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For one reason or another, most people change banks at least once in their life and therefore have to go through the process of closing their old bank account. This process is fairly straightforward, but it is best to follow certain steps, or you may end up paying unnecessary charges. The very first step to closing an account is to simply stop using it. You will have to wait two weeks before cheques have cleared your account. You may check online and see if there are any outstanding transactions. Obviously, you will need some banking services, so you should open your new account before you close your old one. Do not rush the decision of who to open your new bank account with, as you need to make a good decision.
The next step involves calling your bank and asking about its cancellation policy. You may be charged a fee for closing your account. Once you know what the cancellation policy is, you then need to visit your bank. The meeting may take an upwards of an hour, so try to go early in the day and avoid busy times, such as Mondays. It is possible to write a letter rather than paying a visit in person, but the cancellation process will take longer if you do this. Mind that some banks require that you show two forms of identification, making it difficult to close your account without being physically present. If writing a letter, then you should photocopy your identification and send it with the letter. Your letter should contain personal details such as your name and address, together with the number of your account. It is important to state clearly what you want the bank to do with your remaining balance. They should send you confirmation when your account has been closed anyway, but request it just in case it is not part of their standard procedure. You might also leave your phone number in case the bank needs to get in touch with you.
It is essential to close other cash reserve accounts which are tied to your bank account. For example, you do not want to have lines of credit that were tied to this account. Leaving an unused account open makes it easier for someone to steal your identity. In the same line of thought, you have to stop all automatic withdrawals, transfers, and direct deposits. This must be done a month prior to closing the account in order to avoid any penalty fees for missed payments. If you already made a request to have your account closed, you need to destroy your debit card and shred all remaining cheques. You do not want to use those by mistake and get in trouble with your bank. Once your receive the confirmation letter from the bank stating that your account has been closed then you do not have to have any more dealings with them. It is advisable to hold to that letter for a few years just in case any problems arise at a later date.
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Tags: Banking, Banks, Finance, money, personal finance
Posted in Banking · April 9th, 2010 · Comments (0)
The Internet has greatly simplified the process of re-financing a loan. Years ago homeowners had to go to a lender during regular business hours for lengthy consultations and would have to visit several different lenders to determine which one would offer the best rate. The Internet has not only simplified the process but has also given homeowners the luxury of investigating re-financing options at their convenience and also receiving multiple quotes form different lenders by filling out one simple online form.personal finance
Researching Re-Financing Online
The Internet has not only made it easier for homeowners to re-finance but it has also greatly simplified the process of learning more about re-financing. Again homeowners from past generations might have to rely on industry professionals and published books on the subject of re-financing. However, today’s homeowners can look up re-financing and find a wealth of useful information regarding the different types of loans and re-financing options available. Homeowners can also use the internet to access calculators which perform the complicated equations homeowners previously had to leave up to the trained professionals. These same calculations which may have taken a considerable amount of time to complete and correct are now solved within a fraction of a second.
Select a Reputable Lender
Homeowners who are doing the majority of their re-financing research and searches online should carefully consider the lender they choose. This is important because whether a lender is found online or offline, care should be taken to ensure the lender is reputable. The easiest way to do this is to stick with a well established lender who comes highly recommended by friends and family members. This does not mean new lenders and smaller lenders are not reputable but there is significantly less risk involved in selecting an established lender than there is in selecting a new lender.
LendingTree.com
Homeowners who are investigating their re-financing options online may find the website LendingTree.com to be a very valuable resource. This website offers articles and calculators which the homeowner can use to gain the knowledge they need to make an informed decision. The articles on the website are written in clear and concise language which is easy to understand and the calculators are extremely user friendly and allow require the homeowner to enter in a few variables to obtain the desired results.
Another great feature of this website is the inclusion of a link which provides access to obtaining a free credit report. The process is very simple although it does require the homeowner to verify their identity. This is done to protect homeowners from identity theft or other acts of fraud. This is significant because homeowners are likely to realize the terms of their mortgage re-finance will depend largely on their credit score. Homeowners who have good credit will likely be offered favorable rates and terms while homeowners with less than perfect credit will not be offered favorable rates and terms.personal finance
However, the most significant feature of this website is the ability to obtain up to four quotes from qualified lenders by filling out one simple form. The information required is rather basic in nature and is information which most homeowners have readily available. Once this information is submitted into the system, the responses are received from up to four lenders almost instantly. The information contained in these reports is customized for the homeowner according to the information inputted into the system.
Gain practical recommendations about the topic of internet marketing – make sure to go through this web site. The times have come when concise information is really only one click away, use this chance.
Tags: personal finance
Posted in Finances · April 7th, 2010 · Comments (0)