Tag Archives: Bank Accounts

Financial Tips: Seven Ways To Boost Your Bank Account

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With the right knowledge and attitude, you can make your bank account grow faster. “If you have trouble putting money aside in a savings account, maybe the solution is to stop struggling and put things on autopilot,” says a Money Talks News financial expert, Stacy Johnson.

 

Pay yourself first: Payroll deduction is among the best fixes for struggling savers. With this approach, you have money automatically taken from your pay cheque and transferred to a savings or retirement account. Your employer may even allow you to directly deposit pay cheques into multiple accounts. Send any additional income from raises, bonuses, cash awards or other windfalls straight to savings. If your air conditioner breaks down or it’s time to take that cruise, you’ll have a nice sum of money waiting for you in the bank.

 

Round up your savings: Some banks have programmes that automatically round up debit-card purchases, and then transfer the extra amount into your savings account. You get a treat now and “keep the change” to save toward another treat later.

 

Save your change: The low-tech version of the round-up programme is stashing away spare change at the end of each day. Keep it in a jar, mug, glass or piggy bank. When the container is full, turn that change into a bank deposit. Stacy says he turbo-charges this plan by stashing singles as well as coins.

 

Pay with cash: Using cash automatically makes you spend less compared to plastic. An oft-quoted Dunn & Bradstreet study says people spend 12 to 18 per cent more when using credit cards instead of cash. If you’re worried about schlepping back to the ATM to reload your wallet, you will be less tempted to spend more cash than you planned. You will be more inclined to pass on a higher-end model of a product. Also, you will stick to your shopping list and resist in-store temptations to buy more items than you intended.

 

Use rewards credit cards: If you must use a credit card, use one that offers cash back or rewards. Then, you’re earning cash or equivalents without effort.

 

Bank your discounts: What do you do with all the money you save buying bargains? Check your receipts. Most now conveniently tell you how much you saved on a sale item compared with its regular price, or how much you saved by redeeming coupons. Add them up. Did you buy a cheaper generic and save a bundle over a name brand? Track the difference. Make it a habit to reward yourself by placing all the money saved from those bargains into your savings account.

 

Automate your transfers: Check with your bank or credit union about how to set up automatic transfers from your current account to your savings account. This is another way of making sure you pay yourself first. You can even set up sub-accounts and label them for special goals, such as “college fund” or “new car fund.”

 

Now that your savings are on automatic, relax and watch your balance grow.

No BVN, No Withdrawal From Bank Accounts- CBN

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Following the expiration of the deadline for Bank Verification Numbers (BVN) registration on October 31, the Central Bank of Nigeria (CBN) has barred bank customers who do not have the BVN from withdrawing from their accounts.

The CBN however extended the deadline for BVN enrolment for Nigerian Bank customers in the Diaspora to January 31, 2016.

While expressing satisfaction with the progress made in the implementation of the BVN project, especially for accounts operated by residents of Nigeria, the CBN in a statement by its director, Corporate Communications, Alhaji Ibrahim Mu’azu, said bank accounts without BVN will be operated as “No Customer Initiated Debit” account, until the account holders obtain and attach BVNs to the accounts.

This means that a customer will not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account.The CBN however clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated. It therefore advised the deposit money banks to educate their customers accordingly.

Credit: Leadership

BVN: Over 20.8 Million Customers Enroll 40 Million Bank Accounts, Ends Saturday

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The Central Bank of Nigeria, CBN, said on Thursday that 20,833,635 bank customers enrolled over 40 million accounts in various banks in the country under the Bank Verification Number, BVN, registration exercise as at October 25, 2015.

The BVN registration introduced by the CBN on February 14, 2014 is scheduled to end on Saturday, October 31, 2015 across the country.

Implemented in collaboration with the Bankers’ Committee of the CBN, the BVN was initiated to provide unique identities for all bank customers and other users of financial services in the country.

The unique identity is established by the use of the customers’ biometrics as means of identification in all transactions undertaken with the banks.

At the expiration of the initial estimated 18 months period for the registration after the launch, there was huge apathy among bank customers, who were reluctant to register.

The poor appreciation of the benefits of the BVN resulted in last minute rush in most banking halls across the country towards the end of the June 30, 2015 deadline set by the CBN for enrolment by all customers.

The CBN extended the deadline by four months, till October 31, 2015, to allow more people register.

Credit: PremiumTimes