Banking has never been easier.
From online brokers to direct deposit accounts, banks are now offering all manner of financial services, from direct deposit to cash advances to payday loans.
But what happens when one of these services goes wrong?
Here are a few tips to help you navigate the murky waters.
Don’t give up on a bad bank We’ve all seen a banker, a friend or family member who has an easy time with a complicated bank loan.
If you can’t see your own bank, you probably shouldn’t trust it.
However, there are times when a bad transaction can go badly wrong, such as when a cash advance isn’t approved or a payday loan isn’t issued.
You may want to consider this before making a major decision.
Keep a record The bank can always go back and review your transactions.
In a perfect world, you’d keep a record of the entire transaction so you can track the process over time.
But even if you do keep a history, you should also ensure that it’s accurate.
This is because banks are not required to keep a report of every transaction, and sometimes they don’t have enough information to make a reasonable estimate of the total amount of money in a particular account.
This can lead to a huge loss if the account isn’t used for any of its intended purposes.
Monitor your finances to see if there’s a problem with the bank A bank may be the biggest cause of a bad loan, so monitoring your account regularly is a must.
You might want to monitor the accounts balance or the money in your checking account to make sure there’s no money left to pay off a loan.
Banks also have policies that allow you to freeze money if there is any doubt about whether a payment has been made.
This might be a good idea in some circumstances, but it can also result in you losing your money.
Invest in a bank account You can invest in an account that’s managed by an investment bank, but some of the bigger banks are actually owned by companies.
This means you need to be aware of what the risks are when investing in an investment account.
It’s also worth checking whether the investment company is owned by an individual or an investment firm.
Know your rights If you’re unsure about whether you can take out a loan, ask your bank.
It may be worth getting advice from a lawyer to ensure you’re comfortable with the legalities of any loan.
Know the legal language banks use A big issue with banks is that they use many of the same terms as they do in the UK, where they operate.
So if you need help, check out the bank’s website to see what the language is in the country you live in. 7.
Use the right credit cards and bank accounts If you don’t like the terms or service you’ve signed up for, consider switching to a different bank.
This could include opening an investment, cash advance or payday loan account.
Use a personal finance tool If you want to make life easier for yourself, there’s an app for that.
Get the app from the Apple App Store or Google Play for free and use it to make the most of your free credit card or bank account.
You’ll be able to track your account progress and track your monthly payments, which is a great way to keep track of how much money you’re spending.
Keep your finances in order If you are paying off a bad account, it may be a bad idea to make extra money on top of that account.
Pay off the balance first before making any additional loans, or try to make your debts pay off by reducing your expenses.
This will also make it easier to see how much you’re earning on a particular payday loan, or how much of a loss you’re getting from a payday lender.
If a bank charges you interest or fees, take action The only way to stop a bad deal from happening is to take action.
This includes using a different account or changing your bank account password.
If there’s nothing else you can do, you can also take action to avoid a bad outcome from happening in the future.
1 of 10 Next»