GLS Bank: responsibility instead of profit maximization

Bochum – Anyone who stands in front of the head office of the GLS Bank in Bochum immediately realizes that he is dealing with a slightly different loan. Obviously, on the outer facade, there is the warning: “Make money to your God, and it will plague you like the devil.” A quote from the British writer Henry Fielding.

 

Picture: Installation of solar panels 

Even Thomas Jorberg, the head of the financial institution, has a for a banker unusually distant relationship to the vile mammon. Money is not so important to him, “says the 53-year-old manager. “Money is not an end in itself, the goal of economic activity can only be to meet people’s needs.”

That may sound outlandish in some ears. But this is precisely the attitude that has made the “Gemeinschaftsbank für Borrowing and Giftgiving” Germany’s largest alternative bank. In the past year alone, the balance sheet of the institute specializing in “ethical” investments rose by almost 37 percent to almost two billion euros. In the current year, the bank again expects a plus of 35 percent. “Our ambition is of course that we remain the market leader in Germany in this area,” says Jorberg.

What makes the bank so special is that it only uses the money that customers put into it to fund sustainable projects in the fields of ecology, social affairs and housing. It gives loans to organic farms and promotes renewable energies. It supports free schools and Waldorf kindergartens, but also finances birthing centers and hospice homes as well as facilities for disabled people. And while other banks practice secrecy, the bank publishes every loan on the internet. The goal: transparency.

The success of the bank is to a large extent also the success of Jorberg. He has been a member of the Bank’s Board of Directors since 1993 and of the Management Board since 2003. But his relationship with the unusual financial institution began much earlier – in 1977.

Money is overestimated as motivation

At that time, the high school graduate had come to Bochum to help in the renovation of a kindergarten before starting his studies, because he “always had two right hands”. He found accommodation with the anthroposophist and GLS Bank founder Wilhelm Ernst Barkhoff and became the first apprentice of the “first social-ecological universal bank in the world”, founded only three years earlier. After the banking apprenticeship followed the study of economics. Then Jorberg returned to GLS Bank.

“I think I did not become a banker at another bank, which never aroused me,” says the father of two grown-up children today. He could probably take more money elsewhere, because for a bank manager Jorberg earned comparatively little. For his twelve-hour day, he gets just six times a career starter, he says. His company car is an eight-year-old Audi A6 with 170,000 kilometers on the clock.

But the term “little” is of course relative, the banker emphasizes in the next sentence. “It’s good enough for life.” And what can not be balanced out with money: He can reconcile what he personally strives for with his job.

In return for the job, Jorberg plays basketball once a week. “I also agree that I walk once or twice or cycle, and I’m a passionate sailor,” reveals the banker.

Does money make you happy? “That one can live well, of course, is pleasant, without question,” replies Jorberg. In addition, money gives you the opportunity to shape things. But money is overestimated as motivation. “A salary can, if it’s too low, demotivate, but motivate properly, no, not really, so do not – and I do not believe many others,” he says.

 

 

Payday Advance

Watch Fight Of Armageddon At Front Chair By Doing Cash Advance

The idea is a “fix it” for the emergency financial needs

The most typical reasons people use these types of loans are for vehicle repairs, medical expenses, house repairs, etc. Basically, a person applies for the loan on the web through a lender’s website.

Why do people take out loans? If you need some extra funds there is a beautiful loan type for this reason – payday loan. So, in case you are skint, you can apply for this specific loan until your next payday. And it’s indubitably, that online payday advance same day is a quickest and one of the very convenient ways to receive money into your wallet for your uncontemplated needs. Cash advance is another expression for this loan type. Payday loans are incredibly akin to other debt procedures but have some unique peculiarity. Shortly, a payday loan is just an average loan, but it’s immediate and has tremendous application cost.

Despite the negative public viewpoint of payday loan lenders, they could have a place in the economics of our country and possibly inside your finances of the future. If it concerns the time that you are going to need to have a payday loan then these are some of the things that you should know.

Second, this costs you a lot less to pay for interest on a payday advance compared to it would on a regular bank card transaction. Since it’s a simple loan, the interest rate is generally fixed and calculated to the evened out amortizations a person agreed to. That doesn’t happen along with credit cards. More often than not, you get amazed by unexpected charges. Even though you had money to toss around, having to pay more than that which you expect is definitely annoying to put it lightly.

Let’s take an imagine someone named Ellen borrowing $300 from a loan provider – creditor for a fourteen days period. According to the agreement, the girl payday advance writes a personal check towards the lender for $345 (this includes the borrowed quantity $300 and a $45 fee).

Apply for 1 / 2 of the list now, and await a response

Why this step? You don’t need to want to put in too many at the same time, because you may be approved for all those payday advance of them and have to turn straight down offers. It’s better to have a few rejections and get authorized for just one.

After the conference, all the conditions fill an internet application form giving your personal information and the amount you need. After that submit the form. The amount is going to be transferred to your account within a daytime.

A payday loan is an unprotected loan and thus has a large interest rate attached to it. Take those loan only if you are sure that you could repay the entire amount upon its due date. Extensions plus rollover periods end up being overly expensive. So it will be best if you could 1st learn to handle your finances reliably and then apply for a cash advance loan.

Mercedes-Benz E 220 used cars – compare offers now!

 

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 38,430 €, total amount 40,248.60 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3,99%, fixed borrowing rate pa 3,92%, monthly rate 706,34 €, 60 installments, duration 60 months, net loan amount 38,430 €, total amount 42,380.40 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer of 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount € 36,900, total € 38,646.60. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3,99%, fixed borrowing rate pa 3,92%, monthly installment 678,22 €, 60 installments, duration 60 months, net loan amount 36,900 €, total amount 40.693,20 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer of 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 5,698 €, total amount 5,967.60 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3.99%, fixed borrowing rate pa 3.92%, monthly rate 104.73 €, 60 installments, 60 months, net loan amount 5.698 €, total amount 6,283.80 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 18,880 €, total amount 19,773.60 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual percentage rate 3.99%, fixed borrowing rate pa 3.92%, monthly rate 347.01 €, 60 installments, 60 months, net loan amount 18,880 €, total amount 20,820.60 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from carcredit.de, Santander-Platz 1, 41061 Mönchengladbach: annual percentage rate 3,59%, fixed borrowing rate pa 3,53%, duration 60 months, 60 installments, net loan amount 50,880 €, total amount 55,579.80 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual percentage rate 3,59%, fixed borrowing rate pa 3.53%, monthly rate 926.33 €, 60 installments, term 60 months, net loan amount 50,880 €, total amount 55,579.80 €
 

 

 
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount € 47,380, total amount € 49,622.40. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3,99%, fixed borrowing rate pa 3,92%, monthly rate 870,84 €, 60 installments, term 60 months, net loan amount 47,380 €, total amount 52,250.40 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer of 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 17.890 €, total amount 18.736,80 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: effective annual interest rate 3.99%, fixed borrowing rate pa 3.92%, monthly installment 328.82 €, 60 installments, term 60 months, net loan amount 17,890 €, total amount 19,729.20 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer of 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 19.900 €, total amount 20.841,60 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual percentage rate 3.99%, fixed borrowing rate pa 3.92%, monthly rate 365.76 €, 60 installments, term 60 months, net loan amount 19.900 €, total amount 21.945,60 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 43,870 €, total amount 45,946.20 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3,99%, fixed borrowing rate pa 3,92%, monthly rate 806,33 €, 60 installments, 60 months, net loan amount 43,870 €, total amount 48,379.80 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer of 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 11.990 €, total amount 12.557,40 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: effective annual interest rate 3.99%, fixed borrowing rate pa 3.92%, monthly installment 220.38 €, 60 installments, term 60 months, net loan amount 11,990 €, total amount 13,222.80 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer of 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 18,980 €, total amount 19,878.00 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3.99%, fixed borrowing rate pa 3.92%, monthly installment 348.85 €, 60 installments, term 60 months, net loan amount 18,980 €, total amount 20,931.00 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer of 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount € 33,990, total amount € 35,598.60. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3.99%, fixed borrowing rate pa 3.92%, monthly installment 624.73 €, 60 installments, 60 months, net loan amount 33.990 €, total 37.483,80 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from carcredit.de, Santander-Platz 1, 41061 Mönchengladbach: annual percentage rate 3,59%, fixed borrowing rate pa 3,53%, duration 60 months, 60 installments, net loan amount 54,900 €, total amount 59,971.20 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual percentage rate 3,59%, fixed borrowing rate pa 3,53%, monthly rate 999,52 €, 60 installments, term 60 months, net loan amount 54,900 €, total amount 59,971.20 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 37,900 €, total amount 39,693.60 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: effective annual interest rate 3.99%, fixed borrowing rate pa 3.92%, monthly installment 696.60 €, 60 installments, term 60 months, net loan amount 37.900 €, total amount 41.796,00 €
#

Compare Remember

 
You have 0 vehicles in your watchlist

 
You have ~ numberOfFavourites ~ Vehicles in your watchlist For comparison

1) An offer from 1822direkt, Borsigallee 19, 60388 Frankfurt am Main: effective annual interest rate 1.85%, fixed borrowing rate pa 1.83%, duration 60 months, 60 installments, net loan amount 14.980 €, total amount 15.688,80 €. Representative example acc. § 6a PAngV 2/3 of all customers receive: annual interest rate 3,99%, fixed borrowing rate pa 3,92%, monthly installment 275,33 €, 60 installments, 60 months, net loan amount 14,980 €, total amount 16,519.80 €
 

 

** Further information on official fuel consumption and official CO2 emissions of new passenger cars can be found in the ‘Guide to Fuel Consumption, CO2 Emissions and Electricity Consumption of New Passenger Cars’, which is available at all outlets and at Deutsche Automobil Treuhand GmbH at www .dat.de is available free of charge.

*** Your details are used by Verivox GmbH exclusively for the provision of our products, consulting and placement services as well as for our own direct marketing purposes (such as our newsletter). This may be done with the involvement of service providers. Disclosure to third parties (eg energy suppliers or telecommunications providers) is only to fulfill the contract or if we are legally obliged to do so . We are happy to send you information about similar products or consulting and brokerage services of Verivox GmbH via your e-mail address. If you no longer wish to receive further information from Verivox GmbH, you may object to the use of your e-mail address at any time by sending an informal message to the following address: Verivox GmbH, Customer Service, Am Taubenfeld 10, 69123 Heidelberg, Germany, by phone 06221 7961-100, by fax to 06221 7961-8669 or by e-mail to service@verivox.de, without incurring other than the transmission costs according to the basic rates.

     

    Balance: Important characteristic for the bookkeeping

    Definition of balance

    The word "balance" derives from the Italian adjective "saldo, salda", which in a figurative sense means "to fix" in German. The plural of balance may be either balances, balances or balances. All forms are correct.

    The balance is the difference between the debit and credit side of an account. Specifically, the receipts on an account are offset against the outflows at a certain point in time.

    The credit page contains all accounts receivable on an account. In the bookkeeping the credit page is always on the left side. Opposite it is the target page on the right side of the account. It lists all expenses.

    1. Debit balance : If there is a higher turnover on the debit side than on the credit side, this results in a debit balance. The account is colloquially "in the minus".
    2. Credit balance : If the turnover on the credit side is higher than on the target side, there is a credit balance. In everyday life is then spoken of that the account is "in plus".

    If the amount of your expenses exceeds your earnings, you have a negative balance, that is, a debit balance. If you do not use a disposition credit, you will "overdraw" the account in this case. If there is a debit balance for a long time, the bank will ask you to settle.

    Significance for the account management

    Determining the balance is important to you, so you know daily how much money you have left in your account. The lower the credit balance, the less money you can spend until the account is overdrawn.

    Significance for accounting and corporate balance sheet

    The balance is essential for accounting to determine capital availability and profits across multiple accounts. With the help of the balance, the account balance of individual accounts can be calculated at any time.

    The balance of an account can be transferred to the company balance sheet.

    Asset and liability balance in financial accounting

    When a balance sheet is prepared, it is no longer debit or credit balance but assets and liabilities. Within the balance sheet a debit balance is listed on the left side under the assets, a credit balance on the right under the liabilities.

    Therefore, balances use the terms asset balance and liability balance instead of debit and credit balance.

    To balance an asset balance, the same amount must be posted to the liability side of the balance sheet. The same applies to the settlement of a liability balance. Such a transfer is carried out at the company's annual accounts or when the account is closed.

    This method of booking is important because there are fixed principles for the booking, the so-called "principles of proper accounting".

    Balance on account management and accounting

    In banking practice, the balance is used as the difference for an account. If debits and credits are the same, there are zero euros in the account.

    At the same time, the balance itself can not be negative, since account management is a relationship between the debtor and the creditor. In one case the bank is the debtor for the account holder, in the other case the account holder is the debtor and the bank is the creditor.

    Thus, the balance is always for one or the other part of a positive sum and a surplus, which can always be attributed to a contractor.

    The term "debit" in the account management

    If an account is kept as a debit, this means that a permanent overdraft has been set up. The account holder thus becomes the debtor. The debit balance thus results in a debit account balance. This balance is, in accordance with Article 488 of the Civil Code (BGB), a loan liability of the Account Owner to the Bank.

    The opposite term is "vreditorisch" and denotes a credit balance of the account. The account holder thus becomes the creditor of the bank and lends her his credit in this sense.

    In a superordinate sense, deposits on the account are repayments of loans when there is a debit account management. If payments are made for a debit balance, this is a disbursement of a loan in financial terms.

    In return, the payout on a credit balance is merely a return of the safekeeping money and no loan repayment.

    Debtor and creditor in accounting

    The terms debit and credit play an important role in accounting. There, the "debtors" are entered in the balance sheet, if they still owe a company money.

    For example, a customer can be a company that receives an invoice in December of the financial year, but does not pay it until the following year.

    Accounts receivable customers are debtors whose accounts are in credit at the end of the fiscal year. This item is listed in the balance sheet under "other liabilities".

    In this case, the invoice will be paid later and until the payment term, the invoice amount is considered the credit of the company, which receives the invoice amount.

    Accounts payable are those creditors whose invoices have not yet been fully paid by the accounting company. The vendor becomes a customer vendor if his accounts are in debit balance at the end of the fiscal year. Debit creditors are listed in the balance sheet under "Other assets".

    average daily balance

    The daily balance is the balance that is determined daily by a bank for a particular account. This is the calculated account balance that is displayed after offsetting revenue and expenditure in one day.

    Daily balance is not always up to date

    The daily balance, however, is not always up to date. For example, if you have paid with your debit card or credit card, the sums are usually booked the next day.

    These expenses will not be included in the daily balance. This is especially true if between the use of the payment card and actual debit a weekend or a public holiday.

    If you do not withdraw cash from your bank's ATM, the same daily balance will usually be shown on Saturday and Sunday, although you may have paid with both of your credit cards on both days.

    Closing balance

    A closing balance is the balance created at the end of a billing cycle. According to paragraph 355, paragraph 1 of the German Commercial Code (Handelsgesetzbuch, HGB), the annual accounts must be cleared once a year, ie a balance. Interest is included. Some banks have their own terms and conditions such as the savings banks, which provide a quarterly balance.

    Business accounts must be billed once a month. In this way, the VAT is calculated, which must be paid by VAT companies to the tax authorities. This VAT is recorded on invoices for expenses and revenues.

    Also for credit card holders the balance is relevant, because it is carried out at each billing month, as the cardholder receives an invoice for the sum of his credit card payments.

    Note deadlines!

    Bank customers have to carefully check the balance of accounts or accounts, because they have only six weeks to report errors in debits to the bank.

    If the account holder does not file an objection within this period, the waiver of the opposition shall be deemed acceptance of the clearance of accounts. In the case of faulty SEPA debits, customers have eight weeks to object.

    overdraft credit

    If you use a credit line for your account, the balance is usually specified. This is the current balance to which the discounting of your account is added.

    Thus, the amount of the balance depends on the amount of the overdraft facility granted to you by your bank as part of the credit line. In practice, the balance is displayed to an account, for example, in online banking.

    This is then the amount of money that is available to you including the scope of the overdraft granted. However, you should take into account that you are on target and have to pay interest, even if you still have money after the calculation of the disposition balance.

    value date balance

    The value date balance could also be referred to as a "provisional balance". Because in comparison to the traditional balance, the value date balance also includes credits that have been credited, but whose value you can not yet dispose of. This can be, for example, incoming payments via checks. At the same time, direct debits or transfers that the creditor has already entered, but which have not yet been deducted from the account, are also taken into account in the value date balance.

    The purpose of this balance is that the bank informs you of the receipts, but the bank allows itself a period within which it can check checks for debits. If the deadline has expired, the money is available to you or it will be deducted from your account for good.

    This is important for value balance

    Since the value date balance is money that is either still credited to or debited from your account, you must be careful in both cases.

    Therefore, pay attention to the value date. It indicates when the respective booking is executed after the bank has checked.

    • For debits : Make sure that your account is sufficiently covered during a value date check.
    • For deposits : Remember that the currency balance has not yet been fully booked. You therefore can not dispose of the money yet. If you still need money, you may need to use your credit line to withdraw money. In this case, overdraft interest is due, even if the amount of money over the value date balance is already theoretically available. Also take into account that credit interest on your account will only arise if the value date balance has been booked after the deadline.

    How to calculate the balance

    The balance on your account is the difference between revenue and expenditure. Therefore, you only have to offset revenue and expenses to calculate the balance. The calculated number indicates whether your account is in plus or minus. It can also show you the remaining available money. If you use a credit line, you can use the balance.

    An example of a daily balance:

    Post reservation will
    wage 2,500 euros +
    foods 150 euros –
    Health insurance 250 euro –
    Monthly rate car 200 euros –
    average daily balance 1900 euros +