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Financial Solutions For The Everyday Business Owner
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You’ve probably had a checking account for most of your life and never gave it much thought. It’s just there to store your everyday cash, right? Not necessarily.
If you’re considering questions about checking accounts as you take a closer look at your current setup and explore opening a new one, it’s important to note that checking accounts are designed with different and unique features. Some may even be more beneficial to you than you realize.
For starters, most checking accounts offer a host of conveniences, providing customers the ability to set up automatic payments for routine bills, schedule electronic transfers and make all deposits and transfers via a smartphone app. Some accounts even allow you to earn cash back on your debit card purchases.
âA checking account can have a long-term impact on your financial well-being, so it’s worth taking the time to figure everything out,” says Jeff Kreisler, money expert and author of the personal finance book “Dollars and Sense.”
At this point, you might be thinking, “What questions should I ask before opening a checking account?” To help you decide which account is right for you, here are four key questions to ask yourself:
Before you open a new checking account, do a little homework to learn about the different types of checking accounts offered by banks, Kreisler says. There’s the standard personal checking account that allows you to write checks and make payments with your debit card or electronically. But when thinking about questions to ask when opening a checking account, go beyond the basic features to find an account that best fits your lifestyle and financial goals. Here are some examples:
Say hello to
cash back on debit
card purchases.
No monthly fees.
No balance requirements.
No, really.
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Discover Bank, Member FDIC
The above checking accounts are the most standard and usually have appealing benefits. But if you have more questions about checking accounts, there are options that can cater to more specific needs. However, they often have less flexibility. For instance:
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“A checking account can have a long-term impact on your financial well-being, so it’s worth taking the time to figure everything out.”
This is one of the most commonly asked questions about checking accounts. Before choosing a checking account, be sure to research its fees, says Marc Bernstein, financial planner and strategist for MWealth Advisors. Types of fees and fee amounts can vary greatly from bank to bank, and even among accounts at the same bank.
A question to ask when opening a checking account is if the account charges fees for ATM use, automatic bill pay, monthly maintenance, ordering checks, replacing a debit card or ordering official bank checks. Banks may charge any combination of these feesâor none. Discover Cashback Debit comes with no fees. Period.2 That means you won’t be charged a fee for any of these services.
Along with including the fee topic on your list of questions to ask before choosing a checking account, you should also consider obtaining “a document outlining the fees you’ll be paying, in case you have any questions, and check the fine print,” Bernstein says. You can also typically find a list of fees (if any) on the bank’s website or in the account agreement.
According to Bernstein, among the questions to ask when opening a checking account is if it requires an initial minimum balance to open. You’ll also want to know if a minimum balance needs to be maintained to avoid a fee.
Bernstein suggests looking for an account with no minimum balance requirement if you tend to keep less than $1,000 in your account or like to have flexibility when making large withdrawals.
If you’ve asked this question about checking accounts and are still comparing accounts that have a minimum balance requirement, realistically determine how much you can keep in your account per month and what you will be charged if you can’t keep that balance.
Even if your account falls below a minimum requirement, there could be a way to save on fees. If you have multiple accounts at one bank, the bank may allow you to combine the balances to waive checking fees.
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The total average cost of withdrawing cash from an out-of-network ATM is $4.68. That’s 36 percent higher than it was 10 years prior, with no signs of decreasing.
If you frequent the ATM to take out cash, a good question to ask before choosing a checking account is: Where are the bank’s ATMs located in relation to your home and work?
Availability of ATMs is an important question to ask when opening a checking account that can really affect your wallet. For instance, if you decide to withdraw money from an ATM that’s not in your bank’s network, you can get hit with two separate charges: a surcharge from the ATM owner (since you’re not a customer) and a fee from your own bank.
And those fees can really add up. According to Bankrate’s 2018 checking account and ATM fee study, the total average cost of withdrawing cash from an out-of-network ATM is $4.68. That’s 36 percent higher than it was 10 years prior, with no signs of decreasing.
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One way to get cash without paying an ATM fee is to use your own bank’s ATMs. The more ATM locations that your bank offers that are conveniently located, the less likely you are to use one that’s out-of-network and rack up unnecessary charges. If you can’t always use your own bank’s ATM, one of the questions to ask when opening a checking account is whether your bank allows you to use a broader ATM network for no-fee transactions.
Opening a new checking account is an important step toward establishing, or rebuilding, your financial foundation.
Now that you can ask the right questions about checking accounts, you’re one step closer to choosing an account that fits your individual needs. And that feels like money in the bank.
1 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal, which also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.
2 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
The post 4 Questions to Ask Before Choosing a Checking Account appeared first on Discover Bank – Banking Topics Blog.
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If you lose your chase debit card by any chance or if it was stolen, you can request a replacement very easily. But one thing you cannot do anymore is to just go to a Chase branch in your neighborhood and request a replacement card. While it was convenient, Chase discontinued that method due to fraud. We’ll show you how you can replace your chase debit card in 3 other ways.
Note that if you card is about to expire, there is no need to request a replacement card. Chase will automatically send you a new card during the month your current card will expire. The main reasons to request a card are if your card has been stolen, lost, or damaged.
The first way to request your Chase debit card replacement is to do it online.
1. Go to Chase.com to sign in. 2. Once you are on the homepage, click on the “More…” options. 3. Then, click on “Account Services.” 4. Then, click on “Replace a lost or damaged card.”
After you have completed all these steps, the new window will ask you to choose a Chase debit card that you need to replace. It also ask you to choose a reasons why you need to request a Chase debit card replacement.
The three main reasons you will notice on the drop down menu are: 1) my current cards needs to be re-issued; 2) My card is lost; 3) My card wasn’t received.
Once you have chosen a reason for replacement, review and submit your request. You should receive your card in 3-5 business days. If you don’t receive your card after five days, call Chase customer service using the number on your statement.
Another way to order a Chase debit card replacement is through telephone. Using the Chase customer service is available 24/7. So you can call immediately, especially if you think your debit card was stolen.
The telephone number to call is 1-800-935-9935. If your credit card that is lost, damaged or stolen, the right telephone number is 1-800-432-3117.
Lastly, the third way to replace your Chase debit card is through the Chase Mobile app.
If you have installed it on your phone, this should be very easy and straightforward. Right from your phone, follow these steps:
1) After you login into your Chase Mobile app, tap on the debit card or credit card you want to replace. 2) Scroll down to find “Replace a lost or damage card.” 3) Then, choose the card you want to replace and then choose a reason for replacement. 4) Review your request and submit it.
Simple and done!
In conclusion, if you think you need a Chase replacement card, request it either from the Chase Mobile app, sign in to chase.com, or call the 800 number. It’s easy and you can request it in under 5 minutes. But one thing you cannot do is visiting your local branch and request one instantly. Chase will not replace your debit card at any of its locations. You’ll have to use the three methods outlined above.
Related:
The post How to Get a Chase Debit Card Replacement appeared first on GrowthRapidly.
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If you’re looking for a new bank account that allows you to easily store as well as access your cash, you might be thinking about opening a money market account or checking account. But how do you know which to choose? Decisions, decisions. Both types of accounts have unique advantages, depending on your savings and spending goals.
âThink about how you will be using the money within the account,” says Jill Emanuel, lead financial coach at Fiscal Fitness. “Is this money for daily, weekly or monthly use? Or is it money that will not be needed regularly?”
You’ll probably need a little more to go on before answering the question, “How do I decide between a money market account or checking account?” No worries. Our roundup delves into the features of both types of accounts to help you determine which one could be right for your financial plans, or if there’s room for both in your money mix.
In simple terms, a checking account allows you to write checks and make purchases with a debit card from the money you deposit into the account. That debit card can also be used to withdraw cash from the account via an ATM.
When deciding between a money market account or checking account, Emanuel says most people use a checking account for the primary management of their monthly income (i.e., where a portion of your paycheck is deposited) and daily expenses (often small and frequent transactions). âA checking account makes the most sense as the account where the majority of your transactions occur,” she adds. This is because a checking account typically comes with an unlimited number of transactionsâwhether you’re withdrawing cash from an ATM, transferring money to a savings account or swiping your debit card.
While a checking account is a good home base for your finances and a go-to if you need to easily and quickly access your funds, this account type typically earns little to no interest. Spoiler: This is one key difference when you compare a money market account vs. a checking account.
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âIf you plan to use your account for monthly bill payments and day-to-day transactions, you would be better suited with a checking account, as these support daily and frequent use.â
When you’re comparing a money market account vs. a checking account, think of a money market account as a savings vehicle that allows you to earn interest on the balance you keep in the account.
“A money market account is an interest-bearing bank account that typically has a higher interest rate than a checking account,” says Bola Sokunbi, certified financial education instructor and founder of Clever Girl Finance.
With some money market accounts, you can even earn more interest with a higher balance. Thanks to its interest-earning potential, a money market account can be the way to go if you’re looking for an account to help you reach your savings goals and priorities.
If you’re deciding between a money market account or checking account, you may think that a money market account seems like a typical savings account with your ability to earn, but it also has some features similar to a checking account. With a money market account, for example, you can withdraw cash from an ATM and use a debit card or checks to access money from the account. There are no limits on ATM withdrawals or official checks mailed to you.
Before you decide to use this account for your regular bills and your morning caffeine habit, know that federal law limits certain types of withdrawals and transfers from money market accounts to a combined total of six per calendar month per account. If you go over these limitations on more than an occasional basis, your financial institution may choose to close the account.
Don’t need regular access to your funds and want your money to grow until you do need it? Then the benefits of a money market account could be for you.
Still debating money market account or checking account? Here are some financial scenarios to help you determine which account may best suit your current needs and goals:
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âA money market account is the perfect place for money that will be accessed less frequently, such as an emergency fund [a.k.a. rainy day fund], a vacation fund or a place to park money after you’ve received an inheritance or proceeds from selling a home.â
Speaking of crossover. Both spending and saving are vying for your attention, right? Consider leveraging both types of accounts if you have needs from the checking and money market account lists above.
“Personally, I use my checking account for bill payments, my day-to-day spending, writing checks and for any automatic debits I have each month,” Sokunbi says. She’s added a money market account to the mix “because of the higher interest rateâto store my savings for short-term goals, for investing or for money I’ll be needing soon,” she explains. Maybe it’s not about deciding between a money market account or a checking account, but getting the best of both worlds.
Before opening a money market account or checking account, do your research and compare your options to see which bank offers the best package of low or no fees and customer service, in addition to what you need from an interest and access to cash perspective.
The post Money Market Account or Checking Account: Which Is Best For You? appeared first on Discover Bank – Banking Topics Blog.
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Are you looking for your Citibank routing number? It’s quite easy and simple. Below is how to find it.
If youâre sending or receiving money to friends and family members using your Citibank account, you need to make sure youâre having the right routing number.
CIT Bank Savings Rates: How Much Can You Earn
In brief, the Citibank routing number is a nine-digit number that the bank uses to identify themselves. Citibank routing number is sometimes known as ABA numbers, check routing numbers or routing transit numbers.
You need your routing numbers for several reasons. For instance, you need it for:
*TOP CIT BANK PROMOTIONS* | ||
---|---|---|
PROMOTIONAL LINK | OFFER | REVIEW |
CIT Bank Money Market | 1.00% APY | Review |
CIT Bank Savings Builder | 0.95% APY | Review |
CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
CIT Bank No Penalty CD | 0.75% APY | Review |
Citibank routing number is different for each state. So, itâs important to know it. But your Citibank routing number is associated in the state you opened your bank account.
So, if you have moved to Illinois for example, but you had opened Citibank account in New York, your routing number is associated in New York.
It is as simple as that.
State | Citibank Routing Number |
---|---|
Citibank Northern California (CA) | 321171184 |
Citibank Delaware | 31100209 |
Citibank Illinois (IL) | 271070801 |
Citibank Nevada | 322271724/ 322271779/ 321070007 |
Citibank New York (NY) | 21000089 |
Citibank Texas (TX) | 113193532 |
Citibank Washington DC | 254070116 |
Citibank Connecticut | 221172610 |
Citibank Florida | 266086554 |
Citibank Maryland | 52002166 |
Citibank New Jersey (NJ) | 21272655 |
Citibank South Dakota | 21000089 |
Citibank Virginia | 254070116 |
Citibank California, Southern | 322271724 |
Citibank routing number to make ACH Transfers
To make an ACH transfer, youâre going to have to choose the Citibank routing number for your particular state.
For example, if you live in Florida, then you will use the Citibank routing number for Florida which is 266086554. If you live in another state, look at the ACH routing number for your particular state in the table above.
Wire transfers are a quicker way to send money than an ACH transfer. However, there is going to be a fee.
If youâre making a domestic wire transfer, however, you will need to use the routing number in your state, see the table above.
To make domestic wire transfers, and in addition to the routing number, you will also need the following:
For international wire transfers, you will need both the Citibank routing number in your state and a SWIFT Code: CITIUS33. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
In addition, you will need the following to make an international wire transfer:
So, you want to know where to get your routing number from Citibank? Hereâs where to get it:
You can find your Citibank routing number on the bottom left-corner of a check. However, note the routing number on your check might be different than the routing number for a wire transfer. So, before youâre making a transaction, make sure you check with your bank to get the accurate routing number.
Learn How to Write A Check.
We have listed the routing numbers for each state on the table above for ACH transfers. We have also listed the routing number for domestic and international wire transfers.
You can find your routing number as well on your monthly bank statements.
Your can find your routing number online by simply going into online banking.
You can look up your routing number on the Federal Reserve website.
Lastly, you can always call customer service at 800-374-9700: to get your routing number. Itâs available 24 hour a day, 7 days a week. However, note that you will have to provide some details to identify yourself.
Depending on your financial transactions, you will need to use different routing numbers.
Domestic ACH Transfer
For domestic transfers, use the ABA routing number from your state (see the table above).
For Domestic Wire Transfer
Use the Citibank domestic wire transfer number in your state in the table above.
For international wire transfers
Use your state routing number: and the SWIFT code: CITIUS33
In conclusion, if you have a Citibank account, youâll likely need to your routing number. You will need to set up direct deposit, to set up automatic payments, or to wire transfer. So, itâs important to know it and keep it handy. Also, make sure you verify the number before you make a transaction. If you miss one digit or get one digit wrong, your money can go somewhere else.
Related:
*TOP CIT BANK PROMOTIONS* | ||
---|---|---|
PROMOTIONAL LINK | OFFER | REVIEW |
CIT Bank Money Market | 1.00% APY | Review |
CIT Bank Savings Builder | 0.95% APY | Review |
CIT Bank CDs | 0.75% APY 1 Year CD Term | Review |
CIT Bank No Penalty CD | 0.75% APY | Review |
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