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Closing Your Bank Account – The Full Process Explained

Guest — Fri, 11 Jun 2010 16:33:02 +0000

The very first step to closing an account is to simply stop using it. You will have to wait two weeks before cheques have cleared your account. If you are not sure if you have any outstanding transactions, then ask at the bank or check online. Obviously, you will need some banking services, so you should open your new account before you close your old one. Carefully choose a new bank provider and apply for a bank account with them. Different banks have different cancellation policies, so you will need to contact yours to find out what exactly theirs is. Some banks will charge you a fee to close your account. Once you know what the cancellation policy is, you then need to visit your bank. The meeting may take an upwards of an hour, so try to go early in the day and avoid busy times, such as Mondays. If you cannot go in person, you may write a letter to your provider and request to have your account closed. Mind that some banks require that you show two forms of identification, making it difficult to close your account without being physically present. If the bank does not have it as a requirement, you may opt for a letter. Your letter should contain personal details such as your name and address, together with the number of your account. It is important to state clearly what you want the bank to do with your remaining balance. Do not forget to also close any accounts that are tied in with your main bank account. Think back over any additional accounts that you may have signed up for that you rarely use, or have not used at all. Someone may steal your identity and reopen the account. If you already made a request to have your account closed, you need to destroy your debit card and shred all remaining cheques. If you use them accidentally then you may find yourself being fined. This step is quite important. Once the bank sends you a conformation letter that the account is closed, you have gone though all steps of the process. It is advisable to hold to that letter for a few years just in case any problems arise at a later date.

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Understanding Credit Card Offers

Guest — Tue, 07 Jul 2009 16:45:16 +0000

Credit card offers seem to be everywhere, on TV, radio, online and in your mail. With so many cards on the market, how do you compare credit card offers properly and find the best credit cards available?

In order to compare credit cards you should understand the main features found in many credit cards.

Balance Transfer APR: APR stands for annualised percentage rate and is the equivalent annual interest rate. In this case it represents the rate you will pay on balances transferred from other credit or store cards for the duration of an introductory period such as six or twelve months. Look out for transfer fees which are upfront fees calculated as a percentage of the balance transferred.

Introductory Purchase APR: This is the interest rate that you will pay on purchases for a promotional period once you take out the card. Don’t get caught out by these intro offers, check out the small print to see that you won’t get stung if you still have balances owing when the offer period expires.

Purchase APR: This is the standard credit card APR charged on purchases. The right card for you is going to come down to how you will use the card; if you’re not going to pay your bills in fill then a low interest card will save you more than you would earn in points, however if you do pay in full then interest won’t be your main priority.

Interest free days / grace period: You may see statements such as ‘up to 55 days interest free’ advertised. This is the time period from making a payment until the bill is due. Cards with a long grace period mean that if you pay your bill in full before the due date each month then you won’t pay any interest. If there is no grace period the you’ll be paying interest from the day or purchase and you’ll be hit even if you pay your bill in full and on time each month.

Annual Fee: Many cards have now dropped their annual fees but you may find that some premium cards do still charge an annual fee in exchange for extra features. Alwats ensure that the value to you of extra features such as insurances are greater than the annual card costs.

Rewards scheme: Rewards schemes come in all different shapes and sizes such as cash back, shopping rebates, points, airline rewards and much more. There is no point in applying for a credit card that will cost you more than it earns so work out of any rewards will earn you above and beyond what you pay the bank in interest and fees. If you want a card with rewards then make sure the rewards on offer are for things that you really want, ideally things that you would have had to pay for otherwise. The value of the rewards for each dollar you spend if normally very low, around one percent so never spend extra money on things you don’t need just to boost your points balance.

Next time you’re looking for a new credit card you should have a good understanding of how to compare credit card offers side by side before you apply. It’s not possible to suggest a credit card that is right for everyone, the best credit card for you will depend on your needs.

This article is by Richard Greenwood a keen consumer advocate helping consumers getting a better deal. Richard runs www.compareyourbank.com.au

Save your home from FORECLOSURE

admin — Thu, 03 Jul 2008 16:34:21 +0000

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