So many
people have financially trapped themselves and feel they are in their trap
forever. By taking the time and reconcile your bank statements making sure all the
information on those statements is correct. Computers make errors and if the
bank you are dealing with makes an error in your favor you can be rest assured
they are going to come back to you to resolve the error. Well, you are entitled to
do the same. With your statement as the evidence right in your hand
approach a bank official with it and have them correct the mistake immediately.
If you get a fee call a bank official and try to get the fee removed. Question
why you got the fee, especially if you do not regularly have overdraft or
similar activities occurring in your account or accounts. Make them investigate and be firm but not belligerent. Sometimes it is how the bank
processes your account to their advantage adding excess fees. If the processing was to their
advantage and you have a good account record ask for your money back. If they
refuse tell them you will never refer their bank to anyone and say to them you considering
doing your banking else ware. Follow though if they are still uncooperative on one or more occasions. By finding a new institution to work with you protecting yourself from and your account from becoming targeted by the bank for future excess fees. Be
ever aware of these tips because they only the tip of the iceberg of how banks are
getting over on you the consumer. By not keeping accurate records you could be
wasting valuable money in which you could save and pay off debt instead of
going further into debt. You can actually start saving money toward a positive
cash flow along with so much more working for you toward the positive.
You as a consumer
have to fight back. The banking industry has changed by leaps and bounds in the
last ten to fifteen years. So many laws have been past in favor of the banking industry it
has become profitable for these large commercial banks to crush the smaller banks and the lower
income consumer. With all the high fees and unruly tactics banks’ profits go
into the billions every year and no one can do anything about it except be diligent and take action to protect yourself. Again I am
just tipping the Iceberg and if you working hard and not getting ahead you are
falling victim to these legal crimes against the consumer.
If you deal
in cash get receipts or better yet get a prepaid bankcard where you can start
getting statements and tracking your money. Keep an accurate record of where all your money is going giving you a better chance of improving your financial position and decisions. By researching and getting the right Prepaid Bankcard you
will actually be saving money by not paying check cashing fees again at a
competing bank or a check cashing agency along with your travel expenses to go
to those institutions. You will be saving precious time because many of those
bills you traveled around to pay in the past you now can safely pay online by
going website site to website of the vendor or the utility instead of door to door with
cash. The top advantage is if it is available to you, you can
have your paycheck deposited right into your prepaid account again saving you
time and money. Take your time and match the prepaid bankcard to your personal financial
plan. Some banks offer great prepaid packages where others are fee happy. It
pays in dividends to find the right prepaid card so do your research and do not
settle for the ad you had seen or the application that came in the mail.
Switching to
a Credit Union over a bank for your needs maybe the best decision you ever
make. My wife and I have and it has changed our lives for the better. As in our
2011 blog post, “Are You Working for Your Financial Institution or is Your Financial Institution Working for You?” we explain many advantages of Credit
Unions over banking with commercial banks. Again with the convenience of direct
deposit you can overcome many of the fees, the unjust treatment as well as
constant disadvantages which comes with a institutions geared to it’s stock
holders instead of it’s customers. Yes, the commercial banks have more
convenient branches but that is all they have to offer besides fees after fees
and loan denial after loan denial unless your credit score is excellent which most of us are fair to good. Find a Credit Union near you. Ask them about
their membership policy you may be surprised how easy it is to join let alone
deal with people with your interests in mind. Membership has its privileges.
Credit Cards
have some good features and bad features. If you have a savings credit cards can help you
keep your savings intact while you overcome a temporary financial problem.
The best way if you can spread your unsecured debt over a few cards and pay
with a payment plan you develop monthly. This plan should be goal based with a definite pay off date. Here is where we can go wrong with credit cards by not being
frugal. If a card’s interest rate is real high, pay your debt off with that
card as soon as possible. You are almost better off using your savings to pay
the debt and rebuild your savings but this is a personal decision weighing your options. Make sure your unsecured debt or credit
cards do not exceed your savings. The truth to be told is if your unsecured
debt is more than your savings and assets you are not saving anymore you are just plain in debt.
Do not carry
balances on high interest cards use them for emergencies only. High interest credit
cards are still far better than taking Pay Day or Car Title Loans so use them cautiously.
Find a credit card with a lower interest if you can and cancel the high interest
card if you can and be very diligent about the balances on your new card
leaving you plenty of room for emergencies. If you are stuck with a high
interest card and it is maxed out call the credit card company and get fixed payment terms with a lower
interest rate by canceling the card and pay monthly until you can get a lower
interest loan to pay it off. And lastly if you are maxed out on all your unsecured
debt find another source and pay off your credit cards then cancel and destroy them. They are no good to you until you lower all your unsecured debt.. If you cannot find a
loan through other sources try a credit union. It costs nothing to ask. As one
of your last resorts, look into go to a credit counseling agency. You can learn
more by going to our 2011 blog post "The First Step to Financial Freedom is the Hardest".
By not
caring about your finances affects every aspect of your life believe it or not.
Setting up a comprehensive banking plan with a budget is easy to research and
do yourself. Dealing with the right institutions for your finances will help
you feel better about yourself and everything you do. Take the time to end the
hopelessness of poor record keeping and take the time to make sure the
institutions you deal with have you the customer in mind. Keep in mind
commercial banks serve themselves and not the customer however, some smaller
banks can be better and more customer friendly than the larger banks. Take the idea that you are fighting
those in control you and your money because they are controlling you and your money believe it or not. Always keep in you mind the commercial financial
world are groups of faceless corporations with their rich executives getting
bonuses by tacking fee after fee on you the consumer, and their stockholders
getting their dip into the profit pot, are always looking after their interests maybe it
is time you did to.
These are
your rights as a consumer. Take the time to learn more of how the financial industry
works. Do not let them take your money by doing your research. With this blog
post we are telling you to look for the good guys and get rid of the bad guys.
Send them the message wire are not going to take it anymore. By being educated and professional about all you financial needs you can turn
any bad financial situation into a good one and you do not have to go bankrupt to do it.
Go to "The
First Step to Financial Freedom is the Hardest" by Clicking Here!
Look Into the Netspend Prepaid Bankcard if you choose to join Netpend will give you $20.00 for joining. Then start refering friends and get $20.00 for each referal deposited to your Netspend account!!!
Open Netspend in a new window by Clicking Here!
Get Your Copy of Money Saving Emergencies by Dave Ramson
