SavvySugar

Do You Do Paperless?

SavvySugar — Mon, 08 Mar 2010 08:00:24 -0800

It's hard to keep track of which papers to keep around - bills, credit card statements, investment updates - there's a lot to keep track of. But, there is a way to lighten the load that helps benefit banks, the environment, and you. Going paperless and receiving online statements is an easy way to save trees, save banks some cash, and help you stay organized online without the clutter of excess documents at home.

Still, according to SmartMoney, only two percent of checking account users and 16 percent of credit card users have gone paperless, while most consumers stick to the paper route. Even while going paperless can protect against identity theft, as long as you're using secure Internet connections and virus-protected computer software, most are resistant to change up their routines. To help get customers on board, banks may be offering reward incentives, or on the flip side, charging a small statement fee for users who won't get online. For me, paperless means a lot less mess and tracking online is easy, so I'm on board. What about you?

Money Tip: Give Out Your Passwords

SavvySugar — Tue, 21 Jul 2009 12:00:54 -0700

If something terrible happened to you, would your loved ones have to jump through hoops to access your various online accounts? Mine would. I hadn't considered coming up with an online estate plan until a Wall Street Journal article suggested it.

The article recommends a few solutions for making sure your login information is kept safe but is also accessible should you get into trouble, an accident, or worse. The suggestions include giving a lawyer or trusted relative all the information; dividing up different accounts to different people; or storing the information in a safety-deposit box or home safe.

Do you have an online estate plan? How would you go about ensuring your usernames and passwords are safe but accessible?

Avoid These Silly Bank Fees and Save

SavvySugar — Tue, 07 Jul 2009 12:00:23 -0700

You're a pro at avoiding ATM fees and finding free checking, but banks are slapping fees on everything from your standard withdrawal at another bank to helping its customers. Yes, that customer service call could come with a charge. Banks are relying on fee income more than ever, so don't be surprised if your institution starts sticking you with a tab for checking your balance.

The Wall Street Journal identifies 10 fees you should keep an eye on, and while it mentions that you might have some luck asking your bank to waive a fee you catch on your account, wouldn't it just be easier to avoid them in the first place? Two of the fees listed by the WSJ stand out as particularly silly - $2 to $4 fees for visiting a bank teller more than a couple times a month, and $0.50 to $5 for making account inquiries or reordering checks over the phone.

Find out if your bank charges for any of these services; it's relatively easy to dodge them once you're aware. You can take care of most banking business online and make deposits through your bank's ATM.

Do You Know the Exact Balance in Your Bank Account?

SavvySugar — Wed, 17 Sep 2008 06:30:17 -0700

The majority of you check your online account every day and should be pretty familiar with the balance in your bank account. Sometimes it can be painful to look at, but we all need to face the facts sooner or later! Do you know the exact balance or do you have a general estimate of how much cash is available?

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Five Reasons People Don't Automate Bill Payments

SavvySugar — Tue, 02 Sep 2008 12:30:35 -0700

Online banking is something most of us couldn't imagine living without, and more than half of Internet users pay at least one monthly bill online. Some of those people pay each bill online by manually entering payment information every month, and the New York Times explored five reasons why these consumers are hesitant to automate their bills.

Errors: Some people worry their bank will make costly mistakes when removing funds from their account, but banks will automatically credit your account for a mistake as long as you inform them within 15 days of receiving a statement showing the error.
Service that won't end.: If you cancel a service and the provider continues accepting automatic payments, it can be difficult to get those funds back. It can be easier to stop automated payments if they're set up through the bank rather than authorizing a biller to withdraw funds from your account.

See three more reasons why people avoid automated bill-pay when you read more.

Expired credit cards.: Expired cards can lead to unpaid bills without a customer noticing immediately, so be sure to call your billers with the new expiration date when you receive your new card in the mail.
Security: Some people are concerned that granting too many companies access to payment information can compromise security. On the other hand, some think nonautomated payments create more security issues.
Complacency: Don't just set it and forget it. Monitor your monthly payments to ensure you're not paying too much for one service and to be sure all your bills are paid.

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How Often Do You Check Your Online Account?

SavvySugar — Tue, 26 Aug 2008 06:30:53 -0700

How did we manage before online banking? Sixty-four percent of you track your expenses online in lieu of balancing a checkbook, and I check my online account often - usually a few times a week - for up-to-date balances. How often do you log in to check the status of your bank account?

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Live Greener Starting Today: Putting Earth Day into Action

SavvySugar — Tue, 22 Apr 2008 04:07:27 -0700

Lately the only paper bills that make their way into my mailbox are of the medical kind, because I've been suppressing my paper bills and statements since the option became available and pay them online as well. I love living a mostly paperless lifestyle - not only does it create less clutter on all available surfaces in my apartment, but I know it's doing some environmental good, too.

It surprised me to learn that most Americans still pay their bills by sending a check through the mail, as determined by a 2007 Federal Reserve survey. Switching to a system of electronic bill-pay is easy as green-apple pie and you'd be reducing your carbon footprint drastically - the Environmental Protection Agency reports that paper billing uses more than 674 million gallons of fuel each year! Visit PayItGreen.org to learn more about making the switch.

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What's the Deal With Bank Security Questions?

SavvySugar — Thu, 31 Jan 2008 03:56:59 -0800

What's your favorite ice cream flavor? What designs are on your library card? Your favorite entertainer? Who was your third grade teacher? Where did you honeymoon? What do all of these questions have in common? They're all actual security questions for online services, and the idea behind these kooky questions is that providing the answers will make it easier to retrieve your password should you forget it.

I hadn't really contemplated the motives banks have for utilizing these questions until I read a thought-provoking Slate article called "In What City Did You Honeymoon." Online services use the secret question method because it's cheap - calling to have a password reset can cost a company between $10 and $15 each time, while resetting your password with your secret question costs nothing at all.

It does make me wonder how hacker-safe these questions are, and I like the suggestion the article gives for banks to convert to a phone-based authentication system. If you forget your password, you just have to call from one of the phone numbers that you used to set up the account. Then, they'd call you on that phone and you'd have to type in a number that would appear on your screen. Seems easy enough.

Can you think of any funny bank security questions you've come across?

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Do You Use Online Banking?

SavvySugar — Thu, 10 Jan 2008 10:31:32 -0800

I bank online because waiting in line just isn't my thing. I need the ability to access my account whenever I want and from whatever computer happens to be in front of me.

Our friends at WaMu know your time is precious and make online banking as easy as store-bought pie. Most applications to open a checking and high-yield savings account online take only seven minutes, which means you can get started on organizing your finances in the same time it takes to shower, and do it all while wearing your comfy robe and fuzzy slippers! If questions come up, customer service is always around to help.

When you bank online, all of your latest balances, statements, and transactions are available for your viewing pleasure. Worried about your privacy? Many banks will send you email alerts to keep you informed about your account activity.

One of the biggest benefits is the option to pay bills online; you can pay all of your bills in one place and even have the ability to set up your account for automatic payments. That leaves more time for yourself, something all of us could use. Tell me: Do you bank online or visit your local branch?

Thank you to WaMu for sponsoring this post.

Total Deposits at Washington Mutual are FDIC insured.
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Change Up Your Passwords and Protect Your Profiles

SavvySugar — Wed, 17 Mar 2010 12:01:38 -0700

Had a little scare yesterday that had me changing up my passwords and cleaning up my Facebook profile. In the middle of the day at work, I received an email notification confirming the shipment of a pair of cufflinks I ordered. The problem? I never placed an order for cufflinks, at this vendor, or any. I panicked, went back through my online bank and credit card statements, and called the website's customer service to clear things up.

After almost an hour of scanning my accounts, with no evidence of fraudulent activity, and unable to get through to the vendor's customer help line, I received an email from the company regretting their mistake. It seems it was simple "human error'" they cleared up their mistake and assured me no one had been tampering with my account. Even with the financial statements that proved no one had hacked into my account or stolen credit card information, I set out to do a little Spring cleaning and set up new passwords for my email and online banking, as well as do a sweep of the information I had posted on FB.

To see why, just keep reading