by Guest on January 23, 2012
In the UK PPI claiming is a huge market, some of the biggest banks and lenders have set aside billions of pounds worth of capital to cope with all the complaints they are likely to receive in 2012. The problems began when it became evident that lenders were selling the controversial financial policy to people who were not eligible to utilise it if needed.
What is PPI?
Payment Protection Insurance is a policy that is bought in conjunction with a credit card or loan that protects the holder against being unable to meet future repayments because of sickness, accident or unemployment. It’s a product that is widely sold around the USA and Canada but has seen little or no issues as yet, whether that is because the complaints are being protected by state so that they do not follow in the footsteps of the UK or the problem does not exist is unclear.
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by Pam on August 12, 2011
If you are tired of paying all those bank fees for using your debit card, a great way to eliminate them is to use your credit card instead. This should only be done, however, if you pay off your balance every month when it is due, otherwise, you are stuck with incredibly high interest charges and then there’s no point in doing what I am suggesting.
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by Guest on March 1, 2010
If you think your bank is costing you too much money, then now is the time to look at ways your bank can help you save money rather than spend it. Although there will always be bank charges and fees, there are ways to save money using banks and make the most of their services. Here are some tips about how to cut down on bank costs and save yourself money.
Savings
One way to save yourself money through your bank is to open a savings account. If you have a fair amount of money in your current account, then transferring it to a savings account with a high interest rate is a good idea. Having a savings account does more than just save you money; it earns you money. The interest generated from a savings account means that you are making money from the money that you store. However, you should remember that many banks charge a fee if you go below a minimum amount in the account, so keep track of this in order to save yourself money.
ATM charges
Another way that you can save money when banking is to use free ATM machines. Some ATM’s charge you a fee to take money out, either for the convenience of because the ATM does not belong to your bank. If at all possible you should stick to ATM’s that don’t charge you money. If you do this regularly then you could save yourself ?100 a year or more.
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ATM use can be costly if you aren’t careful. Before using an ATM, I would recommend first finding out how much the fees are going to be. Check with your financial institution (FI) to determine what fees they will charge you. Keep in mind that even if your FI doesn’t charge you, if you use another bank’s ATM the other bank will charge you! If you discover that you are being charged for ATM withdrawals, either make one large withdrawal instead of several smaller ones, or consider using your debit card or credit card instead of using cash to make purchases. You can also ask for cash back at local grocery stores and other retail stores. ATMs certainly are convenient, but make sure that you are not paying excessive fees when using them. Here are two questions to ask your FI:
1. Am I charged any fees if I use your ATM machines?
- for cash withdrawals?
-for transferring funds?
-for balance inquiries?
2. Do you charge me fees if I use another FI’s ATM machines? If so, how much?
It is really important to take a close look at your current banking products to see if they are working for you. For instance, if you look at your bank statements for the past few months, are you being charged monthly fees or transaction fees? If so, contact your financial institution to see if they have a product that meets your needs that doesn’t charge fees or that is more suited to your use of the account. Often financial institutions improve their products and it is up to you to make the most of these improvements. Although you will often receive mailings from your bank or credit union, if you don’t pay attention, you could miss out on something that could benefit you. That’s why it’s important to ask!!!
If you are a student or a senior citizen, check with your financial institution to see if they have products specifically designed for you. Often seniors and students qualify for products without any banking fees. Don’t be passive when it comes to banking. Always look at your statements or better yet, sign up for online banking so you can keep on top of things. Ask for a fee schedule so you are fully aware of the limitations (if there are any) on your account. With a little work on your part, you can minimize (if not eliminate) your banking fees.
Most if not all financial institutions now offer a form of online banking; allowing you to pay bills, transfer funds between accounts, and more. Check to see if your financial institutions charge you any fees related to doing transactions online. If not, I would highly recommend you take advantage of it. Online Banking saves you time, energy, and, you guessed it, money. Paying your bills online will ensure that your bills will be paid quickly without having the chance of your payment getting lost in the mail. You will save on postage, and you will not have to order more checks. Simple transactions such as transfers between accounts can now be done with a click of a button rather than having to visit a branch or go to an ATM machine. An additional benefit is that online banking allows you to check your balance anytime and helps you to track your purchases. Rather than waiting for monthly statements to come in the mail you can be fully aware of what’s happening in your accounts throughout the month. This is a comforting thought considering how much fraud is taking place nowadays. Give online banking a try. You won’t regret it.
