Recently in Banking Category

Do you know how to balance your checkbook? (Or am I dating myself with even the mention of checks?!) If you do know what I’m talking about, then perhaps a better question since I suspect everyone knows how to do basic math – Do you actually balance your checkbook? I’m the first to admit that I do not (ironic considering I work for a bank, I know!).

Back in college, I would make half-hearted attempts, but would inevitably forget to record a cash withdrawal, check deposit or debit card transaction at some point. My ATM receipt was my sole means of ensuring that I had “enough money” in my account (despite only having a vague idea of what “enough money” meant). Sound familiar?

But now I’m an adult who’s responsible for more than just myself, and I have regular expenses that I can’t go without paying. Well, I technically could but then my child would go hungry and we’d be kicked out of our home (hello diapers and formula, mortgage payments and property tax!). Thankfully, my financial institution (Wells Fargo of course) has recently launched Cash Flow Monitor, a very cool tool that I really, really wish existed when I was in college.

How Cash Flow Monitor (CFM) Works

Say you’re in school and have your monthly rent, cell phone and cable/internet bills and car loan payments. You have one-off purchases like that new laptop for school or books for the new semester. Maybe you have a part-time job as a barista at the local coffee shop and some cash from your parents on a regular basis.

How do you keep track of all the money going in and out of your account? Here’s how CFM could come in handy:

• Plan ahead. You no longer need to do mental math to figure out how much money will be left after you’ve paid your bills. CFM will take care of that for you!
• Take control and don’t get dinged. The Cash Cushion (as determined by you) lets you quickly see (and act on) potential low balance days.
• Automate it. Schedule your payments using bill pay or transfers and let the bank take care of paying your bills on time – one less thing for you to think about when you’re in the midst of midterms.

And a quick tip that I’ve found to be useful that I want to pass along – CFM knows what Wells Fargo knows, which means that the more you tell it (i.e., the more transactions you add to bill pay, transfers, etc.) the better it will be at estimating your future balances.

Check out CFM and tell us what you think!

We’re still beta testing CFM, which means we would love for people like you to try it out and provide your feedback so we can make it even better. You will need to be an existing Wells Fargo customer (i.e., have a checking account and access to online banking).

1. Go to https://labs.wellsfargo.com/cm
2. Log in using your existing Wells Fargo online username/password
3. Start using CFM and tell us what you think via the surveys sprinkled throughout the tool or via the feedback link in the tool

Thanks in advance for your input. We can’t guarantee that we’ll be able to act on every bit of feedback we get, but we do promise to try!

I had a chance to go out to lunch today and when I pulled out my credit card to pay for my food, the cashier gave me a big smile and let out an "Awwwwwww!"

Why such a reaction from seeing a credit card? It's because I've customized mine with a picture of my two little girls dressed as Cinderella and Aurora at Disneyland. The comments that usually follow are "Are those your girls?" (Uh, yep!) and "I didn't know Wells Fargo does this! I should do it with my card!"

If you have a Wells Fargo credit or debit card and haven't customized your card, check out the Card Design Studio service. You can personalize your card by uploading your own photo of yourself, your pet, friends, car, favorite ice cream – or choose one from a gallery of photos. (BTW, Wells Fargo reserves the right to deny certain images). It's fun and easy and doesn't cost anything to make your card your own. Plus, it's a great conversation starter. Check out this demo to learn more.

I was curious what's on the other Student LoanDown bloggers' cards. Here's the scoop:

Barbara
I have a picture of my cat Bill on my debit card. She passed away after I customized my card, but every time I pull it out to pay for something I get to think of her and say, "Bill's got this."

Yasmine
I've got a picture of my college football field on my debit card, a picture a friend of mine took of the football stadium lit up at night with the team on the 30-yard line. It's college football pride all the way. Go Card!

Kathy
I have a picture of my son as an infant on my credit card. Of course I love to see his face when I use my card, but I am amazed by the reaction I get from cashiers and other customers in stores! I almost always get a lovely comment on how cute he is and how neat it is to have a personalized photo on what is usually just a piece of anonymous plastic. It always brings a smile to my face.

How about you? What would you put on YOUR card?

If you're anything like I was the summer before starting college, you're more than ready to go. The idea of moving away and being independent for the first time is pretty exciting.

While you may feel mentally ready, are you financially ready to pack up and go? Here's a quick checklist if you want to make sure:

• Student loans and other financing in order: Check your student loan paperwork to see that everything is in order. If you think you might be short of funds, or if you have any questions, don't hesitate to contact your school's financial aid office or your student loan lender to get help. You don't want to start off the school year with payment issues, so try to get these resolved before classes start.
• Checking or savings account with ATM card: If you don't already have a bank account, now is a good time to open one. There are lots of good banking options designed for college students, so even if you've had an account for years, you might want to talk with your banker to see what's available to you now that you're entering this new phase of life.
• Credit card: Consider getting a credit card. You may just want to save it for emergencies, like car repairs, or you may want to start careful use of it to begin building a good credit history. Before you get a credit card, be sure to read up on how to manage it responsibly. Due to recent legislation, if you are under 21 years of age you'll need to obtain a cosigner to qualify for a credit card.
• Talk with your parents: Before you leave for college, have a detailed discussion with your parents about money. Iron out your expectations about what expenses you'll handle, and which they will take on (think books, spending money, car insurance, etc.).
• Budget for first semester expenses: Don't leave for college without a spending plan in hand. You'll be creating a good habit for life if you start things off by keeping track of where your money goes and trimming expenses where you can. If you bank online, you may find that some banks have tools to help you track purchases and budget — look into it.

Let us know how you're preparing for college, financially-speaking. Got any questions? Just ask!

Earlier this month, we talked about taking steps to become a bit more financially savvy. Well that same day President Obama made the official proclamation for a financial literacy focus this month.

The President asked that, during April, Americans recommit to teaching ourselves and our children about the basics of financial education. Especially in tough economic times, it's important to arm yourself (and your family) with the financial know-how you need to succeed.

Well, we've got some opportunities for you to take action and — specifically for those readers who are parents with younger children in the house — to pass financial literacy on to the next generation!

Next week, head to one of Wells Fargo's museums on April 22 (in addition to being Earth Day it's also Take Our Children to Work Day). They'll be handing out materials from the Hands on Banking® program. They're even going to have lessons from the program right there in the museum or in a store close by.

What's that? You aren't close to a Wells Fargo museum?

Well, there's another designated day coming up to focus on learning about money. April 27 is Teach Children to Save Day. Check with your local Wells Fargo store to see if there is an event you and your child can attend. Or ask for help talking with your child about saving. The bankers have a number of resources, plus tons of financial knowledge to share!

Now that you're done fooling, it's time to focus on a more serious April event: National Financial Literacy Month!

OK, so thinking about finances might not be quite as fun as scheming ways to dupe your friends, but it certainly is important. So important, actually, that there's a whole month dedicated to learning about your finances.

During April why not take a little time to think about what areas of your finances you'd like to learn more about?

Don't know where to start? Get a grasp on some basics through the Hands on Banking® program. There are sections for young adults and adults where you can learn about everything from savings and credit cards to mortgages and investing. (Plus, for you parents with younger children, there are kids and teens sections with age appropriate information. Not to mention the wonderful community on Stagecoach Island!)

Even if you're feeling particularly financially savvy, make April the month that you dive deeper into one topic. Head to the library for a book on the subject, or enlist the help of a banker or financial advisor.

Is there anything specific we can help you learn about this month? We want to help! Let us know what's on your mind when it comes to student loans or your finances in general.

Hello, Student LoanDown readers! I know it's been a while since you've heard from me on the blog. I've been pretty busy this past year working on a project related to new regulations for the credit card industry.

You might've heard about the Credit Card Accountability, Responsibility and Disclosure (CARD) Act which was signed into law by President Obama  in May of 2009. The CARD Act outlines a series of new regulations on open-ended consumer credit accounts that are meant to strengthen consumer protection in the credit industry.

Why should you care? Well, there are specific regulations that apply to consumers under the age of 21. These regulations apply to any financial services company that issues open ended credit card accounts. Here's what you should know:

• If you are applying for open-ended credit (such as a credit card) and are under 21 years old, you must show proof that you can independently repay your debt. Otherwise, you'll need a creditworthy co-applicant who is 21 years or older on the account with you.
• If you are under 21 with a joint accountholder on your credit card account, the joint accountholder who is 21 or older must provide written authorization for any credit line increase that you request.
• Giving college students "inducements" or giveaways to apply for a credit card is not allowed. This applies to all students attending an institution of higher learning, regardless of their age.
• If you are under 21, you must submit a written application that contains your signature and the signature of your co-applicant (if applicable).

As I mentioned, the CARD Act has many other new regulations meant to protect credit card consumers. If you want to learn more, head over to the Federal Reserve website.

If you are a Wells Fargo credit cardholder, you should've received a notice in December or January outlining how Wells Fargo is complying with the CARD Act and what it means for you. And if you have any specific questions, please let us know!

We all make mistakes. But money mistakes come with a price.

Recently Wells Fargo made a change to its overdraft charge policy that makes those mistakes a little easier to swallow!

In the near future (the final date’s still TBD), your account will not be assessed overdraft fees if you become overdrawn by $5 or less. Also, no more than four overdraft charges will be charged per day.

Also, in the coming months, customers who want to opt out of overdraft coverage will have that option — you’ll be able to specify that you don't want your transactions authorized or paid into overdraft if you don't have funds to cover the transaction.

That's all good news, but more importantly, how can you avoid overdrawing your bank account in the first place? Just a few simple ideas:

• Bank online. Get yourself set up for online banking, so you can view your account any time. You can see pending transactions and easily transfer balances from one account to another, which can help you avoid overdrafts.
• Sign up for overdraft protection. At Wells Fargo, enrollment in overdraft protection is free, and can dramatically reduce the fees you're charged for overdrawing your account.
• Sign up for mobile banking. Right now Wells Fargo is offering this service for free. It allows you to keep track of your account, like check balances, review recent activity, and transfer funds — all from your mobile phone.
• Go low-tech. Although many online tools are helpful, you don't have to be high-tech to keep good track of your bank account. Use a good old-fashioned check register to record all your account activity: check card purchases, deposits, ATM withdrawals, etc. You can also use this as a backup, even if you're banking online.

So tell us: How do you keep track of your bank account?

UPDATE: Oops, we jumped the gun on our original post! We recently learned these changes to our overdraft policies are a work in progress, which means they’re not yet available. We’ve updated our post to reflect that! We apologize for any confusion this may have caused and will let you know when those services are up and running.

Staci is always saying she needs 15% more or less of something. Like when she can't find the movie she wants through the Redbox, she needs 15% more of that movie in the Redbox. Or when Pie Elizabeth is being particularly barky, she needs 15% less barking.

Once I asked her why she uses 15, to which she responded "Fifteen is my favorite percent."

Right now, nine is my favorite percent. It's the percent of my goal I have saved on two savings accounts. I guess technically my favorite percent in this respect would be 100, but for now, I'm happy to see nines.

If you're saving through Wells Fargo, you can set up My Savings Plan® to monitor your progress, too. I've established a couple savings accounts with specific savings goals — one for new windows on my house and the other for my ongoing saga of saving for a new car.

I teeter-totter back and forth as to whether seeing my savings percentage — or accounts for that matter — helps or hurts me. Seeing my progress from time to time can help me stay motivated to maintain my current contributions and kick in an extra couple bucks when I am able.

However, seeing that the money is out there just waiting for me can test my patience. Sometimes I start thinking about what debts I could be paying off with the money or how easy it'd be to transfer a couple dollars out of the account for something smaller I need/want (mostly want).

Here's the compromise I made that seems to be working so far. Some of my accounts are visible through online banking and some are not. My emergency fund, which I want to keep growing and never take from unless it's truly an emergency, is one of the accounts that's invisible. The account is funded through direct deposit of my paycheck, so everything is automatic and I don't see the money.

Other accounts, like the window and car goals, are visible. For these accounts, I've found that knowing the specific amount of the specific goal is helpful to keep those savings goals trucking. In addition to automatic transfers, I tend to add more money when I can. Right now I'm thinking about depositing a few more dollars to get the window goal up to 10%. Double digits!

Does having a reminder of how far along you are help your savings goals? Tell us about what savings tricks you have.

When I opened my inbox today, I found a message from the bank. My automatic transfer had gone through, adding another chunk of change to my savings account.

Recently, I dedicated one of my savings accounts for a specific goal: new windows for my house. When I purchased the house more than two years ago (wow, time flies!), I knew the windows would need to be replaced eventually. My house has been around a while and still has its original windows...from the 1960s. And after estimating the cost to replace them, I decided it'd be better to start saving now, even if they'll last a few more seasons.

Saving for a specific goal has really helped my savings stay in savings. Plus, I can track my progress and set up recurring transfers to help me keep the right amount going in each month (I just divided the total amount I need by the months I have to get there, and make sure at least that amount goes into savings automatically each month).

Thinking about my own savings goal got me wondering: What are all of you saving for?

For me, it was important to find a balance between saving for the things I needed and still focusing on repaying my debt. Saving versus paying off debt  is, in my opinion, something you need to decide for yourself. Each person is different — everyone saves for different goals and deals with different debts.

Have you been managing saving while paying off debt? If so, tell us: How did you find a good balance between the two?

Like many college students, I fall under the category of being an uncontrollable spender when it comes to wardrobe enhancements and fine dining. For me, even though it's important to look trendy and live an eventful life, it's just as important to spend wisely and save so my summer income can fund my full-time student living expenses during the school year.

That's why I'm making an effort to be more careful about tracking my own expenses. Recently, I took my friend's advice and opened an account at Mint.com  that directly links to my checking account. This tool helps me create a realistic budget, while comparing some of my spending habits  to the average American. Eye-opening!

With this budget in mind, I'm thinking about how to cut back on certain expenses and limiting my spending to the items I truly need. Here are some of my ideas:

• Making more meals at home  instead of eating out three times a day
• Revamping my wardrobe by accessorizing  instead of shopping
• Going vintage
• Going online for discounts  prior to making any big purchases
• Signing up for Netflix  instead of going to the movies
• Watching TV shows online instead of paying for cable
• Adjusting my text messaging plan
• Hiking or going jogging  with friends instead of paying for a monthly gym membership
• Giving up a videogame addiction and finding a private tutoring job
• Getting ink cartridges refilled instead of buying brand new ones
• Scanning classifieds for used furniture or using Craigslist  instead of going to fancy stores like Crate & Barrel  and Pottery Barn 
• Using generic products unless brand names are an absolute must

So far, I've managed the accessorizing.

Have any smart spending/saving tips that you'd like to share? Let us know!