What Makes Bank Of America 529 Plans Unique? - carlos hank rhon

Newsflash

Melbourne, Australia (PRWEB) October 24, 2007 -- One in two Australians no longer wants to deal directly with a bank for their mortgage, according to a research just released by Global Reviews (www.globalreviews.com).

As the market for mortgages has become more competitive, finding the best product has become a time-consuming and confusing process. The research reveals that consumers have responded by turning to mortgage brokers. 57% of people preferred a broker because they could get a comparison of different mortgages without spending time doing research.

Mortgage brokers were also seen as more focused on consumer needs. Worryingly for banks, just 15% of respondents said that banks understood their mortgage needs, whilst more than twice that number - 33% - felt this way about mortgage brokers.

According to Barbara Kallis, Research Director at Global Reviews, much of this sentiment can be traced to the type of interaction that many brokers provide.

"When a customer visits a mortgage broker they feel a sense of understanding - the right questions are often asked by the broker, who then makes a specific recommendation. Our research has found this needs-based experience is often missing in bank branches," she said.

The news isn't all bad for banks, though, with banking relationships still playing a vital role. Approximately two thirds of respondents said they took out a mortgage with their bank because of an existing relationship.

On the question of how to get the lowest mortgage rate, consumers have mixed opinions. 25% of people went to brokers to "get a better deal" by avoiding the banks, whilst 25% went to banks to deal directly in order to get a lower rate.

The internet has now become a vital part of researching and selecting a mortgage. 65% of people with a mortgage had visited a website to conduct research, with the vast majority visiting a bank's site at some point in the process. In contrast, just 37% of people visited a mortgage broker website. Applying in person at a branch is still the most popular way of taking out a mortgage - and the most preferred.

About Global Reviews

Global Reviews helps clients improve their business performance by measuring and improving customer experience. With offices in Australia and the UK, financial services clients include: NAB, ANZ, HSBC, Citibank, Westpac, Wizard, GE, ING Direct, Aussie, Lloyds, Suncorp, and others. Global Reviews Benchmarks customer experience across key communication channels including online, contact centre and branch network. More information can be obtained from www.globalreviews.com

This research, the "Mortgages Industry Monitor 2007", was conducted online by Global Reviews and involved surveying over 1,000 Australians.

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What Makes Bank Of America 529 Plans Unique?

Written by Web master
Wednesday, 12 May 2004
The Bank of America 529 plan is a student education investment plan according to the Section 529 of the Internal Revenue Code. The plan is also popular as the Future Scholar Education Savings Plan. The Bank of America 529 Plan is a tax-advantaged, qualified plan that is set up by adults for children under their care. Generally the plan is aimed for parents to plan future benefits for their children. The plan is applicable nationwide, though the rules and advantages are subject to the state where the plan accounts are set up. There are three very distinct advantages of investing in a Bank of America 529 Plan. 1. The plan is one of the best options for funding college expenses for children as they grow. It is a good method of investing at current rates and then reaping benefits at the highly inflated rates that may prevail ten to fifteen years down the line, when the child is ready for college. 2. Adults look upon the Bank of America 529 Plan, and indeed all other such plans, as a method to get interesting tax deductions on their income. The Bank of America 529 Plan, specifically allows the investor to put in up to $12,000 individually, or $24,000 on a couple basis per year. This investment for the child's future is free of any federal gift taxes. In South Carolina, the plan is also free of state income taxes. This allows the financial assets to grow without the high deductions of tax. 3. The plan does not just help to fund college tuition fees like most education investment plans, but it also helps to pay for other education-related expenses. This includes accommodation, books, computers, joining libraries, etc. However, money taken out for non-educational requirements will no longer remain tax-deductible. With a Bank of America 529 plan, you will have to work with a financial adviser who will help choose between the several portfolios where these plans can work with. The financial adviser is just an assistant and guide in the process; the direct relationship of the account owner with the beneficiary remains unaltered. Like all other 529 Plans, Future Scholar Education Savings Plan also provides the possibility of changing the beneficiary at any time during the life of the plan. Thus, if the student gets a scholarship for the college, or simply wishes not to attend college, then someone else can be made the beneficiary of the plan, provided that this new beneficiary is related to the original one. Invest in your kids future. Start now at http://www.529planz.com 529 Plans Author: Kip Goldhammer
Last Updated ( Monday, 21 January 2008 )

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