Archive for the ‘Banking’ Category
About Banking
Banking is a very broad concept. Generally, those actions and accounts that can be processed or held at banks are considered banking. Taking maximum advantage of the benefits, while avoiding the potential drawbacks is essential to providing long-term financial success.
The Facts
Banks are regulated under several sections of federal statutes. The rules and regulations provide for what banks can and cannot do legally. After that, banks are for profit businesses like any other.
So, while a bank has a vested interest in keeping its customers happy, it also strives to make a profit. Banks generally offer several kinds of services and accounts, including checking, savings, money market, CDs, loans, and mortgages
Benefits
The two main benefits of banking are interest and convenience. Most bank accounts pay the depositor interest for their deposited dollars. The amount of interest is set by the bank and tends to follow broader market trends.
Thus when interest rates on the open market move up, so do bank interest rates. This does not always happen immediately, or on a one-for-one basis. The convenience benefit is that a banking customer has a safe place to keep their money, with easy access to it.
A checking account tends to have the easiest access. In general, the more restrictive the access to the fund, the higher the interest rate paid. For example, a 1 Year CD that restricts access for twelve months, pays more interest than a savings account, which allows for withdrawals at any time.
Risk Factors
In addition to paying out interest, banks can charge interest. Interest paid by the customer is set by the bank and is almost always higher than interest paid. So, a customer can lose overall net worth by borrowing funds. However, this is an accepted feature of borrowing.
More risk potential takes place in the form of fees and charges. Banks no longer make the majority of their profits via interest on loans. Instead, they make hefty profits from fees charged to customers. For example, a bank may charge a fee of $39 or more for bouncing a check. Banks may also charge for too many transactions in a month, ATM access, and online access. Read the rest of this entry »
About Chase Online Banking
If you bank with Chase and you have not used their online banking yet, you are missing out on some great, easy-to-use features. If you are not a Chase customer, after learning about some of the features and options you might want to consider opening an account at this bank with roots over a century old.
Types
There are three types of accounts for which you can use Chase online banking. Chase Online provides 24-hour access to your personal bank accounts.
Chase Online for Business offers Internet banking services for businesses with annual revenues under 10 million dollars. “Chase Commercial Online” is geared toward bigger companies and corporations. Chase Online also includes services and products, such as home financing, auto and education loans, credit cards, insurance and retirement planning.
Features
Chase Online offers free online bill payment for qualified accounts. With this feature, you can pay all of your bills from the comfort of your own home. You can stop buying stamps, and payments are guaranteed to be sent on time.
Chase Online also features account alerts. Once you sign up for them, you will be emailed or called regarding possible security issues. You can also receive updated account information. Chase Online features paperless statements as well. These are safe, convenient and environmentally friendly.
Benefits
Using Chase Online provides you with safe, easy access to all of your accounts and balances any hour of any day. You can customize phone or email alerts to notify you of daily balances or deposits, as well as transactions that exceed the amount you specify.
You can transfer money between your Chase accounts safely with a few simple clicks. You can add an external account you have with another financial institution and transfer funds between them as well. Read the rest of this entry »