Saving Tips While in College
Are you finding it impossible to save money while you’re in school? If you’re like most college students, you feel like you’re broke all the time. And, many times your parents aren’t willing to pitch in and help out, because they give you money at the beginning of the semester and you spend all of…
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Understanding Escrow Before Buying a Home
Everyone dreams of owning their own home and most people can’t wait to say goodbye to renting. It’s important for you to know that when you purchase a home and obtain a home loan, it’s likely that your lender will require you to have an escrow account. And, maybe you’ve already heard this term, but…
Closing Costs When Buying a Home
Closing costs are fees and charges due at the closing of a real estate transaction that are in excess of the purchase price of the property. Both buyers and sellers are subject to closing costs and associated fees from the sale of the home. How much you’ll pay in closing costs depends on the price…
The Benefits of Direct Deposit
Direct deposit is generally referenced as the electronic transfer of money owed to you or being paid to you directly into your bank or credit union account. Direct deposit is most often used for your reoccurring paycheck from your employer, but it can also be used by other depositors such as Social Security, retirement plan…
What does EFT and ACH Transactions Actually Mean?
ACH and EFT are terms used in banking to describe the electronic or digital movement of money. So let’s start with the basics: ACH stands for Automated Clearing House and is basically the process of moving funds from one bank to another. EFT stands for Electronic Funds Transfer and is used to describe virtually all…
What are the Differences between a Cashier’s Check and a Certified Check?
You may be wondering what is the safest way to handle a situation where you are selling or buying something of substantial value and the only way to pay or be paid is by check. For example, you might be buying or selling furniture through Craigslist, or buying or selling a car to someone you…
What does available balance versus current balance actually mean?
Do you ever wonder why your account balance online shows an amount different than what you think it should be, or you see different balances as “actual” and “available”? Simply stated, your “available balance” is the amount of money in your account to which you have immediate access. Your available balance will be different from…
The Importance of Your Credit Score
Did you know that your credit score helps determine a great deal more than your qualifications for a loan and the interest rate you pay? For example, insurance companies may use credit scores to set premiums for auto and homeowner’s coverage. And, when you rent an apartment, landlords may use your credit score to decide…
What is a Credit Union?
Credit unions and banks have many similarities and differences. While they are both financial service institutions, one of the biggest differences is that credit unions are non-profit cooperatives and banks are for-profit companies. But, as fees for financial services continue to rise and lending rates continue to fluctuate, many people are searching for the best…
Home Equity Loan vs. Home Equity Line of Credit
Did you know that homeowners can use the equity in their home to borrow money for just about anything? And, because the loan is secured with collateral (the home) the rates are usually much better than traditional personal loans or credit cards because the risk to financial institution is reduced. Home Equity Loans and Home…