What is Credit Bureau?

Are you familiar with the Credit Bureau in Singapore? A Credit Bureau is a company that will collect information of an individual’s credit history which will then be submitted to the bank or licensed moneylender where the borrower will be lending money.

In Singapore, the Credit Bureau is the principal credit consumer agency today with the most complete industry uploads in the country which originates from all the major financial companies, institutions, and retail banks. The Credit Bureau is a joint venture of “The Association of Banks in Singapore” and “Info credit Holdings Pte Ltd..”

Over the years, the Monetary Authority of Singapore’s or MAS has made a vision which is to improve the country’s risk management capabilities which are inlined with the whole embodiment of the Credit Bureau. So, how will they do this?

How Credit Bureau Works:

Singapore has made a Banking Act which allows the members of Credit Bureau such as those credit card companies to reveal the credit-related data for the greater purpose of checking and analyzing whether their existing and potential customers are worthy of a payday loan or any debt.

In short, the Credit Bureau gives a “complete risk profile” of their specific customer from a credit card provider. The complete risk profile that Credit Bureau obtains from borrowers includes a concrete number which is called the “credit score.”

A person’s credit score is assessments of the applicant which will help the lender have thorough guidance in deciding if they will let the applicant lend money from them. Through a credit score, the lender can somehow tell the likelihood of the borrower to follow repayment terms and the possibility of going into default.

With this, it is very important to protect your credit score because it can affect your loan applications in the future. If you are a couple who have kids or planning to have kids, maintaining a good credit score is a great way to have a successful education loan application someday for your children.

It is also essential for those who are planning to purchase a house through a mortgage loan. Applying for a mortgage loan is not easy, and banks are strict with credit scores for this type of loan which involves a big amount of funds.

If your credit score has in its lowest point for the past two to three months, there are still ways on how you can rejuvenate your credit history since the reports Credit Bureau makes is from your record for 12 months.

That is why you have to make sure that you can uplift your negative credit score before your 12 months ends. You may do this through correcting any mistake you made that affected your credit score such as paying your debts on time which will be seen on your “Account Status History.”

The only time that you cannot restore a good credit score anymore is when who have made late repayments for more than your 12 months period and you don’t have any means to repay your debts. In worst cases, you may be forced to file for bankruptcy. With these, you have to take the right decisions when it comes to your debts to avoid further financial problems.…

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Why You’re Still In Debt?

The credit card has made payments a lot easier for us, but it can be costly for borrowing money. Long-term debts soon surround you if you’re continuously using the cards to accommodate your needs like electricity bills and weekly groceries.

moneylender

In this situation, you must consider looking for ways that can boost your income and savings including reducing your daily expenses, renting a cheaper room, and getting a part-time job.

Keeping Up with the Facade

You’d soon become bankrupt if you’re carelessly spending money on enjoying a lavish lifestyle. Expensive products like a new huge flat and flashy BMW ride may make you feel proud in front of others, but you won’t feel comfortable if your friends came to know that you’ve rented some rooms of your flat and have leased your BMW.

There is no need to purchase expensive products to get the attention of others. Always live within your means and stop worrying about what others think of you. Reading reviews of licensed money lender before getting a loan from them is highly recommended.

Feeling the Blues

The research shows that several mental issues including depression are directly associated with the debt. When you’re unable to pay your bills, you start getting depressed. The reality of the situation is also clear to you.

Paying off debts is not a big problem at all. All you need to do is to prepare a proper schedule to pay off all the debts. You can create several goals and divide the debt into smaller pieces so that you do not get into the trouble.

Minimum Will do

Making the lowest possible payment increases the interest rate, and it also increases the duration of debt. The banks like customers that only pay for the minimum balances. However, if your income and debt aren’t increasing equally, it may become difficult for you to manage the debt. You can reduce the interest and payoff time by paying more than the minimum requirement each month.

Holiday’s Shopping Spree

If you’re covering the overwhelming costs of the holidays with the credit, you must hold your expenses as soon as possible because it can significantly boost your debts. You should hide these cards in a safe during these tempting events.

The best thing you can do to control your expenses, during the holidays, is to get in touch with the experts at Credit Counselling Singapore. And make sure that you spend less time with the people that tend to overspend.…

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Avoid these tax scams

The IRS recently unveiled its list of “Dirty Dozen” tax scams, with a warning to taxpayers not to fall prey to the claims of dishonest financial advisors, unscrupulous tax preparers, or other scammers.  Here are some of the more common tax scams from the IRS’ list.

Tax Scam 1: Hiding Income Offshore

Many dishonest promoters may try to convince you to hide your money in offshore banks or brokerage accounts, through offshore banks, or trusts, in order to avoid paying taxes on it.  Unfortunately, that’s illegal, and if you’re caught, you’ll be on the hook.  If you’re being pitched one of these deals, be wary.  And if you have used one of these schemes in the past, the IRS has a voluntary disclosure initiative that allows you to come clean through August 31, 2011.

Tax Scam 2: Go Phishing

Smart scammers can design official-looking emails designed to get you to reveal personal information, such as a Social Security number or credit card number.  Beware any email that purports to come from the IRS.  The IRS will not send you an email seeking this sort of information.  If they plan to audit you, they will send you a letter or show up in person.  So, beware an email that purports to come from the agency.

Tax Scam 3: Bad Preparers

While most tax preparers are honest, some unscrupulous preparers may skim a portion of your refund, charge inflated fees, or promise a huge refund.  No preparer should promise a big refund, or try to pressure you to take deductions or credits you didn’t earn.  The IRS has recently stepped up its enforcement of paid preparers, but you still need to do your homework to ensure you’ve hired an honest one.

Tax Scam 4: False Refunds

Scammers will frequently file fake information returns, then try to claim a refund based on the bogus information.  Sometimes scammers will fabricate a Form 4852 (replacement W-2) or Form 1099 as a way to reduce tax liability or claim an undeserved refund.  If someone tries to get you to go along with such a scheme, don’t let it happen.  If you’re caught, you could be on the hook for a $5,000 penalty.  Similarly, a scam artist might try to use your information to file a false return and claim a refund.  This happens often with family or friends of taxpayers, so if someone asks to use your information in order to file a false return, don’t give in to temptation.

Tax Scam 5: Bogus Charitable Deductions

Be careful when claiming noncash contributions to a charity – there are strict rules for claiming the value of noncash contributions, and the IRS specifically looks for donations reported at an inflated value.

Tax Scam 6: Bad IRAs

Beware any financial advisor who suggests that you transfer appreciated assets into an IRA, or proposes any other scheme to get around the IRA contribution limits that apply to you.

Tax Scam 7: Hidden Corporations

The IRS is also working with states to find corporations that have been formed specifically to hide income and prevent the owners of the corporation from reporting it, or allow them to report fictitious deductions.  If a financial advisor is suggesting that you establish “shell” companies to shield income, take a second look.

While you may not think of some of these as true tax scams, the IRS looks at them that way, and really, that’s all that matters.…

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The Eurozone Debt Crisis Explained and Why It’s Not Over Yet

In 2009, the global economy appeared to be recovering quite nicely from the ’08 Sub-Prime Mortgage Crisis.  By March of 2009, the recession seemed to bottom out—equity markets began to rally, unemployment began to fall, and economic growth resumed.  It appeared that the global economy had weathered the worst of the Crisis.  Investor sentiment was broadly optimistic throughout the world, and the EuroZone was leading the recovery.  The European Central Bank had injected far less economic stimulus into its economies than the United States had, and the Euro suddenly seemed poised to make a serious run at the U.S. Dollar’s world reserve currency status.

But then another surprise hit financial markets.  In November of 2009, it became evident that Greece and several other EuroZone countries were in serious danger of defaulting on large amounts of sovereign debt.  The run on the Euro was merciless as investors began to question the very existence of the Euro.  There was talk of the Euro going to parity with the U.S. Dollar after it had reached the $1.5000 level in November, and there were even talks that the EuroZone may break up.

Finally, in late May of 2010, after months of speculation and political debate, the European Central Bank stepped in a created a bailout fund for struggling EuroZone countries.  It was now certain that no EuroZone countries would default, at least in the near-term.  This move by the ECB served to reassure investors, and the Euro finally found support at $1.1875 before beginning a magnificent rally in June and July back up to the $1.3300 area.  During the rally in June and July it appeared the EuroZone had survived the worst of the Debt Crisis.

During June and July, Greece, Spain, and Portugal each returned to capital markets and all three countries had very successful bond auctions.  In fact, they were each able to auction off full amounts at interest rates that were quite attractive.  This served to further support investor sentiment.  However, the true underlying crisis in the EuroZone is far from over.

First let’s examine how these countries came to near sovereign default.  When the EuroZone initially formed, one of the major incentives for small, economically weak countries such as Greece to join, was that they would be able to borrow money at near German interest rates.  This was very attractive because at the time Greece was being forced to pay a much higher interest rate in capital markets.

Now, as a EuroZone member Greece would be able to borrow lots of money at low interest rates, and this is exactly what they did.  The idea behind cheap money for weak countries was that these weak countries would be able to borrow money and develop strong economic and public infrastructure, which would make Europe much stronger overall, and as a whole they would be able to challenge the United States as a world power.  But things went bad…awfully bad.

Greece did borrow money, as did Spain and Portugal.  But they didn’t use it as they should have.  Infrastructure was never developed the way it should have been, and now these countries are sitting on mountains of debt they can’t pay off.  Thus, one of the requirements to qualify for bailout funds was these countries had to cut back on public spending significantly, which is causing quite an uproar among citizens.  These aggressive budget cuts have alarmed many economists, as they fear these austerity measures may weigh heavily on EuroZone growth in the 2nd half of 2010, and in a worst case scenario even tip the EuroZone back into a quarter of GDP contraction.  Forex software used by FX traders has helped many financial speculators profit from the rise and fall of the Euro in the last year.…

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3 day right of rescission

If you’ve ever signed for a mortgage, or any other loan for that matter, you may be familiar with the 3-Day Right of Rescission. It’s a right granted to all borrowers to change their minds after the loan papers have been signed. There are limits of course, but the goal is to give the borrower just a bit of time after the papers have been signed to change his or her mind. It’s an added measure of protection and, as a current or future borrower, it’s your responsibility to understand how the law protects you.

How the 3 Day Right of Rescission Works

The law gives a borrower 3 full business days to rescind, or change his mind, after signing the loan documents. That means you can sign your loan docs on Monday, and if you go home and notice there’s a mistake on the loan documents and the interest rate is significantly higher than expected, you have 3 full days to fax in your notice of rescission to the lender and you won’t lose anything because of it.

An Example

The 3 full days begin the day after you sign your loan documents and do not include Sundays and federal holidays (list of U.S. federal holidays), but do include every other day, including Saturday. For example, if you sign your loan documents on a Thursday, the 3 days doesn’t begin until Friday. The first day is Friday, the second day is Saturday, you skip Sunday, and the third day is Monday (assuming Monday’s not a Federal holiday). In this example, you would have until Monday at midnight to send in a written notice of rescission to your lender.

The rescission notice can be anything typed or hand-written by you notifying your lender that you would like to rescind. Be sure to include your name, loan number, your lender’s name, and the current date and time on your notice. You can also find sample notices by searching Google for “Rescission notice.” The notice can be faxed or mailed to your lender.

If you mail the notice, the 3-day rule says it only has to be dropped into the mailbox by the rescission deadline. So, in the above example – your rescission period ends on Monday at midnight – you could drop the letter in the mailbox at 11:59 pm on Monday and you would have just made the deadline. Obviously they have no way of knowing whether you dropped it in the box at 11:59 pm on Monday or if you were a bit late and dropped it in at 12:01 am on Tuesday, but that’s the rule.

Another Example

Now let’s say you sign your loan documents on Friday, but the following Monday is a federal holiday. Your rescission period begins the day after signing, which would be Saturday in this case. We skip Sunday, but we also skip Monday since it’s a federal holiday. So day 2 would be Tuesday, and day 3 would be Wednesday. You would have until Wednesday at midnight to rescind in this example.

Calculate Your Funding Date Based on the Rescission Period

If you’re wondering when your loan will fund, it’s simple to calculate, it’s just the day after your rescission period expires. So, in the previous example, where Monday was a holiday and the rescission period expired on Wednesday at midnight, your loan would fund sometime on Thursday. The exact time really depends on a number of factors, but I’ve found it’s usually before noon.

When Your Right to Rescind Does Not Apply

It’s important to note that the 3-day right of rescission does not apply to all types of mortgages. Here are some examples of when the 3-day right of rescission does not apply:

  1. Does not apply to purchase mortgages, only to refinances
  2. Does not apply to refinances if you refinance with the same lender
  3. However, if you refinance with the same lender and take cash out, it does apply to the cash out portion of the loan
  4. Only applies to refinancing of your primary residence (doesn’t matter what type of home – i.e. manufactured, mobile, etc)
  5. Does not apply when you borrow money for your business
  6. Does not apply when you borrow from a state agency

It Gets a Bit More Complicated Now

Those are the basics of the law, however, there are some interesting quirks that you may never have to deal with, but we’ll share them anyway just in case  . The 3-day clock doesn’t actually start ticking until 3 conditions have been met, however, in the vast majority of cases, all 3 of these things will happen on the signing day. Nonetheless, the conditions are:

  1. Borrower must sign the loan papers
  2. Borrower must receive a copy of all loan disclosures
  3. Borrower must receive a copy of the Notice of Right to Rescind

In the rare case that your lender does not supply these on the day of your signing, the rescission period can run up to 3 years after your signing date. In such a case, should you decide to rescind, say, a year later, your lender’s security interest in the property becomes void and they must reimburse you for all finance charges collected over the life of the loan.

Additionally, the right to rescind applies to anyone with an ownership interest in the property. For example, if your husband is on Title, but will not be signing for the loan, he still has the right to rescind because the Title grants him ownership interest in the property.

Now, if you’ve really been paying attention up to this point – and bravo for you if you have – you may be wondering why the rule only requires that you drop your rescission notice in the mailbox by the deadline and not that the lender receives your notice by the deadline. Because your loan funds the day after your 3-days expire, and if you drop your rescission notice in the mailbox at 11:59 pm on the 3rd day, …

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Soft vs hard credit pull

Back in the heyday of the mortgage market when shady brokers were selling their socks off (which really wasn’t long ago now), they used the terms “soft” and “hard” credit inquiries when talking about pulling borrower’s credit scores. In fact, confusion about the difference between these types of inquiries was an easy thing for shady brokers to take advantage of. So, let’s dive into the different types of credit inquiries and how they affect your credit score.

Soft Vs Hard Inquiries

The terms “soft” and “hard” when referring to credit inquiry types aren’t exactly technical terms; instead, they’re industry jargon used to refer to two groupings of credit inquiries. Credit inquiries that do not show an intent to borrow money are not supposed to hurt your credit score. Account status checks by your current lenders and banks, pre-qualification credit checks for the purpose of sending credit card offers, and personal inquiries made by you through one of the many credit reporting agencies or credit monitoring services are all included in this category; industry jargon deems these credit inquiries “Soft” credit pulls.

“Hard” credit inquiries are those inquiries that do represent an intent to borrow money and will damage your credit score, if only slightly. We’ve covered the reasoning behind this in other articles about why credit inquiries affect your credit score in the past, but to put things into as simple terms possible, the day you decide to borrow more money, all else being equal, you become a greater credit risk. The reason for this is simple, the more money a person borrows, the more difficult it becomes to repay that money. So, by lowering your credit score just a bit each time you show intent to borrow money, the credit agencies are sort of, preemptively adjusting your credit score.

Can You Qualify for a Mortgage Using a Soft Inquiry?

Yes and No. Let’s rephrase that question. Can you get a true mortgage offer, Good Faith Estimate and all, using a soft credit inquiry? No. That said, I have given rough quotes based on soft inquiries before, and that’s perfectly ok, the problem with that in this day and age is, until you have an estimated settlement statement in front of you, you really don’t know what you’re getting or if the mortgage professional on the other end of the phone is being honest at all.

What About The Broker That Said He Uses “Soft Pulls” to Pre-Qualify Me?

Baloney. Mortgage companies don’t use soft pulls to protect your credit. If you give a company your social security number to prequalify you for a mortgage, they are going to run your credit and it’s going to be a hard pull. I’ve personally heard this line used before in an attempt to convince a borrower to fork over his or her social security number, but it’s absolute nonsense.

So How Can You Get a Quote With a Soft Pulled Credit Report?

You can get a preliminary quote with a credit report you pulled yourself. While a lot of the mortgage salesmen/women are taught to not give quotes before they have a real credit report, that’s really just a sales tactic; if you find an honest mortgage professional, he or she will give you a rough quote based on a credit report you pulled yourself.

How To Pull Your Own Credit Report

There are a few different resources where you can do this. All consumers are entitled to one free credit report per year, if you haven’t gotten a credit report in the past year, you can get one free at AnnualCreditReport.Com. If you’ve already pulled your one free credit report and would like to check it again, you can go to FreeCreditReport.Com. Now, here’s a little tip to help you out on this one. FreeCreditReport.Com gives you a free credit report as well as a 7-day free trial for their Triple Advantage Credit protection program. Now, this is a great program if you need credit monitoring, but if not, you can cancel within the 7 days and you keep your credit report for free. The only other option to getting a copy of your credit report is to buy one for $13-30 online, but why do that when you can get it free? A lot of companies try to make it nearly impossible to cancel the free trial so that you end up paying anyway, but FreeCreditReport.Com is run by Experian, one of the 3 major credit reporting agencies and is very legit. I’ve personally pulled my credit report there and canceled within the 7 days and it was no hassle at all. No cost to me whatsoever and I got a copy of my credit report.

Once you get your credit report, seek out an honest mortgage professional, and he or she should be more than happy to give you an idea what terms you could qualify for based on your free credit report.…

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Paying off your mortgage

Most Americans have a strong desire to pay off their homes. In a country wallowing in debt up to its eyeballs, getting the biggest debt you’ll likely ever take on paid off can be a pretty exciting idea. Believe it or not, people haven’t always been so eager to pay off their mortgages; it’s certainly not a new trend, but it helps to understand the reason the idea of owning your home free and clear is so popular these days.

Now, you’re probably thinking, “why understand the reasoning behind paying off your mortgage, its simple, to reduce your debt, pay less interest, and be safe from the potential of losing your home if you lose your job.” Well, it seems simple, but in many cases, the numbers work out in favor of not paying off your mortgage. How can we explain, then, the overwhelming support in favor of paying off a mortgage that may actually be helping most homeowners in the first place? To do that, we need to understand the reasons behind the wave of excitement over becoming mortgage free as well as the numbers that show whether or not becoming mortgage free is something that will benefit you.

Why Pay Off Your Mortgage?

For most Americans, there are three main reasons for paying off their mortgages:

  1. A mortgage is a debt, and debts are risky by nature.
  2. A mortgage is an expense, and paying off your mortgage cuts out a large monthly expense.
  3. Because of the length of time it takes to pay off a mortgage, most homeowners will pay an enormous amount of interest over the life of their loans.

Let’s examine these one at a time…

A MORTGAGE IS A DEBT, AND DEBTS ARE RISKY BY NATURE

The Two Major Risks Associated with Mortgages:

  1. If some major negative financial event occurs in your life, such as a job loss or major illness, you run the risk of being unable to make your mortgage payments and the bank could foreclose on the property.
  2. For borrowers with interest rates that may adjust during the life of the loan, when caught in a real estate market downturn, you run the risk of not being able to refinance if your home’s value, and hence available equity, drops significantly. If your interest rate adjusts to a point that you cannot afford to make payments without refinancing, you may have to sell or the bank will foreclose on the property.

A Mortgage is Expensive, So Paying Off Your Mortgage Cuts Out a Large Monthly Expense

This is pretty simple, the more money you have, the more freedom you have to do what you want. For most Americans, paying off their mortgages will relieve them of their largest monthly expense, giving them more freedom to do what they want.

Also, income generally drops at retirement when workers begin living off pensions, social security, savings, etc. Having the mortgage expense eliminated by that time frees up a large expense.

Mortgage Interest Is Expensive

Since the term of a mortgage is generally around 30 years or more, you can expect to pay an enormous amount of interest over that time. In fact, on a $200,000 mortgage, at 6%, over 30 years you’ll pay over $231,000 in interest…more than the property even cost to begin with!1

Getting that mortgage paid off quickly certainly helps save interest. Even as little as $100 extra per month in the above example would save almost $50,0001.

Why Not Pay Off Your Mortgage?

Now let’s reexamine the reasons why homeowners want to pay off their mortgages and see why you may not want to pay it off.

DEBT ALLOWS YOU TO LEVERAGE OTHER PEOPLE’S MONEY

Debt always carries some risk with it, but debt is the only way to leverage the often-talked-about principal of “Other People’s Money.” If you have $100,000 in cash to invest, at 6% per year you’ll reap $6,000 in gains. Now, if you have $100,000 cash to invest and you add to that $100,000 of someone else’s money in the form of debt, you can reap $12,000 in gains the first year with the same $100,000 of your own money. By taking on debt, in this case, you double your cash on cash return from 6% to 12%. As long as you’re paying less interest on the money borrowed than you’re making from the investment, you come out ahead.

BANK MAKE MONEY WITH ARBITRAGE, AND SO CAN YOU

Arbitrage, with regard to mortgages and investments, is a concept that refers to borrowing money at a lower rate than you can make from it through investment. For example, if I can borrow money at 6% and invest it at 8%, I have a 2% positive gain on that money. If my $200,000 mortgage at 6% costs $1,199 per month, and, instead of making an extra $100 payment each month on the mortgage, I invest that $100 at 8%, I can gain $8 per month, as opposed to the $6 per month I would save by applying that money to my mortgage at 6%.

MORTGAGE INTEREST IS EXPENSIVE, BUT YOU HAVE TO CONSIDER THE BOTTOM LINE

Sure, making an extra principal payment of $100 per month in the above example would save $50,000 in interest charges over the life of the loan, but by investing that extra $100 per month at 8% for those same 30 years, I can make almost $150,000. That would give me enough to pay the extra $50,000 in interest on the mortgage and still have almost $100,000 left over.2

Mortgage Ideas to Consider Beforehand

OPPORTUNITY COST

Whether or not you should pay off your mortgage depends on a number of factors, and you really have to do the math to find out if it’s in your best interest. When considering the options, always keep in mind a key term…Opportunity Cost.

Opportunity Cost is defined by Investopedia.com as:

“The cost of an alternative that must be forgone in order to pursue

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Biggest bank scam

A recent accounting error resulted in my checking account being overdrawn by $250 and me being charged $298 in overdraft fees as a result. Here’s why.

Large to Small Transaction Processing

Many banks these days, in an effort to extract as much money as humanly possible from their customers, have begun processing checking account transactions in order of largest to smallest. This is why I ended up being charged $298 in overdraft fees for my account being short by a mere $0.35!

In my case, several transactions cleared on the “big fee day” as I refer to it now. At the time I had about $1500 in that particular account. The largest transaction to clear that day was a check I wrote of $1,400. There were 8 other transactions to go through that day, the total of all of these adding up to $350. One of these transactions was a car payment of about $300; the remaining $50 in transactions were small purchases like a pack of gum, a Starbucks stop, etc.

So, had my bank processed my transactions in order of smallest to largest, the $350 in smaller transactions would have cleared just fine and I would have only been popped with one overdraft charge. Instead, they cleared the $1,400 check first, then the $300 car payment overdrew my account, resulting in the first $35 charge, followed immediately thereafter by 6 more small transactions and six more overdraft charges of $35 each!

Just because of the way the bank chose to process my transactions I paid seven overdraft charges totaling $245. Had the bank processed the transactions in the reverse order, the first seven transactions would have cleared just fine, with the $1,400 check being the only personal loan.

So, $245 vs. $35 just because of the way the bank chooses to process transactions? That’s a scam if I ever heard one. And don’t think the bank has any excuse for this either…trust me, I asked.

Excuse #1

When I called to object to such a ridiculous system I was told that the bank did a study and the customers prefer to have transactions processed from largest to smallest. When I asked why or for any information at all about that study, the customer service rep didn’t have an answer, neither did her supervisor, and apparently nobody does because they told me they’d have someone to call and follow up with me…no one ever called.

Excuse #2

When I pushed a bit more, I was told that processing transactions from largest to smallest ensures that the important bills get paid…the bank is assuming your most important bills are probably the largest. Ok, fair answer at first glance, but wait…every single one of my transactions were paid, including the $1,400 check that overdrew my account. When I brought this up, the supervisor said, “well, sometimes they won’t all get paid.” When pushed, she had no real answer to when those “sometimes” were.

Excuse #3

After about 20 minutes on the phone and a handful of questions but no answers, I requested that the order of my transaction processing be changed. No can do, I was told, apparently the bank does not have the ability to change the order of the transactions.

So It All Boils Down to This…

Ok, so let’s make sure I’m clear on this.

  1. Transactions are processed in a way that will always result in the most fees for the bank.
  2. Someone, at one point in time, studied some customers and found that they wanted their transactions processed from largest to smallest, but the actual location or means by which someone can get a copy of this study is completely unknown.
  3. The bank processes transactions from largest to smallest to ensure that the largest, and presumably, most important payments actually clear, but all transactions cleared so that doesn’t make any sense.
  4. The bank is incapable of changing the order of transaction processing for its customers and they have no idea why that is.

Ok, I think I’ve got it now. By the way, the bank was Fifth Third.…

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