Did you overdraw your bank account? Here is what to do

 

Photo by Adam Satria on Unsplash

Did you mail a cheque only to be notified that it bounced? Or perhaps you tried to buy something with your debit card, and when you checked your online statement later, you were shocked to find a negative balance. You just spent more money than you have, so what do you do to fix it?

First, don’t panic. It’s not a fun situation to be in, but it happens. Follow these tips to get back in the black as soon as possible:

The Consequences of Overdrawing Your Account

The consequences of an overdrawn account depend on your bank’s specific policies. If you have opted-in to overdraft protection, then the transaction you were trying to make will still go through because your bank will cover the amount. In this instance, your bank will charge you an overdraft fee, which will likely be around $33. If you don’t have overdraft protection, though, then you may be charged an NSF fee (nonsufficient funds fee) that is a similar amount, but your card will decline, or your cheque will bounce.

Overdrawing your account now and then isn’t the end of the world if you can pay the fee, but relying on overdraft protection too often could result in your bank terminating your account. It may also report you to a debit bureau that may make it more challenging to open a new chequing account in the future.

Plus, it may not be your bank who takes action against you if you’re in the red for too long; services you pay for may cancel on you if they don’t receive payment in time. 

What to Do if You Overdraw Your Account

Those are a few examples of consequences, but what should your next steps be?

Don’t Spend Anymore

This should be obvious, but it’s worth repeating: don’t spend any more money with the overdrawn account. It’s understandable if you have essential expenses coming up, but don’t use the account at all, if possible. Check on your upcoming subscriptions or auto-payments that could put your further in the red. Only once you have replenished your accounts’ funds should you resume spending.

Keep in mind that if you don’t have a backup source of money, then your bank will automatically use your next deposit to cover your negative balance. Your negative balance likely includes the fee, so factor in this change for your monthly budget.

Replenish Your Funds

You probably guessed this one, but replenish your account as soon as possible. Don’t let it remain negative for too long, or your bank may charge you extended overdraft fees, which can accumulate quickly. Use your savings or another backup account to bring your overdrawn account back up to zero, preferably higher.

If you don’t have any other sources of money to make your checking account positive again, then consider borrowing from someone you trust, picking up a side-gig, or selling items you don’t need.

Another option is to use Earnin, which allows you to access your income on time if your bills are due before your paycheck arrives. Pay cycle delays may have been the reason you overdrew your account in the first place, so next time, you can use Earnin to take out up to $100 per day, $500 per pay period, and avoid paying overdraft or NSF fees. Earnin then deducts the amount you used from your paycheck once it’s deposited.

Check if You Were Charged Overdraft or NSF Fees

You have to opt-in to overdraft protection, but if you aren’t sure whether you have it or not, it’s possible you signed up for it without realizing what it is. Though you’ll know when making a debit card purchase immediately (the card will decline if you don’t), double-check with your bank if you realize you are about to overdraw your account with a written check. In this situation, you have time to contact your bank and the recipient and void it before it’s deposited. Likewise, look for an NSF fee on your account so you can pay it before you plan next month’s budget.

Contact Your Bank

If you attempt to make a transaction that overdraws your account, contact your bank’s customer service center and find out if they can remove any fees that will put you in further debt. It never hurts to ask, and the worst thing they can say is no. Bank representatives may be even more inclined to help you out if you have been an outstanding customer in the past or if you explain your situation to them.

Enable Low Balance Alerts

You can connect various apps to your bank account that will notify you when funds are running low (including the previously mentioned Earnin). This way, you’ll know how much money you have in your account before you attempt to make a purchase with non-sufficient funds, and you can avoid an NSF or overdraft fee altogether.

Overdrafting your bank account can be alarming, but here are strategies you can use to get back in the black quickly and (hopefully) avoid paying additional fees.

  

This article originally appeared on Earnin.

  

Please note, the material collected in this blog is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or Services.

Cash out refinance: How to know if it is time

 

Photo by todd kent on Unsplash

Traditional refinancing entails swapping out your current debt, often a mortgage, for another loan with better terms. For example, many people choose to refinance their homes when housing market interest rates drop so they can pay less money in the long run.

What is a cash-out refinance, though? It’s a little different. Instead of trying to pay less, you borrow more than your house is worth and use the extra money for other debts, purchases, or payments.

How do you know if acquiring funds this way is right for you? If it is, when is the best time to do it? Let’s dive into why people choose to go through this process.

What is a Cash-Out Refinance?

You might use a typical term-and-rate refinance to exchange your mortgage for one with lower monthly payments or another benefit. However, a cash-out refinance means you switch out your mortgage for a larger one. 

Why would anyone want to borrow a bigger mortgage? It’s a way to access the value of your home that you own through a loan instead of selling it. If you have paid off any part of your mortgage, then you have built “equity.” You cannot use your home’s equity to make purchases in illiquid form, so taking out another loan and using your equity as collateral allows you to use that value as cash.

How Does a Cash-Out Refinance Work?

Next, how does a cash-out refinance work? Most lenders limit the amount you can cash out to between 80% and 90% of your property’s equity, so you cannot withdraw as much as you might hope. 

Because you are borrowing against your equity, you need to have accumulated a sufficient amount (in other words, you have paid off a sizable portion of your mortgage). It’s also advisable to keep around (and sometimes required) 15-20% of your equity once the process is complete. For example, if your home is worth $400,000, you could take out another loan worth 80% of your home’s value, which is $320,000. How much money you have left to spend on other things depends on your mortgage balance. If you have $150,000 in equity and $250,000 left to pay, you would have $70,000 left over.

What Can You Use a Cash-Out Refinance For?

How you use your refinance money is up to you. Many people use their new cash to pay for: 

●        Outstanding bills and debts, including credit cards

●        Make a significant purchase, such as a vehicle

●        College tuition

●        Major home renovations.

 

Do you want to modernize your kitchen but can’t afford to? Do you want to go back to school but don’t want to burden yourself with high-interest student loans? While there are other options you should consider first, cash-out refinancing can provide you with the funds you need for significant expenses.

Is it Necessary for Me to Cash-Out Refinance?

No, it is not strictly necessary for anyone to exchange their mortgages for a larger one and withdraw the difference. You might hear of your neighbours and friends refinancing their homes in the traditional sense because the market is optimal, but the cash-out variety is not a trend you need to jump on if you don’t need to.

People have different reasons to refinance their homes this way. Some might owe a wide variety of debts and want to consolidate. Others might have fallen on hard times and need a large sum of money as soon as possible, but they don’t have any other options than to sell their possessions if they don’t want to move. They cannot sell their equity, though, so the best option is to use it as collateral for another loan.

You might be considering cash-out refinancing because delays in receiving your paycheck have made you miss important payments. You had to dip into your savings, which you prefer not to do, but having larger savings from your home’s equity could be useful in the immediate future. Instead, you can turn to apps like Earnin that allow you to access your money on time, up to $500 per pay period. Instead of doing a cash-out refinance to borrow a large sum to pay off monthly bills, you can use Earnin to take out your own earnings.

What are the Disadvantages of Cash-Out Refinancing?

There are several disadvantages to consider before you cash-out refinance. One of them is closing costs, which are typically between 2% and 5% of your loan and can, therefore, amount to thousands of dollars. Similar to how you must pay for private mortgage insurance if you put less than 20% when buying a house, you will have to pay for PMI if you borrow more than 80% of your property’s value. 

Time is also an essential factor. It may take longer to pay off your house, and your monthly mortgage payment could increase. Though interest rates associated with this kind of refinancing may be lower than HELOCs or home equity loans, your lender might charge you a higher interest rate than the first time around.

Cash-out refinancing has its uses, but consider the pros and cons carefully and talk with a financial advisor before deciding it’s right for you.

 

This article originally appeared on Earnin.

 

Please note, the material collected in this blog is for informational purposes only and is not intended to be relied upon as or construed as advice regarding any specific circumstances. Nor is it an endorsement of any organization or Services.

What to do if you need cash quickly?

 

Emergencies happen. Bills are due, but you don’t have sufficient funds in your account to cover them all. Unfortunately, failing to make a payment could negatively impact your credit score and result in you owing more thanks to late and various other fees.

You can try calling your respective creditors or service providers to discuss your options. What if they’re not understanding, though? You need to know how to get money in your bank account, stat, or you might lose a necessity until you can pay up.

If you’ve overdrawn your account but want to avoid the dangers of payday loans, here are a few legitimate ways to get quick cash:

Use Financial Apps

Let’s say your internet bill is due during the second half of the month, but you don’t have the money to cover it because you need to prioritize rent, water, and other necessities. Even worse, your employer’s pay cycle delays when you receive your paycheck, so you probably won’t get paid for several more days. You can’t overdraw your account, but you also don’t want to find an internet café whenever you need to get online.

You could borrow money from a friend, but there’s an easier option: use an app. One great example is Earnin, a community-driven app that enables you to receive your money after you’ve earned it. It’s more than a quick money app because those funds are rightfully yours — you can get the $65 it will take to cover your internet bill, and Earnin deducts the amount from your paycheck after it comes in. It’s not your fault the pay cycle screwed you over, after all!

Sell Your Possessions

This option isn’t fun, but you might decide it’s necessary if you’re in a tight enough spot. Selling your stuff has no upfront costs, and you get to keep 100% of the profits if you do 100% of the work.

Host a yard sale or go to a pawn shop to see how much you can get for various items (preferably those you don’t need, such as clothes and unused electronics). You can also sell possessions on apps like Letgo, Decluttr, and Poshmark, which broaden the range of customers you have access to. Some of your items may also be rentable.

Perform Odd Jobs

If you don’t want to sell your stuff and have the time to squeeze it in, sell your labor and take up “gig” work. Common ideas include driving for rideshare services, delivering food, or house (and pet) sitting. One of the advantages of side-gig work is that you can do it on your own time, can choose what you participate in, and you can do it as often or as little as you’d like.

Apps like TaskRabbit connect users to a wide range of opportunities in their local areas. Maybe someone needs help mounting a TV, assembling a piece of furniture, or cleaning their kitchen. Whatever you’re willing and able to do, performing odd jobs is a convenient way to earn quick money.

Take Out a Credit Card Advance

Despite your current situation, is your credit in decent shape? You might be able to take out a credit card cash advance. You’ll have to pay a fee and interest (unless you pay off the balance by its due date), so be careful about putting yourself in further debt unless you know your financial predicament will improve in the near future.

Request an Advance from Your Employer

On a related note, consider asking your employer for an advance on your paycheck. You will receive your salary or wages early if your employer agrees and will pay it back through payroll deduction over the next pay period. The worst your employer can do is say “no,” so it never hurts to ask.

Apply for a Loan

If you need a substantial amount of money that none of the options above will cover, then you may consider applying for a personal loan. Some lenders allow you to borrow within a day, but you’ll need good credit unless you want to be stuck with a staggeringly high interest rate.

You can use a personal loan for something clever, though: consolidating debt. Between medical bills, utilities, rent or mortgage payments, student loans, and everything else, those are lots of obligations to keep track of and associated fees to pay. This piece of advice isn’t so much to get you quick money as it is to save you future headaches, but you can roll your debts into one and make a single, consistent monthly payment.

It’s understandable if you find yourself facing difficult financial choices. You have more options than you may know, though, so consider your time, assets, debts, and other factors when you need cash quickly.

This article originally appeared on Earnin.

 

Online check your car current market value and NCD information for free

When it is able the time to renew your car insurance and road tax, you might want to check for the latest market value of your car, and also confirm its entitled No Claims Discount (NCD) percentage for the upcoming car insurance policy.

MyCarInfo website provides a reliable source for you to check for such information, for free.

You can click here to check for the current market value of a car in Malaysia, by providing the following information to do the search at the website:

• Year manufactured
• Make / brand
• Model
• Engine CC
• Transmission type
• Variant-series

The result shown includes:

• National Vehicle Identification Code (NVIC)
• Vehicle description
• Market value
• Valuation date

And you can click here to check for the next NCD percentage entitled to your car insurance policy, by providing the following information to do the search at the website:

• Vehicle registration number
• The owner's NRIC number

The result shown includes:

• Next NCD percentage
• Next NCD effective date
• Current policy period of cover
• Current NCD percentage
• Current NCD effective date

You can also click here to check for the name of your current car insurer company.

The result shown includes:

• Insurer
• Type of cover
• Policy status

With the information acquired above, you can now visit to another website called CarBase.my to estimate for your next car insurance premium amount need to be paid.

Click here to go to the online car insurance calculator webpage.

Weekly, monthly & more: How your pay schedule affects you

 

Photo by Vitaly Taranov on Unsplash

Let’s say you had a job as a cashier at your local grocery store that paid every two weeks. You quit that position and got a new job in an office, but this one pays once a month instead. What gives?

There are different kinds of pay schedules that determine when and how often you receive your paycheck. Businesses usually set their pay schedules to benefit themselves. Payroll management entails labor and costs, so companies will go for the option that is more convenient and saves them money. 

Employees (as opposed to freelancers) don’t normally get to decide how often they get paid, so it’s critical to factor your pay cycle into your weekly or monthly budget, especially if you live paycheck to paycheck. Will you have your money when you need it?

Here are four common types of pay schedules:

Kinds of Pay Schedules

Weekly Payroll

Some businesses pay their employees weekly, which means employees receive their income on Fridays. This schedule is more common amongst freelancers, contract workers, and trade industries like construction and manufacturing. These job types commonly have irregular hours, so it makes sense to pay workers according to a shorter time frame.

While weekly schedules are a favorite amongst employees because it means you have more regular access to your money. If you drained your bank account on bills last week because it was the end of the month but want a night out with your friends, no worries — you get paid on Friday, so you can afford that night out as long as you save enough for your upcoming expenses.

However, most businesses avoid the weekly system. Payroll vendors frequently charge money every time a company (their customer) runs payroll. Doing so weekly takes extra time to process, so companies will opt for more extended periods to reduce costs and add convenience.

Bi-Weekly Payroll

A bi-weekly pay schedule means you receive your paycheck every two weeks. This cycle amounts to 26 or 27 paydays per year. Many businesses prefer bi-weekly timelines because they save money processing payroll and can calculate overtime more easily (each paycheck accounts for approximately 80 work hours). As such, bi-weekly payroll is more common amongst businesses that pay their employees hourly.

Bi-weekly schedules are not challenging to manage, but two months out of the year will have three paydays instead of two. Accountants need to factor in these paydays when calculating voluntary employee deductions, like healthcare, which are equal in a bi-monthly pay schedule.

Bi-Monthly Payroll

Bi-monthly pay means your employer pays you twice per month, also known as semi-monthly. As such, you might receive your income on the first of and in the middle of the month (likely on the 15th), or in the middle and end. A bi-monthly pay schedule entails 24 payments per year, which makes it distinct from bi-weekly. If you earn $45,000 per year on a bi-weekly cycle, your paychecks (not accounting for taxes and deductions) will be around $1730.77 each, whereas your paychecks will equal $1,875 on a semi-monthly schedule. It’s the same amount of money but divided differently.

Bi-monthly payroll is common for salaried employees. Calculating deductions is easy for accountants, and you always know which dates you will receive your income.

Monthly Payroll

You guessed it — monthly payroll means your paycheck comes in once a month. This format is ideal for businesses because it makes accounting easy and reduces processing costs, but it’s disadvantageous for employees and contractors because they have less frequent access to their money. If you work a job that pays monthly, you need to be extra careful with budgeting because you’ll only receive your income in lump sums 12 times per year.

How Does Your Pay Schedule Affect You?

Your pay schedule does not affect how much you get paid in a year, assuming you work the same number of hours either way. However, your pay cycle does influence how often you have access to your hard-earned money, and therefore the way you budget.

For example, let’s say you paid all your bills last month and now don’t have much left in your savings. Your job pays you bi-weekly, so you’ll have enough money to pay the first round of next month’s expenses, but your next paycheck won’t arrive in time to pay the rest. Now you’re in a tight spot.

One option is to make an early paycheck request from your employer. If your employer agrees, they will provide you all or part of your paycheck before they usually would, allowing you to pay your bills, but it lengthens the time between your next paycheck.

Another option is to use financial apps. Your job’s pay cycle is out of your hands, but you can control when you get paid with apps like Earnin. Earnin allows you to take out up to $500 of your earnings per pay period. This way, you won’t have to worry about missing a bill because your employer’s pay schedule isn’t in your favor, and you won’t have to pay mandatory fees for convenience.

Your pay schedule affects your ability to pay expenses and for recreation, so it’s important to know how often you’ll receive your income when applying for a job or managing your finances. Though your pay cycle might not always work in your favor, there are ways you can control having access to your money.

Restrictions and/or third-party fees may apply, see Earnin.com/TOS for details.

This article originally appeared on Earnin.

 

6 tips for gifting money to family members this holiday season

 Photo by Kira auf der Heide on Unsplash

Money is a go-to for many people when it comes to gift-giving. It’s not the most personal gift you could give, but if you’re not sure what the recipient would like, you can spare yourself from guessing incorrectly and allow them to spend the money however they choose. 

However, the etiquette surrounding giving money as a present, especially during the holidays, is frustratingly unclear. Many families have experienced some tension or a dramatic outburst because someone didn’t understand the unwritten rules. To avoid offending a loved one this year, follow these tips when gifting money: 

Give What You Can Afford 

Of course, give according to your means. Don’t feel obligated to drop $100s on your nieces and nephews if you can’t afford it. Even if your siblings give your kids a significant amount of money, shrug off the pressure to match them. Generosity is proportionate to what you have, not the dollar amount itself. 

Better yet, plan a budget that accounts for all of your gift-giving each holiday season. Other gifts cost money anyway, so set aside a specific amount you can afford for your entire family. Write down how much you spend on physical or experiential items to get an idea of how much cash you can give to friends and relatives who won’t be receiving something else. 

Be Mindful of Your Relationship With the Recipient 

Cash is not an appropriate gift for everyone. As mentioned previously, it’s not particularly personal, so giving your significant other an envelope with $50 or a gift card to a department store probably won’t go over very well. Giving money from one high-earning professional adult to another could also be interpreted rudely; cash is usually for people who need it (a check would be preferable in this case) or children who are excited about the freedom it entails. 

So, your cousin’s child who just turned 10? Cash is perfect. Your cousin herself who’s not in any debt? If you’re close, then something more thoughtful would be better. 

Consider the Recipients’ Needs 

When gifting money to family members, consider what they will use it for. It may be that it’s none of your business, but a relative who is struggling with money would undoubtedly appreciate a bit of extra generosity (especially if you’re in a position to be generous). 

Giving loved ones financial aid during the holidays is where things get really tricky. Make sure your intended recipient is open to it, first — not everyone is willing to admit they need help — and give an amount you believe would make a legitimate difference (remember that gifts are tax free under $14,000 or $28,000 if you and your spouse give as a couple). You don’t have to give naked money, either; it’s possible to pay for expenses like college tuition or medical bills directly. It would also be kind to introduce your relative to a family finance app that helps them improve their overall situation. 

If you want to know how to send money anonymously because your family member might be embarrassed about needing assistance, then you can use a money transfer service like WesternUnion. You can also make a new email address your relative won’t recognize and send it to them via PayPal or Xoom, a Paypal service. 

Make Gift Cards Personal 

Gift cards are popular ways to give money as a present. Sometimes it’s nice not to have endless possibilities of how you could spend a gift — if you have a gift card to a bookstore, then you have to spend it at that bookstore. It’s a roundabout way of buying someone a book; they just get to decide which. Gift cards are a mid-way between the safety of giving someone cash and something more personal. 

On that note, make sure the gift card you buy someone is for a business they would gladly shop or dine at. Your loved one won’t appreciate a gift card to Starbucks if they hate coffee. Put the card in an envelope and include a note so your recipient doesn’t feel like you made the minimum effort. 

Be Polite If Not Everyone is Included 

If you’re a grandparent gifting money to grandchildren, then you need to treat them equally and give the same amount to each. If you are someone younger and don’t need to distribute your generosity equally amongst your relatives, then it’s wise to be polite about it — that is to say, discreet. Don’t flaunt your gift-giving to relatives who aren’t receiving anything from you, and ask them not to say anything. You’ll save yourself a lot of resentment. 

Be Creative With Presentation 

Because money is a generic gift (however practical), put a little effort into its presentation. Make dollar bills into origami shapes. Put cash inside balloons and make children pop them. Hide money at the center of a 3D puzzle. Freeze bills in a block of ice for a pun on “cold, hard cash.” The way you present your gift can add extra layers of thoughtfulness, intimacy, and fun. 

Gifting money to family members comes with a set of rules no one really understands, so just remember to be considerate, don’t feel pressured, and find a way to add a personal touch.

This article originally appeared on Earnin.

Closing credit cards can be good for your credit score

You’ve already heard everything that there is to know about improving your credit scores. Conventional wisdom says to pay all of your bills on time; don’t have too many cards; have a good mix of credit types; and never, ever close any credit cards. That last isn’t always true though. Closing your credit cards can sometimes raise your credit score.

    

Yes, closing a credit card can adversely affect your credit score, but if done wisely, the impact might actually be a positive one.

When the credit agencies calculate your credit score, there are a number of different factors that are considered.  Some of the major ones are:

• Length of your credit history
• The number of open credit lines
• Debt to available credit limit
• Your payment history
• Average age of your credit cards

The bullet point that we will pay attention to here is the final one: the average age of your credit card. The credit agencies basically look at all of your open credit cards to calculate the average age.

Consider for a minute the following examples.

1. Our test subject, let’s call her Sandy, has a student credit card that she has had for 10 years. The card terms are horrible but it’s her oldest credit card so she’s afraid to close it. Chase Bank offered a sweet new credit card with a nice 0% introductory rate that she would like to take advantage of. She applies and gets a new credit card. If she has no other cards, what is the average age of her credit cards? --- The answer is 5 years.

2. Once the 0% rate offer expires, Sandy convinces Chase to offer her a rate of 1.99% for another year.  After the year is over, the interest rate jumps to 22.99%. Knowing that she can get better offers from a competing bank, she drops the new card in the trash like last week’s leftovers.  If she closes the card opened in just one year ago and keeps the one opened when she was a student 11 years ago, what is the average age of her credit cards if she has no other cards? --- The answer is 11.

By closing the new credit card, I, uh, I mean she, has increased the average age of her credit cards.

Here’s one rule to adhere to when closing credit cards: if you can, never close your oldest credit card. It doesn’t matter if it’s an old student card that you haven’t dusted off since Super Mario Brothers was the hottest video game in the stores.

On a side note, a trend that I’ve noticed is banks closing credit cards that cardholders are not using or drastically reducing the available credit limit.  They do this because they are not making money from you, and you are tying up available credit. They would rather transfer that credit card to someone else up to their eyeballs in debt who likes to hear the sweet sound of the cash register every time they swipe their credit cards. Hang on to that grandparent of a credit card with a death grip because it will help to increase the average age of your credit cards.  You don’t have to keep a balance on it, but make a purchase using that card once-in-a-while to keep the bank happy.

One last thing. Don’t forget that the number of credit cards that you apply for also impacts your credit score. This is called a “hard inquiry”. Those inquiries will stay on your credit report for two years, but the updated FICO scoring model, used by most lenders, counts them the most during the first year.  Also, if new credit applications are clustered together within a short-time period, the impact to your credit score will be minimized. If you will be dropping your newest card to get a better deal on another card please consider applying for a new card once the last inquiry has fallen off of your credit report.

As you see, you don’t always have to be held hostage by a credit card.  Getting rid of a credit card really can positively impact your score if done wisely.

This article originally appeared on Earnin, a community-supported, earned wage access app that allows people to get paid for the hours they’ve already worked, without waiting weeks for their paycheck.

Pay TNB electricity bill and other bills online with e-Wallet (Boost, GrabPay, TnG eWallet) using POS Malaysia App

There used to be several online channels that you are able to pay TNB electricity bill online by using your e-Wallet money. Unfortunately, most of those online channels no longer accept TNB electricity bill payment since a few months ago.

Besides, it is also very hard to find an online channel that can pay for Indah Water sewerage treatment bill using your e-Wallet money.

Luckily, this has been made possible now with POS Malaysia App, which you can find in Google Play Store and Apple App Store. It supports bill payment using Boost, GrabPay, TnG eWallet and also FPX bank transfer.

You don't even need to create a user account to make bill payments in POS Malaysia App. Just tap on Bill Payment and follow the steps to make your bill payment.

Currently available bill payments through the app including:

• TNB electricity bill
• Water bill in various states
• Indah Water
• Astro
• Maxis
• Celcom
• Time Internet

You will need to provide information about your biller's Account No. and payment amount before reaching the payment page. Option is given for you to save the biller's Account No. in the app, so that you don't need to key-in the long chunk of number the next time you want to pay to the same account.

Renting a Medklinn air ionizer instead of buying it

Among the many air and surface sterilizing products in the market, Medklinn ionizer has been proven effective in sterilizing the air and surface around it by killing the bacteria and viruses,  as well as eliminating allergens, bad odours, smoke, dust, moulds and pollution.

Recently, Medklinn has started to provide renting as an option to use their air ionizer, other than buying it.

Benefits of renting instead of buying:

• You can terminate the rental after a minimum 3 months period. This enables you to try out the product with small cost, after that, you may opt to continue or terminate the renting. Upon termination, you can opt to buy a brand new product, or just discontinue using the product.
• You will get 1-to-1 replacement for faulty, malfunction or damaged unit, provided it is not intentionally damaged.
• You will get free cartridge replacement every year, until the end of rental period after 3 years.

Disbenefit of renting instead of buying:

• After 3 years, when the rental period is completed, you need to return the unit to Medklinn.
• The total cost of using the unit with renting for 3 years is higher than buying the product and buying new replacement cartridge every year.

Other considerations:

• The warranty period of Medklinn product is 15 months, after you register your bought product in their website. By renting, you effectively extend the warranty period of your product to 36 months.
• Normally, Medklinn will come out with new model every 2-3 years. By renting, you can always use the latest model of the product. Even if you buy and keep the product, being an electronic product, it will still have a lifespan and will degrade from year to year.
• If you buy the product, certain credit card allows you to split the cost to 12 months installment. If you rent the product, your credit card will be charged at a relatively smaller amount every month for 36 months.

For the case of Medklinn Asens+20 indoor ionizer:

If you opt for buying, the cost is:

• Medklinn Asens+20 = RM560
• 2x cartridge = 2 x RM139 = RM278

Total cost (3 years) = RM838

If you opt for renting, the cost is:

• 1st year = 12 x RM36 = RM432
• 2nd year = 12 x RM25 = RM300
• 3rd year = 12 x RM16 = RM192
• 2x cartridge = RM0

Total cost (3 years) = RM924

Different between renting and buying = RM86

For the case of Medklinn Autoplus car ionizer:

If you opt for buying, the cost is:

• Medklinn Autoplus = RM439
• 2x cartridge = 2 x RM90 = RM180

Total cost (3 years) = RM619

If you opt for renting, the cost is:

• 1st year = 12 x RM26 = RM312
• 2nd year = 12 x RM19 = RM228
• 3rd year = 12 x RM13 = RM156
• 2x cartridge = RM0

Total cost (3 years) = RM696

Different between renting and buying = RM77

So, which option is better for you? You decide yourself.

4 habits of highly confident people

In his article about mastering fear, clinical psychologist Nick Wignall highlighted that confidence is a belief that you will be OK despite your fear.

He opined that confident people do not rule out fear, but they view fear and uncertainty as uncomfortable but not dangerous.

He believes that anyone can learn to become more confident. Becoming more confident doesn't mean eliminating fear from our life. It means learning to live with your fear, and achievable through building up the following 4 habits:

• Accept your fear instead of running away from it.
• Communicate your wants and needs assertively.
• Make decisions based on values, not feelings.
• Be compassionate with yourself after mistakes.

You can click here to read the full article about these 4 habits of highly confident people by Nick Wignall.

Managing your SSPN-i account with Bank Islam - including money top-up, withdrawal and transfer (online website & ATM)

Do you know that if you have a savings/current account with Bank Islam (BIMB), you can link your SSPN-i account(s) to your ATM card that linked with your savings/current account, and then you can manage your SSPN-i account from Bank Islam's online banking website and/or ATM machine.

However, you cannot manage your SSPN-i account with Bank Islam's mobile app yet, as the function is not available in the app.

You can apply to link your SSPN-i account with your Bank Islam ATM card either at the teller counter or at the ATM machine.

After successful linkage with SSPN-i, you will be able to see the SSPN-i option in the My Accounts menu.

This function will display your up-to-date SSPN-i information, including:

• Linked account number
• Depositor's name
• Beneficiary's name
• Beneficiary's IC number
• Available balance
• Current balance

You can also see SSPN-i option in the Funds Transfer menu. Note that fund transfer involving SSPN-i will incur a bank service charge of RM0.50 per transaction.

 

The types of fund transfer you can do online including:

• From your savings/current account to your SSPN-i account (top-up)
• From your savings/current account to 3rd party SSPN-i account (top-up others)
• From your SSPN-i account to your savings/current account (withdrawal)
• From your SSPN-i account to 3rd party savings/current account (withdrawal to others)
• From one SSPN-i account to another SSPN-i account (transfer)

 

Similar functions of SSPN-i top-up, withdrawal and transfer can also be done at Bank Islam's ATM machine.

This is a pretty convenient and useful service for you to manage the money in your SSPN-i account(s) by yourself using online method or visiting to the ATM machine, without the need to go for counter service (in the bank, PTPTN office/agent, UTC center, ...)

Boost x Prudential free special COVID-19 life insurance coverage

Boost e-wallet has just launched a "Boost Cares for you" campaign to provide free special COVID-19 life insurance coverage by Prudential, made available to Boost Premium e-wallet users who enrolled for it in their app.

This free COVID-19 insurance coverage is eligible to Boost users who are:

• having Premium e-wallet with verified personal details.
• aged between 18 to 55.
• limited to the first 200,000 enrolments only.

The coverage will start from the date of successful enrolment until 30 April 2020. The coverage is funded by Boost and free for members who successfully signed up for this campaign.

To sign up, open Boost app, then tap on the Boost (second) icon on the top menu, tap on More, scroll down the page to Insurance section, and select COVID-19 with the Prudential logo. Then, accept the terms & conditions and submit for processing.

The coverage of this special COVID-19 life insurance include:

• RM1,000 payout to your family upon death (all death reasons are covered, except suicide)
• RM5,000 coverage upon diagnosis of COVID-19

You will be entitled to this coverage despite having an existing medical condition.

For existing Prudential insurance policy holders, if you are already covered for the special RM5,000 COVID-19 coverage under Prudential insurance, you cannot claim double with the COVID-19 coverage under this Boost campaign.