Finance Sorell

Archive for May, 2011

The majority of goods shipped using ground transportation utilize the services of a freight broker.  The freight broker acts as a middle man by matching the shippers of goods with the trucking companies or carriers that move the goods from point to point.  Unfortunately, this also leaves them in the position of being the middle man in the cash flow during the transaction process putting a strain on the company’s working capital.  Often freight brokers do not have the option of using traditional banks credit facilities as they have very limited assets.

The way the cash flows goes like this:

The shipper receives an invoice from the freight broker after the goods have been delivered. The shipper then pays the freight broker normally in 20 to 40 days. The freight broker receives an invoice from the carrier that needs to be paid in 5 to 30 days. The freight broker then needs to pay the carrier in most cases before they receive payment from the shipper.

The common solution in the industry is freight bill factoring.  Many transportation factoring companies no longer work with freight brokers so even this form of working capital is getting harder to find for freight brokers.  The way it works is the factoring company provides up to 100% of the invoiced total to the freight broker the day they receive the invoice and proof of delivery from the freight broker.  This allows the freight broker to pay the carrier within a few days instead of stringing carrier payments out.  The factoring company then receives payment directly from the freight broker’s shippers, allowing the freight broker to keep the difference and the profit.

Most factoring companies charge 1% to 4% for freight bill factoring, and rates can vary by 50% from one company to the next so it’s very important to check a few and make sure your getting a good deal.  If you’re a freight broker that has opportunity to grow, but cannot support the cash flow then freight bill factoring may provide a solution.

It is estimated that 9 in 10 Americans and Canadians are owed cash that sits unclaimed year after year.

So, it’s quite likely that some of this money belongs to you or someone you know. Would you like to claim some found money?

The found money is being held by one or more of many different institutions. Research has uncovered millions of unclaimed and lost money owed to individuals in:

1. forgotten savings and checking accounts

2. uncashed checks

3. securities

4. dividends

5. insurance refunds or claims

6. oil royalties

7. unpaid wages

8. utility refunds/deposits

9. bail bonds

10. child support payments

Oh yes, the list goes on and on…

Also, hundreds of thousands of people are owed money as an heir to an inheritance that they didn’t even know about!

*

Canadian Michael Gushnowski has made a hobby out of hunting down unclaimed accounts for nearly 40 years, doing his spade work with microfiche and phone books.

His biggest success came in 1973 when he tracked a Wetaskiwin grandmother who left Edmonton with the mistaken impression she had transferred all accounts. When she found out about the money, she broke into sobs.

“She was a senior, she was broke, no money for food, and here’s there’s $6,054 sitting in an account for her,” said Gushnowski. “That one meant the most to me.”

Gushnowski says the existence of unclaimed money deserves more attention. Instead of relying on individuals to keep track themselves, he says banks should become more proactive in returning money before it becomes orphaned.

“People put too much faith in the banks, that they’re there to look after your money,” said Gushnowski. “If I can find them, what’s their excuse?”

*

While many people will be checking top 25 lists to see where their favorite college football teams land this fall, State Treasurer Michael Fitzgerald has created a top 25 list of his own. “You won’t find any football teams on the list, but what you will find are names of people in Wapello County that have money waiting for them to claim.”

“If you don’t recognize any of the names, check our website for others,” Fitzgerald said.

The Great Iowa Treasure Hunt program has returned over $122 million in unclaimed property to more than 310,000 individuals since Fitzgerald began the program. “We get millions of dollars in each year,” Fitzgerald stated.

“We believe the best way to find people is to ask others in their community to help us. That’s why we are sending out the top 25 list.”

Unclaimed property refers to money and other assets held by financial institutions or companies that have lost contact with the property’s owner for a specific period of time. State law requires these institutions and companies to annually report and deliver unclaimed property to the State Treasurer’s Office, where it is held until the owner or heir of the property is found.

Common forms of unclaimed property include savings or checking accounts, stocks, uncashed checks, life insurance policies, utility security deposits, and safe deposit box contents.

TO LEARN HOW TO FIND UNCLAIMED MONEY, READ THE COMPLETE ARTICLE: HOW TO FIND UNCLAIMED MONEY: Is Your Name on the Unclaimed Money List? .

*

- Brian

My Home Page is A CULINARY MYSTERY TOUR – A Literary Chef. My food articles and recipes are on the popular new Recipe Site TRIOND’S NOTECOOK at Click Here to See My Recipes on Notecook!.

Searching for an apartment rental can be fun. It’s exciting to move into a new home when it’s clear of clutter, freshly cleaned, and newly painted. Before choosing a new apartment rental, ask the following simple questions of your landlord or property management company.

Who Pays For What Utilities And What Are The Rent Payment Procedures

Different rental apartments cover different types of utilities in the rent and you will want to know which ones to budget for when looking for an apartment. Expect to pay for your own phone, Internet, and cable bills. It’s possible to find an apartment rental that includes electricity, gas, or both in your rent, but it isn’t common. Plan to pay at least one, and most likely both of those services, in order to keep your home comfortable. Water service and trash pickup are commonly included in the cost of your rent.

At the same time you’re asking about utilities, ask about when rent is due and if there is a grace period. Most apartment rentals require rent to be paid on the first of every month, but some places offer a five-day grace period in case you cannot drop off the payment exactly on the first. Ask about a direct debit option since some companies use that instead of paper checks. A direct debit means the company takes out the rental fee automatically and you’ll never have to worry about a late fee.

Maintenance Issues And The Apartment Rental Company

Even the most cared for apartments will sometimes need routine maintenance. It’s a good idea to ask how maintenance issues and requests are handled. How long does it take for major or minor problems to be fixed? Does the company have a 24-hour emergency phone number in case something goes wrong after regular business hours?

Rental insurance is a must-have item for anyone in a rental apartment. The property management company or landlord will cover any damage done to the property, but paying for damage to your personal items is your responsibility. Rental insurance will cover nearly anything you own and is inexpensive for a yearlong policy. It will be well worth the small cost if it’s ever needed.

Who Are The Tenants And How Long Do They Stay

Ask the apartment rental company who your neighbors will be. It’s not uncommon to hear a little noise from neighbors in an apartment, but you’ll want to know if your schedules will be disruptive to each other. If you are a family with small children who go to bed early, it may not be a great idea to live next to college students who keep different hours. Your potential neighbors shouldn’t prohibit you from renting an apartment you love, but it’s a good idea to keep the thought in mind.

It’s not uncommon for people who live in apartments to move frequently. If the rental apartment you are looking at has many long-term residents, take that as a good sign that the company takes care of their residents.

It won’t be difficult to find a rental apartment if you follow these guidelines. Using this guide will help you easily find an apartment you are proud to call home.