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Switching Bank Accounts

Written by Jon Emge.

Up until recently switching bank accounts was a headache and a hassle.  In fact it was something not many of us even thought of doing, we just stayed with the same bank for years and years, dealing with poor customer service, high lending interest rates, and the closing of our local bank branches.  Many bank’s fees are so high for an unauthorized overdraft, you are better off looking at a loan from someone like eCashWindow.

The thought of having to notify our employer with new banking details, change all our direct debits and standing orders, and the time it took to switch banks, was enough to put us off and we would just stay with the bank we presently have.

However, there have been recent changes in how one can switch bank accounts, and these changes are there to make the process easier and seamless.  The new process is to take just seven (7) days, and you can choose a date for the accounts to be switched over,

Last September the “New Current Account Switch Service” began and since then over 600,000 people have used the service and switched bank accounts.  That is quite a few people switching bank accounts in the past 12 months, but why are they switching?

TNS, a research group, did a study as to why people are switching banks, and basically broke it down into two (2) categories.  Those categories were “Reason for leaving your bank?”, and “Reason for choosing a new bank?”

The research group found that people were leaving their current bank due to customer service, branch hours, and the bank’s reputation, in that order.  Many banks have had their reputations tarnished over the years due to poor performance and the “banker’s bonuses”.

In looking at why people were choosing a new bank, the study found that the reason was reputation, interest rates offered and customer service, in that order.  So while customer service may be a number one (1) reason for leaving a bank, it doesn’t need to be the number one reason to choose another bank.

The research study found that Santander seem to have found a way attract new account holders, as they had 22% of people joining, and only 10% of people leaving.  Their new 123 Account may be in part one reason as it offers 1% cash back when you use the account to pay bills.

On the opposite side of the research study were Royal Bank of Scotland and First Direct, who were at the bottom of the list.

The bottom line here is that we no longer have to deal with the issues and headaches of a bank with poor customer service, and the stress of switching bank accounts.  It can now all be done very easily and effortlessly, allowing us more freedom of choice.

Does debt really lead to divorce?

Imagecourse.com

Divorce rates are at an all-time high and SmartMoney’s recent survey has revealed that debt is the number one reason for the majority of rows that can lead to a couple filing for their Decree Nisi.

Couples have varying views on what constitutes debt, with some seeing a sizeable overdraft or credit card as nothing to be . . . → Read More: Does debt really lead to divorce?

How Do You Save Cash Padding?

Being self-employed means that I only feel comfortable if we have 6 months of expenses saved up in easy-to-access savings accounts.  The trick is finding the money to save, right?

Our Finances

In general, we have a pretty large monthly nut compared to what we were used to a few years ago.  Between income taxes, property taxes on . . . → Read More: How Do You Save Cash Padding?

Taking A Step Towards A New Credit Card

Credit cards are one of the most popular methods of payment across the United States.  Unfortunately there are situations, such as the case of Schnucks credit card data breach as reported by LowestRates.com, which can potentially expose credit card numbers and personal information of cardholders to scammers.  In these situations, Americans are advised to acquire new . . . → Read More: Taking A Step Towards A New Credit Card

Editions with Terry Bradshaw Presents 5 Ways to Keep Your Family Healthy This Winter

If you have a family with children, you know that if one gets sick, it can mean the whole family is sick within a week.  As such, it is so important that you keep your family healthy this winter.  Editions TV has some great tips on how to keep your family healthy this winter.

Here are five . . . → Read More: Editions with Terry Bradshaw Presents 5 Ways to Keep Your Family Healthy This Winter

Why remote working makes sense for employers and employees

If you’ve ever been allowed to work from home – or you work remotely regularly – then you’ll already know all about the benefits of not a needing to go into the office every day.

All the usual office distractions are removed instantly, which improves productivity, while companies can save money by downsizing the office space they . . . → Read More: Why remote working makes sense for employers and employees

Be the Person Your Dog Thinks You Are

I sat down on the potty and, as usual, my Pug had to paw his way in the door and plop himself directly between my calves like he was standing guard.  I usually shoo him away a little so that I can at least pretend  I have some privacy, but he just looked so proud of . . . → Read More: Be the Person Your Dog Thinks You Are

Love Your Bank Account this Valentine`s Day

The following is a guest post.

Whether you are planning an extravagant Valentine’s Day, or giving that special someone something simple and from the heart, don’t forget to consider something else this February – your bank account.

Although your bank balance isn’t always at the forefront of your mind when it comes to Valentine’s Day treats, paying extra . . . → Read More: Love Your Bank Account this Valentine`s Day

Thinking of a New Credit Card?

The following is a guest post.

If you’re like me, you become pretty disappointed in what your current credit card is offering.  Banks have a secret they don’t tell you, but you could probably guess – they offer their new customers much better deals than their existing customers.  And slowly, over time, as you become an existing . . . → Read More: Thinking of a New Credit Card?

Advantages Of Overseas Property Investing

The following is a guest post.

There are a lot of investors trying to broaden their investment portfolios by buying real estate in overseas countries.

Lower Costs For Building

The property investments overseas can be a whole lot more affordable than buying real estate in the United States. The housing bubble here drove price up to incredibly high levels. Commercial . . . → Read More: Advantages Of Overseas Property Investing