| |
| |
|
Debt Relief Information |
|
|
|
Bank Like a Banker
The business of banking has changed dramatically over the last decade. Because the cost of doing business the old-fashioned way is no longer effective, banks are interested in changing their customers' behavior by encouraging electronic banking alternatives whenever possible. They have done this by charging high fees for services that were once free. If you pay $200 or more in annual fees for banking, it's time to do some competitive shopping. Before becoming furious with your bank, it may be that the products you're using no longer meet your personal needs. If you have an established relationship with your bank, inquire about the other types of lower-cost checking and savings account products. Understanding the rationale of why a bank charges fees for different services will allow you to be a savvy banking customer. If human contact is required to serve you, such as a teller or personal banker, this is very expensive for the bank. The incentive is for banks to encourage more high-tech, "low-touch" methods of meeting your needs. This is accomplished by servicing as many customers as possible with automated telephone services, cash machines and online self-service banking. Since the bank needs to train their employees, provide a paycheck and benefits, pay for the branch building and in some cases supply uniforms, etc., it is conceivable that your one banking transaction per pay period could cost the bank $3 or more. If you conduct your banking via an automated telephone system, the cost of this type of transaction is much less expensive. However, if you then require assistance from a telephone banker, the price goes from $1 for the automated process to as much as $2 for human contact. For the same reasons stated above, the training, location, computer equipment, etc. becomes more expensive when human interaction is needed. Now it is clear why electronic banking methods are preferred by financial institutions. In fact, most banks are rewarding their customers with lower fees the more the customer does his/her banking electronically. For example, even though Automatic Teller Machines (ATMs) cost the bank around $100,000 each plus the cost of the computer network and maintenance, the cost of these types of transactions drops to between $.50 to $1 each. Not only are these machines more cost effective, the 24-hour availability to customers is very convenient. With the ease and convenience of automatic clearing house (ACH) payments, this "checkless" process drops the price to around $0.25 each. And finally, the Internet drops the expense even further to less than $0.10 a transaction. I realize that there is still some fear of banking electronically, but the security that banks have instilled with computer technology far surpasses the current security of traditional banking methods. If you lose your checkbook and wallet, the cost and worry of canceling these checks is very tedious. It's very possible that a thief could forge your name and deplete your accounts in a matter of hours. The sophisticated computer technology, however, although not perfect, has a far more secure system to protect you and your money. Avoid being the bank's best customer. Attempt to cut your annual bank fees in half by educating yourself. Inquire about the options and products available to you with your banker. By asking about the alternative banking methods, you may find that your bank fees will drop considerably. ABOUT ONE PAYCHECK AT A TIME, INC. One Paycheck at a Time Inc. is the leading source for sensible debt reduction solutions. Its products include the One Paycheck at a Time paperback (ISBN: 1591133327), as well as an ebook format, and the eTools program. The author of the book and president of the company, Kimberly A. Griffiths, has been through the vicious cycle of debt herself and has made it her personal goal to share her experience to help others. More information can be found about the company and its products at http://www.OnePaycheckataTime.com
MORE RESOURCES:
Debt-Relief - Google News |
|
|
|
RELATED ARTICLES
What is Bankruptcy? Here is a useful guide to bankruptcy. It should be noted that bankruptcy is not to be entered into without first having sought professional advice. Debt Relief -- Why Most Programs Have A 75% Failure Rate Debt consolidation, equity loans, credit counseling, debt management plans, even Chapter 13 bankruptcy - it doesn't matter which of these debt programs you're talking about. They all suffer from one fatal flaw, the number one problem that causes most people to fail at eliminating their debts through these techniques. Assess Your Financial Attitude and Eliminate Your Debt Forever Want to know if your attitude towards your finances is helping you or damaging your future? Take this Quiz and find out.. Life on a Debt Management Program Signing up for a debt management program is easy; it's a matter of finding a company you feel comfortable with that is difficult. There should be no pressure added from the company you speak with, joining a DMP is your decision and you should feel like you are in a partnership with the company, meaning you both have control over your financial situation. Out of Credit Card Debt - Without Filing Bankruptcy To be out of credit card debt is your dream and you're tired of the redundant advice to live within your means. Look no further. Why You Should Get Out of Debt Today? The main reason for getting out of debt today, is because people with little or not debt have more control over their future:1. They have more discretionary income, meaning that you won't be living pay check after pay check as you probably are right now. The Effects of Consumer Debt Consumer Borrowing Consumer borrowing in the UK has now crashed through the £1 trillion barrier. 80% of this is due to credit card borrowing, loans and mortgages. How Do You Spell Debt Relief? Of all the problems possible in a marriage, finances cause the most marital discord. Many singles consider finances to be their most worrisome issue. Free Quick and Easy Money Saving Tips - Part 1 With the high cost of gasoline and the amount of money needed to lead a comfortable life slowly increasing many consumers may be worried about how to make ends meet. Fortunately there are lots of ways to save money in a variety of areas. Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and Financial Freedom? Do You Need to Join a CCCS - Consumer Credit Counseling Service?Are you in a "debt hell"? If you are unsure, ask yourself these questions:Do you have bill collectors calling you and home and at work, leaving annoying messages?Are you afraid to open the door in the morning because you are afraid that the Sheriff's office has left a court goody for you?When the phone rings, do you get butterflies in your stomach?If you answer the phone and it's a bill collector, when they ask for you, do you reply "He/She's not in right now", or even just pick up the phone and then hang it up without saying who is on the other end?Do you go for days on end without checking the mail because there are only bills there?When you finally do get the mail, do you just throw it in some random location for weeks or even months without ever opening it?Are you paying one credit card company's bill with another credit card?Are your credit cards riddled with over the credit limit and late fees?Do you only receive high interest credit card offers?Have you applied for credit cards or car loans and been told that you had been denied because of bad credit?Does your credit report show a lot of late payments, charge-offs, bad debt, 30 60 90 or 120 days late entries listed?Does filing bankruptcy seem like your only way out? If you related to at least two of those items, chances are you would benefit from a consumer credit counseling service.Believe me, I know what you are going through. How to Avoid Bankruptcy Bankruptcy is a legal way to offer folks with high interest debt a fresh financial start in life. In case you are considering personal bankruptcy as an answer to your debt problems, you are not alone. How to Choose a Debt Settlement Company As consumer debt continues to spiral out of control, debt relief is fast becoming a major concern for many American's. In 1999, American's made $1. How to Become Debt Free In today's consumer society it is all too easy to get into debt. If you have a few credit cards, car loan, mortgage and possibly student loans it can easily add up. The Human Side - Debt Stress In all the technical discussion you hear about credit card debt, the best ways to manage it and pay it off and all the rest, one thing goes largely ignored. Credit card debt is extremely stressful, and can have a very negative effect on your life, if you let it. 5 Ways to Get Out of Debt It has been said that everyday more and more people in the world are getting into unsecured debt. Once reason for this is the relative ease in which credit card companies and banks are extending credit to their customers. Senate Passes New Bankruptcy Law The United States Senate passed a law on March 10, 2005 that changes the bankruptcy laws in America. It is expected that the House of Representatives will look to pass the same bill in April, which will send it to President Bush for his signature. Is Independence Overrated? Happy Independence Day from The Money Motivator!If you don't celebrate "The 4th of July" like we do in the United States, today still presents you with an awesome opportunity to examine your independence.Independence means the quality or state of being dependent. Eliminating Credit Card Debt The overwhelming task of eliminating your debts can often seem like an uphill battle. Without the knowledge and expertise of a professional on your side, unfortunately, the odds are not in your favor. Getting Past The Idea Of Budgeting & Saving Money I'm sure you'll agree that budgeting, saving money, and eliminating debt are very appealing ideas. If effectively tackled, these goals can secure your financial status for the future, and allow you to live a comfortable, debt-free life. Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt Reducing debt usually isn't a high priority for people until they have already gotten into trouble with overspending. Using a few basic guidelines, and debt calculations, can help you see when your debt load is getting into the danger zone.
|
| home | site map |
| © 2006 |
