Questions & Answers

when you deposit an item in the bank such as a check UNLESS the bank holds the deposit they are essentially extending you credit until they recieve the money from the check the bank was drawn on (up to 10 days). If the item gets returned and you have alreday made withdrawls against that money you COULD overdraw your account. If that happens the bank could loose money if you don't pay them back. If you have poor credit the bank thinks (this is nothing personal against you, you could have learned the lessons from past mistakes and be the best customer ever now) this kind of behaviour is more likely to occur. Hope this helps. You may want to try a credit union, they usually pay more interest and are more lenient on past credit issues. Good Luck

You can open as many checking accounts as you want to and it will not effect your credit score. Your credit score is only effected if you borrow money. Good luck.

adding a beneficiary is a good thing, they can't access the funds until you die, but it increases your FDIC insurance as well while the account is open, so if the bank goes under (which is definitely possible these days) it incresaes your FDIC insurance $100,000 per beneficiary. Plus if you don't have beneficiaries listed when you die, your money goes into probate and can be a real pain for your loved ones to access for your final expenses.

I got this idea from a great book (see below). The whole idea of saving your money is that you get to enjoy it more. That's why people slave away to pay off mortgages, save their money, and invest it. Delayed gratification. If you're one of those people who can't wait for delayed gratification, use what Anita Bell calls the "sanity allowance". Set yourself an allowance of no more than about $15 or $20 a week, depending on your income. Keep this in a plastic ziplock bag in your handbag or wallet. When you feel the need for a lamb kebab with garlic sauce, or a cafe latte, or the latest copy of Model Train Weekly, use this money. This is for those little luxuries that make life worthwhile. They should be the cheap little things you enjoy, like a couple of beers with mates, or a dvd on Sunday night, or chewing gum... Whatever floats your boat. The idea is that you have budgeted for this. This money is specially put aside for you to waste on useless purchases that make you feel better. Capping it at a low amount means you don't break the bank or get bad habits, like spending $150 in an hour at a clothing store, but it's a flexible enough amount to buy those little things that keep you sane. If your tastes are a little more upmarket, you can save your sanity allowance and use it after a couple of weeks for a shoe shopping fix or an expensive resturaunt meal. Just make it an amount that you can afford. If your allowance is $15 a week, then saving for 4 or 6 weeks will be necessary before you feed your craving for new shoes. It all depends on what you like spending your money on. It should be a very small amount of your income. It should also never get in the way of your other budgeting. You should never ever take money from another part of your budget to supplement your allowance. The whole idea of it is that you are more likely to stick to a budget if you're happy, just like a dieter is more likely to stick to a diet if they get the occasional chocolate eclair. Check out Anita Bells' book for more details. It's one of the best things I ever read. It's hillarious. Best wishes