Personal Finance

Banks Open on Sunday

September 13, 2019 By Tamila McDonald Leave a Comment

In the United States, financial institutions like banks and credit unions are almost universally closed on Sunday. The majority are open during normal business hours, Monday through Friday, and some may use a shorter schedule on Saturdays. While Sunday hours aren’t common, there are some banks and credit unions that open their doors to customers on Sunday. If you’re looking to open or close an account or need some other banking transactions, here’s what you need to know about banks open on Sunday.

Banks That Are Open on Sunday

1^st Summit Bank (some Walmart locations only) – 12:00 pm to 3:00 pm
Academy Bank (Walmart locations only) – 11:00 am to 4:00 pm
American Savings Bank – 9:00 am or 10:00 am to 3:00 pm
Armed Forces Bank (some branches) – 11:00 am to 4:00 pm
Bank of America (some ShopRite branches only) – 10:00 am to 2:00 pm
Bank of Kirksville (Walmart location only) – 1:00 pm to 5:00 pm
Central National Bank (Walmart locations only) – 11:00 am to 3:00 pm
Chase Bank (limited NYC locations only) – 10:00 am to 2:00 pm
Citizens Bank (some supermarket branches only) – 10:00 am or 11:00 am to 3:00 pm
Country Bank (some Big Y and Walmart locations only) – 9:00 am to 1:00 pm
Crest Savings Bank (some locations) – 8:30 am to 12:00 pm or 1:00 pm
Cumberland Valley National Bank (some Walmart locations) – 1:00 pm to 5:00 pm
Dime Bank (some ShopRite locations only) – 10:00 am to 2:00 pm
East West Bank (most locations) – 10:00 am or 11:00 am to 3:00 pm or 5:00 pm
Farmers and Merchants Bank (some Walmart locations only) – 11:00 am to 4:00 pm
Fifth Third Bank (limited locations) – 11:00 am to 4:00 pm
First Citizens Community Bank (some Walmart locations only) – 9:30 am to 3:00 pm
First National Bank of Waterloo (some Walmart and Schnucks locations only) – 11:00 am to 4:00 pm
First State Bank & Trust Company (some Walmart locations only) – 12:00 pm to 5:00 pm
Huntington Bank (some Giant Eagle locations only) – 11:00 am to 4:00 pm
IBC Bank (limited locations only) – 12:00 pm to 4:00 pm or 6:00 pm
New York Community Bank (limited locations) – 10:00 am to 2:00 pm
PNC Bank (supermarket locations only) – 9:00 am to 3:00 pm
Republic Bank (most locations) – 11:00 am to 4:00 pm
Sterling National Bank (some locations) – 9:00 am to 2:00 pm
TD Bank (most locations) – 11:00 am to 3:00 pm
The Bank National Association (McAlester, Oklahoma, Walmart location only) – 1:00 pm to 5:00 pm
Triumph Community Bank (limited locations) – 10:00 am to 1:00 pm
US Bank (many Ralph locations only) – 10:00 am to 2:00 pm
Valley National Bank (many, but not all, locations) – 10:00 am to 2:00 pm
Wells Fargo (some locations) – 10:00 am to 3:00 pm or 4:00 pm
Woodforest National Bank (Walmart locations only) – 12:00 pm to 4:00 pm

It’s important to note that the vast majority of the branches that open on Sundays are located in retail or grocery stores. Locations that are not inside a Walmart, ShopRite, or similar store may not be open even if those branches do have Sunday hours. As a result, most of a particular bank’s locations may be closed while only a few are open.

If you are considering going to a one of the banks on a Sunday, it is always wise to contact your local branch in advance. That way, you can confirm when they are or are not open, ensuring you can get the assistance you need based on their availability.

Banks That Close on Sunday

Allied Irish
Bank of Montreal
Bank of New York Mellon
Bank of the West
BB&T
Capital One
Citigroup
Comerica
HSBC
KeyCorp
Northern Trust
Regions Financial
Royal Bank of Scotland
State Street
SunTrust
Union Bank
Zions Bank

Credit Unions That Open on Sunday

Denali Federal Credit Union (Walmart locations only) – 10:00 am to 7:00 pm
First Community Credit Union (Walmart locations only) – 9:30 am to 3:00 pm
L&N Federal Credit Union (Walmart locations only) – 12:00 pm to 4:00 pm
Service Credit Union (Walmart locations only) – 11:00 am to 3:00 pm
TruMark Financial Credit Union (limited locations) – 11:00 am to 3:00 pm

Credit Unions That Close on Sunday

Alaska USA Federal
Alliant
America First
American Airlines Federal
BECU
Bethpage Federal
Citizens Equity First
Delta Community
Digital Federal
ESL Federal
First Technology
Navy Federal
PenFed Federal
Police and Fire Federal
PSECU
Randolph-Brooks Federal
San Diego County
Schools First Federal
Security Service Federal
Star One
State Employees
Suncoast
Teachers Federal
The Golden One
VyStar

While many banks and credit union locations are closed on Sunday, you can still perform a variety of transactions. Usually, ATMs and online account services are available 24/7. While a transaction might not fully process until the next business day, it does allow you to handle certain activities on Sundays.

Why Banks Aren’t Open on Sundays

In many cases, banks and credit unions close on Sundays because it is more cost-effective. With online and automated services, fewer customers need in-person assistance. As a result, it doesn’t make sense to open if demand is low.

Do you know of any banks open on Sunday? Do you wish your bank was open on Sundays? Share your thoughts in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Financial Advice I’d Give My Younger Self

September 12, 2019 By Flanice Lewis Leave a Comment

If I can go back in time, I would do so many things differently with my money. I’ve learned so much through experience and research. Below, I detail the financial advice I’d give my younger self.

Invest Early

Start investing as soon as possible in various approaches. Deposit the maximum amount in an individual retirement account (IRA) and a 401k annually. If the employer offers to match your contributions, then take advantage. Open a brokerage account and invest in exchange-traded funds, or ETFs, and mutual funds. These funds make it easy to invest in multiple stocks without fees for each. They often provide dividends which can be an additional income stream. The earlier you start, the longer your investments have to grow and compound.

Avoid Debt

Debt seems like an inevitable part of life, but it is unnecessary and completely avoidable. Instead of taking out student loans, apply for more scholarships and grants. Apply before and during the school year for all available funding. Before making any purchases, plan and save up for as long as needed to avoid charging the purchase. This discipline applies to a house, a car, electronics, or any other wanted item. There is no need to take out a loan or use a credit card for anything you want. It will take time and patience but will keep you debt-free.

Stick to Your Financial Goals

Set financial goals and priorities, then determine which expenditures are hindering your success. Don’t let your costs increase as your salary increases. Keeping your costs low will provide additional funding for savings and investments. Keep track of income and expenses over time. Find ways to decrease the charges when they start to creep up. Shop around for insurance, services, and groceries. If you want to travel more, then spend less elsewhere.

Allow yourself to enjoy life while being mindful of spending and splurging. It is okay to spend money because that’s why it exists. However, ensure you have added to priorities first. Saving and investments should come before eating out, shopping, and expensive travel. Find deals for dining such as restaurant week. Use bargain sites for experiences and excursions. Maximize the use of coupons, rewards, and sales to reduce spending.

Shop Smart

Try to avoid expensive purchases while in desperation. For example, don’t wait to buy a car until you need one right that second. You will be more prone to make a bad deal or pay more than you want. Everything is negotiable or found elsewhere. Don’t take an uncomfortable offer for a house, appliance, cellular phone, television, or other major purchase. Salespeople can be aggressive, but the ball is in your court. Research what you want and what you’re willing to spend. Once you have set your budget, stick to it. Don’t be afraid to walk away.

Establish Good Habits Early

Finally, more money won’t make you better at managing it. Learn to budget and save at all income levels. Building good habits earlier will save thousands of dollars later. Once you find a system that works for you, stick with it, and update as necessary.

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Requesting Bank Statements from a Closed Account

September 11, 2019 By Tamila McDonald Leave a Comment

Bank statements are important financial records. They list every transaction that happens in a given account, and may be critical resources if you are dealing with some kind of financial dispute. If the bank account is open, getting copies of bank statements is relatively easy, as they are usually accessible online. But, if the bank account is closed, that isn’t always an option. If you are wondering, “Can I get bank statements from a closed account?” here’s what you need to know when requesting bank statements from a closed account.

How Long Banks Have to Keep Statements on File

By law, banks are required to keep the majority of financial records relating to individual checking and savings accounts for a minimum of five years. This includes details about closed accounts.

As long as you are requesting bank statements that are five years old or less, your financial institution must have that the information stored. Otherwise, the bank is in violation of the law.

Requesting Bank Statements from a Closed Account

If you need to get a bank statement from a closed account, you usually can’t access it online. Most financial institutions only provide online access to these documents to current customers and for open accounts. However, it doesn’t hurt to look if you still have your login credentials. If they are there, then you can print them or save them yourself. If not, then you’ll need to complete some additional steps.

Luckily, requesting bank statements is a fairly straightforward process in most cases. However, the steps can vary from one bank to the next. As a result, the first thing you should do is contact your bank by phone. That way, an employee can provide you with an overview of the process.

Depending on the bank, you may be able to request bank statements over the phone, in a letter, or in-person. In all of those scenarios, you will have to complete steps to verify your identity, ensuring you have rightful access to the information. You might have to provide your full name, date of birth, Social Security Number, and mailing address. In some instances, they might request the account number of the account in question.

If the bank requires these requests to be made in-person, you’ll need to bring appropriate photo identification. Usually, a driver’s license, government-issued ID, or passport will work.

Defining Your Bank Statement Request

After providing your identity, you’ll need to provide additional details about your request for bank statements. Typically, you’ll need to give a date range that covers all of the statements you want.

If that entire date range falls within the last five years, all of the statements should be available. Anything outside of that five-year window isn’t required to be kept by law. However, some banks do have records that are older, so they might be available if you ask for them.

Bank Statement Reprint Fees

Banks are allowed to charge a fee for any bank statement reprints. The amount of the fee can vary, though usually falls in the $1 to $5 range for each copy of an individual statement.

For example, Bank of America charges $5 per statement copy. If you need three statements (one copy of each of the three statements), you would be charged $15 for the service. If you needed two copies of a single statement, that would cost $10.

Receiving Your Bank Statement Copies

How you can receive your bank statements also varies from one institution to the next. If you make the request in-person and the records are immediately accessible, an employee might be able to print them and provide them to you right away. When making a request by phone or mail, you might be able to arrange to pick up the statements from your bank or to have them mailed.

In cases where the records are archived, immediate access might not be possible. It could take an employee a few days to receive the information, so you’ll have to wait to pick them up or request that they are mailed once they are printed.

Requesting Statements for a Deceased Person’s Account

If you need bank statements from an account that is closed and the original owner of the account is deceased, then you typically need to make this request in person. The banks will need to confirm your identity, the fact that the owner is deceased, and that you have a right to access the information.

Along with providing the bank with your picture ID, expect to be asked to see the deceased’s death certificate. This shows the institution that the original owner has passed away and that there is an official record of the death.

Usually, you’ll need to be the administrator or executor of the deceased’s estate to be able to access those statements. You must have documentation that shows you are designated to perform that role.

Once the proper documents have been shared, the process is the same as it would be for a living person with a closed account. You’ll need to outline the statement dates, pay any required reprinting fee, and select a delivery method based on what’s available.

Getting Bank Statements from a Failed Bank

When a bank fails, getting statements can be trickier, but it isn’t impossible. First, you need to determine if the failed bank was acquired by another institution. If so, that is the entity you need to contact. Then, that institution can let you know what steps you need to take to get those statements.

If the bank’s holdings are being managed by the Federal Deposit Insurance Corporation (FDIC), you’ll need to reach out to the FDIC to make a request for the statements. You can contact the FDIC by phone at 1-800-523-8089.

Have you ever had to request bank statements from a closed account? Tell us about your experience in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

What Can You Do With A Frozen Bank Account?

September 5, 2019 By Tamila McDonald Leave a Comment

Learning that your bank account is frozen is usually a shock. While you have some access to your account, a lot of your activity is restricted. This can make it incredibly challenging to manage financially, particularly if your only bank account is frozen. If you’re stuck with a frozen bank account, knowing what you can and can’t do is beneficial. Here’s a look at how a frozen bank account works.

What You Can Do When Your Bank Account is Frozen

If your bank account is frozen, there are still certain things you can do with the account. You do maintain your ability to review your transactions. Additionally, the account can accept certain kinds of deposits. However, that is the limit as to what you can do while the bank account is frozen.

What You Can’t Do When Your Account is Frozen

Once your bank account is frozen, you can’t withdraw any of your money. Additionally, you can’t transfer out any of the funds, even if it is for paying bills.

Until the account is unfrozen, your money is essentially locked away. You’ll have to address the source issue if you want to regain access to your funds.

How to Handle a Frozen Bank Account

The moment you realize your bank account is frozen, you need to call your bank. There are a few reasons why it may have frozen your account, and you can’t take action until you know which scenario is in play.

Usually, banks only freeze bank accounts for three reasons:

Illegal or suspicious activity
Unpaid debts and the creditors have court orders
Unpaid debts to the government

Your next steps may be determined based on the reason for the freeze. For example, if there is an unpaid debt that went to collections and that creditor is trying to access your account to collect payment, you may be able to speak with the creditor and come up with another arrangement.

However, in nearly all cases, it is wise to consult with a lawyer. Getting a bank account unfrozen can be incredibly complicated since it usually means that criminal activity is suspected, you are fighting against a court order, or you owe the government money.

Keep An Eye On Your Mail

As you work to figure out your next steps, keep an eye on your mail. Usually, you’ll be receiving a notice that will discuss whether any of the money in your account is “exempt” from the freeze. Additionally, it should contain instructions regarding what you may need to do to get the account unfrozen. By reviewing it carefully, you may be able to start a procedure that could resolve the issue with or without the help of a lawyer.

You should also review local laws and regulations regarding frozen bank accounts. In some cases, there are legal requirements regarding how much of your money has to remain unfrozen, ensuring you can handle various necessities of life. For example, the Exempt Income Protection Act in New York is one such law. Not all states have the same regulations, so you’ll need to research yours to determine what protections are available.

Should You Open Another Bank Account?

If your main bank account is frozen, opening a new account at a different bank is usually a good idea. This allows you to handle various financial basics, like deposit paychecks and pay bills. This is especially true if your pay is being direct deposited into the frozen account, as you’ll need a new place for that money to go. Similarly, if you are receiving government benefits like Social Security, you might need a new bank account, so you can have that money deposited into a usable account.

Have you ever had to deal with a frozen bank account? What were you able to do with it? Share your experience in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Opening Two Bank Accounts from the Same Bank

August 30, 2019 By Tamila McDonald 1 Comment

Having multiple bank accounts can be a great financial move. It gives you options for controlling or segmenting your spending, saving toward multiple goals and keeping those amounts separate, and keeping both a joint and individual account for managing household finances. Luckily, nearly every bank will let you open two bank accounts. Not only can you set them both up when you first sign up, but you can also add a secondary account later. However, there are also risks if you use this approach. If you are considering opening two bank accounts from the same bank, here’s what you need to know.

Benefits of Opening Two Bank Accounts from the Same Bank

When you have more than one account with the same bank, you get a variety of benefits. First and foremost, it is incredibly convenient. All of your money is in one place, so you’ll have one bank to deal with if you need help.

Plus, your transfers between accounts may be instantaneous, which can be helpful. For example, if your checking account is low and you have money in savings, you can shift money from your savings to your checking to handle an unexpected emergency. Potentially, the cash will move in seconds, which is great if you can’t afford to wait.

If you are considering two savings accounts, you could use each one for a different purpose. For example, one could hold your emergency fund while the other is used to build up cash for a major purchase or vacation. This can make it easier to track the purpose of your money, which is great for budgeting, too.

Risks of Keeping All of Your Money with One Financial Institution

When you have multiple accounts with one bank and don’t maintain a checking or savings account with another institution, there are some potential risks. If your bank experiences a technical issue, you might not be able to view or use any of your accounts, and that could put you in a bind. While this would certainly be a rare occurrence, it’s important to understand that it could happen.

If you have a substantial amount of money, you may also exceed the insurance limits. At banks, the Federal Deposit Insurance Corporation (FDIC) insures each account holder for up to $250,000, not each account. That means, if the total of your two accounts is above $250,000 together, you aren’t fully insured. The excess wouldn’t be covered, so you could lose it if an incident occurred.

No More Than $250K

However, if you put those two accounts in separate banks, as long as each bank holds no more than $250,000, your money is fully insured. As a result, you would be safer using more than one institution if your total savings and checking account balances would exceed that amount.

Ultimately, whether you open two accounts with the same bank or separate them by using more than one bank is a personal decision. Just make sure you are comfortable with the risks if you proceed.

Have you opened two bank accounts at the same bank? Tell us about your experience in the comments below.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Avoiding the Monthly Payments Mentality

August 30, 2019 By Kathryn Vercillo Leave a Comment

Chances are that you often think about money in terms of monthly payments. For example, you make monthly payments on your car, house, and cell phone. It’s not your fault; we’ve been conditioned to think this way. However, the monthly payments mentality can be such a trap. If you look only at that small picture, you might end up spending money when you could have been saving it. That’s why it’s important to learn how to get out of the monthly payments mentality.

What is the Monthly Payments Mentality?

You walk into a car dealership and the salesperson says to you, “how much are you looking to spend per month?” It’s finally time for you to buy your first home, and the broker wants to know what you are able to pay monthly on your mortgage. You sign up for a new cell phone service and they try to upsell you with a bundle package that’s “only” x dollars more per month. Or to give you a better phone that you pay for in small monthly additions to your regular bill. These are all examples of the monthly payments mentality.

The monthly payments mentality means that you’re thinking entirely or primarily about how much you’re paying for something per month. Therefore, you aren’t thinking about the bigger picture. You aren’t worried so much about the total amount paid over time. You aren’t concerned with what else you could do with that money over the long haul. You’re simply looking at, “what’s the cost per month and can I afford it?”

Why is the Monthly Payments Mentality So Popular?

The monthly payments mentality is so popular, so common, that you probably didn’t even think it was weird until you started to think about it a little bit more closely. Most of us pay almost everything in monthly installments. Car loans, student loans, mortgages, credit card bills, rent-to-own furniture, video streaming services … the bills arrive monthly, so we pay them monthly, and we don’t think much else about it.

Part of the reason for this is because most of us only get paid once or twice per month. We know what we earn per paycheck (or approximately what we earn monthly as freelancers.) Therefore, we can easily tell whether or not we can afford to make a monthly payment for something. It’s a little bit harder to look at your annual income and determine what you can and can’t afford all throughout the year. After all, doing so requires some serious advance planning.

However, the main reason that the monthly payments mentality is so popular is because it benefits the sellers. They realized long ago that you’re a lot more likely to believe something is affordable if you can pay just $10 per month for one year than if they want $120 out of pocket right now. Some services offer you a discount if you pay an annual fee instead of a monthly fee, knowing that they will benefit either way (with a smaller upfront one-time payment or more money paid out over the long run.) Some businesses even offer you the first month or two “free” so that what you’re focused on is zero payments until the future. It lures you in to make impulse purchases.

Make no mistake: the monthly payments mentality is popular because it benefits a business’s bottom line. It’s not popular because it’s best for you.

What’s Wrong with the Monthly Payments Mentality?

There are four key reasons that the monthly payments mentality is a problem for individuals who are truly interested in saving money.

1. It hides the total cost of your item.

What are you paying for your cell phone over the entire lifetime of the phone? You probably don’t know. All that you know is what you pay for it monthly. Hopefully you know what your total mortgage cost is, including all of the interest accrued over time, but many people don’t even know that. They know what they pay monthly, and that’s it.

If you don’t have a true understanding of the total cost of each and every item that you’re paying for monthly then you don’t really understand your finances. And if you don’t understand your finances then you’re on a slippery slope towards financial trouble.

2. Monthly pricing makes comparison shopping challenging.

This relates back to point one. If you aren’t looking at the total cost of an item, then you aren’t able to make the best long-term decisions about the right items to purchase.

Consider, for example, if you are about to buy a new car.

Loan #1 is for a car that costs $15,000. You pay $2000 down. Then you pay the rest in monthly installments at 6% interest rate for 84 months. You only pay $189.91 per month.
Loan #2 is for the same car with the same down payment and the same interest rate. However, you only take out the loan for 24 months. Your monthly payment is $576.17.

If you’re only comparing your monthly payments, then of course you take the first option. But obviously, when you consider the interest rate (not to mention the fact that you’ll be saddled with Loan 1 payments for many more years than Loan 2), you should take the second option. You’ll save over $2000 by making higher monthly payments for a shorter amount of time. If you can’t afford that, then maybe you should get a less expensive car.

Oftentimes, when you’re trying to compare monthly payments, you’re working with different interest rates and other terms of the sale. It all gets confusing. That’s why it’s important to look closely at total cost, rather than monthly costs.

3. Small Loans Encourage Big Debt

When you’re trapped in the monthly payments mentality, you can easily find yourself taking on a lot of debt. As long as you can cover the monthly bills, what’s the problem? The problem is that debt comes with interest, so you’re paying more than you need to for items that you may or may not need in the first place. Moreover, if you get into financial trouble, you’ll have all of that debt to deal with.

4. If You’re Spending, Then You Aren’t Saving

The more that you shell out, the less that you have to save and invest. If you get trapped into worrying about the amount of money you can afford to spend each month, then you’re no longer thinking about all that you can save. Therefore, the monthly payments mentality encourages waste.

How to Avoid the Monthly Payments Mentality

It’s time to get out of the monthly payments mentality. It’s time to start thinking about the bigger picture. Take a long hard look at your budget and make sure that you understand the total cost, including interest, of everything that you’re currently paying out monthly.

In cases of subscriptions, or services such as cell phones and streaming services, calculate not just your monthly cost but also the annual and five-year costs. This will give you a better view of the big picture of your spending. Therefore, you’ll be better able to make choices that empower you to save and invest, rather than to spend.

Before you make any new purchases, always go in with a plan. Never disclose your “monthly allowance” to the lender. That just encourages them to upsell you to that amount. Instead, make sure that you focus on the total cost of the item over time. In many cases, if you can’t pay the total cost out of pocket now, you might not actually want to purchase the item at all. If you do decide to make the purchase, looking at the total cost will enable you to make the soundest financial decision.

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