Having cash can be helpful to put down a larger down payment, pay everyday expenses, or satisfy debt. Learn more about investment options for your cash, what you can do with more cash, and what your cash means on this page.
Banks Get Involved With Patriot Act
Tracking terrorists and money laundering has become an important part of what banks do every day. Under the Patriot Act, banks have been required to ask their customers more questions about who they are, what they do and how much money they expect to deposit each month. Also, banks are now required to check their customers against a list of possible terrorists. However, it's the consumer and small business owners who pay the price of complying with the Patriot Act, usually through higher fees.
Save Cash Or Pay Off Debt?
Student loans and credit card debt are haunting a couple. Should they put their cash in savings or pay off their debt? With volatile credit card interest rates, it's always a good idea to get that debt paid down quickly and find out where you can save money elsewhere.
The Tax Advantage Of A Mortgage
A lot of people think that they'll do better by getting a bigger mortgage because they can write off the interest they pay on their federal income taxes. But getting a bigger mortgage will only pay off if you itemize on your federal income tax form and if you have a better place for your cash than in your property. Most investments won't pay more than the interest rate you're paying on your mortgage.
No Checking Or Savings Account? Use Prepaid Cash Card
Prepaid cash cards have come to the financial rescue for millions of Americans who don't have a checking or savings account. Having a checking or savings account is better for Americans, because it gives them more options. More than 250,000 people don't have a checking or savings account, so they use a prepaid cash card.
Seller Refuses Inspection Contingency
A home seller refuses to pay for any repairs and did not accept an inspection contingency on the offer. It is the seller's choice to accept an inspection contingency or pay for any repairs in order to sell their home. If they refuse an inspection contingency, a buyer's option may be to buy the house "as is."
Pay Off Your Loans First
Here's what financial planners have known for years: Every dollar you spend to prepay a debt (any kind of debt) actually earns you the interest rate the debt carries. To rebuild your savings, simply take the money that you would have spent each month on your debt, and keep tucking it away into your savings account.
Credit Card Versus Debit Card
Credit cards allow you to borrow up to your credit limit, which usually exceeds the amount of cash in your checking account. You're not actually borrowing real dollars, you're borrowing the credit card company's money. In many cases, banks offer credit cards, so you're borrowing the bank's money. Cash debit cards are a cross between credit cards and checking accounts. You can pay for your goods and services with the cash debit card just as you would a credit card. But instead of borrowing the credit card company's money, the money comes directly from your checking account.
Making The Best Use Of Your ATM
Unless you can make it to your bank's ATM every time you need cash, you'll drain your account with fees from both your bank and the foreign ATM. But the truth is, it isn't smart to spend that kind of money on a regular basis. If you withdraw $100 and pay an average of $1.50 each time, you're effectively paying a 1.5 percent tax on your money. That's quite a chunk of change, and it adds up.
Transfer Cash Globally Without Losing Money
You can send global cash transfers without losing money. Most of the time, it can get both time consuming and expensive to transfer cash globally without losing money in the wire transfer. Currency exchanges charge large amounts of money when people transfer cash, but there's a fast way to send money abroad without losing money.