Advertising
Advertising

8 Time-Saving Online Banking Services

8 Time-Saving Online Banking Services

Ask The Entrepreneurs is a regular series where members of those involved in the Young Entrepreneur Council are asked a single question that aims to help Lifehack readers level up their own lives, whether in a area of management, communication, business, or life in general. Here’s the question posed in this edition of Ask The Entrepreneurs:

What’s your favorite online-only banking service, for personal or business use?

1. Ally

Andrew Schrage

    My favorite online-only banking service is Ally (www.ally.com), mostly because of its stellar customer service. Nothing upsets me more than having a difficult time contacting an online-only banking provider when I have a question, but Ally poses no problem. A CSR always answers the phone promptly and quickly takes care of my needs. – Andrew Schrage, Money Crashers Personal Finance

    Advertising

    2. Dwolla

    doreen-bloch

      Dwolla (www.dwolla.com) is a new tool we’ve been using at Poshly for online banking. It’s the best peer-to-peer money transfer system I’ve seen so far. It’s incredibly simple to set up, and their customer service is incredible. We have our team using it for reimbursements and monthly paychecks. – Doreen Bloch, Poshly Inc.

      3. Bill.com

      Advertising

      David Ehrenberg

        While Bill.com (www.bill.com) isn’t exactly an “online-only banking service,” it is a fantastic online bill pay service, offering a great way to streamline your payables while eliminating paper. You can easily enter bills, pay them (or submit for approval), record payments, create invoices, send invoices, and send invoice reminders. Clients can even sign in to a secured portal to pay invoices. – David Ehrenberg, Early Growth Financial Services

        4. Chase

        W. Michael Hsu

          Chase (www.chase.com) has been pretty tech-savvy with their online banking, and, so far, we’ve had great pleasure working with them. I’d say their strength is allowing read-only access for your advisers to pull data from, and their weakness is some of the transaction descriptions they provide. Overall, I’d give them an eight out of ten for ease of use, as well as price point. – W. Michael Hsu, DeepSky

          Advertising

          5. Charles Schwab

          Nathalie Lussier

            I love Charles Schwab (www.schwab.com/) because their interface is straightforward; They have an amazing mobile app, and they make banking with them really easy. You can use any ATM and they reimburse you the fees, and you can also take a picture of incoming checks with your smartphone to be deposited electronically. I’m a very happy customer. – Nathalie Lussier, The Website Checkup Tool

            6. Simple

            Advertising

            Chuck Reynolds

              For online-only banking, you have to strongly look at Simple (www.simple.com). It’s a real bank without all the fees and BS associated with the old-school mentality of the current brick-and-mortars. Other than a very nice UI, there are category features like Mint and some very useful graphing functions, too. – Chuck Reynolds, Vuurr

              7. Wells Fargo

              Chad Halvorson

                Wells Fargo (www.wellsfargo.com) has, by far, the best online banking experience I’ve ever seen. That’s not to say it couldn’t be improved, but that is to say that everything else is absolutely horrid. On a scale from one to ten, Wells Fargo’s online banking experience is a solid seven, whereas everyone else is at a three or lower. Overall, I think the online banking space is chomping at the bit for reinvention. – Chad Halvorson, When I Work

                8. PerkStreet Financial

                Lane Sutton

                  A local Boston startup, PerkStreet Financial (www.perkstreet.com), aims to provide convenience by acting as an online bank with access to ATMs, surcharge-free. Account owners earn “perks” as cash back for what they spend, hence the name. The online account is tracked via a simple interface for history and mobile alerts. Customers will appreciate 24/7 customer service, as TD Bank, Ally and other institutions have adopted. – Lane Sutton, Social Media from a Teen

                  More by this author

                  9 No-Brainer Ways to Track Employee Time Ask the Entrepreneurs: 12 Things Entrepreneurs Should Stop Doing Ask the Entrepreneurs: 9 Best Note Taking Tools Ask the Entrepreneurs: 12 Tips for Mastering Public Speaking Ask the Entrepreneurs: 9 Tasks You Should be Outsourcing

                  Trending in Money

                  1 How To Pay Off Credit Card Debt Fast: 7 Powerful Tips 2 How To Make a Million Dollars in 7 Steps 3 7 Cheap but Powerful Products That Can Help Your Waste Less Food and Save Money 4 How To Retire Early (And What To Consider Before You Do) 5 How To Create a Budget (The Complete Beginners’ Guide)

                  Read Next

                  Advertising
                  Advertising
                  Advertising

                  Published on January 8, 2021

                  How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                  How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

                  Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

                  The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

                  Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

                  What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

                  Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

                  1. Pay More Than the Minimum Credit Card Payments

                  Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

                  Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

                  Advertising

                  You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

                  The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

                  2. Start With High-Interest Credit Card Debt

                  If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

                  First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

                  At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

                  3. Revisit Your Budget

                  Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

                  You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

                  Advertising

                  Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

                  If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

                  4. Avoid Using Your Credit Cards

                  Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

                  The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

                  It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

                  5. Start a Side Hustle to Boost Your Income

                  You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

                  If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

                  Advertising

                  Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

                  It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

                  6. Sell Your Used Items for Extra Cash

                  Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

                  A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

                  Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

                  When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

                  7. Know When to Seek Help With Your Debt

                  Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

                  Advertising

                  There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

                  In extreme cases, the debt solution can be:

                  • Debt relief – where your debt is partially or wholly forgiven
                  • Debt consolidation – taking out one loan to repay others
                  • Debt settlement – the creditor forgives a significant portion of your debt
                  • Bankruptcy – legal process for seeking relief from some or all your debts

                  It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

                  Wrapping It Up

                  Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

                  So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

                  More Tips on How to Pay Off Debt

                  Featured photo credit: rupixen.com via unsplash.com

                  Reference

                  Read Next