Book Yoda. Business & Investing.

I was suggested to get a saving and checking account at a credit union and there is one in my city called american's first credit union,my question is what is the difference between banking at a regular bank and a credit union?

Credit unions are not for profit. That is, the people who have accounts there own the credit union, so they typically have lower fees, higher dividend (interest) rates on deposits, and they have very competitive loan rates. For those with a lot of money, they get some of these perks from banks, but for the rest of us it is nice to be treated fairly.

2007-10-13 15:14:17 by lotuswarrior

www.globalchange.com Sub-prime real estate crisis and credit crunch explained in US and global impact on banking, mortgages, home loands and ...

I just bought Quicken Deluxe 2009 (This is my first personal finance software purchase - I have NO idea what I'm doing). I love that the program can show spending per category, and income information, but I noticed that after linking to my online banking it only includes information for the past month. Is there a way to get the rest of my history on there short of entering it by hand? Should I have waited to install it until Jan 1st?

The Online Banking services I have used with various banks (Chase, Bank of America, MBNA, American Express,...) by default only download the previous statement's transactions, or about one month's worth of transactions.

You may have to specify a longer period in Online Banking when downloading or choose an earlier period and download for that period and each earlier period. It's less an issue of Quicken functionality and has more to do with how far back Online Banking goes for your bank. Try contacting them or checking the help in Online Banking. Chances are they go back no more than a year and possibly as little as 90 days in available online data.

Good luck!

2008-11-28 21:32:27 by Willow

Most bank credit cards can be set up to enable you to use an automated banking machine (ABM).Can I use my low apr credit card to get cash from an automated banking machine (ABM)?

Yes, but I don't recommend it.

First, your card charges a cash advance fee (look at your schedule of terms), usually 1-2% of the amount you withdraw. That's a rip-off, since you can use your card at a store for free.

Second, you don't get a grace period on cash advances. This means you are paying your interest rate from the second you make the advance, in addition to the fee. If you use the card at a store, you get 20-25 days interest free (assuming you pay your balance in full every month).

So, the answer is yes you can, but it's a rip-off.

2007-01-15 03:42:48 by regal hadee

I am a little confused. Credit is basically "buy now, pay later". My question is how do banks create credit? How can they advance loans, over the amount of their current deposits?

A process whereby banks expand the nation's money supply by increasing ban deposits. Since banks need only keep fractional liquid reserves or deposits, the balance of funds may be advanced to customers seeking credit and used to settle transactions. Advances then return to the banking system as newly created deposits. The main limit on credit creation is the overall size of liquidity ratio set mainly by the reserve bank and bank policy. If a high ratio is held, a bank is unable to make large advances to customers, thereby limiting the credit creation or deposit expansion process.

2006-09-24 05:13:30 by m33nu

I heard that if you pay credit card bills with online banking that it wont help you build score. Im trying to pay off a credit debt and im paying with online banking instead of driving to the bank.

Paying it off is..........paying it off...
doesn't matter if you pay it off in pennies!!
HOW you pay it off matters NOT!
As long as it's NOT LATE

2008-01-28 14:55:07 by redwing90022