menu system with voice prompts in
Norwegian. Contact your bank branch for further details on its
telebanking services and charges.
Transfer of funds (Overf av pengei)
You
can transfer funds between accounts in the same bank at the counter of
any of its branches, or remotely by online banking or telebanking. You
can transfer funds between accounts in different banks at the counter of
either bank, by using giro or via online banking. You can transfer
funds to payees or accounts in other countries at the counter of your
bank by filling out a Betaling til utland ( to abroad form. If the
agreement with your bank for online banking includes foreign transfers,
you may key in a transfer in the same way that you key in an ordinary
domestic payment. All international transfers are reported to the
Exchange Register (Valutaregister) maintained by Norwegian Customs and
Excise (Chapter 43).
Traveller cheques (Reisesjekker)
Traveller cheques are no longer used as much as they were in the days before payment cards became commonplace. Traveller Wedding Gloves
cheques are so seldom used that Norges Bank no longer lists statistics
for them in its annual report of foreign exchange transfers into and out
of the country. Services for the Eurocheque, once a favoured means of
payment in Europe, were disbanded in 1999. So receiving a Eurocheque in
Norway is unfortunate, because you cannot cash it and consequently
should return it to the sender. Despite the overall trend, banks and
travel bureaux recommend traveller cheques for travel to areas where
payment by card is not yet commonplace. The two leading traveller
cheques are American Express and Thomas Cook/Master Card. American
Express cheques are available in US dollars, Euros, British Pounds and
Swiss Francs, and Thomas Cook/Master Card cheques are available in US
Dollars, Euros, British Pounds and Japanese Yen. Traveller cheques in
Norwegian Kroner are also available. Most larger banks in cities keep
stocks of traveller cheques and expedite orders at their counters,
whilst smaller banks may not keep stocks, but can always fill orders
within two to three bank days.
Walk-in kiosk (Ekspressbank)
A
walk-in kiosk is a dedicated small area of a bank branch with terminals
for electronic banking. The walk-in area, usually no more than 15 to 20
square metres, is either separate from the other branch facilities or
closed off from them after hours. So a walk-in kiosk is often said to
offer banking even though the kiosks are open during bank opening hours
as well as after hours. The typical walk-in kiosk includes one or more
cashpoints, an automated bank note depository (innskudd), a coin counter
(myntteller), a coin roll automat (myntrullautomat) and a telephone
teller (kontofon). The kiosks are fitted with security cameras, and some
have card-secured doors. Most kiosks are open from 7 am to 9 pm daily. A
kiosk at a larger bank branch will also have a street-facing cashpoint
that is accessible 24 hours a day.
Wills and inheritance (Testament og arv)
Inheritance
is monitored and regulated according to the Inheritance Act
(Arveloven), which sets forth the requirements for wills and
inheritance, and covers situations and personal relationships which may
be involved. In summary, the principal provisions are the following.
A
will (testament) states the way that a person wishes that his/her
estate (formue) is to be distributed to heirs (arvinger) after death.
For a will to be valid, it must be in writing (skriftlig), and the
person writing it, known as a testator (arvelater) must be at least 18
years old and must have the will signed by at least two witnesses
(vitner), both of whom must be present at the same time. There are four
classes of heirs: relatives, spouses, designated beneficiaries and the
State.
Relatives are divided into three classes that designate
the order of inheritance (arvef which means that heirs in the first
class have priority on inheritance. If there are no heirs in the first
class, inheritance goes to heirs in the second class, and so on to the
third class. In the first class are dependent heirs (livsarvinger)
including children, grandchildren and great-grandchildren. The second
class, which includes parents and, if the parents are dead, their
children (the brothers and sisters of the testator). The third class
includes grandparents and their children and their children dependants,
that is, aunts, uncles and cousins.
If a testator has dependent
heirs (livsarvinger), they are entitled to a mandatory part of the
inheritance (pliktdelsarv) which the will cannot take from them. This
means, for instance, that a parent cannot write a will which deprives a
child of inheritance. The mandatory part is equivalent to two-thirds of
the total estate, and is limited to NOK one million from each parent for
each child and NOK 200,000 for each grandchild.
A spouse also is
entitled to a mandatory part of an inheritance. However, a separated
(separert) or divorced (skilt) spouse has no such right. For instance,
if a couple have joint property (felleseie) and have made no statement
of separate property (s when one of them dies, the survivor is entitled
to half the joint estate or an amount equal to four times the basic
amount, whichever is greater, plus at least one-quarter of the remainder
(half or less of the joint estate). The dependent heirs, such as the
couple children, are then entitled to two-thirds of one-half of the
joint estate of their parents. The surviving parent may execute the
estate or postpone execution of it (uskiftet bo).
Designated beneficiaries may inherit amounts up to limits set by the provisions for dependent heirs and spouses.
The State inherits an estate if a deceased (avd person has no relatives entitled to inheritance and has made no will.
Party Dresses 2013
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