3 Lesser-Known Ways To Use Bank Services To Achieve Short-Term Financial Goals
Written by
Laura Bogart
Edited by
Renee Ross
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You might think your bank exists only as a repository for your money, a place to hopefully keep it safe and maybe help you grow it a little over the long term. But your bank can be so much more than the ATM you use to withdraw money or the accounts you check regularly. With some knowledge, you can make your bank a valuable resource in achieving your financial goals, even the ones that won’t take years to achieve.
GOBankingRates took a look at some of the incredibly useful bank services you might not know you need.
Money Management Counseling
If you’re just getting started in the process of managing your money, one of the biggest first steps is finding — let alone affording — money management counseling. Fortunately, many banks can help you knock out that first step easily by offering financial counseling.
For instance, through Wilmington Advisors @ M&T, customers at M&T Bank can arrange a meeting with a financial advisor in their community, at a bank branch of their choosing.
According to Erika Kullberg, founder of Erika.com and an attorney and personal finance expert, investigating some of the educational opportunities available to you through your bank is a powerful way to arm yourself with knowledge.
“Credit unions in particular can have great customer education resources. Start by finding out what resources are available to you and then plan to take full advantage of them while you get your finances in tip-top shape,” she said.
Explore Your App
It’s easy to think of your mobile banking app as that place you visit to learn what you can and can’t spend before heading out for an event. But your banking app can actually be a strong ally in helping you balance your budget every month — or even every day, depending on your needs.
“Don’t sleep on your bank’s mobile app which can make it easier to get a handle on your finances,” Kullberg said. “Not only can you keep a close eye on your account balance with these apps, but you can usually schedule automatic bill payments and receive alerts for transactions — amongst other helpful features.”
In a round-up of helpful features that customers most want to see in their bank app, Forbes mentioned that some banks are offering in-app capabilities that allow people to track their spending and manage their monthly budgets in one place. Some automated savings features are another hidden boon, with some apps getting sophisticated enough to round up a purchase to the nearest dollar and deposit the difference directly into your savings account.
Build Your Small Business
If you’re a small-business owner or freelancer — or want to be one — your bank can be your best friend. Many banks offer customized services expressly for entrepreneurs, such as payroll services, remote deposits and flexible banking.
Banks can even provide small services that can make a huge difference in time and convenience for busy professionals, like complimentary notary services or even lower costs for invoice management.
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