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What You Need To Do If You Want To Change Your Bank

Your Bank might not figure very high in your scheme of things – look at the exorbitant fees that they levy for each and every transaction – and to think that these banks get government bailouts when they collapse! Definitely, the thought of changing banks must have crossed your mind or ignorance of underlying issues might have prevented you from firming your decision. But if you are intent on doing it, there is a method to the madness.
Decide the reasons motivating your decision to change banks
Some people sites are happy to go after the bigger truly national banks even though the service may not be anything worth praising. Others love the warmth and ambiance of the local bank (read Credit Union) which may not score very high in the frills and thrills department. You may wish to know whether the bank has an extensive network of ATMs in places you frequent and what the fees might be like. There may be restrictions or ceilings on minimum balance and the number of free transactions permitted by the bank – choices that make banking costly or inexpensive for you.
If you have decided the bank, open an account
Opening an account is a must as otherwise you won’t get a clue about the bank’s actual service and their rules and regulations. Open the normal no frills savings account and collect a check book, an ATM debit card and online accounts that go with it. It is always advisable to maintain cordial relations with the accounts manager as he becomes your focal point for transacting business with the bank. It is safer to initially avoid credit cards or any other line of credit that may be linked to your accounts.
Beware of the Bank’s fund holding period
There is the distinct possibility that the bank might insist on a holding period where no transaction will be permitted, say two weeks or maybe more. Enquire beforehand whether the hold action blocks direct deposits, deposit of outstation checks or cash deposits or maybe all of them. To work your way around this hurdle, deposit the minimum cash balance and wait out the hold period before depositing more cash or transacting checks.
Notifying HR about changing the old bank account
Possibly you need to give a blank check from the new bank account so that HR department can set up a direct deposit. At this stage don’t be in a tearing hurry to close the old account as there will be some loose ends to tie up before doing that.
Tracking and coordinating your existing bill payments
Possibly there will be many payments linked to your old bank account; they need to be reorganized. On way is to manually feed these payments into the new online account. The creditors will have to be notified officially that you have switched banks. It’s a good idea to adopt loan tracking mobile software which will ensure that you have accounted for all bills and you haven’t miss a payment.
The delicate issue of transferring debts to the new account
There may be credit cards limits and other lines of credit linked to your old bank account and it could become a bit messy arranging to transfer linkages to the new account, besides the headache of involving multiple creditors and lending institutions. One way out might be to let the old account remain and the situation continues till the loans are liquidated, or you could do a loan consolidation if you get a lower APR on the consolidated loan. If that is impractical retain your checking account with the old bank and deposit money exclusively for paying loan dues and not for any other purpose.
Two precautions before closing the old account
It is possible that a check issued by you might remain in circulation, unused but liable to be cashed anytime. If you remember the number of checks and their amounts you can leave sufficient balance in the account to clear the checks. You also need to keep the account open for a further period till credit card/ debit card dues are cleared. In the meantime freeze card usage till older transactions are covered.
If you plan things well and proceed carefully and systematically you can switch banks with practiced ease, and the change might do you a world of good. It may improve your bottom line through reduced costs or improve the customer service and present the warmer ambiance that you crave.

Financial Choices For 2014-15 That Strengthen Tax Management

You would be thinking OMG tax year is behind us, so why this article on taxes, but the reality is that you would be better prepared for filing your taxes this year if you started early and this is a good time to begin. So here goes!
Don’t get euphoric over tax refunds; curb payments instead
Getting a tax refund may be a joyous and welcome event but just think for a moment – “am I not getting back the money that I had no business parting with in the first place?” If your refund averages around $2,550 that’s a kind of heavy overpayment don’t you think?
Uncle Sam obliges you to pay your taxes, period, but he does not insist that you pay him a cent more than what is due. The better approach would be to take a copy of your latest tax return and use a pencil to key in the pink slip loan dallas figures as they can be roughly estimated for the current year. Use the IRS Withholding calculator software and run your numbers through that to get a clearer picture of what you owe the government and pay only that amount.
Look at the overall withholding for the previous year and calculate whether your withholding amount is correctly calculated; you might be overpaying. In that case ask the HR guys to reduce the withholding this year. Repeat the same process with your state taxes.
If you get a windfall payment use it to boost retirement savings
Don’t rush to the nearest mall after landing your refund; plough that amount into a retirement savings plan like the 401k or IRA where you get tax benefits.
If you are employed you there are 401k and Roth IRA plans, the difference between the schemes being the way taxes are treated. Remember that in the traditional plan you are deferring taxation till after retirement by accumulating tax advantaged savings today. The Roth IRA is just the opposite – you agree to pay necessary taxes today while you build the fund and take away tax free withdrawals when you retire. Basically, people that are high income earners will opt for traditional plans that allow them to postpone paying their taxes in the present so that more money is available for current expenses.
Pumping money into healthcare plans
Combining a health insurance plan and a health savings account (HSA)
This is a viable option; the insurance plan you select should have low premiums but high deductibles and then you can use the HSA to save funds for meeting those deductibles and miscellaneous expenses. Remember that the HSA is beneficial as it brings down taxable income.
Using a Flexible Spending Account (FSA)
The FSA gives the same tax benefits as the HSA but there are restrictions like maximum annual contribution of $2,500 and only $500 being allowed be carried over, so one has to estimate in advance the amount that you need for healthcare treatment (a bit tricky no doubt).
Consider buying a house
It’s a no brainer that renting is a stress free option for Americans but buying a house brings the twin benefits of asset accretion and tax savings. Remember that for homes mortgage interest and property taxes are both deductible. Grab a copy of your IRS Schedule “A” sheet and do the calculations to find out whether your cash flow is impacted unfavourably compared to renting. This will help you decide whether it is more affordable to rent a home or to buy one.
An emergency fund is useful for meeting retirement blues
Retirement will be full of anticipate and unexpected expenses. Stop thinking of your retirement fund as the emergency fund in your life; you need another fund that will stand by you when things get messy. Early withdrawals from retirement plans that violate rules will result in the imposition of stiff penalties. At that moment when you grab retirement money unthinkingly for urgent needs the situation could become financially tricky unless you have back up funds to push you through.
Grab the 529 plan to save taxes on education savings
If you are aiming to push your child through college you can’t do without a 529 plan. In some states they allow you to take deductions on your education oriented savings and a few others offer tax credits.
As you may have surmised there are myriad ways in which an intelligent and conscientious person can promote savings and secure his future while managing his taxes brilliantly. From now on, whatever you do you will be reassured knowing you have made an informed choice.

More Than Ever Before You Need To Repose Confidence In Your Bank

Banks are facing flak from the media and the public for squeezing credit options for poorer sections of the population and for generally pricing their products beyond the reach of financially disadvantaged people. But more than ever before Banks are turning out to be institutions that need to be appreciated anew in the light of global changes and changed economic scenario within the US.
If Banks need an image makeover let’s begin that debate by reassessing their roles and responsibilities in a way that permits Banks to shed the tag of laggards and project their image as social transformers and economic growth engines. Here are the best reasons why Banks deserve a big thumbs-up from all of us.
• Money in the Bank is money that is safe and secure
Imagine a situation where you need to hire private agencies to safeguard your wealth which you have no choice but to store at home. Those agencies will charge you a fat fee and undertake the responsibility of protecting your wealth. In the event of losses through theft or arson the agency partially reimburses losses, no questions asked. A Bank absolves you of the need to spend obscene amounts for safeguarding your cash and valuables. If the Bank is covered by FDIC the depositors’ money gets absolute protection to an aggregate value of $250,000. So if you praise your security agency you should be more thankful to Banks for doing a comprehensive job at reasonable cost.
Bank services are improving, and many of these services are offered free
Safeguarding money is one issue where banks are doing great, but Banks are also making it easier for you to access your cash any time night or day. They deliver cash through ATMs that are open 24/7/365. You also get the opportunity to deposit your checks through the ATMs obviating the need to approach a branch or office. If you need direct assistance to close a transaction Bank officials are more than willing to help you out if you pay them a visit. So Banks are making their services directly accessible and convenient, not the other way round.
If you happen to open a net banking account you benefit in multiple ways by transacting business from the cool comfort of your home or office. In fact Banks are aggressively pushing free mobile apps that help you track your money and the way you spend it. So even as you push through various transactions, Banks are always hovering in the background giving you free portfolio advice that investment analysts, portfolio managers and high profile legal luminaries charge you the moon for.
With Banks you can demand free services, and take yes for an answer!
If there are fees linked to your account usage there are also options that can deliver free services, as when you agree to link fund transfers from your checking account with recurring deposit accounts, or when you try the Bank’s internet banking services. The more services you utilize, the more demands you can make for fee-free services. For example regular customers that route their bulk of their transactions through bank accounts can demand ATM fee waivers. Generally Bank services are cheaper when you accept bundled package of services – for example a checking account bundled with a new home mortgage and insurance plan apprised through your Bank.
Paying fees is not a one way street; there are back to back benefits too!
Merely fretting over the fees that you are paying to the Bank is not fair; take a close look at the additional benefits that are yours like free checks, lower charges on interbank fund transfers, interest that is applied in checking accounts and a smoother grievance solving mechanism. Even if you feel that fees are not commensurate with benefits you can always claim a fee waiver.
The high cost of Banks’ complying with government regulations is not passed on to depositors
Banks extending fee based services is only one side of the story. Banks are struggling to cover the increased cost of government scrutiny and regulations and having to manage the additional expenses burden without passing on the cost to customers. This is a tough ask but Banks are persevering with the situation.
As can be surmised from the situation Banks have a tough job of managing the bottom-line without impacting their depositors. But they are still managing to hold the scene despite monumental hurdles, and that deserves a salute.

If Parents Become Financially Extravagant Do They Forfeit The Need To Be Cared For?

Raising children is an awesome responsibility, and as children grow link up, cross adulthood and mature the same “children” begin to realize that they need to return the favour by looking after their parents as age and infirmity overcomes them. Old age is replete with lifestyle changes that take over as the human body slows down and hitherto healthy bodies become weaker and disease prone and quirky. This is the time when youngsters need to give a lot of their time and attention to parents to ease their transition to a more relaxed and care giving period.
When it comes to finances, it is basically the children’s responsibility to see to it that their parent’s needs are taken care to the extent possible. This role assumes importance because it may not be possible for parents to squeeze in all their benefits when they are living on a reduced and inflexible income. Food, shelter and medication are not easy to acquire and parents need to shell out more money than ever before to make ends meet. What adds to their misery is the escalating cost of health care, therapy and medication. Parents do need financial assistance to tide over cash shortfalls in their daily needs.
The case for supporting ones parents is compellingly strong, a dire necessity that can’t be ignored under most circumstances, and you would be hard pressed to find children that deliberately neglect their parents or withhold financial assistance where financial assistance and care is the need of the hour.
But there might be an exception to this trend; consider a situation where ones parents lead a spendthrift and extravagant way of living with scant regard for savings and make zero efforts to grown investments; parents that lead a “now or never” type of existence with no thought for tomorrow. Such parents would be deliberately ignoring or neglecting to lead a financially prudent lifestyle. What would you do with such parents? Would you pursue the same principles and tackle such parents as you would in the case of financially prudent parents?
One choice before you would be to hep such parents out of filial responsibility and a sense of obligation because after all family is family and blood is thicker than water, and we all need to stick together through good times and bad. Besides, one can’t forget the fact that at a vulnerable point of time we too were totally dependent on our parents and they made no compromises when it came to dedicating their time, energy and money for rearing us.
This is one side of the story looking from the perspective of the children, but what of the parents that are profligate? Parents that live life king size like it was their last day are exhibiting a high degree of selfishness and their actions are patently anti-family and more of a self-seeking nature that is not conducive to family cohesiveness. Such parents have no regard for their own future and they are also compromising the security and integrity of the children and their children’s future.
The worst scenario is having parents that are highly skilled and intelligent but who refuse to use their skills to work or earn an income or bring in additional streams of income. Had they worked to nurture a positive income flow they would have taken a lot of pressure off their retirement kitty and they could even have postponed their withdrawals. If parents are financially responsible they could delay taking financial help from their children unless they are utterly compelled by bad health or indigent circumstances.
The million dollar question is would you support parents that are financially profligate? Whichever way you lean you might not have much of a choice because many states have filial responsibility legislation in place that obliges you to provide basic needs and even home assisted care.
But just for the sake of argument let’s say law is the last thing on your mind. The moot question is would you set aside your misgivings and help parents that are helping themselves more than fulfilling their responsibility to you and your children?
Perhaps the best answer to that question is to help such wayward parents out of filial responsibility but to also educate and guide them in such a manner that they open their eyes and regain their lost perspective and take bold steps to set right the wrongs they are committing. To sum it up you need to help, guide and educate your parents and lead by example.

Poor Credit Personal Loans For Girls And Military Men

As among the committed and hardworking members of the United States Of America military, you may have stumbled in your credit performance before and you are kept by the resultant poor credit from getting the needed funding which you seek. Don’t be discouraged.

The poor credit military personal loan can be your life line to rebuilding your borrowing standing and your credit, but also to not only receiving the funds that you just want.

Who Qualifies For This Special Funds Chance

All members of armed forces and the United States Of America military can qualify for a military poor credit personal loan.

Poor credit military personal loans are a gain which is widened and then their families and the military, and are therefore processed otherwise and with distinct regulations when compared to a loan which is written into a civilian borrower.

|”>Lenders of these poor credit military personal loans loan cash to their families and military members without wishes to the reason for the loan profits. What this means is that whether you should purchase new furniture or take a holiday, the lender is standing by to assist you to get the loan you desire. Many of these sorts of loans are written for sums starting from $5,000 to $20,000. The sum which you borrow could be more or less, based upon your demands.

Applying For The Military Poor Credit Personal Loan

Applying for the military poor credit personal loan is simple. Lenders have created specific sites that streamline the procedure for receiving funds to make the encounter carefree and hassle free. Only fill in the online application and submit it instantaneously over a safe network. You’ll be requested to supply your contact information, along with specific tips, including your income, status, and monetary advice.

You might be requested to supply references that can be contacted in the event you default in your military poor credit personal loan. Some lenders have created an electronic signature characteristic for military personnel that permit them to sign associated records and their loan application electronically. You’ll be able to choose to get your loan profits by check or direct deposit, whichever is easiest for you, after approved for the military poor credit personal loan.

The way to Get Business Capital with No Personal Guarantee

Seldom does a new company generate enough revenue to purchase equipment and employees right off the bat, and some companies need a considerable investment simply to get going. Can you get business funds without a personal guarantee? Does being broke mean you happen to be forever stuck working for someone else? The answer is no and yes. And we supply you all the information you should locate the money to get your company began.

One hurdle that many new company owners face is unless the borrower is willing to share in the threat that many lenders are uncomfortable putting up capital. The lender can look at your personal assets and ascertain if your company is incapable to whether you might be fairly effective at paying the loan.

Now, the first matter you should do is speak to individuals you know and trust and inquire to lend you whatever they are able to enable you to start your business. Your loaded aunt who needs to locate something useful to use her money on might be convinced. Or you are able to pool your friends to each invest a little sum with the promise that they will get a yield on their investment when your company takes off. The advantage of having someone you understand in this part is that they’ll help get your company rolling as they have a stake in how matters turn out.

Until the loan is paid the lender will have a lien against the gear. We can help you find creative ways to convince a bank to take property that you simply purchase for the firm as backing for your own business loan.

Once you’ve applied these techniques, you may find which you still have a difference in your fiscal needs and you have to dip into your personal economies. This can be much less bad as it looks. Investing a part of your own cash provides you with a sense of the motivation and ownership to get matters work. Occasionally that makes all the difference in whether a business fails or succeeds. We can reveal you just how to make the most of your personal savings without setting yourself into the poor house.

All of these and countless other avenues for getting capital for your venture are waiting at your doorsill. You just need to understand where to look. And that is where we come in. We can point you in the appropriate course and offer skilled advice in how to convince lenders and the individuals to you you know to take the opportunity on your business. All you need to do is contact us and let us get you started today.

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