No Bank Fee Banks – 7 Tips For Finding the Right One

Among these common bank grievances, the one that can hit you most directly in the wallet is the fees. Among these fees, overdraft fees are the most hazardous to your financial health. After all, banks collectively bring in over $25 billion per year in overdraft fees alone. If you are looking to switch in order to find no-bank-fee banks, here are 7 tips for finding the right one:

1. Develop a list of candidate no-overdraft-fee institutions: Start your quest for the perfect bank by creating a list of at least 4-5 candidates. Start your list either in a spreadsheet program or on paper.

2. Make sure it is insured by the FDIC: The first thing you should check about each bank is whether they are FDIC-insured.

3. Ask about their ATM fee policy: You definitely want to choose a bank that has a zero-fee policy when using other banks’ ATMs.

4. Pay attention to the impression or vibe you get about the bank from their website: This one is subtle but oh-so-important. Just like people, banks have personalities. Choose a bank that makes you feel good.

5. Determine what other services they offer: Your needs may someday go well beyond checking and savings accounts. Make sure they can fulfill your future banking needs such as loans, as well.

6. Confirm that they offer no-overdraft-fee checking: To capitalize on people’s intense dislike of paying overdraft fees, some banks now offer no-overdraft-fee checking. They won’t charge you a fee – even if you overdraw your account.

7. Ask about their other fees: Be sure to get a full accounting of their other fees, such as check-writing fees, monthly service fees, etc. before signing up.

Spending 20 or 30 minutes finding the right bank can pay off for your hugely. Your research can translate to finding the ideal, no-bank-fee bank for you.

Get To Know HSBC Online Banking Services

HSBC, known as the world’s local bank, is a global leader in banking and financial services. According to Forbes magazine, it is the second-largest banking and financial services group and second-largest public company in terms of composite measures as of 2011. It has approximately 7,500 offices in 87 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC is a universal bank that has four divisions or lines of services: private, commercial, investment and retail banking. It also offers a number of financial products such as credit/debit cards, loans, insurance and the like.

HSBC enables its clients to perform banking activities through its online banking. This service option allows the customer to do banking transaction online. These transactions include but not limited to bill payments, fund transfer, loan applications, viewing recent bank transactions and account administration. Online banking caters to clients with advanced technological preference and those that cannot make transactions during the regular banking hours. This gives them the opportunity to manage financial matters via the internet even during the wee hours of the morning right from their homes.

You simply have to have an account with HSBC to qualify for its internet banking. It is also recommended that you use an HSBC-supported browser for you to be able to use Personal Internet Banking and safeguard your account.

To register to this banking service, you may need to have your Social Security Number, your HSBC ATM, credit/debit card along with its PIN. If you don’t have either of these, your other account information such as your savings/checking account, mortgage, home equity and/or loan account information will do but it will take 5 days for the registration to be completed. This will help verify your identity in a secure manner and will allow you immediate access to internet banking.

A confirmation mail will be sent containing your temporary username and password to notify you of access. You will then be able to do personal internet banking the first time you access it but you will be prompted to change it to your preferred username and password. Likewise, you will be provided with a security key the first time you log on to the service.

Internet Banking is guaranteed fast and secured by HSBC. It has modified banking style for different kinds of clients by introducing internet banking and a lot more that this has to offer. Surely, all it takes is effort to log on to the internet and banking is at its best.

Advantages of Internet Banking

Today, internet banking has become a popular method to manage one’s money and finances. When using internet banking accounts, more consumers now feel empowered to take control of their money. Internet banking, or banking by way of the Internet, offers numerous advantages for banks and consumers.

The following is a list of the advantages of internet banking:

Easy to Set-Up: It is easy and fast to set up an internet bank account. All that users have to do to create an online bank account is complete a short form and then set the security features such as a password and username. Finally, they just print and sign a form and send it in to the bank.

Fewer Costs: There are fewer costs associated with internet banking because online banks do not have the overhead like traditional banks. Because there are fewer costs, internet banks pass the savings on to consumers such as reduced service charges and increased interest rates for savings accounts. They can even offer reduced lending rates for their loans.

Easy and Convenient online Bank Comparison: It is easy to research many internet banks online allowing you to compare such features as interest rates, available credit cards and their interest rates, FDIC bank rating, and terms and interest rates of their loans. You can then pick the best internet bank that meets your needs.

Easy Bank Account Monitoring: You can track your internet banking and money 24 hours a day, 7 days a week. You can track such things as deposits, clearing of checks, and your account balance. It allows you to keep your account from going into the negative.

Maintain Accurate Financial Records: You can keep track of your financial records by using software programs such as Microsoft Money or Quicken. This will allow you to budget more efficiently and track your spending.

Bank Account Security: Along with bank internet security features, you have the ability to monitor you account any time which helps to detect any fraudulent activity. You will know immediately if someone has written a check or withdrew money from your account. You will then immediately be able to start resolving the problem before there is too much damage to your finances.

Convenient Banking Online: Traditional banking has always been slow. With online banking, you will no longer have to stand in long lines to obtain financial information about your account. As well, there is less paperwork and applying for loans is faster, easier, and more convenient. You can even transfer funds from one account to another in almost an instant and you can carry out such investment tasks as bond exchanges, stock trades and other investment activities.

Today, the internet has made many daily tasks much easier and more convenient. The economic and convenience advantages have now made internet banking a popular choice for millions of consumers. Internet banking gives consumers more control over their internet banking and money. No matter your location, or the time of day, with internet banking, your money is only a few clicks away.

Private Banking Services Vs Retail Banking

Private banking is a much more personalized banking service given to individuals who invest substantial sums, typically over U$S1M. The most noticeable difference between retail and private banking services are that private clients receive customer service on a 1-1 basis via a relationship manager or a private banker. Wealthy individuals with private accounts can expect to meet their bank contact in person, and have direct phone access to a relationship manager. Usually the private banking arm of a bank is separate from the retail banking arm and the service is completely distinct.

A private bank is one that is not incorporated. Private banks are favoured by conservative investors because the directors are personally liable, and more likely to be cautious in managing client funds. Financial institutions like these are sometimes family owned and only cater to the very rich. One of the reasons why wealthy people choose them is their confidentiality – a pledge to maintain client records secret. For some it is a case of not wanting to be targeted by criminals, lawsuits or corrupt governments. Others use this secrecy to shield income from authorities like the IRS and evade tax.

Many of the world’s private banks are found in Switzerland because of the strict bank secrecy laws and sophistication of Swiss financial services. Small banks in countries like Switzerland are also more likely to keep their client records secret because they limit their operations to within the country’s bank secrecy laws.

Not only private banks offer private banking services – in fact some of the biggest providers of private banking and wealth management services like UBS, Credit Suisse and the Barclays are not privately owned. Private clients of these huge banks can take advantage of their in-house trading and research departments, and sometimes choose to have almost all their assets managed by the bank. This way they expect much higher returns than those given by a simple savings account or certificate of deposit.

Types of Private Banking Services

Usually only very affluent clients demand wealth management – where private bankers manage an investment portfolio for a family or an individual. The fee for this service varies from bank to bank and is charged yearly as a percentage of the total amount invested. The return of a portfolio will also depend on the standard of the private banking service. While some will provide excellent returns, others will continue to charge high fees while investing client funds in the bank’s own investment funds, regardless of whether or not this is beneficial to the client.

A popular alternative to wealth management is Self-Directed private banking, where the client manages his own portfolio, at times calling on advice from the bank. The advantages of this type of account are lower fees and greater personal control.

Inheritance and tax planning are extra private banking services provided either directly or by referral for an extra fee.

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