Even if you don’t have a large number of different financial accounts, it’s still important to make sure that you are doing these transfers as efficiently as possible, without spending unnecessary time or energy.
Bayside, N.Y. (PRWEB) March 20, 2013
Personal Finance expert Walter Edelstein, CFP® has published new banking advice on how consumers can best manage money transfers between banking accounts. Consumers need to get objective information on best practices they can use to improve their financial situation. BankingAdvice.com is one of the sites that are part of TheAdvice.com Personal Financial Site Network that provides consumers with free information and easy to implement practical ideas to help them achieve their personal financial goals. Following is a summary of the new content which is one of the many new “How to” articles that have been published on TheAdvice.com Personal Finance Site Network.
Long gone are the days when we could effectively run our households with the cash from just wallets or purses (after cashing our weekly paycheck), or perhaps by using a simple checking account. Instead, consumers now have multiple financial accounts, likely including one or more checking accounts, bank accounts, and brokerage accounts. And we probably end up having to spend time and effort transferring money back and forth between these accounts.
According to Mr. Edelstein "even if you don’t have a large number of different financial accounts, it’s still important to make sure that you are doing these transfers as efficiently as possible, without spending unnecessary time or energy."
Here are some of the nuances that consumers need to be aware of:
- Understanding any Caps on Number of Transfers. Some accounts may limit the number of electronic transfers one can make into or out of an account during any particular month. Other accounts a certain number of transfers for free in a given period, but then charge for any additional transfers. It’s important to understand any caps that may apply to accounts (or any supplemental fees that may be charged if the number of transfer exceed a certain number) so that the process of transferring funds between accounts doesn’t end up costing too much.
- Understand the Applicable Fees. In today’s internet age, it’s not surprising that most of the transfers we do between our accounts will happen electronically. There are several different ways to accomplish these transfers, each of which could involve its own fee or service charge. Wiring funds often involves significant fees, for example, whereas your bank or financial institution may offer a free transfer service using Automated Clearing House transfers.
Click here to read the full article on BankingAdvice.com.
About TheAdvice.com Personal Finance Site Network
TheAdvice.com Personal Finance Site Network was launched in 2009, and since then has provided consumers with hundreds of free articles and financial tips across a broad array of personal finance topics. Several of the sites in TheAdvice.com Personal Finance Site Network include:
CreditCardAdvice.com – where consumer can learn how to establish credit, protect credit, choose the right credit card, and unlock the secrets of a credit report.
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Mr. Edelstein has financial experience that spans over thirty years. It includes being a Certified Financial Planner™, having a Master's Degree from Columbia University, and having served as Chief Marketing Officer for a major online bank where he honed his online marketing skills to help consumers achieve their financial goals.
TheAdvice.com proudly reaches out with this network of personal finance websites to help individuals and families discover the path to financial knowledge.