Automatic Payment Transfer Letter: Fill & Download for Free

BecauseYou make upwards of 2% back in a cash reward. My latest Fidelity amex has this levels of rewards. Of course you always pay off the credit card incurring zero interest changes. Setup automatic payments from your checking account. Electronic transfers in the 21st century, flawless and foolproof.You build a stellar credit history. There is nothing like being approved for a huge line of credit when the financial world is melting down. This happened to me in the winter of 2009. Yes I took the line of credit but never used it. These offers only come to the select few with flawless credit stellar scores. Be one of the chosen, it is fiscally advantageous. Debits cards do not count.Now if you have no financial self control, none of this applies. You have bigger problems and need to learn how to count money, budget and distinguish between needs and wants. Debt is the most foul 4 letter word. No one should ever be in debt, end of story.

Well, I’m shut down and I haven’t found banks as flexible as the answers so far have assumed. Maybe first, the difference between “credit union” - a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates … and a “bank” - a commercial entity that offers (money transaction) services to the general public and to companies. Many feds choose the credit union.Senator Mark Warner sent out a help-letter during shutdown for credit union accounts - I assume it’s OK to re-produce it. This is an umbrella group for credit unions called FedChoice and if you have a credit union account I believe you would have access to the following benefits:Federal Credit UnionProviding short term/reduced rate furlough loansWaiving withdrawal penaltiesAllowing loan holders to skip a payment Refinancing auto loansCongressional Federal Credit UnionProviding a relief line of creditGranting personal loansIncreasing the limit on lines of creditDeferring payments on existing loansWaiving early certificate withdrawal penaltiesSuspending automatic payments, transfers and DBOsOffering financial coaching

Great question, here we go:Overview:A smart contract is a computer protocol thAT facilitateS, verifies, and enforces a contract. Smart contracts allow the performance of credible transactions without third parties. These transactions are trackable and irreversible, making smart contracts very trustworthy and reliable.Basics:Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. They render transactions traceable, transparent, and irreversible.While blockchain technology has come to be thought of primarily as the foundation for bitcoin​, it has evolved far beyond underpinning the virtual currency.History:Smart contracts were first proposed by Nick Szabo, who coined the term, in 1994. With the present implementations, based on blockchains, "smart contract" is mostly used more specifically in the sense of general purpose computation that takes place on a blockchain or distributed ledger. In this interpretation, a smart contract is not necessarily related to the classical concept of a contract, but can be any kind of computer program.Many kinds of contractual clauses can be made partially or fully self-executing, self-enforcing, or both. The aim of smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting. Various cryptocurrencies have implemented types of smart contracts.Real Life Use:One great example is Ethereum, it’s most most successful and popular smart contract platform. You can find out more about Ethereum right here:Ethereum Explained - Illustrated Beginner's GuideEthereum ProjectTo learn more about how Blockchain technology works and how it’s connected to smart contracts, take a look at this free, illustrated guide:Blockchain ExplainedExamples of Use Cases:Digital IdentitySmart contracts can allow individuals to own and control their digital identity containing data, reputation and digital assets. It permits individuals to decide what data to disclose to counterparties, providing enterprises the opportunity to seamlessly know their customers.Counterparties will not have to hold sensitive data to verify transactions. This reduces liability while facilitating frictionless know-your-customer requirements. It also increases compliance, resiliency and interoperability.RecordsSmart contracts can digitize the Uniform Commercial Code (UCC) filingand automate their renewal and release processes. They can also atomically perfect a lender’s security interest loan creation.They can automate compliance with rules that require destroying records at a future date. They also make possible UCC liens that auto-release, auto-renew or automatically request collateral. In performing such functions, smart contracts reduce legal costs.SecuritiesSmart contracts can simplify capitalization table management. They also circumvent intermediaries in the chain of securities custody and facilitate the automatic payment of dividends, stock splits and liability management, while reducing operational risks.With securities on a distributed ledger, smart contracts digitize work flows.There are considerations with securities.The cryptographic signature of the State of Delaware can require enabling legislation to clarify that Delaware corporate law permits registration on a distributed ledger.While issuers will welcome visibility into who owns their securities, some buy-side firms protect this information.Trade FinanceSmart contracts can streamline international transfers of goods via fast Letter of Credit and trade payment initiation, while enabling a greater liquidity of financial assets.They can also improve financing efficiencies for buyers, suppliers and institutions.There are trade finance considerations. Industry standards for smart contract procedures are needed for wider acceptability.The legal implications in case of an execution fall-out has to be determined, particularly in the cases of disputes and defaults.The integration of settlement systems, technology requirements and off-chain ecosystems are important to success.DerivativesSmart contracts can streamline post-trade processes, removing duplicative processes executed by each counterparty for verifying trades and conducting appropriate trade events. They enable a standard set of contract conditions and optimize post-trade processing of over-the-counter derivatives. They also enable real-time valuation of positions for monitoring and reducing errors.When considering derivative smart contracts, it is important to address protocol changes related to regulatory reform.Financial Data RecordingFinancial organizations can utilize smart contracts for accurate, transparent financial data recording. Smart contracts allow for uniform financial data across organizations, improving financial reporting and reducing auditing costs.By improving data integrity, smart contracts support increased market stability. They also reduce accounting costs by allowing cost sharing among organizations.Interoperability among the distributed ledger network and legacy systems is important in financial reporting.MortgagesSmart contracts can automate mortgage contracts by automatically connecting the parties, providing for a frictionless and less error-prone process. The smart contract can automatically process payment and release liens from land records when the loan is paid.They can also improve record visibility for all parties and facilitate payment tracking and verification. They reduce errors and costs associated with manual processes.Digital identity is a key requirement.Land Title RecordingSmart contracts that facilitate property transfers can deter fraud, improve transaction transparency and efficiency, and strengthen confidence in identity. They also reduce auditing costs.Common protocols need to be developed for electronic record filing.Supply ChainSmart contracts can provide real-time visibility for every step in a supply chain. Internet of Things devices can record each step as a product moves from a factory floor to the store shelves.They facilitate granular-level inventory tracking, benefitting supply chain financing, insurance and risk. Such enhanced tracing and verification reduce the risk of theft and fraud.The identities of supply chain players have to be attested over time, including companies, institutions, individuals, sensors, facilities and products.Auto InsuranceSmart contracts can improve the disjointed car insurance process. A smart contract can record the policy, driving record and driver reports, allowing Internet of Things-equipped vehicles to execute claims shortly after an accident.They automate claims processing, verification and payment. Each policyolder’s repository includes driving record, vehicle and accident report history. Eliminating duplicated reporting will yield savings.Cross-industry collaboration is needed to address technological, regulatory and financial challenges.Clinical TrialsSmart contracts can improve clinical trials through increased cross-institutional visibility. Privacy-preserving computation improves data sharing between institutions while automating patient data.They can streamline processes for trials, improve access to cross-institution data, and can increase confidence in patient privacy.Authentication, authorization and identity remain open issues for smart contracts executed on blockchain-enabled networks.Example source: Smart Contracts: 12 Use Cases For Business And Beyond (an excellent article, take a look)I hope this helps, please let me know if you have more specific questions.SimonObligatory Disclaimer: My posts and answers are for informational purposes only and are NOT financial, investment, legal, or tax advice. Always do you own due diligence and always consult an independent financial advisor before making any trade or investment. This post is my personal opinion and does not reflect the views and opinions of Upfolio and any of its shareholders, founders, and employees.