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Manage Your Bank Account
by kim
Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. A mutual fund's prospectus contains this and other information about the mutual fund. Prospectuses are available through our trading site or through a Scottrade branch office. The prospectus should be read carefully before investing. No transaction fee (NTF) funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder, or SEC 12b-1 fees.
4. More Mobile Banking Opportunities
Of course, that was something we were able to look forward to in 2010 as well, not to mention 2009 and 2008 ... well, for the past few years, in fact. But 2011 looks pretty promising. Bank Systems & Technology predicted late last year that "2011 will be the year in which financial institutions will look to capitalize on the full potential of the mobile channel -- moving from basic user functionality to full mobile finance." To look at it another way, your bank will pretty much be in your pocket.
Along those lines, I'll give a plug to CashEdge, which announced that Fifth Third is launching Popmoney, CashEdge's person-to-person email and mobile payment services. It's the first time, according to CashEdge's press release, that bank customers can send money from their online bank to someone else's bank, just using that someone else's (presumably a family member or a friend or a creditor) email, mobile number or bank account information.
The bottom line: Expect 2011 to bring more innovative ways to do your banking more efficiently.
5. Fewer Bank Failures
In 2009, 140 banks kicked the bucket; 157 met their makers in 2010. There will unquestionably be bank failures in 2011, but most analysts predict fewer. We wrote a lot about bank failures during 2009 and 2010 on WalletPop, but as we noted then, many bank customers were hardly aware that their banks had shut down, since the process of transitioning a bank from failing to being owned by a more secure, reliable bank went so smoothly. If your bank does happen to fail in 2011, you probably aren't going to have too many headaches, if any. Still, fewer bank failures mean a better economy, which is good for all of us.
6. More Banking Options From Walmart
Sure, there are plenty of Walmart haters out there, but the store has a lot of fans as well, and as we've noted before on WalletPop, Walmart is increasingly looking like a bank, even if they're not allowed to be one in the technical sense of the word. Last July, Walmart began offering small business loans to its Sam's Club customers, and at Walmart, you can apply for credit cards and debit cards and perform other transaction you would do at a standard bank, such as check cashing, merchant processing, money transfer and even some things banks don't do, like tax preparation. And while the year's still young and Walmart hasn't made any banking announcements for 2011, this is more of a prediction than a fact, but look for Walmart to continue innovating how it markets to both banking customers and especially the "unbanked" (those who don't have their own bank).
7. Electronic Social Security Deposits Starting May 1
Most people already get their Social Security checks deposited into their bank accounts, but now everyone with a checking account at a bank or credit union, like it or not, will receive their benefits this way, although apparently, there are some loopholes people can get around if someone's unbanked or if they have some other reason they still have to get their benefits mailed to them. (You can also opt to go with having your money put into Direct Express, a MasterCard debit account from Comerica Bank.)
Even if you hate this idea, there's a lot to like about it, isn't there? Provided you have a bank account, it's definitely easier and more efficient to have money directly deposited into your account. It's also estimated that this will save the government $1 billion a year. For people worried about the deficit, well, this can only help.
8. Better Customer Service
In an era where some customers, or ex-customers, actually put up sites denegrating banks, like BankofAmericaSux.com, banks understand just how much anger there is out there. (By the way, Prime Performance, a company that helps businesses become well liked, recently came out with a survey showing that Regions Bank is considered the friendliest bank; Capital One and Chase came in last).
Granted, every bank manager is different, and maybe the awareness that customers are angry won't mean a hill of beans to some executives and staff out there, but it seems logical to expect in 2011 that banks will make a better effort to make their customers as happy as possible. If nothing else, bankers have got to know that if they drive every customer away, they'll have nobody left to nickel and dime to death.
9. More Ways Than Ever to Manage Your Bank Account
Not to take away anything from Mint.com, but there are plenty of other online financial management tools out there, too, from Thrive and Buxfer to, as we just mentioned in a recent post, Payoff.com, which debuted Jan. 5 of this year. Expect more services to make a splash in 2011, like GreenSherpa.com, which mixes banking and online gaming and hasn't yet launched (although you can send in your address to get an email invite when the beta version is unveiled).
Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully before investing. Leveraged and Inverse ETFs may not be suitable for long-term investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. A prospectus contains this and other information about the ETF and should be obtained from the issuer. The prospectus should be read carefully before investing.
Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. The Margin Disclosure Statement and Agreement (PDF) is available for download, or it is available at one of our branch offices. It contains information on our lending policies, interest charges, and the risks associated with margin accounts.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade Options Application and Agreement, Brokerage Account Agreement, and by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy from your local branch office. Supporting documentation for any claims will be supplied upon request.
Investors should consider the investment objectives, risks, charges, and expenses of mutual fund carefully before investing. A prospectus contains this and other information about the fund and is available through www.scottrade.com or through a Scottrade branch office. The prospectus should be read carefully before investing. No transaction fee (NTF) funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder, or SEC 12b-1 fees.
Market volatility, volume, and system availability may impact account access and trade execution.
Testimonials may not be representative of the experience of other clients and are no guarantee of future performance or success.
4. More Mobile Banking Opportunities
Of course, that was something we were able to look forward to in 2010 as well, not to mention 2009 and 2008 ... well, for the past few years, in fact. But 2011 looks pretty promising. Bank Systems & Technology predicted late last year that "2011 will be the year in which financial institutions will look to capitalize on the full potential of the mobile channel -- moving from basic user functionality to full mobile finance." To look at it another way, your bank will pretty much be in your pocket.
Along those lines, I'll give a plug to CashEdge, which announced that Fifth Third is launching Popmoney, CashEdge's person-to-person email and mobile payment services. It's the first time, according to CashEdge's press release, that bank customers can send money from their online bank to someone else's bank, just using that someone else's (presumably a family member or a friend or a creditor) email, mobile number or bank account information.
The bottom line: Expect 2011 to bring more innovative ways to do your banking more efficiently.
5. Fewer Bank Failures
In 2009, 140 banks kicked the bucket; 157 met their makers in 2010. There will unquestionably be bank failures in 2011, but most analysts predict fewer. We wrote a lot about bank failures during 2009 and 2010 on WalletPop, but as we noted then, many bank customers were hardly aware that their banks had shut down, since the process of transitioning a bank from failing to being owned by a more secure, reliable bank went so smoothly. If your bank does happen to fail in 2011, you probably aren't going to have too many headaches, if any. Still, fewer bank failures mean a better economy, which is good for all of us.
6. More Banking Options From Walmart
Sure, there are plenty of Walmart haters out there, but the store has a lot of fans as well, and as we've noted before on WalletPop, Walmart is increasingly looking like a bank, even if they're not allowed to be one in the technical sense of the word. Last July, Walmart began offering small business loans to its Sam's Club customers, and at Walmart, you can apply for credit cards and debit cards and perform other transaction you would do at a standard bank, such as check cashing, merchant processing, money transfer and even some things banks don't do, like tax preparation. And while the year's still young and Walmart hasn't made any banking announcements for 2011, this is more of a prediction than a fact, but look for Walmart to continue innovating how it markets to both banking customers and especially the "unbanked" (those who don't have their own bank).
7. Electronic Social Security Deposits Starting May 1
Most people already get their Social Security checks deposited into their bank accounts, but now everyone with a checking account at a bank or credit union, like it or not, will receive their benefits this way, although apparently, there are some loopholes people can get around if someone's unbanked or if they have some other reason they still have to get their benefits mailed to them. (You can also opt to go with having your money put into Direct Express, a MasterCard debit account from Comerica Bank.)
Even if you hate this idea, there's a lot to like about it, isn't there? Provided you have a bank account, it's definitely easier and more efficient to have money directly deposited into your account. It's also estimated that this will save the government $1 billion a year. For people worried about the deficit, well, this can only help.
8. Better Customer Service
In an era where some customers, or ex-customers, actually put up sites denegrating banks, like BankofAmericaSux.com, banks understand just how much anger there is out there. (By the way, Prime Performance, a company that helps businesses become well liked, recently came out with a survey showing that Regions Bank is considered the friendliest bank; Capital One and Chase came in last).
Granted, every bank manager is different, and maybe the awareness that customers are angry won't mean a hill of beans to some executives and staff out there, but it seems logical to expect in 2011 that banks will make a better effort to make their customers as happy as possible. If nothing else, bankers have got to know that if they drive every customer away, they'll have nobody left to nickel and dime to death.
9. More Ways Than Ever to Manage Your Bank Account
Not to take away anything from Mint.com, but there are plenty of other online financial management tools out there, too, from Thrive and Buxfer to, as we just mentioned in a recent post, Payoff.com, which debuted Jan. 5 of this year. Expect more services to make a splash in 2011, like GreenSherpa.com, which mixes banking and online gaming and hasn't yet launched (although you can send in your address to get an email invite when the beta version is unveiled).
Investors should consider the investment objectives, charges, expense, and unique risk profile of an Exchange Traded Fund (ETF) carefully before investing. Leveraged and Inverse ETFs may not be suitable for long-term investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. A prospectus contains this and other information about the ETF and should be obtained from the issuer. The prospectus should be read carefully before investing.
Margin trading involves interest charges and risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. The Margin Disclosure Statement and Agreement (PDF) is available for download, or it is available at one of our branch offices. It contains information on our lending policies, interest charges, and the risks associated with margin accounts.
Options involve risk and are not suitable for all investors. Detailed information on our policies and the risks associated with options can be found in the Scottrade Options Application and Agreement, Brokerage Account Agreement, and by downloading the Characteristics and Risks of Standardized Options and Supplements (PDF) from The Options Clearing Corporation, or by requesting a copy from your local branch office. Supporting documentation for any claims will be supplied upon request.
Investors should consider the investment objectives, risks, charges, and expenses of mutual fund carefully before investing. A prospectus contains this and other information about the fund and is available through www.scottrade.com or through a Scottrade branch office. The prospectus should be read carefully before investing. No transaction fee (NTF) funds are subject to the terms and conditions of the NTF funds program. Scottrade is compensated by the funds participating in the NTF program through recordkeeping, shareholder, or SEC 12b-1 fees.
Market volatility, volume, and system availability may impact account access and trade execution.
Testimonials may not be representative of the experience of other clients and are no guarantee of future performance or success.