Aryana Smith

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Things to Consider When Choosing a Bank

The first thing you need to do when looking for new banks in Harrisburg PA is to sit down with as many statements from your current banks as you can discover. Having your bank close by may suggest shelling release more personnel for ATM payments. The average yearly expense of a checking account at a bank can be as high as $200. All bank ads brochures and materials are designed to present their services in the best form. While free checking may not free, it may offer more advantages that make it valuable.

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Top Features To Look For Checking Accounts

Checking accounts present a secure way to conveniently deposit and withdraw money. It can be tough to choose the right one as there are number of choices. Banks in Lancaster offer checking accounts that arrive with a combination of different factors. Do yourself a favor and look for fee-free checking accounts. Look out for changes with low or no-minimum balance needs. Find a checking account at a bank or credit union that refunds ATM fees.

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Customer Need From Their Banks

Today’s digital-smart customers have all banking options available with one tap of their phone. Customer wants are clear if the banks are not responding properly, then they may switch their bank. Accessing bank products and services should be a simple, seamless experience. Good service quality is a necessity, as consumers have no reservations about changing when they receive fines and fees or their bank fails to solve their issues. Banks in Harrisburg PA are transparent and communicate with their customers, and if issues do arise they act fast to resolve them on the first try.

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Benefits Of A Bank Account

If you use check-cashing outlets or the piggy bank, you're cutting out on the many advantages of personal banking services with a bank account. Bank accounts propose convenience. Your money will be protected from robbery and fires in a bank. Numerous banks offer an interest rate when you put your money in a savings account. Banks and credit unions commonly offer their account holders free or low-cost services.

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Why You Need A Personal Bank Account

Hauling money around can be very dangerous. This is because you will be endangering all your investment to robbery and any other standards of losing the money. Having a bank account will allow you to maintain the money safely, and you can access it any time you desire. One of the main benefits of having personal banking services is improving the safety of your money. The bank will allocate you a debit card that you will utilize in withdrawing the amount of cash you desire. Large portions of money are withdrawn using cheques.

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Advantages of Online Banking

As financial technology advanced, traditional banks began to explore the option of offering online services. Online and mobile banking make handling your finances easier and more convenient. Online banks are accessible 24/7, as long as you have an internet connection. With an online bank, there’s never any waiting. One of the great advantages of online banking is online bill pay. Banks in Lancaster County PA offer a phone number for customer service if online access is down. 

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Pros of Second Mortgages

A second mortgage is a loan drawn against the equity in your home in addition to your first mortgage. Second mortgages have plenty of positives. You may be able to lower your interest rate which can translate into significant savings. Another benefit of a second mortgage is that you can take it out as an equity line of credit. A second mortgage is a good way to build your credit if you pay on time. 

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Benefits of Online Banking for Businesses

Online banking can provide you with multiple benefits to help you better serve your customers. You can access your bank account anywhere anytime can help you monitor your online banking activities. Online banking is very convenient due to its 24-hour availability. With online banking, you can often pay your bills online and have the bank store the payee’s information for future payments. Many banks in Lancaster allow you to put an end date on these recurring payments in case you forget to discontinue them. 

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How to Improve Your Credit Score: 5 Things to Try

A strong credit score can be crucial to financial planning and achieving your goals. I've highlighted 5 tips that can help increase your score.

You've probably heard that good credit makes it easier to borrow the money you need and secure a good interest rate. But what do credit scores actually mean, and how can you boost your credit score?

One of the most common credit scores is known in financial circles as a FICO® score. It is a three-digit number, between 300 and 850, that provides lenders and other financial institutions with a summary of your credit history. The higher your score, the stronger your credit, and more options you'll have available when you go to borrow money.

The algorithm for determining each individual's credit score depends on the bureau calculating the score, which means you may have a slightly different score at one credit bureau than another. But most financial professionals agree that it's calculated based on factors including your payment history, how much (and what types of) credit you have, and how long you've been using credit.

Understanding what goes into calculating your credit score can help you improve yours. Try these 5 tips to achieve (or maintain) a great score and look attractive to lenders.

Pay Your Bills on Time, Every Time

Making all your payments on time is key for establishing excellent credit — after all, lenders want to know you have a reliable track record of paying what you owe. Make your loan and bill payments by their due dates, and ensure you're making at least the minimum payments on your credit cards each month.

Stay on top of payments by keeping track of due dates in a calendar. Or consider setting up automatic bill payments with your financial institution to ensure you never miss a payment.

Maintain a Low Balance

A significant part of your credit score is determined by your debt-to-credit limit ratio, or how much credit you have access to compared to how much you're actually using. For example, if you have a $300 balance on a credit card with a $1,000 limit, you'd have a debt-to-credit limit ratio of 30% on that card.

If you have multiple credit accounts, you'll need to take into account your ratio across all of them. Let's say you have one credit card with a $1,000 limit and a $300 balance, another card with a $500 limit but no balance. Your credit limit here is actually $1,500, spread across two cards, so your debt-to-credit limit ratio would be 20%.

Aim to keep your overall debt-to-credit limit ratio under 30% to maintain a great score. And avoid maxing out your cards, since that signals financial stress.

Keep Your Oldest Account Open and in Good Standing

Want to know one of the biggest mistakes you can make after paying down your debt? Closing your oldest account. That's because the length of your credit history plays a key role in your credit score — so the older your credit accounts, the better. Closing your oldest account makes your credit history look shorter than it really is, which can lower your score. Consider your financial goals: if it makes sense to do so, keep your oldest account open and in good standing so it can continue to help your score.

Avoid Applying for Too Many Credit Applications

If you're looking to borrow money, be selective and shop around before you start applying. Anytime you apply for new credit, potential lenders make what's called a “hard inquiry," which means they pull your credit information for the purposes of reviewing an application. Anytime this happens, your credit score could take a brief hit. If you're making one or two applications, that may not have a significant impact on your score — but several inquiries in a short time could lower your score for up to a year.

By the way, if you're concerned about other credit checks — for example, when you sign up for a new utility, or you request a copy of your credit report — you don't need to worry about your score. These are called “soft inquiries," and won't impact your credit.

Monitor Your Credit Report

Speaking of requesting your credit report, it's a great way to keep an eye on your score. Reviewing your credit history also gives you a chance to spot any mistakes that could be affecting your score.

It's a good idea to check on your credit score and credit history at least once a year or before you apply for any new car loan or mortgage. And if you find a mistake, notify each of the three credit bureaus — Equifax, Transunion and Experian — so they can investigate.

Maintaining good or excellent credit gives you more options for borrowing. And, if you have a specific goal in mind, we're here to help.

Want to know more about banking? If yes then it is best suited to contact the expert banks in Lancaster. 

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How To Find The Best Checking Account

Checking accounts are among the most popular type of bank account in the United States. Almost everyone needs one and they make handling your finances much easier. You can easily deposit your paycheck, pay for things at stores, and pay your bills using a checking account. Best of all, you don’t have to carry around a lot of cash when you want to buy things.

Not all checking accounts are made equal, however. Banks can charge fees, offer different services, and do other things that make some accounts better than others.

Finding the best checking account for your situation is important because our surveys show that most people are incredibly slow to change banks once they open a checking account.

Factors to consider when searching for a checking account

Whether you’re buying a product or opening a checking account, it’s always in your best interest to comparison shop. By analyzing multiple offers you can find a deal that best fits your needs.

When you’re looking to open a checking account, these are some of the things to compare.

Fees

Many banks charge maintenance and other fees to checking account holders. The last thing you want to do is pay for the privilege of letting the bank hold your money.

That means you should look for a checking account that doesn’t charge a monthly fee. Many banks offer low- or no-fee options, and online banks are especially known for keeping accounts fee-free.

Even accounts that charge a monthly fee typically offer ways to avoid paying it. Usually, you have to maintain a sufficient balance in the account, receive direct deposits, or make a set number of debit card or bill payment transactions.

Sometimes, if you can easily meet the requirements to avoid the fee, these accounts can make up for the inconvenience with other perks, like interest payments.

Other fees to look out for are ATM fees and overdraft fees. Your best bet is to consider accounts that don’t charge a fee to use other bank ATMs or, even better, reimburse you for the fees charged by other banks.

Insurance

One of the perks of putting money in a checking account is that it keeps your money safe. If you lose your wallet with your debit card in it, for example, you can cancel the card and you’ve only lost the cash you had in the wallet.

If you had to carry all your cash around in case you need to make a purchase, losing your wallet would result in a greater financial loss.

The Federal Deposit Insurance Corporation and the National Credit Union Administration, which operates the National Credit Union Share Insurance Fund, offer insurance on checking accounts, up to $250,000. Make sure that any bank or credit union you choose is covered by insurance to make sure your money is truly safe if the financial institution fails.

Interest Rate

With a checking account, earning interest on your money isn’t the primary concern, but it’s still a nice perk.

Many banks don’t pay interest on checking account deposits, reserving interest payments for savings accounts. Still, there are some banks, especially online banks, that will pay interest on checking accounts.

If you expect to have a large amount of cash in your checking account, it’s worth looking for a bank that will pay some interest on your balance.

Online and mobile experience

Online and mobile banking are more popular than ever. And it’s easy to understand why. It’s hard to beat the 24/7 convenience of paying your bills, making a deposit, checking your balance, moving money between accounts, or sending cash to your friends, all from your phone.

If you’re tech-savvy and do a lot of your banking online, make sure that the checking account you choose comes with a fully-featured website and mobile app.

Services like free peer-to-peer payments through Zelle are worth having and worth shopping around to find.

Other Services Offered

Just because you open a checking account at a bank doesn’t mean you need to use that bank for everything. However, there’s no denying the convenience of using one bank for all of your financial needs.

When comparing checking accounts, take a minute to check on the other services the bank offers. If you can have a checking account, savings account, auto loan, mortgage, and even investment services from the same bank, that can make it much easier to keep track of your money.

Where to open a checking account

There are lots of places that you can open a checking account, each with pros and cons.

Local credit union: Credit unions are typically more community-focused, so you might be able to find a good deal with low fees and even a lender who will take a risk on a trusted customer with a less-than-perfect credit score. However, some charge higher-than-normal fees and many have limited ATM networks.

Local bank: Like small credit unions, local banks can offer good deals and be easier to work with in unusual situations. But they also tend to lack large ATM networks and may charge higher fees for some services.

Large bank: National or regional banks usually have wide networks of ATMs and are convenient because you can find a branch almost anywhere. However, they don’t tend to offer great deals when it comes to interest rates or fees.

Online bank: Online banks tend to offer low fees, higher interest rates, and other perks. But they come with one major downside: you can’t do any in-person banking. They’re best for tech-savvy customers, but people who like banking in-person with a real-life teller will feel less comfortable working with an online bank.

Keep an eye out for bonuses

If you’re in the market for a new checking account, it’s worth looking for checking account bonuses.

Because customers who open checking accounts tend to be loyal and keep their accounts for a long time, every new customer is worth a large amount of money to a bank. As a result many offer bonuses worth hundreds of dollars to people who open a new account and meet certain requirements, such as making a minimum number of transactions each month and setting up direct deposit.

If you’re shopping around and think a certain bank is a good fit, see if it’s offering a sign-up  bonus. You could get a few hundred dollars for something you were already planning on doing.

Bottom line

In the end, the things that you want from a checking account are convenience (in the form of a good online experience and easy access to your cash) and safety (in the form of FDIC insurance and low or no fees).

The banks in Lancaster County PA offer some additional perks, like interest payments and other financial services. Taking some time to shop around to find the best checking account for your needs is worth it since you’ll likely have your checking account for many years to come.

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How To Get A Personal Loan

The steps to get a personal loan start with checking your credit and comparing rates. Most banks in Lancaster allow you to pre-qualify and see estimated rates without affecting your credit score. Once you have multiple loan offers in hand, compare the loan features and fine print, including total costs and any penalties. The final step is to formally apply for the loan that best fits your needs.

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Common Uses For A Second Mortgage

A second mortgage is a loan that uses the equity in the borrower’s home as collateral. You can use funds from a second mortgage for a variety of purposes. To obtain a second mortgage, you typically need to do the same things you do to qualify for a primary mortgage. Some common uses of second mortgages are to pay for home improvements, college education expenses, and consolidation of higher-interest debt, such as credit cards. 

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The Difference Between Checks and Money Orders

A personal check is a standard kind of check you’ve probably seen before – it includes a payee amount. A cashier’s check is very similar to a personal check: it is a piece of paper that stands in for money. Just like personal and cashier’s checks, money orders are secure forms of payment, representing an amount of money. As always, contact the experts of banks in Lancaster if you have any questions. 

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Pros Of A Second Mortgage

A second mortgage is a loan drawn against the equity in your home in addition to your first mortgage. Second mortgage lenders also offer interest rates that are much lower than credit cards. Some lenders allow you to take up to 90% of your home’s equity in a second mortgage. Second mortgages are considered secured debt. 

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Benefits of having a checking account

With a checking account, you can deposit money, make transfers, write checks, withdraw cash, pay bills and take care of other banking transactions either in person, at an ATM or online. There are several different types of checking accounts available to fit your needs, and most allow you to make unlimited transactions, while some even offer extra benefits, perks and convenience.

There are a number of everyday benefits to having a checking account, and it’s quick and easy to open one. You can typically do so either in-person or online in a few steps, and you’re able to use your account right away to store and spend money.

Checking account basics

Essentially, a checking account is used for day-to-day transactions. Checking accounts are held through a financial institution, like a traditional bank, online bank or credit union. With a regular checking account, you can deposit and withdraw money (either through the bank or an ATM), write checks, pay bills and make purchases using a debit card.

There are several different types of checking accounts, but the basic features of checking accounts include:

Deposits. You can deposit money in-person at a brick-and-mortar location, through an ATM, or online/through a mobile app. You can also transfer funds from a different bank account or set up direct deposit from an employer.

Withdrawals. You can withdraw money through an ATM or in-person. For some accounts, there is no limit to how often you can withdraw money, or how much of your money you can take out at one time. (However, some accounts require a minimum balance, or you’ll have to pay a monthly service fee — so you’ll want to make sure you don’t go below that minimum.)

ATM/debit cards. This is what you’ll use to withdraw money from an ATM. With a debit card, you can make purchases and transactions at a store or online and can withdraw money from an ATM. Typically, you’ll receive your debit card 7-14 business days after opening your account, and once activated, it’s ready to use.

Checks. With most (but not all) checking accounts, you can write checks as a form of payment from the funds in your account.

Advantages of a checking account

There are a number of advantages to having a checking account, so here are some to consider.

Accessibility. First, it’s easy to withdraw funds in-person or at an ATM using your debit card. Or, you can access your funds for purchases by paying with your debit card or checks. You can easily transfer funds in and out of your account online or through a mobile app. And, you can set up automatic payments through your account to auto-pay bills each month.

With a checking account, you have easy access to your funds through a variety of ways. And, in most cases, there are no limits on how often you can take money out of your account.

Peace of mind. When you have a checking account, there’s no need to carry around all your cash or keep it in a shoebox in your closet. Storing cash at home poses many risks, including lost to theft, fires or other natural disasters. Plus, it can be easy to lose track of how much you’re spending. With a checking account, you can easily keep track of funds coming in and going out of the account.

Additionally, most banks are protected by the Federal Deposit Insurance Corporation (FDIC). This means your funds are protected by FDIC insurance up to $250,000 in deposits per account owner/ownership category, per insured bank.

Convenience of direct deposit. With a checking account, you can set up direct deposit of your paycheck with your employer. You don’t have to wait for a paper check, and instead can have your paycheck automatically deposited into your account each pay period.

Plus, instead of having to go to the bank to deposit a traditional check, with direct deposit your funds are immediately available to use.

Potential interest. Certain types of checking accounts earn interest, which means your money can grow simply by being in the account. It’s important to keep in mind the possibility that the account won’t earn interest depending on the balance.

After considering the advantages and disadvantages of a checking account, if you choose to apply for a new checking account, you’d be on your way to having your money tracked and spent however you need. A checking account may play an important role when it comes to managing your finances. You can also connect with the experts present at the banks in Lancaster County PA.

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Things To Keep In Mind When Taking A Personal Loan

When one needs funds in a time of an emergency, a personal loan comes in handy. When taking a personal loan, always shop for the lowest interest rate. When taking a personal loan, it is very important to be sure that you can pay it back. Banks in Lancaster will offer you a loan amount that can be you require. Read the fine print before making a decision. 

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What Is A Second Mortgage?

A second mortgage is a lien taken out against a property that already has a home loan on it. A lien is a right to possess and seize property under specific circumstances. Unlike other types of loans, such as auto loans or student loans, you can use the money from your second mortgage for almost anything. Second mortgage lenders also offer interest rates that are much lower than credit cards. This makes them an appealing choice for paying off credit card debt.