Due to the very erratic state of the economy, maybe depositing your hard-earned savings on the stock market would cause you several sleepless nights. On the other hand, with all the banks closing up, is it really safe to leave your money at their hands? In a time when the market is collapsing and people are losing their jobs, the question of where to put your money is most important. Most people …

Yes, money cannot grow on trees but your banks can help you with that problem. The problem with keeping your money in a sock drawer is that it does not grow in value. For example, your childhood savings of US$100 will remain at US$100 even after 10 years. Although there is really nothing lost, you realize that due to inflation, your money wouldn’t amount as much as when you first stuffed it …

Although most individuals have a savings account, there are still a few who think that it is wiser to save and keep money at home. For those who maintain this view, what then are the reasons that one should open a savings account? The primary reason would be to encourage and enhance saving. Technically, one could save anywhere. However, the chances of one really keeping to the promise so to speak of …

This article would only interest you if you have a large amount of money waiting for you in your savings account. Otherwise, if you don’t have much money to invest in the first place, then stick to your savings account and try to earn a little bit more before you decide to up your game. The money market is a market-sensitive bank account which will allow you to get greater returns compared …

Before we can answer this question, we first have to distinguish between what a savings account and a checking account. There are a lot of people who are grappling with the idea of what kind of account to open. Most people think that all bank accounts are the same: an account to save money. The main difference between a checking account and a savings account is that the money used in a …

It is relevant to perform a balance of your checkbooks whenever you have time. This will prevent you from going below your maintaining balance. Monitor your monthly statements of account to identify errors that may have been entered. Be aware of where you put your checkbooks. Do not leave them unattended and in the open. Refrain from writing checks that are payable to CASH just to be on the safe side. …

This is a bank feature wherein the funds are linked to another account so that in cases where the depositor’s balance reaches below zero, the other account will be able to cover up the negative. That way, you will avoid bouncing your checks and incurring more expensive fees. If overdrafts become excessive, your account may be closed and may affect your credit scores. Consequently, intentionally writing checks with insufficient funds is considered …

Checks – Upon opening a checking account, you will be provided with a supply of checkbooks, after which you will have to order for more. An advantage of using checks is that cleared checks will serve as proofs of payment for purchases or services you have availed for. Debit cards – Also known as a check card, it is convenient for telephone and internet purchases. Just like ATMs, it also allows …

Withdrawing from a savings account may take more time. Also, there is a limit on the number of withdrawals from your savings account. It is said that these restrictions are due to mandated reserve requirements for banks to ensure available funds to fulfill their customer’s cash needs. Employers use current accounts to transfer wages. It provides the convenience of making direct payments for bills, rent and mortgages.

Secure your checkbooks and avoid leaving blank checks anywhere. Keep your Personal Identification Numbers (PINs) to yourself to avoid other people from accessing your account and to protect yourself from identity theft. Other than your PIN, it is also relevant to keep your account numbers private. Do not give it out to strangers and to people you don’t trust. Check your monthly statements to identify errors that you or the bank …