Archive for 'Banks' Category

By Jennifer Goforth Gregory

Many of us bank online today without a second thought. I use online bill pay to handle the electric bill each month, and regularly check my accounts and transfer funds without leaving my house. And while I haven't accessed my bank account from my mobile phone, according to a recent study from the Federal Reserve, 21 percent of mobile phone users have accessed their accounts through mobile applications in the last year.

But when my husband recently suggested moving our funds to an online-only bank account, I was a little surprised. Each year we sit together and review the rates and terms on all our accounts to make sure we are getting the best deal possible. While looking at the information, my husband pointed out that our credit union offered an online account with a higher interest rate than we were currently earning and much lower fees.

But when I looked at the fine print, I realized that this account would not grant us free access to our local branch and would require us to give up our checkbook. Not all online-only banks require you to give up your checkbook -- many now offer check-writing privileges just like an ordinary bank -- but that was the deal with this particular account.

Because we were already comfortable using online banking, our main concern was what we would lose in services and convenience by changing accounts. Here are three key questions that we asked ourselves when trying to make the decision.

By Justin Boyle

We've all heard "the customer is always right." You might go as far as to say that we live in the age of the customer. Customer service is emphasized as a driver of business success in several industries in the U.S., and companies tend to take that to heart. I spent a few years in the customer service trade, myself, helping put a pleasant face and voice on computer support, sandwiches and Cadillacs.

Nearly every worker in a commercial environment, from butchers to bakers to BLT makers, is trained to consider the customer first. With this being the case, why are members of the online community crying out about poor customer service from the best banks? I got a hold of an expert in the field of customer service, as well as a banking executive, to try and sort it out...

By Justin Boyle

When I moved to Texas, I needed a new checking account. I had previously lived in Phoenix, Arizona, and had almost exclusively used a local credit union to store and borrow money. Wells Fargo was the only option I could find that offered a no-fee account (at the time, in 2004, they did), so I entered the world of the national bank customer.

I harbor no regrets about opening that account, especially since it served to establish in-state residency and made it possible for me to afford to go back to school the following year. Now, though, some Wells Fargo customers might begin to have second thoughts about their choice of banking institution. Let's take a look at why.

By Richard Barrington

Were you taught the facts of life by your parents, or did you have to pick them up here and there and by experience?

No, this isn't referring to those facts of life, but to some of the basic financial skills just about everyone needs as they go out into the world. Here are five financial facts you should make sure your children understand before you help them open their first bank accounts:

1. Smart shopping makes a huge difference in banking

Your children may think of smart shopping as a way to occasionally save a few dollars, but there is a whole new world waiting for them when it comes time to find a bank account. Because a bank account is there every day, either earning interest or incurring fees, the right choices add up to big bucks over the course of a year.

For example, many banks, led by some of the biggest names in the business, have been raising fees on checking accounts. At the same time, free checking does still exist at some banks. The difference between a $12 monthly fee and no fee comes to $144 a year--a huge chunk of what the typical student is likely to have in a checking account.

Similarly, shopping for a high interest savings account means making more money each and every day. "High interest savings account" might seem like a contradiction of terms these days, but everything is relative. With average savings account rates at 0.15 percent, a Read the full article »

By Beth Orenstein

When was the last time you were in your bank? It was probably when you opened your accounts. Thanks to ATMs, online banking and your smart phone app, who needs a teller? You know the money is there when bills are due.

Because we're all so busy--with work and family and friends--it's easy to pay such little attention to our bank accounts. But you really shouldn't take a cavalier attitude about banking. Doing so could be costing you a lot of money.

Here are four of the most common mistakes when it comes to banking - and how to avoid them so that you're not losing money at a time when every penny counts.

1. Not checking your statements

Checking your accounts daily would be ideal, but since we don't live in a perfect world, the least you can do is check your monthly statements. These days, you probably get them via email--who doesn't want to help save paper and trees--but do you actually open the email and look at the statement?

It's a good idea to make sure all the deposits you made show up. Also, check that the withdrawals you made are for the correct amounts. Were you charged any fees on your savings account or checking account that you shouldn't have been? If you find a mistake, call it to your bank's attention immediately. If there's a mistake, it could be quite costly.

By law (Regulation E), banks are required to pay for any losses greater than $50 caused by Read the full article »

By Jim Sloan

With more than six companies being victimized by cyber attacks in recent months, it may seem like hackers are enjoying free access to our credit cards and bank account numbers. These security breaches, such as the one that compromised 200,000 Citigroup credit card customers and up to 100 million Sony Playstation customers, make many of us leery of doing any kind of online banking or shopping with valid credit card numbers.

But the truth is that there are many actions banks and companies are already doing to keep our valid credit card numbers safe. Consumers also have plenty of tools available to ensure that their accounts--from zero interest credit cards to 0 balance transfer credit cards--remain safe.

The size of the problem

Although the Citigroup hackers were able to get valid credit card numbers and contact information, the cyber crooks were not able to get those customers' Social Security numbers, birthdays and credit card security codes. That means the hackers won't be able to make direct charges...