Free Banking Tips

What happened to the checks that I deposited? When will this check become available? Where did the check go? why does my bank hold me check for so long? This has been our usual question whenever our checks are held by our bank.

Every check that is deposited or cashed in the bank are all verified by the Federal Reserve Bank and every bank has abide with this to protect the customers and also the bank itself. This is the reason why checks are held. Though, banks are making all the effort to avoid putting holds on the checks that are deposited, there still some instances where checks are held. Increasing of overdrafts in the account, history of previously returned items, reports that shows to have potentials that check can be return or even how long the account has been open can affects the decision on how long the check has to be held. In some instances, banks also hold checks to test for fraud or insufficient funds on the part of the check writer.

In U.S there are also checks that are checks that are no longer subject for hold. Checks issued by the government and commonly by Social Security -retirement benefits or child support and IRS- for tax refund. Most banks also allow customers to have a portion of the check deposited available depending on how the check was deposited. Example, since the bank encourage customers to take advantage of the ATM deposit service, they put an initial credit of $100 or a certain dollar amount when check is deposited before a certain cut- off time.

Each bank may have different procedures or rules when it comes to check availability so it is important that we understand our banks' specific policies regarding checks that are being held.

Let us admit, saving money is one of the most difficult thing to do. The last thing that we will do with our money is to put it somewhere and allow it to gain interest. It is very difficult to save money. Even if we are able to keep small part of it and put it in a savings account, we still end up putting it back to our checking account and using it. 

The most common and popular savings account in U.S. is the Way2Save savings account,offered by Wells Fargo Bank, the second largest bank in U.S. Way2Save Savings account is easy to manage, it allows you to save a dollar or even more whenever you swipe your card or make a purchase using your debit card. You can even increase the amount of transfer whenever you swipe your card, if your not satisfied with $1 transfer you can also update and increase it by calling the bank. In case you find this savings option slow, you can also set up an automatic transfer or recurring transfer of funds depending on the occurrence that is convenient for you. Example, set up an automatic transfer of $30 from your checking to your Way2Save every time you get your paycheck. This way, you will have to keep a certain amount in the checking account, since you are have a recurring transfer to come out anytime soon. Sounds cool, right? This is just about mind set.

Even though Way2save savings does not earn high interest compared to other savings account, it is better to have at least extra funds that can be used during rainy days, since this is accessible at anytime, unlike CD account or other types of high interest bearing account, that takes longer before you can have access to the money.

Acknowledgement: Wells Fargo  Way2Save Savings Account. 

All of the banks in U.S. usually receive large volumes of calls before or during the day or five to 10 hours before the schedule of the direct deposit posting. This is because we want to find out if our job have deposited our paycheck to our account. Majority of the people in U.S are already taking advantage of the direct deposit. Though in some instances there are employers which does not prefer the direct deposit service, though admittedly this is the most convenient way of receiving a regular paycheck instead of giving an actual check and letting employees cash the checks personally by going in the bank or by depositing in the ATM. 

It is better to call the bank early in the morning than to run to the bank just to be able to have the check cashed. If you have direct deposit to your job it will be easier to receive your paycheck thru direct deposit. This is hassle free and convenient. Aside from you no longer have to fall in line and wait for your turn just to be able to cash the check, it will also allow you to easily identify when it is best to set up monthly bills and savings transfers.

In the next few days I will give some tips on how we can save the easiest way. 

When I first had my bank account, this is the first thing i asked myself. "What is my account number?" I was only 16 years old that time when i started my own account. I hope i did not forget anything from my list but this is where we usually see our account number.

1. Welcome letter from our bank when we open a new bank account.

The welcome letter is the first letter we receive from our bank from the time we open our bank account. We, Americans does not usually sit down and read our letter specially if its coming from the bank since we think its just a piece of advertisement.

2. Check book or check.

3. Online banking.

If you have online banking then you should definitely see where your account number by looking at the your statement. Some banks set up online banking where full account number can be found right from the time you logged in to your bank account. But, for some national banks, account number is found at the PDF or ADOBE online statement only when it is pulled up.

4. Paper Statements.

If you love to receive a regular love letter from the bank, this must be your fastest source. You will definitely see your account number on your paper statement.

5. By visiting the banking location.

This is for worst case scenario, when you don't have checks, paper statements or online banking. Most definite and sure way to clarify if you got the correct copy of your account number is by visiting the banking location or the branch. 

Now, we no longer have to call our bank and play stubborn asking for a copy of our account number. I tried one time and talked to a customer service representative from my bank and they really don't provide this information over the phone but good thing options was given to me. Hope this post helps. 

Filing for taxes has been the most awaited happening after the holiday season. This is the time when we are starting to back up from the expenses last holiday after the holiday craze, parties and shopping spree. So this is the moment that we have been waiting for, last January 31, 2014 IRS just started receiving and processing forms for the tax returns.

After checking for free federal tax filing, preparing and organizing all the paperwork, receipts and other forms and checking of possible increase on tax refund through IRA or other equity account, we are now excited to get our tax refunds.

But, what causes the delay of our Tax refund deposit from posting to our count? This are the things that we have to consider.

1. Am i providing my correct social security?

98% of the mistakes that remain unnoticed are from the things that we believe and we think we already know. This is because we repetitively dictate and use this number we often don't notice our errors on this basic information. Double check your social security number to avoid hassle.

2. Is my account valid? 

There are some instances where accounts are having some issues that becomes a barrier for us to receive our direct deposit. We can also check if our account is open and active to avoid delay. If you have online banking and you no longer see your account then this might be because your account is no longer open or active.

3. Did i provide the correct account number and routing number of my account?

Make sure that this two major information is provided. 78% of tax payers tax refund deposit delay are due to this issues. Routing number are easily available compared to account number. If your not sure of your account number, then try to call your bank first to confirm if your account number is correct.

Hope this post help us get a jump start after we get our tax refund.  

The biggest U.S. arts and crafts retailer, Michaels Companies Inc/Michaels Store, said it is investigating a possible security breach on its payment card network and advised customers to check their account activities for possible fraud activity.  This data breach incident will already be considered the second known data breach happened at the store since 2011. 

Michaels Chief Executive Chuck Rubin said in the statement on Saturday, January 25th, "We are concerned there may have been a data security attack on Michaels that may have affected our customers' payment card information. We are taking aggressive action to determine the nature and scope of the issue."

Federal investigators are aggressive to find out the perpetrator since it was not yet fully identified how many cards have been affected or whether the system were still compromised at the moment and looking out the possibilities if it might be the same Eastern Europe criminals which attached Target and Neiman Marcus. The company has a good intention in warning the public and launching a probe into the matter after hearing that there had been an increase in fraud involving cards of customers who had shopped at its stores.

January 28 2014, after the incident, and Illinois consumer, Christina Moyer sued Michaels Store Inc. in federal court in Chicago accusing Michaels Store Inc. of breaching and implied to protect the account information. Moyer said she and other consumer who filed the complaint must spend more time and money to deal with the consequences.

Bank has also started sending our cards for customers who might have been affected or might have card details compromised. Customers will be notified in advance in case new cards will be mailed out and to assure that customers receive their card right before the permanent cancellation of cards.

Just like Target, Neiman Marcus, an American luxury specialty department store was confirmed that hackers invaded its system for several months which involve and may compromise 1.1 million credit and debit card. The same malware installed in Target terminals are found to be the same malware that infiltered Neiman Marcus terminal and exposed information of 110 million customers this was according to person who was interviewed but not the authorized person with authority to speak about the issue regarding the attack. 

According to the statement posted on Neiman Macus Website, the said malware was "clandestinely"  put into the system and had stolen payment data off cards from July 16 to October 30, 2013. 2,400 card used at Neiman Marcus and its  Last Call outlet store have been used fraudulently. Bergdorf Goodman which also owns Neiman Marcus was not aware of the data theft until mid of December when a said payment processor reported that the unauthorized charges are showing up on cards that was used at the store. 

Good thing, Neiman Marcus also offered one year of free credit monitoring for affected shoppers for additional security. The company also have coordinated with the banks to help resolve the issue and lower the chances of theft. Banks and other Credit card companies has started sending new cards to their mutual customers who was affected by the date breach. 

Acknowledgement: Neiman Marcus, Neiman Marcus Last Call Outlet