Quick answers to the most common questions:
Activating My Card Account Charges I Don't Recognize Checking My Balance and Charges Load Funds to my Card Using My Card Account
Other Common Questions
Direct Deposit Number Funds Availability Monthly Statements
ATM Withdrawal Limits Balance Limits Routing Number
Bill Pay FDIC Protection Spending Limits
Card Delivery Making Purchases
Credit Builder Minimum Balance
Activating My card account
Make an initial cash load to your Card Account: Click Here for a complete list of cash load options If you do not already have your permanent PrePaid MasterCard Card we will send it out as soon as your initial load has been made When your card arrives in the mail call our activation center at 866-224-0169
Once you receive your card, remember to change your Personal Identification Number (PIN) to something only you know
Direct Deposit Number
Click https://my.accountnow.net
Sign in to your card account
Click Quick Start for your personalized Direct Deposit Form
Sign the form and give it to your employer (Direct Deposit Number is in this section)
ATM Withdrawal Limits
You can withdraw up to $300 per day. There may be a fee for both domestic and international ATM withdrawals (see fee schedule). In addition, each individual ATM location may impose an additional surcharge.
Qualifying customers who use Direct Deposit may request an increase of this daily limit to $500.
Bill Pay
What is AccountNow Bill Pay? AccountNow Bill Pay comes Free (up to 7 bill pays per month) with your AccountNow Vantage Prepaid MasterCard. With AccountNow Bill Pay, you can pay all your bills online or over the phone from the comfort of your own home. You can do a one-time payment or schedule recurring payments to anyone in the US or its territories. For more details, please visit www.accountnow.net and click on "Online Bill Pay". How do I use AccountNow Bill Pay?
Simply sign in to your card account at https://my.accountnow.net and click on Pay Anyone Bill Pay to get started. You can manage all of your bills on-line. If you have any problems please call us at 866-925-2036.
Can I pay all my bills using AccountNow Bill Pay?
Yes, you can make a payment to anyone (company, institution, or person) located in the United States, US territory (Guam, Puerto Rico, Virgin Islands), and US military bases using AccountNow Bill Pay. For more details, please visit Pay Anyone Bill Pay after you sign in to your card account at www.accountnow.net.
How much does AccountNow Bill Pay cost?
AccountNow Bill Pay is FREE of charge for the first 7 monthly transactions. Thereafter, the charge is only $1 per additional payment.
Charges I Don't Recognize
Some merchants place a hold on your funds in an amount higher then the actual service. This does not mean they are charging you more. These holds will fall off the card automatically in approximately 5 business days from the date of service, or as soon as the merchant releases the pending hold.
If there is no charge on your card yet: Please give the merchant time to process the charge and release the funds. This usually takes 5 days.
If the actual charge has posted to your card and there is still a hold on your funds: The temporary hold will usually come off your card in approximately 5 days.
Checking My Balance and Charges
On the internet: You can check card account balances and transactions anytime by visiting us at www.accountnow.net and clicking "LOGIN".
On the phone: Call our automated system anytime at 800-710-4802.
At an ATM: You may check your card account balance at any ATM machine. Please note that there is a fee when using this option. Please refer to your Terms & Conditions.
Loading funds to my card
For a complete list of cash load options:
Click https://my.accountnow.net/
Click QuickStart
Sign in to your card account
View a complete list of cash load options and instructions
Direct Deposits
Click https://my.accountnow.net/
Click QuickStart
Sign in to your card Account
Click Quick Start for your personalized Direct Deposit Form
Sign the form and give it to your employer
MoneyGram Deposits
Prepaid MasterCard Card
Once you have received your Prepaid MasterCard Card, you can make purchases everywhere MasterCard debit cards are accepted. You can also use any ATM listed above or one of the 1,000,000 ATMs world wide.
http://www.mastercard.com/us/personal/en/cardholderservices/atmlocations/index.html to find the closest MasterCard ATM.
Card Delivery
Your card will be delivered 5-7 business days after you complete your enrollment form. Replacement Cards will be delivered 5-7 business days after your request for the replacement. You may request to have your card expedited for a fee (see Terms & Conditions) and it will be delivered in 3 business days. Please refer to your Terms & Conditions for limit & fees.
Credit Builder
Credit Builder is an optional service that is made available to you at no additional cost as part of the AccountNow bill payment service. Credit Builder is only a service that provides your payment history to credit reporting agencies. If you would like to sign up for Free Credit Builder please Click Here.
Balance Limits
You can load funds to your AccountNow Vantage Prepaid MasterCard at any time. However, your initial load must be enough to cover any set-up fees (See your Terms & Conditions if you are unsure of this amount). There is no limit on the number of times you can load funds to your AccountNow Vantage Prepaid MasterCard but there is a limit of five loads per day (not to exceed a daily total load of $5,000). The maximum balance you can have in your AccountNow Vantage Prepaid MasterCard is restricted to $10,000. Load made through MoneyGram can not exceed $999.00 a day.
FDIC Protection
Your money's safe. Backed by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the United States Government, you're protected against the loss of your funds.
Making Purchases
If the merchant gives you the option to select "debit" or "credit", you're free to choose either. If you choose "debit", you'll be asked to enter your PIN to authorize the transaction. Choosing "credit" typically requires your signature. If you make a purchase online or over the phone, just enter your card number and expiration date. Some online merchants may require you to verify your transaction by entering the 3-digit security code found on the back of your card. Typically, it is the last 3 digits of the number appearing on the signature panel.
Minimum Balance
No. You don't have to keep a minimum balance on your AccountNow Vantage Prepaid MasterCard. But it is important to keep sufficient funds available at all times to cover any scheduled bill payments as well as any applicable fees.
Monthly Statements
You will receive monthly online statements free of charge. You may also sign up for monthly paper statements online at www.accountnow.net when you view your card account information. Please note that there is a monthly fee for this request. Refer to your Terms & Conditions. Replacement paper statements may also be provided upon request. Please note that there is a service fee for this request. Please refer to your Terms & Conditions.
Routing Number
Click https://my.accountnow.net
Your daily spending limit with your AccountNow Vantage Prepaid MasterCard is $2,500 for cash and purchases combined ($1,000 for PIN-based transactions and $1,500 for Signature-based purchase transactions). Bill Pay transactions do not count towards your daily spending limit. For example, you can make a total of $2,500 in purchases and a $1,000 Bill Payment (total $3,500) without exceeding your daily spending limit.
Tuesday, November 6, 2007
Sunday, November 4, 2007
Top 4 Refinance Questions You Must Answer
1. How long do I plan to stay in the house?
That's often a hard question to answer. Try anyway because a lot of your decisions depend on the answer.
"I always say, 'What's the game plan? How long do you plan to be in the property?'" says Ellen Bitton, CEO of Park Avenue Mortgage Group in New York.
The answer affects whether you would be better off paying points to lower your rate, whether you should get a fixed-rate or adjustable-rate loan, whether you should accept a prepayment penalty. If you're thinking of refinancing, the answer helps you decide whether you should refinance at all.
If you have no idea how long you'll live in the house, keep in mind that homeowners stay in one residence for a median duration of 8.2 years, according to 1998 U.S. Census data. In other words, half of homeowners move within 8.2 years. The other half, naturally, stay in their homes longer. Do you feel "average"? If so, maybe it means you'll stay home for about eight years or so.
(FYI, with renters, the median stay in one residence is 2.1 years.)
2. How long will it take to break even?
If you're buying a home, how long will it take to break even if you pay discount points to get a lower rate? If you're refinancing, how long will it take to recoup the closing costs from your monthly savings?
In either case, all you have to do is divide the upfront cost (of discount points if you're buying a house and of all the closing costs if you're refinancing) by the monthly savings you would get. That tells you how many months it will take to break even. If it's going to take five years to break even but you expect to stay in the house four more years, it's probably not worth it.
3. What makes me feel comfortable?
Bitton says some of her clients insist on paying zero discount points, while others want to pay a lot of points to get absolutely the lowest interest rate, "even if it takes four or five years to break even."
As far as Bitton is concerned, there often is no right or wrong answer when people ask whether they should pay discount points or choose a 15-year or 30-year mortgage. "There's not just an objective, dollars-and-cents number," Bitton says. "There's also the psychological factor: What are you going to feel comfortable with?"
She has clients in their 70s and 80s who get 30-year mortgages because that's what makes them feel comfortable. Some homeowners would rather refinance once and never have to bother with refinancing again, so they pay a lot of points for a rock-bottom rate. As a bonus, they have something to boast about at cocktail parties. Other clients simply want the lowest possible payments, so they snag an interest-only, five-year ARM. All understand what they're getting into and have found their comfort zones.
4.How much are the costs of getting the loan?
When you apply for a loan, you'll get a federally mandated document called the Good Faith Estimate of closing costs. It estimates how much the lender will charge you for origination and discount fees, an appraisal, a credit report, document preparation, title insurance, a pest inspection and myriad other costs. Compare good faith estimates and especially take note of the line that reads "Estimated cash at closing." That's an educated guess of how much you'll have to pay out of your checkbook to get the loan.
That's often a hard question to answer. Try anyway because a lot of your decisions depend on the answer.
"I always say, 'What's the game plan? How long do you plan to be in the property?'" says Ellen Bitton, CEO of Park Avenue Mortgage Group in New York.
The answer affects whether you would be better off paying points to lower your rate, whether you should get a fixed-rate or adjustable-rate loan, whether you should accept a prepayment penalty. If you're thinking of refinancing, the answer helps you decide whether you should refinance at all.
If you have no idea how long you'll live in the house, keep in mind that homeowners stay in one residence for a median duration of 8.2 years, according to 1998 U.S. Census data. In other words, half of homeowners move within 8.2 years. The other half, naturally, stay in their homes longer. Do you feel "average"? If so, maybe it means you'll stay home for about eight years or so.
(FYI, with renters, the median stay in one residence is 2.1 years.)
2. How long will it take to break even?
If you're buying a home, how long will it take to break even if you pay discount points to get a lower rate? If you're refinancing, how long will it take to recoup the closing costs from your monthly savings?
In either case, all you have to do is divide the upfront cost (of discount points if you're buying a house and of all the closing costs if you're refinancing) by the monthly savings you would get. That tells you how many months it will take to break even. If it's going to take five years to break even but you expect to stay in the house four more years, it's probably not worth it.
3. What makes me feel comfortable?
Bitton says some of her clients insist on paying zero discount points, while others want to pay a lot of points to get absolutely the lowest interest rate, "even if it takes four or five years to break even."
As far as Bitton is concerned, there often is no right or wrong answer when people ask whether they should pay discount points or choose a 15-year or 30-year mortgage. "There's not just an objective, dollars-and-cents number," Bitton says. "There's also the psychological factor: What are you going to feel comfortable with?"
She has clients in their 70s and 80s who get 30-year mortgages because that's what makes them feel comfortable. Some homeowners would rather refinance once and never have to bother with refinancing again, so they pay a lot of points for a rock-bottom rate. As a bonus, they have something to boast about at cocktail parties. Other clients simply want the lowest possible payments, so they snag an interest-only, five-year ARM. All understand what they're getting into and have found their comfort zones.
4.How much are the costs of getting the loan?
When you apply for a loan, you'll get a federally mandated document called the Good Faith Estimate of closing costs. It estimates how much the lender will charge you for origination and discount fees, an appraisal, a credit report, document preparation, title insurance, a pest inspection and myriad other costs. Compare good faith estimates and especially take note of the line that reads "Estimated cash at closing." That's an educated guess of how much you'll have to pay out of your checkbook to get the loan.
Pay Day Loans Facts And Tips
Payday loans, also known as deferred presentment, are currently available in 20 states plus the District of Columbia. They are short-term loans, generally 7 to 14 days, against a post-dated check. In Arizona, this loan against the paycheck you haven't yet earned carries a 15% fee. On the average payday loan of $300 for eight days, this 15% fee equates to an APR of 459%!
Payday loans take advantage of clients who lack financial savvy--who never stopped to think about the "cost of money" or who, quite simply, don't budget well enough to have $300 in the bank in the event of an unexpected expense.
Check cashing and payday loan shops are popping up like mushrooms in plaza storefronts around my downtown neighborhood in Phoenix, Arizona. Signs announcing "Cash King coming soon" appear at 7th Street and McDowell next to the Starbucks and at Central and Thomas between the florist and the dry cleaner.
Will people take an advance on next week's pay to buy a Mocha Frappuccino, I wonder? Will they borrow to retrieve their dry cleaning or to buy flowers for their girlfriend? As Cash King joins Cash One, CheckMate, EZLoans, Money Mart, --there are more than 250 shops in the state of Arizona with one-third in the City of Phoenix--I have to wonder. Is there a need for payday loans?
According to the payday loan propaganda, everybody needs a payday loan. It's a quick, no hassle way for consumers to secure small, emergency loans, with little or no red tape. They claim payday loans serve an under-served market because neither consumer finance companies nor banks are interested in originating $100 to $500 non-secured loans.
Although budgeting and saving defers spending a little, it costs much less in the long run to buy needed items with cash from your savings. Instead of paying 15% (at an APR of 459%) for the privilege of purchasing something today, you earn interest on the savings until you are ready to buy. In effect, you will have more money to spend by the time you get around to spending in the future.
Yes. A payday loan is quick and relatively hassle-free. You write a check to the payday loan people for the loan amount plus fees. (In Arizona the loan can be from $50 to $500 and the maximum fee is 15% of the loan amount.) You postdate the check to the date of your next payday. They give you cash for the loan amount. You agree to either bring in the cash in exchange for your check or allow them to automatically debit your bank account on your next pay day.
There are several problems with this arrangement.
First, the fee you pay for the use of this money is exorbitantly high. Think of it this way: by borrowing your pay in advance, you are settling for a 15% cut in pay.
Second, if you can't make it through to the next payday without a loan, and you're already spending next week's pay, how will you ever make it through next week without another loan? This can be a vicious, and very expensive, cycle.
Thirdly, it is considered fraud to knowingly write a bad check in many states (including Arizona). This means that on the off chance that you don't reclaim your check on the agreed date, they will deposit it anyway. "Bad check" laws in many states (including Arizona) allow them to take you to civil court for three times the amount of the check plus court fees.
And, if your check bounces, they will charge you an NSF fee of up to $30. Don't forget that our own bank will also charge you an NSF fee.
Can it get any more expensive? Unfortunately, it can. They can also prosecute you for fraud, if they are so inclined.
Spending money before you earn it, the enticement offered by payday loan companies, is diametrically opposed to anything you will learn in any financial planning book or class. The commonsense rule is this--earn money, pay yourself first (by putting a percentage into savings or some other investment vehicle), then spend. The initial pain of budgeting will quickly be replaced by the good feeling you'll get from reaching a goal.
How can they legally lend money at such exorbitant interest rates? By simply not calling it "interest". Payday loans charge a "fee" which makes them exempt from the standard usury laws that cap interest rates. In Arizona, the legalize reads like this: "The fee charged by the licensee is not interest for purposes of any other law or rule of this state." Arizona (along with 19 other states and the District of Columbia) has given the green light to loan sharking.
Contrary to what they say, payday loan shops are not in business to help you through a one-time financial emergency. The payday loan propagandists claim that this unexpected expense is their reason for existence, but, in reality, the regular customer is their bread and butter.
One Web site touting the advantages of opening a loan shop claims an annual return of 805% for investors! Their best estimates of the average returns possible for one payday loan store:
Who's fooling whom? If the payday loan shop operator is winning that big on their investment, it's because the rest of us are losing just as big.
Heed some sage advice, paraphrased from the Consumer Federation of America:Make a realistic budget and live it. You will have savings so you will never need to borrow small sums to meet emergency expenses. (By not paying the fee on a typical $300 payday loan for seven paydays, you will have your own $300 savings for a financial emergency.)
Shop for the lowest cost credit available from cash advances on credit cards, small loans from your credit union or a small loan company, an advance on your pay from your employer, and loans from friends or family.
If you need money to pay a utility bill, ask the utility company for an extension. Look into the late fee they charge. Is it less than the 15% fee from the payday loan folks?
Consider getting overdraft protection on your checking account. My credit union charges nothing for this service if used only once a month. If your bank has an overdraft fee, find out what it costs. If it is less costly than the payday loan, use it.
If you must use payday loans, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday. Otherwise, you will become the payday loan industry's dream client--returning every payday for a loan.
If you have on-going financial problems, seek help. Budgeting and debt management counseling is available from credit unions and local non-profit agencies.
In closing, I am asking you all to help rid my neighborhood and yours of payday loan shops and all their lovely neon. Use your credit options wisely. Budget and build your savings. Don't use these expensive services. If no one ever steps inside their doors, they'll go away
Payday loans take advantage of clients who lack financial savvy--who never stopped to think about the "cost of money" or who, quite simply, don't budget well enough to have $300 in the bank in the event of an unexpected expense.
Check cashing and payday loan shops are popping up like mushrooms in plaza storefronts around my downtown neighborhood in Phoenix, Arizona. Signs announcing "Cash King coming soon" appear at 7th Street and McDowell next to the Starbucks and at Central and Thomas between the florist and the dry cleaner.
Will people take an advance on next week's pay to buy a Mocha Frappuccino, I wonder? Will they borrow to retrieve their dry cleaning or to buy flowers for their girlfriend? As Cash King joins Cash One, CheckMate, EZLoans, Money Mart, --there are more than 250 shops in the state of Arizona with one-third in the City of Phoenix--I have to wonder. Is there a need for payday loans?
According to the payday loan propaganda, everybody needs a payday loan. It's a quick, no hassle way for consumers to secure small, emergency loans, with little or no red tape. They claim payday loans serve an under-served market because neither consumer finance companies nor banks are interested in originating $100 to $500 non-secured loans.
Although budgeting and saving defers spending a little, it costs much less in the long run to buy needed items with cash from your savings. Instead of paying 15% (at an APR of 459%) for the privilege of purchasing something today, you earn interest on the savings until you are ready to buy. In effect, you will have more money to spend by the time you get around to spending in the future.
Yes. A payday loan is quick and relatively hassle-free. You write a check to the payday loan people for the loan amount plus fees. (In Arizona the loan can be from $50 to $500 and the maximum fee is 15% of the loan amount.) You postdate the check to the date of your next payday. They give you cash for the loan amount. You agree to either bring in the cash in exchange for your check or allow them to automatically debit your bank account on your next pay day.
There are several problems with this arrangement.
First, the fee you pay for the use of this money is exorbitantly high. Think of it this way: by borrowing your pay in advance, you are settling for a 15% cut in pay.
Second, if you can't make it through to the next payday without a loan, and you're already spending next week's pay, how will you ever make it through next week without another loan? This can be a vicious, and very expensive, cycle.
Thirdly, it is considered fraud to knowingly write a bad check in many states (including Arizona). This means that on the off chance that you don't reclaim your check on the agreed date, they will deposit it anyway. "Bad check" laws in many states (including Arizona) allow them to take you to civil court for three times the amount of the check plus court fees.
And, if your check bounces, they will charge you an NSF fee of up to $30. Don't forget that our own bank will also charge you an NSF fee.
Can it get any more expensive? Unfortunately, it can. They can also prosecute you for fraud, if they are so inclined.
Spending money before you earn it, the enticement offered by payday loan companies, is diametrically opposed to anything you will learn in any financial planning book or class. The commonsense rule is this--earn money, pay yourself first (by putting a percentage into savings or some other investment vehicle), then spend. The initial pain of budgeting will quickly be replaced by the good feeling you'll get from reaching a goal.
How can they legally lend money at such exorbitant interest rates? By simply not calling it "interest". Payday loans charge a "fee" which makes them exempt from the standard usury laws that cap interest rates. In Arizona, the legalize reads like this: "The fee charged by the licensee is not interest for purposes of any other law or rule of this state." Arizona (along with 19 other states and the District of Columbia) has given the green light to loan sharking.
Contrary to what they say, payday loan shops are not in business to help you through a one-time financial emergency. The payday loan propagandists claim that this unexpected expense is their reason for existence, but, in reality, the regular customer is their bread and butter.
One Web site touting the advantages of opening a loan shop claims an annual return of 805% for investors! Their best estimates of the average returns possible for one payday loan store:
Who's fooling whom? If the payday loan shop operator is winning that big on their investment, it's because the rest of us are losing just as big.
Heed some sage advice, paraphrased from the Consumer Federation of America:Make a realistic budget and live it. You will have savings so you will never need to borrow small sums to meet emergency expenses. (By not paying the fee on a typical $300 payday loan for seven paydays, you will have your own $300 savings for a financial emergency.)
Shop for the lowest cost credit available from cash advances on credit cards, small loans from your credit union or a small loan company, an advance on your pay from your employer, and loans from friends or family.
If you need money to pay a utility bill, ask the utility company for an extension. Look into the late fee they charge. Is it less than the 15% fee from the payday loan folks?
Consider getting overdraft protection on your checking account. My credit union charges nothing for this service if used only once a month. If your bank has an overdraft fee, find out what it costs. If it is less costly than the payday loan, use it.
If you must use payday loans, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday. Otherwise, you will become the payday loan industry's dream client--returning every payday for a loan.
If you have on-going financial problems, seek help. Budgeting and debt management counseling is available from credit unions and local non-profit agencies.
In closing, I am asking you all to help rid my neighborhood and yours of payday loan shops and all their lovely neon. Use your credit options wisely. Budget and build your savings. Don't use these expensive services. If no one ever steps inside their doors, they'll go away
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