Tips & Advice
What are the most common types of products machine shops produce?
Machine shops commonly produce products such as ball joints, brackets, fittings, housings, rollers, shafts, spacers, spindles, suspension arms, valve bodies, and drill bits. They also produce essential parts of the manufacturing process, such as nuts, bolts, screws, levelers, and pins. Many machine shops specialize in making custom precision parts for certain industries.
What types of materials do machine shops work with?
Machine shops work with a host of different materials, including metal, ceramics, plastic, glass, and wood. These shops work with many different types of metals, including brass, copper alloys, aluminum, stainless steel, titanium, and steel alloys.
These materials are transformed into products that are used across a broad range of industries. Machine shops use tools such as milling machines, metal lathe machines, grinding machines, welding machines, and drill presses to turn raw materials into finished products.
CNC stands for Computer Numerical Control, and these devices use computer technology to automate the machining process for improved productivity. CNC machines are highly sophisticated, and can be used to tackle tasks that are technical and labor-intensive.
What are average machine shop rates?
The average machine shop rate is $60-$80 per hour, but rates can range from a low of $40 an hour to $100 per hour or more. Usually, the lowest rates are charged by smaller shops that use manual mills and lathes. Larger shops that use automated technology, like CNC (Computer Numerical Control) machines to speed up production, tend to charge higher hourly rates.
A machine shop is a facility where machining is performed. Machining utilizes hand tools, cutting tools, power tools, and machine tools to convert raw materials into products that are used in a diverse range of industries, from medical to automotive. The products made in a machine shop may be crafted from many materials. such as metal, glass, wood, and plastic.
What documents are necessary when opening a bank account?
Generally, when opening a standard domestic bank account you will need two forms of government issued identification, like a social security card and a driver’s license (or legally issued ID), or a passport. Some accounts may require an Individual Taxpayer Identification Number (ITIN) or a proof of address, meaning you need to bring in something like a utility bill with your name and address on it. More complicated accounts can have different requirements. If you are not a U.S. citizen, you might be able to open an account with a state-issued identification from your country of citizenship.
The best way to pick a bank is to identify exactly what your financial needs are and find a bank, or banks, that provide those services. If you need basic checking and/or savings accounts, nearly any local bank can set you up. Some banks can cover the entire spectrum of needs, while some are more specialized toward businesses, international account holders, or high-end clients. If you are in a specific industry that has a corresponding credit union, those can be a great place to go. Do some research or get referrals or recommendations.
Online banking allows you can access your bank accounts on your computer (or smartphone) and pay your bills, write online checks, deposit checks (via the bank’s app) transfer money, check on account balances from the comfort of your home. Online banking is the new normal and is a convenient tool to manage your finances without ever having to step foot in a bank.
What is an overdraft fee?
An overdraft fee is when a checking or savings account is overdrawn. If you don’t have electronic notification set up when you balance gets below a certain amount, you might find out when a check bounces.Usually your bank will cover the difference and charge you a fee. These fees vary depending on the amount of the overdraft, how long you’ve been with the bank, how much money you keep there, etc. These fees can sometimes be waived if the overdraft is minor and/or if you are a valued customer in good standing with the bank.
Credit unions are non-profit banking institutions that are set up to serve their members. Credit unions provide many of the same services other banks provide, such as checking and savings accounts, loans and investment opportunities. The big difference between credit unions and banks is credit unions are also member owned -- the depositors are the owners and it works as a cooperative institution -- which provides a lower-interest loans and services.