How to Transfer Funds Safely – Keeping your money safe and getting it out of an account quickly when you need it is a problem most people can relate to. That’s because money flows in and out of our bank accounts every day — many times suddenly and unexpectedly. Fortunately, there are a variety of ways to transfer funds that don’t involve wiring or cashier’s check. Understanding how to safely and quickly transfer funds is as essential as understanding how to deposit them in the first place. Keep reading for everything you need to know about withdrawing money from an account safely and quickly.
Set Up an Account with a Financial Institution Youtrust
You can avoid all the hassles of a cash-only account by setting up an online brokerage account or direct connection with a financial institution. If you’re setting up an account with a brokerage firm, make sure you have the required minimum amount (25) maintained in the account – usually somewhere between $1,000 and $50,000. This is so the broker can make sure you have the cash to meet any sudden, unexpected needs that arise. You don’t want someone using your account when you’re not around — not good for anyone. More importantly, make sure you have a way to easily and quickly obtain the money you need when it’s needed. An online brokerage account is a great way to get access to diversified portfolios of stocks, bonds, and cash. There are many brokerage firms that offer online banking now — you can simply log onto your account and make a cash withdrawal request. This is a quick and easy way to get access to your money whenever you need it, and there are plenty of online brokerage accounts with free online banking.
Make Your Deposits With A Credit Card
If you have a credit card, it’s likely you’ve used it to make a deposit before. Credit cards have been making big strides in the last few years, and now they even offer an interest rate to account holders that is literally unheard of elsewhere. Credit card companies are constantly improving their products, and now they even offer built-in insurance coverage for unexpected expenses. If you make a credit card deposit, it goes into a special savings account specifically for the card company’s credit card funds. This account is called an “agricultural reserve,” and it’s designed to be used as a safety net in case of financial emergency. You can also call your card company and ask them to move your account to a special savings account — this is another way to get access to your money whenever you need it.
Have An Emergency Fund
If you don’t have a rainy day fund set up yet, you’re missing out on a lot. The average American doesn’t have enough money saved to cover an unexpected expense of $500, according to a study. That means you could be left with a big card bill, a bill for medications you don’t have coverage for, and a car repair that isn’t covered by your insurance. One easy way to create an emergency fund is to have a savings account that you use as a default. Put at least one percent of your income in this account every month, and make regular contributions to it if you can. A simple website you can use to automatically deposit money into your savings account is CalcasMoney.org. While you’re at it, try to save money on other bills as well.
Use a Debit Card or an Electronic Funds Transfer System
If you have a credit card and you don’t use it often enough to set up a savings account, you could try using a debit card or an electronic funds transfer system instead. These don’t require a monthly fee, meaning you can use them as often as you want and still save money. You can also use a debit card to withdraw cash from an ATM or place a cash buy-back offer that withdraws cash from participating retailers — convenient, isn’t it? These systems don’t require a minimum balance to use, either. So if you have a balance, you can easily switch to a different card and get even more use out of it.
Get an Instant Tax refund with a Debit Card
If you need money for an unexpected tax bill, you can always call the IRS Hotline and get an instant tax refund. This only happens the first of the month, and it usually involves a phone call between 8 a.m. and 4 p.m. But if you don’t have time to call, you can still get a refund online by filing your tax return online, as well as by printing and filing your return. You can also go the more advanced route and use an online tax return software to file your taxes. These are available online, and they can help you prepare your taxes for free. If you choose to use a tax return software, make sure you enter your information correctly so you don’t make a mistake.
Know the Checking and Savings Accounts You Have
One way to make sure you don’t miss a payment is to know the accounts you have with financial institutions. This will help stay on top of account activity and avoid unexpected bills. It’s also a good idea to keep track of your bank account and credit card bills, too. This way, you’ll know if one of them is due and can cut back on the card or bank account usage if necessary. Most people keep a budget, but they don’t keep track of their spending. When something unexpected comes up, you want to be able to quickly find out what you owe and how much. Keep a journal or use a software app to track your spending and income, and be sure to add significant accounts like credit card bills and bank statements. It will help you stay on track and avoid unexpected bills.
Transfer to a Bank Account
If you have a lot of money to transfer, you may want to have it wired to a bank account. Some people prefer to send money to friends and family members in other countries through a bank account rather than make a cash donation to a charity. This is because the transaction is completely transparent and recorded. It’s also a good idea to have a separate savings account just for this purpose, and to keep track of who is using it and how much they’re spending. It’s another way to protect yourself from fraud. If you’re sending money to a friend or family member, be sure to include a note with the amount you’re sending, the reason for the money transfer, and your contact information. Keep in mind that if someone finds out you’ve been sending money without giving a reason, they could try to stop the transfer or steal your money. You don’t want that, so be sure to take extra precautions.
When it comes to withdrawing money from an account, it’s important to understand your options so you don’t make a mistake. It’s also important to understand the rules and regulations of each financial institution you use so you don’t end up with a hefty fine or even a jail sentence.