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What is an Adverse Action Notice?

person clicking an email button

If you’ve received an adverse action notice in the mail, you might be wondering what it means.

Explore this Guide:

 

What is an Adverse Action?

 

An adverse action is a notice that lets someone know their application was denied. You could receive this notice in the form of a letter or an email.

 

When you apply for credit, a job, an installment loan, or insurance coverage and that application is denied, the person or business that received your application might send you a formal “adverse action” notice or letter. This formal letter lets the applicant know their application did not get approved.

 

An adverse action notification can apply to many instances of denial or termination. You can receive an adverse action if you were denied a job, if your loan application was denied, or if you are being dropped from any other kind of contract or benefit.

 

The person or business that sends the adverse action will often have their own requirements that applicants must meet. The adverse action will often outline which requirements you lacked or any other reasons why you weren’t approved for the job, raise, promotion, or loan.

 

For instance, if you apply for a loan, your application might be denied because your credit score isn’t high enough to meet the lender’s credit score requirements.

 

Likewise, a job application might be denied due to something in your background check like a criminal history. In both instances, the company might send an adverse action as a way to let you know your application was denied.

 

What Does an Adverse Action Notice Mean?

 

An adverse action means your application or request didn’t get approved. An adverse action will also outline the reasons your application or request was denied.

 

An adverse action is helpful because now you know what you need to work on to get approved next time. You might need to work on decreasing debt or increasing your credit score to get approved for a loan, bank account, or credit card.

 

What is on an Adverse Action?

 

The content of your adverse action includes information about why your application was not approved.

 

Companies might not list every single reason you were denied, but they will list a few of the main reasons you were denied.

 

Here are some examples of reasons your application might not get approved resulting in an adverse action notice:

  • the application you submitted was incomplete
  • your application for credit was denied
  • special credit terms you requested were denied
  • the lender has a counteroffer
  • something in your credit history doesn’t meet their requirements
  • something in your background check doesn’t meet their requirements
  • you don’t meet minimum age requirements
  • you don’t meet minimum income requirements
  • your overall debt is too high
  • you have too many recent credit applications
  • you don’t have enough credit history
  • your credit score is too low
  • you have a history of late payments

 

The adverse action will have some other basic information on it as well:

  • applicant’s name and address
  • applicant’s credit score
  • official reasons for the application’s denial
  • contact information for the consumer or credit report agency that was used
  • explanation that the credit agency was not responsible for the denial and thus doesn’t have answers about why the application was denied
  • explanation that the client has a right to get a free copy of the consumer or credit report
  • explanation that the client also has the right to dispute any inaccuracies of any kind in the report

 

With the information found on an adverse action, you can now better understand where your credit score stands and how you might be able to improve your credit.

 

Examples of an Adverse Action

 

You can receive a notice of adverse action from many places and for many reasons. Here are a few examples of an adverse action:

  • a landlord denies your rental application or is evicting you from the premises
  • a lender denies your application for a loan or line of credit
  • an employer denies your application for employment

 

The adverse action will look different based on who is sending it.

 

If the adverse action is from your landlord then the notice will have the name of the property, the landlord, the landlord’s signature, and bulleted lists outlining why your rental application was denied.

 

If the adverse action is from a financial institution, it will look similar, but the bulleted items will be financial requirements that applicants must meet, and not rental requirements that tenants must meet.

 

Pre Adverse Actions

 

What is a pre adverse action letter?

 

A pre adverse action is a notice that comes before the official decision has been made. Pre adverse actions are used most often during the hiring process to let an applicant know that something failed in their background check.

 

A pre adverse action is not an official denial though. It simply informs the applicant that the company is considering denying or withdrawing their job offer and why that is the case.

 

Just like an official adverse action, a pre adverse action notice contains the following information:

  • explanation that a full adverse action is being considered
  • a copy of the report that contains the information causing an adverse action to be considered
  • the contact information for the reporting agency
  • an outline of all the applicant’s rights from the Fair Credit Reporting Act (FCRA)

 

The reason some employers will send a pre adverse action is to give the applicant time to dispute the application denial before the denial is official. This is especially helpful in the case of a failed background check.

 

When Do You Get an Adverse Action Notice?

 

There are many reasons you might receive an adverse action. When you get an adverse action you will most likely receive it electronically or in writing.

 

For example, many adverse actions will come to you in the mail or via email.

 

When you get an adverse action, you can expect to get it anywhere around 7 to 10 business days after you’ve been denied.

 

Here are just a few examples of the instances when you might get an adverse action:

  • when you want to get a loan
  • when you want to get a credit card
  • when applying for a new apartment
  • when applying for a job

 

There are also some rules and guidelines for applications set by the Equal Credit Opportunity Act (ECOA) and the Fair Credit Reporting Act (FCRA) that businesses must follow when approving and denying applications.

 

Be aware of your rights so you know when a denied application was justified or not.

 

For example, no one can deny you credit or employment because of your race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

 

FCRA Requirements

 

If you are wondering whether your credit score meets FCRA requirements, you can learn more about them on ConsumerFinance.gov.

 

On this website, you’ll find all the legal details about the FCRA, its purpose, and its requirements.

 

What to Do if You Get an Adverse Action Notice

 

So you got an adverse action. You’re probably wondering what to do now.

 

The first thing you need to do when you get an adverse action is understand your rights.

 

For example, when an application of some kind gets denied based on your credit, consumer, or criminal history then the party that denied your application is legally obligated to send you a formal adverse action, outlining why you were denied.

 

They also need to provide the contact information of the agency they used to get your credit, consumer, or criminal history so you can also access that information.

 

Once you understand your rights, get your own credit report to see your credit score and credit history for yourself.

 

Now that you have your own credit report in hand, check your credit history for any errors. If you do find an error, an inaccuracy, an instance of fraud, or an incomplete area, dispute it directly with the credit agency to get it fixed.

 

After taking care of any potential errors on your credit report, you can use insights from your credit report to work on improving your credit score.

 

A typical credit report includes your payment history, amounts owed, the length of your credit history, credit mix, and any new credit. So if you are frequently late making payments you’ll see this information here and can work on making this part of your credit history better.

 

By working to better your credit score, you can eventually apply again with more confidence, knowing that the reasons you were denied have improved.

 

How to Avoid an Adverse Action

 

An applicant’s credit history is very informative for the people and company’s processing your application.

 

By looking at a credit report, they can know if you will make payments on time, if you can handle this amount of debt, and how responsible you are overall with your finances.

 

The best way to avoid an adverse action is to prevent negative marks on your credit report in the first place. The following are a few examples of negative actions you want to avoid getting on your credit report:

 

Late or Missed Payments

 

Avoid late or missed payments first by living within your means.

 

If you are currently living paycheck to paycheck, find a way to increase your monthly income or downgrade your lifestyle to better fit the budget you have. This will make it a lot easier to keep up with all your payments.

 

You can also make use of autopay options wherever you can. Autopay is a great way to automate your budget and never miss or be late on a payment again.

 

Defaulting on Credit Accounts

 

What does it mean to default on a credit account?

 

Defaulting on credit is when you’ve missed multiple payments on a debt or fail to make payments on that debt at all. Avoid defaulting on credit accounts by avoiding going into debt you can’t afford.

 

Each time you take on a debt, it should be carefully planned into your current monthly budget. If it won’t fit into your budget, then seek out other options.

 

Overall Debt is Too High

 

Your total debt becomes too high when it goes over a certain debt to income ratio. The ideal debt to income ratio is under 36%. This means that ideally, you would only have 36% of your monthly income going toward debts.

 

Typically, 43% is the highest many lenders will accept when processing an application for a loan or line of credit. But you want to keep your debt to income ratio lower than this whenever you can.

 

If your overall debt payments are higher than 40% of your income, then make a strict budget and payment game plan to start reducing your debts.

 

Stay Updated on Your Credit Report

 

You can also help prevent these negative marks on your credit history by keeping tabs on your credit report yourself.

 

Don’t wait for an application to get denied to check out your own credit history.

 

Once a year, go through your consumer and credit history for accuracy and to see how you are doing.

 

This way you will be aware of any financially unhealthy habits you need to work on and you’ll be able to catch and take care of mistakes before submitting applications that will look at your credit history.

 

Get Good Credit Where Credit is Due

 

Not all financial actions get counted in your credit score unless you do something to make them count.

 

For instance, make sure your on-time utility or phone payments are going toward boosting your credit score by contacting your credit agency and allowing them to add that information to your credit file.

 

If you plan responsibly, you can also use credit cards to make all these payments, then pay off your credit card immediately in order to make this positive payment history impact your credit history for the better.


Sources


Experian. “What Is an Adverse Action Letter?” by Ben Luthi.

The Balance. “What Is an Adverse Action Notice? Use this disclosure to understand and overcome a credit denial,” by Latoya Irby.

Investopedia. “Adverse Action,” by Jason Fernando.

Examples. “What Is an Adverse Action Notice?”

Hire Safe. “What is Adverse Action?”

ConsumerFinance.gov. “Credit reporting requirements (FCRA)”

Confidence with Licensed Direct Lenders

direct road

The first things you need to know before shopping for a loan are the difference between direct vs indirect lenders and the importance of using a licensed lender.

Explore this Guide:

 

What are Licensed Lenders?

 

Licensed lenders are lenders who have a specific license to lend with the federal and state government.

 

Licensed lenders have to follow both state and federal government requirements. If a lender is licensed, then you know they follow important regulations to keep their borrowers safe.

 

How Do Lenders Get Licensed?

 

To get a license, lending companies need to meet specific requirements, apply and get approved, and keep their services up to date with state and federal regulations.

 

Lenders apply for this license with the Nationwide Mortgage Licensing System (NMLS), the Department of Business Oversight (DBO), the Department of Financial Institutions, or the Residential Mortgage Lender License (RML).

 

To meet the strict approval process’s requirements lenders need the following:

  • A detailed business plan
  • Disclosures
  • Certificates of authority
  • Organizational charts
  • Financing requirements
  • Background checks for everyone involved in the lending
  • Application fees ranging around $400
  • Surety bonds

 

Lenders who specialize in dealing with mortgage loans have added special requirements like getting approval from the following organizations:

  • Federal Housing Administration (FHA)
  • Veterans Administration (VA)
  • Farmers Home Administration (FmHA)
  • Government National Mortgage Association (Ginnie Mae)
  • Federal National Mortgage Association (Fannie Mae)
  • Federal Home Loan Mortgage Corporation (Freddie Mac)

 

Licensed lenders also have to deal with regular state and federal audits that routinely make sure licensed lenders are following all laws and regulations. This means they have to keep very detailed and organized financial statements and documents.

 

When a lender is licensed, you know as a borrower that the lender is being held by a higher standard.

 

What are Direct Lenders?

 

Direct lenders offer loans directly.

 

Some examples of direct lenders include banks, credit unions, and financial institutions like Check City.

 

At a direct lender, borrowers apply and receive loan funds all with the same company. This includes payday loans online, bad credit loans, personal loans, cash loans and more.

 

What are Indirect Lenders?

 

Indirect lenders offer loans indirectly.

 

Another term for indirect loans and indirect lenders is dealer financing. This is because working with indirect lenders is like going to a loan dealership where lots of different loans are available and a salesperson is going to try and sell you a specific one.

 

At an indirect lender, borrowers apply for a loan with the indirect lender, who then gives that application to many other third-party lenders in order to get a client their loan.

 

Direct Lenders vs Indirect Lenders

 

Like with all lending options, there are pros and cons to both direct and indirect lenders.

 

Indirect Lenders have the interest of many different lenders to take their attention away from you and your needs as a borrower.

 

Payments and interest rates for indirect loans are often higher because you’re paying for the extra work of the loan intermediaries and the actual lender.

 

Your creditworthiness will be a higher priority to get a loan with an indirect lender since indirect loans are higher risk loans than direct loans.

 

Borrowers who seek indirect lenders are often stumped on what lender to use and thus seek the help of a loan intermediary.

 

Direct Lenders often have lower interest rates and payments than indirect lenders do.

 

They also often come with better payment plan options because they can offer more flexibility since they are the actual lender.

 

Customers often experience less pressure from direct lenders because direct lenders don’t have to make loan sales for other lenders the way indirect lenders do.

 

You also won’t have to deal with loan negotiations that can get messy and complicated with a direct lender. Everything is just written out clearly ahead of time so you know the kind of loan you are signing up for before you even apply.

 

Your private and personal information is also more protected with a direct lender since direct lenders don’t send your application information to multiple lenders like indirect lenders do.

 

Instead, your application information just goes to the direct lender.

 

Business Lending vs Consumer Lenders

 

Business Lenders lend funds specifically to businesses while Consumer Lenders lend funds to individuals.

 

Some lenders offer loans to both businesses and consumers while other lenders only offer one or the other.

 

Direct Lender Loans

 

A direct lender loan is the best type of loan because you’ll be dealing directly with the lender instead of with a third-party loan intermediary.

 

A direct lender loan may be able to get you better interest rates, better payment options, more flexible loans, more personal customer service, and more transparent loan terms.

 

Direct Lender Installment Loans For Bad Credit

 

Direct lenders who offer installment loans are more likely to approve loans for borrowers with bad credit.

 

Because they have a direct relationship with the borrower, they can offer other forms of loan security, like with signature loans or title loans. That way, borrowers with bad credit still have loan options available to them too.

 

Guaranteed Payday Loan Direct Lender

 

Payday loans are a type of loan designed to help borrowers get to their next paycheck sooner.

 

Payday loans are a quick and small loan designed to be paid off quickly. The purpose of a payday loan is to give customers quick, emergency finance options for when they need them most.

 

The payday loan process is much faster with a direct lender. A speedy approval and funding process for payday loans is essential to getting customers the funds they need right when they need them.

 

Direct Lender Online Installment Loans Instant Approval

 

When you work with a direct lender you can sometimes get instant approval or preapproval for loans.

 

That’s because you are working directly with the actual lender so they can quickly make those loan application decisions for you.

 

Indirect lenders don’t usually have the power to grant instant approvals or preapprovals for loans because they are not the lender.

 

Check City is a Direct Lender

 

Is Check City a direct lender? Yes!

 

Since Check City is a direct lender you can take all your loan questions and concerns to us directly. You can also get some of our loans as quickly as the same day with direct deposit or by coming into your nearest Check City Store.

 

Check City is a Licensed Lender

 

Is Check City a licensed lender? Yes!

 

You can take a look at Check City’s lending licensing by visiting our Responsible Lending Statement Page or our State Licensed Lender Page.

 

Because Check City is a licensed lender we have to meet all the important requirements set to keep our lending secure and safe. And we’re glad to do it!

 

In Conclusion,

 

The best loans come from lenders who are both direct lenders and licensed lenders who comply with both the state and federal rules and regulations.

 

This is the best way to make sure your loan comes with the best terms and the most security.


Sources


The Balance: Small Business. “What Is Lending? Definition and Examples of Lending,” by Jean Murray.

Utah Department of Financial Institutions. “Consumer Lending.”

Investopedia. “Mortgage Broker vs. Direct Lender: What’s the Difference?” by Zina Kumok.

LoanOfficerLicense.net. “Loan Officer License Information: Everything you need to jump start your career and earn your Loan Officer License!”

What is ACH Payment?

making an ACH payment online

You may not realize it, but you probably use ACH payments more than you know.

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If you’ve never heard of ACH then this article is for you.

 

Most likely, it’s a network you use a lot without even realizing it.

 

What is ACH?

 

The term ACH stands for Automated Clearing House. It is run by the National Automated Clearing House (NACHA), which is where it gets its name.

 

It is an electronic system that transfers funds. This electronic money transferring system is most commonly used for payroll, direct deposit, tax refunds, online bill pay, tax payments, loan payments, and other payment or electronic money transfers.

 

It is how we move money digitally. In fact, it is so essential to modern-day finances that almost 93% of Americans use the Automated Clearing House to get paid.

 

What is Automated Clearing House?

 

Automated refers to the fact that it’s an automated system. This is what makes ACH ideal for transferring electronic funds because the system does it automatically and no one has to manually process each transaction.

 

The Clearing House is the electronic network that electronic transactions go through to get processed safely and securely. This way each electronic transfer doesn’t have to go through lots of other channels to get to where it needs to go.

 

The Automated Clearing House network can handle our electronic money transfers in the fastest, most secure, and most direct way.

 

It is used by US financial institutions, businesses, government organizations, and individuals.

 

What is ACH Number?

 

An ACH number is an ACH routing number unique to a financial institution. Banks and credit unions use this number to transfer funds from bank to bank.

 

This 9-digit number can also be referred to as the routing number for electronic deposits or direct deposits.

 

The ACH routing number may be different than the routing number on your checks or the routing number used to wire funds to or from your financial institution. It’s important to ensure you have the correct ACH routing number when providing this to the transmitter.

 

ACH Number vs Account Number

 

An ACH number is the financial institution’s account number for electronic deposits and transfers.

 

An account number is the routing number of someone’s personal financial account, whether that’s a bank account or credit union account.

 

Each bank account number has a unique account number with 8 to 12 digits. Think of it as a unique identification number for your personal financial account. Meanwhile, the ACH number is the unique identification number for financial institutions.

 

What is ACH Payment?

 

An ACH payment is an electronic payment. Electronic payments use the Automated Clearing House system in order to process the electronic money transfer.

 

If you make an online payment to pay a bill or a loan payment, it might get referred to as an ACH payment.

 

ACH-Payment-Examples

ACH Payment Examples:

  • Credit card bills
  • Debit card payments
  • Other bills
  • Subscription payments
  • Sending money using Venmo or Paypal

 

What is ACH Transfer?

 

When you transfer money online you are making an ACH transfer. Whether you’re moving money from one account to another or sending money to a friend with PayPal or Venmo, you’re using the Automated Clearing House to transfer those funds.

 

ACH-Transfer-Examples

ACH Transfer Examples:

  • Sending money using Venmo or PayPal
  • Transferring money from bank account to another
  • Transferring money from your checking account to your savings account
  • Direct deposits like paychecks or tax refunds

 

What is an ACH Transaction?

 

When you buy something online or use an electronic payment method like a debit card or your phone, you’re making an ACH transaction.

 

ACH-Transaction-Examples

ACH Transaction Examples:

  • Direct deposit
  • Paychecks
  • Automatic bill payments
  • Making electronic purchases
  • Transferring money to an online bank account

 

What is ACH Credit

 

A credit to your account is when funds are added to your account.

 

An ACH credit is when funds are given to an account through an electronic deposit.

 

When you receive a direct deposit of some kind you can refer to that online transfer as an ACH credit because the Automated Clearing House is the system the funds went through to get to your account.

 

ACH-Credit-Examples

ACH Credit Examples:

  • Paychecks
  • Government benefit checks
  • Tax refunds
  • Depositing money into your online account
  • Getting a refund

 

What is ACH Debit

 

A debit is when funds are subtracted from your account.

 

An ACH debit is when funds are sent from your account through an electronic withdrawal.

 

Anytime you make an electronic payment you are using the Automated Clearing House to securely transfer those funds from your account to somewhere else.

 

These debits are often scheduled to be paid automatically on scheduled dates. Using ACH to set up automatic payments is a great way to make sure you always pay your bills on time.

 

ACH-Debit-Examples

ACH Debit Examples:

  • Utility bills
  • Rent
  • Mortgage payments
  • Credit card bills
  • Loan payments
  • Subscriptions
  • Making purchases online

 

What is an ACH Deposit

 

ACH deposits are when funds are added to an electronic account through electronic means. These deposits allow companies and individuals to send and receive money from their online accounts.

 

ACH-Deposit-Examples

ACH Deposit Examples:

  • Paychecks
  • Interest payments
  • Social security
  • Tax refunds

 

What is an Originator?

 

An originator is a word often used for the person who starts the electronic transfer. So if account A is sending money electronically to account B then account A is the originator and account B is the receiver.

 

The originator’s account might also be referred to as the Originating Depository Financial Institution (ODFI), while the receiver’s account might be referred to as the Receiving Depository Financial Institution (RDFI).

 

How Does ACH Work?

 

First, the originator makes the first move to begin the electronic transaction. The originator will have to provide accurate information like the account and routing number of the receiver for the electronic ACH file.

 

Second, the file with all the necessary information for processing is electronically sent to the Automated Clearing House network.

 

Third, the Automated Clearing House will automatically and electronically go through, verify, organize, and schedule the files they receive.

 

The ACH network holds the electronic transactions and sends them out in groups or batches at scheduled periods throughout the day. This makes the deposit system faster so it doesn’t get overloaded at any one time.

 

Is ACH Secure?

 

Using the Automated Clearing House to handle your online transactions is one of the safest ways to manage your electronic funds. Since it is operated by the National Automated Clearing House Association you can rest assured knowing your electronic transactions are being handled with the utmost security.

 

The only real risk in using this electronic money handling network is that you’ll need to use your bank account number to send and receive funds. Some personal information is almost always required in any financial transaction though. So long as you are careful to only give this sensitive information to legitimate people, businesses, and employers your risks are low.

 

How Long Does it Take for ACH to Deposit?

 

Because of the batch processing system the Automated Clearing House uses to process electronic transactions faster, deposits can take as little as 1 to 4 business days to fall into the receiver’s account.

 

If you send a deposit during a weekend or holiday, then those funds might not drop until 1 to 4 business days after the holiday is over.

 

But many times funds can be deposited into an online account that very same day.

 

ACH vs Wire Transfers

 

Though very similar, Automated Clearing House transfers and wire transfers have a few key differences.

 

Wire transfers are electronic transfers between bank accounts and Automated Clearing House transfers are direct deposits.

 

ACH transfers are usually free, processed in batches instead of one by one so they get processed faster, and are automatically processed instead of manually processed by a bank teller.

 

Wire transfers can be sent and received internationally though, while ACH transfers are a network that only operates in the US.

 

Reasons to Use ACH

 

  • Get your funds faster
  • Cheaper way to send and receive money without the fees you would have for transactions like cashing a check
  • Secure way to send and receive money from your account
  • Can schedule regular payments
  • Paperless money transfers are better for the environment and less hassle for you
  • Won’t miss payments if your payments are electronic and automated
  • Electronic ACH payments can’t get lost in the mail

 

One downside is that since the Automated Clearing House is an automatic payment you do run the risk of accidentally not having enough funds in your account when the scheduled payment occurs.

 

You still need to be aware of when you have payments scheduled so you can make sure you have enough in your account.

 

In Conclusion,

 

The ACH network is something many of us use every day without even knowing it.

 

But understanding more about what it is and how it works can help you make better decisions when sending and receiving money and can help you understand your personal finances on a deeper level.


Sources


Bureau of the Fiscal Service. “Automated Clearing House.”

Nacha.org. “What is ACH: ACH Almost Certainly Touches your Life.”

The Balance. “What Does ACH Stand For?” by Justin Pritchard.

Investopedia. “ACH Transfers: What Are They and How Do They Work?” by Rebecca Lake.

Investopedia. “Automated Clearing House (ACH),” by Will Kenton.

Nacha.org. “History of Nacha and the ACH Network: A Proud Past and a Vision for Tomorrow.”

Loan Terminology You Should Know

Loan-Terminology-You-Should-Know

Check your knowledge of basic loan terminology.

Explore this Guide:

 

There are many reasons to get a loan.

 

Loans can help you get the things you need now instead of waiting years to save up.

 

They can help get you the car you need to get to work, a home to call your own, or even help you pay your bills on time to avoid hard-hitting late fees.

 

Before you take advantage of what different loan services can do for you, you should take a moment to test your knowledge of basic loan terminology.

 

Automated Clearing House (ACH)

 

The Automated Clearing House (ACH) is a program designed for processing online financial transactions. It can help with credit transfers, direct debits, direct deposits, and fee charges.

 

This is the program that allows borrowers to select auto payment options and direct deposit.

 

Amortization

 

The term amortization means to gradually pay off a debt through making planned payments on the principal and interest over time. This is similar to installment loans where you make loan payments in installments rather than all at once.

 

Amortization is when you spread out the cost of a loan or debt over a period of time. Amortization calculators are then used to figure out how much each installment payment should be.

 

Annual Percentage Rate (APR)

 

Annual Percentage Rate (APR) is the interest rate of a loan over the course of one year. It’s how much interest would be applied to your loan over the course of an entire year.

 

APR also includes more than just the interest rate. It includes all of the extra rates and fees you would pay for a loan.

 

Applicant

 

The person who fills out the application for a loan is called the applicant. The applicant can also be referred to as the borrower.

 

Borrower

 

Another term for the applicant is the borrower. This term is used to refer to an applicant who is applying to borrow funds through a loan service.

 

Co-Signer

 

A co-signer is someone who also signs the loan application.

 

They aren’t the main applicant or borrower but they are helping the main borrower secure the loan by also signing the application. This additional signature helps secure the loan because the cosigner takes on responsibility for the loan as well, helping the applicant look more secure in the eyes of the lender.

 

Debt Consolidation

 

Debt consolidation is an important type of debt refinancing for people with high consumer debts.

 

To consolidate means to bring many things together into one. When you consolidate debts, you bring many debts into one loan. This allows you to pay off debts and start fresh with one single loan.

 

For example, if you have debts on several different credit cards, you could use debt consolidation to pay them off and stop paying all those different interest rates.

 

Default

 

When you default on a loan, you fail to meet an obligation on your loan contract. This could mean you didn’t make a payment or were late making a payment.

 

Deferred

 

When something is deferred it is put off or delayed.

 

You can apply for a loan deferment if a loan company offers deferments and you meet their deferring requirements. Then you can defer, delay, or reschedule your loan payments.

 

Deferments are helpful when something like a late paycheck makes it difficult to repay the loan.

 

Downpayment

 

A downpayment is the first payment you make on a large purchase that requires a loan.

 

Often, the higher initial payment you can make, the less you’ll have to pay off later via the loan, and you can sometimes get better payment options and interest rates too.

 

Fixed Rate

 

A fixed rate is a type of interest rate that remains the same during the life of the loan. Other loan types might change the interest rates at certain points during the loan’s life depending on what’s outlined in the loan agreement.

 

Interest

 

The interest is an extra percentage that accumulates during the life of a loan. This is what helps pay the lender for issuing the loan in the first place.

 

Each lender has different practices for how interest percentages are applied and how interest payments are made.

 

Lien

 

A lien is what you grant a lender when you give them partial ownership of one of your assets during the life of a loan.

 

Liens are often used in Title Loans, also frequently referred to as auto loans. A lien gives the lender partial ownership on the title of your car to secure the loan while you pay it off.

 

Using collateral like a lien on the title of your car can help borrowers who have low credit scores and need another method to insure the loan.

 

Loan Approval or Loan Commitment

 

When your loan application gets approved it might be called a loan approval or a loan commitment.

 

Loan approval might also differ from your loan commitment, because there could possibly be a final step involved in the loan approval process that is for you to actually commit to the loan agreement upon accepting your loan approval.

 

When your loan application gets approved, you’ll most likely receive a notification from the lender through the contact information you provided them on your loan application.

 

Loan Denial

 

When your loan application gets denied you’ll receive a formal loan denial often in the form of a letter or email. This formal loan denial notification will often tell you the reason your loan was denied.

 

This could be due to something on your credit report like high debts or a low credit score. It could also happen because the lender just needs some more information from you or something was incorrect on your loan application.

 

Loan Underwriting

 

Loan underwriting refers to the loan terms and application and approval process of a loan.

 

During the loan approval process, a lender needs to look at certain things to see whether you qualify for the loan. A lender will look at an applicant’s credit score and any other financial information like your financial capacity and collateral.

 

The loan’s underwriting includes all the qualifications a borrower needs to meet before they can get approved for that loan.

 

Mortgage

 

A mortgage is a type of loan used for purchasing a home.

 

Real estate has its own loan type because mortgages come with unique requirements and characteristics because property and ownership are involved.

 

Learn more about mortgages and the process of buying a home in, “How Much House Can I Afford?

 

Origination Fee

 

Loan agreements often come with fees. An origination fee is one of the first fees you pay when getting a loan.

 

This fee pays for the loan company’s handling and managing of the loan.

 

The origination fee is meant to cover the costs of processing your new loan. Hence the reason it’s called an origination fee, because it pays for creating a new loan.

 

Pre-Approval

 

When a lender offers pre-approval, this means that they offer the ability to apply before applying.

 

They can quickly tell if you would get approved for a loan and let you know if you are pre-approved. Then you can decide whether you want the loan or not.

 

Pre-approval is a quick way to know early on what loan products you qualify to take out.

 

Preliminary Disclosures

 

A preliminary disclosure is a brief overview of your financial assets and standing.

 

It lists your general assets and liabilities or the things you have financially working for and against you. It’s a financial inventory that helps lenders understand where you stand financially.

 

There’s also a final disclosure that gives more details about your financial inventory.

 

Preliminary Title Report

 

A title report is a report that outlines all the details of ownership on a title, like liens. A preliminary title report might be a briefer overview for the sake of time and efficiency when applying for a title loan. It goes over the basic property records.

 

Primary Residence

 

Your primary residence is the main place where you live. Some people might frequently stay with family members, but your main place where you live the most is your primary residence. It’s where your bedroom and most of your things reside.

 

Lenders need to know your primary residence so that they can send any important mail to the correct address where you will be the most likely to get it.

 

Principal

 

The principal balance is the initial starting amount of the loan. For example, if you take out a loan for $100 then $100 is the principal.

 

But by the end of the loan, with all the accumulating interest, rates, and fees added, the loan amount might grow beyond $100.

 

Promissory Note

 

A promissory note can also sometimes be called a note payable.

 

This note is a legal promise in writing to pay a certain sum at a certain time. Promissory notes might be used when someone is indebted to someone else and will outline all the terms of that debt.

 

Refinancing

 

Refinancing is when you take an existing loan contract and adjust it. Often refinancing is used to help stretch out payments over a longer period of time in order to lower your monthly payments.

 

It can also be used when you need a bigger loan and want to refinance for a larger loan sum.

 

Title

 

The title of a car is what tells you who owns the vehicle. The title to a house or property also outlines the ownership of that property.

 

If you are still paying off a car or home loan then the lender will also be on the title.

 

If you take out a title loan then the loan company will also temporarily take out a lien and appear on the title of the car during the life of the loan.

 

Variable Rate

 

A variable interest rate can also be called an adjustable rate or a floating rate. This type of interest is not fixed and becomes higher or lower depending on a benchmark interest rate or market index.

 

In Conclusion,

 

If you’re going to get loans you should know what different loan terminology means. This will help you be more aware of the loan process and know you’re getting the best loan product around.

 

Find the best loan products around at your nearby Check City or by visiting Check City’s online loan services!


Sources


US News. “What Is Loan Underwriting?” by Ben Luthi.

Investopedia. “Principal,” by James Chen.

Real Estate Lawyers. “What is the Preliminary Title Report?” by AUTHOR.

Credit Karma. “What is APR and why is it important?” by Lance Cothern.

Investopedia. “Variable Interest Rate,” by James Chen.

Investopedia. “Amortization: What is Amortization?” by Alicia Tuovila.

Cashier’s Check vs Certified Check

cashier's checks and certified checks

When you need to make a secure payment, certified checks and cashier’s checks are the financial product you want.

Explore this Guide:

 

What is a Cashier’s Check?

 

A cashier’s check is a check that is paid for by you, but written and secured by the bank.

 

This is why it’s called a cashier’s check because a cashier or teller is the one who writes and signs the check. Funds are drawn from the bank, after you pay for the cashier’s check at the bank branch.

 

You can purchase a cashier’s check from a bank or credit union.

 

What is a Certified Check

 

Certified checks are personal checks that are written by you, secured and guaranteed by the bank, and paid for with your personal bank account.

 

Certified checks are still personal checks and are signed by you, not the bank. But with a certified check, the bank verifies that the check signer can pay for this check with their personal bank account.

 

Certified Check vs Cashier’s Check

 

Certified checks and cashier’s checks are similar in that they are guaranteed, prepaid checks.

 

In both cases the bank employees can help you set up the check and you are responsible for paying the check amount.

 

But with a cashier’s check, you pay the bank for the check using a payment form like a debit card or credit card.

 

With a certified check, you use the funds in your personal checking account with the bank to pay for the check. Bank account holders will then have the easiest time getting a certified check.

 

Because cashier’s checks and certified checks are guaranteed by the bank, they are often used when the check sender and receiver need to be extra sure the check will successfully go through.

 

Where to Get a Cashier’s Check

 

You can get a cashier’s check from a bank or credit union.

 

If you have an account with the bank or credit union, you might be able to order a cashier’s check with them online. This just depends on whether they offer online cashier’s check services.

 

Where to Get a Certified Check

 

You can get a certified check from a bank or credit union where you have a personal account like a checking account.

 

Because certified checks are secured against the funds in your personal account, you need to have a personal account with that financial institution.

 

That personal account also needs to have sufficient funds to pay for the amount you want to put on the certified check.

 

How to Get a Cashier’s Check

 

Step 1: Have your payment ready

 

The bank uses its own funds to pay for the cashier’s check. This means you’ll have to pay for the cashier’s check at the teller window.

 

Be prepared to pay for the amount you want to put on the cashier’s check and for any cashier check fees the financial institution might have.

 

Step 2: Have the check information ready

 

The bank will print off the completed cashier’s check with all the details. So you need to have all the check details ready for them.

 

They’ll need to know the name of the check recipient and the amount of money you want to put on the check.

 

Step 3: Don’t forget the receipt

 

Once the financial institution prints out your cashier’s check, make sure you ask for a receipt.

 

This will allow you to track your cashier’s check if you need to. It will also give you documentation for your end of the check transaction.

 

How to Get a Certified Check

 

Step 1: Make sure your personal account has sufficient funds

 

It’s also a good idea to call your financial institution and make sure they offer certified checks and ask about any certified check fees.

 

Step 2: Make an appointment at your bank or credit union

 

Bring your checkbook and personal identification with you.

 

At the bank appointment you’ll write out the check, pay the certified check fees, and wait for the teller to certify and stamp your check.

 

Step 3: Deliver your certified check

 

Deliver your certified check personally or send it in the mail with a certified mail receipt and tracking options.

 

Certified checks are a type of prepaid check, so they are difficult to cancel.

 

Cashier’s Check vs Money Order

 

Certified checks and cashier’s checks are checks that your bank helps secure, guarantee, and verify for the check recipient knows you can pay.

 

Money orders are a form of payment that aren’t backed by the bank but by the money order customer. You can also get money orders from many places including Check City Money Orders or your local post office.

 

Money orders can also be sent securely to their recipients through Western Union locations.

 

The money order recipient just needs to know the money order’s 10-digit tracking number or MTCN.

 

When to Use a Cashier’s Check

 

Cashier’s checks are most often used when you want to carry a large payment without carrying cash.

 

Many people choose to bring cashier’s checks with them to auctions so they can pay for their items with a certified check without having to bring large amounts of cash on their person.

 

Read more about how checks can keep your purchases safe in, “6 Advantages of Using Checks.”

 

Real estate deals are another instance when you might use a cashier’s check. You can secure the title to a house with a secure cashier’s check with less risk for you and the check receiver.

 

Cashier’s checks also help you have large amounts of money ready for larger purchases.

 

Financial institutions often have extra checks and balances involved when trying to make large payments. Using a certified cashier’s check will help you bypass these checks and balances so you can make large payments on time.

 

When to Use a Certified Check

 

Certified checks are great to use when you need a secure and certified form of payment.

 

They are especially useful for when you need to send a payment through the mail.

 

Check City Money Transfers are another great service for sending money safely.

 

Check recipients often prefer certified checks when the check writer and receiver don’t necessarily know each other. The bank guarantees the amount of the check so the check receiver doesn’t have to worry.

 

Some scenarios where you might need a certified form of payment are when you’re making a downpayment on a home, a vehicle, or sending money to someone in the mail.

 

Cashier Check Scams

 

There are 2 main types of cashier check scams.

 

Either you receive a cashier’s check that is fraudulent or a fraudulent person or organization tries to convince you to send them a cashier’s check.

 

If you receive a cashier’s check, verify that it’s genuine by contacting the financial institution that issued the check.

 

You also want to check that the financial institution itself really does exist and is a genuine financial business. You can check a business’ genuinity by looking it up on the Better Business Bureau’s website.

 

The check might have the name and contact information of the bank on it, but don’t trust the number written there.

 

Instead, look up the number yourself in case the check is counterfeit with a fraudulent number.

 

If you are sending a cashier’s check, make sure you are sending the check to a genuine person, business, or organization.

 

Do your research into the person, business, or organization to make sure they are legitimate and that the mailing address given to you is correct.

 

Learn more about how to avoid check scams in “How to Cash a Check.”

 

It’s always a good idea to keep and file all documentation involved in check payments so you have a record of everything that happened.

 

It’s also a good idea to always know who exactly you are doing business with when handling financial transactions.

 

Common Check Scams

 

Most check scams involve either fraudulent checks or fraudulent organizations trying to receive genuine checks from you.

 

Work From Home Check Processing Job Scams

 

Someone sends you a cashier’s check and you are supposed to “process” this check as a work from home job.

 

You’re instructed to deposit the check in your own account and then forward the money to someone in order to “process” the check.

 

This is not a legitimate check processing method. Only financial institutions are authorized to process checks, not personal checking accounts.

 

This cashier check scam is designed to use you for money laundering or trick you into processing a fake check and losing money.

 

Shopper Scams

 

Someone sends you a cashier’s check to use as a mystery shopper or as a coupon or prize.

 

They might instruct you to deposit the check into your account and spend or transfer the money in specific ways.

 

But the check is fraudulent and you end up losing money or getting into trouble.

 

Customers Paying In Fraudulent Cashier’s Checks

 

You have a business of your own where you sell products or services and a customer steals your goods or services by paying with a fake cashier’s check.

 

Lottery Scams

 

You get a letter that says you’ve received a large amount of money in some way. It might say you won a lottery, won a prize, or received an inheritance.

 

The letter includes a cashier’s check that’s supposed to be used for the taxes or fees involved in sending you the full amount later that you’ve supposedly gained.

 

What really happens is that you pay a scammer fake fees and never receive any of the fake prize money.

 

Property Rental Scams

 

Property rental scammers can happen to renters and rental owners alike.

 

A potential resident pays the security deposit with a cashier’s check but then backs out of the contract and asks for their refund.

 

You send them their refund, but try to cash the check and realize it’s fake.

 

Renters can also run into a similar problem. Scammers will pose as rental property owners and ask for you to send them a cashier’s check for the security deposit or rental applications. But there is no rental property.

 

In Conclusion,

 

Checks are far from a dead medium.

 

In fact, using checks can be the safest way to send and receive money, especially when making large, important purchases.

 

So long as you look out for the red flags of check scams, you’ll be able to take full advantage of all the ways check cashing can keep your money safe.

 

Visit your neighborhood Check City Store for more check cashing services, including Cashier’s Check Cashing.



Sources


Investopedia. “Certified Check,” by Julia Kagan, “Best Ways to Get a Cashier’s Check,” by Rebecca Lake.

Nerd Wallet. “What Is a Certified Check?” by Juan Castillo, “Cashier’s Check: When You Need One, How to Get It,” by Alice Holbrook.

Experian. “Cashier’s Checks: When and How to Get One,” by Ben Luthi.

Bankrate. “What is a certified check?” by Matthew Goldberg.

SmartAsset. “What Is a Cashier’s Check, and Where Can You Get One?” by Emily Zhu.

Department of Financial Institutions. “Cashier’s Check Scams.”

Investment Definition

definition-investing

Explore this Investment Guide:

 

Investment Definition

 

What is an investment? Investing is the process of when you spend money in an effort to grow that money. An investment is whatever you decide to spend your money on to achieve this goal of monetary growth.

 

Investing is one way to grow your wealth and make your money work for you. By putting a certain amount of funds into something, like a business, stock, or product, that initial investment amount can grow into much more.

 

Investments are also financial assets and resources. When you have financial assets, you have financial resources you can lean on in case of emergencies. For example, if you invest in a property, then you can later sell that property for more money, or to get a large amount of funds to help you through financial difficulty or need.

 

Return on Investment Definition

 

What is a return on investment? A return on investment is a calculation that helps show you how profitable an investment was. It is often referred to in shorthand as simply the “ROI.”

 

When looking into an investment, it’s a good idea to always calculate ROI first. That way you can determine just how much money you can earn through this investment.

 

definition-investing-return-on-investment-formula

 

ROI = (Value of the Investment – Cost of Investment) / Cost of Investment

 

ROI = (Net ROI / Cost of Investment) x 100%

 

If you don’t figure out ROI before putting money into an investment, then you run the risk of losing more money than you make.

 

Foreign Direct Investment Definition

 

A foreign direct investment (FDI) is when a company invests in another company from another country. For instance, American Company A decides to invest in Australian Company B or vice versa.

 

The most common form of foreign direct investment is when a company establishes some kind of official business relations or partial ownership in another country. FDIs might also include business trades in technology or provisions, and not just capital.

 

Capital Investment Definition

 

Capital investments are when companies seek out capital investments to help fund the business. Capital investments might also include when a company invests in assets like real estate. This also helps add to a company’s funds and assets to help fund the company’s current and future expenses.

 

Investment Banking Definition

 

Investment banking is a particular kind of banking. It is a branch of banking that specializes in all things related to investments.

 

This means investment banking includes things like creating investments, setting up investment accounts, underwriting investments, debts, loans, and stocks. There has to be a finance sector that specifically handles all the paperwork, legalities, and logistics of investments and that’s what investment banking does.

 

Portfolio Investment Definition

 

A portfolio investment is when an investor brings together one or more investments. Portfolio investments are how an investor can build a diverse financial portfolio of stock ownership, bonds, and other financial assets and resources for the future.

 

An example of a portfolio investment might be an investor who is the landlord owner of some rental housing and has bought some stocks in a successful company. Having these two items in their investment portfolio can give them profit and help grow their wealth.

 

Bond Investment Definition

 

Bond investments can also be called fixed-income investments. A bond is a type of IOU between loan lenders and loan borrowers. Bonds are usually used by the government or corporations when they need loans to finance their projects and operations.

 

When you invest in bonds, you become the lender of the loan or the owner of the bond. That means the borrower repays their loan through repaying you.

 

Equity Investment Definition

 

Equity investments refer to investments made in a company’s profits, like shares, bonds, and stocks. You are investing in a portion of a company’s value, also known as equity.

 

Investment Property Definition

 

Investment property refers to real estate you purchase as an investment. You might use your property investment to build rental housing, or you might renovate or build a home on the property to sell for a profit.

 

Investment Risk Definition

 

An investment risk is a measurement of how likely an investment is to succeed or not. An investment risk will weigh the pros and cons to figure out whether a specific investment opportunity is worthwhile or not. Investment risk also compares the return on investment (or the estimated potential profits) with the possible losses.

 

Investment risk assessments are all about calculating whether the benefits of an investment outweigh the risks involved.

 

Investment Calculator

 

There are many investment calculators you can find and use for free online. An investment calculator lets you input the starting amount, how long you want to watch your investment grow, the return rate or interest percentage it should build, and any additional contributions that might get put into the investment over time.

 

For example, some investments aren’t a one-time investment. some investments require you put money into them more than once, like once a month or once a year. With all this information you can then calculate how much you will profit off of this investment in the end.

 

The Dave Ramsey Investment Calculator

 

With Dave Ramsey’s online investment calculator you can calculate retirement savings to help you successfully plan for retirement. Retirement is one of the biggest things you can invest in during your life.

 

Basically, an investment calculator is trying to help you figure out the return on investment or the ROI.

 

Simple Interest

 

What is simple interest? Simple interest is interest set on the principal amount. Simple interest is also one interest rate set on a loan or investment.

 

Compound Interest

 

What is compound interest? Compound interest is interest on interest. This is different from simple that is only applied to the initial investment amount. Compound interest, on the other hand, is interest that is applied to the principal amount and again later as the fund grows.

 

Investment Bonds

 

There are two different kinds of investment bonds. Coupon bonds and zero-coupon bonds. A coupon refers to the intervals in which the borrower needs to repay the loan. A zero-coupon bond means that the bond’s interest and principal amount are both paid at the end, rather than in intervals.

 

Consider investing in bonds to diversify your financial portfolio. It never hurts to have several different kinds of investments in your financial arsenal.

 

Dividend Investing

 

Some shareholders of a company prefer to take out a portion of their stock on a regular basis. They use the stocks they hold to receive income every so often. Dividend stocks let stockholders share in a company’s profits now, rather than waiting for the right moment to sell your stocks for a profit. The stockholder also gets to keep the stocks they own, instead of losing ownership of your shares by selling them.

 

This makes dividend investing perfect for anyone looking for a passive form of regular income. This type of investing also benefits the company because they can then reinvest any remaining profits back into their business.

 

One thing to keep in mind when investing in dividend stocks is that your dividend payments get taxed twice. Once before you receive the payment when the company has to pay taxes on their earnings, and again when you receive the payment.

 

Another risk with dividend investments is that if a company falls on hard times, they might have to cut their dividends.

 

CD Investment

 

What is a CD? CD stands for Certification of Deposit. It is a type of investment account. You purchase a CD account and then that money is locked away for a certain amount of time to grow through high-interest rates.

 

CDs are similar to savings accounts except you can’t withdraw funds during the term of the CD. Not unless you are willing to pay an early withdrawal penalty. This might be anywhere between a few months to a few years.

 

CDs also have much higher interest rates than a typical savings account offers. They also often require a higher minimum balance or initial amount.

 

You can find CD accounts available at your local bank or credit union. CDs are also one of the safest forms of investing. Your money isn’t being put at risk at all, but is still being allowed to grow through interest much faster than it would in a regular savings account.

 

Investing Account

 

Standard Brokerage Accounts can also be referred to as taxable brokerage accounts or nonretirement accounts. They are open to holding many investment types, like stocks, mutual funds, bonds, and ETFs.

 

Retirement Accounts are financial accounts designed to hold, grow, and later distribute funds for retirement years. There are many different kinds of retirement accounts like IRAs and 401ks. Each retirement account type has different features for how they hold your retirement savings, how they let them grow, how they distribute them back to you when you do retire, and how they are or aren’t taxed.

 

For instance, some retirement accounts get taxed when you put money in them and others get taxed as you take money out of them.

 

Impact Investing

 

What is impact investing? Impact investing is when investing is done to grow financially and cause some kind of positive impact as well. Impact investing might be a nonprofit that helps the community, or investing in healthy and conscious products like clean technology or environmentally friendly.

 

How to Invest in Stocks

 

Step 1: Make an Investment Budget

 

When investing in stocks, you first need to figure out your investing plans, goals, and budget. What do you want your investment portfolio to achieve? Investing can serve a lot of purposes. It can help you save for a big purchase like a house, education, or retirement. It can also help you grow your wealth, earn extra income, or grow your business.

 

Every investor has different goals in mind for their investments. Be sure to know what your long and short term goals might be for your investments. Then, make a careful investment plan and budget with these goals and investment intentions in mind.

 

Step 2: Open an Investment Account

 

To open an investment account you’ll need to provide your name, date of birth, address, social security number, and potentially your bank name and account number. That is, unless you are setting up an investment account with your bank.

 

There are brokers you can create investment accounts with who can help manage your investments in varying degrees.

 

Step 3: Choose Stocks to Invest In

 

It’s smart to choose several different kinds of investments in order to have a diverse financial portfolio.

 

How to Invest Money

 

Investment opportunities are everywhere if you only know where to find them. There are many ways to make your money work for you and grow your personal wealth and expand your financial portfolio and resources.

 

1. Stocks

 

You can invest your money through buying stocks. Buying stocks gives you shares in a company. As that company does well, your initial investment grows.

 

2. Money Lending

 

Lend money to others and charge an interest so you make a profit by the time they finish paying back the loan. Lending money comes with risks, but you can mitigate these risks when you lend money to people and businesses you know you can trust.

 

You can also lend money to the government through buying bonds.

 

3. Certificate of Deposits (CDs)

 

CDs are the most secure form of investment you can make. CDs aren’t subject to risks and market changes the way other investments are. They also don’t depend on things like how successful the business is, or how well the economy is doing, or how well the real estate market is doing for investors right now. CDs are a simple and straightforward way to put some of your money away for a while and let it grow.

 

4. Real Estate

 

Investing in real estate properties is another really popular way to put your money to work. You can invest in real estate in several ways too.

 

You can own properties and rent them out to residents. You could buy, fix, and sell homes. Or you could take part in a Real Estate Investment Trust (REIT).

 

An REIT is a money pool that investors can take part in together. Rather than taking on the risks of real estate investing on your own, you can invest in an REIT account.

 

How to Invest in Mutual Funds

 

First of all, what are mutual funds? Mutual funds are some of the most popular forms on investing, especially for beginners. There are also two different kinds of mutual funds, passive and active. But this just refers to how the mutual funds are handled.

 

Active management means that you are paying for investment management services. Passive management means that you are managing your investments on your own. This makes active mutual funds more expensive because you are paying management fees, but you also won’t have to bear the burden of managing investments all on your own.

 

Step 1: Budget for Mutual Fund Investments

 

Investments are usually long-term financial goals. Keep this in mind when you sit down to make long-term plans for your mutual fund investment. Think about what you want to get out of this investment and how you want to go about achieving this goal.

 

Mutual fund accounts usually require a minimum amount to be put into the account when you first open it. This amount varies depending on the place, but you can expect to make an initial deposit anywhere from $500 to $3,000.

 

Step 2: Pick an account

 

When making your plans you’ll also need to figure out where you want to buy your mutual funds. Research different brokers and weigh their fees and services with each other.

 

Step 3: Continue to Manage Your Investments

 

It’s important to stay on top of your investments. You should try and rebalance your portfolio at least once a year. Think of this like rebalancing your checkbook or your budget. You might do it less often but it’s just as important.

 

Investment Management

 

Proper investment management is very important. In order to reach your investment goals, you’ll have to manage your investments wisely, purposefully, and responsibly.

 

Investment management is especially helpful if you have multiple investments and financial assets to keep track of.

 

Investment management can be done by yourself or by hiring professionals. Investment management might include handling sources of income, financial assets and resources, investments, buying and selling of stocks and other investments, planning short and long-term goals for your finances, managing your bank accounts and other accounts, budgets, and even your taxes.

 

Best Investments

 

When researching which stocks to buy there are a few key factors you should look for, like risk factor, volatility, and time horizon.

 

Volatility has to do with how much a stock or investment is expected to fluctuate in market price. A stock with a higher volatility will fluctuate up and down in price more while a stock with lower volatility will have a steadier price.

 

Risk factor is a combined assessment of an investment’s interest rate, exchange rates, commodity, volatility, and stock prices. Most investments come with a degree of financial risk involved but some investments have higher risks than others.

 

Time horizon can also be called a planning horizon. This is a planned time period for when the investor plans to end this investment. A time horizon is helpful because then financial planners can weigh how profitable an investment might be in a given time frame compared to other investment options.

 

Investments come in many forms, but the following are some of the best investment types you could choose from:

  • Savings accounts with high-yield interest rates
  • Certificates of Deposit (CD) accounts
  • Money market accounts
  • Bond funds
  • Small businesses, entrepreneurs
  • Nonprofit organizations
  • Stocks
  • Dividend stocks
  • Index funds
  • Real estate, properties, rental housing

 

Investing in Real Estate

 

There are many ways to invest in real estate. You could become a landlord, flip homes for a profit, or join a real estate investment group (REIG), a real estate investment trust (REIT), or an online real estate investment platform.

 

Investing in real estate comes with many risks, but also has the potential of providing a steady stream of income through renting, or big payouts when a home you’ve fixed sells for big profits.

 

Invest in Startups

 

Startups can be another risky business to invest in because you don’t know what startups will succeed and fail. But with some professional advice, it can be easier to guess which startups will make smart investments.

 

Investing in startups is also a great way to get involved in a kind of impact investing, because you’ll be supporting small businesses.

 

There are also safer ways now to invest in startups through organizations like SeedInvest, WeFunder, and FundersClub. These are like investment groups you can join that control the investments and you just participate.

 

Gold as an Investment

 

Gold is another investment you could go with! Gold has been valuable for a very long time. It’s a malleable metal that is easy to work with and has a beautiful luster that makes people want to use it to make things like jewelry. Gold is also difficult to obtain which also increases its value.

 

Monitor the current value of gold on the World Gold Council website. You can invest in gold primarily by either obtaining gold or investing in stocks that are gold-related.

 

Gold is also considered a highly volatile investment since the market price of gold can fluctuate dramatically at times. That’s why many professionals advise that investors only make gold 10% of their finance portfolio, at the most. Here are some examples of ways to invest in gold:

  • Jewelry
  • Bars
  • Coins
  • Bullion
  • Gold certificates
  • Perth Mint certificates
  • ETFs
  • SPDR shares in gold
  • Gold mining stocks
  • Streaming and royalty companies

 

Best Investment Apps

 

Can’t afford a finance portfolio manager? You’re in luck! Today there are numerous investment apps you can choose from that will help manage all your investments. Some of them are even free to use.

  • Merrill Lynch Edge
  • TD Ameritrade
  • E Trade Financial
  • Robinhood
  • Acorns
  • Stash
  • Sofi
  • Ally Invest
  • Charles Schwab
  • Fidelity
  • Wealthfront
  • Betterment
  • M1 Finance
  • Investing.com
  • My Wall Street

 

Best Investing Books

 

If you are new to investing, it might be wise to pick up a few books about investments before deep-diving into the world of stocks and trade. Lucky for you, there is an endless supply of helpful investment books that can teach you all you need to know about getting into investments.

  • Beating The Street
  • Common Stocks And Uncommon Profits And Other
  • The Wealth Of Nations
  • The Intelligent Investor
  • A Random Walk Down Wall Street
  • Antifragile
  • Security Analysis
  • Fooled By Randomness: The Hidden Role Of Chance In Life And In The Markets
  • The Little Book Of Common Sense Investing

 

Investing is a key component of any strong financial portfolio. Investments are how you can make your money work for you. It’s how you can plant funds and watch them grow.

 

There are also many different ways to invest with plenty of safer, low-risk investment options to choose from. At the very least, you can always invest in a savings account, retirement account, or CD that can help your money safely and securely grow into greater amounts of wealth.


Sources


Investopedia. “Investment,” by James Chen, “A Guide to Calculating Return on Investment (ROI),” by Andrew Beattie.

Fidelity. “Individual Bonds.”

SITE NAME. “7 Biggest Benefits and Drawbacks of Dividend Investing,” by Hung Nguyen.

The Balance. “CD Investment Basics: How to Use CD Investments,” by Justin Pritchard, “3 Ways to Invest Money as a Beginner,” by Joshua Kennon.

Nerd Wallet. “4 Types of Investment Accounts You Should Know,” by Dayana Yochim, “How to Invest in Mutual Funds,” by Kevin Voigt.

Go Banking Rates. “How To Invest In Stocks: A Beginner’s Guide,” by John Csiszar.

Dave Ramsey. “How to Invest Money in 5 Simple Steps,” by Chris Hogan.

The Motley Fool. “The Beginner’s Guide to Investing in Gold,” by Reuben Gregg Brewer.

How to Do a Wire Transfer

How-to-Do-a-Wire-Transfer

Explore this Wire Transfer Guide:

Check City Wire Transfers

Send money to loved ones or pay your bills on time with a Check City Money Transfer. Check City provides money transferring services through Western Union, one of the most dependable money transferring systems around.

Sending money at Check City is also incredibly easy. Stop by any of our conveniently located Check City Locations and see for yourself!

Wire Transfers

Wire transfers are electronic money transfers. Wire transfers might be done on your phone, online, or with your bank. Wire transfers are an efficient way to send money from one account to another. They are often very quick and the most direct way to send funds to someone else.

Wire transfers are more immediate than sending funds through the mail. Instead of sending money through the mail you can set up a wire transfer and deposit funds directly into another account.

What Is A Wire Transfer?

A wire transfer is when money is sent and deposited through an electronic or online network. With a wire transfer you can make online deposits into someone else’s account. It’s a fast and secure way to send money and pay bills.

The sender of a wire transfer needs to provide the information the bank needs to send money to the other account. This information might include things like the recipient’s bank account number and the name of their bank.

The receiver then waits for the funds to deposit in their account and the wire transfer is complete! This is another perk that makes wire transfers beneficial. They are easy for the recipient because the recipient doesn’t have to do anything. All they have to do is provide the sender with their account information and wait for their funds to drop.

Domestic Wire Transfers are money transfers between two accounts that reside in the same country.

International Wire Transfers are money transfers between two accounts that reside in two different countries.

Nonbank Wire Transfers don’t involve bank account numbers. Western Union is a type of nonbank wire transfer service. Using Western Union to wire transfer money is great for paying bills, when the sender doesn’t have the account information of the recipient, when the sender doesn’t have a bank account, or when the sender doesn’t have a bank account.

Information Needed For Wire Transfer

The information you’ll need for a wire transfer will depend a little bit on what transferring system you are using. Western Union might ask for different information than your bank. Here are some of the most common types of information you’ll need to provide in order to do a wire transfer.

  • sender’s bank account number
  • recipient’s bank account number
  • sender’s name and contact information
  • recipient’s name and contact information
  • photo ID

ACH vs Wire Transfer

The Automated Clearing House (ACH) is an electronic system for processing money transfers. They charge low fees for their transferring services so many institutions use ACH to allow their members and customers to easily send money electronically.

An ACH transfer usually takes a day to finish processing. They process so quickly because all the ACH payments get processed through the system in batches, rather than being handled by individual employees. Because an automated system handles these payments, some can even be processed almost instantaneously or the same day.

Wire transfers are sometimes processed by employees of the bank or credit union instead of by an automatic system. Because of this, wire transfers can sometimes take a few business days to complete.

Wire transfers work like an electronic prepaid cashier’s check. The sender pays the electronic check when they issue the transfer, so their end of the transaction is complete once they’re finished. This is helpful for the recipient too because once the funds drop, they are available because the sender has already taken those funds out of their own account.

Wire transfers aren’t as easy to reverse because they are prepaid, while ACH payments are easier to reverse if need be. Wire transfers also come with fees and ACH transfers are usually free for the sender and receivers.

Wire Transfer Fee

Wire transfers often come with fees. one common fee for using money transfer apps or other payment services like western union are usually around $1 or less per transfer.

Banks and other financial institutions might charge anywhere between $0 and $30 or more for sending and receiving a wire transfer. It all depends on the policies of your bank.

A wire transfer can also cost more if it is an international wire transfer. Some international wire transfers can cost as much as $45 in fees.

Wire transfer fees all depend on the bank, credit union, or money transfer service you’re using, where you are sending the funds, and how much you are sending.

How To Do A Wire Transfer

Wire transfers are easy to do. Though every financial servicer will have a slightly different process with different fees involved, the process for sending a wire transfer is simple. It usually involves filling out a form with the information they’ll need to process the wire transfer. Then, the sender will also pay the money transfer funds and the fees.

Step 1: Go to your bank, credit union, alternative financial institution, or money transfer service in person, online, over the phone, or on the app, depending on where they offer wire transfer services.

Step 2: Follow the wire transfer instructions of the specific institution you chose to issue your wire transfer and provide the necessary information. Usually this will involve filling out a form with the necessary information so they can process the wire transfer.

Step 3: Make sure you have enough funds in your account to finance the wire transfer and the wire transfer fees before you send the wire transfer.

It’s always a good idea to keep any receipts or confirmation codes linked to your wire transfer transaction. That way you can keep track of the transfer and be prepared in case anything goes wrong.

Some wire transfers will also involve a reference number that you can use to track your money transfer, and that the receiver uses to pick up the funds.

How To Do A Bank Wire Transfer

Many banks offer wire transfer services. If you want to know how to do a wire transfer online, you can call your bank to have them take you through the process, or find the money transfer option in the online menu.

Step 1: Go to your bank’s location, go to your bank’s website, or give them a call.

Step 2: Find the option for wire transfers or money transfers in the online menu, or ask the teller to help you process a wire transfer. To easily transfer money from one account to another, link both the bank accounts online.

Step 3: The teller will take you through the process as you provide the information necessary to send money to another account. If you are doing an online transfer, then you’ll fill out this same information online.

How Long Does A Wire Transfer Take?

Wire transfers take less time than sending money through the mail. The recipient can expect funds to deposit in their account the very same day, or in just a few business days. Wire transfers can take longer if they are being sent abroad.

How Long Does An International Wire Transfer Take?

International wire transfers take longer than domestic wire transfers. This is due to a number of factors, one of which being that some banks don’t exist in every country. International money transfers also have to go through more checks and balances to prevent fraud and money laundering.

A typical international wire transfer can take as many as 15 days to complete.

How To Do A Wire Transfer Bank Of America

To send a wire transfer with Bank of America, you can sign into your online account on the Bank of America website. Then you’ll select the tab labeled, “send money” and choose whether you want to send money to one of your own accounts, someone else’s account, or to a business.

If you don’t want to send the wire transfer online you can also make an appointment at a nearby Bank of America location. There, an employee will help guide you through the process.

How To Do A Wire Transfer Chase

Chase has many options for sending wire transfers. You can easily send them online by signing into your account and selecting “send international wires” or “send domestic wires” or you can use the Chase app!

How To Do A Wire Transfer Wells Fargo

At Wells Fargo, like with most banks today, you can do wire transfers through the Wells Fargo app and online. When you sign in online, you’ll want to go to “Transfer & Pay” and enroll in their online wire transfer services. Once you’re enrolled, you can pick your recipient, how much you want to send, and the account you want to pay from.

How To Do A Wire Transfer Huntington Bank

Huntington makes transferring money between users who both have Huntington accounts easy. You can transfer funds both with online banking or the Huntington mobile app. Just log in, select “Transfers,” indicate whether the transfer is between two Huntington accounts or not, and send your funds. If you need to send money to a different bank, then you’ll have to add that bank account to your transfer options.

How To Do A Wire Transfer With Navy Federal

At Navy Federal you’ll start your wire transfer by filling out a “Domestic or International Wire Transfer Form.” You can get one of these forms through a secure emessage, a nearby Navy Federal Branch, over the phone, through a fax, or in the mail.

How To Do A Wire Transfer USAA

USAA lets you send money both internationally and domestically as well. Send wire transfers with USAA by giving them a call, especially if your wire transfer is going to be greater than $10,000.

How To Do A Wire Transfer Through Western Union

Western Union also offers wire transfers in person, online, or through the app. You can also do Western Union money transfers at any Western Union agent location, like Check City! All you have to do is bring the necessary information with you to your nearby Check City Location and a friendly Check City teller will help you send your wire transfer.


Sources


Investopedia. “Wire Transfer,” by Julia Kagan.

Nerd Wallet. “Wire Transfers: What Banks Charge,” by Spencer Tierney.

The Balance. “Key Differences Between ACH and Wire Transfers,” by Justin Pritchard.

Bank of America. “Wire Transfers FAQs.”

Chase. “Wire transfers from Chase.”

Wells Fargo. “Wells Fargo Online Wires: The way to send money when faster is better.”

Huntington. “How to Transfer Money
to Your Huntington Account.”

Navy Federal Credit Union. “Sending a Wire Transfer.”

USAA. “WIRE TRANSFERS: Send money domestically and internationally when you need to.”

Sapling. “How to Wire Money With Western Union,” by Craig Berman.

Money Transfers and Wire Transfers

Money-and-Wire-Transfers

Explore this Money Transfer Guide:

Check City Western Union

Check City offers Money Transfers through Western Union. Western Union is a money transferring service that has been around for a very long time.

Western Union is a dependable money order service that you can find at every Check City location. There, you can both send and pick up money orders.

All you need to do to send money at Check City is go to your neighborhood Check City Location with your photo ID and the money you want to send. You can bring the funds in cash or use a debit card.

Then you can choose to either send a money order or a wire transfer directly to the recipient’s bank account.

Money Transfer Near Me

A money transfer is when someone sends (or transfers) money from themselves to another person. This can often occur in the form of sending money orders which act as secured, prepaid checks.

Money transfers can also be done electronically or as a wire transfer. Wire transfers take place when someone sends money from one account to another. With wire transfers, there is no cash or checks involved. Wire transfers can also be a very quick way to move funds.

Find a place that does money transfers near you either online or by asking around. If you go online, simply search the phrase “money transfers near me” on Google Maps. All the money transfer places near you will pop up on the map, letting you pick the closest one.

Or you can ask around. Friends, family members, and neighbors might already know about the best place to take care of money transfers. And if you’re looking for a financial servicer that prides itself on its community, you won’t find anything more friendly than Check City.

How to Transfer Money From One Bank to Another

You might need to transfer money from one bank to another because you have accounts with multiple banks. You might also need to know how to transfer money from bank to bank because you need to send money to someone else’s bank account.

There are a few ways you can transfer money from one bank to another:

Method 1: Link the two bank accounts online

Log into your online banking account and select “transfers.” Most likely you’ll find an option for making online money transfers somewhere in the online banking site or app’s menu. You also want to make sure you select external transfers since you want to send money to a different bank. Internal transfers are for when you want to transfer money from your own checking account to a savings account.

Then you can provide the routing number and account number of the bank account you wish to send money to. Once you’ve given this information the banks will have you confirm your access to the other bank account somehow. Follow their instructions.

As soon as the other bank account is confirmed you can start sending money online to it. It might take a few days for the confirmation to complete though.

Method 2: Call your bank to set up a wire transfer

You can also call your bank and ask them about wire transfers. This could be what you need to do if you don’t have access to the other person’s bank account. Some banks will charge a fee for wire transfers. Wire transfer fees and the wire transfer process can all be discussed over the phone with your bank.

Method 3: Transfer money with a money transfer service

There are several money transfer services available today that can transfer funds for you. These services are also helpful when you need to send money to someone, but you don’t have any kind of access to their bank account.

Third-party money transfer services include PayPal, Venmo, Ria, Western Union, and MoneyGram, just to name a few.

How to Transfer Money From PayPal to Bank

The first thing you need to do is to link your bank account to your PayPal account. Once this is done you can start depositing PayPal funds into your bank account.

On the app’s first page, you’ll see a box that has your PayPal balance. In blue letters you’ll find the words “Transfer to Bank” underneath your balance. Select this option and then carefully follow the steps.

If you’re logged into PayPal’s website instead of the app, then you’ll want to go to the Summary page. Then click “Accept the Money,” “Transfer Money,” and then “Transfer to your bank.” After that you’ll just follow the instructions to send PayPal funds to your bank account.

How to Transfer Money to PayPal

You can send money to other PayPal users through your bank account just by having your bank account linked to your PayPal account. You don’t actually have to deposit funds to your PayPal account first in order to send money with PayPal.

But it can be helpful to use your PayPal balance to control your spending. You can use your PayPal account as a section of your budget and keep only the amount of funds you want to spend in your PayPal balance.

To add funds to your PayPal balance, just go to “Add Money,” choose the bank account you want to transfer from, and note how much money you want to transfer.

How Long Does it Take for PayPal to Transfer Money?

PayPal has an “Instant Transfer” option on their money transfers for qualifying transfers. If you are able to select “Instant” when making a money transfer with PayPal then it should only take about 30 minutes for the transfer to complete.

For other money transfers, it can take anywhere from 3 to 5 business days for a money transfer to fall through.

How to Transfer Money to Venmo

Venmo works very similarly to PayPal. To add funds to your Venmo account just go to “Manage Balance” in the menu, and then select “Add Money.”

Then you can pick which bank account you want to transfer money from and how much money you want to transfer.

How to Transfer Money from Venmo to Bank

How to transfer money from Venmo to a bank account works in much the same way. In the menu bar select “Transfer to Bank.” You might have to get there after first selecting “Manage Balance” or “Transfer Money.”

Then you just make your selections for how much money you want to transfer and from which account.

How to Transfer Money from Apple Pay

Services like Apple Pay, Google Pay, and Samsung Pay have a lot of uses, especially for online and electronic payments. You can even send and receive money from your smart watch!

How to Transfer Money from Apple Pay to Bank

Figure out how to transfer money from Apple Pay to debit card or to your bank account by following these simple steps.

Open your Apple Pay Wallet app. From there you can find a “Transfer to Bank” option in the menu. When selecting where you want to transfer your Apple Pay funds, you can pick any bank account or debit card you’ve already added to your account.

If you want to send your Apple Pay funds to a specific debit card, just make sure you’ve added that card’s info to your Apple Pay account.

How Long Does it Take to Transfer Money?

A typical time frame for how long it takes to transfer money is 3 to 5 business days. Business days typically refer to weekdays. These are the days that banks are open, so money transfer processing only occurs on these days.

How to Transfer Money from Card to Card

Knowing how to transfer money from one card to another is easy. Every card comes with an account. Transferring money from two different cards requires you have access to the accounts associated with the cards. Then, the process for transferring money from card to card is the same as transferring money from account to account.

For example, if you want to transfer funds from your debit card to a different debit card, you’ll follow the same steps outlined above for transferring funds from one checking account to another.

How to Transfer Money from One Netspend Card to Another

Netspend Cards are a type of prepaid card. They have their own security measures that make them ideal for traveling too. Add funds onto your Netspend card and now you have an easy way to budget or give your kids an allowance.

To transfer money from one Netspend card to another, just log into your online Netspend account and link the two Netspend accounts.

Check City offers Prepaid Debit Cards too!

How to Transfer Money Internationally

Need to make an international money transfer? Western Union is the best choice for international money transfers. Just visit any of your local Check City stores with your photo ID and the funds you want to send.

How to Transfer Money from Robinhood to Bank

Robinhood is an investment app. There are many investment apps out there that can help strengthen your financial portfolio. Investing can also help you grow your money!

Once your money has grown, you might want to transfer your Robinhood funds to your bank account. To do so, you have to be prepared to wait 5 trading days for the funds to make it to your bank account. There might also be a settling period that you’ll have to wait before you can move investment funds from Robinhood to your bank.

Transfer money from Robinhood to the bank by logging into your Robinhood account, linking your bank account, and selecting the transfer funds option to move your funds to the bank.

Money Transfer App

There are many money transfer apps out there. Each comes with its own fees, qualifications, and features. Some are also easier to use than others.

  • Xoom
  • PayPal
  • Venmo
  • Ria
  • Chime
  • Zelle

Wire Transfer

Wire transfers are different from money orders in that they aren’t sent through the mail and they aren’t sent or picked up in person. Money orders are useful for when you need to safely send or receive physical funds. But wire transfers can be faster and more direct.

How to Wire Transfer Money

You can wire transfer money at your bank or through a third-party wire transfer service like PayPal. Some money orders can also be done electronically if you have the right wire transfer information for where you want to send the money.

Bank wire transfers require a government-issued ID, access to the online accounts involved in the transfer, bank account number, the recipient’s name, contact information, the name and address of their bank, and their bank’s wire transfer number.

Usually, you’ll have to fill out a form with all this information when completing a wire transfer with your bank.

How Long Does a Wire Transfer Take?

A wire transfer should only take a few minutes to deposit. This is the primary benefit of wire transfers. They can be very immediate and send funds directly between accounts.

How Long Does an International Wire Transfer Take?

International wire transfers can take a bit more time than domestic wire transfers. Domestic means that the wire transfer took place between accounts that are both in the same country. An international wire transfer takes place between two accounts that are each in a different country.

Because international wire transfers cross national borders and might even occur between banks that only exist in their resident countries, they can take a bit more time to process. You can expect an international wire transfer to take up to 15 days to complete.

When you need to move funds around, money transfers, money orders, and wire transfers are essential. They may seem complicated, but once you have the proper accounts linked, they’re usually pretty easy.


Sources


Nerd Wallet. “How to Transfer Money From One Bank to Another,” by Margarette Burnette.

Learn How-To. “How to Transfer Money from One Bank to Another,” by Kevin Parker.

Tech Boomers. “How to Transfer Money to PayPal.”

PayPal Help Center. “How do I add money to my PayPal account?” “How do I transfer money to my bank account?”

Venmo Help Center. “Adding Money to Your Venmo Balance,” “How to Transfer Money to a Bank Account.”

Apple Pay Support. “Add money to Apple Cash,” “Transfer money in Apple Cash to your bank account or Visa debit card,” “Send and receive money with Apple Pay.”

Nerd Wallet. “How to Wire Money,” by Spencer Tierney.

MoneyGram Near Me

MoneyGram-Near-Me

 

Explore this Guide:

 

Check City Money Orders and Money Transfers

 

Check City offers Western Union money orders and money transfers. Western Union is a tried and true money order service that’s been around since 1851.

 

Western Union is a dependable money order system that’s been around a very long time and provides all the money order services you need.

 

You can find Western Union at every Check City location near you. Check City also has many other financial services and products available.

 

At Check City you can take care of all kinds of financial errands and needs like:

 

Take advantage of all the things Check City can do for you and find your Local Neighborhood Check City today!

 

What is MoneyGram?

 

MoneyGram is a money transfer company that began in 1940 in Minnesota. MoneyGram offers financial services like money orders, money transfers, bill pay, and check processing.

 

MoneyGram money transfers are electronic. They can be done in person at a MoneyGram agent location or online at their website.

 

MoneyGram is a money service that existing locations and businesses can offer by becoming a MoneyGram agent. This is like how Western Union works. It’s a service company that preexisting places can sign up to be an agent of in order to offer MoneyGrams.

 

How Does MoneyGram Work

 

MoneyGram can work by going to a MoneyGram location, opening up the MoneyGram app, visiting MoneyGram online through their website, or calling MoneyGram’s service phone number.

 

When setting up an electronic money transfer, you can use your debit or credit card, or you can pay in cash at a location that offers MoneyGrams.

 

Once you pay for the MoneyGram, you’ll get a reference number. This reference number is what the money recipient will use to pick up their funds.

 

If you want to send money online, you’ll have to first make an account and set up your payment method. The person sending the MoneyGram has to pay the MoneyGram fees and the monetary amount they wish to send upfront.

 

This makes MoneyGrams a form of secure payment because the sender has already made the payment in full. This is why money orders are used so often for business transactions or paying bills, because the payment is completed upfront.

 

However, if you are the person picking up a money transfer, you’ll have to go to a MoneyGram location. That is, unless the sender used an electronic transfer to put the funds directly into your account.

 

Both the sender and receiver will also have to fill out a form when completing their end of the transaction.

 

MoneyGram Locations Near Me

 

One way you can find MoneyGram locations near you is to go to MoneyGram’s website and type in your address under the tab “Find a Location.” It will also help if you create an account and allow MoneyGram’s website to know your location.

 

MoneyGram’s location finder will show you Google Maps and a list of nearby locations. Once you enter your location, it will pin the MoneyGram locations near you with red circles.

 

You can also use Google Maps, but the search might not be as filtered for only MoneyGram locations. Google will also pull up other money order and money transfer locations like Western Union locations and financial institutions like Check City.

 

MoneyGram Near Me Open

 

Because MoneyGram is offered at agent locations, the MoneyGram open hours depend on the hours of the housing location. These hours might be further limited depending on where MoneyGrams are offered in the agent location.

 

For instance, Walmart offers MoneyGram services at their customer service desk. So you’ll need to check the specific hours the Walmart service desk is open, because there’s a possibility it closes sooner than the rest of the store.

 

Some stores that act as an agent location for MoneyGram are open late into the night, or even 24-7. But this doesn’t mean that the agent location will let you do money orders at 2:00 in the morning.

 

The best way to know for sure when you can go into an agent location to manage your MoneyGram needs is to call the agent location and ask.

 

MoneyGram Near Me To Receive Money

 

How do you receive money through MoneyGram? If someone has sent you a money order through MoneyGram, then you’ll need to get the reference number from them.

 

Each money order comes with a reference number. This number is unique to your money transfer. The reference number is how MoneyGram online or the agent location’s clerk can know you are the correct money recipient.

 

You can receive your MoneyGram money by going to a nearby location with your photo ID and reference number, or by creating an account online.

 

Once you have an online account, you can type in your reference or authorization number and your last name. This lets you track the money order you are expecting to receive. The sender either sent the money directly to your account or set it up for cash pick up.

 

Cash pickups need to be done at a physical location. With electronic transfers you just have to wait for the funds to drop in your account.

 

Find MoneyGram Near Me

 

Fortunately, with many devices today, we can easily find what we need just by asking a question out loud. First, you need to know how to wake up your device. This activates the voice controls in your device so it will start listening to you.

 

Device Wake-up Phrase
Apple “Hey Siri”
Microsoft “Hey Cortana”
Samsung “Hey Bixby”
Google “Hey Google”
Amazon “Hey Alexa”

 

You can also customize your wake up phrase in the settings to set your wake up phrase to whatever you want.

 

Once you wake up your phone, computer, or smart home device with the wake up phrase say the words, “find MoneyGram near me.” Now your device will act as if you typed those words into your preferred search engine, and pull up the results.

 

With some devices, you can even then call the nearest location, or pull up directions. This is great if you’re in a hurry, already in your car, and need to get on the move asap.

 

Walmart MoneyGram Near Me

 

Walmart offers money orders, including Western Union and MoneyGram. You can go to any Walmart near you, visit the customer service desk, and get your money order done today.

 

Find money order and money transfer services at any Walmart Supercenter or Neighborhood Market near you. You can take care of all your money order needs at the customer services desk, or at the money services center, whichever one your specific Walmart location has.

 

The Walmart MoneyGram fees vary depending on location with a maximum fee of 0.88 cents. Money order customers can pay for their money order both in cash or with a debit card.

 

CVS MoneyGram Near Me

 

CVS offers MoneyGram. By using MoneyGram you can make healthcare payments with no fees at CVS.

 

MoneyGram or Western Union Near Me

 

Money orders, money transfers, and check cashing are essential financial services for people who don’t have bank accounts, are underbanked, or finance primarily in cash. It’s also essential for when you need to safely send money across long distances.

 

Mobile, online, and electronic banking is very common now. It can be easy to assume everyone is actively linked to the online banking world. But this isn’t the case.

 

1 in 9 households in the US don’t have a checking account and 1/3 of the US population are underbanked. Needing a system for money orders and transfers is paramount to helping this large demographic of households pay their bills and send funds to loved ones.

 

MoneyGram and Western Union are similar services with some key differences to consider. Both offer international and domestic transfers but their services come with different fees.

 

MoneyGram Online

 

MoneyGram offers almost all of its services online. But if you need to cash a money order, then you’ll have to go to the physical location.

 

At MoneyGram online you can send funds, track your money orders, pay bills, and find MoneyGram locations.

 

MoneyGram App

 

MoneyGram, like most businesses today, has an app now. You can download the MoneyGram app on Google Play or on the Apple Store.

 

It’s always nice to download the app for a business you frequently use. That way, you can get your financial errands done and manage your account conveniently on your phone.

 

MoneyGram Tracking

 

Tracking numbers are a really important part of money orders, especially if you are sending your money order through the mail or sending it a long distance.

 

Every money order and transfer comes with its own tracking number, reference number, or authorization number. This unique number identifies your specific money order.

 

How to track your MoneyGram is easy to do. Just go to MoneyGram’s website and select “Track & Receive.” Then you’ll need to provide your last name and the reference number that came with your money order. Press the “Track Your Money” button and you’ll be able to see where your money order is at.

 

MoneyGram Stock

 

Investing in stocks is a great way to expand your financial portfolio, grow your wealth, and gain more financial resources for your business or your future.

 

Stocks represent claims on a business or company. People can buy small percentages of a business through investing in stocks. The value of these stocks fluctuates on the stock market. You can check how your stocks are doing on websites like Market Watch or by using investment apps.

 

For example, the MoneyGram stock price today is between $3.11 and $3.28.

 

MoneyGram Exchange Rate

 

MoneyGram offers international money orders. When sending an international money order, you have to consider the exchange rate. Currencies from different countries have different values in comparison with each other.

 

So when you send $10 to England, those 10 US dollars are going to exchange into a certain amount in English currency with its own value. $10 in a different country’s currency might have more or less value when exchanged into a different currency.

 

When you use a system like MoneyGram to transfer funds to a different country, these exchange rates might look a little different than if you were to go to that country and exchange your funds directly.

 

TransferWise is a site you can use to see how MoneyGram’s exchange rates might compare to other money transfer services.

 

MoneyGram Fees

 

MoneyGram fees depend on the agent location. They might also depend on factors like how far you want to send the money order and how much money you want to send.

 

MoneyGram often lets customers transfer a minimum of $1.00 and a maximum of $10,000. They might charge a fee of up to $8.00 for an online transfer. The fees for money orders can vary based on location.

 

MoneyGram Refund

 

To get a MoneyGram refund you will need your money order’s reference number. This might also be referred to as the serial number.

 

Next, you’ll go to the MoneyGram website and get the Money Order Claim Card form from the Service Forms page. Fill out this form online and print it out.

 

To send in a MoneyGram refund request form, you’ll need to include the following items:

  • a copy of the money order stub
  • a copy of the money order receipt
  • $18 processing fee in a money order or check

 

Don’t forget to make sure all the information you filled out is correct and that the bottom of the claim form is signed.

 

It can take up to 65 days to process a MoneyGram refund. You also might not be able to get a refund if the money order has already been cashed.

 

MoneyGram International

 

MoneyGram lets you send money orders both domestically and internationally. Maybe you have a son who’s on a study abroad and he finds he needs more funds.

 

Or maybe you have parents who live in a different country and you want to be able to send them some financial support now and then.

 

International money orders can help you with all that. Just keep in mind that international money orders come with their own fees.

 

For example, to send $1,000 to Mexico from the US, you’ll be charged a fee of $9.99. This fee could also change, however, depending on the agent location.

 

MoneyGram Customer Service

 

It’s good to have specific places you can go to when you want to complete important errands. When finding your preferred financial institution, it’s important to consider customer service.

 

Customer service might vary a little depending on specific locations and the people working there.

 

So don’t be afraid to try a few different nearby money order locations before settling on your favorite one. You can also reach MoneyGram customer service by calling their customer service number online.

 

How To Fill Out A MoneyGram

 

If you need help knowing how to fill out a MoneyGram, or if you’ve never filled out a MoneyGram before, then go to the physical agent location for your first time. The tellers there can help you fill out a MoneyGram properly.

 

Money orders usually consist of 4 different sections to fill out. Read all about each section in our article, “How to Fill Out a Money Order Properly.”


Sources


Two Sides. “Why So Many Americans Don’t Have Bank Accounts,” by Michael Sivy.

Market Watch. “MoneyGram International Inc.”

TransferWise. “Moneygram exchange rate.”

Finder. “Review: MoneyGram money transfers,” by Zak Killermann and Britny Lawhorn.

Money Order Near Me

Money-Order-Near-Me

Money orders are a secure form of prepaid checks that you can find at most financial institutions.

Explore this Money Order Guide:

What is a Money Order?

Money orders are a type of secure, prepaid check. Money orders are a very trusted payment method that is often used to pay bills or send money across long distances.

For example, you need to pay a $100 utility bill using a money order. First, go to a store that offers money orders. We’ll go over what places offer money orders later in this article. Second, pay the $100 plus the money order servicing fees. Then the clerk will process and hand over the money order.

This money order is like a paper check that already has $100 on it. Now you can simply give this money order to your landlord and your utilities are paid!

Reasons to Get a Money Order

Money orders are a very useful and secure form of payment. There are many reasons to use a money order.

  • if you don’t have a checking account
  • to avoid carrying large amounts of cash
  • to get a receipt to prove you paid
  • money orders are prepaid so they won’t bounce like personal checks sometimes can
  • pay bills
  • make payments more privately than when you use your personal checks
  • to mail a payment

Where to Get a Money Order Near Me

Where can I get a money order near me? When you need to know where to get a money order from near me, there are a few places you can go. Many stores will offer money order services at their customer service desks. You can also get money orders at most financial institutions.

When you need to know where to get a money order near me now, it’s important to have an open place in mind. If you know what locations offer money orders, then you can learn their hours and know when you can get money orders now.

Here are a list of all the different places where you can get a money order near you:

  • 7-Eleven
  • Walmart
  • CVS
  • K-Mart
  • Kroger
  • Post Office
  • Your Local Check Cashing Company
  • Your Local Bank
  • Your Local Credit Union

Gas Stations That Do Money Orders Near Me

Many gas stations offer money orders. Just visit the clerk’s desk inside any gas station to ask about Western Union, money orders, and money transfers.

You can also figure out which gas stations offer money orders near you by searching for Western Union locations near you on the Western Union website.

711 Money Order Near Me

711 is a popular gas station that also offers money orders. How much money orders cost in fees at 711 depends on the amount of money on the money order. The money order fees at 711 can be anywhere between $1 and $5.

CVS Money Order Near Me

CVS offers MoneyGram services. With MoneyGram, you can pay bills, add minutes to a phone plan, send money, pay child support, or make healthcare payments.

MoneyGram at CVS has a $1.25 fee and a total monetary limit of $500.

Walmart Money Order Near Me

The exact fee for a money order at Walmart will vary a little depending on your location. Walmart money order fees have a maximum fee of 0.88 cents. Walmart money order hours are generally during the Walmart store’s regular business hours. And if you need help knowing how to fill out a Walmart money order, just ask the desk clerk, they can help you.

Western Union Money Order Near Me

A money order can cost around 0.99 cents to $1.50. But money order fees at Western Union can also vary between Western Union locations.

These fees can also depend on the location housing the Western Union. These locations are known as Western Union agent locations. Cash western union money order near me by going to the same store where you can buy a money order.

USPS Money Order Near Me

At USPS you can send a money order as big as $1,000 and send your money order anywhere in the US. You can also use USPS money order tracking to keep tabs on your money order so you know when it arrives at its destination.

Just like any other money order place, you’ll go to your local USPS, fill out a money order check, and pay the amount you want to put on the money order, plus the fees.

USPS money order fees depend on the dollar amount on the money order. Money orders at USPS can cost from 0.45 cents to $1.25.

Find “Money Order Near Me”

There are a few ways to search for money orders near you. One way is to ask your family, friends, and neighbors for recommendations. Another way is to learn how to optimize your money order searching so that you can get the exact results you’re looking for.

Below are search variants, functions, and examples of what they do. By adding certain symbols to your search phrase, you can make your money search an advanced one and narrow down your results even further.

Search Variant Function Example
+ tells the search engine to not overlook this word “+cheap money orders near me”
– tells the search engine to ignore a word “money order –places near me”
~ tells the search engine to find synonyms for this word “money order near me ~online”
* allows the search engine to fill in the blank “money order near me open now *”
OR, | means “either/or,” tells search engine to include two phrases at once in the search “money order near me OR money order near me open”

“Alexa, Find Money Orders Near Me”

Another great way to quickly get your money order search over and done with, is to use voice commands.

Almost every device out there now (even including fridges!) include voice command. You can use this feature to ask your device to run a search for you. You can even have your device place a call to the money order place, tell you their hours, or direct you to the nearest money order location.

You just have to know the right wake-up phrase for your device.

Device Wake-up Phrase
Apple “Hey Siri”
Microsoft “Hey Cortana”
Samsung “Hey Bixby”
Google “Hey Google”
Amazon “Hey Alexa”

Once you know how to activate voice search on your device, you can ask your question. Some examples of good questions for voice search optimization include:

  • “Where to get a money order near me?”
  • “Where to get a money order near me?”
  • “Where to get a money order from near me?”
  • “Where to get a money order near me now?”
  • “Where can I get a money order near me?”
  • “Where can I get a money order at near me?”
  • “Where can I get a free money order near me?”
  • “Where can I get a money order cashed near me?”
  • “Where can I get a money order near me now?”
  • “Where I can get a money order near me?”
  • “Where near me can I get a money order?”

Cheap Money Orders Near Me

To get a cheap money order, you’ll want to research the money order fees at all the local money order places near you.

Step 1: Go to Google Maps.

google-maps_money-order-near-me_example-search

Step 2: In the search bar type the phrase, “money order near me.”

google-maps_example-search_money-orders

Step 3: Visit the websites of each money order place near you and compare their limits, restrictions, and fees.

Once you know your options, you can easily choose whichever money order place offers the cheapest money orders.

Free Money Orders Near Me

Most money order places charge a fee for issuing or cashing a money order. Occasionally though, you can find free money orders near you by keeping track of fee discounts and deals.

Money Order Near Me Open Now

Money orders are often an in-person transaction. To complete an in-person transaction you have to find a money order place that’s open. This can be difficult when you are busy during the day.

That’s why Check City offers a wider range of hours at our stores, so that you can easily take care of money orders after work, even on a weekday. Some of our Check City stores are even 24-hour money order stores.

Cash Money Order Near Me

Where can I cash a money order near me? In general, you can cash a money order at all the same places that offer money order services. Most money orders will also say where the money order was issued, like Walmart, Kroger, or the name of a bank. You can easily cash a money order by going to the same company that issued the money order.

When cashing a money order, make sure you know the fees, limits, and restrictions at the money order place. They might have a fee for cashing a money order or they might limit how much you can cash at one time.

To cash larger money orders, it’s best to go to a financial institution. Financial institutions are better equipped to cash out larger amounts of money for bigger money orders. Cash money orders at your bank, credit union, or check cashing store.

Who Cashes Money Orders Near Me?

Check City does!

Check City offers money order services. At Check City, you can get, cash, and send money orders. The process is simple and quick. All you need to bring with you is your photo ID.

How to Send a Money Order:

  1. Go to your local Check City store.
  2. Bring your photo ID and the money you want to send (cash or debit card).
  3. Check City sends the money to the receivers account or send a money order to a Western Union agent location where the receiver can then pick up the money order.

How to Receive a Money Order:

  1. Go to your local Check City store.
  2. Bring your photo ID.
  3. Check City can give your money order funds in cash, on a Check City Prepaid Debit Card, or in your mobile wallet.

E Money Order Near Me

Electronic money orders are money orders that you have mailed or transferred wirelessly right away, rather than getting a money order printed out and taking it with you.

E money orders are quick and convenient. They also have added security because the transaction is sent directly to the money order receiver. Now you don’t have to worry about mailing or delivering your money order yourself.

Some electronic money orders can even be done online from the convenience and ease of your own computer or phone. Just look into money transfers online wherever you do your finances.

Postal Money Order Near Me

If you need to send money in the mail then using a money order is a good idea. When you send money, you want to make sure you send a secure form of money that can’t be easily stolen.

Money orders are great for mailing money because they are prepaid. This means that you won’t have to wait for the recipient to cash the money order to see those funds leave your bank account. Instead, you can pay the money when you get the money order, completing your side of the transaction sooner.

Money orders are also great for mailing money because they can only be cashed by the outlined recipient. This means it’s very difficult for the wrong person to cash the money order.

Where can I cash a postal money order near me? You can cash postal money orders at any place that accepts money orders.

Cashier’s Check or Money Order Near Me

Cashier checks and money orders are very similar. Both cashier checks and money orders are prepaid and secure forms of payment. They are guaranteed payments.

Money orders are guaranteed because you fill out the money order and pay the amount on the money order at your money order location. Cashier checks are guaranteed because you pay the amount on the cashier check at your bank or credit union.

Cashier checks and money orders are also similar because they are a great way to avoid using personal checks to keep your information more private and secure.

The difference between cashier checks and money orders are as follows. Money orders are available at more places while cashier checks are only available to get at banks. Cashier checks can be even more secure than a money order, but they aren’t as easy to get as money orders.

International Money Order Near Me

International money orders are money orders that can be cashed outside of the US. International money orders are commonly used to send money to family and friends who are in a different country.

When looking for international money orders near you, make sure you double-check that the money order place is also offering international money orders. Many money order places only offer domestic money orders. Domestic money orders can only be sent and received in the US.

The best place to find international money orders is at your local post office. The best thing to do is contact your local post office, and ask them about the international money order you wish to send to get all the information you might need about restrictions, limits, or fees.

How to Fill Out a Money Order

If you need help filling out a money order, you can always ask the clerk for help. But filling out a money order isn’t hard.

In the dollar box write the monetary amount in numbers. On the pay to the order of line write who is receiving the money order. In the payment for/account # line you can add your account number if you’re paying a bill. In the purchaser’s address line put your own address and contact information. Then, on the purchaser’s signature line you’ll sign the money order.

Once your money order is all complete, don’t forget to keep your receipt. For other questions about filling out money orders, you can read our article, “How to Fill Out a Money Order.”


Sources


Investopedia. “Cashier’s Check vs. Money Order: What’s the Difference?” by Rebecca Lake.

Pocket Sense. “What Is an International Money Order?” by Carl Mullan.

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