Banking industry: ways to boost economy

Consumers may benefit from some proposed banking practices to stimulate the economy.

09:36 11 August 2013

The banking industry is considering some certain methods for bolstering the economy. Interest rates are already very low, so what is being proposed are certain set periods of time for the interest rates to remain low for customers until certain signifiers, such as unemployment rates, indicate that the economy is satisfactorily recovering.

Banking changes can cause some confusion and possible issues, but these types of changes are usually welcome. Here are some of the other types of banking changes that consumers may experience:

• Deposits—one of the easiest ways to get into trouble with your banking account is to forget when funds are available in an account. You might have the money, but you don’t always get the entire amount immediately. It’s important to know the schedule so you can plan ahead, and also avoid embarrassing situation because the funds aren’t available.  Banks may change the schedule from time to time so be sure to verify whenever you make a deposit.

 

• Opening amount—if you already have a banking account you probably won’t need to worry about this one, but banks might change the amount required to open an account. Be sure to verify the current policy on opening accounts so you’ll have the required amount when you get to the bank.

 

• Fees—there are a number of fees that banking entities may charge consumers, from unauthorized overdraft fees, to inactivity fees. Find out what fees your bank charges and which fees, if any, apply to your type of account since specific types may be treated differently.

 

• Refinancing—since interest rates can change fairly frequently, you may be able to get better interest rates later, but check with your banking entity on their policy. You might pay a penalty if you refinance with the same bank, or if you take your loan elsewhere.