Category Archives: Banking

Activate Your Bank of America 3% Cash Back on Gas

Written by in Banking, Credit
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Consumerism Commentary posted last week about Bank of America’s 3-2-1 cash back promotion for their credit cards. Here’s how it works:

One their cash back cards, you get 3% cash back on gas, 2% cashback on groceries, and 1% cashback on everything else.

Currently, I have a Bank Americard Cash Rewards credit card, and I have been getting 1% on everything, so an additional 1-2% sounds fantastic to me!

To top if off, if you deposit the cashback to one of your Bank of America accounts, they’ll give you a 10% bonus. For example, if you’ve got $100 in rewards coming to you, they’ll add another $10!

This is only valid for the first $1,500 in eligible grocery and gas purchases each quarter, but that’s a lot more than I typically spend in a quarter, so I won’t come close to hitting those limits.

It sounds too good to be true, so I called and asked why everyone wasn’t converted over immediately. The only drawback I found was that with my current card, when I reached $300, I could cash out for a 25% bonus ($75 extra on top of my $300 in rewards).

I’m not at that level, and I won’t be for many months and possibly years, so I decided now was the right time to activate the feature and start saving on gas!

One thing I didn’t like was that I had to find out about this promotion via another blogger’s post instead of receiving an email from Bank of America letting me know this is an option. So for all of you who have Bank of America credit cards, call up and ask to opt in!

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ING Direct Can Now Replace Your Brick and Mortar Bank!

Written by in Banking
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Click here to start saving with ING DIRECT!
I am having a love affair with ING Direct. I opened my account about 2 years ago, and ever since then, my goal has been to use it as my primary bank and get rid of my account at Bank of America because they suck. I’ve been 70% of the way there for about the past year and a half, but there have been two big drawbacks.

The first was that they didn’t offer paper checks. I could send a check through the website, but it takes a week to reach the recipient. If I had to write a check, it meant waiting 3 days to transfer money from ING to Bank of America, and then writing the check. It made it impossible to write checks the same day it was annoying for the people I owed money to.

The second one was the hassle of depositing checks with them. I have no interest in mailing in paper checks so that they can cash them. My process now is to deposit a check to Bank of America, and when it clears, transfer that money to my ING account. Quite a hassle.

As a result of these two inconviences, I’ve had more in the Bank of America account (earning 0% interest) than I wanted. I kept a nice $1,000 buffer in case I needed to write a check, and that pissed me off.

Well, ING has grown up now and is starting to offer paper checks! For $5, you can get 50 checks, which is much cheaper than what I’ve seen elsewhere (for comparison, Bank of America offers 150 checks for $21 plus taxes and shipping). Gotta love that.

Now I am able to liquidate my Bank of America account and use ING as my true primary account now!

The only downside to ING right now is the check depositing process. Their twitter account hinted at having a new way to deposit checks by July 4th, but clearly that deadline has passed. Hopefully they’ll come out with this new feature soon, that would really be the icing on the cake!

As if this all wasn’t enough, there’s even better news. ING Direct is now offering a $50 bonus for new accounts. $50 to sign up with a great bank that also offers great interest rates? Seems like a no-brainer to me.

*Props to PTMoney for his post about ING Direct changes, he’s always a step ahead of the game.


Click here to start saving with ING DIRECT!

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I’m Breaking Up With SmartyPig

Written by in Banking, Saving
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If you didn’t know, I have been a big fan of SmartyPig for quite awhile now. They’ve had great rates, which is the main reason I signed up. They had rates about .70 percentage points higher than other banks. I also occasionally put some money on Amazon gift cards because when I had some larger purchases, a free 4% bonus never hurts!

There are some drawbacks, however. It takes awhile to withdraw money, they have some weird rules like having to close a goal before withdrawing money and having to make regular contributions toward a goal. It’s a little hassle, but for the good interest rate, it was worth it, right?

Well, SmartyPig used to have good interest rates, but recently they’ve made some changes. Effective June 15th, SmartyPig will be decreasing their rates to 1.10%, over 1 percentage point less than the 2.15% Smartypig raised their rates to just a year ago.

Suddenly, SmartyPig is looking more like a hassle than anything else. Instead of being able to offset the negative aspects, the negatives outweigh the positives at this point. I hated waiting so long for my money to be withdrawn (about 10 days) and now 1.10% is barely higher than my other alternative, putting it in my ING savings account, which gives 1.00%.

The ING account is linked to my checking, so depositing and withdrawing money can happen instantly. No waiting, no hassles. It’s great!

I knew that I shouldn’t stuff every cent into my savings, and this is simply an extension of that. Small, temporary gains, aren’t worth the hassle!

I’m out of SmartyPig, are you?

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4 Benefits of Online Banking for Families

Written by in Banking
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Whether you’re a first time parent just getting into the sleepless swing of mother/fatherhood or a seasoned pro with a house full of rambunctious toddlers or teens, there’s no doubt that time is of the essence when it comes to organizing all aspects of your household. From tackling the never-ending laundry pile to keeping small bellies full with a fridge full of food, managing your family’s finances is just one of many tasks that keep parents from spending more quality time with their kids.

But budgeting, banking, bill paying and balancing takes time you say. And while that is true, there is a form of banking - online banking - that is sure to save you time so you can spend it with the little (or big) ones you care about most.

The four Bs of online banking

So, what is online banking you ask? Online banking is offered by most banks and it allows customers to access their bank accounts online, anytime and from anywhere. Here are just some of the top advantages of online banking for families:

Budgeting - Many families create and stick to budgets to make their households run more smoothly. Many banks offer free online checking accounts as well as a free debit card, money transfers and other services to help you manage your money wisely and because most of these services are free of charge, they won’t put a dent in your budget either.

Banking from anywhere - While most banks offer free online banking, there are numerous advantages of banking from the comfort of your own home. Not only can you take care of financial business 24/7 but you can do it from anywhere. From the comforts of your couch after the kids are in bed to your in-laws’ house or on vacation, there isn’t a place where online banking isn’t an option.

Bill paying - Paying bills is a timely task that many don’t enjoy but must always be done. With the convenience of online banking, bill paying doesn’t have to be a dreaded monthly chore. With fast and secure online bill pay features, moms and dads can quickly and conveniently pay bills online and have time left over to spend time with their family. And better yet, you can teach the kids at an early age what it means to be “green” with environmentally-friendly, paperless bill pay options that are usually available with online banking.

Balancing - Isn’t finding balance what parenthood is all about – balancing checkbooks, balancing schedules, balancing stacks of dishes on your way to the sink? Well, online banking makes staying balanced a little easier. Many banks not only offer online banking and bill pay but also the opportunity to balance many other parts of your family’s finances. From balancing your savings, money market and CD accounts, to managing your mortgage and other loans you may have, many banks offer a variety of other banking services online.

There are many benefits of online banking, especially for families. In the world of parenting where the demands are many and there aren’t enough hours in the day to accomplish everything that has to be done, having a bank that offers a way to take care of business while taking care of the home is a rare thing. But luckily, online banking is becoming more and more popular and families with kids are reaping the benefits of round-the-clock, ubiquitous banking to suit the way you really live.

Additionally, if you’re looking for an alternative to traditional banking, direct banking may be right for your situation. Unlike a traditional bank, a direct bank does not have brick and mortar locations and provides products and banking services online and by phone. Direct banks do not pay the high operational costs of traditional banks, and are therefore often able to pass along savings directly to their customers. And, a direct bank is as close as your computer. With all the benefits of online banking still available through your direct bank partner, you’ll have more time in your day and more money in your budget when you aren’t paying for more than you need, which is a great incentive for families on a budget.

Editor’s Note: One thing I really hate is when banks get to pushy with credit cards. It’s ok if they want you to apply for a credit card, but it’s another to constantly send letters and to mention it each time you come in for a deposit. Enough is enough!

This is a post contributed by Micah Moon.

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