Friday, October 10, 2008
Sunday, October 5, 2008
Overdraft Protection
Overdraft protection is highly recommended if qualify? I know that sounds crazy, but most banks these days tell you that you 're going to have overdraft protection on your accounts. When in reality, you must have a form of overdraft protection, yes that's right, a form. That means you must have a savings account, credit card, or in some cases a line of credit. If you decide to use credit as protection most banks require that you must have their credit not another bank. Otherwise, in order to protect your money you must have money in your savings account to act as a form of overdraft protection. Then some banks have it setup, in order to use protection you must pay them a fee to sweep your funds over, from the protection to your over drafted account. I know that's crazy, they're charging you to protect your account with your own money but, that's how they make theirs. I recommend, if you don't have good credit and are struggling to keep money in your savings account then your best option would be to contact your bank. Once you've contacted your bank, advise them that you want your debit card setup to deactivate once you start to exceed your balance in your account. That option will prevent you from overdrawing and also help to avoid fees. You MUST contact your bank for that option, it will not take effect itself, you have to request it from your financial institution. I hope I provided you with some intriguing information to help your banking needs, if you have any detailed questions, don't hesitate to leave a comment and I will respond back.
Tuesday, September 30, 2008
Tips In Banking
1. The main key in having an account anywhere is checking on your account daily. If not able to, then you need to do so frequently.
2. Sign-up either by banking by phone or on-line banking with your bank. Both of these tools should be FREE of charge with your bank.
3. You can also keep a log or a type of spreadsheet of all your purchases. Meaning from buying items in the store to paying bills, whether setup automatically or not, you need to keep track of your own expenses.
4. If having trouble with keeping track of what you spend throughout the day, then you should try and keep your receipts from purchases made. I actually have 3 complete shoe-boxes with nothing but receipts in them. This is going to come in handy during instances when you worry and at the end of the year tax time.
5. Another option, if have troube with keeping track with bills and expenses, then you should think about opening an additional account. For example, you can have an account for bills and one for leisure activities. Most banks have it setup if you’re an existing customer, that you can open another account for free with just a low initial deposit. Then you would know exactly what your money is being spent on and be able to track it if necessary.
2. Sign-up either by banking by phone or on-line banking with your bank. Both of these tools should be FREE of charge with your bank.
3. You can also keep a log or a type of spreadsheet of all your purchases. Meaning from buying items in the store to paying bills, whether setup automatically or not, you need to keep track of your own expenses.
4. If having trouble with keeping track of what you spend throughout the day, then you should try and keep your receipts from purchases made. I actually have 3 complete shoe-boxes with nothing but receipts in them. This is going to come in handy during instances when you worry and at the end of the year tax time.
5. Another option, if have troube with keeping track with bills and expenses, then you should think about opening an additional account. For example, you can have an account for bills and one for leisure activities. Most banks have it setup if you’re an existing customer, that you can open another account for free with just a low initial deposit. Then you would know exactly what your money is being spent on and be able to track it if necessary.
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