Some people use payday loans, money orders and currency exchanges regularly. Some of these people don’t have bank accounts. They need to take care of payments and borrowing, but just haven’t committed to a financial institution yet. If you are one of the millions of people without a bank account, you may be needed services that a currency exchange can’t provide. They don’t take personal checks at all. Payroll checks are limited and there is a long verification process. It’s shortcomings like these that push people to get a bank account, rather than having to work around the pitfalls of their finances.

Finding a bank

When it comes to finding the right financial institution, there are some things you should look at. Here are some important notes on banks to understand.

• Reliability. The Federal Deposit Insurance Corp covers accounts up to $250,000 per depositor, per bank. That means that if the bank fails, which is rare, your investment is covered up to that amount. The same holds true for credit unions. The National Credit Union Administration is the government agency that insures your money there.
• The account. There are a wide variety of accounts banks promote. If you need everyday flexibility like merely using checks, then a basic account may be the best option. There are accounts with no minimum balance that can serve you well. On the other hand there are NOW accounts. These are the ones that earn interest on your money as long as you sustain a minimum balance. Usually the higher the required balance, the larger the return.
• Your bills. Find a bank that is accessible online and has some extra features. You want a bank that has tools to help you manage your money. That means documents on the true cost of a car, payday loans or mortgages, should be available to you. You should be able to customize the amortization schedules to your particular case.
• The Details. Ask your banking officer for a description of each type of account they offer and a brochure. Sometimes it’s best to take the information home to decide exactly what product you want Make sure that you understand the fees and penalties. For example, some banks charge you for falling below your limit on a daily basis. So if you overspend $10 at a rate of $9.99 a day, you could end up paying $30 in fees it if takes you three days to get the funds to your account.
• NSF Fees. Most banks cover you up to a certain amount if you do write a bad check. This may sound like a good idea, but it can be costly. If you go below zero, the bank will payout the money, but you’ll be charged a $30 fee and daily fees until you deposit the necessary money. Beware of how quickly a small mistake can be if you write an over-balance check.
• Savings. The savings you get from a bank can come in the form of interest. You aren’t putting your money in your wallet, but rather putting it to work with you. Shop around for the best deals and the best returns available. For example, CDs, certificates of deposit, are great tools to build your wealth. Their interest rates are dependent on the amount you put in them. Remember though, with CDs, you can’t take your money out for the specified amount of time without a penalty. These lengths of time can be anywhere from 3 to 48 months.

Go to a bank

There is a lot more to know about a bank, but these are the basics. Be sure to sit down with a financial officer and understand what you are getting into. Banks are highly convenient, and can help you get financing when you need it. Though currency exchange stores can handle payday loans, money orders, and faxing, there are still many other services out there. Do some research, but get a bank account. It’s the easiest way to build a return on your money.

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Job hunters need a game plan if they're going to make it in this tough economy and find debt relief. (Photo: flickr.com)

Consumers need to find debt relief, but some people coming out of the hardest-hit industries may be the most desperate for it. Industries like auto, financial services, retail and mortgage were particularly damaged due to the recession. Although many job markets are showing nascent signs of stabilization, these markets may be lagging in development and employees may need to look elsewhere for job opportunities in the future. Many career coaches and human resource planners are encouraging people from these industries to venture out of their market and see what else the job landscape has to offer. Here are some tips on finding new employment.

Reorganize Job Skills

One way to find a new career is for workers to reassess their job skills. Every skill is beneficial and can be translated to a new industry. For example, if a person was an accountant at General Motors, they should look for accounting positions in other industries. Trudi Schutz, a career counselor, stated, “People often don’t want to leave their industries because they’re comfortable there, even when they’re miserable.” Her suggestion is for job-seekers to look for “careers that use those same skills they love, but in a new way.” She directed a former used-car salesman to move into the pharmaceutical industry, thus carrying his love and know-how of sales to a new market.

Develop New Skills

A general rule of thumb when job searching is that people who are “adaptable and willing to retrain themselves” are most beneficial to potential employers. Max Shapiro, CEO of PeopleConect.com, stated “Companies want people who can multi-task… the more senior someone is, the more likely it is that he or she will have to repackage the skills they already have.” Shapiro suggests everyone should rebuild their resume periodically throughout their career. Take an extra course, get a new certificate or find some other way of adding to the resume. It can prove to employers that they are able and willing to learn throughout the duration of their career.

Networking

If job-seekers need a job soon to help bring debt relief, one of the most popular ways of finding leads is to network. The old way of employment was to wait for recruiters to approach workers. This practice is long gone and job candidates need to be proactive in their placement. Shapiro suggested that all job-seekers make a list of their contacts that includes people they “can trust to brainstorm [the] wildest ideas.” Keep communications open with these people and ask them for referrals. Shapiro added, “Chances are someone will lead you to someone else who will lead you to someone else… I have a very high success rate when people just talk to every single person they know about opportunities.”

In addition, using online networking can be very helpful. LinkedIn, Facebook and Twitter are all online networking tools that help to put job-seekers in touch with potential hiring companies. It’s a great way to network with the industries that are desired.

Don’t Give Up, Job-Seekers

In the end, finding a job is a necessity. Bringing money into a household can help with debt relief, allow consumers to refuel money back into the economy and reinvigorate the market. Job-seekers need to be smart though and realize that they have a lot of competition due to the recession. Taking careful but proactive steps can lead to better and more satisfying job opportunities.