For many people, organizing personal finances poses the biggest challenge in managing their lives. Sometimes it feels like there’s an overwhelming amount of documentation and other paperwork that needs to be managed, including budgets, accounts, receipts, and tax records. But putting a financial filing and organization system in place can help you reach your financial goals. The good news is that organizing your finances isn’t as difficult as you might think. It requires two things: a workable plan and actually taking steps to follow through on that plan. The easier your systems, the easier it is to follow through. Here's...

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Setting up your first checking account is a simple process. You simply fill out a form, deposit some money and wait for your checks and debit card to arrive. But you’ll most likely switch banks at some point in your life, and that’s where things can get complicated. When you switch checking accounts, it’s important to take the right steps to ensure that the transition is smooth. A mistake could leave you with overdraft charges, missed direct deposits and a number of other unnecessary headaches. Here’s some information and advice to guide you through switching bank accounts with as little drama...

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For decades the checking account has been the cornerstone of many personal financial plans. Many of us have our paychecks deposited directly into our checking accounts, and we use our accounts to pay our bills, move money into our savings accounts and fund our IRAs or other retirement plans. In recent years, a new checking account option – online checking – has matured to the point where it can be a viable alternative to the traditional way of accessing our checking accounts. Online checking accounts are offered by most local banks, as well as by a number of online-only banks....

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Prepaid bank cards look similar to traditional credit and debit cards. Since they carry the Visa or MasterCard logo prepaid cards are accepted as payment nearly everywhere traditional cards are accepted. In truth, however, prepaid bank cards are a special type of payment method. With a prepaid bank card, the cardholder deposits a certain amount of money with the card company, and can then make purchases using the card. Each purchase reduces the balance of their card account, so when their account balance is too low, the card will no longer work. In order to open an account, the cardholder...

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Your checking account is more than a place to store your money. With all of the different accounts and options in today’s banking world, most people give little thought to their checking accounts. With paper checks becoming practically obsolete, they’re just a place to hold our money until we withdraw it from the ATM or spend it with our debit cards. Right? Not really. While a checking account’s primary function is to store money until it’s needed, it can do so much more if you know how to use it. Here is some advice and tips to help you get...

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Did you know that the checking account dates all the way back to the early 1500s? It has come a long way since then, but it’s still based on the same idea: the bank holds the depositor’s money and distributes it on demand. Today’s banks are much more complex than they were back then, and so are checking accounts. They come with various features and fees, and are often combined with other types of accounts. A single bank may offer numerous types of checking accounts, and some individual banks offer features that can’t be found elsewhere. All of these options are...

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Bouncing a check doesn’t make you a bad person. It usually occurs as a result of a miscalculation or a scheduled deposit being credited later than anticipated. And with the use of debit cards, we are even more prone to such mistakes due to poor recordkeeping. Most banks offer overdraft protection these days. This service can save you money in overdraft fees and save you the embarrassment and fees associated with having a check bounce or having a debit card transaction denied. But in order to get the most out of overdraft protection, it’s important to understand what it is,...

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Banks are in business to make money. They accomplish this in a couple of different ways. First off, they earn interest on the money that they loan out. They pay part of this interest to their customers who have money market accounts, CDs and other interest-bearing accounts. They also make money from the fees they charge customers for things like checking account maintenance, ATM withdrawals, overdrafts and cashier’s checks. It’s no surprise that banks rarely lower their fees. But fees have been on the rise lately due to lower profits. The recently passed Great Recession and Credit Card Act includes...

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Debit cards are handy little pieces of plastic. They give us easy access to the funds in our checking and savings accounts. They’re as simple to use as credit cards, but they don’t come with monthly payments or require us to pay interest. And if we need quick cash, we can get it from an ATM 24 hours a day, 7 days a week. But just like credit cards, debit cards can cost us money if we do not use them properly. There are numerous mistakes that can be made that may result in unnecessary headaches and expenses. Here is...

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A checking account often represents a person's first step into the world of banking. It is a wonderful tool for managing your money, and it makes paying bills and making purchases convenient because you don't need to carry cash. But one thing the average checking account won't do is earn you money. Depending on your bank and the type of account, you may actually have to pay monthly or per-check fees. Even if you have free checking, wouldn't it be nice to earn some interest on the money in your account instead of it just sitting there until you...

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