How to build wealth on $500 weekly: A Step by Step Guide

Step by Step Guide

How to Build

Wealth on $500 weekly

1

This first step is to work on your mindset and develop a growth mindset. Because no matter how hard you put in the work if you are not ready psychologically; you will never achieve your goals.

Discipline

Endurance

Hard work

Self Assessment

Make money 7/7 week don’t skip a day. Even if it is $0.5 take it, save it. As time goes by you will structure those incomes streams. Then, repeat the same process over time. Notwithstanding you need to be extremely focused, work hard and constantly reevaluate yourself. Always remember, they are many ways to make money in 2019. Start somewhere first then the momentum will catch up. Finally, always keep the bigger picture in mind.

Don’t spend money, save money. Yet if you decide to spend think of each spend as an investment that has to bring in a return on investment. If you keep that behavioral mindset you will constantly find ways to save money and limit your expenses. In addition, you can keep your expenses low while enjoying a decent life. So stay focus, resist all social pressure to show up and be resilient.

Time = Money. You need to understand the concept of “Time Value Money”. As a consequence don’t trade your skill for money but your time for money.

2

The second step is to build a solid community around you. Still, a community of like-minded people who can help you, push you forward and support you in your quest for a better life and a strong legacy.

Support

Elevation

Social

Protection

Leverage the power of your community to excel in your environment. Absolutely, you can be part of a saving circle, an investment club, a lending circle or both with a select group of trusted people around you. That is the reason why joining one of those will instantly guarantee sustainable access to money when you need it to invest in a business or cover an emergency.

Joining a professional organization will help you rethink your career evolution. Moreover, it will help you harness the opportunities available of your industry and your profession. Also, your interaction with your peers accomplish professional will enlighten you. But, you can start by volunteering during meet up or community engagement activities.

Find a mentor. Nonetheless, it should be a person that has your best interest in mind. Also,the person will guide you and orient you toward achieving your highest potential. Ideally, a person that has build wealth from scratch will be preferable.

Eliminate all toxic friends around you.  Typically, people with visions, aspirations, and values that do not connect with where you are in life and with what you are trying to achieve.

3

In this third step take actions. Always go for the long haul, don’t settle for less and be appreciative. Furthermore, balance your portfolio of income between short term and long term. Finally, try as much as you can to be present everywhere there is money to be made.

  • Lending circle
  • Passive income
  • Stock market
  • Real estate

Lending Circle

                                     Case study

5 people are close friends and family relative with stable income. Michael, Kaliana, Alex, and Kyle.

They all come together and decide to pool every month $500 and give all to the host of the day who also happens to be the beneficiary of the day. Besides, the action is rotative.

As a result:

  • Month 1, Michael gets to take home $1500.
  • # 2, Kaliana takes home $1500
  • The following month #3, Alex $2000
  • Finally #4, Kyle $ 1500

For a year each will get access to $7500 of zero-interest loan. That is good money that can be invested in an asset for future gains.

How can you get save $500 every month?

  • Get a roommate
  • Cut off your cable TV
  • Take public transportation
  • Stop buying alcohol and beer
  • Shop in bulk
  • Grow your own food
  • Limit your dining out

Stock market

Build wealth with the stock market on a $500 weekly pay. Here are some valuable options.

                               Options

Fixed-income US Government Treasury securities

A Fixed-income US Government Treasury securities with maturities of anywhere from 30 days to 30 years in denominations are available for as low as $100.

Worthy Bonds

For as little as $10, you can invest in Worthy Bonds.  Worthy Bonds are fixed interest bonds that fund loans for creditworthy American businesses.  More, the bonds have a term of 36-months. But interest is paid weekly and you can withdraw your money at any time, without penalty.  Equally, you can buy as many $10 bonds as you’d like.

Mutual funds

Mutual funds are investment securities that allow you to invest in a portfolio of stocks and bonds with a single transaction, making them perfect for new investors.

The trouble is many mutual fund companies require initial minimum investments of between $500 and $5,000. Nevertheless, if you’re a first-time investor with little money to invest, those minimums can be out of reach. But some mutual fund companies will waive the account minimums if you agree to automatic monthly investments of between $50 and $100

Invest with little leveraging Apps

You don’t need millions to invest in the stock market. In line with that assumption, you should consider apps like Robinhood acorns to start investing like a pro.

Others investment ideas

Trust fund

You can open a trust fund for the kid you have or about to have for as little as $1000 per year. Plus, you can utilize the money from the lending circle to start a trust fund. As a result, by the time the child turns 18 years old, he or she will at least have some extra money in the bank.

Life Insurance

Make sure you are covered with a life insurance policy. Just in case. Nevertheless, if you go in for a whole life policy which is more expensive,you will be able to borrow against it after a certain period of time.

                      Case study

Richard had subscribed to whole life. policy. So, after paying approximately $200 per month during 10 years he has accumulated a considerable. Now, he can withdraw a portion in cash or borrow against. However, he’ll be borrowing money from the issuer and using your policy as collateral.

High-yield money account

                          Case study

Paul takes home every week $300 after all deduction. After a long struggle, he manages to cut down some of his favorite habits like smoking, buying  3 cups of coffee per day, and drinking.

Money save weekly $10. That is $50 per month. After doing some research in the banking sector. Then, he opened a savings account in a bank that offers the highest yield interest on a savings account. Solely, to take advantage of the account interest. Then every week he deposits $10 in the account that is $500 per year. Consequently, a 1.90% annual rate that is a decent interest. Of course, you can also add the money you’ve saved at your saving circle or any other income stream.

https://www.bankrate.com/banking/savings/best-high-yield-interests-savings-accounts/

Passive Income

Generation passive income to build wealth on a $500 weekly pay is possible. Here are some valuable options.

                                     Case study

It turns out that you are very comfortable in front of a camera and a microphone.

So you decided to create an online channel where you share your thoughts about struggling with paying your bills. You pre-recorded with your cell phone camera and no editing 15 videos of 15 minutes each.

Then you publish everything on Youtube activate the revenue from ads display. Afterward, you left.  At every 1000 views, you make money.

Learn: https://creatoracademy.youtube.com/page/lesson/revenue-basics

  • Total investment: $0
  • Potential revenue: unlimited

Real Estate

Real estate is probably one of the easiest ways to build wealth on a $500 weekly pay. That is because, the industry is very dynamic. More,here are some valuable options.

                                     Case study

You don’t need a lot of money to start in real estate. Accordingly, chances such as crowdfunding platform and start with as little as $500. Also,you can use the fund collected from the lending circle.

How to Make Easy Passive Income

How To Invest & Make Money in Real Estate With Trusted People

Conclusion

As you can see they are many ways to build wealth irrespective of the strategy you choose. Just keep in mind it will require patient, focus and determination. Don’t neglect any source of income or any amount. $1 here, $2 there, will eventually add up to help you build a considerable wealth in a short period of time. Build wealth on a $500 weekly pay is not easy but totally doable especially nowadays.

Mortgage-calculator

Mortgage calculator

  A mortgage calculator is a very helpful tool that makes estimating your monthly mortgage payment easy. The user-friendly design will give Just what you need to know before jumping into buying your dream home. 

An online mortgage calculator can help with your monthly mortgage payment estimation with little details. In addition, it can highlight the total amount of interest over the lifetime of the mortgage.

Takeaways

Why do you need a mortgage calculator?

Often time people just jump into buying a house without doing the necessary due diligence. Also some mortgage companies do not have the best interest of their clients in mind. This tool provides an extra layer of comfort for those looking to have a clear picture of the evolution of the total cost of their property

What is it for ?

A mortgage calculator is a simple calculator with empty fields. Those fields are typically used to estimate your monthly home mortgage such as home value, down payment, type of mortgage, interest rate. In the end, you should an idea of how much your home is going to cost you. It would help you compare different mortgage types and calculate your down payment.

How it works ?

Just input the requested information in the appropriate fields such as the home value, your down payment amount, the type of mortgage, interest term and the interest rate. See how much house you can afford!


Mortgage terminologies

Down Payment:

The initial cash payment, usually represented as a percentage of the total purchase price, a home buyer makes when purchasing a home. For example, a 20% down payment on a $200,000 house is $40,000. A 20% down payment typically allows you to avoid private mortgage insurance (PMI). The higher your down payment, the less interest you pay over the life of your home loan. The best way to pay for a home is with a 100% down payment in cash! Not only does it set you up for building wealth, but it also streamlines the real estate process. 

Home Price:

The dollar amount you expect to pay for a home. According to the US census, Over the past 50 years, the average price of a new home in the U.S. rose from $19,300 in 1963 to $76,400 in 1980 and skyrocketed to $394,000 in October of 2017.

Interest Rate:

The cost of financing a home purchase. This is generally shown as an annual percentage of the outstanding loan.

Homeowner’s Insurance:

Generally a requirement for any home mortgage. The premium is usually included with the monthly mortgage payment. Costs and coverage vary by state and the value of the home.

Private Mortgage Insurance (PMI):

Calculated annually as a percentage of your original mortgage amount based on your credit rating and down payment. PMI protects the lender in the event you do not pay your mortgage, and it generally costs 0.5% of your loan each month

Monthly Payment:

The amount you pay each month for your mortgage, homeowner’s insurance, and HOA fees. This payment should be no more than 25% of your monthly take-home pay.

Homeowner’s Association (HOA) Fees:

Fees due in exchange for being part of a homeowner’s association. A homeowner’s association is an organization in a planned community that maintains and reinforces rules for the properties in its jurisdiction

Property Taxes:

Taxes levied based on the government’s appraisal of your property. These are usually included as part of your monthly mortgage payment. Property taxes vary greatly depending on location and home price. National state averages range from 0.32% to 2.31%

Mortgage Types:

15-Year Fixed-Rate Mortgage

A home loan designed to be paid over a term of 15 years. The interest rate remains the same for the life of the loan.

30-Year Fixed-Rate Mortgage

A home loan designed to be paid over a term of 30 years. The interest rate remains the same for the life of the loan.

5/1 Adjustable-Rate Mortgage (ARM)

A home loan designed to be paid over a term of 30 years. The interest rate does not change for the first five years of the loan.

Conclusion

In conclusion, it is important to always ask yourself one single question before you take the train and buy your dream home. You need to ask yourself if you can afford the home in a very honest and transparent way. Nevertheless, you shouldn’t always think about buying a house as an individual pursuit. You can always explore alternatives like co-buying a house.

What is a money circle?

Money circle is a group of people that comes together, pool resources and knowledge in other to achieve a financial goal. Typically, the objective revolves around saving money, access to cheap money or investing money.

Takeaways: Money circle

Money circle is a great way to connect with people while achieving your financial goals. That’s why most successful people are in somehow part of a  circle. Members support each other and push each other to achieve financial freedom.

Advantages:

  • Meet new people and connect on a personal level
  • It is important to acknowledge that you can build substantial wealth through money circles.
  • Access to financial products for people with no access to traditional banking.
  • Thorough background check on each member
  • Strong sense of commitment from each member

Think of it as a credible alternative should you need a space where you can talk about money.

How does it work?

Generally, there are no typically rules. But you need to take some precautions. But in essence, the goal is to find people you can trust, set a weekly, monthly meeting date. During those meeting, you discuss all your money issues, share ideas, give an account of the current situation and give your contributions. if the circle is focused on investment you will meet your broker and he will give you an update.

More often members end up building very strong personal ties that last for a very long time. You can start with your close family and your community before expanding.

Learn more about money circle

Perspharp you want to skip all the learnings and jump directly in the most interesting part. Yet you need assistance to implement one or multiple money circle around you.

  • Then take this course instead. It will teach how to run a program near you and make a decent living of it.

How to Make Money with your Blog in 2019 | Why I stopped Ads?

Make money blogging

How to make money blogging? That is the beginner concern. Let’s face it, you heard about amazing stories of people making a ton of money with their blog. Indeed successful bloggers take home a good paycheck every month. It is a good passive income. Typically you will be advised to start with running advertisements then follow by the other income streams. In this article I will explain why starting with ads is the wrong strategy to start monetizing your blog.


How to start a blog

  1. Choose your domain name.

Frankly speaking, the domain name doesn’t even matter. So don’t spend hours reflecting, brainstorming on a name. When it comes to naming, the way you build your brand is more important. Host: Great blogging platforms such as WordPress are seamless. But you can find great hosting options. Blue host is definitely the most popular.

     2. Blogging platform.

It is essential to choose the right blogging platform. They are multiple platforms in the market place. Choose the right one will help you set things right. More it will provide you with a seamless experience. WordPress is undeniable the best blogging platform. Million of people use the platform for blogging and website.

  3. Design your blog with a theme.

Good, feel, simple and look help your blog stand out. You want it to look a specific way. You want it to feel exactly how you picture it without necessary writing a line of code. We recommend investing money and time to get the right theme. Then you will own it for life and benefit from good after-sales support. At edulers, we use  Hive from Pixelgrade. Head here to browse their amazing assortment of themes. There is something for anyone.

Once you’ve selected your theme, continue turning it. Till you get the look you are looking for. Set up google analytics to monitor your evolution.

 4. Select the best plugins for your blog.

Google Analytics for WordPress and Yoast SEO for start. If you really want to play around with some cool plugins, you can find them at wb beginners.

5. Content.

I will recommend before starting with your blog setting. Once you’ve identified the domain name. Prepare on the side some few contents. Compelling contents you want to talk about. Then start publishing immediately.

6. Promotion

Promote on social media, ask your family and friends to share your contents.


How to make money blogging | How run I stop running ads?

When I started blogging, I quickly ran into a roadblock. Despite my efforts, I made only $6 in total after 8 months in ads revenue. Granted, my traffic was not great. Probably this can be a possible explanation. But I was frustrated and angry. I followed all the instructions and the step by step manual on how to create a blog. Later, a step by step guide on how to create contents. Finally, in the manual how to make money blogging, the first step is to run ads. Usually, I was told the first 6 months you can expect at least $100.

Faced with the fact that it would take me forever to make a decent amount of money with my blog. At least enough money to pay for my blog expenses. I decided to embark into an exploration phase.

  • Exploration phase

I started looking around the web to see how many blogs actually run ads. First observation almost all the authority blogs I visited have a store or sell some sort of product. Whether it is by affiliate marketing or owned branded products. Some don’t even run ads and those who run ads have a premium version.

  • Analysis phase

After those observations, my next question was simple. More of an arithmetic appreciation.

    • What is the average conversion rate on a typical blog? 2% to 5% according to WordStream in this article.
    • So if you have 20 visitors per month chances are 2% could buy a product from you. That is 1 person.
    • I look at the revenue generated in 6 months and the number of total visitors approximately 3100 visitors. That is 62 customers that I didn’t capture. An average of 6 per month.
  • The awakening

Then I asked myself if I was selling any product online. I could have sold already 62 at 20% margin. In any circumstances that could be higher than my meager $6.

  • Redirection

I decided to add a product to my blog and stop running ads. Moreover, running ads ruin sometimes the reader’s experience.

Conclusion: How to make money blogging

I spent so many months working on building and developing great contents and improving my blog. While I could have spread my effort on building contents, focusing on selling a product or service as well. Those are lessons learned.

Definitely, nowadays a blog that builds its monetization strategy around advertisements will simply find it extremely challenging to make it happen.

The way forward: How to make money blogging

If you are thinking of starting a blog, or you have a blog but don’t make any money. Consider selling a product or joining an affiliate program or any other income stream away from ads on your blog.

Do that from day one.

You need to make money to keep your blog running and keep you going. Waiting will not help you. Moreover, when you have a product online, it motivates you to drive more visitors to your site. Consequently, as you start thinking about creating a blog also put in efforts and time to come up with a monetization strategy. The sooner the better. The only exception here is a news blog. Even then it is important to have a monetization strategy away from ads revenue.

Recommended source of income from the first day of blogging:

  • Affiliate marketing
  • Online course
  • Sponsored advertisement
  • Sell a digital product
  • Speaking
  • Coaching
  • Books
  • Patreon
  • Request for donations with PayPal

In the nutshell be creative about your source of income and start planing that as you build your blog. Running ads on your blog should not be the first income stream that comes into mind.


5 extra tips to improve your income

  1. Use as many income streams you can reasonably manage. Diversification is key.
  2. Excellent content is the key to long-term success. There’s no way around it.
  3. Each blogger has a different combination of income streams. There is no “right” way and that’s the beauty of it. There are endless possibilities. Find a combination that works for you.
  4. Don’t be a clone of another blogger. Find a unique angle.
  5. Successful bloggers don’t start a blog just to make money. Instead, they blog about a topic they truly enjoy and can write about for years. They let the money grow out of that topic organically

How to deposit a check

Deposit a check used to be very challenging. Certainly, you had to go to the local office branch of your bank to carry out the transaction with all the challenges associated. Still, that option is fully available. But technology and digital evolution have provided faster, secured avenues to deposit a check in your checking, savings account.

Takeaways: How to deposit a check

How to deposit a check  at a bank


1.Visiting a bank

If you are an old fashion like many, you will need to go to the bank. First check on the bank website to find the closest branch, and the opening hours. Then figure out your commute time to the branch.

2. The validity of the check

Double-check and verify the check if all the following items are correct:

  • Name and address of the check’s issuer,
  • Date of issue,
  • Your name,
  • Amount of money and the amount written in words should be identical.
  • The front of the check is signed.

3. Go to the bank

Take your check and head to the bank, be sure to have your account number details and a valid form of government-issued identification.

4. Fill out a deposit slip

You can speed up the process by filling up the deposit slip ahead of the process. Typically if you regularly do check transactions at your local bank. You should get some slips on your table.  On the slip write your account number of the account you will like the check to be deposited and others details as requested. Secondly, fill in the amount of the check.  Normally you will also find a space requesting for cash.

5. Endorse your check

You endorse the check by signing on the gray lines on the back of the check. However, if two names are on the check, both have to endorse. Nevertheless when it says “AND” then both. But if it says “OR” then either of you.

6. Deposit

Give the check to the bank teller. After deposit the bank teller can inform you of your current balance, you can also request for cash. Nonetheless, never leave without proof of deposit.

7. Deposit by someone else

Another person can deposit your check in your account at your bank. But just make sure the check is endorsed, signed by you and the person has all your correct bank account details.

At a Credit Union


It pretty much a similar process except some minor differences. But credit union members can deposit checks at other credit unions. Locate any closest credit union branches here https://co-opcreditunions.org/

1.Visiting the closest Credit Union

If you are an old fashion like many, you will need to go to the Credit Union. First check on the website to find the closest branch, and the opening hours. Then figure out your commute time to the branch.

2. Fill out a deposit slip

You can speed up the process by filling up the deposit slip ahead of the process.  On the slip write your account number of the account you will like the check to be deposited and others details as requested. Secondly, fill in the amount of the check.  Normally you will also find a space requesting for cash. However, if you are visiting another Credit Union you should request a “Special Slip”. Finally, provide the teller with all the detail related to your main Credit Union branch.

3. Deposit the check

Never forget to always ask for a proof of deposit and receipt that shows your current balance.

Deposit at an ATM


1. Go to one of your bank ATMs

ATMs stand for ( Automated Teller Machines). it is important to visit one of your own bank’s ATM. Any transaction at another ATM will result in a transaction fee. In addition, ATM will accept check deposit only from bank member. This also includes Credit Union.

2. Log in

Use your debit card and enter your personal identification number (PIN). If you don’t have or if you have forgotten your pin you will need to speak to a teller inside.

3. Choose  which account to deposit into

Select deposit and the account you want the check deposited into. Then select check.

4.  Insert the check

Confirm the check is correct and error-free then endorse it. Follow the direction and insert the check-in the slot. The ATM will ask you to confirm the following pieces of information: Amount, account number, and other information.

5. Complete the information

You will see your current balance and the possibility to print your receipt. Furthermore, you also do additional transactions.

How to deposit a check using a mobile APP


1. Download the Bank or the Credit Union mobile app

Once you’ve downloaded the app, check the check deposit feature.

2. Endorse your check

Make sure you complete all the requirements of your Bank or Credit Union. That is because some institutions have additional rule other than just signing and writing your name.

3. Take a picture of your check

Open the app check deposit feature. Conventionally, you will see “Front of the check” and “back of the Check”. Consequently, use these options to take a front and back of your endorsed check.

4. Deposit your check

Confirm all the information are correct on the screen. If there is an issue with the information on the check the app will reject it. Then Confirm all the information such as the amount on the check and the bank account. Then click submit. You should receive a notification to confirm that your check has been deposited.

5. Void the check

Keep the check for the number of the period indicated on the bank rules and regulations should anything happened.

Online deposit


1.check if your bank offers this service

However, you might need to pass a credit score before your bank will let you enroll.

2. Endorse your check

3. Choose the appropriate account to deposit your check-in

4. Scan your check on both side front and back.

The bank’s software will automatically guide you through the process. Make sure you scan the front of the check and the back of the check.

5. The amount

Some financial institutions system will require you to type in the amount on the check. Regardless make sure the amount matches the face value of the check.

6. Submit

Check with your financial institution to find out how long it takes to debit your account.

Mailing a check


1. Find a mailing address

Reach out to your bank or credit union and ask. Since most financial institutions have a dedicated department. So it is important to make sure you are sending it to the proper address.

2. Endorse your check

3. Mail the endorsed check

Do not forget the deposit slip, if necessary also include a photocopy of your picture ID.

Additional


How to fill out a bank slip?

  • Personal information: Name, account number.
  • Additional information: Today’s date, branch information required. If you are a credit union member using different branch you will need to write in the name of your credit union.
  • Cash amount of your deposit: This is the total amount of bills and coins you’ve brought for deposit in your account. Leave it blank if you have not cash.
  • Individualized each check: Include check numbers and amounts of each check if you have many checks.
  • Subtotal:  This is the total amount of checks and cash you’ve to deposit.
  • Enter the amount you will like to take out
  • Calculate the total deposit: Total deposit minus the amount you will like to take out now.
  • Sign the deposit slip.

Q&A


  • ATM card: It is a pin-based card. You can use it at the local ATMs and you might be able to use it to make purchases.
  • PIN: Personal Identification Number
  • Debit card: It is an ATM card with a visa logo or a Mastercard logo on it.
  • Credit Union: A credit union is a member-owned financial cooperative, controlled by its members and operated on the principle of people helping people, providing its members credit at competitive rates as well as other financial services.

ORIGINALS

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How to Write a Check

A check is a legal written, dated, and signed instrument that directs a bank to pay a specific sum of money to the bearer. In addition, it is an indispensable skill every adult should master. Because it is still surprisingly very common even in today’s ultra digitalized world.

Writing a check is pretty easy, this article will show you exactly how to do it. Just follow the step by step guide. There is no specific order you can complete it in any order you like.

How to Write a Check: Step by step

  • Step 1: Write the date

On the upper right-hand corner, there is a dedicated blank space. Typically, you use today’s date to keep accurate records. However, always remember the date here should be the date that you sign the check.

  • Step 2: The name of the recipient or the payee

“Pay to the order of” write the name of the person or the company you are sending the check to next to that line. Also, do avoid any mistake, if you are not sure about the person’s full name ( first name, middle name, last name, ‘Jr’ or “sir”), please double check again before writing. If it goes to an organization write out its full name, not acronyms unless given permission.

  • Step 3: Numerical amount of the check to the right of the dollar sign

write the exact amount using dollars and cents in the small box on the right-hand side. Consistently, start with the last number on the left to prevent fraud. Finally, draw a line after the last digit.

  • Step 4: Amount in words below the “Pay to the Order of” line

The exact amount should have an equivalent in words to avoid fraud and confusion. This is the amount that would be paid. Yet in case of doubt with the numerical amount, the amount in words is legally abiding.

  • Step 5: Signature

Sign the check in the bottom-right corner. Use the same and the signature on file at your bank. The check will invalid if it is not signed.

  • Step 6: Memo section on the bottom left of the check.

Although this section is optional. It could be useful to write a note for yourself to remember what the check is for. In addition, some organization or landlords require additional information on the memo section.  For instance rent appartment#1 or ID number. Because it helps keep track and accountability.

11 Things to keep in mind

  1. Write a check when you absolutely need it. That is because it is time-consuming and it is not the most convenient way to move money. Furthermore, you can save money and time by not using a checkbook.
  2. Make sure you have sufficient fund in your account before writing a check or the amount will be available before the recipient cashes it to avoid a bounced check.
  3. Keep a record of all your checks: it would help you track your expenses and avoid bounced checks.
  4. Use a pen when writing a check to make it permanent and avoid any issues.
  5. No blank check: Don’t sign a check until you’ve filled in all the necessary information including the recipient and the amount. a blank check is basically given unlimited access to your account.
  6. Print the amount in a way that prevents scammers from adding to it or altering it.
  7. Get checkbook with carbon paper so you can automatically keep a record of every check you write.
  8. Always use the same signature for all your check and it has to be the same signature filed at your bank.
  9. Avoid writing a check payable to cash. It practically the same as a blank check.
  10. Write fewer checks. Use this method of moving money when it is absolutely necessary.
  11. When writing your check make sure nobody is recording. The goal is to avoid people imitating or forging your signature and your handwriting.

How to cancel a check

When you realized that a check was stolen or lost, there are some few steps you can take to ensure the check doesn’t get cashed by an unauthorized person.

  • a. Call the bank to ask them to stop the payment immediately as soon as possible before the check is processed.
  • b. Prepare the following information check number, amount, name of the beneficiary
  • c. Make sure you send in within typically 14 days official paperwork either by mail or in-person to follow up with the verbal or electronic request. If no written confirmation is made within the legal time frame the stop payment will not be honored.
  • d. Be prepared to pay cancellation fees normally around $30
  • e. Close the account that has been comprised and reopen a new one to avoid unauthorized access to your account.

What to do if a stolen check has been cleared?

  • If a stolen check goes through, you can still be able to eliminate charges by contacting your bank in a timely manner.
  • Contact the recipient to inform the person or the organization about the incident and the necessary measures. Eventually, make arrangement to send a new check.
  • The cancellation also applies to a cashier check as well in case of fraud.

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