Posts
2010/01/05
The decision to look for a new checking account
The decision to look for a new checking account presents you with the immediate realization that there are literally thousands of banks to choose from. Besides the many small and midsize banks, there are a handful of large, multi-billion dollar banks that monopolize the advertising space on TV and in newspapers.
It is easy to be tempted to choose the bank with the biggest name or glitziest ads. But, of course, they're expecting you to be dazzled by their clever marketing and just sign up when you see their cool ads. However, when making your decision to select the right bank, it is important to focus on what should be most important: the value that the bank offers you, as a customer.
The most important considerations for most consumers when looking for a new bank are fee structure, convenience and security.
To help you make a good decision, here are 5 tips on how to find the best bank for a checking account:
1. Choose a bank whose accounts are FDIC-insured. This means that the Federal Deposit Insurance Corporation (FDIC) will reimburse you for any losses to your deposit due to a bank closure or similar situation. The amount covered is currently $250,000 per depositor.
2. Find a bank that gives you ATM access almost anywhere in the country - without charging you a fee if you use another bank's ATM to make a withdrawal. Quick and ready access to your cash should be an important part of your decision in selecting the right checking account.
3. Make sure your new account has an online banking option. This means you should have the ability to transfer money among your different accounts, make balance inquiries and pay bills online from the comfort of your home, office, or anywhere with an Internet connection.
4. Choose a bank that has a forgiving fee structure. The banking industry's dirty little secret is that they made over $25 billion last year off of consumers through the charging of overdraft fees alone! In response to general consumer anger over this practice that some consumer advocates believe is abusive, some banks offer checking accounts that do not charge overdraft fees at all. Instead, for a low monthly fee, these banks will cover any overdrawn check or debit transaction (up to a pre-determined amount) without charging you an overdraft fee. This is worth looking into as it could save you hundreds of dollars per year.
5. If you have been having trouble getting approved for a checking account recently, it is likely that you have been reported to something called Chex Systems - a database that tells banks which new account applicants are potential risks. Fortunately, some banks today offer something called second chance checking, meaning that they will grant you a new checking account even if your name appears in Chex Systems. Why? Because these banks do not look at Chex Systems when considering new account applications. Have a look at a second chance checking account if getting rejected is a concern for you.
Choosing a new checking account can be a bewildering process, given all of the bank choices available to you. Consider these 5 tips when choosing the best bank for a checking account.
Need a checking account that will never, ever charge you an overdraft fee - no matter what? Check out: http://www.escape-overdraft-fees.com/.
Article Source: http://EzineArticles.com/?expert=Susan_Willis
It is easy to be tempted to choose the bank with the biggest name or glitziest ads. But, of course, they're expecting you to be dazzled by their clever marketing and just sign up when you see their cool ads. However, when making your decision to select the right bank, it is important to focus on what should be most important: the value that the bank offers you, as a customer.
The most important considerations for most consumers when looking for a new bank are fee structure, convenience and security.
To help you make a good decision, here are 5 tips on how to find the best bank for a checking account:
1. Choose a bank whose accounts are FDIC-insured. This means that the Federal Deposit Insurance Corporation (FDIC) will reimburse you for any losses to your deposit due to a bank closure or similar situation. The amount covered is currently $250,000 per depositor.
2. Find a bank that gives you ATM access almost anywhere in the country - without charging you a fee if you use another bank's ATM to make a withdrawal. Quick and ready access to your cash should be an important part of your decision in selecting the right checking account.
3. Make sure your new account has an online banking option. This means you should have the ability to transfer money among your different accounts, make balance inquiries and pay bills online from the comfort of your home, office, or anywhere with an Internet connection.
4. Choose a bank that has a forgiving fee structure. The banking industry's dirty little secret is that they made over $25 billion last year off of consumers through the charging of overdraft fees alone! In response to general consumer anger over this practice that some consumer advocates believe is abusive, some banks offer checking accounts that do not charge overdraft fees at all. Instead, for a low monthly fee, these banks will cover any overdrawn check or debit transaction (up to a pre-determined amount) without charging you an overdraft fee. This is worth looking into as it could save you hundreds of dollars per year.
5. If you have been having trouble getting approved for a checking account recently, it is likely that you have been reported to something called Chex Systems - a database that tells banks which new account applicants are potential risks. Fortunately, some banks today offer something called second chance checking, meaning that they will grant you a new checking account even if your name appears in Chex Systems. Why? Because these banks do not look at Chex Systems when considering new account applications. Have a look at a second chance checking account if getting rejected is a concern for you.
Choosing a new checking account can be a bewildering process, given all of the bank choices available to you. Consider these 5 tips when choosing the best bank for a checking account.
Need a checking account that will never, ever charge you an overdraft fee - no matter what? Check out: http://www.escape-overdraft-fees.com/.
Article Source: http://EzineArticles.com/?expert=Susan_Willis
opening an account
Setting up a bank account in the Philippines as a foreigner has become quite an onerous task. It used to be one simply walked it, provided some identification, some money and opened an account. Now, after the world seems to have been taken over by terrorism, tax cheats, and international drug cartels, banks around the world are becoming more careful about due diligence when it comes to a foreigner wanting to open an account.
Requirements are basically the same at any bank, however if you have been introduced previously to the manager or one of his or her assistants, things tend to go smoother. The Philippines is a country where personal relationships are extremely important when it comes to moving through the bureaucracy of business and government organizations.
Further, things tend to go smoother is you apply at a large international bank, especially one where you may presently have an account in your home country.
Below are listed the basic requirements for opening an account.
1. Two valid identification cards. These can be your passport, driver's license, company identification card. You need to be sure you take photocopies of these documents to provide the bank for their files.
2. A copy of a billing statement of utilities and/or credit card. The bank wants a photocopy of this so they can validate your address in the Philippines.
3. Alien Certificate of Registration. This is documents which can be obtained
from the office of the Bureau of Immigration nearest your residence. The main office is in Manila, but sub offices exist pretty much in all major cities in the Philippines.
Whether opening a bank account or not, this registration is required by the Philippines government for all foreigners who plan to stay in the Philippines for 30 days or more. You will be fingerprinted and issued an ID card. The procedure is to file an application form, provide three 2" X 2" pictures, and submit what is called the E-series ACR form in triplicate. The ACR ID card also serves as the Emigration Clearance Certificate (ECC), Re-entry Permit (RP) and Special Return Certificate (SRC) of the holder.
Recognize that the ACR is NOT issued to those in the Philippines on a tourist status. In other words, if you are in the country on a tourist visa, a business visa, or even on Balikbayan status, you are not considered to be an alien for purpose of registration. The Balikbayan status is simply considered to be a special form of visitor's visa. Either one needs to be in the country under the SSRV (special retirement program foreigners), a returning resident, or an immigrant. Foreigners married to a Philippine citizen qualify for a non-quota immigrant visa (called a 13(a) Visa. If your spouse is a USA citizen, the best way for them to revert to Philippine citizenship is to become a Dual Citizen (a special program passed by the Philippine government in 2003).
4. Initial deposit equal to the minimum balance required by the bank.
5. It is also a good idea to take a copy of your Marriage Certificate, if you are married to a Philippine citizen. Some banks also require a copy of that.
Now, having submitted these documents, be prepared for an interview and some background checking by the bank before the account is opened. This will take a week or two.
Do you want to learn more specific details about opening a bank account in the Philippines and the ACR requirement? I recommend you read my newly released book "Retirement Living in the Philippines" which is available for download at:
http://www.retirementlivinginthephilippines.com
Will Irwin is a powerful entrepreneur, and business and life coach. He has started many online and offline businesses both in the USA and in the Philippines, and he resides in both Hawaii and the Philippines.
Article Source: http://EzineArticles.com/?expert=Will_Irwin
Requirements are basically the same at any bank, however if you have been introduced previously to the manager or one of his or her assistants, things tend to go smoother. The Philippines is a country where personal relationships are extremely important when it comes to moving through the bureaucracy of business and government organizations.
Further, things tend to go smoother is you apply at a large international bank, especially one where you may presently have an account in your home country.
Below are listed the basic requirements for opening an account.
1. Two valid identification cards. These can be your passport, driver's license, company identification card. You need to be sure you take photocopies of these documents to provide the bank for their files.
2. A copy of a billing statement of utilities and/or credit card. The bank wants a photocopy of this so they can validate your address in the Philippines.
3. Alien Certificate of Registration. This is documents which can be obtained
from the office of the Bureau of Immigration nearest your residence. The main office is in Manila, but sub offices exist pretty much in all major cities in the Philippines.
Whether opening a bank account or not, this registration is required by the Philippines government for all foreigners who plan to stay in the Philippines for 30 days or more. You will be fingerprinted and issued an ID card. The procedure is to file an application form, provide three 2" X 2" pictures, and submit what is called the E-series ACR form in triplicate. The ACR ID card also serves as the Emigration Clearance Certificate (ECC), Re-entry Permit (RP) and Special Return Certificate (SRC) of the holder.
Recognize that the ACR is NOT issued to those in the Philippines on a tourist status. In other words, if you are in the country on a tourist visa, a business visa, or even on Balikbayan status, you are not considered to be an alien for purpose of registration. The Balikbayan status is simply considered to be a special form of visitor's visa. Either one needs to be in the country under the SSRV (special retirement program foreigners), a returning resident, or an immigrant. Foreigners married to a Philippine citizen qualify for a non-quota immigrant visa (called a 13(a) Visa. If your spouse is a USA citizen, the best way for them to revert to Philippine citizenship is to become a Dual Citizen (a special program passed by the Philippine government in 2003).
4. Initial deposit equal to the minimum balance required by the bank.
5. It is also a good idea to take a copy of your Marriage Certificate, if you are married to a Philippine citizen. Some banks also require a copy of that.
Now, having submitted these documents, be prepared for an interview and some background checking by the bank before the account is opened. This will take a week or two.
Do you want to learn more specific details about opening a bank account in the Philippines and the ACR requirement? I recommend you read my newly released book "Retirement Living in the Philippines" which is available for download at:
http://www.retirementlivinginthephilippines.com
Will Irwin is a powerful entrepreneur, and business and life coach. He has started many online and offline businesses both in the USA and in the Philippines, and he resides in both Hawaii and the Philippines.
Article Source: http://EzineArticles.com/?expert=Will_Irwin
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