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[ad_1] The post How Do Banks Make Money? appeared first on Millennial Money. Banks take money and lend money … money’s trading hands all around. Ever wonder how banks actually make money from that money?   Because they make a lot. Big banks rake in billions of dollars each year. For example, Bank of America made almost $18 billion in 2020. Where’s all the money coming from? In part, by charging you things like monthly maintenance fees, interest fees on loans, and overdraft fees.  Here are the most common ways banks generate revenue — and tips to help you keep more of your money in your own pocket.  Top ways that banks make money 1. Fees If you’re a customer of a traditional bank, you’re no stranger to fees. Banks make a fortune off of fees — especially the small ones that consumers tend to overlook. At scale, though, fees can add up to a significant amount for the bank.  Here are some of the most common fees that banks charge. Maintenance fees  Many checking accounts and savings accounts come with monthly maintenance fees, which typically range from $5.99 to $25 each month.  This may seem like a small amount, but fees can take a big chunk out of your finances over time.  For example, a monthly maintenance fee of $25 is $300 a year. Over a five-year period, you will have spent $1,500 on fees! If you had otherwise invested $25 a month in the stock market during that same time, at the end of five years you’d have almost $1,800.   The good news is that many banks allow you to bypass maintenance fees by keeping an average daily balance or linking a certain number of monthly direct deposits. So if your bank typically charges a monthly maintenance fee, read the fine print to learn how to avoid it. TIP: There are plenty of no-fee checking and savings accounts. Switching banks is an easy way to avoid monthly fees. Overdraft fees Overdraft fees occur when you make a purchase without having enough in your account to cover the cost of the transaction. If your bank charges them, you may get slapped with a hefty fee of $20 to $40. Some banks also charge a daily overdraft fee from $5 to $10 for each day that you have a negative account balance. This is another top moneymaker for banks. In fact, banks collected over $30 billion in overdraft fees from consumers in 2020. So it’s definitely something to watch out for. If you make a misstep, you may wind up paying the price.  If you are not a repeat offender, you can usually negotiate overdraft fees. Call the customer service department and speak nicely to the agent. Ask them to review the transaction and if they have any ability to waive the fee. Banks often give you a freebie or two. However, if you consistently violate an overdraft policy, you’ll probably have to pay the fee.  Failure to pay an overdraft fee could result in the bank shutting down your account. The bank may also send your outstanding balance to collections if you don’t pay. On top of that, you could wind up getting denied the next time you go to open a checking or savings account with that institution.  TIP: If you tend to overdraft your account, look for a provider that offers overdraft protection or that simply declines a transaction rather than letting the balance go negative. Interchange fees Another way that banks make money is through interchange fees, which are collected when you make a transaction at a retailer using a debit card or credit card.  Banks charge the merchant interchange fees, and the cost is typically split between your bank and the one that the store uses. As a consumer, you don’t really have to worry about interchange fees. You might run across them at smaller stores that have card minimums to cover interchange fees. For example, if you go to buy a pack of gum at a gas station with a debit card, the store may decline your transaction or ask you to buy more stuff because they wind up having to pay too much in fees. TIP: Some small businesses are willing to offer slight discounts for cash-paying customers. This is because the business is saving a few points on the interchange fees. When it comes to discounts, you can’t get what you don’t ask for! 2. Net interest margin Net interest margin is the profit that banks make from interest earnings. OK, so what’s that actually mean? It all starts with loans. From student loans to mortgage loans to car loans and personal loans, there are many ways that people can borrow money from banks. To cover the costs of lending, banks charge interest fees on the loan amounts.  When banks collect those interest fees from borrowers, they sometimes pay a percentage back to customer deposit accounts (think checking and savings accounts) in the form of an annual percentage yield (APY). The bank keeps the remaining amount of interest — and this is called net interest margin.  There isn’t anything illegal about this. It’s just part of how banks make money. It’s also largely why the interest rates you can earn from traditional banks are so low. Consumers are usually among the last to get paid.  TIP: A key to financial freedom is minimizing how much interest you pay to banks. The smaller and fewer the loans you take out, the less money you’ll lose in interest fees. 3. ATM fees  Many banks charge $3 or more for out-of-network ATM fees, so when you’re out and about, be careful about which ATM you use.  Some banks reimburse customers for third-party ATM fees, while others don’t give you any way to avoid them. Your best bet is to plan ahead and get the cash you need from an in-network ATM.  Generally speaking, most big national banks charge fees for using third-party ATMs. TIP: If

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[ad_1] Coronavirus Lockdown Extension in India, Covid-19 Cases and Deaths in India, Covid Vaccine India Update May 22 Live: India reports below 3 lakh new Covid-19 cases for 6th day in a row; Over 4,000 deaths; With 257,299 new coronavirus infections, India’s Covid-19 tally increased to 2,62,89,290 on Saturday. [ad_2] Source link

[ad_1] The post Why Did My Credit Score Go Down? appeared first on Millennial Money. Having a good credit score is important for a variety of reasons. Most importantly, the better your score, the lower the interest rates you’re likely to pay on loans. That translates to thousands of dollars saved over the years. If you recently looked at your score and are wondering, “why did my credit score go down?” you’ve come to the right place. In this post, you’ll learn about what might have impacted your score so you can take corrective action.  Actions that make a credit score drop Recent credit inquiries Heavy credit utilization rate Missed credit card payments Closing accounts Paying off loans Fraud and identity theft Unpaid medical bills Foreclosure Missed auto loan payments Let’s start by reviewing the most common reasons credit scores plummet.  1. Recent credit inquiries  Any time you apply for a line of credit or loan, the lender checks if you’re a responsible borrower by making a credit inquiry, which is also called a credit check or credit pull. When it comes to credit inquiries, there are two types: soft inquiries (soft checks or soft pulls) and hard inquiries (hard checks or hard pulls). A soft inquiry happens when a lender scans your credit to approve an application. For example, mortgage providers typically use soft inquiries during the mortgage prequalification stage. Soft inquiries also occur whenever you check your credit online. Typically, soft inquiries have no impact on your credit score. On the other hand, a hard inquiry is more comprehensive and requires analyzing your credit report and loan payment history. For example, hard pulls are typically required when your mortgage application moves into the pre-approval stage, or if you sign up for a new car loan or credit card.  When a lender pulls a hard inquiry, this has a bigger and longer-lasting impact on your credit score, typically causing your score to fall by a few points. The good news is that your score will most likely go back to normal in a few weeks or months, assuming no other credit-related events occur. The main takeaway here is that if you recently applied for financing or a loan, this will most likely cause your credit score to go down. But you don’t need to worry so long as you’re aware of the reasons for this credit inquiry.  However, if your score has gone down due to a credit card or loan application you aren’t aware of, this could be a sign of fraud or identity theft and something you need to look into immediately (more on that later). 2. Heavy credit utilization rate Credit utilization has to do with the amount of credit you’re using versus the total amount of credit you have.  When you use too much available credit, your credit utilization rises and this could negatively impact your score. The general rule is to keep your credit utilization at 30% or less.  This means that if you have $10,000 in available credit, you don’t want to carry a balance of more than $3,000. If you need to put $3,000 on a credit card and you only have a $10,000 line of credit, you may want to consider asking for a credit line increase in advance of the transaction, which may help you avoid negatively impacting your score.  3. Missed credit card payments   Credit card companies typically give customers a grace period of 14 days after the due date to make payments before the late payment is classified as “missed.”  Unfortunately, missed payments can cause a significant drop in your credit score. It also can send the message to lenders that you’re not a responsible borrower or that you’re in over your head with bills.  Best practices suggest paying off your credit card balances in full each month. If that isn’t possible, be sure that you make the minimum payments to avoid issues. 4. Closing accounts Consumers often close lines of credit, thinking it will help their score, or maybe they want to avoid overspending. Yet when you close a credit card account, it actually impacts your score.   Closing a line of credit causes total credit utilization to increase, and it also reduces the average age and length of your credit history.  Suppose you have an old credit card you opened ten years ago that you no longer use. This card is most likely one of your first lines of credit. If you close it, you’re essentially deleting the past ten years of your credit history, which affects your score.  The better approach is to pay off the unused card and keep it to maintain the line of credit. Depending on the credit card company, you may be required to use the card periodically to keep it open. If you absolutely want to close the card out, that’s not a big deal. So long as you have other lines of credit open and maintain consistent payment history, your score should rebound. Just be sure not to close out any credit products before applying for a mortgage or car loan so your score stays in good shape. 5. Paying off loans Paying off a loan is a fantastic feeling, and you should always strive to keep your loans at a minimum. However, if you’ve recently paid off an installment loan, this might cause a temporary drop in your credit score.  Primarily, this happens if the loan was one of the only lines of credit you had or if it was the only line of credit for which you had a low balance.  Learn more: How to Take Out a Loan 5 Best Ways to Pay Off Your Loans Faster in 2021 How To Improve Your Credit Score 6. Fraud and identity theft Security issues like fraud and identity theft can also cause major problems with your score. This is why it’s a good personal finance strategy to keep an eye on your credit report so you can make

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