<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>Banking Archives - The Save Lab</title> <atom:link href="https://www.thesavelab.com/category/banking/feed/" rel="self" type="application/rss+xml" /> <link>https://www.thesavelab.com/category/banking/</link> <description></description> <lastBuildDate>Mon, 21 Aug 2023 20:53:08 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.6.2</generator> <image> <url>https://www.thesavelab.com/wp-content/uploads/2022/09/favicon.png</url> <title>Banking Archives - The Save Lab</title> <link>https://www.thesavelab.com/category/banking/</link> <width>32</width> <height>32</height> </image> <item> <title>What is a Cashier’s Check and How to Get One</title> <link>https://www.thesavelab.com/what-is-a-cashiers-check/</link> <dc:creator><![CDATA[Lane Kareska]]></dc:creator> <pubDate>Mon, 21 Aug 2023 20:45:30 +0000</pubDate> <category><![CDATA[Banking]]></category> <guid isPermaLink="false">https://www.thesavelab.com/?p=420</guid> <description><![CDATA[<p>When managing your finances, being aware of all available tools is crucial. Among these, a cashier’s check holds significant importance. Despite our shift towards digitalization, cashier’s checks remain a vital ...</p> <p>The post <a href="https://www.thesavelab.com/what-is-a-cashiers-check/">What is a Cashier’s Check and How to Get One</a> appeared first on <a href="https://www.thesavelab.com">The Save Lab</a>.</p> ]]></description> <content:encoded><![CDATA[<p>When managing your finances, being aware of all available tools is crucial. Among these, a cashier’s check holds significant importance. Despite our shift towards digitalization, cashier’s checks remain a vital option in specific scenarios where other payment methods might not suffice. In this article, we’ll demystify cashier’s checks by explaining their purpose and usage.</p> <h2>What is a cashier’s check?</h2> <p>A cashier’s check is a type of check in which the bank guarantees the payment. Unlike regular checks, when you get a cashier’s check, the bank immediately takes the money out of your account and holds it until the check is cashed. This means the person or business receiving the check doesn’t have to worry about it bouncing. In other words, a cashier’s check is like a pre-paid check, making it a safe choice for large payments.</p> <h2>When do you need a cashier’s check?</h2> <p>There are certain scenarios when a cashier’s check is a good option. The most typical scenario includes large-scale purchases like homes or automobiles. In these instances, sellers may reject personal checks due to the possibility of them bouncing. This isn’t the case with a cashier’s check as the bank vouches for the funds.</p> <p>A cashier’s check can also be required in transactions that demand guaranteed funds. For example, cashier’s checks might be the best route when paying a security deposit for a rental property or making a substantial down payment.</p> <p>Furthermore, it’s important to note that several businesses favor cashier’s checks for substantial transactions due to their enhanced security. In contrast to a personal check, cashier’s checks are not easily falsified or modified, offering an additional safeguard.</p> <h2>Where can you get a cashier’s check?</h2> <p>Acquiring a cashier’s check is a relatively simple process. The most common sources for obtaining one include your bank or credit union. Typically, this means visiting your branch with your account details and the payee’s information. You can then ask for a cashier’s check; the bank will debit the amount from your account and generate the check.</p> <p>Certain banks offer the convenience of getting cashier’s checks online or via phone, which is useful if it’s hard to find time to visit your local branch. You still have to provide your account details and payee information, and then the bank will post the check to you or directly to the payee.</p> <p>It’s important to note that cashier’s checks usually involve a fee, from a small sum to $10 or more, based on the bank’s policies. However, some financial institutions might not charge their customers this fee, so be sure to check with your bank first.</p> <p>Banks and credit unions are usually the go-to places, but cashier’s check services are also available at some large retail supermarkets and money services businesses, but they typically charge a fee.</p> <h2>How to get a cashier’s check</h2> <p>Are you considering obtaining a cashier’s check but need clarification on how it works? No need to worry; keep reading for a breakdown of the process in five easy steps.</p> <h3>Step 1: Know your payee</h3> <p>Before obtaining a cashier’s check, you need the name of the specific individual or business entity you want to pay. The bank requires this information to issue the check accurately.</p> <h3>Step 2: Check your bank’s requirements</h3> <p>The rules and fees regarding cashier’s checks vary across banking institutions. While some banks may generously offer this service without fees, others may charge a nominal fee. Certain banks may offer the convenience of online or phone orders for cashier’s checks, while others may require that you visit in-person. Consult your bank directly about their unique requirements so you know what to expect.</p> <h3>Step 3: Bring the necessary information</h3> <p>During your visit to the bank for a cashier’s check, make sure you have your identification and bank account number. You also need to know the exact amount for which the check should be issued.</p> <h3>Step 4: Request the check</h3> <p>Once you have everything your bank requires in order, request a cashier’s check from a bank teller. They will verify your account, withdraw the funds, and issue the check. Then the teller will give you a receipt for your records. Make sure to hang on to the receipt as it can be helpful if the check gets lost or stolen.</p> <h3>Step 5: Keep it safe</h3> <p>Cashier’s checks are considered guaranteed funds, so treat them like cash. Keep it safe until you can give it to the payee.</p> <h2>What happens if you lose a cashier’s check?</h2> <p>If you ever find yourself in the unfortunate situation of misplacing or having a cashier’s check stolen, it’s crucial to take immediate action. The first step is to reach out to your bank immediately and explain what happened. They should have experienced professionals who can help with your specific situation.</p> <p>The bank will likely require you to complete a form called a “declaration of loss.” This form is an official statement documenting the loss or theft of the cashier’s check. Please know that there is typically a waiting period, usually around 90 days from when the check was issued before you can submit this form. The waiting period allows for the possibility of the check being cashed during that time.</p> <p>After you’ve filled out the declaration of loss, and the waiting period has elapsed if applicable, the bank will take appropriate action to assist you. This may involve issuing a replacement check or refunding the funds back into your account. To ensure you are fully informed, it’s important to ask about any fees associated with these services.</p> <p>In unfortunate circumstances where the original cashier’s check is fraudulently cashed despite being reported as lost or stolen, it’s important to remember that you may still bear financial responsibility. Banks may have an obligation to honor the original check, meaning they may seek reimbursement from you.</p> <p>If you firmly believe your cashier’s check was stolen, it may be advisable to file a police report. Having an official record can provide additional support, especially if any disputes arise in the future.</p> <p>While it can be a challenging experience to handle a lost or stolen cashier’s check, it’s best to maintain precise records of your interactions with the bank and keep copies of any submitted documents. This will help you stay organized and facilitate the process more effectively.</p> <p>Remember, your bank is there to assist you, so don’t hesitate to seek their guidance.</p> <h2>What are the alternatives to a cashier’s check?</h2> <p>Curious about other options besides cashier’s checks? There are several alternatives, each with their own advantages and disadvantages. Let’s look at some of the more common options to help you make an informed decision.</p> <h3>Personal check</h3> <p>A personal check serves as a fundamental alternative to a cashier’s check. It involves a simple slip of paper enabling you to make payments from your bank account. However, it’s important to note that, unlike a cashier’s check, personal checks lack the guarantee from the bank and may bounce if your account lacks the necessary funds, making personal checks comparatively less secure.</p> <h3>Money order</h3> <p>Similar to a cashier’s check, money orders offer a secure form of payment, but they are typically used for smaller amounts (usually limited to $1,000 or under). You can conveniently purchase money orders at various places like the post office, local convenience stores, or dedicated money transfer stores. Like cashier’s checks, money orders guarantee the funds you send. However, unlike cashier’s checks, you pay for a money order upfront, and it doesn’t leave a trail back to your bank account.</p> <h3>Certified check</h3> <p>When it comes to certified checks, they serve as a personal check that your bank carefully examines to verify the availability of sufficient funds in your account. Once confirmed, the bank adds its certification or signature, lending more security to the check than a regular personal check. Nevertheless, it’s worth noting that certified checks provide a different level of protection than cashier’s checks since the bank doesn’t similarly segregate the funds.</p> <h3>Wire transfer</h3> <p>Wire transfers facilitate electronic movements of money between bank accounts, whether within the same bank or across different banks. While wire transfers are generally faster than cashier’s checks, it’s essential to be aware of potential fees, especially for international transactions. The notable benefit of wire transfers lies in their security and swiftness, with funds typically becoming available within the same day or the following day.</p> <h3>Electronic payments and digital wallets</h3> <p>Digital payment services such as PayPal, Venmo, or Zelle provide a convenient and rapid means of transferring money. They prove especially handy for more minor, day-to-day transactions. Likewise, digital wallets like Google Pay and Apple Pay enable direct payments from your smartphone.</p> <p>Remember, each of these alternatives has its advantages and disadvantages, so consider your specific needs and circumstances before deciding which is the best option for you.</p> <h2>The bottom line</h2> <p>Among many financial tools, a cashier’s check stands out as a secure and reliable choice for significant monetary transactions. Since the funds are guaranteed by a bank, they can make large-scale purchases smoother and stress-free.</p> <p>Despite its usefulness, a cashier’s check is not the only star in the financial cosmos. Alternatives ranging from personal checks to digital wallets each have unique advantages and could be a better fit depending on the nature and scale of the transaction. But cashier’s checks remain a potent tool – especially in situations demanding large, assured payments.</p> <p>The post <a href="https://www.thesavelab.com/what-is-a-cashiers-check/">What is a Cashier’s Check and How to Get One</a> appeared first on <a href="https://www.thesavelab.com">The Save Lab</a>.</p> ]]></content:encoded> </item> <item> <title>Can You Get an Online Loan from Your Bank?</title> <link>https://www.thesavelab.com/can-you-get-an-online-loan-from-your-bank/</link> <dc:creator><![CDATA[Lane Kareska]]></dc:creator> <pubDate>Mon, 07 Feb 2022 19:35:45 +0000</pubDate> <category><![CDATA[Banking]]></category> <category><![CDATA[Personal Loans]]></category> <guid isPermaLink="false">https://www.thesavelab.com/?p=138</guid> <description><![CDATA[<p>Emergencies can occur when you can’t access your local bank branch, and you may wonder if you can get a loan online from your bank. The answer is yes — ...</p> <p>The post <a href="https://www.thesavelab.com/can-you-get-an-online-loan-from-your-bank/">Can You Get an Online Loan from Your Bank?</a> appeared first on <a href="https://www.thesavelab.com">The Save Lab</a>.</p> ]]></description> <content:encoded><![CDATA[<p>Emergencies can occur when you can’t access your local bank branch, and you may wonder if you can get a loan online from your bank. The answer is yes — but only if your bank offers personal loans and online banking. Even then, some banks may require you to visit a branch in person to complete the loan application.</p> <h2>How to Get an Online Loan from Your Bank</h2> <ol> <li><strong>Make sure you meet the requirements:</strong> Some banks may have requirements that you hold a certain type of account or have been a customer for a certain amount of time. Make sure you’re eligible before you apply.</li> <li><strong>Check your credit:</strong> So it won’t be a surprise, look up your credit score at AnnualCreditReport.com. It’s free and won’t impact your credit. If there are any errors on your credit report, dispute them immediately.</li> <li><strong>Pre-qualify:</strong> Many banks that offer online loans will allow you to pre-qualify online. Because this only requires a soft credit check, you’ll be able to see an estimated rate for your loan without damaging your credit.</li> <li><strong>Compare rates with online lenders:</strong> Online-only lenders may be able to offer you a lower rate than your bank because they have lower operating costs. Pay attention not only to the APR, but also make sure the monthly payment is affordable and there are no prepayment penalties.</li> <li><strong>Fill out the online application:</strong> In addition to providing your social security number, you’ll likely need to submit proof of income and give your bank account information.</li> <li><strong>Wait for the money:</strong> If you’re approved for the loan, some banks offering online loans will be able to get the money to you on the same day or the next business day.</li> </ol> <h2>Traditional Bank Loans vs Online-Only Lenders</h2> <p>Even though many traditional banks offer loans online, there are some key differences between traditional financial institutes and online-only lenders. First, when you work with an online lender, you’ll need to be comfortable doing everything online. You won’t be able to visit a branch for in-person assistance.</p> <p>There are far more advantages to using an online-only lender, however. These lenders utilize technology to simplify and shorten the application process, so you can sometimes get your money faster. And because online lenders don’t pay rent for physical spaces or hire as many employees, they may able to pass on the savings to you in the form of a lower APR.</p> <p>An online-only loan won’t always be a better deal than an online loan from your bank, however. If your bank allows online pre-qualification, you should take advantage of the opportunity to compare rates across a few different lenders.</p> <h2>Can You Get a Bank Loan with Bad Credit?</h2> <p>Bank loans are typically only an option for people with good or excellent credit. But that doesn’t mean you should turn to alternative financial products like payday loans, title loans, and pawn shop loans. You may be able to negotiate with your bank if you’ve been a long-time customer with a positive banking history. There are also several alternatives to bank loans if you have a subprime credit score:</p> <ul> <li><strong>Credit Unions:</strong> Credit unions are member-owned financial institutions that are not for profit, so they are often less strict about approvals. It’s possible to get approved for a loan at a lower rate than you could get at a bank. However, credit unions have membership requirements before you can get a loan. In some cases you just have to join, but in other cases you may be required to maintain membership for several months.</li> <li><strong>Family and Friends:</strong> While it might seem difficult, you shouldn’t be afraid to ask for financial help from your friends and family members. You can write up a loan contract and plan for prompt repayment to avoid destroying the relationship. And once you’re on solid financial footing, you can offer to help someone else in a time of need.</li> <li><strong>Co-signers:</strong> If you apply for a loan with a co-signer, your bank or online lender will use their credit score when determining your interest rate. However, if you default, it will hurt your co-signer’s credit. Make sure you have a plan to repay the loan before asking a creditworthy friend or family member to cosign for you.</li> <li><strong>Online Loans:</strong> Some online loans are targeted at people with bad credit or no credit history. For example, you can get an installment loan online without a credit check. Just keep in mind that loans for bad credit borrowers come with much higher interest rates than traditional bank loans.</li> <li><strong>P2P Loans:</strong> With a peer-to-peer loan, an investor lends money to you through an online platform, and you pay them back at a fixed interest rate. Most P2P loans require a credit check but have less stringent requirements than traditional banks.</li> <li><strong>Home Equity Loans:</strong> If you have equity in your home, you may be able to borrow against it. You’ll still need fair credit to be approved, but since the loan is secured by your home, you may be able to get better rates with a lower score.</li> <li><strong>HELOC:</strong> A home equity line of credit is another way to borrow against the equity in your home. It’s a revolving line of credit that allows you to borrow what you need when you need it. They tend to have fewer closing costs but come with variable rates. You’ll make interest-only payments during the draw period, which is appealing if you need a long time to repay the loan.</li> </ul> <h2>The Takeaway</h2> <p>If you have a bank account with an institution that offers online loans, that might be the easiest option for you. You can typically get the funds quickly and manage payments through the same app and website you use to manage your bank account. However, don’t assume that getting a loan from your bank will be the cheapest option. If you can, pre-qualify with a few different lenders — including your bank — to find the lowest APR on a loan that meets your needs.</p> <p>The post <a href="https://www.thesavelab.com/can-you-get-an-online-loan-from-your-bank/">Can You Get an Online Loan from Your Bank?</a> appeared first on <a href="https://www.thesavelab.com">The Save Lab</a>.</p> ]]></content:encoded> </item> <item> <title>How to Cash a Check Without Fees</title> <link>https://www.thesavelab.com/how-to-cash-a-check-without-fees/</link> <dc:creator><![CDATA[Lane Kareska]]></dc:creator> <pubDate>Thu, 30 Dec 2021 16:09:23 +0000</pubDate> <category><![CDATA[Banking]]></category> <guid isPermaLink="false">https://www.thesavelab.com/?p=51</guid> <description><![CDATA[<p>About 95 percent of U.S. households have access to an account at either a bank or credit union, according to the FDIC. But there are still 7.1 million households that ...</p> <p>The post <a href="https://www.thesavelab.com/how-to-cash-a-check-without-fees/">How to Cash a Check Without Fees</a> appeared first on <a href="https://www.thesavelab.com">The Save Lab</a>.</p> ]]></description> <content:encoded><![CDATA[ <p>About<a href="https://www.fdic.gov/analysis/household-survey/2019execsum.pdf"> 95 percent</a> of U.S. households have access to an account at either a bank or credit union, according to the FDIC. But there are still 7.1 million households that are unbanked, and the Federal Reserve estimates that another<a href="https://www.federalreserve.gov/publications/files/2020-report-economic-well-being-us-households-202105.pdf"> 13 percent</a> of American households are underbanked, which means they use alternative financial services like check cashers or payday loans.</p> <p>For the unbanked, cashing a check can come with high fees. For example, people who received paper stimulus checks collectively spent more than<a href="https://www.brookings.edu/wp-content/uploads/2021/02/20210216_Murphy_ImpactPayments_Final-3.pdf"> $66 million</a> cashing them. And the Financial Health Network found that Americans who used alternative financial services in 2018 spent<a href="https://s3.amazonaws.com/cfsi-innovation-files-2018/wp-content/uploads/2020/01/31170215/2019-Market-Size-Report.pdf"> $189 billion</a> on interest and fees. While the primary reason cited for not having a bank account was not having enough money to meet the minimum balance requirements, the fees associated with alternative financial services like check cashers can be even more costly than bank fees. But many people choose to use these services because the pricing is more transparent.</p> <p>If you’re currently spending money to cash your checks, you have a few options to reduce your fees or eliminate them altogether.</p> <h2 class="wp-block-heading"><strong>Your Bank or Credit Union</strong></h2> <p>The easiest way to cash a check is to go to a bank or credit union where you hold an account or use your institution’s mobile deposit feature and access the cash through an ATM withdrawal. Typically, banks and credit unions don’t charge account holders a fee to cash their checks. And if you’re away from your local credit union, you may be able to cash your check at another credit union that participates in shared branching.</p> <p>If you don’t currently have a bank or credit union account because you are worried about fees, you might consider opening an account at an online bank. Online banks are often able to waive many of the fees that physical branches charge because they have fewer operating costs.</p> <p>If you have had issues with overdrafting in the past, you may have difficulty opening an account at an institution that uses ChexSystems to review your banking history. However, there are several online banks that don’t use the system or run a credit check, so you can open an account even if you’ve had issues in the past.</p> <p>There are also banks that offer “second chance” checking accounts, but these often come with maintenance fees. Still, most institutions give you the option to upgrade to a traditional account after a period of time. It may be worth paying fees for a limited time until you can access a regular checking account.</p> <h2 class="wp-block-heading"><strong>Checkwriter’s Bank</strong></h2> <p>Many banks will allow you to cash a check for free if the person who wrote the check has an account there. You can find the name of the issuing bank on the lower left corner of your check. Some banks may still charge a fee to non-customers, so be sure to ask.</p> <p>You can also walk into a bank where you don’t hold an account and cash a check, though some institutions may refuse to serve you. Most banks will charge a flat fee, which can sometimes be less than the percentage charged at a check-cashing outlet. There are even a few banks that offer free check-cashing for non-customers, though there may be dollar limits.</p> <h2 class="wp-block-heading"><strong>Retail Stores</strong></h2> <p>Many grocery stores and big box stores offer check-cashing services. While most retailers charge a small fee to cash a check, some may offer the service for free. If there is a fee, it’s usually much less than it would cost to cash a check at a payday loan store or check cashing operation. These services can cost up to 5 percent of the check amount, while cashing a check at a retailer may cost as little as $1.</p> <h2 class="wp-block-heading"><strong>Prepaid Cards</strong></h2> <p>Depositing a check to a prepaid account is another option. Most prepaid cards come with fees, but it’s possible to avoid them in some cases. For example, some cards waive monthly fees as long as you use the card to make a purchase each month. Most prepaid cards come with mobile apps that you can use to deposit paper checks. If your card was issued by an institution with a physical branch, you can also typically deposit your check in-person.</p> <h2 class="wp-block-heading"><strong>Endorsing a Check to Someone Else</strong></h2> <p>If you don’t have a bank account but a trustworthy friend or family member does, you can endorse the check to that person and ask them to give you the cash. You’ll need to write “pay to the order of” followed by the person’s name on the back of the check above your signature. Check with your financial institution to make sure they will cash endorsed checks before you try this.</p> <h2 class="wp-block-heading"><strong>FAQ</strong></h2> <h3 class="wp-block-heading"><strong>Can I Cash a Check Online?</strong></h3> <p>Yes. There are several services that allow you to cash a check online, but these often come with fees. If you don’t need the money right away, you may be able to avoid fees. Some websites, such as PayPal, provide free check cashing if you can wait for the check to clear to get your money.</p> <h3 class="wp-block-heading"><strong>How Do I Cash a Check Without a Bank Account?</strong></h3> <p>The cheapest option is to go to the checkwriter’s bank and find out if they will cash the check for free or for a small fee. You might also visit a grocery or retail store to cash your check or deposit the money onto a prepaid card and then access the cash through an ATM. You should avoid visiting payday loan stores or check cashing outlets to get your cash, since these services can come with high fees.</p> <h3 class="wp-block-heading"><strong>What Is the Cheapest Way to Cash a Check?</strong></h3> <p>The cheapest way to cash a check is to keep an account at a bank or credit union that doesn’t charge any fees or makes it easy to avoid fees. Most Americans will be able to find a fee-free online bank account, even if they’ve had banking issues in the past.</p> <p><em>The information contained herein is provided for free and is to be used for educational and informational purposes only. Consult a financial professional for specific help with your situation.</em></p> <p>The post <a href="https://www.thesavelab.com/how-to-cash-a-check-without-fees/">How to Cash a Check Without Fees</a> appeared first on <a href="https://www.thesavelab.com">The Save Lab</a>.</p> ]]></content:encoded> </item> </channel> </rss>