The Hidden Cost of Bank Fees

There have always been bank fees, but it has become more apparent recently that banks are raising their hidden fees and charging their good customers as well. Considering the banks have just been given more than 250 billion dollars from the U.S. Treasury, the idea that they are still imposing these ridiculous fees is ludicrous. According to MSN Money’s Liz Pullman Weston, here is a rundown of these charges: ATM. If you use the ATM bank to withdraw money from another bank, you will incur

Which Savings Account Is the Right One for Me?

There are several types of savings accounts that anyone can open at their local bank. Let’s take a look at four of them. 1. The first is a regular passbook savings account. The bank may require an initial deposit in order to open the account. However, you can deposit and withdraw money at any time, as long as you keep the initial balance in the account. You can check the interest received on passbook savings by comparing banks either online or by visiting their location.

Mortgages Explained

There are several types of mortgages that are available, notwithstanding the sub-prime mortgage crisis and its effect on homeowners. 1. Fixed rate mortgage – This is a mortgage where monthly payments remain the same throughout the entire term of the loan. Note that there are two types of fixed rate mortgages: 15-year and 30-year. The benefits of both are described by Bankrate in this way: “With 30-year loans, borrowers generally get lower monthly payments even though their rates are higher. That’s because the longer amortization

Internet Banking: Advantages and Disadvantages

In order to determine the advantages and disadvantages of internet banking, one must ask an important question from the get-go. Is online banking safe? If you visit the FDIC website, there are several pieces of information to be aware of before deciding to bank online. * “Read key information about the bank posted on its website. * Protect yourself from fraudulent websites. * Verify the bank’s insurance status. * Check the FDIC’s online database of FDIC-insured institutions. * Be aware that a bank may use

Find the Right Mortgage for You

In this current economic situation, one problem that is still ongoing is the housing foreclosure crisis. Foreclosures are increasing every month, and experts expect that more and more homeowners will face this eventuality sooner rather than later. If you currently hold a mortgage and are trying to find ways to reduce the monthly payments, here are some suggestions you may wish to utilize. One way in which you can save on interest rates is by seller financing. This means that the payments are made directly

Top Savings Accounts for Your Nest Eggs

Savings should be a part of everyone’s financial plans. We all need some money put back for a rainy day. Saving for our children’s college education is also important. And having a retirement fund is a must. Putting our savings under a mattress isn’t a very good strategy. Not only could it be stolen or burned up in a fire, but it doesn’t earn interest. Putting our savings in the bank keeps it safe and allows it to earn interest, allowing us to come out

Certificates of Deposit: An Explanation

When you hear about someone investing in CDs, do you imagine them going to the music store and stocking up? That’s probably not the case. In financial terms, “CD” stands for certificate of deposit, a popular instrument for earning interest on one’s money in the short term. Certificates of deposit are issued by banks, credit unions and other financial institutions. Their purpose is to raise money for lending purposes. For this reason, CD holders must commit to leaving their money on deposit for a certain

529 Plan: How to Save Money for College

It’s never too early to start thinking about your children’s college education. The sooner you start saving, the greater the chance your child will have enough money to get through college with no worries. But when considering college savings, many parents are unsure just what they should do with the money. You could stuff it in a sock drawer, but it would have no chance of drawing interest there. A savings account might be slightly better, but any interest earned would be taxed. A 529

Stock Trading Explained

For those who work on Wall Street, stock trading is an everyday occurrence. For many of the rest of us, it is an enigma. It just seems so complex, especially when you don’t have a clue what goes on behind the scenes. Actually, stock trading isn’t terribly difficult to understand. Here are the basics. How Stocks Are Traded The actual trading of stocks takes place at a stock exchange. The most familiar stock exchange for most Americans is the New York Stock Exchange. This is