Are You Afraid To Use Online banks?

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With ever changing technology, we always seem to be playing catchup. Technology is progressing faster than the time it takes for us to adapt. Most technology in our lives is just enhancements of existing products. For example, cars today are technological marvels with their computer controlled engines, satellite radio, air bag technology and many other enhancements. But basically it still the same machine it was 50 years ago. It has a steering wheel, pedals, and four tires.

Other things like TVs, radio's, home appliances are all basically old inventions with enhancements and upgrades. One of the things that is completely new in the last 50 years are computers. The world has never seen a technology like this before. An even newer technology coming from computers is the Internet. The Internet has made our shopping, learning, and daily life quicker, faster, and easier. It is still relatively new and will take time to be integrated into our lives.

Many things that we used to do at the corner store we can now do on the Internet in a more efficient way. Every year more and more shopping is done on the Internet. Many of us have our old checking accounts that are able to be accessed and used to check balances online. But we know, if we ever want to, we can still drive down to the old brick and mortar bank and talk to a real person. This lifeline to the old and familiar make us feel more secure to use online banks and all their services.

Article: Why Use An Online Bank Instead Of A Brick and Mortar Bank?

What if there was a bank that was online just like the one you are using presently. But there was no physical bank to go to. Would it make you apprehensive? A lot of people don't like the idea of their checking account and savings account being exclusively on the Internet or as they say "In the cloud".

What are peoples number one worry about Internet banking? They want to be able to go to a physical building to see where their money is. If you do go down to your local bank and think your money is there you will be very disappointed. The bank teller won't be showing you your money. The best and only thing they will do is print up a piece of paper with your account balance on it. Banking online is the same thing. Only you can do it from the comfort of your home.

If you have a lot of money you are probably investing through a brokerage account. When you invest in mutual funds, bonds, and stocks where is your money. The only way you are able to see where that money is, is if you look at the balance on your online brokerage account. It's the same as your online checking account.

You are trusting that your money is in your brokerage account, why not take the step to trust the online bank.

Today there is an online bank that wants your business and is willing to give you rewards to have your business. Take the money from under the mattress and open an account at the best bank on the net. Try PerkStreet Financial.

Here's what you get with PerkStreet Financial:

• 2% cash back on non-PIN debit card purchases, with 5% PowerPerks categories
• Free, complete online banking
• No monthly fees for active account holders
• Free online bill pay
• Free, automated electronic transfers between bank accounts
• Free book of paper checks
• Mobile alerts for balances and deposits
• Access to 37,000 ATMs - the nation's largest network
• 24/7, fast phone and e-mail service

You don't have to close your account at the old brick and mortar bank, use them for transferring funds in and out of PerkStreet Financial. Sign up and link your PerkStreet account to any other bank account for free, transfer money when you need it, it's always free. You will get free checking, access to 37,000 ATMs nationwide, free online banking and billpay. All FDIC insured and your debit card transactions are protected and backed up by MasterCard.


Open an Account today at PerkStreet Financial Here.

What Happens To My First Mortgage If I Don't Pay My Second Mortgage?

Image by Katy Levinson via FlickrToday many people are carrying both a first and second mortgage on their home. They started with a first mortgage when the home was purchased and later added a second mortgage to do a home remodel or a debt consolidation. Now through a reduction in income or a job loss, they are no longer able to make the payment on the second mortgage. They do earn enough to make the primary mortgage but paying the second mortgage is impossible. What will the second mortgage holder do and how will it effect the first mortgage?

All mortgages are foreclosable. But the question is will they foreclose. When the mortgage company writes a mortgage, they put a lien on the home. Liens on a home when there are two mortgages are applied in order. If the second mortgage holder attempts to foreclose, the primary mortgage holder gets first crack at the house in trying to recover it's money. They must be satisfied first. If any money is left over, the second mortgage holder gets any money that is left. In most cases there is no money left and they are left with nothing.

The second mortgage company knows they may get nothing if they foreclose. Even though you are paying the first mortgage faithfully, the first mortgage holder may begin the foreclosure process if they learn the second mortgage wants to foreclose. In most mortgage documents this stipulation appears.

The result is foreclosure will occur if you stop paying either mortgage note. But the second mortgage holder doesn't necessarily have to foreclose. Their alternative is to sue the homeowners. It's bad for the homeowner because the mortgage company will easily win the suit. They will get a judgment and either get a judge to take your assets or garnish your wages. This kind of judgment is open ended and they will persist trying to collect for many years to come.

In todays mortgage environment, many people are having problems with making their mortgage payments. There is a silver lining to this problem and it is that mortgage holders are more inclined to help out people who are having trouble paying. It's a lose-lose situation for all parties involved, the mortgage company and the mortgage payers. The way out of this is all parties working together to make the payment more affordable, so there is no foreclosure. Start to contact both mortgae holders and try to get the loans modified. It's better if the two loans are with the same company but even if they are not it is possible to still make it happen. It takes a lot of persistence and patience. 

Budgeting for Your Pension

This is a guest post by our friends over at www.debtadvisorycentre.co.uk, I recommend you visit their website for solutions to your financial problems.

Saving for your retirement is an important thing to think about for the future. The basic State Pension for a single person currently stands at £102.15 per week, which you may qualify for when you reach retirement age.

If you want to have more than that when you retire, it's important you start putting money aside as soon as possible - if you haven't done so already - which may mean making changes to your monthly budget.

As with any kind of saving, putting money aside for your retirement can be a lot easier if you increase your disposable income every month: that is, the amount of money you have left over after you've covered your essential expenses (such as mortgage/rent payments, utility bills, etc.).

Your disposable income is what you have left to repay your unsecured debts and, if there is any left over every month, to spend on non-essential 'luxuries' - or save for the future.

If you'd like to save more for the future, you could try to maximise your disposable income by cutting back on non-essential spending and/or increasing your total income (all the money your household earns/receives).

How could I maximise my disposable income?

There are two main ways of increasing your disposable income every month:

1. Increase your income. Check that you're receiving all the benefits you're entitled to, or look into working extra hours if it's reasonable to do so. Some people decide to take in a lodger and charge for rent/bills, for example, which could considerably raise your income every month.
2. Reduce your expenditure. Find out if you're entitled to any tax reductions/exemptions, or if you could switch to a cheaper utility supplier to save on your monthly gas and electricity bills. You may decide to cut back on your main yearly holiday or other luxuries you feel you could live without for the time being.

However, if you're also repaying unsecured debts every month, trying to save up for retirement isn't always easy, as some of your disposable income will go towards covering your repayments every month. How could you budget for this while still keeping on top of your debts?

Saving and repaying debt

When saving for the future, it's important to make sure you can still afford your repayments every month to your unsecured lenders. The sooner you can pay your debts off in full, the more money you'll have every month for savings.

This could mean a change in the way you manage your debts, or, if you already have savings, it may actually be worth using part of them to repay your existing unsecured debts first, then starting to save more for your retirement after you've paid them off.

If you can't afford to save anything at all because of your unsecured debts, you might want to get some professional advice - at www.debtadvisorycentre.co.uk, for example - to find the best approach for your circumstances.  

BrightScope.com - An Easy Way To Check Up On Your Financial Advisor

Image via WikipediaIn the wake of the Madoff scandal it's always in the back of your mind the integrity of your financial advisor. For the most part, our financial advisors are upstanding and honest people. It's the bad apples that we hear about in the news, not the good ones. But it's always best to do due diligence on the people we trust with our money.

Checking out our advisor doesn't require costly investigators or large amounts of time. There are sources online to get plenty of information.

BrightScope.com. This site offers an easy interface to check out an advisor. Just enter your advisors name. You will be shown a page to narrow down to your specific advisor if there are multiple people by that name. Once you arrive at the page of your specific advisor, you will see a short summary of the firm, location, address, phone # and assets managed. Followed by metrics on the advisers qualifications, experience, and conduct. The types of clients the firm handles in a pie chart .

I especially like the listing of the advisors previous employers, licenses held, and industry exams passed. For a quick and easy way to check out an advisor, BrightScope.com is the way to go.

Finra.org. Is the Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s mission is to protect investors by making sure the securities industry operates fairly and honestly. All told, FINRA oversees nearly 4,535 brokerage firms, about 163,620 branch offices and approximately 631,640 registered securities representatives. FINRA has approximately 3,000 employees and operates from Washington, DC, and New York, NY, with 20 regional offices around the country. Here you can look up a brokerage firm or individual broker to see their status with FINRA.

Nasaa.org. The North American Securities Administrators Association (NASAA) is the oldest international organization devoted to investor protection. NASAA is a voluntary association whose membership consists of 67 state, provincial, and territorial securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada, and Mexico. From here you can go to your states Office of Financial Regulation to check out the advisors license status.

Adviserinfo.sec.gov. Investment Adviser Public Disclosure (IAPD) provides information about current and former Investment Adviser Representatives (IARs) and Investment Adviser firms registered with the SEC and/or state securities regulators. Here you can check on the your advisors status.


Learning a little information about your advisor will reveal any red flags or show you that everything is fine and you can relax a little.