Money Saving Academy

After a certain amount of time with no activity on an account, financial institutions typically notify clients and request an update. Accounts that go unattended for too long can be considered unclaimed. If you’d like to avoid inactivity fees, the simplest way is to make sure there’s some activity on your account, even if it’s small.
1. Know where you have your accounts. Keep a simple list. You may wish to list the banks’ contact information on the same list.
2. Read your statements each month, even of accounts you don’t use frequently. Be on the lookout for fees and any other unexpected activities.
3. Read the fine print. Find out what the rules are about inactive accounts at your bank. Most banks can provide you with a copy of your account agreement and rules if you request one.
4. Choose accounts without inactivity fees, especially for longer-term accounts, such as retirement accounts. For tax-deferred accounts, remember that fees may come out of the same money that has a special tax status, and that that money is often subject to annual contribution limits.
5. Make a small transaction regularly. Even if you keep an account for the purpose of long-term storage, do something with it every now and then, such as depositing or transferring a little money. The frequency (and in some cases, the amount) will depend on the terms of your account.
* If you keep a calendar, write your next transaction on it when you make the previous one. If you keep an electronic calendar, make it a recurring appointment with a reminder in advance of when you need to act.
* Find out whether checking your balance counts as an activity. If the bank only needs to know that you still exist, logging in now and then or making a phone call might be enough.
* Find out whether automatic transactions count to avoid inactivity fees.
* Make sure the transaction you make won’t put your accounts below any minimum balances or trigger other fees.
* Find out whether transactions in linked accounts count. If you have multiple accounts at the same institution, they may all count as one.
6. Keep your address current. Depending on your bank and how it handles your inactivity, you may be notified of inactivity before your account is charged a fee—or declared abandoned. That notice will probably arrive at whatever address is on file for you, so be sure to update your address each time you move.
7. Know the rules. In some places, inactivity fees are forbidden. [1]
8. Question the fee. If you do get charged an inactivity fee, call your bank and object. Not all banks will refund a fee, but many will—once—if you ask. If a bank gets enough complaints, it could even change the policy and fee schedule. [2]
* If you do get a fee refunded, take steps to make sure the problem doesn’t happen again.
9. Keep your checkbook balanced and current. Don’t compound the loss of an inactivity fee by accidentally incurring an overdraft or dropping below a minimum balance because of it.

Tips

* If you think an account has been declared inactive, you may wish to read about how to find unclaimed money.
* Consolidate your accounts. Many financial institutions now offer much more than simple checking and savings, so you may even be able to keep investment funds and savings in the same place. At the very least, close out any old accounts you only opened for the free toaster. Linking your accounts this way may allow you to combine them to meet minimum balances, so it’s worth asking about the details.
* Use a password safe to keep track of your passwords if you bank online, especially if there are accounts you don’t touch very often. It will keep you from forgetting them from one visit to the next.
* Some credit cards and credit lines have inactivity fees, too. Here are two simple ways to avoid these fees:
Use them at least as frequently as the contract requires. Make a small charge and pay it in full.
Cancel the card or credit line and, if you wish, sign up for a different one that does not have non-use fees.
Source: http://www.wikihow.com

Establishing new successful credit lines can help improve your credit worthiness in the eyes of lenders.
Pick a couple of banks that you wish to establish relationships with.
Go to your bank that you primarily have your banking relationship with and open up a $500 savings account.
Speak with your bank consultant and ask to open up a $500 line of credit secured off of your $500 savings account.
Take the $500 line of credit and use it to open up another savings account at a different bank.
Now ask consultant there to open up $500 secured line of credit based off of that savings account.
Repeat until you have 3 - 5 outstanding secured bank loans.
Make payments on the interest for the accounts.
Having a cell phone, paying any and all bills on time (not including rent) will help build your credit, just as long as the bills are in your name and social security number.
*It is a good idea to check the reporting policies of your cell phone company as some have policies of only reporting negative credit information.

Tips
After 6 months your credit history will start to build up and your score will continue to climb also.
Start at something small and work your way up, don’t worry, as long as you have a little bit of good credit, you’ll be fine.

Warnings
You will need to make successful payments on all the accounts. In most cases this is just the interest. At any time though you can work your way backwards though to close the accounts once you have built up your credit.
Don’t go overboard on the credit cards and loans, they can help with your credit history, but only if you pay them on time!
If you do not want to keep the secured cards, change to credit cards you like and get rid of the secured ones as soon as possible. Getting rid of a long-standing account will do damage to your credit. (Or ask the bank if it is possible to convert your current secured card(s) to unsecured.)
Source:http://www.wikihow.com

Online banking provides an easy way to monitor your accounts, pay your bills, and order checks from the comfort of your home or office. You can bank online with confidence and know that your information is secure and private. Banking online offers you the convenience to make changes to your accounts at any time of day or night. Learn how to effectively take advantage of online banking tools, whether you have several accounts to monitor or just want to pay your bills online.
Study Online Banking Tools
* Discover the types of online banking tools that are offered through your financial institution. You can pick and choose the services you want when you bank online
* Bill pay is typically offered through most traditional brick-and-mortar banks that provide online banking. You can arrange for bills to be paid one time only or set up continual payments that fit your schedule and cash flow.
* Monitor your checking or savings account on a daily basis when you bank online. Use the up-to-date online register to ensure you keep adequate track of your funds.
* Order checks online and deduct the payment from your checking account.
* Transfer funds safely from one account to another 24 hours per day.
Use Custom Online Banking Tools for Your Business
* Understand business-friendly online banking tools that you can adapt to fit your needs.
* You can connect online banking services to accounting software for easy calculations.
* Run your business payroll with online banking tools you can customize.
Ensure Your Safety and Security When You Bank Online
* Establish a password for your online banking account that is unique and one you can easily remember.
* Banks commonly use online site keys—pictures with code words—for added security. Choose a site key and code word combination that makes sense to you but is not obvious.
Take Advantage of Online Banking Tutorials
* Learn how to effectively use the online tools your specific bank offers with free online banking tutorials.
* Bank tutorials allow you to practice using the tools offered through your bank. Some banks offer 24-hour online assistance if you should have a problem or a question about a specific online banking need.
Monitor Your Online Banking Accounts
* Check your accounts regularly to ensure your account balances match your records and to ensure that pending transactions go through successfully.
Tips:
* Use a well-established financial institution when you bank online to safeguard your assets. Banks with a national reputation are backed by the FDIC for your added safety and security.
* Check for hidden fees before you enroll in online banking programs. Some services may be free, while other online banking tools charge a fee for use.
Source:http://www.wikihow.com

There are several reasons why you might want to build corporate credit, but the major one is corporate credit allows you to get loans and other forms of funding without having to use your personal credit. When corporation owners use their personal credit to secure funding or equipment, the lines between personal liability and business liability blur. This means that if the business can’t make the payments, the individual must still find a way to pay the debt, or it may negatively affect his or her credit report and score. With this in mind, here are a few ways you can build corporate credit.
Incorporate your business. In order to take advantage of corporate credit opportunities, you need to establish your business as a corporation.Business owners have several choices when it comes to structuring a business, so you may want to talk with a lawyer on which corporate structure works best for your business.
File for a Tax ID Number (EIN).
establish your personal credit, companies rely on your social security number. By using an EIN number, you can use it in place of your social security number, which helps you begin to build corporate credit.
Build your corporate credit on your own by finding vendors to work with.Many vendors offer Net-30 terms or other payment terms for established clients. Once you open an account with a vendor, you may be able to get credit by providing the vendor with a list of references from people or business associates who can recommend you as credit worthy.
Establish banking and credit card accounts for your business.By separating your business and personal banking accounts, you begin to build a business relationship with your banking institutions. This can help you once you decide you want to apply for funding through your corporation.
Most credit card companies offer business accounts. As you build corporate credit, your credit limit should increase and your interest rate should decrease.
Work with a company to establish your business credit.There are many companies that specialize in helping businesses build corporate credit. These companies will often accept information from trade references in order to extend you credit without personal guarantees. In addition to this, credit building companies understand all the ins and outs of establishing business credit, and they can help you ensure you have all the items necessary to start your business portfolio.
Most credit building companies partner with lending businesses that are willing to help you establish your business credit.
In order to build your credit at a quicker pace, you may need to open several lines of credit with the company you are working with.

Tips:
When you fill out an application or apply for credit, use your business address and phone number, as well as your EIN. The less you use your personal information, the more you build corporate credit.
Use your business assets rather than your personal ones to secure loans and other types of credit that require collateral.
Source: http://www.wikihow.com

Choosing a bank or credit union that is right for you is something that takes time and careful consideration. Depending on what your banking needs are, you are probably going to want to look for specific things you hope to see. However, this how-to will give you some basic guidelines for choosing a bank or credit union that is right for you.
Find a bank that has the products and services that you want. Today, most banks and credit unions offer a wide variety of deposit, credit, and other related services. You should determine exactly what products and services you are looking for in your banking relationship and determine which bank or credit union can best fulfill these needs.
Find a bank that is located near you, or has a location which will be convenient for you. Different people have different banking habits. You may visit your depository institution weekly or conduct nearly all of your banking business without ever actually going into your bank or credit union. Depending upon your preferences, you should consider whether you need a financial institution that has few or multiple locations.
As part of this process, you should also consider whether you work a considerable distance from your home. If so, is it more important for your depository institution to be located close to home or close to work? Or, do you want to be able to access locations both at home and at work?
Decide whether a “hometown/local” bank or credit union is something that you want. Many people enjoy banking in an environment in which all of the employees know you by name. If this important, you may be more interested in a smaller community bank or credit union. Such institutions may be able to provide customer focus and personal contact to a greater extent than large regional institutions
If you use ATM machines, find a bank that has ATMs. If you use an ATM card frequently and like to access your account(s) from multiple locations, you will probably want to consider a bank or credit union with a large ATM network
Find a financial institution that offers online banking. If you prefer to do your banking business from your home computer, you should consider a bank or credit union that offers this capability. More and more banks are offering computer banking options. Talk with bank or credit union representatives to determine which may be best for you.
Check out what kind of fees you may incur from various financial institutions. Fees will likely vary based upon your balance and the number and type of transactions you make.
Tips
Realize that even if you open an account, and you decide that the financial institution is not for you, you can always change banks. The actual process of closing an account with one bank and opening a new account with another bank is fairly simple. This action, however, can become somewhat complicated if you are closing an existing checking account and establishing a new checking account. This will likely require you to open a new checking account before you close the first one. This will allow you to begin writing new checks while waiting for all of the checks from the older account to clear.
Under state law, Massachusetts state-chartered banks are required to provide no cost checking and savings accounts to any persons sixty-five years of age or older or eighteen years of age or younger.
Some federally chartered banks also have special accounts that may offer reduced or limited fees.
Source:http://www.wikihow.com