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Why I Switched To Online Banking Accounts!

by Shannon on August 28, 2011

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There is nothing I hate worse than getting ripped off. Over the last few years, all of the “perks” that came with my checking and savings accounts at a well known bank have dwindled to nothing. I no longer receive free checks or free services, the customer service is horrendous and I get minuscule returns on the money in my accounts. And to top it off, I just received notice that they are going to start charging me a monthly fee for using my debit card!

I have had an account with this particular bank since I was sixteen. The only pattern I have seen over the years is that their customer service gets worse, my fees get more expensive, and their buildings get bigger! Enough is enough.

Charging me a fee to use my debit card was the last straw. So, I started doing some research on online banks and decided to open an account with ING Direct.

ING Direct provides a laundry list of useful products: checking accounts, savings accounts, savings for kids, ESA’s,  home loans, tools for retirement, tools for investing and products for businesses. They have higher interest rates on checking and savings accounts, no account minimums, no overdraft charges, no monthly fees, low rates for home loans, a website that is extremely easy to navigate, and they now offer checks. Best of all, they have excellent customer service!

In the process of setting up my account I had to call twice.  I spoke to two different agents that were very helpful. I’m a customer service person so I  can immediately tell whether or not somebody is truly interested in helping me. They both answered with a smile in their voice and stayed on the phone until everything was perfect. It was a breath of fresh air considering what I have been dealing with over the years.

In order to open an ING Direct account, you have to link it to your current checking account for the initial deposit. It is simple, painless, and will only take you about ten minutes for the entire process. You will have to wait a couple of days in order to verify your account.

There are a few different ways to deposit your money. You can set up direct deposit, send your deposits via U.S. mail, or link your current checking account and make ACH transfers (which typically takes two business days). However, when your ING account is active you can transfer money from within with a click of a button and the funds will be available immediately. Simple!

There is one potential downfall: You have to have good credit in order to open an account. If you don’t, maybe now is the time to start cleaning up your credit!

I’m really excited about this new opportunity and I would encourage you to check it out. If you’re unhappy with your current bank, or would like to find out some more information about ING Direct, click here!

How do you feel about your bank? Leave a comment!

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What Is Credit History?

by Shannon on July 20, 2011

Your credit history is a detailed record of your past borrowing and repayment history. Items included are loans, credit cards, unpaid bills, judgments, bankruptcies, etc. Basically, every financial decision you have ever made (good or bad)  compiled into a fine looking report. It is held at the three major credit bureaus (Experian, Equifax, and TransUnion), waiting in the wings for the next time you decide to apply for credit. Depending on the information contained in your credit history, it could either help you or haunt you for many years to come.

Lenders (any many other entities) use your credit history to decide whether or not you’re “worthy” of their money. They want to know that you pay your debts consistently and on a monthly basis. If they consider your credit rating desirable, obtaining credit isn’t complicated and you’ll receive excellent interest rates. If they consider your credit rating risky, be prepared for a difficult road to credit accompanied by outrageous interest rates.

How Long Does Negative Information Stay On My Credit Report?

Depending on what state you live in, 7-10 years. That’s a LONG time when you’re trying to buy a house! In today’s economy, most lenders won’t even look at you if you have a poor credit history. Even if you’re able to raise your score enough to get a loan, the cost of the interest can send you into financial oblivion. It can add up to hundreds of thousands of dollars over your lifetime. Just imagine what you could do with  all of that extra money!

Where Do I Get My Credit Report?

Experian, Equifax, and TransUnion are required to furnish you with one free credit report per year. You can get them at www.annualcreditreport.com. You will need to provide some additional personal information in order to complete the transaction.If you know your credit is good, using just one company is probably sufficient. However, if you’re going to start repairing your credit, you’ll want to have all three.

Do you need help repairing your credit?



 

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