« Archive for the ‘Checking Accounts’ Category

What are Checking Accounts?

A checking account is a type of money account provided by banks and other financial institutions to empower businesses and individuals. Since the modernization of banks and evolution of financial tools, checks have been the first faculties of transactions between businesses. Checking accounts allow account holder to deposit or withdraw money via checks instead of cash. Like a personal saving account, checking accounts are easily accessible. The difference of a checking account from a basic savings account is the ability of the account holder to issue checks.

Checks are used to advance a payment instead of using cash. The account holder is given a checkbook which contains all the checks that he needs to operate his account. The account holder can submit these checks to establishments or the paid party to be redeemed in the bank. The bank then debits the amount written in the check against the assets of the account. Checks are used in larger transactions such as payment of rent, paying for a service where cash is too large to give out, and to advance a payment to a given date. Checks allow consumers to expand their transactions that were once limited to cash transactions. Businesses also rely on checks for their accounting since it serves as a record of there cash flow.

Account owners must be responsible for the amount that he writes on the check. The total amount given out should tally with the value of the account or else the bank can issue a penalty or close the account. For businesses, checking accounts cannot be closed because it is the money pipeline for their expenses and contracts to suppliers. All small startups must consider a checking account if they are to grow and prosper since it clears up a business’ accounting. Without a checking account, operating a business or managing your home will be difficult.

Prevent Foreclosure By Changing Your Lifestyle

foreclosure.jpg People find it hard to prevent foreclosure because there simply aren’t enough resources to pay-off dues to prevent foreclosure. But sometimes people are too overwhelmed to think that there are other ways to help solve their foreclosure problems. And one of those is by changing their lifestyle.

There are many factors that can lead to foreclosure. Most of the time, foreclosure happens because of unexpected reasons. Families who are not able to recover these unfortunate circumstances face more problems other than foreclosure. There is credit card debt, overdue bills and worse, bankruptcy.

The best solution to these problems is by adapting to current situations. If you don’t have enough money in the bank to pay for mortgage, then you need to make some. Sometimes this is difficult to do especially for families who are used to living a comfortable and extravagant lifestyle or living beyond their means.

If you are one of those people who live above their means, you need to take control of yourself now before it’s too late. Changing your lifestyle to save your home is the most important thing. You can always replace the things that you have, but a home is more difficult to invest nowadays because of the prices and interest rates.

What You Can Change Today

There are many things you can do that can help you get more money to pay-off unpaid mortgage and get back on track. If you haven’t gotten any notice yet from your lender, you can improve your paying scheme in no time. But if you have been given a notice, talk to your lender to give you a different payment plan to be able to save your home.

You need to start with yourself and your family to be able to afford in paying the unpaid dues and others.

First thing you should do is consider additional income for your household. An extra $300 per month can help ease the burden of paying the pass dues. You can delegate the older kids to take part-time jobs, you can also take a part-time or engage in a small business that requires little or no investment.

You can control the other expenses in your home such as premium subscriptions for your cable, if you have a satellite TV and internet lose it now and replace with more affordable alternatives, cut other mobile phone subscriptions and change to pre-paid.

If you have stuff in your house such as extra furniture, clothes and appliances, that are not being used but in good condition, you can sell them on eBay or hold a garage sale.

If you have 3 cars, sell 1 or 2 if you are really in bad shape financially.

As they say, too much of everything is often bad, so get rid of these extras and make money out of it to be able to pay-off dues.

Lastly, change your lifestyle overall. If you can live within your means only, you wouldn’t end up having your home foreclosed.

If you can survive foreclosure, you should be able to get back on track and re-build your credit score in 2 years or less. But be aware that getting back on your old lifestyle can result to the same problems. So try to live within your means to prevent foreclosure of your home and other financial problems.

Make Your Checking Account Work For You

If you are a typical checking account holder, you may not realize that there are effective ways to make your checking account work for you. Most of the time, some checking account owners do not use the obvious factors to their advantage, which in return causes pitfalls and costly mistakes.

The need for a checking account comes down to two main reasons: for business and for personal usage. But whichever reason you have for getting a checking account, it is vital that you know how to properly handle the account to be able to reap the benefits.

There are no special instructions or existing client-friendly system that can help you make your checking account work for you. You can, however, use the existing factors of having a checking account work to your advantage.

Some Tips To Help You Make It

There are many techniques to help you make your checking account work for you. The following are the simplest and more practical applications that you can do:

• If keeping your existing checking account causes you to spend more dollars, you might as well look for a bank that charges lower fees. You may also find free checking accounts online, but be wary of free offers that do not last long.

• Most clients end up in spending more on maintenance fees due to insufficient funds on their checking accounts. And with it come the penalties caused by bouncing checks. The penalties can deplete your checking account funds, so be careful not to let this happen.

You can manage and avoid a bouncing check by making it a habit of balancing your checkbook on a weekly or monthly basis. By doing so you are keeping your checking account in shape and your credit score in good position.

• Write post-dated checks if you are unsure of your funds. You may ask your bank to provide you a checking account guard or any system that can help your funds.

• If you can get hold of a high interest checking account, provided that your practice a good checking account management, you will find it is beneficial in the long run.

• If you have an ATM for your checking account, make sure that you withdraw only from the same bank name; otherwise you will be paying off the fees for withdrawing from another bank.

You need to be careful of ATM withdrawal fees since they can also deplete your funds. The more often you use your ATM on other banks, the more fees you will incur.

Select the bank that does not charge fees when withdrawn with an ATM from another bank.

• Some people opt to separate their savings from their checking accounts while others prefer a combined account. Whichever you choose, you need to understand that your accounts will work better if you know how to handle both.

You can ask your bank if they have a facility that will work best for both your checking and savings account if you plan to separate or combine them.

You can make your checking account work for you with other practical ways you can think of. Just make sure to talk to your bank about the strategies you are planning to put up. Work with your bank to make your checking account work to your advantage.

Bank of America $100 Bonus Checking Account

Bank of America is offering a $100 Bonus when you open a business checking account with Visa Business Check Card before March 31, 2008. There are no minimum deposit requirements and no monthly fees.

To get the $100 Bonus:

If you are applying online, you must enter promotional code BTB0100 to ensure you receive the correct bonus. A branch visit is another sign up option, you must however provide the coupon to receive the bonus.

Once the account is open, your $100 bonus will be automatically deposited into your business checking within 60 days. Closing the account within that time period will void the promotional bonus.

Webster Bank $100 Bonus Checking Account

Webster Bank is running a promotion on their checking accounts where you can basically earn up to $100 bonus if you meet all of their requirements. The checking account will award you $20 for your first checking deposit, $20 for payings 3 online bills, $20 for making 3 purchases with your Visa Check Card, and finally giving you $40 is you completely all three.

This is an online deal and is available to all states. To apply, simply go to Webster Bank’s checking account page and click on the “Get your $100 Coupon” icon to be redirected to the sign up page.

*In order to qualify, checking account must be opened by March 5th, 2008 and this offer is available to new Webster checking account memberships only. All three activity listed above must be completely by May 9th, 2008.

Salem Five Direct 5.30% APY Savings Account

The Massachusetts-chartered savings bank, Salem Five Direct, has changed the rate of their new eOne account. The people who are effected by it are those who have balances over $1 million as they earn only .50% APY now compared to previous 6.10% APY for the first 60 days and then 5.30% APY thereafter. Hence for people having over $10 million, it hit them hard as they would be losing $1380 per day!

The cause of the change can be related to their Deposits Insurance Fund (DIF). According to this all deposits above FDIC limits are insured and none of their insurer had lost a penny in a bank insured by both the FDIC and the DIF. This has caused a shift in the interest of millionaire’s into this Salem Five Direct account and this probably has led to the mentioned change in their eOne account. A business tactic, also implied by FNBO Direct.

The 10-year Treasury note reached its highest level in more than 5 years on 14th June. This is an indicator of an increase in long-term CD yields. But the question lies that will the rate continue to increase? Is it reliable? It pays to make early withdrawl penalities. The smaller the penalty, the less it will cost to break a CD and hence one can open a new CD at a higher rate, to make bigger profits.

On the other hand, despite all these changes it does not pay off as much as online saving account or short term CDs. So, its charm seems to wane as the returns are on long-term basis.

But in case you are interested, KeyDirect has some very competitive rates for long term regular and IRA CDs. The rates are very attractive (The APY for 5, 7 and 10 year term are 5.55%, 5.75% and 5.85% respectively) and only a minimum deposit of $5,000 is required. It is available online for those living in the 37 states and in DC. In the other states, same rates apply at Keybank Branches.

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