Anglo Irish banking entity worse off than expected

Sometimes we all need a little help with bailing out of a banking crisis.

10:36 30 June 2013

Recent news shows that the Anglo Irish bank may have needed a significant amount to be bailed out of its banking issues. It appears that the general public was given an inaccurate idea of how badly off the bank was, and Prime Minister Enda Kenny believes people must be made aware of the situation.

 

When it comes to banking, many times we might feel we could use our own bailout. Here are a few tips to help you manage banking setbacks.

 

• Short term loans—sometimes you might not have enough money to get to your next payday. If that is the case, try to avoid payday loans and instead think of short term loans. This could help you avoid unauthorized overdraft fees from your banking entity.

 

• Review statements—you should receive monthly statements for any accounts that you have with a bank. Taking the time to review these is crucial ensure that you have the same amount of money the bank thinks you have. You’ll want to reconcile any differences with your banking entity. This process can help you avoid potential overdraft issues.

 

• Social fund—if you’re in a difficult bind and you know that you won’t be able to use a payday loan or short term loan, you may want to check with the social fund to see if there’s anything that can be done to help you avert a severe banking crisis.

 

• Logbook—keeping track of all your payments can be difficult, especially with the easier worry-free recurring automatic payment options. Keeping a logbook of the date and amount of your recurring payments and other bills can help you avoid banking missteps. You’ll know when things need to be paid, and you can contact companies if necessary to try and move due dates.

Follow these steps and other ones that you can think of to avoid banking issues that could escalate.