Finance

Checking accounts are great tools to help you manage your money. You can deposit checks, make purchases, pay bills, and transfer funds. However, they are not all the same. Some cater to particular needs while others offer rewards and high interests. The best free checking accounts keep fees low, with minimum requirements.

They provide a sizeable network of ATMs and interests. Some let you get your direct deposit paycheck early. Before opening a checking account, understand their differences and the aspects of maintaining each of them. Here is a quick guide.

Traditional Checking Account

The traditional checking account is the standard checking account. It lets you write checks and provides a debit card. It may charge a monthly maintenance fee, but most banks will waive it if you meet their requirements.

You may need to sign up for a direct deposit and maintain a minimum balance. If you fall below the minimum retainer, you may lose your free checking status. There may also be a minimum deposit requirement to open the account.

Premium Checking Accounts

These offer benefits beyond those of the traditional checking account. They include fee waivers, interest payments, and free financial advice. However, they may vary from bank to bank. Some banks offer reward points when you make purchases. You can redeem the points for certain products and services. The more financial products you sign up for, the more benefits you will get.

They require higher balances than traditional checking accounts. You are also likely to pay a monthly fee if your balance falls below the minimum threshold. Make sure to read the fine print as you open this account. Some premium benefits are not worth the effort.

Interest-bearing Checking Accounts

The account earns interest on the money in it. You get a debit card to pay bills and make purchases. It will also let you write checks. Not all banks offer these accounts. Those that do have minimum balance requirements that could be high. They may also have monthly maintenance and other conditions.

Opening this account may be complex. Shop around before opening one. You may find better rates at credit unions than at banks. Sometimes, the interest you earn is not worth the effort.

Student Checking Account

These function like traditional checking accounts. However, they offer lower account minimums and maintenance fees. You may be able to avoid the charges if you set up a direct deposit and maintain the minimum balance. You may also need to make a certain number of purchases with your debit card per month.

These accounts are typically for students between 17 and 24 years old. You will need proof of active enrollment in a high school, college, vocational program, or university. Some of the best accounts will not include ATM fees or monthly maintenance fees. They will also offer you a grace period on your overdrafts. Once you graduate, the bank automatically switches the account to the standard checking account.

Conclusion

Ask the right questions to find the checking account for your needs. This means you need to know what you want beforehand. There are many checking accounts. Once you know which one you want, do your research. Shop around and compare to get the best convenience and benefits.

Sources:

https://www.forbes.com/advisor/banking/checking/types-of-checking-accounts/

https://www.investopedia.com/personal-finance/complete-guide-checking-accounts/

Life insurance can be complicated. Understanding quotes, learning to compare terms, and locking in the best rate that provides essential coverage as you plan to give your spouse, children, or other loved ones a crucial backstop in the event of tragedy can be difficult. Finding a resource that you can trust with this important task is a must for anyone in the market for a new life insurance policy.

 

An online life insurance bundling and comparison tool is perhaps the most important ally that you can bring into this search. Oftentimes, homeowners, parents, and others skip out on the addition of a life insurance policy because they don’t understand their options. But the truth is that many brands offer a bundled approach to many different insurance products, and by comparing the optional additions from your current provider against others, you can find the best deal on each one of your essential insurance policies. Adding life insurance can be a daunting task, but with the right state of mind, it can instead be a liberating experience that brings in a new peace of mind to your and your family’s lives.

Online insurance providers can cut down on excessive costs.

 

The first thing to note about finding a new insurance resource for your family’s needs is that a brand that operates a primarily digital business model is often one of the best options on the market. Everything from banking to consumer sales has developed a core digital sector, and outlets that utilize this framework as a primary functionality are better positioned to maintain low-cost structures in their own practices.

 

This means that digital banks, e-commerce retailers, and online life insurance providers are in a position to meet your needs as a consumer in ways that other outlets simply can’t match. It’s for this reason that e-commerce as a sector has exploded in the last few years, and other industrial sectors (primarily consumer-facing like banks and insurance) are following in close pursuit to trailblazers like Amazon and others.

 

Online insurers provide fast quotes and can help you make sense of the products available to you with easy-to-understand language, product descriptions, and even additional resources like blog posts and guide pages that make sensemaking in the insurance world far less cumbersome.

Bundled insurance products offer the greatest overall bargain on essential coverage.

 

Another resource that online insurers provide is the use of bundled insurance plans. No longer will you need to shop around for each and every product that you rely on. Car insurance, homeowner’s insurance, and life insurance can all be combined into one insurance relationship that makes paying your premiums and speaking with your insurance provider about your needs easier than ever before.

 

Likewise, this kind of relationship means that shopping around for a new coverage policy (the addition of a life insurance cover, for instance) affords you a unique power position in the negotiation process. As you seek to migrate auto insurance and any other coverage add-ins you may already have, finding a provider who will meet your life insurance needs while giving you discounts on your other policy requirements is simple.

 

For many people, the addition of life insurance comes as they begin to have children. The financial costs of raising a child are no joke, and this means that you’ll need to maintain marked stability in your finances and resulting work life. In the event of a tragedy, knowing that your family will be financially protected is something that can melt away the worries of everyday life and allow you to focus intently on the good times that lie ahead.

 

Consider these features of a great life insurance resource for the best experience in the market.

Many people live in a vicious cycle of just barely making ends meet. They live paycheck to paycheck, and if they don’t have enough money for groceries or gas, they may resort to gambling or other activities that can lead them down the wrong path. These people need funding so that their bad habits don’t get out of hand – but all too often, these same people aren’t given access because their credit score is below average. The good news is there are ways to get financing even with hard money loans! Here are five tips on how you can improve your credit rating and qualify for loans in the future!

Apply for a Car Loan or Lease

If you have bad credit, one way to get access to some fast funding is by applying for a car loan or lease. Car dealerships are often more lenient when approving loans for people with lower credit scores, and they may be able to work with you to find a payment plan that fits your budget. Just make sure you’re honest about your credit score and financial situation when you apply – if the dealership finds out later that you were lying, they could rescind the offeror, worse, repo your car!

Take Out a Personal Line of Credit

Another option for getting quick funding even if your credit score is low is taking out a personal line of credit. This type of loan doesn’t require any collateral and is based solely on your credit score and income. It’s a good option if you need a small amount of money for a short period, and it can help improve your credit rating over time.

Get an Unsecured Personal Loan

If you need a larger sum of money for a longer period, an unsecured personal loan may be the best option for you. These loans are usually given to people with bad or fair credit, and they come with high-interest rates. However, if you can afford to make regular payments and stick to the loan terms, it will help improve your credit rating in the long run.

Apply for a Home Equity Line of Credit (HEL)

A home equity line of credit is a great way to get funding if you have poor credit and own your home. It’s an additional loan based on the amount of equity in your house – so it can be used at any time without having to reapply for approval. If you use this money responsibly, it will help improve your credit score over time.

Explore Other Avenues of Borrowing Money

If you’ve tried all of the above options and still can’t seem to get funded, don’t give up! There are other avenues of borrowing money that may better fit your situation. Peer lending services and credit unions often have more flexible requirements when it comes to approving loans for people with bad credit, so it’s worth checking out their websites to see if they offer any solutions that work for you.

The key to successfully securing the funding you need is creative and flexible. Many people can get approved for loans or lines of credit even if they have subpar credit, but it may take more time than someone with strong credit history. If you’re having trouble getting your loan application accepted because of poor scores, make sure you explore all possible avenues before giving up on financing altogether. With careful planning and research into various lending options available in today’s market, there’s a good chance that one will work for you!

One critical element which shouldn’t be ignored when it comes to your business’ operations and finances are your business’s taxes. Particularly your business sales taxes. While you may currently believe that it’s highly unlikely that the government and your state will find out about any backdated taxes which you have failed to pay, the truth is that many businesses of all sizes are regularly audited by independent auditors. Who will comb through a business’s financial records with a fine-tooth comb in order to find any evidence that a business has failed to pay taxes which they were due to pay.

If you are interested in finding out about how using a VDA agreement in order to pay your business’ overdue taxes, without being heavily financially penalized can help your business, you’ve come to the right place. Simply continue reading to discover some of the key benefits of opting to negotiate a VDA agreement for your business’ benefit:

The benefits of using a VDA agreement:

You can receive penalty abatements:

You are probably aware that there are steep fines that are dished out to businesses who do not pay their taxes such as their sales taxes. But what you may not be aware of is the fact that if you negotiate a VDA agreement with favorable terms, that you may receive valuable abatements on these potential fines. This means that you won’t be made to pay any late penalties and instead will only need to pay the principle of your backdated tax. However, you will also have to pay tax on your outstanding tax. So the more years that you wait to negotiate a VDA the more tax that you’ll actually end up paying. So when possible, make sure to pay your late taxes within 1-2 years, instead of waiting 3-4 years to pay the taxes due. So that you’ll pay less interest.

You can negotiate the terms of your agreement with your state:

Whether you’re trying to negotiate tax abatements on sales tax in your state or another state in which your business is deemed a nexus which has a large financial interest in another state, you’ll have the power to negotiate the terms of your VDA’s agreement with the state in question. If you’re worried that they may not be open to accepting the terms of your agreement, the good news is that in most cases they are open to accepting business terms as at the end of the day all that they want is their tax and don’t want to get into lengthy disputes with countless businesses. Which is obviously not in their best interests.

You can apply for a VDA agreement anonymously:

One reason that some business owners don’t apply for a VDA in order to handle their taxes is that they falsely assume that their name and their business’ name will need to be on the application. However, you can choose to remain anonymous.

So if you are scared about the potential ramifications of not sorting out taxes which your business owes your state or other states from the past 3-4 years it’s worth negotiating a VDA.