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Posts Tagged ‘bank’

Awhile back I got the dreaded letter from the bank saying you are overdrawn.  I couldn’t believe it, I wondered what the heck did I do?

Then I opened it up and I was overdrawn by over a thousand dollars and I was real concerned.

I called the bank and they told me the $3000 dollar check that I had written was insufficient.  Well I did not write a check for that amount but they assured me I did and told me where to.

I couldn’t believe I could do something so foolish but I called the company that I had written the check to and they said yep, that was what I wrote it for, and I was overpaid on my account.

Then we had to start the process of me getting the money back that I had overpaid, in the meantime I needed to do a quick transfer or I would have more insufficient checks.

After I got the check covered and started the return process of getting my money back I got to thinking I couldn’t have done anything that dumb.

So I called the bank and asked them if they were sure I had wrote it for that amount and she assured me they check those kinds of things, I still didn’t believe her so I went down there and said I wanted a copy of the check.

Low and behold I HADN’T been stupid and wrote a 300 dollar check for 3000.  The company I wrote it to had encoded it wrong and the bank didn’t catch it.

So after apologies from the bank and their assurance they would fix things right up for me I called the other company back and asked them if they were sure I had made the mistake.  She also assured me they always check these kinds of things.  Then I said then how come I am holding the check and it is obviously written for only 300.00.  She didn’t have much to say then and they assured me they would fix things right up.

In talking to her she said she just assumed the fault was mine because even if they had made the mistake one of our banks would have caught it, yeah right.

So while most of you would notice a 2700 difference like I sure did, we may not notice those pennies and nickels if we don’t check every month.

Because the only one looking after your account carefully will be you!!

When shopping around for a loan, whether it be auto, home or consolidation, most individuals turn toward banks for the money that they need.  There are a number of factors that can determine how much, or how little, money you can save.

Are you familiar with your credit report and FICO score?  If not, you should be.  Visit annualcreditreport.com to receive a free copy of your credit report, from each of the three credit reporting agencies, once every 12 months.  Typically, these reports are $9.00 each but many consumers do not realize that they are entitled to a free copy every year.  There are no catches, no gimmicks and no trial period in any type of paid service in order to gain access through this website.  The information contained in your credit file is one of the top factors in determining your loan amount, interest rate and ultimately a decision as to approval or denying the loan request.  Everyone should be familiar with their credit report, verify the accuracy of their contents and correct any mistakes that are present.  The FICO score is a number that is calculated based on previous payment history, debt to balance ratio and length of credit history.  The higher your FICO score, the lower your interest rates.

During the loan application process, banks will retrieve a copy of your credit report.  They will also request certain other information, which only you can provide.  Among the items that banks request when processing a loan application include current pay stubs, a copy of the previous two years of tax returns and possibly even bank statements and proof of employment.  When applying for a large loan, patience is the key.  Some banks respond within 24 hours while others may take up to a week.  Even if one bank denies your request, don’t give up.  Try other banks, who may be enticed to extend a loan in hopes of gaining you as a future customer.

These days, there are loan opportunities for practically everyone.  No credit, bad credit, slow credit.  You name it and there are banks out there who want your business, but there may be a catch.  Depending on your credit history, you may end up spending more than twice as much in interest as someone with a spotless credit record.

Some banks do not specialize in large loans, such as home and auto, but rather extend smaller lines of credit to consumers.  These lenders typically issue credit cards to those who are approved.  While your credit history does play a large role in determining your interest rates with credit cards, it does not determine other miscellaneous fees.  Certain fees, which are charged by banks issuing credit cards, are blanket fees issued to everyone who carries a line of credit.  Late fees, overlimit fees and annual fees are among the miscellaneous fees charged by many credit card companies.  Avoid banks that charge excessive fees upfront and reduce a large amount of your available credit with said fees.  With credit cards, keep in mind that interest rates can skyrocket after only one missed payment.  You will save a lot of money by paying on time, every time and by keeping your credit card debt to a minimum.