Have you heard About BEFTN ?

ans : You must have heard that Bangladesh Bank has gone live with BEFTN ( Bangladesh Electronic Fund Transfer Network ) to facilitate you interbank payment. This paperless payment system has brought in significant changes in the interbank fund transfer mechanism of the country which will translates into increased efficiency to manage your payables. Shahjalal bank is one of the first few banks and the only foreign bank to go live successfully during the 1st test run. After settlement of the teething problems in the settlement system, BEFTN is now well poised to route your transactions through it.

What Benefit does it brings for you? ANs: 1. highly secured since no chance of alteration unlike in the case of existing paper based instruments. 2. Efficient since its paperless and automated thus it will optimize your cash flow management process and working capital cycle. 3. Smooth payment to beneficiaries in 7000+ bank branches across the country.

SJIBL VISA Card

Card is considered as a new dimension of product resulting from technological development in the banking arena. In line with our affiliation with VISA International for VISA ATMs and POS, the following two products are launched broadening service products of the Bank to the clients: VISA Electron (SJIBL VISA Debit Card - local) VISA Prepaid (SJIBL VISA Prepaid Card) 1. 2. 3. SJIBL VISA Prepaid (Prepaid Card - International) SJIBL VISA Prepaid (Prepaid Card - Dual) SJIBL Souvenir Card (Gift Card - Local)

SJIBL VISA Debit Card:

To a customer, "My card, my money" concept is used for Debit Card. Any accountholder of SJIBL can apply for a SJIBL VISA Debit Card against his/her Al-Wadiah Current Deposit (AWCD), Mudaraba Savings Deposit (MSD) or Mudaraba Short Notice Deposit (MSND) Account. He/she is fully authorized to enjoy the benefits of cash withdrawal from ATMs, liberty of shopping, dining, paying utility bills and having access account information through SMS, etc. round the clock.

SJIBL VISA Prepaid Card (International):

SJIBL VISA Prepaid International Cards are also open to the customers even having no account with Shahjalal Islami Bank Limited. Cardholders can have the card endorsing US Dollar paying against Travel Quota, Exporters Retention Quota or marking Lien of his/her FC Account. SJIBL VISA Prepaid International Cards are accepted world wide at all the VISA labeled merchant outlets, ATMs, etc.

SJIBL VISA Prepaid Card (Dual):

The Dual Card is a hassle free product, no need to carry two separate plastic cards for local and international use. Now, with one plastic card, the Cardholders can enjoy all the benefits and make transactions locally & globally from their Prepaid card account at all the VISA labeled merchant outlets, ATMs, etc.

SJIBL VISA Souvenir Card (Gift Card - Local):

SJIBL Souvenir Card is a very attractive and stylish product. Like a Gift Card, SJIBL Souvenir Card can be used by anyone wishes to. The intending customer may have the card instantly or may customize the card as required. The SJIBL Souvenir Cards are accepted locally at all the VISA labeled merchant outlets, ATMs, etc.

Features
Sense of satisfaction of having an International brand Anywhere anytime banking 24 hours and 7 days a week banking Directly linked to Cardholders Account at SJIBL (AWCD/MSD/MSND) Convenient Cash Withdrawal at ATMs Accepted at all VISA terminals locally & globally Local & International transactions with the same card (for Dual Cards) Balance Inquiry PIN Change Avoid pressure at counters of bank Minimizing risk of carrying cash More to come ...

Special Feature
No Cash Advance Fee at SJIBL ATMs Account is not required for Prepaid cards SMS Notification Service

Requirements
SJIBL VISA Debit Card - Local
Two copies of passport size photograph. A filled in SJIBL Card application form. Maintain a deposit (AWCD/MSD/MSND) Account at any branch of SJIBL.

SJIBL VISA Prepaid Card (Local / International / Dual)

Two copies of passport size photograph and personal information for customized card. Photocopy of passport from 1 to 7 pages including endorsement pages. Lien confirmation of FC A/C from the concern Branch for issuance of card against FC. For issuance of card against in ERQ A/C maintained with SJIBL or with other Bank, lien confirmation should be obtained from the respective Bank/Branch. For issuance of card against new exporters and importers/producers quota relevant papers such as, recommendation letter from EPB/copy of tax return etc. are also required. Deposit slip for deposited money against endorsement amount. Forwarding Letter from the respective Branch with detail particulars for card.

SJIBL VISA Prepaid - Local / Souvenir Card

Two copies of passport size photograph and personnel information for customized card. Deposit slip for deposited money against Prepaid Local or Souvenir/Gift amount

Forwarding Letter from the respective Branch with detail particulars for card.

Usage Limit
Description Cash withdrawal limit (total) Cash withdrawal limit (amount) Balance checking PIN change Invalid PIN retry count Card usage limit in ATMs (total) Transaction Limit 4 times per day Tk. 30,000 per day (up to Tk. 50,000 per day on request) 4 times per day 2 times per day 3 times per day 10 times per day

SJIBL VISA Card usage

SJIBL VISA Card can be used at Q-Cash, DBBL, Brac Bank and all VISA labeled ATMs in Bangladesh. Shopping at a large number of shops, restaurants, departmental stores, supermarkets, boutiques and other merchants throughany VISA accepted POS terminals in Bangladesh SJIBL VISA Prepaid Local/International/Dual Card can be used locally & globally in entire VISA labeled merchant outlets & ATMs.

4. Cash Vs. Credit Cards Cash, for the purposes of this article, is strictly limited to money you have already earned and is sitting there for you to use. Using your Visa to take a cash advance and then carrying the cash with you will not solve the essential problem of using high-interest debt to cover your expenses. Cash has one very clear advantage over using a credit card: If you buy something on your credit card and end up carrying a balance, or only make the minimum payment each month, you will incur interest at a rate of 15% or more of your purchase (which can have you paying $15 or more for every $100 you spend). If you save up enough cash for the same purchase, you are giving yourself the equivalent of a 15% discount by not using your card. Before you even sign up for a card, make sure you know what you're getting into. 4. Cash Vs. Debit Cards If this article were only dealing with cash as a better alternative to credit cards, no one would dispute it. In contrast, debit cards seem to enjoy a protected status despite the overkill on ATM fees and foreign ATM fees. Forgetting the fees, a debit card's main failure is that is trivializes purchases. Being a square of plastic, it is hard to tell how much of your money is flowing through your debit card.

For most people it becomes a matter of $2 here, $6 there, another $4 over here and so on until they give up keeping track of how much has been spent in a day - let alone a month. Then it's a shock to their systems when the monthly statement comes and it's far too late to do any good. With cash, you can see the damage as it is done and hopefully curtail your spending before it gets out of control.

Plastic money syndrome

Suman Saha

Angel is heading out to university in the latest fashion, but without a taka in his pockets. Today, he will hang around campus all day with friends and go shopping. He'll worry about the bills later, because today he is carrying only plastic money the same kind of money that made US consumers spend well beyond their means. 'Plastic money' mainly represents debit and credit cards that allow cash to be drawn from an ATM booth or shopping to be done on credit. Both these modes eliminate the need to have actual cash at hand during purchase.

The urban crowd, especially the young generation, considers the use of plastic money both smart and trendy. "When I go to a restaurant or shopping mall, I usually pay for these transactions through plastic money, because if I pay by cash, others will think of me as un-smart," says Ashiqur Rahman, a fresh graduate from Dhaka University. Bank employees, corporate executives, officials of multinational companies and businessmen are the main users of credit/debit cards. "If I don't have sufficient money, I can easily do my shopping through cards or I can instantly draw the cash from the nearest booth and make my payments," says Mostafizur Rahman, officer for the business development division of a multinational company. "I often go to branded shops or other shopping malls to shop. Sometimes it might be a sudden visit, but I can still buy my preferred items through my cards,' said Shaheen Kamal, user of the 'smart' card. "In situations where instant money is needed, it can be collected from the nearest ATM booth", he added "The main reason for the popularity of plastic money in Bangladesh is the lack of security. It is risky to carry large amounts of cash all the time. So usage of plastic money makes people feel relaxed and less at risk", said most users of the plastic money. "The use of plastic money is growing at a rate of around 10 percent as more and more banks come to the market with new products", says an industry insider. "We are providing unique features for the credit card holders, like global transaction facility, no requirement of security deposit, attractive gifts, and credit card cheques. So, an increasing number of customers are getting interested in using credit cards," says Shahadat Hossain Shohag, head of card division for the United Commercial Bank. The credit card was first introduced in Bangladesh in the year 1997-98 by Standard Chartered Bank (SCB). Currently there are about five lakh credit card users, of which SCB has the highest number. SCB has around 300,000 credit cards currently in the market and the number continues to grow as 3000 more cards, on average, are added to the list every month, according to an official. However, customers also blame the banks for not protecting their interests. They say that many shop owners charge extra on the use of credit cards, which is against the law. Jewellery and electronic shops are mainly to blame for such malpractice. The number of card users and the use of Automated Teller Machine (ATM) and debit cards have increased remarkably in recent years, bank officials said.

A majority of the transactions take place in the capital city. Statistics indicate that credit and debit cards are slowly overtaking cash as a popular method of payment and receiving short-term loans. "Payment through credit card is increasing in departmental stores in Dhaka city as shoppers in especially posh areas prefer to shop through credit card to cash,' say sales persons of different chain stores. However, not everyone seems to fancy using the plastic money. Sometimes, glitches in software and networking of the ATM booths cause a tremendous hassle for the ATM card users. "I went to an ATM booth to draw money for an emergency need. But to my disappointment, when I inserted my card into the ATM machine, it did not work," said Samir Saha, marketing manager for a fabric company. "Banks charge a hidden amount with debit and credit cards. It ultimately discourages the usage of cards," said Dipanker Roy, a student of a private university. Another general criticism against credit cards is that an item bought on credit will cost more than the same item purchased by cash, as the customers will have to pay a certain amount of interest to the bank. However, bank officials say that their clients are usually informed about the charges associated with their accounts and cards.