Your mother most likely told you not to “throw money out the window”. Yet everyday and every month average ordinary Americans and Canadians waste needlessly hard earned after tax dollars by paying extra banking fees, service charges and interest that they don’t need to. This is no doubt “wasted money thrown out many many windows”. Have an understanding and comprehension of banking rules and systems as well as how bankers and other financial institutions and charge companies think and apply these rules. You will save yourself lots of cash, keep money in your bank account and save much wasted time and needless aggravation.
Payment is Due on the Due Date:
First things first. Understand the basic rule number one of banking fees and payments. Pay your bills, or at least the minimum payment by its due date. To understand the rigid mind of bankers and accounting types you must comprehend that they think in very black and white terms. Two and two is four, Jan 1 is January the first and there is nothing to discuss. It might be said that some people have children and other people have accountants and accounting types. It’s a rigid way of thought pattern. Regardless bankers, accountants and collection due department people generally fall into this mold of thinking patterns. Bankers and accounting systems think in 30 day months, 90 day quarters and 360 day years. It’s not variable or up for discussion. Hence the best and only policy is to pay your bills on time – or even ahead.
Bankers & Lenders Will Expect Payment on The Due Date:
This is essentially a simple restatement of rule number one – that is to pay your bill, bills or statement on time. Bankers and lenders will expect payment on the due date. You and count on this as a truism of the universe. What this means to you is that bankers and other lenders of money and capital can be counted and will continue to employ their basic procedure of counting exact dates when a payment or payments are due. It simple. In business when a demand note is due in 30 days, that is precisely and exactly when the banker, Charge Card Company or other financial institution will expect payment. Count on this. Excuses are neither allowed nor tolerated – well at least not with those extra charges, fees and interest payments that you are trying to avoid.
In 2012 Many Financial Institutions Demand Payment a Few Days Ahead of Due Date for “Processing”:
In 2012 a new wrinkle has appeared on the horizon as a means of dinging you and your accounts extra and additional service charges and fees. Many companies now will insist and demand payment a few days ahead of the stated due date or you finds extra fees on your next billing statement. It’s maddening but what can you do. It seems what is good for the goose is not good for the gander. If July 1 as a stated due date is the deadline for payment by the banker , and its not negotiable or variable at all , how then can a bank or lender demand payment for that July 1 due date by June 27 or bump you with service fees. If it was sitting at your bank perhaps, yet this is the case regardless even if you drive over to said bank and male the deposit directly into their account at their location of business or ATM.
The summary is that to avoid extra and additional banking fees and surcharges pay all bills on time, and if possible ahead of time. You are doing this firstly to eliminate any chances of extra fees, surcharges and interest – which if you follow banker’s rules you should avoid and not have to pay. These fees are wasted, hard earned after tax dollars income. Why waste money and spend money you don’t have to. If you cannot pay the bill in full, then at least pay the minimum required payment or payments. Secondly and perhaps even more vital by keeping clean accounts you will keep your credit score and credit record intact and shining. You never know when you may want to make a large loan – for a business, new home or new car. No doubt any banker or financial institution involved will do routine credit checks on your credit history. If you have paid your bills on time you will come as a shining example of a fine person with an unblemished and excellent credit history who should not be denied the loan or finance arrangement.
Paul G. Prairie
Many auto shoppers want easy convenient one stop shopping for both their car or truck as well as credit financing.
Yet prairie advises its best to shop around for auto & truck financing. While you may drive off the dealer’s lot with “instant credit” terms . Yet this may not be the best deal for you or your family budget. Take the time and extra effort to visit , email and phone various reputable Alberta financial institutions. If well worth the extra effort, to reduce your payments and cash outlay from your pocketbook and families budget advises Prairie.
Tags: Accountants, Accounting Systems, Amp, Canadians, Charge Card Companies, Comprehension, Due Date, Exact Dates, Financial Institutions, Lenders, Minimum Payment, Mold, No Doubt, Quarters, Restatement, Rules Of The Road, Service Charges, Tax Dollars, Thought Pattern, Truism