Free Checking Becoming Extinct?

Is free checking becoming a thing of the past?  It certainly looks that way.

In an article found today in the Huffington Post, it says:

"If free checking accounts were animals, they'd be on the World Wildlife Fund's list of endangered species."

Read the entire article here:

http://www.huffingtonpost.com/2012/09/24/free-checking-account-cost-of-banking_n_1909504.html

Find out how The Cash Management Card is more cost effective than standard checking accounts.

The Cash Management Card May Be Your Solution To Higher Bank Fees

A study by bankrate.com shows that many consumers are experiencing increases in monthly service fees for bank accounts for the first time in several years.

According to the study, "Just 65 percent of noninterest accounts wee free from monthly fees or balance requirements, the hallmark of a free checking account.  That's down from last year, when 76 percent of checking accounts were free, and it reverses a trend of free checking accounts grabbing a steadily larger share of U.S. bank offerings."

The minimum balance required to maintain the account also spiked up sharply.  In 2009 the average minimum balance was $185.75 while in 2010 it rose to $249.50.

The report go on... "Add "rising ATM fees" next to death and taxes on the list of life's inevitabilities. Bankrate's 2010 Checking Study shows the decade-long trend of rising fees on ATMs continuing. The average surcharge charged by another bank ATM providers to make a transaction rose from $2.22 to $2.33."

To read the entire report go to:  http://www.bankrate.com/finance/checking/7-key-checking-trends-for-the-coming-year-1.aspx

The Cash Management Card can help offset the rising cost of opening and maintaining a standard checking account.  Find out more by visiting our website: http://www.thecashmanagementcard.com/

Companion Cards ... Never Wire Money Again

Many people wire money to friends and family in other countries.  The cost for a wire transfer runs from $10 to $25 depending on the amount of money transferred.  After the money is wired, the person receiving the wired funds then pays and additional charge to drive somewhere and retrieve the funds, sometimes in areas noted for higher crime.  By getting a Companion Card from Cash Management, wiring money is a thing of the past.  The funds become available at the same time the funds hit the primary cardholder's Cash Management Card.

It is much safer, much quicker, and saves money.  What's not to like about that?

For more information, click on the link below:
http://www.thecashmanagementcard.com/OrderCompanion.aspx

More People Opt Out of Banking Systems

Data from a recent study found that over 800,000 households opted out of the banking systems from 2009 to 2011.  In that same time period the "unbanked" population grew to 8.2 percent of all American households.

The study also found that over 28% of those households either had one or no bank account.  A full third of these said they did not have enough money to open and fund a traditional bank account.

Several banks have notified their customers of intentions to raise fees on checking accounts and have, in may cases, already raised overdraft fees.  Banks are saying that these hikes are necessary to help offset losses from the cap on debit card transaction fees imposed by the government.

Banks also admit that it is becoming difficult to make a profit by serving the lower income individuals because the cost of managing their accounts outweighs the return.

The Cash Management Card has become a smart option for those who do not have, and in some cases do not want, a traditional bank account.  

Payroll Cards Are Here To Stay

Parts of the following are taken from an article on paperlesspay.org.

Payroll cards typically offer ATM withdrawals and Point-of-Sale purchases (where a merchant has a PIN pad at the checkout counter). You simply swipe your card and enter your PIN number to complete your transaction. Some cards also offer the ability to get cash back along with your purchase – a common option that you’ve seen at most grocery stores.

Cards that are “branded” – and look like a Visa Card or MasterCard – allow you to sign for purchases anywhere the brand is accepted. With this version of the payroll card, the dollar amount of the purchase is authorized and the transaction is completed when you sign the receipt. You may also use a payroll card to make catalogue and online purchases. Once you receive your payroll card, you keep it for as long as you work for your employer. 

With its cost, time-saving features, convenience and security benefits, one thing is for sure - the payroll card is an attractive, new way to get paid – and it’s here to stay.

The Cash Management Card is now in 36 states... and growing

The Cash Management Card is now used by clients in 36 states.  That is tremendous growth when you consider that all but one state (Texas) is new territory for 2012.  Find out more about The Cash Management Card by going to our website:
www.thecashmanagementcard.com