|Att: Got Credit "Banks"|
Banks offer a variety of "products and services", but what do they mean by "product"?
~Case Study: Robert~
*Check 21 _Confusing for check writers: There is a new law called Check21. All banks must take an image copy of the original check and typically then destroy the original. This makes all checks electronic. Because that image is then sent to clear the check. Merchants, especially Credit Card companies, don’t usually bother depositing the check you mail. They “convert” the check to an electronic item and send it through. This has become a hybrid between a check and a card purchase. As time goes on it will become increasingly less likely you will be able to retrieve an image copy of the checks because companies find it faster and cheaper to convert the checks and send them through as “converted checks”. This way instead of being sent through the normal process they are sent through an automated process known as ACH.
* Note on ACH: Companies are notorious for creating havoc on accounts through ACH. It’s only a matter of time before they take the wrong amount, on the wrong date, and cause overdrafts and find a reason to call it your fault. Don’t expect your bank to be MUCH help here. They MAY be able to fix it, or may not. I strongly recommend either staying clear of these types of payments entirely or opening an account JUST for these type of payments separate from your normal accounts. I don’t care how long you’ve been with them or how nice they are, it only takes one error to create months of work and headache for you. Don’t do it if you can help it.
~Credit and Lending~
The Insider is a BIG fan of Dave Ramsey:
- Go read/listen/watch Dave Ramsey and he'll teach you how to do it right!
- Listen to The Dave Ramsey Show (HERE)
- Or by his most popular book: (HERE) The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness