Five Reasons to Say Yes to Checking Account

From safety to convenience, proper financial planning can ultimately help get your personal finances in order. Read on to find out the top five reasons why you should have a checking account:

• Safety and Protection

Stacking cash at home can involve several understandable risks. Consumer bank accounts at credit union or federally insured institutions, offer protection subjected to each account ownership category. Basically, it means your money is in safer hands and you can store it safely for any purpose.

• Convenience

Where else can you cash your pay check if you do not have an account of checking Wareham. For credit unions, you need to visit the specific bank for encashing the check. Now, if you regularly have to drop in a check in the same financial institution, it is better to open an account with the bank/credit union where you can set up direct deposit through your employer.

• Bill Pay

From rent to utility, monthly bills cannot be ignored. Paying those bills without a bank account will not just be an expensive procedure but also extremely tiresome. With a checking account, you can issue checks or set up automated bill payments that can make your life way easier!

• Debit Card Convenience

Carrying a debit card of your checking account is a brilliant replacement to that of carrying the cash.  Even if your card is lost or stolen, you can make way for the new one without losing any money. And, do we really need to stretch on the convenience to pay with debit.

• Budgeting Tools

Withdrawals, purchases, and all other debits and credits are automatically enlisted on the bank accounts. The credit union will send you the monthly statement report of your spending accounts. This is an excellent way to find out where you can fine-tune your personal budgeting choices and save a few bucks more every month.

With PCT Federal Credit Union, you can enjoy the convenience of no minimum balance on the checking accounts along with no fees on activities such as -

• First Box of Basic Checks
• Visa® Debit Card
• Online Banking
• Unlimited Check Copies (via Online Banking) Bill Pay
• Mobile Banking
• eStatements
• Mobile Check Deposit 

Established in 1962, PCT Federal Credit Union aims to offer exceptional financial services at the best economical rates. Their high quality, personalised, convenient functionalities make it a loved credit Union of Wareham. Visit http://www.pctfcu.org to find out more.

Five Factors that can Influence Interest Rates

Opting for a personal loan is one of the easiest ways to combat the financial needs you have. However, there is always a twist related to something or the other, when you apply for a personal loan in Wareham. You need to know how certain factors make a difference in alternating the interest rates for your loan. Some of the points are as follows:

•    The income level
•    Repayment history
•    Your personal credit history
•    The relationship you have with the bank
•    The reputation of the organization you work

These factors are sure to influence the interest rates of your loan. You can research the interest rates from different banks before finalizing a particular one. It will help you in deciding and settling for the reasonable rates. To help you with a reliable personal loan in Wareham, switch to PCT Federal Credit Union. Visit http://www.pctfcu.org/  or dial 508-291-0777 to talk to an expert.

Mortgage 101 – An EASY Guide for Millennials

Currently, most of the millennials born in the late 80s or early 90s have completed their college, and have joined different job sectors. According to financial institutions proving loans and mortgages Wareham, after the last recession phase, millennials are slowly opening up to the idea of buying their first home. Due to a steady increase in the demand for properties, these individuals are competing with affluent investors who are willing to pay cash.



According to financial consultants, to get ahead of these investors, millennials need to qualify for a mortgage before looking for a property. Here are some of the essentials that make it easier to get the loan from financial institutions.

1.    Preparing documents for loan approval:

The first step towards making the mortgage application is preparing the documents relating to income and debts. Most financial institutions ask for pay slips issued by the employers, thus collecting them in advance could help in moving forward with the formalities. In case the loan applicant is self-employed, they might have to submit a few additional documents regarding their income. Such applicants need to send copies of the previous tax returns, preferably for the last two years, during the discussion phase with the mortgage officer.

2.    Fixing the mortgage budget:

As per credit unions offering mortgages in Wareham, millennials applying for credit must consider two things. Firstly, how much loan is required by them, and secondly, the amount they are comfortable repaying. These two things are completely different and need to be considered for avoiding financial hassles in the future.

As a golden rule for financial stability, the home payment amount should not exceed 35% of the gross income of the loan applicant. Although, it is difficult to calculate the monthly repayments, still having a lump sum idea can help in initiating an informed conversation with 
the mortgage officer.

What else millennials can keep in mind?

Saving up for down payment can immensely help first-time home buyers. Mortgage applicants are expected to pay at least 10% in down payment while buying a home unless they are getting loans through special loan programs.

Final thoughts,

PCT Federal Credit Union can help millennials in buying their first home. For more information, visit http://www.pctfcu.org/ or call 508-291-0777.

Different Kinds of Checking Accounts

A checking account is a type of bank account that lets you to write checks using the money you deposit. However, with the advancement of technology, most people opt for ATMs and debit cards more than they write checks. Yet, checking accounts are the easiest type of account especially for small, frequent expenses as well as to receive direct deposits. And for the same reason, checking accounts are more preferred in daily life. In case you want to invest in personal finance in terms of checking in Wareham, you need to know the different types of checking accounts and their respective pros and cons.

a)    Standard Checking Account

Suitable for: Customers who want reliable brick-and-mortar service
   
Features:

     Multiple ATMs and branches available
     Includes online banking

Limitations:
•    Minimum balance required to wave off the monthly fee
•    Overdraft and ATM fees

b)    Online Checking Account

Suitable for: Where in-person bank services are not required

Features:
     Lower fees
     Higher interest rates

Limitations:

•    Limited/no access to branch locations

c)    Business Checking Account

Suitable for: Business owners
   

Features:    

     Higher spending and withdrawal limits
     Tools for tracking business expenses

Limitations:

•    Higher minimum balance requirements and fees
•    Fees on excess transactions and cash deposits

d)    Premium Checking Account

Suitable for: Large deposit amounts

Features:

     More complimentary bank services
     Some interest earned on deposits

Limitations:

•    Higher minimum balance requirements and fees
•    Interest rates are currently very low

e)    Student Checking Account
Suitable for: Qualifying high school and college students   

Features:
     Low/no monthly fees
     Good introduction to personal finance

Limitations:

•    Age limits or enrollment requirements apply
•    Low spending and withdrawal limits

f)    Senior Checking Account
Suitable for: Qualifying seniors
   
Features:
     Waived monthly fees
     Free checks and no-fee money orders

Limitations:

•    Low availability
•    Often include "perks" which are not important or required

g)    Second-Chance Checking Account

Suitable for: Customers with bad banking histories who can't get other accounts
  
Features:

     Useful for rebuilding credit
     Low opening deposit requirements

Limitations:

•    Low availability
•    Includes monthly fee

Checking Accounts at Credit Unions are quite similar to those at the banks, the only difference being that here the membership is restricted by region or trade. For example, consumers looking for membership of checking in Wareham can knock at PCT Federal Credit Union. The credit union can be contacted by visiting their webpage http://www.pctfcu.org/ or by calling them at 508-291-0777.