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The Problem With Chasing Banking Rates

December 26, 2011

By SB

This is a guest post from Martin of Studenomics. Martin loves to write about financial issues on helping you find out what is a good credit score and more fun topics like deciding what to do after college. For the longest time I was hesitant to join ING Direct. The interest rates were pretty decent a few years, but I simply felt a sense of loyalty towards my local bank that wouldn’t let me leave them. The employees at the local bank knew me on a first name basis. Some of the employees at the bank were even high school friends of mine. If any issues ever came up, I could walk over to the bank in 5 minutes and have everything resolved. Long story short, I’ve never been good at chasing the highest interest rates. This is why I decided to keep my brick-and-mortar account even after I joined ING Direct. Before you call me out on this, I wanted to share with you guys the problems with chasing banking rates: Most great rate offers are temporary. The advanced investors reading this can tell us all about introductory rates and the classic bait-and switch. For the new investor, introductory rates are simply not worth switching banks for because you’ll only get that rate

9 Steps To Switch Your Bank Account

October 19, 2011

By SB

Tired of paying fees for using your debit card or withdrawing money from the ATM ? I am, and I switched my checking account. In the process of switching, I learned few valuable lessons that might help you. If you’re intend to switch, start the process soon. You should not be paying any fee to your bank – by keeping the money in the bank, you are entitling it to loan your money and earn interest. A bank should not ask customers to pay for basic services. There are various banks that offer interest on your checking account balance. Changing your longtime checking account is by no means a small deal or a 15-minute job, as various other people suggest (including one of my blogging idols). If you are dissatisfied with your bank and want to switch, you might want to follow the steps below. 1. Start by choosing the right account for you. When I started, I looked for fee-free (as much as possible) accounts with very low minimum balance requirements. Many checking accounts do not have minimum balance criteria. Try opening with a very low initial balance, no more than a couple of dollars, if possible. This will give you a

Which Interest Checking Accounts Are Best

July 26, 2011

By SB

In the era of bank failures and major banks increasing fee for their services, you can earn interest on checking accounts it’s too good to be true, isn’t it? A few months back I was in the market for a second checking account as due to clerical mistakes my one and only checking account was frozen at Bank Of America. Al though I had found an answer in Capital One interest checking account, I didn’t stop looking for better rates, as we should always work our ways to get maximum return from our investments There are many interest paying checking accounts available in the market. Let’s compare the best options we have based on data obtained from internet and a few phone calls in my spare time. A comparison is needed, as these bank accounts offer different terms and conditions, some where you pay $25 monthly fees and for some it is free of cost. Some require minimum number of transactions and others require a minimum monthly balance. Click on the links to open online application form or call the numbers listed against each of them to open account instantly. Incredible Bank – FDIC insured up to $250,000, Highest interest rate

Have a Second Checking Account

April 10, 2011

By SB

Since realizing the vulnerability of my finances at the hand of a clerk, where by getting my one-and-only checking account with Bank Of America frozen, apparently for no fault, I started considering having another account as a back-up. I wanted a back-up from where I can pay monthly bills and can meet any emergency expenses when primary checking account becomes unusable for any reason. This is not second chance checking account, but a second checking account in addition to an existing one. I wanted a safety net around my finance. I wonder what could have happened had I been late by few more days in paying my credit card bills? A delinquency on all 4 cards could have resulted in a loss of 40 points of FICO credit score. Especially since I am planning to go for a car loan and a mortgage in near future, it would have had hurt me real bad. I couldn’t have taken any more risk, and started with my research immediately after the Bank of America incident. Even my wife, who has very little interest in finances (she’s not exactly a big spender as well and gives value to money), mentioned once to me about the need for another checking.

Take Care of Checking Account

April 6, 2011

By SB

One fine day you may wake up and discover all your bill pays are not just going through, the schedule transfers to your other investment account failed, or your systematic investment plans failed. One main reason could be a deadly reason code ’16′ which is nothing but ‘account frozen’. There is no immediate way to recover from this set back, there is no way to not become delinquent on your credit card bills and utility bills. It is deadly situation, handle with care and take prompt action, without wasting time. What prompted me to write this blog, is, a recent turmoil in our financial life. For some reason our one and only checking account with BOfA was frozen. It was not our fault, but , apparently a fault from the bank itself, perhaps, lack of discipline from one of the clerical staffs, or probably a flaw in their software system. One fine day my checking account got frozen, no alert no notification, just return payment on all by credit card auto payments. It took a phone call to realize the reason, it was deadly ’16′. couple of rounds to the local branch led to unfreeze of the account in 3-4

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The Problem With Chasing Banking Rates

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9 Steps To Switch Your Bank Account

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Which Interest Checking Accounts Are Best

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Have a Second Checking Account

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Take Care of Checking Account

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