The Internet has changed the way everyone lives and communicates. But it’s so much more than keeping in touch with your family and friends. It can also be used to simplify your financial life. It is a welcome change from the monotony of balancing your checkbook and correcting those antiquated handwritten ledger pages. With online banking at your fingertips it gives even the most dyed-in-the-wool paper trail junkie the opportunity to abandon ship and embrace the digital age and utilize online banking.
Banking online isn’t a new phenomenon and likely the majority of us already do it in one way or another. If you haven’t yet made the transition to online banking and are still searching for more information about the benefits, I’ve put together a list of reasons why you should consider using the Internet to manage your finances.
Bank at your convenience by managing your accounts on your schedule, 24/7. The only thing you need is your computer, tablet or a smartphone with Internet access.
Everyone has experienced his or her financial institution making an error and it’s not always in your favor. Or, I’m sure you have recorded a check incorrectly allowing the payment to fall through the cracks. The beauty of online banking is it allows you to monitor your account balance and pending transactions in realtime. And, since every transaction is recorded, it is possible to go back months to make sure every transaction has been recorded correctly.
Have you ever been late with a bill or has a payment gotten lost in the mail? Paying your bills online is simple, fast and very secure. Just check with your credit union and set up online bill pay.
It’s no longer necessary to wait for your paycheck to land on your desk. Just arrange for direct deposit online so you have immediate access to your money. It may be exciting to see that check up close and personal but the time you save waiting in line at the bank to make a deposit will make up for it.
Do you have people in your life, like kids in college, that need a cash infusion right now? Online money transfers make it easy to send funds wherever they need to go – fast and easy and most of the time free. And, if you have multiple accounts, online transfers give you the convenience of moving funds as needed.
Bank-on-the-go with online banking. Make a deposit, transfer funds or even deposit a check while you are waiting in line at the grocery store.
Go paperless with eStatements. Save time. Save money. Save a tree! Environmentally conscious and security-minded people are choosing to receive eStatements in place of traditional paper statements that can be accessed within their personal online banking from anywhere, anytime.
MoneyDeskTop by MX is designed to put a member’s data on center stage, molding it into a cohesive, intelligible and interactive visualization. MX provides access to a personal financial management software program whereby online banking becomes a “hub” of financial activity. Users aggregate accounts from any financial institution allowing members to track spending, create budgets and manage debt.
Do you want to have a check-free life? With online banking it’s easy to pay people and get paid easier faster and cheaper than using checks.
Be assured that your personal information is protected with online banking. Credit Unions typically use highly sophisticated encryption devices to ensure their members privacy and safety.
Additionally, many credit unions allow their members to apply for accounts, order checks, stop payments, apply for loans and even communicate with them online. Consider all the benefits of having an online relationship with your credit union.
The topic of estate planning is misunderstood and wrapped in mystery for most individuals. Easy to understand why. Pop culture has evolved to label estate planning as something only the wealthy need. After all, what images pop into your head when you hear the term estate planning? Rolling estates, mansions and huge bank accounts.
Estate planning at its core is a simple idea. Yes, there are tactics that might seem complicated. However, when you boil down estate planning, it is planning for how the things you own pass on after your death.
What is the number one mistake you can make relating to your estate? Failing to have a plan.
There are many important issues to consider when developing a plan. The least of which is how your assets (your property) will pass on after your death and who will receive them.
The goal of a plan is control. Without a plan, you give up control how your property will be distributed. Without a Will, you shift the decision how your estate will transfer from you to the state.
What can you do to ensure this does not happen? Takes steps today and start a conversation with you and family.
There are professionals who make up a typical estate planning team.
Insurance Agent: An agent might seem an odd place to start. However, your insurance agent is commonly the person who starts the conversation. An agent can also help if products such as life insurance, long-term care or annuities could benefit your plan.
Attorney: An attorney is responsible for developing the legal documents and transfer strategies for your estate. An attorney will draft a will, trust or other estate documents.
Accountant: An accountant aids with potential tax issues. If an individual’s estate is large, there may be tax issues such as federal estate and income taxes. If you plan to give to family or charity, an accountant can help develop a plan that is tax compliant.
Broker: If you own securities, involving your broker in the planning process helps ensure your plan is consistent with your investing strategies.
The process: Once you meet with a professional. They will complete a financial profile. A financial profile lists your assets and offers a snapshot of where you are financially. Next, is discussing how you want your estate to transfer.
Next is involving the other members of the estate planning team. The cost to develop a plan will depend on the level of planning needed. Having a will drafted is the simplest estate plan you can have. A living trust or advanced legal documents will likely increase the cost.
Cost is often the concern that impedes individuals from starting the estate planning process. However, when you consider the cost and complication to your family.
A plan can be complicated or simple. Conversing with a professional can help evaluate potential issues and start the process.
Neither Barry Taylor, Integrated Planning Solutions nor its representatives offer legal or tax advice. The information contained on this page is for informational purposes only and should not be relied upon for tax or legal advice. Consult with your legal or tax adviser regarding your individual situation before making any tax or legal related decisions.
When it comes to declaring bankruptcy in order to avoid paying off government student loans, borrowers must prove that continuing to pay a loan would cause undue hardship. In the 11th Circuit, we have what is commonly known as the Brunner Test.
Outside of the Bankruptcy Courts, an individual may also qualify for a discharge of their student loans. The Department of Education has a set of criteria that constitute what undue hardship actually is, and who is eligible for this type of relief.
If you are considering bankruptcy, it is important to speak with an experienced bankruptcy attorney that also has experience with student loan terms. Prior to meeting with your attorney, here are some of the things that you may want to further discuss.
Undue Hardship Definition
According to the Department of Education, here are the criteria for declaring undue hardship in relation to student loans and bankruptcy.
Veterans that have been considered by the Department of Veterans Affairs to be unable to find employment as a result of a service-related injury.
Whether or not a borrower’s health has changed significantly since the original loan amount was determined.
Whether or not a borrower has tried to pursue other loan terms including Income Sensitive Repayment. If you are attempting to claim undue hardship but have not tried to declare Income Sensitive Repayment or settle on any other loan terms with your lender, a lender may not accept an undue hardship claim.
Whether or not a debtor has filed for bankruptcy due to circumstances out of his control, and whether or not those circumstances will impact the debtor’s ability to repay a loan.
There are many other factors that go into determining whether an undue hardship claim will be accepted as a reason for federal student loan relief. Rather than try and argue this claim on your own, it’s best to speak with a qualified attorney today in order to determine whether or not you can make this claim, and how you can defend this stance.
Defining Undue Hardship
As it stands, Congress has not technically defined what “undue hardship” is. As such, it is often the decision of federal courts to determine whether or not this claim is valid. In order to determine the validity of such a claim, the court system uses two different methods to weigh criteria. These methods are often tricky and do contain a number of different factors. Essentially, it is up to you (the debtor) to prove that you cannot repay a loan without putting yourself into financial ruin – not an easy thing to do.
While it might seem like claiming undue hardship following bankruptcy is the best and fastest way to get out of paying a federal student loan, this is not the case. Most of the time, it’s difficult to make this claim stick, and lenders do challenge every case that is brought forth. So how can you avoid paying a federal student loan if you have no other choice but to declare bankruptcy? Speak with a bankruptcy attorney today to see what your options are, and make sure that you have the right attorney on your side when it comes to fighting your claim in court.
Personal loans are common across the society since the historic times. These can be broadly categorized as secured and unsecured personal loans. It is easier for everyone to avail unsecured personal loans as compared to the secured ones. The sum of money involved in this category of transactions is usually petite, ranging between hardly a few hundred dollars at the most. In order to avail the type of facility, a borrower, usually, does not need to put up any asset as collateral. As such, the individual’s credit score is hardly taken into account while providing the facility. However, in some instances, lenders charge higher interest rates to borrowers with dismal credit scores, on availing unsecured personal loans.
On the other hand, to avail secured personal loans, borrowers need to put up some asset or the other as collateral. As such, rate of interest involved in this range of loans is usually more reasonable as compared to the other variety. Because of the collateral asset, lenders offer secured personal loans at lower interest rates. Thankfully, both the types of loan allow monthly installments to borrowers to repay the money. In a recent development, a range of registered money lending agencies is readily providing loan to people with bad credit. To avail the unique facility, however, one has to own the clear title of a car, truck, van or SUV. The amount of money disbursed as loan is determined by the condition of a vehicle in question.
The range of loans is steadily gaining prominence and is facilitating life for scores of people by resolving their small economic needs. The unique monetary facility is more popularly called bad credit car loans. Stagnant economy is compelling the corporate sector to downsize its workforce. Lay-offs, unemployment and pink slips are rampant across the industrial domains these days. In short, innumerable folks are suffering from low credit score. Conventional lenders refuse to give loans to these people for obvious reasons. Actually, these folks invariably fail to meet the eligibility criteria of the conventional lenders. Thus, it is indeed an uphill task for these people to secure money to combat unforeseen emergencies.
The best part about vehicle equity loans is it allows users to keep and maintain their vehicles during the loan period. Volume of business for the category of lenders is increasing at an exponential pace. An increasing number of folks who need cash on bad credit unhesitatingly approach these unconventional money lenders. Professionals working in these financial establishments maintain impressive level of professionalism and never reveal their clients’ identities to third-parties.
When the loan is repaid on time, a negligible sum is levied as interest. There is no penalty on early repayment of these loans. As there is no credit check, money is handed over fast to borrowers while availing loans with bad credit. In fact, money is handed over hardly within a few hours of filling the loan application. While availing such facility, it is advisable for the borrower to carry a photocopy of the driving license and a few other relevant documents. However, professionals working in these money lending agencies will definitely provide extensive list of documents that borrowers need to furnish well in advance.