Banks for You!

Checking accounts are fast disappearing and the banks are now charging excessive fees on all their services when compared to charges in the past. Either they have increased their fees or they have limited number of transactions that you are allowed on your checking accounts before the fees kick in.

As per the results of the study conducted by PEW charitable trust on the 10 major banks, it was found that the banks were making huge profits on the overdraft fees which had increased to more than $20 billion since the last decade. The main aim of the organization is to make checking accounts more transparent and in order to have more responsibility, fairness and follow free market principles.

The study conducted by PEW has been titled – The Hidden Risks: The Case of Safe and Transparent Checking. Investigations were carried out on the cost of overdraft penalty fees as well as the other fees on the checking accounts that have increased over the years. The overdraft fees on all checking accounts were at $18.6 billion in 2000 and there has been an increase to $38.5 billion in 2011. Hence, the overdraft fees at the moment can roughly be equated to an APR of 5,000% according to the report. T

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Earlier this week, Ally.com launched a few new banking products to compliment their high interest savings & checking accounts.

• 4-Year Raise Your Rate CD – This new CD allows you to raise your rate two times during the 4 year period. They also offer a 2 year raise your rate CD, but the 4 year will get you a better rate if you can part with your money for longer
• Ally Perks – This is Ally’s new debit card rewards program. It requires their interest checking account which after making qualifying purchases will get you cash added bank into your checking account.
• Individual Retirement Accounts (IRAs) – What is nice about their IRA is that you can put your money into CD’s and an Online Savings account to earn a little higher rate. If you are having doubts about investing in todays current market, their IRA product might make sense for you

I have been very impressed with Ally and how they keep improving thier product line. Most banks just keep the same old formula and wonder why they lose customers. The nice thing about Ally is that most of their accounts cost nothing to open had hold. In an eco

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Alaska USA Credit Union has established itself as a large, stable financial institution in Alaska, but it still manages to offer the kind of interest rates you’d expect to find at a much smaller bank or CU. Today, they’re offering a 12-month CD rate of 1.15% APY.

Only members of the credit union are eligible to open a certificate of deposit. In order to earn the highest CD rate, a minimum deposit of $10,000 is required. There is a penalty for early withdrawal and interest rates are subject to change at any time in the future.

Alaska USA Federal Credit Union the largest provider of consumer financial services in Alaska, with branch offices throughout the state, as well as the Puget Sound area of Washington State, and California’s Victor Valley. It is a federally chartered financial cooperative founded in 1948. Today, Alaska USA serves more than 415,000 members with over $4.2 billion in assets. Alaska USA also owns and operates Alaska USA Mortgage Company, Alaska USA Insurance Brokers, Alaska USA Title Agency and Alaska USA Trust Company.

City Bank of Hartford strives to provide members with quality financial service along with the latest banking technologies. Today, they are offering a checking account that earns up to .50% APY.

In order to be eligible for this checking account, a minimum balance of $100 is needed. Rates are subject to change at any time at City Bank of Hartford’s discretion. Please contact City Bank of Hartford directly for more information regarding terms of this checking account.

City Bank of Hartford is aimed at creating a bank with all the latest technological banking tools such as online bill-pay that are made available to customers. City Bank of Hartford focuses on the community and is proud to offer exceptional services to all customers, regardless of the balances in their accounts. Perhaps these are the reasons why this bank is considered one of the best banks and credit union in Alabama. The main bank branch is located in the “Wiregrass” area of southeast Alabama in Hartford, plus there is an additional branch location in Newton.

Saving money can be simple if you know some easy tips and tricks to streamline your savings.  Many of the easiest ways to save money are methods that most people do not even think about when trying to find ways to save and the more you incorporate these tips into your life, the faster your savings account will grow.  It will take some effort on your part to continue increasing your savings and in time, you will be saving hundreds of dollars over the course of a year.

Cook At Home

One of the biggest money wasters for most households is the cost of eating meals out or getting carryout meals to bring home.  Meals that are purchased from a restaurant typically cost 3 to 5 times more than it would cost the person to make the same meal themselves out of ingredients from the grocery store.  Getting into the habit of cooking at home can be difficult for people that are not in the practice of cooking for themselves but starting with simple meals and a couple of cookbooks can put anyone on the right path of eating well prepared home cooked meals.

Use A List When Shopping

Creating a shopping list and sticking to the list during your shopping trip is a good way to keep more of your money in your pocket.  Retailers are experts in finding ways to entice you into purchasing something that you did not intend to purchase and impulse purchases can add 30% or more to the amount you originally intended to spend.  Making a list and getting everything you intended to get in a single trip can reduce the amount you spend on shopping by a significant amount.

Avoid Other Bank’s ATMs

ATM fees charged for using an ATM not branded for your bank can cost you around $5 per occurrence, typically a $2 charge from your bank and a $3 charge from the bank that owns the ATM.  Even if you only use another bank’s ATM 3 times a month, you are still spending $180 a year on ATM fees.  Planning your ATM withdrawals to occur at your bank or going a little further out of your way to find an ATM branded for your banking institution can save you hundreds of dollars every year.