The CFPB Is Giving Up on Regulation. But the Fed Isn’t
Forget “too big to fail.” Now we’re in “too failing to grow.”
Bank smarter so you can manage your money more effectively
Forget “too big to fail.” Now we’re in “too failing to grow.”
Could it be that men make more money, or are women more loyal to one bank?
The law was meant to prevent recession, but it’s also preventing community banks from thriving.
He signed a law undoing consumer protections for class-action lawsuits against financial abuse.
If your bank is on this list, you might be eligible for free services.
But their growing debt apathy may have payoffs for all
The biggest risk to the economy is this $1.3 trillion consumer debt — which Trump is doing nothing about
For years, credit card companies and banks have avoided class-action lawsuits by writing rules prohibiting them. The Consumer Financial Protection Bureau just snapped those rules.
Whether it’s a text message, phone call, email or letter, your banking institution can let you know when fraudulent activity occurs on your account. Do you get fraud alerts?
How can the greatest country on Earth not be so great with its money?
If you want to make the best investments in 2017, bank at Ally, get a Capital One credit card, and live in Nashville. Those are some of the biggest recommendations from experts as you look to make the best decisions for your money this year.
For those who answer yes, there’s good advice and even outside help.
No. 9 is the easiest, and No. 12 sounds weird but it’s awesome.
Just realized you needed some cash? You’re about to pay $25 for that $20 bill. ATM fees are continuing to climb to record highs for the 10th straight year.
You are not alone. Millions of Americans are caught in a vicious cycle that benefits the bottom line of the banks.
If banks give this generation the tools to bank easier and safer, they’ll earn themselves loyal customers. If not…
A reader’s online bank account has his mother worried.
Believe it or not, there are great banks, and there’s surely one for you.
A reader’s relationship might hinge on the answer.
Switching to one of these high-yield checking accounts could earn you hundreds in interest per year.
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Savings rates aren’t that high, but banking shouldn’t be costing you money.
Why pay a bank to use your money? Avoiding fees involves some simple tech and even simpler questions.
Still store your money in a national bank? Here are five reasons that will change your mind.
If you’re going to do something immoral, at least do it the right way.
Give me 20 minutes, I’ll give you a guarantee: You’ll learn how to save big bucks on just about everything.
5 marital problems you’ll never face by keeping your money a mystery.
They might not have all the answers, but some of millennials’ money habits may surprise you.
A reader is disgusted at the painfully low rates his bank is offering.
Banks are running promotions to get you to switch. Here’s how to make some money and not lose any.
A new PBS documentary about the psychology of spending translates neuroeconomics into plain English
It’s getting expensive to withdraw your own money.
Think managing money is scary? Technology can give you courage — or at least peace of mind.
Guaranteed jobs, money that saves itself, and the best banks around. Welcome to easy street.
My bank suddenly closed my checking account and didn’t return my money. I got it all back. Here’s how.
Banking apps don’t always do what we want, but when they do it saves time and money.
After seven years, my bank suddenly closed my checking account and didn’t return my money. Here’s what I learned.
The first decision you make in developing a solid banking strategy is where you bank. You have a few options, each with different benefits and drawbacks.
If you haven’t done it lately (or ever) look around at the financial institutions in your local area. See what’s available that’s closely accessible, then head online to start checking websites and reviews. Find an institution that fits your lifestyle and goals, with the right accounts for your needs.
Most people don’t pay nearly enough attention to their checking account. These days, there are a variety of checking accounts that fit different banking styles. If you have trouble keeping money in your account, then you should have one that doesn’t have a minimum balance requirement; otherwise, you could pay fees.
By the same token, if you don’t struggle to keep cash in your account, find one that waives monthly maintenance fees for maintaining a certain balance. Your goal should always be to bank fee-free. That way, you’re not spending money to keep your money.
If the only account you have is your checking account, that means you’re underbanked. This refers to a condition where you underutilize banking products; as a result, it’s harder to manage your money. It’s basically one account away from being “unbanked.” This is what happens when you have no accounts, whether by choice out of mistrust for banks or because your account was closed due to misuse.
Having the right accounts is the first step in establishing an effective financial plan. Stuffing money under your mattress doesn’t exactly help your money grow. Paying fees to pay bills with money orders through a check cash store doesn’t make sense either.
If you don’t trust your financial institution, the solution is not to avoid them as much as possible. Instead, you should choose a better institution that works for your needs.
Your checking account doesn’t have to just be a place where you deposit and keep your money. Some checking accounts offer small interest rate growth; it’s usually pretty tiny, but at least it’s something. Keep in mind that most growth checking accounts require a pretty hefty minimum balance, so this definitely isn’t a starter account.
Instead, develop your banking plan so you get good at maintaining a sizeable balance. Once you see that you’re not struggling to keep it up, consider switching to a growth account.
Checking and savings accounts both technically count as cash equivalents, but they’re definitely not the most effective. With such low interest rates, it’s impossible for your money to grow quickly. Many basic savings accounts only offer less than 1% growth.
In order for your money to grow effectively, you need to invest it in more effective savings tools. No, this is not us telling you to play the stock market. But without getting over the intimidation and fear of risk that keeps most people from investing, you can use cash equivalents to help your funds grow.
Cash equivalents are any investment that can easily and readily be converted to cash. In includes checking and savings, but also extends to Money Market Accounts (MMAs) and Certificates of Deposit (CDs).
Financial institutions offer these tools, so check with yours to see how you can start saving smarter. Also, be aware that you don’t always need to go to your bank for these. If you see a better rate advertised with a different institution, grab it.
On any kind of financing, from mortgages to auto loans, your bank can be an invaluable resource. Always check rates and see what products your financial institution offers first. Also, see if they offer incentives for customers, such as money off closing costs on a mortgage. In some cases, you may be able to waive fees on your checking account if you have set up Direct Deposit on a loan from the same bank.
When car buying, you also want to check with your bank first. This will help you know how much car you can afford and give you a loan to compare any dealership offers against. And, they can be a good source of credit help, too. You can get credit cards that are only offered to customers and get debt consolidation loans to pay off existing debt efficiently.
The point is, talk to your financial institution first, because they may have a product you need. And again, if you don’t trust your bank to help you, it’s time to find a different financial institution you can actually trust.
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