What Is Your Bank Charging You? A Guide To Bank

What Is Your Bank Charging You? A Guide To Bank Charges

When you’re shopping around for a bank account there are a lot of factors to consider. Many people go for up-front incentives, such as money paid into the bank account, vouchers or a gift. However, it is worth looking at bank accounts in more depth to find out what you might be paying for various transactions. Here are some of the transactions that banks might charge you for.

Authorised Overdraft

An overdraft is like a short term loan. The bank gives you permission to spend more than the funds you have in your account. This amount is usually fixed in consultation with the bank and may be reviewed at stated periods. Some banks have a free authorised overdraft up to a certain limit and charge for any balance over that limit. This is the best way to arrange an overdraft.

Unauthorised Overdraft

When customers spend more than they have in their accounts without arranging an overdraft limit, this is known as an unauthorised overdraft. Banks penalise customers heavily for this by charging an unauthorised overdraft fee of more than 35 in some cases. The excess spending will also be charged interest at a higher rate than normal.

Cheque Services

Some banks charge for clearing cheques more quickly than the standard period (this can range from three to seven days depending on the banks involved and the day of the week). There may also be fees for processing cheques in a foreign currency.

Taking Money Out

Sometimes customers need to set up direct debits, where companies take certain sums from a bank account each month. They may also wish to set up standing orders, where they arrange to pay a certain amount to another bank account or company each month. Some banks charge a setup fee for these services. . It is also worth looking at the daily withdrawal limit on a current account. This can vary widely depending on the bank you choose.

Other Bank Charges

Banks may also charge for other services such as:

1. setting up a loan facility
2. changing or issuing foreign currency
3. writing cheques that exceed the cleared balance in an account
4. stopping a lost cheque

Banks will also charge customers if they have to write to them about an infraction of bank rules, such as exceeding the overdraft limit or defaulting on loan repayments. This means that defaulting customers have to repay the debt as well as the additional charges.

Doing some research could save consumers a small fortune in bank charges. In addition for looking for incentives, consumers should look for banks that keep their charges as low as possible. With a bit of digging, it is easy to find banks with:

5. an automatic overdraft limit for which there is no charge
6. free standing orders and direct debits
7. free transfers between banks
8. low unauthorised overdraft fees
9. low charges for other bank transactions

Choosing a bank that fits this profile will help with overall financial health.

What is a Bank Savings Account?

Most people at some point in their lives will find that they need a bank account in order to manage their finances. A savings account is even more important, as this allows the account holder to manage their finances and keep their savings in a safe place until they need them. Currently in the United Kingdom there are thousands of banks and building societies that you can open a savings account with, and each one will offer something different, the market is very competitive.

For the most part, if you want to open a full sb account with your local bank then you will have to be over eighteen, but there are also many options for you if you want to open a bank savings account for your children. If you want to start the application process for opening a bank savings account then there are a few things that you need to remember, by keeping these things in mind you are going to be speeding through the process a lot faster.

Firstly, you will need to bring identification to prove that you are who you say you are. You need to be a permanent resident of the United Kingdom so you will need to make sure that you present something that proves that you reside in the United Kingdom. The best form of identification would be something that has a photograph of you, states your full name and your current address. Something that fit’s the requirements perfectly would be a UK driving license.

Nowadays you can start the application process for opening a bank account online, making the whole process a lot faster. Alternatively, you can go to your local bank branch and talk to a member of staff who will take you through the whole process, and set up your bank savings account there and then. If you are opening a for your child then you are still going to need to prove their identification. You could do this with a birth certificate or even a photo passport.

Once this has been done you are ready to start putting money into your account. If you are going to open a standard bank savings account then you should be aware that you are still going to incur income tax deductions on savings, unless you have a tax free account. The deductions won’t be extreme, but they will be there. gives you the opportunity to build a stable financial future, and can ease a lot of worries that come with modern living. The best thing to do is to shop around and take a look at the different plans that local banks offer and decide what sort of bank savings account is best for you.

Make the Most of Your Savings Interest Rates – Stop

Make the Most of Your Savings Interest Rates – Stop the Bank Putting Your Money in Their Back Pocket

There is a common trend in the banks at the moment which has to do with savings accounts and savings interest rates. If you keep your savings with the same bank in the same account for a number of years, you would expect your bank to look after you. But they do not and actually take advantage of this.

The banks release a savings account. They advertise it, use it to attract new customers or convince existing customers to transfer their savings to them. The customers, being quite happy with the rates and the terms, forget about their savings interest rates knowing that they have the return that they expected.

Then after 6 months to a year the bank get bored of that savings account and decide on the next big marketing push and release another type of savings account. The terms maybe a little different. The savings interest rates is usually different. And the same thing happens again, attracting new customers etc.

But what happens to the old savings account?

Well at first the savings interest rates stay much the same. But gradually over the next year or so they reduce the rates so that in the end the rates offered are much the same as being offered on a current account. Near to 0% in most cases.

And unless you make steps to review your savings interest rates with the bank, they will let your interest decrease and will not tell you about it.

It has been my experience that working in the bank that if I see a customer has an old savings account, where the rate has dwindled away, that I make a point of telling them. At worst I will make sure that they are upgraded to the most recent form of savings account that I can to provide them with the most interest.

I can tell you though, that not all of my colleagues do the same, nor are they encouraged to do so by their superiors. Upon the release of a recent new Cash ISA savings account, we were actually instructed not to upgrade customers from the old Cash ISA accounts, to the new one unless the customer actually asked us.

The reason for this is clear. The bank takes advantage of their position of holding your money. They take your money which they make a profit on anyway. Then they pay you less and less interest over time so that they actually make more and more profit on.

How is that for your continued loyalty!

My advice is to review your savings interest rates with your bank every 12 months. Before you go into a conversation with them, make sure you know exactly what rates they would offer if you are a new customer. Then also find out what the nearest competitor is offering so that if they do not offer best possible option, you have another choice of where to make the most of your money.

For the last 5 years I have worked in a high street bank. During this time I have specialised in helping customers get the best savings interest rates.

That’s why I have created this special page to advise on the things to look out for when you want to get the best interest rates on savings.

Make a Good Comparison of Regular and Fixed Rate Bank

Make a Good Comparison of Regular and Fixed Rate Bank Accounts Will Give You the Better Savings Interest Rates

It is important that you keep a close eye on what saving srates are being offered by savings insititutions this way you will ensure you always have the best savings rate available for us.

Two of the more preferred savings accounts are fixed rate savings accounts and regular savings account, a regular savings account offers you a high interest rate providing you put away x amount each month. But with this there are strict conditions by the banks such as the depositing of money you have to do each month and the amount withdraws you can make. There can be a time limit on the duration of the high interest rate, if this does come to an end then be sure to look for better savings interest rate.

Fixed savings account are very popular because the offer some of the best savings rates available the only downside of this is you have to invest your money for a set period of time and if you take it out before then you will forfeit some – if not all – of your savings interest.

The best savings rate maybe closer than you think so don’t forget to check your local branches who may offer incentives for investing your savings locally.

Don’t just jump right into a savings account take your time and compare the different accounts you have available. If you are thinking of investing your money in a fixed rate savings account to find the best savings rate then remember that you will not be able to withdraw for quite a long time so ensure you only put away money that you will not need in the near future.

Internet Banking – How Secure is it?

The biggest concern that people have when they start using Internet banking is security. The media is full of scare stories about foreign hackers breaking into thousands of bank accounts and draining out all the money, leaving some poor old couple missing their life savings. Many people have even been scared out of signing up for Internet banking at all by these kind of stories, thinking that it somehow puts them at risk. However, as long as you take the time to learn a little about the Internet, nothing could be further from the truth.

Before we go any further, there is one thing that is absolutely the most important thing you can know about Internet banking security. It is this: there is absolutely no guarantee that emails are from who they say theyre from. E-mail was designed back before people were concerned about Internet security (thats why you get so much spam), and if you know what youre doing, its really very easy to make an email look like it came from absolutely anyone, anywhere. With this in mind, you should simply ignore any email that says it comes from your bank, and never click any links that the emails may contain.

Thats the biggest risk out of the way, but there are still a few other things to watch out for. When you go to your banks website, make sure that youve really ended up at the right place by looking for the address in the address bar towards the top of the screen it should be the address of your banks website, not anything strange. Also, make sure to look for the padlock icon in the bottom-right of your screen, as this tells you that your connection is secure. If youre ever in doubt, close your web browser and start again, copying the banks website address carefully from a letter they sent you.

How Your Clients Can Benefit From Online Banking

These days, customer service representatives have got it easy. Why? Because computers are taking over their responsibilities. More and more, people are using home computers for everyday tasks, from ordering gifts and groceries to making appointments and dates to booking movie and travel tickets. It is no wonder then that online banking is becoming increasingly popular. Even smaller banks are recognizing the benefits of online services.

There are numerous perks to online banking. For example:

- Say goodbye long lines! Instead, customers can manage accounts on their own time from the comfort of their own home.
- No need for customers to worry about organizing bank statements or filing canceled checks! They can list their latest transactions online in a tidy manner.
- No more waiting for payments to clear or statements to come in the mail. All accounts are continually updated online.

Still not sold on the idea?

How about if your customers could pay all their utility bills and credit card bills without ever leaving their home or buying a stamp? What if they could set up automatic payments that would be sent out on a pre-arranged date?

All your customers need to do is carve out a little bit of time (probably no more than thirty minutes) to get their information online. Then, before they know it, they are paying bills with just the click of a mouse. In a flash, they have done away stamps, envelopes, and trips to the post office. Whats more, they have created a valuable online record of all their payments that they can access at any time of any day.

Be prepared for your clients to ask for help when they are setting up their online banking system. Most bank branches have financial officers who are delighted to walk clients through this initial process. They will assist in setting up accounts, listing the addresses, amounts of payments, dates of payments etc. And trust us, after customers log on to do their banking for the first time, they will be hooked. It really is that easy and convenient.

But besides convenience, online banking offers some perks that one cant get the old-fashioned way. Lets say you have a customer who wants to create a budget for the next three years. Online banking programs can do this! And, down the line, if a customer wishes to tweak a budget, all they have to do is log on and type in the changes.

One thing to keep in mind is that banking customers will probably have questions about the safety of online banking systems. It will be the banks job to calm these concerns and explain that the information is encrypted and no one else can access the individual accounts.

And if all of this is not enough, customers will also be pleased to know that they will save money by banking online because they will not have to buy stamps or envelopes or any more paper checks!

Online banking is a win-win situation. Banks can attract new customers by offering new electronic options, and customers will be instantly pleased with the results. Today, people want to feel in control of their money. By offering clients an online banking system, you are also offering them a much needed sense of power and peace.

How to get started with Internet Banking

The specific ins and outs of how your Internet banking will work vary depending on which bank youre with. However, there are many things that banks do the same or very similarly, so it is worth taking a second to learn about how Internet banking works in general as well as reading the information your bank sends you.

To begin with, you have to register for Internet banking, if you didnt do it when you set up your account. This is generally a matter of simply walking into your bank or phoning them and saying Id like to sign up for Internet banking. They will then send you a series of letters with various PIN numbers and passwords (occasionally including a physical security device with a numeric keypad), along with instructions on how to use them to access your Internet banking.

Once youre in, you should be presented with a list of your accounts (if you have more than one) or a list of your recent transactions. This allows you to quickly see the status of all your accounts and what has happened to them recently. From here, you can access pages where you can make various kinds of one-off payments, and set up or cancel regular payments.

To make a one-off payment, such as a bill payment or sending money to someone elses account, you will need the person or companys bank account number some banks will have a list of utility bills already built in to the website. Simply type in this information on the payment screen, together with the amount, and click pay. The money should reach the other account within 2-3 working days.

Setting up regular payments is a little more complicated. Again, you need the numbers and amounts, but you also need to know the start date, end date, and how often you want the payment to be made. Be careful of exactly when you set your payments to leave your account, as the bank will often charge you a large fee if there is no money in the account when the payment is scheduled to be made.

Essential Factors for a Successful Tenant Screening – Bank and

Essential Factors for a Successful Tenant Screening – Bank and Savings Account

Experts often say that a prospective tenant who does not have a checking account is red flag, something that needs immediate action. He is probably a very high risk tenant. There is a possibility that they could not obtain an account due to improper identification, illegal alien status or other account was closed by the bank for bouncing too many checks. So, landlords must beware.

Assuming your prospective tenant has a bank account, try to check it out. What you can do is call the bank to confirm the funds and then ask for an account rating. Most banks will actually indicate when the account was opened, the range of their average balance, and then cross check if the check they have given you is good. Never let them move in until you have obtained this information.

One thing to note here is that the existence of a bank account is an indication of stability and responsibility. It is also an indication of where to proceed to levy money in case the tenant gets evicted for defaulting on the rent. So if possible, confirm the bank account information every month when the rent is paid. This will ensure that your records are always kept current and will even flag a possible adjustment in responsible parties.

Difference Between Private Lenders And Banking Institutions

If you have decided to take or loan or mortgage then the facilities available are immense. There are wide variety of banking institutions, banks and brokers who are available to provide loan. It is only when an individual shops and finds the various lenders available and the schemes that they offer that he will be able to get the right loan at a good rate.

In case of a banking institution, the borrower is in contact with one person who is an employer of an organization and gives the various loan facilities offered by his institution. He is only an employee who gives the various facilities available by his employer. He helps borrower on the various facilities and choose what might be the best suitable for him. Once his personal credit information is approved, the employee processes the forms and helps the borrower and gets him credit.

The private lender is helpful when the individuals personal credit rating is bad and when the various banks and financial institutions refuse to give him any credit. The private lender asks for a security and charges high price. A mortgage broker on the other hand is only a middleman and gets credit to the individual from various sources that would be able to finance the individuals need. The rate involved might be high but a broker is the best solution for anyone with bad credit and who is unable to access any institution or banks for his credits. The broker or lender can sometimes give best deal to an individual when more business is promised. The individual can negotiate with a broker and get good credit facilities than when he goes online or approaches a bank.

One disadvantage with a private lender or broker is that the credit facilities are some time got from other places or outside the boundary of the individual and in this case the credit terms and conditions may not match that of the borrower and may not be to his satisfaction. Whereas a bank is a local institution and the employee can help get loans, which suits the need of the individual of the locality, and the credit facilities are tailor made to suit the individuals need.

Whatever is the difference between the bank and private lenders the borrower must shop around and know his limitations and the various facilities available from either of the sources and then approach that source which is most convenient to him.

Comparing Fixed Rate and Regular Bank Accounts Will Yield the

Comparing Fixed Rate and Regular Bank Accounts Will Yield the High Savings Interest Rates

In recent times people tend to keep a close eye on what savings rates banks are offering this is a great idea if you want the money you work hard for to work for you!

The 2 savings accounts that tend to offer the best savings interest rates are fixed rate savings accounts and regular savings account, A regular savings account will offer you a great savings rate providing you deposit a set amount of funds a month. With this type of account the bank tends to put restrictions on the amount of withdrawals and if you go over this barrier you make yourself subject to interest rate reductions You have to be aware of the duration of this high interest rate because the norm is that it will only last for a year then it is up to you to move your funds to a better savings account.

Fixed Rate Accounts usually offers a good saving rate and get a great return but the downside is that you cannot touch your money for a fixed period of time, usually the earliest is after a full 12 months from the start of the savings.

You could find the best savings rates a lot closer than you would imagine check your local branches as they may offer incentives for savings locally. Gather info on the local savings interest rates then compare them against national rates that are offered.

Look around for the best savings rates and dont be swayed by the first savings account that comes along with an “introductory rate”. Always remember that with a fixed rate savings account you need to lock your money away for a minimum period of time so if you try to take your funds out before the time has run its course then youw ill receive a penalty on the interest of the account.