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We are pleased to present below all posts tagged with 'financial education'. If you still can't find what you are looking for, try using the search box.
I have spent nearly 15 years consulting borrowers on mortgage financing. In that time, I have seen a great number of scenarios and questions come up after people have received their pre-approvals. Some issues have derailed their plans for a new home while some small mishaps have been easy to navigate around. All of them, however, have caused additional documentation and worst of all, additional time in the process! Let’s look at a few do’s and don’ts to keep in mind AFTER you receive your pre-approval.
What are they, and what are the benefits?
Automated Teller Machines (ATMs) are a staple of modern society. First put into use in 1967 by Barclays Bank in north London, there are about three million ATMs worldwide today. Billions of people throughout the world use these devices to conduct the most basic banking functions. Not only do they provide convenient access to cash withdrawals, they allow customers to check their balances, transfer funds between accounts, and most importantly make deposits.
To all the graduates out there – CONGRATULATIONS! Remember how you spent the last four years putting in the hours necessary to succeed? Unfortunately your years of hard work aren’t over.
Have you ever received a message, phone call or notice in the mail regarding excessive transactions and Regulation D (“Reg. D”) from your bank? It’s a pretty common occurrence in a world of electronic access to accounts via online banking, mobile banking, debit cards and ACH transactions. So, what exactly is Reg. D and what are excessive transactions?
A consumer need for convenience, increased regulation, and numerous advances in technology have all contributed to the drastic changes in check handling by the banking industry since 9/11. Prior to these changes, the only way to clear checks taken as deposits at bank branches were to physically transport them by plane, armored car or truck from the bank of deposit to the nearest Federal Reserve Branch. The checks were then sorted, and transported to the bank they were drawn on to post. The total check clearing process could take at least five business days! Writing checks is quickly becoming obsolete: almost all non-cash transactions are now done electronically through ACH, debit, and credit card transactions. In fact, in 2015, only 12% of non-cash transactions were made by check – this is a 34% decrease in check payments since 2003!
So you have a fancy new chip in your Rhinebeck Bank debit card, and now your transactions at the store are taking a bit longer than before. What’s going on, and why do you need this? The chip uses a more advanced technology, called EMV. EMV stands for EuroPay, MasterCard®, and Visa®. Here’s why the new EMV technology is important:
The first Automated Teller Machine (“ATM”) in the U.S. opened in New York City on September 2, 1969.This original ATM was designed to dispense cash when a valid plastic card was used. By the 1980’s ATMs became widespread, handling many transactions that human bank tellers could perform. ATMs went on to revolutionize the banking industry.
Have you ever received a phone call and wondered if it might be fraud? For instance, someone claiming to be a representative with Microsoft saying your computer has viruses? Or maybe, a call from the IRS saying you owe them money and if you don’t pay you will be arrested? Have you recently received an email or letter saying that you are the lucky winner of a lottery?
Over the course of any given month there are dozens of transactions going in and out of your checking account: direct deposits posting from your employer, your mortgage or rent, utility bills, car loans, insurance and other payments are withdrawn. There are also groceries to buy, dinners out, a gas tank to fill and perhaps a trip to the movies or shopping online. Do you know the true balance in your account before you spend money or do you just wing it?
Let’s face it; The Weather Channel© has changed all of our lives. We watch live minute to minute updates of weather patterns and storm fronts. Experts try and predict events for the next half hour to the next 10 days, to years in the future. They consider longer term cause and effect (El Niño comes to mind) to try and identify what type of seasonal weather we will have. We need the forecasts to help us plan our day, month, and season. Do we bring an umbrella today? Do we buy a new snow blower? When should I plant the tomatoes?
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