Archive for the Banking

Tips When Applying for a Small Business Loan

When you are applying for a small business loan, lenders look at your credit. Since the business is likely owned only by you, no other factors play a significant role in credit worthiness. Lenders take several items into consideration, with the three most relevant being discussed below. View your Credit Report First Before you even complete a loan application it is important to review your personal credit report. If it is not perfect or near perfect, work on correcting the entries by making payment arrangements on larger sums. Pay off small balances first. This will help to quickly improve your credit score. When a potential lender sees that you are making payments on larger sums, it shows financial responsibility in the efforts to recover your good credit standing. Have a Specific Business Plan in Place When you approach a lender for a small business loan, they need to see that you have a proper business plan. The plan should discuss the type of business it is, why the area needs your specific business, the potential for profit and how you […]

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Opening Business Bank Account Tips

When I worked at the bank, I opened many business accounts for clients.  They do take a little more time to open when compared to just a personal checking account. I learned a lot about businesses and business checking accounts after opening a bunch of them!  If you’re thinking of starting a business or opening a business account, I can share with you some tips and tricks that will help expedite the experience with your banker.  Here are some of the things I learned: -Checks made payable to a business must be deposited to a business account.  For example, if you are a dog walker and a client writes the check to Joe Smith Dog Walking, an account must be set up that way to negotiate the check.  If you don’t anticipate receiving more checks made out that way, I’d personally recommend asking the client to re-write the check just in your personal name. -You don’t have to have a business set up through the state to open a business account.  A DBA, or “doing business as” is a business […]

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Capital One Buys ING Direct

I am probably late to the game, but I just realized that Capital One has purchased ING Direct. Cue the sad violins. I have loved ING for years, and my hope with Capital One coming in and buying ING is that they leave everything exactly the same. I love the fact that there is no minimum balance on the savings accounts, you can have multiple accounts, and it’s just so easy to use. I love being able to log in and see all of my accounts right there, all displayed in one screen. I can transfer money between accounts and from my external bank. If Capital One starts changing things, I’ll have to look for a new bank. I’ve thought about just consolidating all of my accounts into one so I’d be able to meet a required minimum balance, but I don’t think that would work for me. I like it when they are separated on the screen and all have individual nicknames. I’ve banked with ING for many years now, and I’ve never had a problem. Whenever I’ve called, […]

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2011 Financial and Life Goals

Last year, the goals I set were purely financial. It was hit or miss on whether or not we actually met them, but overall I’m happy with our finances and we’re debt free so that’s pretty much all that matters. This year, instead of making the goals all about money, I decided that I would set some different goals that included life experiences. After all, that’s the real reason we spend our money wisely: to enjoy life. With that said, here are some goals I’d like to work toward this year. 1. Keep up with the clutter and declutter 365 items from our house this year. I won’t be alone in this challenge, so that’s good to know! I’m a little intimidated by the number, but I am thinking once I get started it really won’t be too bad. 2. Pay at least $3,000 down on the principal of our mortgage. The mortgage is a debt that doesn’t hang over my head quite like the student loans did, but it’s still debt nonetheless. It feels really good to see the […]

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Will Free Checking Accounts be a Thing of the Past?

Since the Regulation E went into effect in August, Banks have taken a huge hit to their fee income. While the regulation is great for the consumers’ wallet, it hasn’t helped the banking industry. Before the regulation, banks were making a lot of money with fee income, and that went away when banks stopped allowing customers to overdraw their account without their consent. As an effect of the regulation and the drop in fee income, I’m betting that free checking accounts will soon become a thing of the past. I’ve got a couple theories of what will happen to free checking accounts. Current Checking Accounts Currently banks offer many different types of checking accounts. The most popular type is the free checking, which normally doesn’t require a minimum balance. Other checking accounts may provide benefits, such as free checks, free cashier’s checks and money orders, and bonus rates on certificates of deposit. While these type of checking accounts provide additional benefits that the free checking accounts don’t, they also normally require minimum balances. “Free” Checking Accounts in the future As […]

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How Safe are Online Banks?

The other day I was talking to my mother about how all of our savings and emergency fund is at ING.  I have been an ING customer for years, and have had nothing but good experiences with them.  They offer a really competitive rate on their high yield savings accounts- of course it’s not much now, but what savings accounts are paying a good rate now?  I really like banking with ING because they don’t require a minimum balance and no monthly fees.  I’ve also got a few accounts set up with them for specific purposes, like car insurance, escrow, and our emergency fund.  It helps me keep those expenses separate and make sure I have enough money for each event. My mother was concerned about the safety of using an online bank.  She doesn’t do online banking at all and I don’t think she ever will.  That’s fine.  She just said I may want to think about moving my money to a brick and mortar bank because it’s safer.  With all the bank failures over the past couple years, […]

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    Welcome! I'm Mrs. Money and I lead a frugal, simple, and debt free life on a modest income. I make money online to help support our family. I believe in saving money, living green, and enjoying life!

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