Tips & Advice
What are financial products?
Financial products are designed to help you achieve objectives such as saving money, obtaining insurance, establishing a line of credit, investing, or getting a mortgage. Financial products are issued by organizations such as banks, credit unions, investment management firms, mortgage companies, insurance agencies, credit card companies, and stock brokerages.
What is a financial consultant?
A financial consultant is a professional who is qualified to provide guidance in the area of financial management. Some of these experts work for financial institutions, while others are self-employed and work directly with the public. A financial consultant can help you develop a financial strategy focused on savings, retirement, investments, or insurance, and Many are licensed to sell financial products such as stocks and bonds.
Types of financial services
- Financial planning: With financial planning, a financial adviser can help you chart a course to achieve a specific financial objective. Financial planning can be focused on things such retirement planning or funding your child's college education.
- Insurance: Insurance can be used to protect your most valuable assets, and policies are available to cover items such as your car and your home. Insurance can also be used to provide a source of income if you become disabled, and it can cover the costs associated with long-term care. Life insurance can be used to provide funds for your dependents after your death.
- Investment management: A well-chosen investment portfolio can provide you with consistent income over the years, and professional investment management can provide guidance to make smart portfolio choices. Investment management might involve the purchase of products such as stocks, bonds, and mutual funds.
- Loans: A loan can help provide the funds you need to finance large purchases, and can cover your expenses in emergency situations. Loans can be used to finance the purchase homes and cars, and they can be used to provide the funds for home remodeling or major car repair.
- Credit cards: A credit card allows the holder to purchase goods and services using credit issued by the card's provider.
Trust and estate planning: With trust and estate planning, you can create a strategy to ensure that your assets are passed on to the beneficiaries of your choosing.
What do financial services companies do?
Financial services companies provide financial planning, insurance policies, estate planning, investment management, loans, and credit cards. These financial services companies include retail and commercial banks, internet banks, stock brokerages, credit card companies, insurance companies, investment banks, credit unions, savings and loans associations, and mortgage companies.
What are financial services?
Financial services are professional services associated with the management of money and assets. These services include investment activities, such as those related to stocks, bonds, and mutual funds. Loans and lines of credit also fall under this umbrella. Additionally, financial services include insurance coverage and tax preparation.
What types of checks do check-cashing services accept?
Check-cashing services accept government checks, employment checks, and money orders. Some also will cash personal checks, although usually they will first call and verify details with the issuing bank.
Can a check be cashed without an ID?
A check cannot be cashed through a service without proper identification. In fact, many places require two forms of ID--at least one with a photo.
How does a check-cashing service work?
Check-cashing service offer quick cash to people who don’t want to or are unable to conduct their business with a bank. They make money on fees, which are assessed based on a combination of factors, including the amount of the check and how risky (i.e., likely to be fraudulent) the check might be. Check-cashing services make a significant effort not to process fraudulent transactions, which is why many will take extra precautions, such as calling the issuing bank to verify funds, and taking a photo of the person cashing the check.
Where can I cash a check?
Check cashing services are offered through a variety of outlets including companies like Western Union, as well as independent businesses such as grocery stores, liquor shops. Banks will also cash paychecks even if you do not have an account with the bank. Walmart is the largest retailer offering check cashing (and other basic banking) services.
What is a check cashing service?
A check cashing service is a licensed money-services company that will cash people’s checks and be compensated with a fee and/or percentage of the check. It offers people a way to access the funds issued to them via checks or money orders without depositing them into a bank account. It is classified as “alternative financial” service because it provides an alternative to a bank.