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Wells Fargo Direct Deposit Advance will be Discontinued Soon?

Friday, March 14, 2014 0 comments
The one and only bank that offers Direct Deposit Advance, Wells Fargo, will sooner discontinue the Direct Deposit Advance Service. This service has been used up by millions of Wells Fargo customers specially those who are independent with social security deposit. The Direct Deposit Advance loan has been considered as the quickest and easiest way to access emergency funds.

This coming May 25th, 2014 the direct deposit advance will no longer be available. The service can only be use until May 24th this year.

This is based on the studies and arguments. the service is not really helping most customers as it is very similar to other pay day loan and lenders that charges high interest rates and uses the borrower's upcoming paycheck as a collateral. In addition, this can also cause never ending cycle of high cost debt for the consumers who can hardly afford it.

Even though the service will no longer be available before the end of the 1st quarter this year, Wells Fargo have said "Wells Fargo offers spectrum of credit products that are designed to meet customer needs, including unsecured credit card, line of credits and secured credit card, which can help customers build or rebuild their credit. As always, Wells Fargo encourages customers to talk to a banker about their unique credit or account management need."

Acknowledgement: Wells Fargo Bank

What is Direct Deposit Advance by Wells Fargo?

Monday, March 10, 2014 0 comments
Direct Deposit Advance is very common to customers who are banking with Wells Fargo, specially to those that receives a qualifying direct deposit every month. Direct deposit Advance is a line of credit designed for short term borrowing needs. This is found to be more costly compared to other credit cards and line of credits since it charges $1.50 for each $20 borrowed. For example, if you borrow $500 you will be charged with $500 plus the $37.50 on top of it. This will be automatically taken out on the next qualifying direct deposit of $100 or more in an account.

Payment plan is another method of payment that can be used as well instead of the automatic deduction. Though, the bank is strict and consider some factors before an account gets approve for payment plan. The good thing about payment plan is it will allow the customer to pay $100 only in every qualifying direct deposit. By speaking to friendly Wells Fargo representative we can i identify if we may qualify. The fund is immediately available once borrowed.

 Here are some factors the bank consider before approving an account for a payment plan. 

1. The service should have already been used for 3 consecutive statement cycle
2. The account should have at least an outstanding balance of $300 or more, and lastly
3. State where the account was opened is also considered.

Admittedly, most of us are thankful since this service is available. We can either use the Wells Fargo automated response system or speak to a bank representative or do it through the online banking. Let's just be more mindful of borrowing as we also have to pay the same amount and even more as we get our next paycheck. 

Acknowledgement: Wells Fargo Bank

Common Descriptions for tax refund

Monday, March 3, 2014 0 comments
Tax season is not just around the corner! Most banks have sent their clients some tax forms that customers would need since last January.

Now we are waiting for our tax refund. What are the common description we see that would help us identify its already the tax refund that we are waiting for?

H & R Block (which is a tax calculator, the most famous financial advisor in U.S.), Tax refund are the common description we see but for other instances it could also show up as TGY*89 on the description or could show different names. Others are wondering what are these codes for. Since it also varies in different accounts. This could also be an abbreviation of any words.

Whats important is that we are able to get our tax refund in time. Let us not forget to save some or part of the refund so we have funds we can use during emergency. 

Why does our check held by the bank?

Tuesday, February 25, 2014 0 comments
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.

How to Save the Easiest Way?

Thursday, February 20, 2014 0 comments
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. 

Why is it better to set up direct deposit to your account?

Monday, February 17, 2014 0 comments

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. 




Where to find my bank account number?

Monday, February 10, 2014 0 comments
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.


We write checks alot and sometimes we don't realize that checks also contains our account number. This is the main reason why our banks has to change our account number in case we lose our checks or at least a piece of check. From the bottom of our check, we will see our account number. This is second set of numbers located at the bottom of our check or depending on the check format but most of the time the account number is the one with the largest set of numbers since the routing number is usually 9 digits only. 

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. 



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