|By Marketwired .||
|July 11, 2014 01:01 PM EDT||
MISSION, KS -- (Marketwired) -- 07/11/14 -- (Family Features) For everything from paying for lunch to paying the water bill, a checking account is the primary tool many Americans use to make day-to-day financial transactions. But for many consumers free checking is becoming a thing of the past as banks notify their customers that "free" accounts are being discontinued.
A recent survey by TD Bank highlights frustration with these changes, as fees top the list of why consumers would close their current checking account. Over 30 percent have considered changing checking accounts or financial institutions due to fees, and more than two-thirds are likely to switch to avoid future fees.
But no-cost checking isn't extinct. When one bank moves away from offering free accounts, there are likely others who can offer more value.
Understand your bank's benefits
"It's important to continuously evaluate your financial needs and to review any changes your bank has made," said Lindsay Sacknoff, senior vice president of retail deposit products at TD Bank. "If your bank is phasing out free checking, then take the time to shop around because there are convenient alternatives that may have lower monthly balance requirements and better benefits."
What's more, the study revealed that, on average, consumers with a minimum balance fee on their checking account require a balance of $950.
"Keeping $500 to $1,000 in checking may not be feasible for many account holders," Sacknoff said. "Choosing your checking account based on the best fit to your current financial circumstances can help you avoid unnecessary expense and frustration."
Choosing the right bank
Your bank account may not be the first thing you think of when you think of advancing in your career, buying a home or embarking upon other big life events. But a review of how much money you can comfortably keep in an account as well as the convenience and features you're looking for from your bank may be a good idea when considering a switch.
For example, institutions such as TD Bank offer accounts that require only a $100 minimum balance to avoid monthly maintenance costs which may be a good fit for someone starting out in their career or for a family that is managing significant expenses. If earning power grows or expenses are reduced, it makes sense to explore the benefits of a premium account, which often requires a higher minimum balance but offers benefits like paying interest on your balance and reimbursement for out of network ATM fees.
For those looking to buy a home, choosing the right account can help keep more dollars in your wallet. For example, account holders at TD Bank who also finance their home at the bank receive a .125 percent discount on their mortgage rate which can translate into hundreds of dollars of savings a year.
Simple Steps to Skip Fees
Choosing a bank that makes it easy to avoid fees is an important step to protect yourself from unnecessary costs. You can also avoid frustration with the rising cost of banking services by making smart choices and using new technologies and resources from banks.
Avoid Costs at the ATM
- Choose a bank with convenient hours, locations and ATMs.
- Investigate accounts that reimburse ATM costs.
- Take advantage of features like online and mobile banking to check your balance instead of using a non-bank ATM.
- Get cash back with debit transactions, eliminating trips to the ATM.
Plan Against Overdrafts
- Always know your balance.
- Schedule automatic bill payments through online banking to manage when bills hit your account.
- Consider receiving your paycheck through direct deposit so money is immediately available on the day you're paid.
Manage Minimum Balances
- Investigate accounts that have a low minimum balance.
- Set balance alerts to let you know if you're at risk of dropping below your balance threshold.
Source: TD Bank (www.tdbank.com)
Easy Switch Checklist
Changing banks can be challenging. This checklist, provided by the experts at TD Bank, will help you navigate the process with an outline of the steps you need to make the most of your new account.
1. Open your new account.
2. Get your debit card.
3. Enroll in online banking.
4. Set up bill pay.
5. Bookmark the online banking website.
6. Download your bank's mobile banking app.
7. Close your old account (just remember to verify all transactions have cleared on your old account first).
With online banking, you likely have a number of automated transactions, including debits and payments. To ensure a seamless transition, be sure to update your new banking information.
Common Automated Direct Deposits
- Employer payroll
- Federal government benefits (Social Security, veteran pension, etc.)
- Brokerage deposit
- Child support or other court-issued deposits
- Other direct deposits
Typical Bills and Payments
- Credit cards
- Internet/cellular service
- Insurance (home, auto, renters, etc.)
- Loans (cars, home equity, etc.)
- Child support or court-ordered payments
- Brokerage investments
- Transfers to other accounts
About Family Features Editorial Syndicate
This and other food and lifestyle content can be found at www.editors.familyfeatures.com. Family Features is a leading provider of free food and lifestyle content for use in print and online publications. Register with no obligation to access a variety of formatted and unformatted features, accompanying photos, and automatically updating Web content solutions.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2637305
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Sep. 30, 2016 11:00 AM EDT Reads: 488
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Sep. 30, 2016 11:00 AM EDT Reads: 531
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, wh...
Sep. 30, 2016 11:00 AM EDT Reads: 3,986
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Sep. 30, 2016 10:45 AM EDT Reads: 3,618
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Sep. 30, 2016 10:45 AM EDT Reads: 446
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Sep. 30, 2016 10:45 AM EDT Reads: 4,478
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Sep. 30, 2016 10:45 AM EDT Reads: 752
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Sep. 30, 2016 10:45 AM EDT Reads: 2,757
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Sep. 30, 2016 10:30 AM EDT Reads: 560
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Sep. 30, 2016 10:30 AM EDT Reads: 236
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Sep. 30, 2016 10:30 AM EDT Reads: 242
SYS-CON Events announced today that CDS Global Cloud, an Infrastructure as a Service provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. CDS Global Cloud is an IaaS (Infrastructure as a Service) provider specializing in solutions for e-commerce, internet gaming, online education and other internet applications. With a growing number of data centers and network points around the world, ...
Sep. 30, 2016 10:30 AM EDT Reads: 3,025
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Sep. 30, 2016 10:15 AM EDT Reads: 1,296
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Sep. 30, 2016 10:15 AM EDT Reads: 3,353
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Sep. 30, 2016 10:00 AM EDT Reads: 2,400