Many people today are becoming aware of the many benefits of having an online checking account. Let’s face it; the online forum has become a new form of commerce. Most every American that is old enough to shop online has, the same can be said for all forms of online communications. The internet has simply exploded as the way most folks conduct their business.
People pay their bills online, order their clothing online, watch TV online, talk to family and friends online, the list of things that are done online are simply infinite. Just about everything that can be done in real time can be done virtually. A lot of folks have even met and married their significant other online.
Banking has been the one thing that really is just now starting to boom online, but now that it has the flood gates are open and people are turning in droves to checking accounts online.
Convenience
The number one reason most people prefer the online forums to the real time forums is convenience. The same convenience that is available for all the other activities online is also available for banking online.
Things like being able to log into your account day or night, not having to sit on hold to get your real time balance, not having to travel to the bank to make deposits, all of these things make for a very easy setting to take care of your financial business.
We live in a society where waiting is simply not an option; every one has a place to be and a place to go. Standing on a long line at the bank, not only wastes time but it also costs money, the money that you could be making at your job. Online checking accounts throw the waiting issue right out the window. You can jump online, check out your balance, pay bills and do whatever it is you would normally do at the brick and mortar bank up the street, except you get to do it in your time at your pace without having to wait in line.
Current research figures suggest that over 80% of all internet users do online banking, and that the demand for the online savings account is at an all time high. Online banking has created some win-win situations for both the banks and for consumers. Online only banks have significantly lower overheads than traditional banks as they do away with the need for expensive branch networks. The win for consumers not only comes in the form of added convenience with access to your account 24/7 but because banks can pass the savings onto consumers in the form of lower fees and higher returns. The key reason quoted for the attractiveness of the online savings account, is the higher interest earnings draw card.
When selecting an online savings account, there is no one size fits all product. Your financial behaviour is a key factor in choosing an online savings account- especially in as far as transacting volume and saving patterns are concerned.
Here’s what to look out for when comparing online savings accounts.
Interest Rates
Check the interest rates payable on the account and compare them to others on the market to ensure they are competitive. Make sure you know if the interest rate is a standard variable rate or simply an introductory rate for a fixed period, e.g. 6% for 12 months. Check how interest is calculated and paid. The most common method used is to calculate interest daily and for it to be paid monthly.
Minimum Deposit
Look out for the minimum deposit required when opening an account. Many online high interest saving accounts have no minimum deposit required but there are some that may require an initial lump sum, say $2,000 to open the account.
Account Fees
Check whether there is any fees payable on the account. These may be in the form of a monthly account fee or usage related fees such as charges for making a transaction or contacting customer services via phone instead of online.
Interest Penalties
There may be indirect account fees payable too. Look out for online saving accounts that charge an interest penalty when withdrawing money from your account. A common penalty is that you may earn no interest for the entire month in which a withdrawal is made.
Read beyond the headlines
Make sure you understand the full details of the online savings account offer that you see. A promotion may advertise ‘earn up to 6% interest’. In this case you’d want to see if all your money would be earning the 6%. Some banks have a range of interest rates that apply depending on how much money you have in the account. Ideally every dollar should be earning the same high interest rate.
Accessing your money
Before applying for an account, think about how you may need to access the money and how quickly you’d need to access it. Many online banks work by linking your savings account to your normal everyday bank account. This is cost effective and often fee free but may take a couple of days for the money to get to your bank account. Some online banks provide an ATM card providing instant access to your funds.
Build your savings wealth faster
It’s easier to set up an online savings account and then neglect to add money on a regular basis. When applying for an account you should think about setting up a regular direct debit from your everyday bank account. By making a regular deposit each month you’ll soon find your savings and interest earnings starting to add up.
The Good News
The good news is that many of the online saving account offers on the market are very competitive and you will find a range of offers with high interest rates, no minimum balance requirements and no fees or penalties. Just be sure to compare the variety of online savings accounts available before you apply online.
The insurance industry is one of the most profitable and investors, not surprisingly, want to see those dividends continue. This is not to suggest the insurers were ever charitable in their intentions. Insurance has always been a business in the real sense of the word. The result is the wording of the policies allows the claims adjusters some wriggle room when it comes to deciding which claims to honor. In another article on this site, we note the insurers have grown increasingly reluctant to cover flooding. Most of the coastal areas where high tides combined with strong winds can overcome sea defenses, and all areas formally designated flood plains, are now no-go for private insurers. Yet, you will still see standard terms for wind and water damage. This creates the impression you have some protection while allowing the insurers to argue they are not liable at all should you claim or only liable for a small percentage of your losses.
This is all smoke-and-mirrors. You can see a listing of perils covered which will include wind damage but, when you look at the clause on deductibles, you will probably find there’s a mandatory hurricane deduction. Unlike the auto insurance policies, this is not a fixed amount. These deductibles are a percentage of the value of your home and some insurers pitch the deductible up to 5% of your home’s value, e.g. $15,000 if your value is $300,000. For homeowners to have to find 5% as a lump sum to trigger the payment of the rest of the claim can be a major financial strain.
Now let’s comes to the theme of this article. One of the reasons why the claims process can slow down to a snail’s pace is disagreements over the difference between wind damage and water damage. The majority of policies exclude or restrict water damage. So, as an example, suppose a strong gust of wind removes the roof from your home. That’s clearly wind damage and the cost of rebuilding will usually be covered. Why “usually”? When the wind exposes the timber frame of your home, it can get wet and this can cause the frame to warp. Now the question is whether replacing the frame is responding to the damage by the wind or damage caused by the subsequent rain. You argue that the timber would not have gotten wet had the roof not blown off, so the main cause is the wind. The insurer argues the wind did not cause the timber to twist out of shape. That was the rain.
It would be good if all such arguments could be quickly resolved but, after Katrina, insurers are more defensive faced with large weather events. Worse, they have also been reducing the number of claims adjusters and everything now takes longer. This puts a heavy burden on home insurance policyholders. You’re often forced to take emergency measures to protect your property, e.g. when the roof blows off. Keep a detailed photographic record to show the before and after situation, keep all the invoices and bills for the materials and labor, and make sure you keep a constant stream of updating messages going to the home insurancecompany. It must always have the chance to monitor this work.
The current hype for custom shop vehicles heavily promoted by dozens of TV shows and thousands of professionals all around the country has made a lot of people think that their generic cars can be used as a means to reflect their individuality and lifestyle. For some people it’s just a matter of body color or custom paint job but for others only radical customization is the right solution. There’s plenty of room to make your car look unique and the only limit is your imagination and your wallet, of course. Yet, not many people realize that by taking their car to a customization service they also need to customize their insurance policies. Why? Because without doing so you risk being rejected once you file a claim after customization.
When you insure a vehicle with an insurance company you sign a contract for a particular object with particular features. These features are uniform across the same car make and model, and usually varies through minor features that are usually mentioned additionally. And when you file a claim the insurance company covers your repair costs so that you could replace the manufacturer installed parts according to their current market price. And guess what happens when you replace the default parts with custom ones, which often cost more? The company can actually refuse to cover the claim because you’ve introduced modifications to your vehicle that could change its driving characteristics and alter the risk posed to the insurance company. So, as a result you can be left with a broken car that you will have to repair out of own pocket and which will cost you more to repair because of the custom parts. So how do you avoid such an unpleasant situation and keep your car insurance relevant and valid?
It’s really simple. All you have to do in terms of car insurance is to inform your insurer about the customization right after performing it. Your insurance company representative then will evaluate the modification and decide whether you can keep the current policy intact or have to buy additional weavers in order to cover all the custom parts. Usually, if your customization only concerns the exterior such as a paint job then you are likely to keep your current policy. But if you install a powerful stereo system or tweak your engine for additional HP then get ready cash in for keeping your car insurance relevant. That’s because you alter the characteristics of your car and add to its actual value that should be covered.
So as you see there’s no problem with vehicle customization form the insurance point of view if you do your paperwork on time. Just keep your insurance company informed about all the modifications and you can rest assured that the policy will pay out when you file a claim. Yet, if you tend to think that the coverage will be altered automatically and you don’t have to tell anyone about your visit to the custom shop then you’re in for a rather unpleasant surprise once you file a claim.
As we all know, car insurance serves the purpose of protecting us financially from numerous perils we may face as drivers on the road. The most common perils are obvious: car accidents, auto theft and damage due to bad weather and other circumstances. All insurance providers offer different types of policies that let you cover such perils effectively and it all boils down to comparing auto insurance quotes in order to get the most affordable deal for your wallet. However, sometimes car owners can face perils that are not so common and that don’t make part of the usual comprehensive coverage list. If you want to protect your car from such perils let’s take a look at them and explore your options.
Earthquake
Earthquake damage can often make the part of exclusion clause list in many policies even if you purchase comprehensive coverage. It is more likely to have this type of coverage excluded if you live in an area with a high risk of such peril (think California for example) and the insurance company will require you to purchase a weaver to include this coverage option. Earthquakes can be a serious threat to the car, especially when stationed, with the potential of totaling the vehicle beyond repair if it happens to stay near elements of infrastructure that are prone to collapsing. So make sure to ask your provider if you can purchase this coverage as an additional weaver.
Flood
Flood is also one of those things that can seriously damage your vehicle and cause a serious financial impact if you’re not insured against it. As in case of earthquake damage flood can be excluded from the list of circumstances covered by comprehensive coverage in areas and states where the risk of such peril is higher. So if you live in designated flood area (near rivers, lakes, dams and other bodies of water) it would be useful to get this coverage type as a weaver. Sure, it will give you higher auto insurance quotes in the first place but you will be able to protect your car against a significant.
Tornado
Tornadoes are a very devastating act of nature that causes billion dollar losses annually and destroys thousands of homes in several states of the US. With the power to shatter a typical wooden house an lift cars off the ground this peril is one of the least liked by insurance companies because they know how devastating these things can be. Tornadoes are never included into comprehensive coverage and you have to buy the coverage separately. Moreover, you should do it prematurely because if you start looking for tornado coverage right before the tornado season (April, May, June) most insurers will deny your application because of the high risk.
Car contents during theft
Another aspect of comprehensive coverage that doesn’t get covered in most cases are the contents of the car being stolen. If you happen to have any valuable things in your car their cost won’t be reimbursed by the insurance company even if you get comprehensive coverage. The insurer will pay the value of the stolen car but all the things that were in it won’t be paid for. There’s only one opportunity to cover these things as well – check if your home insurance policy includes the items on your property, not only in your house. So if you’re unlucky to have the car stolen from your garage or front yard you will be paid by the home insurance policy for the contents of the car.
It may be hard to believe, but easy online payday loans did in fact save my life. I’m sure there are other stories out there similar to mine, but this one is definitely an eye opener — as it shows what can happen when simply “waiting” for your next paycheck.
A few weeks ago, my car broke down and I was left without transportation. This was terrible because I, like most people, rely on my car to get to & from work. I didn’t have any money saved and it turned out that I needed some major work done on the car — it’s the price I pay for not paying enough attention to my automobile.
I had but 2 options to choose from: hitch a ride from a friend & co-worker whom lived in the opposite direction of my job & home, OR borrow the money from somewhere and take care of the repairs immediately. Like most would do, I simply decided to wait until my next payday to take care of the repairs and have my friend cart me from & to work.
When he pulled up the first day, I was already feeling guilty, especially considering that he was going WAY out of his usual routine just to pick me up. That guilt only increased when he told me he was up an hour earlier than usual in order to pick me up. Suffice it to say, I was feeling pretty bad and decided that this wasn’t going to work out for an entire week.
That following afternoon, after I got off work, I started looking into payday cash advances and short term fast cash loans. It turned out that I could apply and have the money I needed within just a few hours. Like most, I was a bit skeptical and decided not to be “suckered” into this likely scam too quickly. Rather than just believe what I read, I did a bit of research and found out that these same day cash advances weren’t scams at all and they actually help a lot of people all over the world.
In all honesty, I was blown away at how virtually anyone could apply for one of these loans within minutes — all they needed to have was a valid social security number, a checking account, and a job.
After discovering this, I started my search for a payday lender and found one in less than 10 minutes. I applied online for a loan of $500 and was approved in under an hour! I was then told that the money would be deposited into my checking account within a few hours and I would be able to use it that same day, if not the next morning. With this news, I called up a local car repair service and had them tow the car down to their shop and repair it. A few hours later, the car was completely repaired and I was handed a bill for $446.84 — which was just shy of my $500 loan. I wrote them a posted-dated check for the following day, thanked them for the repairs, and then I DROVE my car home.
How did this loan save my life? Well, you’re about to find out…..
Just 2 days later, my friend — the one that was driving me to & from work — was killed in a horrendous, freak car accident. What happened was a huge semi truck plowed into the PASSENGER side of his compact car and he was killed instantly. Had my vehicle not been repaired, I would have been in the car with him at the time of the accident. Hence, I would NOT be telling you this story right now.