November 19, 2008 at 5:39 am · Filed under Checking Account
Apply online for a new FREE TCF Checking account. Once it is opened and funded, TCF will mail you a $50 Grocery Gift Card. Visit a TCF Bank location to open your new FREE TCF Checking account and they will hand you a $50 Grocery Gift Card on the spot. Offer is available to individuals and small businesses without a TCF Checking account in the past 90 days. $25 minimum to open a TCF Totally Free Checking account. This is a limited time offer.
If you are opening a checking account, you will be required to purchase checks as part of the account opening process. A mailing address in Minnesota, Illinois, Michigan, Wisconsin, Indiana, Colorado, or Arizona is required if you are not a current TCF Online Banking customer. This bonus found via Bank Deals.
Visit their promo page for more details or to apply for this bank bonus.
http://bankbonuses.info/2008/11/18/tcf-bank-50-checking-account-bonus/
November 10, 2008 at 7:51 am · Filed under Checking Account
Checking account fees have continued to rise nationwide to all-time highs, according to a new survey, but local banks say they haven’t changed their fees and don’t plan to anytime soon.
The study by Bankrate.com found that monthly service fees and minimum balance requirements for interest- bearing checking accounts hit record highs, while bounced-check and ATM fees also increased. On the other hand, average fees and balance requirements for non-interest checking fell, in part reflecting the growth of free checking accounts nationwide.
“In today’s uncertain economic environment when every dollar counts, it is more important than ever for consumers to be vigilant about avoiding bank fees,” said Bankrate senior financial analyst Greg McBride.
Consumer advocates have feared that banks would raise their fees to boost profits and cash during the current credit and financial crisis. But in Western New York, officials at M&T Bank, Bank of America, Lake Shore Savings Bank, Northwest Savings Bank, Five Star Bank, Cattaraugus County Bank and Bank of Akron all said their fees have not changed, and they have no plans to do so.
Bank of America did raise its overdraft fee to $25 from $20 in April, and state-chartered banks are seeking state approval to allow an increase in “returned- check” fees. The state currently caps such fees at $10, but there is no such limit for nationally chartered banks, which state banks say creates a competitive disadvantage.
However, such moves were unrelated to the financial crisis. “That was business as usual,” Bank of America spokeswoman Diane Wagner said.
The continual rise of bank fees has become a growing sore spot for many consumers, who complain they’re being nickel-and-dimed on every product and service, and increasingly question if the fees are in line with the banks’ costs.
“Those increases are totally unfair,” said Ken McEldowney, executive director of San Francisco- based Consumer Action. “Checking accounts are so automated these days that if anything it costs less to provide a checking account now than in the past. There’s just no justification at all whatsoever for the increase in fees.”
Fees are attractive to banks because they’re a more stable — and indeed growing — revenue source than interest income from loans, especially in the current financial crisis. According to a report by the U. S. Government Accountability Office, about 27 percent of banks’ revenues came from fees in 2006, up from 24 percent in 2000.
The GAO report said consumers paid more than $36 billion in checking and savings fees in 2006, with average fees for overdrafts, returned items and stop payments rising by 10 percent or more since 2000. Lake Shore Savings Bank, for example, has boosted its profits for the past few quarters, largely because of its new fee-based overdraft protection service.
Banks say they have to charge the fees to compensate for expenses, especially the cost of maintaining branches and ATM networks. They also say the so-called “penalty” fees are necessary to deter bad behavior.
But critics say banks are really just padding their bottom lines, reaping billions of dollars a year in such account fees. Overdraft and ATM fees in particular have been denounced as abusive by consumer advocates and other critics. And the GAO report questioned whether consumers are aware enough about fees.
In its 19th annual checking study, Bankrate surveyed one interest checking account and one non-interest checking account at each of the largest banks and thrifts in each of the 25 large markets. A total of 247 interest accounts and 226 non-interest accounts at 249 banks and thrifts were studied. Bankrate also looked at 22 online checking accounts at 18 banks.
The firm found that ATM surcharges on noncustomers rose nearly 11 percent to an average of $1.97, with nearly all machines imposing fees. Meanwhile, the fee banks charge their own customers for using another bank’s ATM rose 17 percent to $1.46, putting the total cost of using another bank’s ATM at an average of $3.43.
Ten years ago, the two fees were 89 cents and $1.08, respectively, or $1.97 in total.
Monthly service fees on interest checking peaked at an average of $11.97, up 2.1 percent. Customers deposit an average of $376.75 to open such accounts, and must maintain an average minimum balance of $3,461.84 to avoid fees, a 4 percent increase. That’s more than doubled in 10 years, from $1,561.29.
By contrast, non-interest checking fees hit a new average low of $1.93, while average balance requirements fell to a low of $109.26, down from $155.49 last year and $483.75 in 1998. The minimum opening balance fell to $82.71 from $83.02.
Online accounts pay higher interest than branch-based accounts — averaging 2.06 percent versus 0.24 percent — but they are still costly, the survey found. Average monthly fees for online interest checking accounts is $4.38, while the average overdraft is $28.71, similar to regular accounts.
http://www.buffalonews.com/494/story/489372.html
November 8, 2008 at 1:44 am · Filed under Checking Account
The Chex Systems is a check verification service and consumer credit reporting agency, which is not to be confused with ChexSystems.biz. The Chex Systems is usually the organization that disqualifies people from attaining credit. Chex Systems specifically gives financial data about how customers are handling their deposit accounts at several banking institutions. This data can determine whether or not a person qualifies for a credit card or even a banking account.
A Second Chance checking account, such as one offered by ChexSystems.biz, offers consumers a “second chance” at a checking account, regardless of questionable Chex Systems history or of bad credit history. This Second Chance checking account would be a relief to individuals who are out of options and who are being denied credit even by local banks. After all, with no bank account, it may be impossible for a person to find a decent job and be paid by direct deposit or payroll card.
ChexSystems.biz is offering a Second Chance checking account and will soon be known for exact opposite reason as the Chex Systems. It will be known as an organization that offers a “second chance” for credit, instead of one that turns consumers away because of their credit history. The ChexSystems.biz website explains more on the concept of the Second Chance checking account and what it will entail for high-risk consumers.
For more information, visit http://www.ChexSystems.biz/.
About ChexSystems.biz: ChexSystems.biz offers consumers with bad credit a Second Chance checking account. This account is offered to all consumers who can show stability of residence and employment; approval is not dependent on Chexsystems data or credit score.
http://www.prlog.org/10137189-chexsystemsbiz-offers-hope-with-second-chance-checking-account.html
November 5, 2008 at 4:42 am · Filed under Checking Account
There are a lot of things you have to think about when you are starting a new business. One thing that you have to take into consideration is how you are going to do your finances. A lot of businesses find it useful to have a business checking account. The reason businesses decide to do this is so that they can keep their personal expenses separate then their business expenses. It also helps to keep track of certain write offs for taxes at the end of the year. If you have a business and want a business checking account here are some tips on how to create a business checking account.
The first tip is to shop around for a checking account. Depending on the bank will depend on what type of fees and rates you are going to have to pay. You will want to make sure that you look at a couple of different options before you settle on one. You will want to make sure that you pay close attention to all of the fees involved. You will want to compare the different checking accounts. The reason for this is because you might have a higher annual fee for one but the rates on another might be even higher causing it to cost you more money in the end.
The second tip is to make sure that you put all of checking account information in your business name. The reason why you will want to make sure that you put your business name on everything is so that you know what things are for your business and what things are for your personal accounts. It will also help you if you ever get audited or if there are any questions regarding the spending of your business.
The third tip is along with your business name making sure that you put your business address as well. The reason you will want to put your business address is so that people know where to find your business at. For example if your bank wants to mail statements or other offers you will want to make sure that it goes to your business and not your home. The reason for this is so that you won’t get your home bills and checking accounts mixed up with your business checking account.
The fourth tip is to use another bank then the one you use for your personal accounts. The reason for this is so that you can keep track of what account is which. You might have confusion if you have both your personal and business checking at the same bank. You might think you are writing checks for your personal things out of your personal account but in reality you are writing them out of your business account. But if you bank at separate banks you will be able to see just by looking at the check book which account it is coming out of.
These are just some of the tips on how to create a business checking account. There are a lot of other tips that you can follow that will help you to create a business checking account. The most important thing to remember is that you will want to include your business name on everything. Not only will this build credit for your business but also help you to keep track of all of your finances easier. For more tips on how to create a business checking account you can go online or even go into your bank an see what tips they have on how to create a business checking account.
http://businessknowledgesource.com/finance/how_to_create_a_business_checking_account_026242.html
