Banking with an FDIC-Insured Bank

It is hard to trust anyone these days especially when it comes to money. Money talk is always serious talk which means that people are very stringent when it comes to where they will be putting their money. In these hard times, this is already the norm since money is so hard to earn that it’s almost impossible for someone to just put money anywhere. But what if you want to put your savings in the bank? Would putting your money in the bank be a much safer choice rather than just leaving it home in your closet?

Established in 1933, the FDIC or the Federal Deposit Insurance Corporation has served as a safety net for bank depositors. Ever since its inception, no depositor has lost a single dime from their FDIC-insured funds. The independent agency of the US government does not only insure US citizens, they insure other citizens from other countries as well as long as the banks they bank with are insured by FDIC.

An FDIC-insured account means that your bank account is backed by the US government in full credit and full faith. This reputation is something that other insurers cannot offer. Operating for over 70 years now, the FDIC is the people’s support system when or if their banks close. The insurance limit for every account you open in an insured bank is $250,000.  The agency however does not insure money invested in mutual funds, stocks, bonds, life insurance policies, municipal securities, and annuities even if the said investments are made in insured banks. The other types of accounts that the FDIC does not cover are safe deposit boxes and their contents. US treasury bills, notes or bonds are not insured by the FDIC as well but they are backed by the US government.

But what does this deposit insurance cover?

FDIC-insured accounts range from checking, savings, money market deposit, to time deposits and negotiable order of withdrawal (NOW). The depositors given this insurance are those who bank with insured banks. Banking with an FDIC-insured bank means your money is protected dollar for dollar. If you own two accounts in two different banks and these banks are FDIC-insured, it means that your two accounts also have the FDIC protection. This means that if these two banks close, you will have an insurance of $250, 000 for each account. If you have two accounts in one bank, you will not get two FDIC insurance, just one.

The standard maximum deposit insurance amount also known as the SMDIA allocates $250, 000 per depositor in every insured bank. This insurance will run through until December 13, 2013. By 2014, the said allocation per depositor will go back to $100,000 except for certain retirement accounts which will retain their $250, 000 per depositor insurance in every insured bank.

Banking with an FDIC-insured bank means that you as the depositor will receive insurance if the bank closes all of a sudden. Although this is something that most of us never imagine to happen, it is better to be safe than sorry.

Managing Your Checking Account

Managing your checking account can be summarized into five simple steps. These steps are essential to master so that you can properly manage your household expenses and your budget as well.

The first step is to choose a bank that you like. Go to the various banks and credit unions and ask them about the different kinds of checking accounts that they offer to their clients. The most important question you might ask is about all the fees that go with the account such as the ATM fees, cost of check, monthly fees, overdraft protection and overdraft charge. You should also ask if the account in question would be available for online banking transactions. Free checking is always a good bonus but do not base your decision solely upon it.

The second step has to do with recording your transactions. It is a tedious and boring job but you really need to put all transactions into writing. Put down in writing every monetary transaction, all deposits and even ATM withdrawals. This process will help you keep accurate bank records.

The third step is to balance your checking account transactions every month. When you get your monthly statement from the bank, reconcile it with the data you input in your check register. When you do this, you can often find mistakes and most often it is your mistake. Sometimes it is a true banking error or it could even be fraudulent activity. It is always helpful to be able to find these mistakes and keep all your records straight. In case there are errors and discrepancies, contact the bank immediately in order to correct it as soon as possible. If you cannot go personally to the bank and you use the telephone instead, be ready to discuss the situation in detail to the service representative.

Documentation is the key to money management. It is the proof of all your financial transactions so it is essential that you keep a copy of them for your future reference. Not just any copy but you need a written records so print them out. Even your online banking transactions should be printed out. When it is time to throw your records out, shred the documents first for they contain vital information you would not want other people to have.

Step number four is to keep a close eye on all automatic payments and deposits so you can be assured of its accuracy. Even if the system is in automatic already, you should not assume anything. You should have a general idea of what your normal transactions look like so you can spot things that are out of the ordinary.

Step number five is to avoid a zero balance like the plague. Do not totally deplete your checking account. You should always keep a cushion of a few hundred dollars in your account so you can use this money as a hedge against emergencies and overdrafts. If you are smart, you’ll have set up an overdraft protection account so you don’t get charged excessive fees if you do make a mistake in your records that causes you to go below zero.

Following these five suggestions will help you on your way to good money management skills and help you live life more comfortably.

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How Seniors Can Protect Themselves From Financial Scams

Although Mary, a grandmother of four no longer owns a home, she still gets calls from refinancing agencies and so called finance managers even pester her not only with phone calls but through mail as well.  With the economic downturn, many illegitimate agencies try to offer bogus financing plans preying on the older generation in hopes of making money the easiest possible way.

Financial literacy is taught to teenagers and many young urban professionals. Older folks however are not updated with what is going on in the financial world –making them an easy target for those who profess to be “lenders”.

For seniors to protect themselves from these finance issues, here are a few tips to take into consideration:

1. Budget and List Your Expenses

Saving enough money is key to a much more comfortable life ahead. Think about things you really do not need to spend on and cut the spending from there. For example, there is no more need for you to maintain that four bedroom house if all the kids now have their own families and their own homes. You can sell the house for a profit and get a smaller apartment –it is easier and cheaper to maintain.

Having enough income will relieve seniors from stressing out because of finances even if a crisis hits. Budgeting and saving enough for retirement is a good thing.

2. Investments

When it comes to investments, seniors should be more careful. As much as possible, do not invest in the stock market if you are not an expert. The stock market goes down faster than it is supposed to go up.  Invest in something that does not fluctuate along with the market.

3. Power of Attorney

Before making any decisions, it is highly recommended that older Americans find someone they can trust to manage finances and other legalities. A son or a daughter is a good choice so that seniors can have peace of mind when it comes to their money. As much as possible, do not give anybody else control over finances except your own children because if you do not have enough control over your money, you might find that one day your money is gone.

4. Charities

If you want to help out in your own way with regards to a certain cause, be very careful because even legitimate charities can obtain the right to withdraw from your bank account. Help out in cash, give it to them and do not sign any agreements whatsoever nor should you give out your bank account number.

5. Beware of Phone Scammers

Do not give any personal information to anyone who calls you pretending to be from a legitimate company. These scammers usually call through the relay service – a service that is supposedly for the service of deaf people which allows them to make a regular phone call. The relay service is a legitimate company but somehow, through the advancement of technology, Nigerian scammers have hacked into their system and they pretend that they are deaf people trying to call relatives. The interpreters do not have the power to end the call since it is against federal laws to meddle in the call. The best thing you can do is report this call as soon as possible and never to entertain them anymore especially if you do not know someone who actually uses the service.

6. Retirement

For those who are still planning to retire. Delay your retirement. Figure out first how much money you have in your pension plan and if your retirement income is sufficient,  then go right ahead and enjoy your retirement benefits.

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Personal Checks

When we talk about checks, we picture these very formal, intimidating looking checks. Well, this is a thing of the past. Now we can express our own uniqueness and style even through personal checks. Who says banking and finance management can be this fun? Thanks to personal checks, the world of money and other things dealing with finance need not be so dull and boring. Now, we have the freedom to express and show our fun side through personal checks.

Personal checks can be an avenue to express ourselves. This just means we can choose almost anything, from cars to clothes, jobs to spouses, and means of payments to check styles. Having a personal check does not only spell F-U-N. Personal checks help people you make transactions with know you better through the designs of your checks. What a nice thing, isn’t it? Who knows, maybe through your check design, you can even gain more friends and new acquaintances.

A lot of people have been ordering their personalized checks lately. Aside from the design, a personal check also contains essential check details: contact information, check number, date, signature line, payee, amount issued, routing number and account number. It’s just like a bank check except that a personal check is a fun version of checks. You can use these personal checks to pay bills, when shopping and buying groceries. Like all bank checks, personal checks are drawn from a bank account. However, their use has been gradually declining because of more popular and convenient means of payment like debit and credit cards. But the thing with these plastic cards is that you cannot have them personalized. For those who want things personalized, these checks have a big edge. If you want to see your own face printed on the check, it is possible with personal checks.

Having your checks personalized has become so easy now. Using the internet, you are just a few mouse clicks away to getting your checks personalized. Whatever design you want, cartoon characters, holiday themes, pictures and faces, you name it and you’ll have them printed on your checks. Wonderful, isn’t it? You are sure to find something that matches your unique style.

Personal checks are not your usual unexciting bank checks. For those who want to spread fun through cool checks, have them personalized. The next time you make a payment using a check, you might want to have one with your favorite cartoon character as a background design. There is no greater thing than sharing your style and personality to others even in financial and banking worlds. Have your own personal checks done now and add fun colors to your payments and other transactions.

Designer Checks of Well Known Artists

Designer checks are becoming more popular this year. Some people may wonder what designer checks are?  It’s really no mystery. They are just really fun checks with designs on them that make them stand out from the regular and plain checks people are used to.

Check printing companies have the ability to print anything they want for the  background image on the checks that people order. So they have just jazzed up the scene and added some stylish, artistic styles of checks.

The background designs that you can enjoy include marbelized designs, tie dye themes, floral images, graphic designs in circles, triangles and any other shapes you can imagine. Gone are the days where your only choices where the safety blue background or the boring green safety backgrounds.

One special artist that has her designs on checks is Mary Engelbreit. She began her career as an artist at a very early age. When she was 10 years old she had a special place in her home that was deemed, the studio. She loved drawing and eventually began her first successful publications through a greeting card company.  She now has her own company called the Mary Engelbreit Studios. Her illustrations are available on personal checks, checkbook covers, debit card covers, address labels and bill organizers. They have a playful, childlike theme and give you that unique designer theme.

Another artist that has her artwork on designer checks is Kathy Davis. A world renown, respected designer, Kathy has created more than 15,000 designs. Coming from a career in teaching, her new artistic designs have helped her to succeed in these tough economic times.  In 2007, she was so successful that she was making $15 million dollars in annual revenue.

Her mission is to “scatter joy.” She is well known for helping people to create their most abundant life. Her illustrations can be found on greeting cards, personal checks, checkbook covers, stamps and a variety of other mediums. She is best know for her work in watercolors and her subjects are floral presentations and nature. The designs she creates are cheerful, using bright colors and a playful brush strokes. She has made a great contribution to the designer checks available now for you to enjoy.

Our last artist to discuss is Thomas Kinkade. His work is well known for the conservative old American themes. He often paints pictures of quaint homes, gardens, churches and has Christian based ideologies throughout his works. He often hides the letter N in his pictures in honor of his wife, Nanette. He sells his mass reproduced work throughout America and has earned as much as $53 million dollars for his artwork. In the line of printed designer checks, you’ll find some of his most famous church paintings with scripture verses on them as well as his garden designs. The designs are also found on address labels and checkbook covers.

With the large variety of designer checks available to the public now, there is no reason to not enjoy using them to brighten up your personal image and give you pleasure each and every time you write a check.

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Personal Checks With Footprints In The Sand Poem

If you cherish the footprints in the sand poem and enjoy reading its message, then why not give it away to others to enjoy every time you write out your checks to pay bills. This is a great way to spread hope to the world and to people you wouldn’t ordinarily meet.

During these trying times in our economy, everyone could use a little hope especially the kind of hope that the footprints in the sand poem gives. It gives people that need encouragement more encouragement and also strengthens their faith in God.

Most everyone has heard about the footprints in the sand poem but many haven’t read it in a while. Just think when you write out a personal check and put it in the mail to be delivered, who knows how many people will stop and read the poem after its been opened. You’re spreading hope and helping encouraging many when you send inspirational words of encouragement like this while paying your bills at the same time.

Inspirational checks are a way to reach people all over especially on jobs. The most stressful places for the average person is at work and if you are sending your footprints in the sand poem check into retail stores or regular bill collectors, you will no doubt help someone’s day when they see your check.

Take the time to consider changing the way your personal checks look. Stop buying the same old boring standard bank checks. Consider inspirational checks that cost the same or many times are cheaper than the regular bank checks. This is a small way you can contribute to society and help lift a total strangers day by buying customized checks like the footprints in the sand poem personalized checks.

Suggested Links

• Sprinkle Some Magic with Tinkerbell Checks – Don’t let the former high cost of ordering personal checks in the past keep you from purchasing yours today. Now, if you order online from a safe website, you can save as much as 50% off the price that you might have paid in the past at …
• » Artistic Checks Designs : Personal Checks, Business Checks … – The designs offered by the online check printing companies are available for personal checks, as well as business checks. However, the designs are more in numbers for personal checks in comparison to business checks. …
• Personal Checks – A great way to stand out is by getting personal checks. Put a picture on your check, and you ensure that your check is unique; it makes a statement of its own.

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