Why People Are Turning Their Backs On Traditional Banks

It used to be common for people to open accounts at their local bank, but this is slowly becoming a thing of the past. The fact that there are so many fees and penalties associated with them makes many people look for alternatives. This is not always a good thing since some of the options they select are not insured by the FDIC and offer little protection for those who have issues.

Online Banks

There are some banks available these days that are available strictly over the Web. The big draw of these banks is the fact that many of them do not charge fees for their services. In many cases, you can use in-network ATMs, make transfers and spend more than you have available without incurring any fees. Imagine that. These are all activities that would typically cost you greatly when doing business with a traditional bank. The only drawback is the fact that there are often no physical locations, which makes things like depositing cash a hassle, but many do not mind since they will be saving money in the end.

Prepaid Debit Cards

Instead of worrying about monthly fees and being slammed with overdraft costs, some people are signing up for prepaid debit cards. While this can have its issues, finding the right can save you quite a bit of money. There are some cards that waive fees for those who have direct deposit. As long as you take advantage of this, you will only have to pay when using an ATM. This is worlds better than the huge slap you get from a traditional bank when it comes to penalties and other fees.

Mobile Payment Apps

These are becoming more popular all of the time and for good reason. The fees that are typically charged for these is much lower than banks. In addition, you are not usually required to pay anything monthly, nor are you forced to keep a balance or make deposits in order to avoid penalties. If you send money internationally using your bank, the fees can be rather astronomical. Using an app like Paypal or Cash App is much more cost-effective.

The fact that more people are using the three options here shows that they are getting tired of all the money they have to pour into traditional bank accounts. With that said, there are some merits associated with being an account holder, so others are staying put.

Online Banking Has Made Our Lives Easier- Here’s How

Most, if not all banks today provide online banking services. You can transfer money, pay your bills, get a statement of your transactions right at the comfort of your home, as long as you have internet connectivity. This integration of online communication in conventional banking has made our lives easier, something that was not even imaginable a few decades ago. Here’s a closer look at how banking online has changed our lives:

View Your Transactions

Online banking enables you to access your account transactions and history from anywhere in the world. This is the fastest and most convenient means to know whether a transaction has cleared your bank account. You can ideally find out the transaction amount after you’ve lost your receipt and it enables you to know about unauthorized transactions quicker, thus helping resolve the problems almost instantly.

Pay Your Bills Via The Internet

Nowadays, you can conveniently pay your bills and avoid missing the check in the mail, thanks to the digitization of banking. Almost every bank has a section in which you get to set up payees. Once you fill out the information, you can easily pick that profile whenever you need to pay a bill.

Even better, most banks today have apps, which allow you to deposit a check by just taking a snapshot of the document. You can handle all your banking without having to set foot in the bank and this saves you time, which is a definite plus.

Transfer Money Between Bank Accounts

Digital banking ideally allows to transfer money between bank accounts pretty quickly and check your available funds before doing any spending. It is more convenient compared to using an automated time service or going to the bank. After all, nobody likes those never-ending queues at the bank. To easily transfer money using cash, learn more at https://puloonatms.com.

Mobile Banking

Most banks have an app that enables you to benefit from online banking right from your smartphone. This makes online more convenient and enables you to quickly check your account balance when you’re out shopping, see whether a seller has double-charged you and even transfer funds over if you are short.

Mobile banking makes banking even easier but it’s important to ensure that you access this information via a secure network and do not use public WIFI when completing sensitive transactions. There are hackers on every corner of the internet and so, you’ll want to ensure you have a very strong password, and never give out your account information to someone who isn’t an authorized signer.

How ATMs Make Life So Much Easier

How ATMs Make Life So Much Easier

Most people use ATMs fairly regularly and for good reason. There are many ways that these machines make life easier. While there are other payment options out there, this is one that is convenient and helps take some of the stress out of the day. In case you are unclear about why they are so beneficial, it would be a good idea to continue reading.

There are some places that require patrons to use cash. This may sound like the craziest thing in today’s world, but it actually happens. If you are at one of these places and you need to grab money in a hurry, an ATM can save the day. Since you can typically find an ATM within a block or two of most businesses, it is far more convenient than having to find a branch and wait in line for a teller to take handle your transaction. For more information please visit https://atmmegastore.com.

It used to be necessary to grab an envelope and fill out several details before placing cash and checks into them for deposit. This may not seem like a bit inconvenience, but it can be when people are in a rush. Now that you can insert cash and checks directly into a machine, this extra step is eliminated and depositing funds is easier than ever. Again, this is simpler than going inside and waiting to see someone.

Banks are not open around the clock. What happens when you have work hours that are not convenient to the hours of the branches that are located near where you live and/or work. While some ATMs are located inside establishments that have definitive closing times, there are others attached to banks and located in places where you can use them at your own convenience. This means that regardless of the time when you get the opportunity to head out, you will be able to use it. This is particularly important if you need to make a deposit or withdrawal for something that is time sensitive.

Many people do not give this type of thing much thought, but ATMs make life much easier. The next time you ask yourself why they still exist amongst all of the new technologies, you can remember all you were told here and reconsider your thinking. If these were to become obsolete, there are many out there who would have more stress added to their lives than they hoped for.

What’s the Real Cost of Bad Credit?

Fact: If you’re not protecting your credit, you’re setting yourself up for trouble. Trouble in the form of paying too much for everything. Cars, houses, even on your credit card purchases, all these areas of pleasure will end up costing you more than you could imagine if you have bad credit.

The truth is, anything other than good credit will follow you around, and end up in essence, decreasing the amount of money you have to spend every month.

What’s the cost of bad credit initially? Well, if you plan to use credit cards and you have bad credit, think again. Credit cards for people with bad credit start, on average, at 20%. This means that for every dollar you purchase with that card, you’ll be paying back an additional 20 cents.

All of the prime types of credit cards with the bonuses and reward points are completely unattainable for the average person with bad credit. Lenders know this. They know that the few sub-prime type of credit cards available to people with bad credit suck. Those cards require extremely high setup fees, have lower credit lines, and sometimes even require you to make an initial cash deposit of up to half the credit value. And that’s before you can even use the card.

So the cost of bad credit can be expensive for credit cards, but how about if you want to buy a car? The answer is exactly the same. Assuming that you can find a dealership that will lend you the money to purchase a car without a cosigner, you’ll often end up paying up to $5000 more for a vehicle just because you have bad credit. This added interest translates into higher monthly payments for you. So, if you’re in the business of saving money, and you have bad credit, then fixing your credit should be your number 1 priority.

In the future, when you finally decide to settle down and purchase a home, ideally you would want to be able to find the best home for the best price. This is almost unimaginable when you have bad credit. The real cost of bad credit when buying a car is nothing compared to how much extra you’ll have to pay on a mortgage for a home. Typical prices of homes range from $50,000 to $140,000. When you have bad credit, those prices can almost double. For example, a home that cost $100,000 that’s paid over a typical 30 year time period will cost someone with good credit approximately 6.4% extra. So that’s a total of $106,400. Now, if you have bad credit, you will really pay up to 12.5% more just because of your credit rating. This can make the difference between a $600 mortgage payment and a $1000 mortgage payment.

Why would you want to pay more than you need to? This is the question you should ask yourself when you think about the real cost of bad credit.