Is your bank offering payday loans? Do you get a free checking account or have online banking options? Banks have become very competitive for customers and there is no need to settle for services which do not satisfy your banking needs. Both banks and credit unions are urging new customers to use their services and now you have the means to be picky.
You no longer need to be frustrated with the fees being charged for use of the accounts or for making certain banking errors. If your bank does not offer free services to help you maintain a positive cash flow, then find one which does. You can have alerts sent to you by email or text to warn you if your balance goes below a certain chosen amount. You can have more control with these assisting technologies to help keep yourself from overdrawing on your account.
Are you using direct deposit to get your paychecks into your account? Are you an old-fashioned person who would like to interact with the teller to deposit your money yourself? Some banks are offering applications for smart phones which will allow you to scan your paycheck into your account. Some of these apps still have troubleshooting issues, but as they are out longer, their convenience will bring one more easy banking option for those participating banks.
The banks and credit unions have caught on to short-term payday loans and many now offer fast access to cash to compete with the direct payday loans online. Their interest rates are much higher than other offered loans. Term limits are just as short and will be debited once the next paycheck is deposited. Collections for these banks loans are a bit stiffer than a payday loan lender since they can freeze your bank account until it is paid. You may want to safeguard your bank account by applying for payday loans with an online lender. You will still have to pay your loan, but will not have to worry about your account becoming hostage to the payoff.
Some banks require you to have a certain balance in your account to qualify for free checking accounts and will charge a fee if the balance goes under the limit. All the fees and bank charges can certainly eat away at your income entrusted to the protection of the bank.
Consider your needs and whether or not your bank offers them. If you do choose to find a new financial institution to open new accounts with, protect your payments by having enough money to keep in the old account to cover any automatic scheduled payments until your new account is seasoned and everything has been transferred over. Having the money to open a new account without automatically closing the old one could prove to be a struggle. Plan ahead for it and change over when you have the funds to protect your payments to creditors.
Stay in control of your money by utilizing the available bank options for managing your accounts. When you feel that your balance will not cover your impending costs, use low cost payday loans to keep overdraft fees away.