When it comes time to obtain financial services, most of us start comparing the offerings of various banks. But there's another option that many consumers are not aware of, or do not fully understand: credit unions. A credit union offers the same types of services as a bank, but instead of being owned by stockholders, it is member-owned. Unlike banks, credit unions are not open to anyone who walks through the door. They have certain requirements for membership. Some are for employees of certain companies, while others serve residents and workers of a certain city or county. Some carefully restrict...

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For many of us, the basic checking account is the backbone of our personal financial system. We generally deposit our paychecks into our checking accounts, pay our bills from the checking account and use our checking accounts as a short term (and sometimes not so short term) place to safely store our money. Getting the most of your checking account can help you avoid unnecessary fees, unexpected expenses and help you manage your daily finances better. Making the best of your checking account also means you’ll have a better grasp of your finances and will be able to respond quickly and...

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You’ve probably seen TV commercials from banks that offer “100% Free” checking accounts. Perhaps you’ve even received a free checking account application or brochure in the mail from a large national bank, or saw an online banner ad. The offers might not have struck you as odd, but when you think about it you might start to wonder – how do these free checking offers work? How can the bank afford to give away free checking services when it costs them time and money to maintain those accounts? The truth is that banks are often willing to offer free checking...

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Everyone wants to get something for free. The banking industry seems to be making it even harder to get free checking these days. The federal government has imposed stronger regulations. The response has been to pass the costs on to the loyal customers. The banking industry has also been hit with higher fees by the federal government and they passed those expenses on to the customers. Getting free checking may require adjusting accounts, changing banks, or simply just asking the right person. It may be harder to find them, but free checking accounts are still available. The wide range of...

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The federal government stepped in to protect consumers from the fees being charged by big banks. The changes implemented appear to have made life easier and more affordable, but that is only a superficial view. Big banks are finding ways to fight back against the many government regulations. Consumers should understand the regulations and what the banks are doing in response to better manage their own accounts. Big banks are in business to make money and they are learning that fighting government regulations may be one of the only ways to keep their own balances in the black. Here is some...

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When we talk about whether it’s better to have your account at a “big” bank or a “small” bank, chances are we’re really talking about the level of personal service we receive. It’s important to get beyond the assumptions you might have about each type of institution and look to see what they can offer you. There are a number of questions you can ask in order to focus your inquiry. Some of these questions apply to the bank itself, and others relate to the types of business and activity you’re likely to conduct with the...

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Many of us have our checking account in order to make our lives more convenient. For some transactions, writing a check is still preferable to pulling out our credit or debit card. Because our checking accounts are so utilitarian in nature, we probably don’t expect to earn much (or perhaps earn any) interest on our account balances. But we also don’t expect to pay much in fees, either. As part of your diligence in maintaining control over your financial situation, you should always be fully aware of all the fees and charges you’re paying (not just on...

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It’s always a good idea to have a safe place to save your money. For most of us, this means a checking account or savings account in an FDIC or NCUA insured bank or credit union. However, even if you decide that you don’t want to have a checking or savings account, you’ll still probably need to cash checks from time to time, and you’ll still probably need a way to handle certain basic financial transactions, like paying your utility bills. Here is some advice about some of the alternatives to traditional savings and checking accounts. Even...

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Good news for consumers! Earlier this summer a number of new rules on what banks can charge for overdraft protection went into effect. Previously banks automatically provided overdraft protection to consumers who make ATM withdrawals or one-time debit card transactions that caused their accounts to become overdrawn. However, such coverage often incurred a fee of $35 or more. As a result, consumers paid an estimated $38 billion in overdraft fees in 2009. The new Federal Reserve rules prohibit banks from charging consumer fees for paying overdrafts on ATM and one-time debit card transactions, unless a consumer opts-in to the overdraft...

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Have you ever balanced a checkbook? Maybe you learned in school. With everything being electronic these days, keeping track of your finances can be done through receipts. Keeping a shoebox of receipts isn’t only for the tax man. You can avoid some major trouble if you hang on to your ATM and credit card receipts each month. Now, most people crumble their ATM receipts up or don’t ask for them. Get in the habit of holding on to them. Here’s why. Identity theft is a real threat. Criminals are finding more and more high tech ways to steal what you...

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