GMAC Bank Review
The GMAC bank, which is part of the General Motors organization has recently released an online savings account which should be reviewed. One of GMAC Bank's marketing points is how they are able to keep their costs low and pass the savings on to you. I won't be posting the rates here as they constantly change, so you should visit the GMAC bank website and read all the fine print if you're considering using their services.
The GMAC bank offers a money market savings account with a few extra features. Of course, the main attraction is the high Annual Percentage Yield. If you're wondering what sets the GMAC bank apart from other online offerings, it's the fact that you have easy access to your cash, no matter when you need it. GMAC provides checks, a debit card, and even links your account with an external banking account so you can transfer any funds you may need into your already established main account. Technically, the GMAC account is a money market account, so you're limited to six electronic fund transfers per statement cycle.
Here are the highlights of the GMAC Bank Account:
- $50 minimum to set up
- No periodic fees unless your balance drops below $500 (Heavy penalties if it does, so be careful.)
- FDIC insured up to $100,000
- Check/Debit Card Available
- 50 Free Checks
Many people have had great experiences with the GMAC bank, but it's offerings seem a bit out of place in today's world of online banking. Many institutions such as ING Direct and HSBC offer the same features with no fees, no matter what your balance is. Because GMAC offers easy access to your money via debit card, you might be willing to pay these fees. However, ING Direct and HSBC Direct are constantly improving their services and may plan to add debit card support in the future, as they already offer linked account support. If you're considering opening an online banking account and what the best deals with as little fees as possible, you should consider one of the alternatives to GMAC bank.
From what I've seen of the customer reviews of GMAC bank, the customer support is top notch. Those that have had problems with the bank have had them resolved quickly and politely with as much help as they needed. The set up seems to be very fast and there is apparently no limit to the number of external accounts you can have linked to your GMAC bank. However, just as with real world banks, GMAC has hefty penalties involved if you fall below certain limits. You should know these requirements fully so you can avoid them. GMAC Bank charges fees for overdrafts, statement research, and ordering additional checks. Keep these fees in mind as you evaluate GMAC Bank if you're considering opening an account and remember my previous advice concerning ING Direct or HSBC Direct.
Originally posted 2008-10-01 16:57:54.
WaMu Online Banking
WaMu is offering free checking and a new savings account with a new 4.00% Annual Percentage Yield (as of 9/08), so combining these two is a great option for those who have WaMu branches near them. You can get the convienence of your local branch coupled with ATM withdrawals and deposits, plus you'll receive the high interest rates and free online fund transfers of your online banking account. For comparison, this is what you get with WaMu's free checking account.
- No minimum balance or direct deposit requirements
- Free basic checks for life
- No ATM Fees
- Free Overdraft
WaMu Online Savings Account:
- Competitive 4.00% APY on all balances
- Rate is only available online
- No minimum balance requirements
- Instant Transfer Between Checking and Savings Account
You can open up your free WaMu checking account either at a local branch or online, but you can only open the savings account online. However the set up time for these accounts is really quickly, with the online savings account being set up in less than 5 minutes. Because funds transfer instantly from one account to the other, you can always have your money in the highest yield account and take out what you need, when you need it.
Overall, since WaMu lacks fees from all of its services, it's a great way to spend and save money, especially since all of your checks are free for the duration of your account. You can deposit any checks directly into your savings account at any ATM, which helps you maximize your interest. There's no other online bank which allows you to do this. You can also transfer the funds instantly from your savings account to your checking account, with no fees. However, you are limited in the amount of times you can do this in a month, with the limit being six.
The online interface for making transfers and deposits is very easy to use as well. It's simple and intuitive, which makes it easy to use their Online Billpay feature. A new feature which has been added in the past few months is online funds transfer, which lets you link up any external accounts you have by using your routing number and your account number. Transfers done in this way are free both in and out, which makes it very convenient for those who don't have a WaMu checking account but still want to use their high yield savings account features.
WaMu also features unparalleled security to give you the peace of mind you need when dealing with your money online. They have several security features in place which require you to confirm your identity before any major changes are made to your account. You can confirm yourself either via phone or mail, which makes it harder for identity thieves to get your information and use it for nefarious purposes. Customer service is also great, if you ever have a problem with your account, or you need assistance, WaMu's customer service via the website or telephone is fast and curteous in helping you resolve your problems.
Originally posted 2008-09-29 16:39:51.
WaMu Online Banking
Online banking has enhanced access, management as well as speedy communications for your transaction accounts, so you can pay bills or transfer money at the stroke of a keyboard, other than writing a cheque or visiting a branch.
The WaMu Online Banking will give a full repayment for the amount of any deceitful or illegal transaction that takes place on your account in an online banking session. That means $0 responsibility for fake or unlawful doings on your account.
WaMu’s Responsibility
For any fake or unlawful transaction which has been started during an online banking session at WaMu, it will offer 100% repayment of the transaction sum along with any connected account charges forced by WaMu or lost account interest resultant from such transaction.
Security
Safety through single password verification, like the case in many secure Internet shopping websites, is not measured protected enough for personal online banking applications in a few countries. Essentially there exist 2 different safety methods for online banking.
- The PIN/TAN system where PIN symbolizes a password, used for login as well as TANs symbolizing one-time passwords to validate transactions. TANs can be dispersed in different ways; the most accepted one is to send a record of TANs to online banking user by postal letter. The major protected way of using TANs is to produce them by need using a safety token. These token created TANs depend on the time along with a unique secret, stored in security token; this is known as two-factor authentication or 2FA. Generally online banking with PIN/TAN is done by a web browser with SSL secured links, so that there is no further encryption needed.
- Signature based online banking where all the transactions are encrypted and signed digitally. The Keys for the signature making as well as encryption can be stored on any memory medium or smartcards, depending on concrete execution.
History
The originator for the contemporary home online services was the distance banking services on electronic medium from early 1980s. The word online became well-liked in late 1980s as well as referred to utilization of a keyboard, terminal and TV to access banking system by a telephone wire. ‘Home banking’ might even refer to use of the numeric keypad for sending tones on a telephone line with commands to a bank. Online banking services began in NY in the year 1981 when 4 of city’s foremost banks, Citibank, Chemical as well as Manufacturers Hanover, Chase Manhattan, provided home banking by videotex system. As the commercial breakdown of videotex such banking services did not become popular excluding France where utilization of videotex was subsidized by telecom supplier and the United Kingdom, where Prestel method was referred.
The United Kingdom’s 1st home banking services were founded by Nottingham Building Society in the year 1983. The system utilized was founded on United Kingdom’s Prestel system as well as used a personal computer, like BBC Micro, or the keyboard linked to the phone system as well as TV set. The scheme permitted on-line presentation of statements, bill payments and bank transfers. To make bill payments and bank transfers, written instruction providing details of intended receiver was to be sent to NBS who placed the information on the Home link system. Usual recipients were electricity, gas, telephone companies as well as accounts with the other banks. Information of the expenses to be completed was input in NBS system by account holder by Prestel. The cheque was sent by NBS to payee along with a suggestion giving all details of imbursement was sent to account holder.
Originally posted 2008-09-19 13:43:37.
Choosing an Online Bank for your Business
Online banking would do great wonders for your business. Not only would you have the convenience of doing your transactions any time of the day, right in the comfort of your own home, you can also take advantage of the various business programs and investment tools that online banking can offer. You gain access to your bank information 24/7 at any time of the day.
When it comes to choosing the right online bank for your business, you should be able to compare the benefits and advantages that you can get from bank to bank. It would also be a good idea to get a reliable and trusted bank in the industry.
Devote some time and effort in choosing the right online bank suitable for your business. This would allow you to reap the benefits of online banking to the fullest. Some banks would charge minimal fee for online banking while others offer it as an extra service.
Questions you should ask about
When choosing an online bank for your business, ask about whether or not they have a program that is solely dedicate to entrepreneurs and small businesses. If they do have, ask for a list of services that they offer and how much each service would would cost you. Be sure to inquire about transaction fees so you would not be surprised by the time you see your bank bill. Make sure that aware of any additional charges that you may incur such as overdraft fees. Check the addresses of their local branches in your area so you would know how to go to there in case you would have an issue with your online bank account. To save big and get great benefits from your online bank, ask for current promos and discounts for new account holders.
Types of online bank accounts
When choosing an online bank account, it is important to know the different types of account that you can enroll in. Here is a list:
Current account - This account can be used for payments and receipts. It has a low pay interest on late payment and credit card balances.
Readily Access Deposit Account – This can be viewed from your current account and can be monitored any time. You can access this account for your online business transactions.
Time deposit account - If you want your money to gain interest, you can save your money on long term funds such as a time deposit account.
Foreign currency account – If you have a business overseas or you are using foreign currency for trading, this account would work best for you.
Loan account - For those planning to start a business with a loan or would use any type of loan for whatever purpose, a loan account can help you monitor interest and your payment.
Merchant account – This is the best type of bank account for small and big business, whether online or offline. This account type would allow you to accept credit card payments over the Internet.
Originally posted 2008-10-02 03:09:06.
The Bests of Online Banking Convenience
Over the years, financial banking has evolved. From manual processes and systems comes the convenience of on-line banking or internet banking. On-line banking lets customers conduct business over a secure website. Most banks today, if not all, provide on-line banking services. The common features include funds transfer, bills payment, balance inquiry, loan applications and a lot more new and innovative services.
In determining which banks to deal with and entrust your hard earned money, ING Direct, ETrade, or HSBC have earned good reputation in the on-line banking arena and are among the popular choices among other banks today.
ING Direct is a growing internet bank which is becoming the largest online bank in the US because of its simple and straightforward banking methods. It offers various products and services which are conveniently transacted online. ING Direct offers a simple online savings account with a higher than usual Annual Percentage Yield or APY. There are no service fees and no minimum balance requirements. Also, with ING Direct you can get CD’s ranging from 1 to 5 years with competitive rates. Other products include mortgages and home equity loans which you can conveniently apply for online.
There is also HSBC Online Savings Account which offers one of the highest-paying savings accounts. For many, HSBC is a bank of choice as it is one of the largest banking groups in the world and it provides interesting and lucrative options for people who want to save money. HSBC Online Savings Account works a lot like other online savings account. Like ING Direct, it offers high APY and no fees or service charges and minimums. With HSBC, you can keep your existing checking account and link it to your HSBC Online Savings account. They also send customers an ATM card to facilitate easy access to cash anytime, anywhere. However, there may be fees charged for checking accounts but HSBC will consider all of your balances together when they calculate how much money you have with them which make it easy to have an interest-earning checking account with no monthly fees.
Another major competitor in the online banking arena is ETrade. With ETrade you can virtually transact various products and services like brokerage, banking and lending and other internet-based financial products and services for retail, corporate and institutional customers. It offers checking and savings accounts, money market accounts, credit cards, and mortgage services. Like ING Direct and HSBC Online Savings Account, its major attraction is also its high APY with no fees. Plus you get an automatic savings plan with the ability to link your accounts with other banks. All you need to open an account with ETrade is a minimum of $1.00. Its difference with other banks is imminent in its merger with ETrade discount brokerage accounts. Also, with ETrade you get your money back for fees from five non-E-Bank ATM transactions per month. This works as a sort of reward to customers.
Indeed, information technology has revolutionized the way in which we conduct banking. Apart from its convenience, there are a lot of benefits we get that allows us to save even more money. You can compare these three online banking services with each other or better yet search for other online banks and decide which one is best for you.
Originally posted 2008-10-17 11:43:14.
Advantages of Online Banking
Now that the world has been doing more and more of its business online, people have started turning to financial institutions which offer their services purely online as well. Many of these institutions, such as ING Direct, or HSBC Direct offer great rates on accounts which are set up online. Because these institutions offer such great rates on their savings and checking accounts, it makes sense to open accounts with them in order to take advantage of their rates. You can always link these online bank accounts to your current external account which belongs to a brick and mortar bank, if this helps you feel more secure about the money you'll be placing in the online only account.
One of the major advantages of internet banking is the fact that it is cost effective. Many real world banks charge smaller fees if you use their online banking services instead of them sending you statements in the mail. Since you'll be doing all of your banking via the web and in the comfort of your home, you'll also save money on gas. In additon to that, since these banks are able to offer their products solely online, they can offer better service as they don't have overhead expenses needed to keep in operation, such as tellers. Because these online financial institutions have less of an overhead than real banks, they are able to offer much greater deals when it comes to opening accounts with them. Online banking accounts have the highest Annual Percentage Yield of any banking account available. In addition to the high APY offered by these banks, many of them also have no fees associated with the accounts you open with them. This keeps more of your money in your account and encourages you to do business with your account more frequently. Real world banks are at a disadvantage here because of the many fees they charge for switching money from account to account and withdrawing money from ATMs.
Another great advantage of online banking is if you have both an online checking and online savings account through the same financial institution, the transactions between these accounts is instantaneous. This fact has made it so that many people keep most of their money in their high yield savings account and transfer what they need out instantly, so they are constantly making the most from their money by keeping it in the higher yield account.
If security is what's stopping you from opening an online banking account with any of the financial providers described above, you should consider that many of these FDIC insured institutions take the same precautions any standard bank would. Any changes that are made to your account must be verified personally by you, either through the mail or on the phone. You'll need to provide security information which only you know the answer to and you'll have to verify any transactions the bank makes on your behalf in order to insure you're who you say you are.
Originally posted 2008-09-30 16:51:26.
Why Online Banking with HSBC Direct?
A publication dated February 2007 by Kiplinger's Personal Finance magazine rated HSBC Direct (www.hsbcdirect.com) as the best overall online savings account. Among other things that are taken into consideration for this recognition are low $1 minimum balance, quick customer service, an ATM card and a much higher Annual Percentage Yield (APR) typically associated with online banks.
If case you are clueless about what online banks is all about, these are internet based banks that do not have brick and mortar outlets like conventional banks, and they're generally not the same as your local bank with internet banking facilities. As mentioned above, the most attractive aspect of an online bank is its outstandingly high interest rates compared to normal banks, regardless of whether you have a savings account, money market account, checking or Certificate of Deposit (CD). For example, at the time this article was written, HSBC Direct is offering a 3.25% APY for savings account while HSBC regular savings account only yield a pathetic 0.10% a year. If you think this is high, HSBC Direct has been offering up to 5.05% APR during better times. Combine this with its low minimum balance to obtain APY of only $0.01 as compared to $100 for regular savings account, and we've got a winner hands down.
Why the big difference? The public is more savvy about money and are getting smarter about interest rates. When the paltry 0.10% APR stops bringing in savings, bankers are forced to offer higher interest rates to lure savers. Since online banking runs itself and require minimal maintenance, banks can justify the high interest rates paid out from the huge savings they gain from not needing to employ staffs, run bank branches and renovate their outlets. This is the reason why HSBC Direct is boasting its as high as 8 times national savings average' APR.
Rest assure that your money in HSBC Direct, like any other normal savings account, are completely secured and protected by the Federal Deposit Insurance Company (FDIC). Apart from that, user stand to enjoy the same kind of service that comes together with a normal savings account such as 24 hours customer care support and strong security features.
Perhaps the second most valuable element offered by HSBC Direct is the convenience to withdraw funds from any HSBC outlets in the U.S using an ATM card that doubles up as a debit card. This is not a normal feature associated with the average online banks savings account, and where it is absent, withdrawing and depositing funds can take time.
For total convenience, you can even switch all your banking needs to HSBC Direct since it is a full fledge bank with a wide range of service, including online bills payment, online funds transfer, online statement, checking account and investment account. Anyone who use an online banking facility by normal banks are already familiar with this kind of banking anyway. If you do not want the hassle of switching your usual banking faclities to an online bank, simply link your normal account to HSBC Direct to enjoy smoother transition of your money as well as enjoying higher returns for your cash in hand.
Give HSBC Direct a try!
Originally posted 2008-10-13 10:41:06.
Online Banking Basics
Online banking permits the consumers to conduct monetary transactions on the protected site managed by their virtual or retail bank, building society or credit union.
Online Banking is also cheaper; internet’s low cost form has also produced its own online savings accounts which merge higher interest rates with lower fees along with on-call access.
Features
Online Banking have lots of features plus capability in common; however conventionally even have some which are application particular.
The general characteristics fall largely into some categories –
- Transactional features for example performing a monetary transaction like account to account transfer, wire transfer along with applications, paying a bill, applying for loan and new account.
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- Electronic bill payment and presentment.
- Funds transfer among a consumers own savings and checking accounts, or to other clients account.
- Investment sale or purchase.
- Loan transactions and applications, like repayments.
- Non-transactional features for example check links, online statements, co browsing and chat.
- Bank statements
- Monetary Institution Organization – features permitting the monetary institution to supervise the online understanding of the end users.
- ASP/Hosting Management – features permitting hosting company to manage the solution on monetary organizations.
Features normally distinctive for business banking comprise –
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- Support of several users having changeable levels of power.
- Transaction endorsement procedure.
- Transfer of wire.
Features usually exceptional for Internet banking comprise –
- Personal financial organization support, like importing information to an individual finance program like Quicken, TurboTax or Microsoft Money. A few online banking platforms hold report aggregation to permit the consumers to check all their records at one place if they are with the major bank or with any other institutions.
New and better Security Features –
Online PIN Reset -
In case you do not remember your PIN, you might easily reset it online. You would be asked some questions to check if you are the same person and not somebody posing as you and when answered appropriately, you would be able to reset your PIN.
DoubleSafe –
DoubleSafe keeps your identity secure in 2 ways when you sign into your ING Direct account. On setup you will be asked to select 'Your Picture' which comes from a range of images. Then, you will choose 'Your Phrase' – a modified phrase to accompany 'Your Picture'. When DoubleSafe is set up, ensure you see your picture as well as your phrase. This will assist you to evade logging into a false ING DIRECT site (also called phishing). Lastly, you will set up the answers to secret questions so that they can know that it’s actually you.
Card skimming –
Debit and Credit card scam can occur at ABMs, bank machines, as well as retailers almost anywhere. Ensure whenever entering a PIN in a machine you keep it confidential as well as be alert for doubtful looking devices attached to the machine. You might be unknowingly helping thieves achieve access to your bank account.
Originally posted 2008-09-19 13:32:46.
ING Online Banking Is the Future?
Have you ever heard about online banking? Do you know that ING is one of the most beneficial internet banking throughout the world? According to the statistic of a website which is Review Centre, seventy-three percent of consumers recommended ING as the most efficient internet banking service. The magnificent service of savings and checking accounts make it the most preferred online banking alternative. The diversity of products offered by ING online banking attracts more and more consumers using ING online banking. ING is getting famous day by day and it is forecasted that ING online banking service will be the most reliable and trusted online banking service throughout the world.
ING Banking Online aids people to carry out their banking or financial businesses in just a mean of time. The service of ING Online Banking which is time-saving helps people to do jobs faster. In addition, all of customer’s history can be accessed through ING Online Banking. The efficiency of information access is another factor that makes ING Online Banking is the online banking service for future. Customers can access their bank statements or any other documents via ING Online Banking. The best part of ING Online Banking information access is customers just need to spend less than two minutes to get their history. Within one or two minutes, customers will know how much money they have transacted, account status, or even their financial statements.
Originally posted 2008-09-22 09:39:22.
How To Boost Your Savings
When it comes to savings, the earlier you start compounding and reinvesting your money along with interest, the more you will end up with. For example, a newborn which is given $6500 in his 8% a year account will end up with a cool $1,000,000 when he hit 65. Such is the power of compound interest. If you have been procrastinating on savings and not well versed in investing, here's a technique that give you an incentive to save.
Perhaps you are procrastinating about saving money because you do not have any knowledge on money and do not know what are the best ways to invest. No matter how good an investment is, it's always crucial to research on it and plan your move. In fact, an 8% interest deal are scarce nowadays due to economy slowdown unless you are prepare to take bigger risk to score that kind of returns. For those of you who do not want to be bothered with complicated investment jargon and high risk, a high yield savings account can be a good option.
You already know what is a savings account. A high yield savings account is high yield because it is fully internet based, which mean you cannot find physical branches of the bank in real life. The only important thing you need to know about this kind of savings account is that they can give you up to 8 times the normal national average of interest rates returns. So if you are previously unmotivated by the tiny interest offered by conventional banks, this is your chance to grow your wealth fast, without having to take any financial risk such as in investments.
Online banks are able to give you this kind of interest because they are saving so much money from not having to use paper and ink, maintaining physical branches, hiring workers and so on. With their significantly lower overheads compared to brick and mortar banks, the interest that they offer you is a small fraction of how much they saved. Therefore, this will also mean that you will not be able to withdraw from its branches such as in a regular brick and mortar banks, besides not having a passbook nor an ATM card. The only proof of your possession of an account is a username and password that you can use to access your account and online statements.
Who needs statements anyway when one can have online statements? They're a waste of paper and a hassle to store and retrieve. Besides getting high interest rates for your money, your online statements will instantly reflect any transaction so you'll always get the latest updates. The lack of these documents will ensure that they will never get lost and you will not have to pay for those facilities. Since an online bank may or may not come with an ATM card, the primary way of withdrawing and depositing is through a bank transfer using your existing conventional bank account. So if an online bank is giving a much higher returns than your usual account, simply transfer your funds over to enjoy the better rates.
Registering for an online savings account such an ING Direct will only take minutes, and a customer can start to enjoy anywhere from 2.75% to 3.25% depending on your balance. After all, internet banks are all about speed and efficiency, as you'll soon discover. For those of you who have spare cash for long term, why not consider a time deposit with ING'S Certificate of Deposit (CD) and get up to 4.25% returns? For the same CD duration (60 months), a normal brick and mortar bank will only give you around half of that, sometimes less.
If you're are thrilled with the idea and want to get your own online high yield savings account, here's another incentive for you. ING Direct is so confident that you'll love their service, they're going to pay you $25 just to sign up for an account with them. They say good things are meant to be shared, and ING Direct is listening, which is why you'll get a $10 reward on top of the $25 you get as a new customer, when you refer another person who sign up with them. So stop procrastinating and start to do some serious savings with the many incentives that is featured in this article.
Originally posted 2008-11-01 04:44:41.
