Explore smart ways to make banking working for you. Just ask Alex, our expert banker, to get the advice you need for your banking success. Learn more about what happens when a house is foreclosed. Discover if you can use your debit card to withdraw money from a foreign country’s ATM. Be aware of your options when it comes to ordering checks for your checking account.
Question: What happens when a house is foreclosed? – Rafael from Clovis, New Mexico.
Answer: A foreclosure occurs when the lender tries to recover it losses from a defaulted residential mortgage. A default occurs when the borrower either fails to make their payments in a timely manner or stops making payments altogether. The legal process of foreclosing on a home allows the lender to take ownership of the property, in which they usually sell it to satisfy the debt. Depending on the State, it can take several months, if not years, for a house to be foreclosed. Lenders generally use the foreclosure option as a last resort. Most of them are willing to work with the borrower by either adjusting the loan terms or setting up a repayment plan.
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Question: Can I use my debit card to withdraw money at a foreign country’s ATM? – Molly from Wichita, Kansas.
Answer: In order for a debit card to work, the foreign ATM must be compatible with your financial institution’s network. For example, Visa and MasterCard are the two largest network payment processors. They operate all over the world and the debit cards they support are accepted at millions of ATMs worldwide. If you use your debit card internationally, make sure to contact your financial institution before you go. They will notate the countries you plan to visit and place a travel notification on your debit card. If not done, the card may be blocked due to possible fraudulent transactions. Be aware that several fees can be incurred when withdrawing funds from an international ATM. There is typically an international ATM withdrawal fee plus a percentage of the amount withdrawn.
Question: Do I have to order checks from my bank? – Kelly from Springfield Massachusetts.
Answer: Banks use a third-party vendor like Harland Clarke or Deluxe to order checks for their customers. While it is often the quickest and most convenient way to buy checks, it is usually the most expensive. Luckily you can purchase checks online. Retailers like Walmart, Costco and Sam’s Club allow their customers to purchase checks through their company website. They typically have a larger selection of checks at a lower cost. Some information that might be required includes the account number, routing number, starting check number, and the name and address that will be printed on the checks. Other retailers that sell checks online include Bradford Exchange, Vistaprint, Checks Unlimited and Carousel Checks.
Written by: Alex Sanchez, Branch Manager
Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com
Alex is starting his 18th year in the banking industry. He has worked for such notable banks as Bank of America, US Bank, and Chase. Alex has his bachelor’s degree in Business Economic from the University of California Riverside.