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The truth is that starting in online marketing is often a real task. Everyone promises you the world and every online marketer thinks THEY have the best program. I know this because i failed 5 times in

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It's time to open a bank account, but you may be unsure which bank to choose. Of course, the right bank depends on your needs and circumstances. To help you along, let's review some common factors in how people decide which bank to choose. You'll get some ideas, rule out what's not important, and know for certain which bank to choose.

What Do You Need Today?

The decision on which bank to choose usually comes down to an immediate need. If you move to a city and need a local bank for depositing paychecks, you'll probably just pick the bank that fulfills this need with the least amount of effort.

Other Factors

However, you should look at other factors when deciding which bank to choose. A lot of your financial life will revolve around your banking relationships, so it pays to do some research up front.

What Most People Look For

Besides looking at your needs in a banking relationship, here are some common factors that people consider when deciding which bank to choose:

• Geography - what's close or convenient for opening an account and going to the branch?
• What bank did Mom and Dad use, and who do my friends use?
• Is there a credit union or bank that my employer uses or promotes (and maybe has a branch on site or has employees visit the worksite)?
• Savings Rates - what's the best online savings account rate?
• Teaser Rates - who's got a nice teaser ad in the paper for CD's?
• Loan Rates - who can get the best deal on my mortgage or auto loan?
• Who's got the best fee structure for whatever my banking behavior is (lots of ATM use, for example)
• Free checking is popular for people getting their first checking accounts
• Customer service - are the employees nice? Do they annoy you and constantly try to sell you things you don't want or need?

So you need to deposit a check. It may be the first time, or it may have been so long that you forgot how to deposit checks. Make sure you know your options, including where to go, where not to go, and how technology makes it easier to deposit checks.

Where to Deposit Checks

The best place to deposit checks is at your bank. If you don’t have a bank account, now you have a reason to open one. If your bank is far away, you can just mail the checks in, or you can use an electronic tool to get the job done.

What’s Needed to Deposit Checks

You generally submit a deposit slip when you deposit checks. This slip tells the bank who you are, what your account number is, and how much you’re depositing. It helps make sure that the money gets into the right account. However, if you’re lazy you can sometimes just write your account number on the check and they’ll get into the right account.

Do you need to sign or endorse each item when you deposit checks? If the check is payable to you, you generally don’t need to sign it. However, if you want to be safe, you might write 'For deposit only to account #####' on the back of the check.

Deposit Checks at the ATM

For convenience, some people deposit checks at ATMs. You usually have to use your bank’s ATM, but it is more convenient if you can’t get to the bank during business hours or if there’s a long line to see a teller.

Drop Boxes

Similar to ATM deposits, you can deposit checks at a drop box. Your bank probably has a drop box by the front door that you can use after hours. They probably have a stack of deposit slips right next to it, so you can do everything you need without waiting to see a teller.

Stop Depositing Checks

One way to make life easy is to stop depositing checks altogether. Is there a way to have the money sent directly to your bank account? Ask your employer if you can sign up for direct deposit. Many financial and government payments can also come via direct deposit.

Electronic Tools

If you get paper checks, you can sometimes use electronic tools to help you deposit checks more quickly. Remote deposit capture is a way to instantly get a check into your bank’s system, and businesses use it every day. Some banks even allow consumers to use the service.

Your bank might also allow you to get a 'head start' on check deposits. You enter information from the check online, and then you have a few more days to get the check into the bank. Your bank may make a portion of your deposit available to you more quickly, and they’ll release the rest of the money once the check clears.

Where Not to Deposit Checks

Banks are the best place to deposit checks. You might be tempted to cash checks at more convenient places such as payday loan shops. If you do so, you’ll pay dearly. Fees at payday loan and check cashing shops are extremely high, and it’s worth your time to find a bank that fits your needs.

Photo checks are bank checks that allow you to put an image on them. You might want a picture of your smiling face, or you can use a photo that expresses your identity. You can either order photo checks from a printer, or you can print them yourself. Find out how to get your own photo checks.

How to Get Photo Checks

There are 2 ways to get photo checks:

• Order them
• Print them yourself

The easiest way for most people is to order photo checks. Prices online are reasonable, and you don’t have to mess with special ink and paper. You can order photo checks from services like Unique Products.

Photo Checks With Your Face

Some people want to customize checks with a photo. If you’re in a sales profession, photo checks can help establish your brand so that others remember you.

You might think that the checks are more secure. Wouldn’t it be harder to write a check against your account if the thief looks nothing like you? With a small head shot next to your name and address, it would be harder to get away with at the checkout counter.

Just remember that somebody can get plain checks printed (that don’t have your photo) as long as they have your account information. Now, if you lose your book of photo checks, you are correct that it’ll be harder for a thief to use the checks. Then again, they may mail checks in and it won't matter anyway.

Expressive Photo Checks

Some people like photo checks because they’re fun. You can put a picture of your dog, your favorite sports activity, or a special place on your checks. The image can fill the entire background of your check.

Artists and creative types enjoy putting their creations on photo checks as well. It’s a way to share your work, and it may lead to new customers if somebody likes what they see on your check.

A good checking account is important. You’ll send thousands of dollars through your checking account, and you need to make sure it’s the right one for you. The wrong checking account will leave you with less money, and mistakes can cause headaches. Learn the basics and where you should open a checking account.

Why Use a Checking Account?

A checking account is a payment account. You have easy access to cash via checks, debit card, or online bill pay. Your checking account should only hold money that you intend to spend quickly - so look for a checking account that best meets that need and ignore any other fluff.

Where to Open a Checking Account

Almost any bank or credit union offers a checking account. Check with your existing bank to see what they offer.

Investigate an online bank checking account if you’re web-savvy and want to earn a little interest:

• ING Direct Electric Orange Checking Account
• Online Checking Account at HSBC
• Online Banking 101

If you want to earn more on balances in your checking account (and you’re willing to jump through some hoops), look for a "reward" checking account in your area.

Using Your Checking Account

If you need to go back to basics, make sure you know how to use your checking account. Mistakes can be costly and time-consuming.

Fund a Checking Account

How do you get money into a checking account? The easiest way is to have it show up electronically with direct deposit. You can also deposit checks to your checking account so you always have money to cover payments you make.

Too Little Money

You may run out of money in your checking account, and you should know about the alternatives and consequences. Ideally you'll balance your checking account so the problem never arises. However, you might use overdraft protection in your checking account just as a safety net.

Paying bills is rarely fun or easy. However you can use free bill pay services to make life a little easier and avoid mistakes. Let’s cover a few of the best free bill pay options and how you can use them.

Your Bank

The best option for free bill pay is probably your bank. If you have a checking account, it’s likely your bank offers online bill pay. You can set up a list of payees and have your bank send checks (or electronic payments) to service providers. If you’re looking for free bill pay, start at your bank.

If you use this option, you’ll most likely have to manually enter or approve each payment. This helps you keep tabs on your bills so you know where your money goes.

ACH Payments

If you want a system that doesn’t require any action on your part, you can set one up. Most service providers offer free bill pay by pulling money from your bank account each time a payment is due. To set this up, you provide bank information and give them permission to take the money.

This route takes less work each month, but you give service providers access to your bank account. They may accidentally take too much, or they may pull funds at a bad time - when your account is temporarily empty - resulting in overdraft charges. Make sure you have overdraft protection if you use this option.

Free Bill Pay Services

Several personal finance software providers offer free bill pay, but they usually aren't "free". You may need a premium subscription, or you may only get free bill pay for a limited time.

MyCheckFree is a truly free bill pay service allowing you to pay eBills to selected service providers.

To take advantage of online bill payment, you have to set up your bank account. Once everything is dialed in, life is easy going forward. Find out what it takes to set up online bill payment at your bank.

Note: this page only covers steps to pay bills from your bank account. If you want to set up online bill payment at your service provider (called ACH debit), you’ll need to follow instructions on their website.

1. Find Online Bill Payment Center

First, you’ll need to find where to pay bills on your bank’s website. Often you just click a link or tab that says 'Pay Bills'.

2. Add Payees

When you make an online bill payment, who does it go to? The recipient (your service provider) is called a 'payee'. Click a link that says something like 'Add Payees' or 'Manage Payees'.

3. Enter Payee Info

When adding a payee, you need to provide details to the online bill payment system:

• Payee name
• Mailing address for payments
• Your account number
• Additional information (phone numbers, memos, etc)

Some online bill payment systems recognize payees just by their name and zip code. They complete some of the information for you (like exactly who the check should be made payable to) and you just have to enter your account number.

4. Verify Information

After you create a payee, you should verify that everything is accurate. In future months, you’ll breeze through online bill payment without double-checking mailing addresses and account numbers - so take the time to do it now. You don’t want to send checks to a stranger (or to somebody else’s account) do you?

5. Select Payment Options

Some payees may have a relationship with your bank. They may be able to send your bill to the bank electronically. From there, you can either pay the bill manually or authorize the online bill payment system to pay each bill automatically.

You can also set up automatic recurring payments. For example, you know what your mortgage payment is and when it’s due each month, so you can put the payments on auto-pilot.

6. Monitor Your Account

Online bill payment can make life easy, but you shouldn’t ignore your accounts. Check in regularly to see that you have sufficient funds and make sure you can make sense of every transaction in the account.

You might make sure you have overdraft protection in case a payment goes through and your account is emptied. The least expensive form of overdraft protection is generally an overdraft line of credit.

Enjoy

Now that your online bill payment system is set up, you can enjoy the benefits. Each month, you should be able to just login to your account, click on a payee, and enter a payment amount. The bank takes care of everything else.

Home mortgage refinancing can save you money or get you into trouble. The lure of lower interest rates and monthly payments may look good, but you have to understand the risks. Let’s review how home mortgage refinancing can get you into trouble.

In general, you should avoid refinancing your mortgage if you’ll waste money and increase risk. It’s easy to fall into the traps below, so make sure you steer clear of these common mistakes.

Extending a Loan’s Term

When you refinance, you often extend the amount of time you’ll repay your loan. For example, if you get a new 30 year loan, payments are calculated to last for the next 30 years. If your old loan only had 10 or 20 years left to go, home mortgage refinancing will result in higher lifetime interest payments.

When you get a new loan, most of your payments go towards interest in the early years, and you’ll start from scratch. Plug the numbers into a loan amortization calculator to see how your total interest costs will change.

Closing Costs

Home mortgage refinancing costs money. You’ll pay fees to your new lender to compensate them for offering the loan. You may also pay for legal documents and filings, credit checks, appraisals, and more.

Even if a loan is advertised as a "no closing cost" loan, you’re paying those fees. Generally this happens through a higher interest rate.

Debt Consolidation

You can use home mortgage refinancing as a strategy to consolidate debts. Sometimes this helps because you reduce interest rates on your debt, and you may be able to turn consumer debts into tax-deductible home equity debts. This can backfire if you:

• Simply shift the debt and rebuild your consumer debts again
• Are unable to get tax benefits from home mortgage refinancing
• Are unable to pay the larger loan balance and risk losing your home

Recourse Debt

In some states, home loans have special protection from creditors. In the event of foreclosure, they may not be able to sue you if they lose money on the deal. However, home mortgage refinancing changes the nature of your loan: it’s no longer the original loan you used to purchase your home, so you may lose some protection.

With a private mortgage, you don’t borrow from a bank. Instead, you borrow from another person or business. Whether it’s your only option, or one of many, you should understand how a private mortgage works. Find out what it takes to successfully use a private mortgage.

What do you need for a good private mortgage? Start with the following items, and you’ll be on your way to a win-win situation.

Understand the Risks of a Private Mortgage

Any private mortgage can go bad. Life can always bring surprises. Consider what would happen:

• How will the personal relationship between borrower and lender change?
• Will the lender’s financial security (retirement, risk of bankruptcy, etc) be affected?
• Who else may suffer if the loan is not repaid?

A private mortgage lender is always taking a risk. Ignoring relationship issues, the deal can go bad if you fail to consider:

• Is the property in good condition?
• Will the property be adequately insured and cared for?
• Is there any other lien, mortgage, or interest conflicting with the private mortgage lender’s interest?

Private Mortgage Agreements

Any private mortgage should be documented. Use a loan agreement that clearly sets everybody’s expectations. Documentation protects each party to a private mortgage, and may help with tax and legal issues. Spell out every detail, including:

• When are payments due?
• What if payments aren’t received?
• How/where should payments be made?
• Can the borrower prepay?
• Is the loan secured?

Securing the Loan

It’s a good idea to secure the lender’s interest - even if you do a private mortgage among close friends or family members. That way, the lender can take the property and get some money back in a worst-case-scenario.

For example, a borrower (who has the ability and every intention to repay) may die or get sued. If the property is held in the borrower’s name without a properly filed lien, their creditors can go after their home or pressure them to use the home’s value. A secured private mortgage helps protect the lender’s interest.

Securing the property may also help you save on taxes.

How to do a Private Mortgage Correctly

You have to think about unpleasant possibilities when considering a private mortgage. Imagine what could go wrong and how it would affect you.

For documentation, work with qualified experts. Talk to local attorneys, your tax preparer, and others who can help you through the process.

Money market funds are a popular cash management tool. Before you use money market funds, make sure you know what they are, how they work, and what risks you might be taking.

What are Money Market Funds

Money market funds are mutual funds that invest in the “money markets”. If you imagine that people buy and sell stocks in the stock market, then you can see how people buy and sell money in the money markets. What does it mean to buy or sell money? It means that you borrow or loan money, respectively.

Similar to your deposit accounts at the bank, money market funds take your money and invest it. Then, they pay a portion of their earnings to you in the form of dividends. Money market funds usually pay a monthly dividend, but there are some alternatives out there.

What do Money Market Funds Invest In?

These funds invest in short term instruments that mature in less than 13 months – at a maximum. By keeping a short time-frame, these funds attempt to reduce risk. In fact, the SEC says that the average maturity of all the investments in a money market fund must be less than 90 days. The longer you loan money to somebody, the greater the chance that something will happen and they won’t be able to pay you back.

Typical investments inside a money market fund might be US Treasury issues, short-term corporate paper, and CD’s.

What Risks am I Taking in Money Market Funds?

There are at least three risks that we should highlight.

First, a money market fund is technically a security. The fund managers attempt to keep the share price constant at $1/share. However, there is no guarantee that the share price will stay at $1/share. If the share price goes down, you can lose some or all of your principal. The US Securities and Exchange Commission notes that “While investor losses in money market funds have been rare, they are possible”. In return for this risk, you should earn a greater return on your cash than you’d expect from an FDIC insured savings account (money market funds are not FDIC insured).

Next, money market fund rates are variable. In other words, you don’t know how much you’ll earn on your investment next month. The rate could go up or down. If it goes up, that may be a good thing. However, if it goes down and you earn less than you expected, you can end up needing more cash.

A final risk you’re taking with money market funds has to do with inflation. Because money market funds are considered to be safer than other investments like stocks, long term average returns on money market funds tends to be less than long term average returns on riskier investments. Over long periods of time, inflation can eat away at your returns.

Why Would I Use Money Market Funds?

Investors who want a decent return from a relatively safe investment use money market funds. The investments are typically liquid, meaning you can usually get your money out within a few business days. You can also take advantage of rising interest rates by keeping your money in an investment that will adjust to the markets.

A lot of institutions allow you to write checks that draw from a money market fund. Therefore, you get the advantages of dividend earnings as well as easy access to your cash. Make sure you ask what restrictions or fees your institution has.

Where Can I Get a Money Market Fund?

When it comes to money market funds, you have choices. They are easy to find at brokerage houses and mutual fund companies – your free cash is sometimes swept into a money market fund automatically. More recently, banks are offering money market funds to their customers.

Where Can I Learn More About Money Market Funds?

The best place to find out about a money market fund is the fund's prospectus. You should always read one of these before buying any fund, and you can really learn a lot by reading the prospectus from several different funds.

A variable annuity is an annuity with exposure to investments. If a fixed annuity pays a fixed rate of return, a variable annuity pays a variable rate of return. Before making a final decision for or against a variable annuity, you should understand how they work.

The Variable in Variable Annuity

A variable annuity is similar to plain-vanilla fixed annuities. You get some of the same features like tax-deferral, guarantees, and potential for lifetime payouts. What makes the variable annuity unique is the investments inside the annuity. You’ll often have a choice of stock and bond mutual funds to put your money in.

This is where the term variable comes in (as in, “your returns will vary with the returns of the investments”). Fixed annuities offer a predetermined return. There’s no way of knowing for sure what a variable annuity will return.

Why Would One Use a Variable Annuity?

The first question to ask is if you should be using an annuity of any sort. Assuming you do, you need to pick between a fixed annuity and a variable annuity. There are some cases where you might pick the variable annuity. For example:

• You want the potential for more growth than a fixed annuity offers
• You can afford increased risk with your money
• You want some of the flexibility that newer variable annuity products offer

Fees in a Variable Annuity

There’s no such thing as a free lunch. You get some standard features, and you might add some bells and whistles (or “riders”), but there’s a cost. A variable annuity has the following costs:

• Mortality and Expense charges
• Administration charges
• Underlying investment charges
• Rider charges (if you select any optional riders)

Depending on the features of the annuity you’re looking at, these charges will vary. A basic annuity will have lower fees and expenses, and a fully loaded variable annuity with every possible option will be expensive.

At this point, I should point out that there is only one reason you should ever pay these charges: because you need to. I cannot overemphasize this. If you don’t need the benefits unique to a variable annuity, don’t use one. You can invest in mutual funds and pay a lot less. However, if you want the guarantees, for example, then the additional cost may be worth it.

Before You Buy a Variable Annuity

Before you buy a variable annuity you should make sure it’s the right thing for you. Know what you’re getting into. In particular find out why an advisor is recommending a variable annuity as opposed to mutual funds. Sometimes there’s a good reason, sometimes not.

Take the prospectus home and read it carefully. This is the best source of important information about a variable annuity. It should detail all of the expenses, riders, and surrender features of the contract. If you don’t know how the product works, ask somebody you trust.

An annuity is a contract between the buyer and an insurance company. In general, the insurance company promises to do something with the buyer’s money -- like grow it or pay it out over a number of years. This page should serve as a general overview of annuities. After you understand the concept you can look into the various annuity types.

Annuity Key Terms

You’ll want to know some key terms when researching annuities. A few of the important ones are:

• Contract Owner
• Annuitant (may be the contract owner)
• Premium
• Surrender Period – the number of years (if any) that you must keep your money in a specific contract without paying a penalty
• Beneficiary
• Annuitize
• Variable annuity
• Immediate vs deferred annuities

Advantages of Annuities

Annuities can be helpful in some situations. In general, some benefits are:

• Tax-deferred growth and compounding within the annuity contract
• Guaranteed rates of return on your dollars
• Guaranteed lifetime payments if you annuitize (in some cases you don’t even have to annuitize in order to receive this benefit)
• Other features that may be important to you. These are various bells and whistles that do very specific things

Note that the guarantees are only as strong as the insurance company that issued the annuity. In other words, if the insurance company fails, the promise is no good. You should mitigate this risk by using only the strongest insurance companies out there.

Disadvantages of Annuities

• You have to pay for the guarantees somehow. If you don’t need them, don’t pay for them
• Some contracts have surrender periods that can tie up your money longer than you want
• IRS rules restrict how you take money out of an annuity. Distributions may be taxable and/or penalized
• Annuities can be overused in banks

Remote deposit is a way to process payments without sending checks to the bank. With remote deposit, you can scan an image of a check, send the image to your bank, and see the funds added to your account more quickly. Let’s cover the basics of remote deposit technology.

Who Uses Remote Deposit?

Businesses are the most likely users of remote deposit technology. They see more checks, and they want to get the checks processed more quickly. However, more and more banks offer remote deposit as a service to personal (non-business) customers.

How to Use Remote Deposit

To use a remote deposit service, you scan checks. An image of the check goes to your bank, and the bank begins the process of collecting money from the check writer.

In most cases, a special check scanner is used. Remote deposit scanners can cost a few hundred dollars or a few thousand depending on your needs - such as how much volume you do. Some banks just charge a monthly fee for a scanner, and some will throw in a free scanner as a promotion to win your business.

However, expensive scanners are not always necessary. For example, you may be able to use a plain old consumer scanner for personal remote deposit. Some banks allow you to use a fax machine, and some are even experimenting with ways to use your mobile phone camera for remote deposit.

Problems With Remote Deposit

It’s possible that remote deposit will save you time and money. You may be able to skip trips to the bank, armored car services, and time waiting on check float. However, there are tradeoffs.

There’s always the chance that your remote deposit system will have errors. By automating things, you run the risk of errors. Of course, you might reduce human errors at the same time.

You also have to worry about new legal issues when you switch to remote deposit. Since you’re not sending checks to the bank, you have to know the rules about how to handle the checks after you scan them. Ask your remote deposit service provider for suggestions on how to stay compliant.

Why Banks Offer Remote Deposit

Banks will increasingly offer remote deposit capture services to businesses and consumers. It makes life easy for customers: deposits are faster, and they’re much more convenient.

Remote deposit is also less labor-intensive for banks. You’ve created the image so they don’t have to.

Remote Deposit Banks

The list of banks offering remote deposit capture features is constantly changing. USAA has been a leader in offering personal remote deposit for non-business accounts.

ACH processing allows businesses to collect payments from customers electronically. Businesses can save money and reduce errors, as well as automate payments and follow-up on bad checks. Learn the basics of ACH processing.

Basics of ACH Processing

ACH processing allows you to use the Automated Clearing House (ACH) Network to collect payments.

Good News about ACH Processing

Businesses benefit from ACH processing in several ways:

Payments are credited to your account immediately, so you don’t need to send (or drive, or walk) checks to the bank.

You’ll see fewer errors with ACH processing. Once it’s set up correctly for a client, it’s likely to work going forward. Every time your customer writes a check and drops it in the mail, any number of things can go wrong.

You can automate attempts to collect bad checks. ACH processing services often include this as part of their service, so you don’t have to deal with the same check twice.

Bad News about ACH Processing

If you hadn’t guessed, ACH processing isn’t free. You have to pay setup costs, and you’ll pay a fee per transaction. Given the benefits, it’s probably worth the cost, but ACH processing might not be an option for cash-strapped businesses.

Money is not necessarily available for withdrawal immediately. Using ACH processing is different from receiving a bank wire transfer.

You might not end up getting paid. Even if you get a payment through your ACH processing system, your customer’s bank might pull the money back. The customer may not have funds to cover the purchase, or they may dispute the charge. Again, you don’t receive cleared funds so you have to wait for the banks to settle the transaction.

Want to get your children interested in saving? Take them on a Savings Safari. A Savings Safari is a program where banks and credit unions open a bank account for kids and make the process fun and interesting. Over the years, this will hopefully keep your child interested in saving and learning about money.

Note that some institutions have similar programs with different names. Just because it isn’t called a “Savings Safari” doesn’t mean it’s not fun and worthwhile. I’ll describe the general idea, although your institution may have another flavor of bank accounts for kids.

Where to Find a Bank Account for Kids

If you need to find an institution that offers a Savings Safari program, start with the smaller institutions. Bank accounts for kids aren’t exactly profitable, so some of the bottom-line oriented institutions won’t even offer them.

How it Works

When you open a bank account for kids, the child should get some fun things or toys that might have a safari-oriented theme. That’s just to make if fun for the kid. What’s more important is that bank accounts for kids typically have lower minimums to open. New parents are stretched enough as it is, and the idea is just to have an account open.

As the years go on, the institution might celebrate the child’s birthday by sending out a certificate as a present. The certificate can be redeemed for various things, but cash is the most attractive. In other words, if the child comes into the branch, the institution will credit the child’s account with a few bucks.

End of the Trip

After age 13 or so, the certificates stop coming. If you think about it, this is actually a good lesson, as it’s getting close to the time when the kid may have to go out and “earn his/her keep”.

Over the years, hopefully the child has learned something about saving and watched the money grow. Also, the child has presumably been to the institution a few times and understands what goes on there – money goes in and comes out, as needed. Of course, the institution benefits by having an existing relationship that will hopefully be a long-time account holder.

529 plans are programs that allow people to save money for higher education. While each state has its own 529 plan, all 529 plans share some features. Let’s look at some basic features to help you save for college or graduate school.

529 Plan Overview

A 529 plan is a program offered by a state. 529 plans are intended for college savings dollars, although some creative people have used 529 plans for other purposes.

Here are some basics of 529 plans:

• Within a 529 plan, you can invest your money for growth
• You may get a state tax deduction if you use your state’s 529 plan
• If you follow all of the IRS guidelines for 529 plans, you enjoy tax-free growth
• The donor to a 529 plan keeps control of the money – it is not irrevocably given to the child
• A 529 plan donor can change beneficiaries (in some cases without tax consequences) – for example, if the oldest child gets a scholarship the parent may shift the 529 plan funds toward the younger child’s education.
• You can make relatively large dollar contributions to a 529 plan – check with your state for detailed limits
• You can use another state’s 529 plan although you need to have a really good reason for giving up the tax deduction

Some Fine Print on 529 Plans

After reading the highlights above, it may sound like 529 plans ideal. However, you should be sure to do some more homework and find out the details of any specific 529 plan that you’re interested in. They’re all a little bit different.

You can find the details on a 529 plan by reading the disclosure statement. Some 529 plans call this the “offering statement” and/or “prospectus”. There, you’ll learn a lot of good information.

Also, be aware that tax laws (such as those revolving around 529 plans) are very complex, and subject to change. You should speak with a qualified tax advisor before doing something that could get you in trouble with the IRS.

Credit union loans are among the most competitive loans available. How can you get one? You’ll need to become a member before you qualify for a credit union loan. Find out what it takes to get a credit union loan.

How Credit Unions Work

If you’ve never used a credit union, you may think they’re the same as banks. There are plenty of similarities, but credit unions are nonprofits owned by their customers. These characteristics often help credit union loan rates stay low.

Credit union loans come in a variety of flavors, but small institutions might have fewer options:

• Unsecured (Signature) loans
• Home equity loans
• Auto loans
• Business loans
• Student loans

Becoming a Member

Before applying for a credit union loan, you have to become a ‘member’. As long as you meet their criteria you’re in. You’ll often qualify by sharing characteristics with other members such as where you work or where you live.

Applying

Contact the credit union and let them know you’re interested in borrowing money. Applying for membership is usually very quick and easy. Once you’re a member, you can apply for the loan.

Like bank loans, credit union loans usually require you to prove your creditworthiness. You’ll need to prove you can repay the loan or use a co-signer.

Opening an account at a credit union is fairly easy. This page covers the three basic steps required to open a credit union account. For a basic overview of how credit unions work, read our Credit Unions introduction.

Step 1: Playing the Field

In order to join a credit union, you have to be a part of that credit union’s field of membership. That means you have to have some kind of common bond with other members of the credit union. Find one that you’re eligible to join and that you’re comfortable with.

If you need to find a credit union that you’re eligible to join, you can try the National Credit Union Association’s credit union search.

Step 2: $25 Please

Walk on in and ask for an application. You’ll want to bring your driver’s license or other ID with you.

Most credit unions require that you make a modest deposit in order to become a member. Typically, the required deposit is about $25. Simply deposit cash or a check, and you’re in business. You may have to keep a minimum balance on hand going forward, so find out at this time.

Be aware that your credit union may run a credit check if you’re going to want a checking account or debit card. Make sure your credit files are accurate – I recommend using the US Government’s free credit report program.

They might also check for a history of bad checking habits through a service like ChexSystems, so make sure you don’t have errors there either.

Step 3: Start Using It!

Once you’re a member, you can use all of the services. Credit unions are usually most competitive on:

• Accounts for kids
• Auto loans
• Home equity loans
• Online bill pay

Most people never notice the differences between credit unions and banks. However, as an educated consumer looking to get the best deals (that is you, right?) you should know how the institutions differ. By reading these fast facts about credit unions, you’ll know what to expect.

Who Owns a Credit Union?

A credit union is an institution owned by the “members” or customers. Contrast this with banks where the customers are just customers. Banks answer to profitability – usually shareholders own a bank and expect financial performance from bank management.

Credit unions are nonprofit organizations that strive for service over profitability. Note that I said that credit unions are nonprofits, however they are not charities. Credit unions must make sound financial decisions.

Who Runs a Credit Union?

If all the customers own the credit union, then who has time to run the place? Credit unions actually have the same types of personnel as banks. Upper management consists of a board of directors who makes decisions on credit union operations. This board is composed of elected volunteers. They don’t do it for pay – rather, they’re credit union members who want a say in how the place is run.

Who Can be a Credit Union Member?

So, what does it take to be a member of a credit union? It depends on the credit union. Credit unions simply have to limit their offerings to people who have a common bond. This bond may be the geographic community, a workplace, a religion, or other type of bond.

Credit unions cannot simply offer their services to anybody who has a pulse. Instead, they are limited to working with those who share the common bond. If a credit union fails to limit membership in this way, they risk losing their status as a credit union.

What Products do Credit Unions Offer?

In its simplest form, a credit union gets money from its customers and loans that money out to other customers.

Credit unions will typically offer the same products and services as larger banks. However, some credit unions will choose not to offer every product and service out there. The reason is that these credit unions do not do the same amount of volume that larger banks do. Banks can afford to have “loss-leaders” or products that get customers in the door. Credit unions will more likely only offer the products and services that a large portion of the membership is likely to use.

Remember how we talked about the members owning the credit union? Some credit union products have different names than their banking counterparts. Your deposits are called shares because they represent ownership (like shares of stock) in the institution.

How Competitive are Credit Unions?

Small credit unions give the big banks a run for their money. Because credit unions tend to focus on service over profitability, the rates can be better at a credit union. If you are a rate shopper, you may not find the attractive CD sales as often. However, a long-term relationship with a good credit union can be profitable.

Remember that some credit unions do not offer the whole universe of products and services that larger banks will. This can give the banks an advantage if you happen to want those particular services.

Is Your Money Safe at a Credit Union?

Credit union deposits are insured very much like your bank deposits. The organization that insures the two types of institutions is different. However, the quality of insurance is the same in my mind - backed by the full faith and credit of the US government.

Should you get Visa or MasterCard? Is one of them better than the other? Will one of them help your credit rating more than the other? Many people ask themselves these types of questions when they think about getting their first credit card or additional ones. The fact is, few differences exist between the two credit card brands today, but you can benefit by having a better understanding of the two companies and using their competition to your advantage.

Just Who Are Visa and MasterCard

First, you should know that neither Visa nor MasterCard actually issue credit cards themselves. Neither company deals with consumers or merchants directly. Instead, they create and run the worldwide computer networks that process the billions of transactions that occur each day from people who use their credit cards at millions of merchants and ATMs. Both companies make their money from financial institutions to whom they license the ability to market the MasterCard or Visa system to consumers and merchants.

MasterCard and Visa have been fierce competitors for years, each vying to be faster and more global than the other, just like Hertz and Avis, and McDonalds and Burger King. Each time one brand creates a new twist on their credit cards, the other soon follows to match it. Both companies now offer nearly identical benefits, such as travel insurance, car rental insurance, product warranty extensions, and so on.

Furthermore, both cards are accepted worldwide by nearly the same number of merchants. MasterCard says its cards can be used at more than 23 million locations around the globe, including 1 million ATMs and other locations where cash can be obtained. Visa says its cards are accepted at more than twenty million locations in more than 150 countries.

In general, most merchants throughout the world accept both cards, or if a merchant takes only one of the brands, another merchant down the block takes the other. The point is, your chances of being locked out of eating or buying a gift or getting a hotel room because you have only one brand of credit card are usually minimal -- other than at a few noted events where one card or the other may have negotiated to be the sole credit card to be accepted. But such instances are far and few between.

Which Card is Right for You?

Given the above, is one card better or more right for you? The best answer depends on whether it’s your first, second, or additional card, as follows:

If You’re Applying for Your FIRST Credit Card

In this situation, you can make a choice based simply on selecting which issuing bank you prefer to work with, or which promotional offer you like the most, without regard to the brand on the card. Perhaps you like Chase or Citibank or HSBC, or perhaps you like the 0% APR with no-annual-fee offer you found online. It's six of one, a half-dozen of the other.

If You’re Applying for Your SECOND Card

In this situation, it is strategically smart to select the opposite brand card from your first card AND to choose a different issuing bank. The rationale for this is that when you have two different cards, you will find that the two banks will compete for your business (assuming you maintain good credit). You will get offers for 0% balance transfers, higher credit limits, and other perks as the two banks vie for your increased use of their card. And just in case you find a merchant who only takes one brand of card, you can now be assured of having all your bases covered.

If You’re Applying for ADDITIONAL Credit Cards

Many people apply for more than two credit cards because something specific motivates them to get a third or a fourth card. You may want a separate card to use for your business charges, or to compliment your airline frequent flyer program. In these cases, your selection is largely predetermined by whichever card has attracted your attention to fulfill your specific needs. You might even shop around among issuing banks to be sure you find the best offer, no matter which credit card brand stands behind it.

In short, choosing between Visa and MasterCard is no longer a frustrating question for anyone applying for a first credit card. You can’t go wrong with either brand. And if you already have a first credit card, it can be a very smart move to apply to get a second card from the other brand. If you treat your credit well, you’ll soon be having two (or more) banks begging for your business -- and that's a good thing!

Customers shopping for a new credit card can avoid waiting long weeks to learn whether or not they have been approved. Instant approval credit cards provide applicants with a fast online response. Online credit card websites offer a variety of instant approval credit cards, allowing customers to choose the card that best fits their financial needs.

How “Instant” are Instant Approval Credit Cards

The “Instant” in instant approval credit cards refers to the minimal waiting period involved. After customers fill out an application online, a reply is sent to their e-mail account within minutes. In some cases, the process may only take seconds.

While the application response time is quick, other steps in the process are not instantaneous. Customers will first want to carefully search for the right credit card. Like most credit cards, instant approval credit cards come in a variety of forms. Some offer a 0% interest rate for the first six to twelve months. Others include cash back bonuses, travel benefits, or rewards programs. Cards with no annual fees are also available. A list of instant approval credit card offers can be found on most credit card websites.

Before applying, it is important to understand the fine print involved. Customers should read through the credit card’s term and conditions. Many companies include charges for late fees. Others have interest rates that are subject to change. By reading through the card’s detailed information, customers will be aware of any included charges.

The Application Process

When filling out an application, customers will be asked for basic personal information. This may include levels of income, housing status and employment details. Certain credit cards require additional information. When the application is sent in, the applicant’s credit report is quickly reviewed. Customers with good to excellent credit have the highest chance of being approved.

Once the application has been approved, the card itself is sent through the mail system. On average, this takes from five to seven business days. When the card arrives, the customer may be asked to call a toll-free number to authorize use of the card. Once this is done, customers are free to use the credit card for purchases.

How Secure are Instant Approval Credit Cards

In some ways, filling out an application online is more secure than sending it in through the mail system. Personal information is sent directly to the appropriate source. Credit card companies and websites take extra measures to ensure security. Most issuers implement the latest data encryption for security purposes.

Before filling out an online application, customers should check the site for safety features. A small padlock and explanation of security terms may be listed. If anything looks questionable, customers are encouraged to investigate further before proceeding with the application process.

When to Apply

With the ease of the Internet, applications can be sent in any time. After careful research, customers can choose the best instant approval credit card for their needs. Once the application is sent in, the response will quickly follow.

Is a balance transfer credit card your ticket out of credit card debt? It can be. If you're having trouble paying off a steep balance and the high interest that goes with it, these cards could be the right solution for you. But before filling out an application, take a few factors into consideration. Educate yourself on the transfer process, and you'll get the most out of your credit card experience.

What Balance Transfer Credit Cards Are

These credit cards have a certain appeal that separates them from other forms of plastic. They offer applicants the chance to shift a balance from a high-interest card to a low-interest one. In fact, most of these cards come with an initial 0% interest period. This means you can make payments that are directly applied toward the balance. As you pay down the debt, you can save hundreds of dollars on interest expense.

How to Compare Balance Transfer Credit Cards

Many appear to be the same, but in reality they vary quite a bit. Check the following details as you sift through the options:

Length of introductory period - The initial period of no interest may be as short as three months, or as long as fifteen months. If you aim for at least 12 months of 0% interest, you'll have ample time to pay off the balance.

What the 0% APR applies to - Some credit cards offer you 0% APR only on the transfer amount. This means that you will be charged a higher interest rate when you make a purchase. Moreover, all the payments you send in will first be applied to the balance, and then to the purchases. While you pay down the balance, the new purchases and their attached high interest rates will sit and accrue on your statements. Eventually, you could pay more in high interest than you planned on. To avoid this, look for a card that offers 0% APR on both balances and purchases. Or limit the use of your card until you pay off the transferred balance.

Check the fees - Most balance transfer credit cards charge an initial fee for bringing over the new balance. This is sometimes a certain percentage of amount transfered. Banks often include a cap, such as $50 or $75, on the transfer fee. The savings you receive on interest usually outweighs this expense.

Additional benefits - While they offer you a chance to pay off nagging debt, many come with other features as well. Some balance transfer credit cards include a rewards program. Others have a low interest rate that kicks in after the introductory period. Think long-term before you apply. Consider what benefits you'll want after you are debt-free.

Using your Balance Transfer Card

These can be a solid solution if they are used properly. Think about creating a payment plan to get rid of the debt. Set aside money each month for card payments. If at all possible, pay off the balance before the introductory period runs out. As the balance dwindles, you'll gain control of your finances. You'll also begin to build a stronger credit history. When the balance is gone, you'll be able to enjoy the card's additional benefits.