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Apache is functioning normally

June 4, 2023 by Brett Tams

Digital nomads enjoy the freedom and flexibility of being able to work from anywhere with an internet connection, allowing them to balance work and leisure in a way that suits their lifestyle. They travel frequently, often staying in one place for a few weeks or months before moving on to the next destination.

However, expats and digital nomads face unique challenges when it comes to managing their finances. They need a bank that understands their lifestyle and offers services that cater to their needs.

For example, digital nomads require a bank that offers low fees and transaction charges since they frequently move money across borders. They also need a bank that provides easy access to their accounts from anywhere in the world, with mobile banking features that allow them to make transactions on the go.

10 Best Banks for Digital Nomads

Without further ado, here’s our lineup of the best bank accounts for digital nomads.

1. Revolut

Revolut is a digital bank that’s headquartered in London. While it doesn’t offer a traditional bank account, its money management app can be a great option. Once you download it, you can make global exchanges with more than 30 currencies and transfer money abroad instantly. Revolut will give you 10 free international transfers per month plus a debit card with cash back rewards.

Also, if you invest in a Premium or Metal plan, you can enjoy additional perks, like travel insurance and access to airport lounges while you wait for your flights. In addition, you’ll get to use 55,000 fee-free ATMs and be able to withdraw up to $1,200 from out-of-network ATMs each month. If you’re interested in a Revolut account, you’ll need to provide a name, address, and ID. The bank does not require a credit check or proof of address.

2. Chime

When most people think of international financial accounts, Chime doesn’t typically come to mind first as it’s a financial technology or fintech company in the U.S. Even though it doesn’t provide a multi-currency account, its cards don’t charge foreign transaction fees and offers free cash withdrawals at ATMs across the globe.

This is great news if you’re looking for an affordable way to cover your international purchases. Chime’s main offerings you might want to consider include the Chime Checking Account, the Chime High Yield Savings Account, and the Secured Chime Credit Builder Visa® Credit Card.

It’s important to note that Chime is designed to be used as a mobile app so it could be a solid pick if you like the idea of mobile banking. The app will send you daily notifications on your account balance and international transactions. Rest assured you can disable them at any time.

3. Capital One

Capital One is one of the largest banks in the U.S. but we had to include it in this list because of its primary checking account, the Capital One 360 Checking. If you consider yourself an expat, often make online purchases from different countries, and would like to avoid a monthly fee or foreign transaction fee, this account can make sense.

You won’t have to pay any transaction fees if you use your card overseas, plus you may open the account without a minimum opening deposit requirement or monthly fees. To reap the benefits of the Capital One 360 Checking, you must be a U.S. resident with a U.S. mailing address and Social Security number.

4. Wise

Wise, which was formerly known as Transferwise, should be on your radar if you do business abroad. The UK-based fintech company will let you create a local bank account that accepts multiple currencies, making it a breeze to meet your digital nomad banking needs. Wise also integrates with popular payment platforms, such as Amazon Payments and Stripe for easy direct deposits.

We can’t forget to mention the Wise borderless account that may be worthwhile whether you’re studying abroad, an expat, or a freelancer with international clients. It comes with low fees and can be accessed by just about anyone. However, Wise is not an actual bank account so you may have trouble receiving direct deposit payments. For this reason, it might be a good supplement to an existing bank account.

To take advantage of Wise, you’ll need a bank or credit card statement, tax bill, proof of address, driver’s license, or government document.

5. Chase

Chase is an excellent choice for digital nomads and expats living abroad due to its global presence and user-friendly digital banking platform. Chase’s online banking system is user-friendly and provides a range of features, including bill pay, mobile check deposit, and international money transfers.

For those living abroad, Chase’s credit and debit cards also offer no foreign transaction fees, making it an affordable option for international travelers. In particular, the Chase Sapphire Preferred and Chase Sapphire Reserve are widely considered to be among the best credit cards available.

Furthermore, Chase Bank provides 24/7 customer service support, ensuring that its customers can get assistance with any issues they may encounter, regardless of their time zone.

6. HSBC

HSBC serves about 40 million customers across 63 countries in Europe, Asia, the Middle East and Africa, North America and Latin America. If you’re an international traveler, you can’t go wrong with the HSBC Everyday Global Account, which makes it easy to make purchases in 10 different foreign currencies with no transaction fees or monthly service fees. It truly offers a fee-free banking experience.

In addition, there are no ATM fees so you can enjoy fee free ATM withdrawals and many promotions throughout the year. HSBC also offers Visa Zero Liability, which can protect you from fraud and give you some much-needed peace of mind. We can’t forget that HSBC offers over 55,000 ATMs, many of which are in the Allpoint network, as well as 24/7 customer support via phone and Twitter.

7. Citibank

There’s a good chance you’ve heard of Citibank as it’s a well-known bank in the U.S. It has a presence in 97 markets and supports clients in more than 160 countries. With the Citibank Plus account, you can manage your money in up to 21 different currencies.

Citibank will waive your maintenance fee as long as you maintain a certain balance and reimburse you for foreign ATM withdrawals when you use ATMs outside its network. Additionally, you may send money abroad quickly and won’t have to pay a penny if you’re sending the funds to another Citibank account. Another great perk is the handy mobile app that offers convenient banking while on the go.

8. Monzo

Monzo is a challenger bank in the UK that’s recently increased in popularity. You can open an account for free, divide it into “pots” to better manage and save your money, and get a free debit card, which can be sent to any address in the UK. You can use it for a variety of debit card transactions and ATM withdrawals abroad.

You won’t pay any fees when you make purchases on your card and can receive a limited amount of free ATM withdrawals every month. Monzo is also compatible with Apple Pay and Google Pay. Plus, there’s a convenient mobile app with useful budgeting tools that may help you take control of your spending. Note that Monzo is fully digital so you can’t count on it for in-person support or local branches.

9. Charles Schwab Bank

You can open a U.S. bank account through Charles Schwab and won’t have to worry about foreign transaction fees or opening fees. Plus, you can enjoy unlimited rebates on international withdrawals.

In the event you move to a different country, you can open another Charles Schwab account but you may have to meet a high minimum deposit threshold. If you need assistance while you’re traveling, you’ll be thrilled to know you can receive it via phone or email.

10. Bank of America

Despite the word America in its name, Bank of America can be a smart option if you’re looking for a digital nomad bank account. In fact, it attracts many frequent travelers.

It serves more than 35 countries and has locations throughout Europe, Asia, and the Middle Each so you shouldn’t have an issue finding a branch near you. Bank of America offers a variety of bank accounts you may find appealing as well as a well-designed mobile app.

Features to Consider When Choosing the Best Bank for Digital Nomads

When exploring different digital nomad banks, consider these features.

Banking Experience

Every financial institution provides its own unique experience. First, think about whether you’d like an online-only bank or one with branches you can visit. Then, think about the size of the bank that would be best for you.

A smaller bank might be a better fit if you prefer personal service as well as better rates and lower fees. A larger bank, however, might make more sense if you’d like access to a wider range of products and resources.

Account Types

Some banks offer a few accounts and banking services while others pride themselves on a long list of offerings, like checking accounts, savings accounts, investment accounts, and many others. To determine the account types you need, think about your goals.

Are you looking for someone to park your cash so you can access it while you’re abroad? If so, you might be in the market for a basic checking account or high yield investor checking account with no foreign transaction fees and ATM fee reimbursement.

If you’re a business owner, you may require additional services like international wire transfers between accounts and countries without paying costly fees.

ATMs and Debit Cards

Chances are you can benefit from a digital nomad bank account with ATM access. If you need to make purchases abroad frequently or every once in a while, you should opt for an account with debit cards that are compatible everywhere. This usually means you’re in the market for a Visa, Mastercard, Discover, or American Express debit card.

Keep in mind that many countries don’t accept cards with magnetic strips so you will need a card with an EMV chip. Ideally, it would also allow for contactless payments, which are quite popular abroad.

Note that while debit card purchases may make sense in some situations, credit cards come with greater protections, which can be helpful if your card gets lost or stolen. If possible, use your debit card at ATMs and credit card every time you make a purchase.

Fees

At the end of the day, you don’t want to be stuck with sky-high fees that deter you from your financial goals. Here are some fees to be aware of as you search for the best banks for digital nomads.

Foreign transaction fees: These fees can kick in whenever you make a withdrawal or purchase in a foreign currency. Your bank might charge them all the time, in certain situations, or not at all.

ATM fees: If you need to withdraw money from an ATM, you may be on the hook for ATM fees. The chances of this are higher if you opt for an out-of-network ATM. The good news is some banks offer free withdrawals or will reimburse you for ATM fees while you’re abroad.

Monthly maintenance fees: You may face a monthly maintenance fee or service fee to keep your account open. Typically, the more features your account has, the more expensive this fee will be. Fortunately, some banks pride themselves on low banking costs and zero monthly fees.

Interest Rates

Depending on what you plan to do with the bank account you open, interest rates may or may not be important. If your sole purpose is to get easy access to cash while you’re traveling to a different country, interest rates probably aren’t a big deal. But if you’d like to use your account for saving or investment purposes, a higher rate is ideal. The higher the rate, the easier it will be for you to meet your goals.

Security

Security should be a top priority when you explore digital nomad bank accounts. Reputable banks have certain account holders protections in place for if your debit or credit card gets lost or stolen, for example. They also make it a breeze to report fraudulent activity from anywhere.

Some banks also have a security feature known as two-factor authentication. This requires you to use your password and a special code you receive via call or text every time you log in. It provides extra security in the event your device gets lost or stolen.

Customer Service

In a perfect world, you’d never have any questions or issues with your bank account. Since this is unlikely, you shouldn’t overlook the importance of customer service. The bank you choose will determine how easy or difficult it is to receive assistance.

If you can, opt for a digital bank with 24/7 customer service. Otherwise, you may get stuck if you have an urgent need and customer service is only available during select business hours.

Reviews

If you visit a bank’s website, you’ll find no shortage of information on its benefits and why you should become a customer. However, one of the best ways to determine whether a bank account is worth it is through customer reviews. Do your due diligence and read real reviews on reputable, third-party websites.

Also, look at ratings on websites like the Better Business Bureau (BBB) to get a better idea of a bank’s reputation. If you notice a lot of negative reviews and poor ratings, you may want to look elsewhere.

Online Banking Features

As a digital nomad, you’ll likely be doing a lot of your banking online. Look for a bank that offers robust online banking features, such as the ability to view account balances and transaction histories, transfer funds, and pay bills online.

Bottom Line

Choosing a good bank is essential for digital nomads who need access to their money while traveling the world. With the right bank, you can manage your finances easily and efficiently while enjoying the freedom of a location-independent lifestyle.

Frequently Asked Questions

What is a digital nomad?

A digital nomad is someone who works remotely and has the ability to work from anywhere in the world as long as they have an internet connection. They often travel frequently and have a location-independent lifestyle.

Why do digital nomads need a specific bank?

As a digital nomad, you’ll need to find a bank that caters to your specific financial needs; one that offers easy online access, enables low-fee transactions, and facilitates international transfers without hefty costs. Traditional banks may not be able to provide you with these services, which is why it’s important to investigate other options.

What is the best bank for digital nomads and expats?

There is not one bank that checks off everyone’s boxes. The right option for you depends on your goals. You may choose an account that allows for easy money transfer abroad. Or you may prefer one that eliminates foreign transaction fees. It’s up to you and what you hope to accomplish.

How can I avoid transaction fees when banking as a digital nomad?

To avoid transaction fees when banking as a digital nomad, you should look for a bank that offers fee-free ATM withdrawals and has low foreign transaction fees. You may also want to consider using a debit or credit card that doesn’t charge foreign transaction fees.

Do I need to have a permanent address to open a bank account as a digital nomad?

You do not necessarily need a permanent address to open a bank account as a digital nomad. Some banks allow you to use a post office box or a friend’s address as your mailing address. You may also be able to use a virtual mailbox service.

Can I open a bank account in a foreign country as a digital nomad?

Most countries prohibit non-residents from opening bank accounts. You’ll find that you’ll likely need a local mailing address. Unfortunately, financial institutions don’t typically accept hotel or short-term rental addresses.

Can I use my digital nomad bank account for personal transactions?

Yes, you can use your digital nomad bank account for personal transactions. However, it’s best to keep your business and personal finances separate to make accounting and tax reporting easier.

Will my digital nomad bank account have all the features of a traditional bank account?

Your digital nomad bank account may not have all the features of a traditional bank account, but it should have the features that are most important for your lifestyle, such as online banking and low transaction fees. Be sure to research the banks you’re considering to ensure they offer the services you need.

What should I do if I lose my debit card while traveling?

If you lose your debit card while traveling, you should contact your bank immediately to report the loss and request a replacement card. You should also carry a backup debit card or credit card in case of emergencies.

What are the best banks for international wire transfers?

If you’d like to make many international wire transfers, there are certain banks with solid bank transfer rules you should explore. Several examples are Bank of America, Chase, Citibank, Wells Fargo, Citibank, PNC, and U.S. Bank.

Source: crediful.com

Apache is functioning normally

June 3, 2023 by Brett Tams

In spite of bank failures over the past three decades, most banks and credit unions in the U.S. remain secure places to store your money. One of the benefits credit unions and banks offer is easy access to your money.

Account holders can withdraw money quickly from a checking account at a bank branch or with a debit card, often with no fees. They can also find easy access and higher interest rates with a savings or money market account.

FDIC Insurance (Federal Deposit Insurance Corporation)

Keeping your money in a bank or credit union is considered safe because your money is insured up by the FDIC or NCUA, respectively.

In the event of a bank failure, which occurred more than 100 times during the financial crisis that spanned 2008 to 2012, some of your money is still protected by the federal government. Money in all U.S. banks, including the nation’s five biggest banks, is FDIC insured up to $250,000, per person, per account.

Fortunately, bank failures are less common today. The FDIC reported that the last time an FDIC insured bank failure occurred was October 2020. The FDIC paid out an estimated $18.3 million to account holders.

Credit unions carry similar protection in the form of insurance through the National Credit Union Administration.

How to Choose a Safe Bank Account

You already know that if a bank fails, the federal government will protect a large portion of your funds through FDIC insurance. You can spread your money between multiple checking and savings accounts so that no account holds more than the maximum $250,000 that is FDIC insured.

When you’re looking for the safest bank to open a new bank account, you want to compare other factors, including the bank’s total assets, security measures, fraud liability policies, history, and more.

What We Mean By a Safe Bank

You can see from this list of safest banks in the U.S. that bank security doesn’t always depend on the bank’s size. You’ll find financial institutions ranging from smaller banks to the largest banks on this list.

Bank safety means that the bank uses state-of-the-art security measures to protect your money, including:

Data encryption for their own systems and for online banking
Secure online bill pay
Two-factor authentication
Alerts for unauthorized transactions
Guarantee against unauthorized access
Card locking by app or phone
Direct deposit

We’ll look at these and other safety measures. Then, we’ll explore what makes some of the biggest banks in the U.S. some of the most secure banks and which other banks are keeping pace. Read on to find out: What is the safest bank in the U.S.?

Safety Measures Banks Use

Banks use a combination of training and state-of-the-art technology to keep account holder’s money secure. This includes training bank employees in security best practices and how to respond promptly to fraud alerts. It also includes bank policies, such as $0 fraud liability.

Finally, technology that includes SSL encryption and two-factor authentication can also help to keep your bank account safe during online banking.

12 Safest Banks in the U.S.

The Global Finance “World’s Safest Banks” list highlighted 50 safe banks. Of those, only a handful were based in the U.S. Here are 12 of the safest banks for U.S. customers, based on the Global Finance list.

1. JPMorgan Chase

With a market capitalization of $413.7 billion and a balance sheet total of $3.31 trillion, JPMorgan Chase is the largest bank in the U.S. based on assets, according to InsiderIntelligence.com.

During the financial crisis of 2008, Chase was one of the banks deemed “too big to fail.” Certainly, an account holder can feel secure that their most is protected even if the bank faces financial hardship.

But is Chase also ahead of the curve when it comes to security? Chase uses multiple authentication checks when you try to sign in to your online account.

The bank monitors for unusual activity and may send a text message or email for you to authorize a transaction outside your home state or for an exceptionally high amount.

The bank’s website uses 128-bit data encryption to secure your personal information. Finally, bank employees are trained in fraud prevention, fraud detection, and ethics.

Everyday security features

128-bit encryption
Multifactor authentication
Guarantee against unauthorized access
EMV chip cards
Card locking through the app or automated phone system
24/7 fraud protection by phone

2. U.S. Bank

With assets totaling nearly $675 billion, U.S. Bancorp, parent company of U.S. Bank, is the fifth-largest bank in the U.S. The bank website and mobile app offer SSL encryption, one-time card numbers for online purchases, and enhanced security features for commercial banking customers.

The Bank Smartly checking account for consumers allow you to set up account alerts and reminders through the mobile app. You can make contactless payments through the app, which gives you added protection against point-of-sale fraud and debit card skimmers, which can steal your account information if you pay using the magnetic stripe on your card.

U.S. Bank also offers a “Safe Debit Card,” designed for consumers ages 14+ who want the convenience of a checking account and debit card without the ability to write checks. The Safe Debit Card provides free access to the user’s VantageScore 3.0 credit score through TransUnion, a credit score simulator, online bill pay, mobile banking, and no overdraft fees.

Everyday security features

$0 liability fraud protection
Multifactor authentication
Virtual card numbers
SSL encryption
EMV chip cards

3. TD Bank

TD Bank, or Toronto-Dominion, is not just one of the largest banks in the U.S. with a worldwide presence, it is also one of the safest. Its branches are known for personalized customer service. But the bank is also known for its online presence. TD Bank recently partnered with Amount, a fintech provider, to enhance security with a suite of state-of-the-art fraud detection and account verification services.

The bank has 24/7 fraud monitoring and text alerts for activity. Plus, if you lose your debit card, you can replace it immediately at a nearby branch. TD Bank also offers features that enhance your security, including Bill Pay and Mobile Deposit, which reduces the handling of paper checks that create a risk of theft and fraud.

Everyday security

Card locking
24/7 fraud monitoring
Personalized service
Mobile deposits
Enhanced security and fraud detection

4. Citibank

Citigroup, which owns Citibank and other Citi properties, is the third-largest bank in the U.S. right now behind Chase and Bank of America. Like Chase, Citi is considered one of the financial institutions deemed “too big to fail.” The bank’s market cap is $97.06 billion.

Citi is considered one of the safest banks due to its enhanced security features for its bank accounts and credit cards.

Citi was one of the first banks to offer a virtual credit card number. This one-time use card number allows cardholders to shop safely online without having to give out your bank account information or card number.

You can sign on to the Citi mobile using a QR code and Face ID®, Touch ID®, Biometrics or 6-Digit PIN, which is more secure than using a username and password. As with Chase, you will receive text alerts for suspicious or unusual activity.

Do not confuse Citi with CIT Bank. In spite of the similarity in their names, CIT is a division of First Citizens Bank and not affiliated in any way with Citigroup.

Everyday security features

EMV chip cards
$0 liability fraud protection
Biometric security
256-bit SSL encryption
Multifactor authentication
Remote debit card locking by phone or through the app

5. Charles Schwab Bank

Charles Schwab Bank is known primarily for its investment divisions. But the bank achieved the highest ratings for customer satisfaction with checking accounts by J.D. Power. Most of the world’s safe banks offer a high level of customer service, which can put a customer’s mind at ease.

Schwab Bank has many of the features high earners look for in a bank, including the ability to easily transfer money from your Schwab One brokerage account to your fee-free checking account.

Schwab’s Mobile app and banking systems use the highest levels of data encryption, as you might expect. Set notifications regarding transactions and fraud alerts through the mobile app. Lock and unlock your debit card at will. You can also set travel notices so that you don’t get a fraud alert in error if you’re making large purchases off your usual beaten path. The bank’s personalized service stands out, with 24/7 service via phone or chat, and branches nationwide.

Everyday security
Card locking through the app
Travel notices
Contactless payments
EMV chip card
Data encryption

6. M&T Bank Corporation

With assets totaling more than $200 billion, M&T Bank may not be as large as Citi or Chase, but its high level of customer service and security puts it on the list of safest banks. M&T Bank has earned multiple awards for small business excellence, along with the highest ratings issued by the Federal Reserve Bank of NY for Community Reinvestment Act performance.

M&T’s mobile app allows you to receive instant alerts about purchases via email, text, or in the app. This way, you can keep track of fraud along with your own spending habits. The app offers fingerprint or facial recognition on supported devices for enhanced security. You can easily report a lost or stolen card in the app or lock your card if you’ve misplaced it.

M&T delivers the same security larger banks offer, with the personalized service of a community bank. With 700 branches across 15 states nationwide plus a network of 1,800 ATMs, M&T Bank might be a convenient and safe choice for your money.

Everyday security features

SSL encryption
Debit card locking
Multifactor authentication
Identity protection services available
24/7 fraud protection

7. Wells Fargo

With $1.71 trillion in assets, Wells Fargo is currently the fourth-largest bank in the U.S. It offers savings and checking accounts, credit cards, loans, and more to personal and business customers.

The bank has more than 4,700 locations plus 12,000 ATMs in its network, making it convenient for customers across the U.S. The Wells Fargo mobile app makes online banking easy and secure, with access to your FICO score, fraud alerts, and multifactor authentication.

The website and app operate with SSL encryption. You can log in via face or fingerprint ID if you prefer. You can set alerts any time someone signs onto your account or whenever a purchase is made.

Furthermore, you can also connect a digital wallet to your account, which may be safer than using debit cards. If you think you lost your card, you can turn it off and turn it on again through the app if you find it.

Wells Fargo makes it easy to report fraud, unauthorized activity, or suspicious activity quickly and easily through the bank’s helpline, even if you are traveling outside the U.S.

Everyday security features

$0 fraud liability
·Guarantee against unauthorized activity
SSL encryption
Low balance alerts
Card locking

8. PNC Bank

PNC Financial Services, owner of PNC Bank, has assets of $557 billion as of December 2022, making it one of the largest banks in the U.S. Like the other big banks, PNC is on the cutting edge of security and fraud protection for its customers.

The bank offers a Virtual Wallet that provides three accounts for checking and savings, along with direct deposit capabilities, overdraft protection, and a “Low Cash Mode,” that alerts you when your balance drops below a specific amount.

PNC also offers traditional banking solutions at its 2,629 branches worldwide. Through the bank’s growing number of Solution Centers, as well as mobile branches in underserved communities, PNC combines the security and convenience of an online bank with a traditional bank.

Everyday Security

Virtual wallet
Debit card blocking
SSL encryption
Fraud alerts
$0 fraud liability

9. Capital One

Capital One sits in the country’s list of top 10 banks and, thanks to enhanced security measures, is considered one of the safest banks in the U.S., too. Capital One holds assets worth $391.81 billion.

Capital One’s credit cards are consistently ranked on top list for rewards credit cards for travelers, and their security measures and easy to use app works for both credit and bank account customers.

You can set alerts by text or email each time you use your card. The app uses multifactor authentication and Capital One has $0 fraud liability for its accounts. You will not be held responsible for unauthorized activity. The bank issues EMV chip cards for added security at point-of-sale transactions.

Everyday Security

Card locking through the app or by phone
Account monitoring
SSL encryption
Multifactor authentication
Activity alerts
Credit monitoring

10. AgriBank

AgriBank made the Global Finance list of world’s safest banks, coming in at number 34. Part of the Farm Credit System, the bank has a net income of $576.1 million and $142.1 billion in total assets.

AgriBank has delivered reliable and consistent service to the agricultural industry for more than 100 years. As an agricultural credit bank, AgriBank is a wholesale only lender to farmers, ranchers, and rural businesses and homeowners. It pays dividends to its members.

It’s important to note that AgriBank services only agricultural customers in 15 states in the southern and Midwest U.S., from Arkansas to Minnesota. AgriBank is not FDIC insured. But, it is backed by the Farm Credit System Insurance Corporation to protect its members.

Everyday security features

Ethics hotline through EthicsPoint
SSL secured website
Two-factor authentication
Data encryption
Backed by the FCSIC

11. CoBank

CoBank is the second FCS member on our list of safest banks. Like AgriBank, it is protected by the FCSIC and offers wholesale loans to rural customers in the agricultural, power, water, and telecommunications industries.

Serving customers in all 50 states, it is one of the largest private providers of credit to the U.S. rural economy, according to its website. Dedicated to preventing fraud, the financial institution has a podcast, Fraud Wise, that provides tips to help its rural customer prevent and detect fraud.

Customers can report fraud easily through phone or email. Because of its size and personalized service, CoBank is rated by Global Finance as one of the safe banks in the U.S.

Everyday security features

Code of ethics
Fraud prevention
SSL data encryption
Guarantee for unauthorized transactions

12. AgFirst

AgFirst Farm Credit Bank is another member of the Farm Credit System that runs as a cooperative, where an account holder is considered a partner. AgFirst takes steps to maintain the safety and security of its members financial data and money. The organization operates in alignment with national cybersecurity standards and applies industry best practices to keep its systems and customers secure.

AgFirst offers loan servicing, loan origination, and many other services to the agricultural community. Headquartered in Columbia, SC, AgFirst has locations across the south and Midwest U.S.

Everyday security features

SSL encryption
Adheres to national cybersecurity standards
Personalized customer service
Backed by FCSIC

Bank vs. Credit Union

In your search for the best bank, you might also consider a credit union. They often offer lower fees, higher interest rates, and more personalized service. The ability to build relationships with employees at your local branch might make them feel like a safer choice.

See also: Best Credit Unions Anyone Can Join

What makes credit unions safe?

The money in a credit union is insured by the National Credit Union Administration. Just as with FDIC insured bank accounts, funds in credit unions are insured for up to $250,000 per person, per account if the credit union fails.

Credit unions often offer local, more personalized service than a national bank, which makes them a desirable financial institution for some people. You may find zero fee checking accounts more frequently at credit unions, higher interest rates, and better loan terms.

The same technology and customer service used in the safest banks also keeps your money safe in a credit union. Look for SSL encryption and two-factor authentication, easy ways to report fraud, and a guarantee against unauthorized access to your account.

What makes the safest banks in the U.S. secure?

A variety of security measures, along with FDIC insurance, keeps the money in your bank secure against fraud and bank failures. Some of the factors that can enhance a bank’s security include its online banking security, the availability of EMV chip cards, $0 fraud liability,

What happens if a bank fails?

Bank failures happened with alarming frequency during the recession of 2008. Experian reports that there were 561 bank failures between 2001 and 2022, when the U.S. faced more than one financial crisis.

Fortunately, these banks were FDIC insured. When a bank fails, the FDIC sells the remainder of the bank’s assets to a more stable bank. Sometimes, the FDIC will cover the bank deposits itself.

Are online banks safe?

Online banks today use the same security measures as a brick-and-mortar financial institution. Often, an online bank offers a fee-free checking account and higher interest rates for an online savings account. If you choose an online bank, make sure it is FDIC insured.

What appears to be an online bank may not be a national FDIC insured bank, but another type of financial institution. If that’s the case, make sure it is backed by an FDIC insured national bank.

Learn more about online bank safety.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past decade, we’ve seen a major transformation in the banking sector. As the world continues to digitize, the financial landscape has shifted in response, giving birth to a plethora of online banking services. One such innovation that has garnered widespread adoption is online checking accounts.

As a key financial tool, a checking account serves as a lifeline for day-to-day transactions, paying bills, and generally managing one’s finances. But with online checking accounts, convenience, accessibility, and often better rates and lower fees have made them an attractive alternative to traditional banks.

10 Best Online Checking Accounts

These best online checking accounts offer a range of features, from high annual percentage yield (APY) to robust mobile apps, all designed to meet the varying financial needs of users. Here are our top 10 picks for 2023.

1. Chime Checking Account

Chime, a financial technology company that offers online banking services, is revolutionizing the banking industry with its online checking account that pairs both convenience and value into a single offering.

2. Axos Bank Rewards Checking

Axos Bank is an online-based bank that’s shaking up the banking industry with its online Rewards Checking account, a unique blend of convenience and value.

3. Current Account

Current, a pioneering financial technology company, delivers cutting-edge banking solutions with its Current Account.

4. SoFi Checking and Savings Account

SoFi, a modern financial platform offering a suite of financial services, is setting new standards in the world of banking with its online bank account that combines remarkable earning potential and considerable convenience.

5. Ally Bank Interest Checking Account

Ally Bank, renowned for its customer-centric digital banking services, provides a comprehensive offering through its Ally Bank Interest Checking Account.

6. Consumers Credit Union Serious Interest Checking

Consumers Credit Union, committed to enhancing its members’ financial prosperity, offers an appealing solution with its Serious Interest Checking®, a high yield checking account.

7. Quontic High Interest Checking

Quontic Bank, committed to maximizing customer earnings and supporting financial inclusivity, offers a high interest checking account that combines convenience, high-yield potential, and an innovative digital banking experience.

8. Alliant Credit Union High-Rate Checking

Simplicity and high yields are the cornerstone of Alliant Credit Union’s High-Rate Checking account, a solution tailored to meet the needs of modern-day banking customers, whether they’re on-the-go or prefer traditional banking methods.

9. Schwab Bank Investor Checking

Charles Schwab brings its robust reputation in the investment sector to banking with its Schwab Bank Investor Checking account, designed for those seeking seamless integration of banking and investing.

10. Navy Federal Credit Union Free EveryDay Checking

Navy Federal Credit Union’s Free EveryDay Checking is an easy-to-use, accessible banking solution for everyone.

What is an online checking account?

An online checking account operates much like the checking accounts you’re accustomed to at traditional brick and mortar banks, with the primary difference being that it’s mostly or entirely digital. They are provided by online banks, credit unions, and even financial technology companies that are not banks themselves.

Online checking accounts have surged in popularity for a variety of reasons. Their major draw is the convenience and flexibility they offer. With these accounts, you can deposit cash, pay bills, transfer money, make debit card purchases, and even deposit checks digitally using the bank’s mobile app. This means that all your transactions can be completed without visiting a physical branch location.

Additionally, online only banks typically offer higher annual percentage yields (APY) than traditional banks, meaning your money grows faster. The absence of physical branches translates into reduced overhead costs for these financial institutions, enabling them to pass on the savings to customers in the form of higher interest rates and lower fees. These accounts also often have lower minimum balance requirements and monthly maintenance fees compared to their brick-and-mortar counterparts.

Lastly, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA), providing the same level of safety for your deposits as traditional banks.

Criteria for Evaluation

Selecting the best online checking accounts was not a task taken lightly. We’ve considered a variety of factors in our analysis to ensure that our picks provide a mix of the most advantageous features for diverse financial needs. Here are the key criteria we used in our evaluation:

Annual percentage yield (APY): We considered the APY offered on the checking accounts. Higher APY means your money grows faster, making it a key feature to look for in an account.

Monthly fees and other costs: Monthly maintenance fees can eat into your savings. We favored accounts with low or no monthly fees. We also looked at other potential costs like overdraft fees, out of network ATM fees, and foreign transaction fees.

ATM access: Easy and wide-ranging access to ATMs is crucial. We considered online banks with large ATM networks and those that offer ATM fee reimbursements.

Customer service: Exceptional customer service is important, especially for an online only bank where in-person assistance is not an option. We assessed the quality of customer service provided by each bank.

Mobile app experience: A great mobile app can make managing your money a breeze. We evaluated the usability, functionality, and reliability of each bank’s mobile app.

Additional features: Other features like early direct deposit, mobile check deposits, cash back rewards, and savings tools can add value to online checking accounts. We considered these additional features in our review.

How to Choose the Right Online Checking Account for You

Choosing the right online checking account is crucial. It can simplify your financial management, enhance your monetary gains, and align with your lifestyle needs. Below are key factors to consider in making an informed decision:

Financial Habits: Evaluate your typical financial behaviors. Do you frequently use ATMs, and will you need access to an extensive, fee-free ATM network? If you regularly maintain a high balance in your checking account, an interest-earning account could be beneficial. Conversely, if you tend to keep a low balance, consider an account with no minimum balance requirement to avoid potential fees.
Goals: What are your financial goals? If you’re aiming to save, consider an account that earns interest. If you’re focused on investing, select an institution that offers seamless integration between checking and investment accounts.
Lifestyle: Assess your lifestyle and daily needs. Do you travel often and need an account that doesn’t charge foreign transaction fees? If you prefer digital banking, look for accounts with robust online platforms and mobile apps that allow for easy money management on the go.
Fees: Examine the fee structure carefully. Consider potential monthly maintenance fees, overdraft fees, and ATM fees. Look for accounts offering fee waivers or reimbursements.
Customer Service: Exceptional customer service is crucial, particularly for an online bank. Look for 24/7 customer support, availability of live chat, and timely response to queries.
Security: Ensure that the bank employs stringent security measures to protect your account from fraud or unauthorized transactions. Features like two-factor authentication, alerts for suspicious activity, and FDIC insurance are vital.

Bottom Line

In today’s fast-paced, digital age, online checking accounts provide a convenient, accessible, and often more financially rewarding alternative to traditional banking. However, the key to making the most of these benefits is to choose the right account based on your individual needs, lifestyle, and financial goals.

By carefully considering factors like your financial habits, goals, lifestyle, potential fees, customer service, and security measures, you can find an online checking account that not only meets but exceeds your expectations. Remember, your checking account is at the heart of your financial life – choose wisely.

Frequently Asked Questions

Are online checking accounts safe?

Yes, online checking accounts are safe as long as they’re offered by a reputable bank or credit union that has FDIC or NCUA insurance. This insurance protects your money up to $250,000 per depositor.

Can I deposit cash into an online checking account?

Depositing cash into an online checking account can be more challenging than with a traditional bank. Some online banks have agreements with certain ATM networks or retail outlets where you can deposit cash. You can also deposit cash into a traditional bank account and then transfer it to your online account.

What should I do if I need to write a check?

Many online banks offer free or low-cost checkbooks. However, if you seldom write checks, you may not need a physical checkbook. Instead, you can use the bank’s online bill pay service, which sends a check or electronic payment to the recipient on your behalf.

Do online banks offer customer service?

Yes, most online banks offer robust customer service options, including phone support, live chat, email, and often extensive FAQ sections on their websites. Some even offer 24/7 support.

Source: crediful.com

Apache is functioning normally

May 26, 2023 by Brett Tams

In the past, you had to drive to your bank and work with a teller to manage your deposit accounts. These days, however, you have the option to complete virtually any banking need with any device that has internet access. You can pull out your smartphone and deposit a check. Or you may use your laptop to check your account balance.

That’s where banks called neobanks come in. It’s no surprise that neobanks are more popular than ever before. Let’s take a closer look at what they are and how they work so you can decide whether a neobank makes sense for your particular situation.

20 Best Neobanks

While traditional banks take up more market share than neobanks, you can still find a good amount of them if you do your research and shop around. The right neobank for you will depend on your unique lifestyle, needs, and preferences. To help you hone in on the ideal option, here’s our list of the top neobanks of 2023.

1. Chime

Founded in 2012, Chime is a financial technology company that offers banking services from The Bancorp Bank, N.A. and Stride Bank N.A. The Chime Checking Account is free of monthly maintenance fees and no minimum balance requirements.

Its perks include early direct deposit, automated savings features, access to over 60,000 or more fee-free ATMs, and free debit card replacement. In addition, you can take advantage of SpotMe and get up to $200 in fee-free overdrafts.

There’s also a Chime’s Savings Account, which offers a competitive interest rate with no cap on the amount of interest you can earn. Other services include Secured Chime Credit Builder Visa® Credit Card that doesn’t require a credit check, making it a suitable option if you have limited credit. Chime should be on your radar if you prefer a one-stop-shop for all of your banking needs.

You can read our full Chime review to learn more.

2. GO2bank

For more than a decade, Green Dot Corporation has specialized in alternative banking products. In 2013, GoBank made its debut as the first digital bank offering digital financial services. Then, in 2021, the company launched GO2bank, its second online bank.

GO2bank stands out from other neobanks which require you to sign up online because you can pick up their debit cards in person at Walmart and other popular retailers. GO2bank’s bank account tends to be a popular product in addition to its secured credit card that can help you build credit.

For a comprehensive overview, read our full GO2bank review.

3. Current

Since its inception in 2015, Current, which is not a bank, but a fintech company based in New York City, has partnered with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. Its flagship products are a personal checking and debit card you can access via a mobile app on any iOS or Android device.

Even though Current’s product line is limited, the neobank prides itself on no shortage of perks and benefits. You can get your deposit up to two days early and earn cash back for debit card spending from more than 14,000 merchants. Additionally, Current doesn’t charge minimum balance fees or bank transfer fees and offers fee-free ATM withdrawals from ATMs in the Allpoint network.

If you would like to learn more, take a look at our Current review.

4. Revolut

Founded in 2015, Revolut is one of the largest European neobanks, serving more than 16 million customers. It has expanded its footprint to the U.S. market and has plans to become one of the most reputable neobanks in the world.

Revolut is unique in that it offers a wide array of financial services, such as bank accounts, debit cards, peer-to-peer payments, cryptocurrency, and currency exchange. It supports both individual consumers and businesses with more than 30 currencies. For a neobank with a diverse lineup of offerings, Revolut has you covered.

To learn more, read our full Revolut review.

5. Quontic Bank

Quontic Bank is a full-service, FDIC-insured online bank that was founded in 2002. It offers a range of banking products and services, including checking and savings accounts, credit cards, mortgages, and business banking solutions.

They offer some of the best annual percentage yields (APYs) in the industry. Quontic accounts come equipped with no overdraft fees, no incoming wire transfer fees, no monthly service fees, and access to over 90,000 surcharge-free ATMs.

Quontic also has a savings accounts feature called “Roundup”, which makes saving money simple and easy. In addition, they have a responsive U.S. based customer service team available to assist with any questions or concerns.

Read our full Quontic review for more information.

6. Dave

When Dave began in 2017, its sole focus was paycheck advances. Over time, it evolved to offer a checking account with no minimum balance requirements. If you become a Dave customer, you can receive early access to your paycheck, without a credit check or interest charges.

Dave also offers handy built-in budgeting features and doesn’t charge overdraft fees or ATM fees, as long as you use an ATM from the MoneyPass network. Dave may make sense if you’d like the option for small cash advances to get you through a financial hiccup from time to time.

See also: Free Online Checking Accounts: No Opening Deposit Required

7. Albert

Albert began as a money management app in 2016, but is now a personalized banking service that has attracted over 6 million customers. This digital banking account offers cash back and a range of benefits.

These including no-interest cash advances of up to $250, integrated budgeting and savings tools, and annual savings bonuses of up to 0.10%. There are no minimum balance requirements or overdraft fees. However, there is a minimum monthly fee of $4. Keep in mind that you’ll need to have an external bank account to open an account with Albert.

8. Varo

Varo Bank began in 2015 as a fintech company that partnered with The Bancorp Bank. In 2020, it acquired its own national banking charter, making it different from other neobanks you might come across. Even though Varo operates as an actual bank, it focuses on online banking via its website and mobile app.

Its checking account is free of monthly fees and there’s no minimum balance requirement. Plus it comes with a debit card. In addition, Varo partners with more than 55,000 ATMs through the Allpoint ATM network.

We can’t forget its other perks, such as contactless payments, credit cards with reporting to the major credit bureaus, early direct deposits, and no foreign transaction fee or transfer fees. Varo might be worthwhile if you’re looking for a checking account with all the bells and whistles.

Read our Varo Bank review to learn more.

9. Aspiration

Aspiration was founded in 2013 under the motto “Do Well. Do Good.” It partners with financial institutions like Coastal Community Bank and Beneficial State Bank to offer cash accounts, savings accounts, and a few investment accounts.

Aspiration’s most popular product is the Aspiration Spend & Save Account, which is a hybrid of a checking account and savings account. There’s also the Zero credit card, which offers cash back and plants a tree every time you make a transaction. Aspiration can be a good fit if you’d like to get rewarded for your spending and like the idea of one account for your checking and savings goals.

Read our full review of Aspiration to learn more.

10. Bluevine

Bluevine made its debut in 2013 as a fintech company with a mission to improve banking for small and mid-sized business owners. Its flagship product is the Bluevine Business Checking. It’s completely free and comes with a competitive annual percentage yield and unlimited transactions. This is rarely seen in the world of business checking.

In addition to the business checking account, Bluevine offers financing products, such as lines of credit of up to $250,000. Bluevine should be on your radar if you’re a business owner in search of fast, convenient startup banking and financing.

11. SoFi

Social Finance or SoFi entered the market as a student loan refinance company. Recently, however, the fintech company received its own bank charter to offer digital banking services. You can use the SoFi Checking and Savings combo account to manage your spending and saving needs in one place.

Fortunately, SoFi doesn’t charge monthly maintenance fees, overdraft fees, and ATM fees. Additional perks and extras include no-fee overdraft coverage, sub accounts for various savings goals, and additional products like credit cards, cryptocurrency trading, and retirement accounts, like an individual retirement account.

Read our full review of SoFi to learn more.

12. Acorns

Acorns has a reputation as an easy-to-use micro investing app. Since 2012, many people have downloaded it on their iOS or Android devices to invest their spare change. Over time, Acorns has expanded to offer a checking account.

You can open Acorns Checking for free and enjoy perks such as no monthly or overdraft fees, early direct deposit, mobile check deposit, and access to a network of 55,000 ATMs.

The checking account seamlessly integrates into the Acorns micro investing feature. Plus when you use your Acorns debit card, you can earn cash back at participating retailers and use it to invest, along with your spare change. If you’d like to get started with investing, Acorns is worth considering.

13. One

One is a neobank owned by Walmart. It offers a budget-friendly overdraft program with customized budgeting and savings options for its customers. One’s banking account allows users to organize their money into subaccounts called Pockets.

Pockets offer saving rates of 1% on up to $5,000 for any customer and 1% on up to $25,000 for customers with direct deposit. Additionally, One provides fee-free overdraft coverage of up to $200 for customers with direct deposits of at least $500 per month.

14. Cheese

Cheese is a digital banking platform that was launched in March 2021 and caters specifically to the immigrant and Asian American communities. It offers up to 10% cash back at 10,000 businesses, including Asian-owned businesses and restaurants.

Cheese’s customer support is available in English and Chinese, with more languages to be added in the future. One of the benefits of opening an account with Cheese is that accounts earn interest and do not have monthly fees or ATM fees when using the national MoneyPass ATM network.

15. Unifimoney

Unifimoney is a money management and investment app that helps you manage your banking, investing, and borrowing needs all in one place. It caters to account holders who earn at least $100,000 per year but have significant amounts of student debt. You can download Unifimoney to pay bills, deposit checks, and write checks.

It’s unique in that it also allows you to refinance student loan debt and can create a diverse investment portfolio with particular stocks, cryptocurrencies, precious metals, stocks, and exchange-traded funds (ETFs).

In addition, you can turn to Unifimoney for insurance products, like car insurance and health savings accounts (HSAs). If you’d like to get started with Unifimoney, open the Unifimoney high-yield checking account with as little as $100.

16. NorthOne

Headquartered in New York and founded in 2016, NorthOne offers digital business banking services. If you’re a startup, entrepreneur, or small business owner, NorthOne can be a good fit. It differs from other banks that serve businesses in that there are no transaction limits that require premium upgrades.

You can open a business bank account for a flat $10 monthly fee and won’t have to worry about additional fees for deposits, transfers, ACH payments, or app integrations. In addition, you’ll get to create as many “Envelopes” or sub accounts as you want so you can save for payroll, taxes, and other business needs.

17. Oxygen

San-Francisco based Oxygen focuses on two accounts: the free thinker account for individuals and the pioneer account for business users. Even though it doesn’t charge fees, like monthly fees, ACH fees, and overdraft fees, you will have to pay an annual fee that can go up to a few hundred dollars.

While most neobanks don’t allow for cash deposits, Oxygen does. As long as you have an Oxygen bank account, you can make deposits at GreenDot locations, which are usually located inside popular retailers, like Walmart, Walgreens, and CVS. If you don’t mind paying an annual fee and like the convenience of being able to deposit cash, Oxygen is worth exploring.

18. Bella

Bella is a fairly new player in the neobanking space. Its partner bank is nbkc bank, which allows it to provide banking services. With Bella’s checking account rewards program, you can receive a random percentage of cash back on randomly selected purchases.

The cash back amount may be anywhere from 5% to 200%. Like most neobanks, Bella doesn’t charge monthly fees, ATM fees, and overdraft fees. You can also opt for a no-fee savings account. Bella accounts are FDIC insured for up to $5,000,000.

19. Lili

Lilli services small business owners and believes that managing two accounts is a hassle. That’s why this neobank offers a single account you can use for both your business and personal transactions.

Come tax time, Lili will eliminate financial stress and let you automatically save a certain percentage of your income into a “tax bucket.” Plus, it produces quarterly and yearly reports instantly, reducing your tax prep costs. While the Lili Standard account is free, Lili Pro will run you a couple dollars per month.

If you upgrade to Lili Pro, you’ll get cashback rewards on all your debit purchases and 1% interest on your savings accounts. Lili could be a solid pick if you’re a freelancer or solopreneur hoping to simplify your finances.

20. Monzo

Monzo is a UK-based neobank that just opened up to the U.S. market in late 2022. All accounts are insured by the FDIC for up to $250,000. Plus fee-free withdrawals are available at more than 38,000 ATMs.

Furthermore, Monzo is similar to Aspiration as it strives to protect the planet. Additionally, this neobank offers budgeting tools that can help you meet various savings goals.

What is a neobank?

Often called challenger banks, neobanks have recently entered the financial services industry and challenged banking norms. Most neobanks are financial technology or fintech companies that offer the same banking services you may find at traditional banks, like Bank of America or PNC.

But they promote innovation and act like digital only banks or online banks as they don’t have any physical branches and operate via apps. Most of these apps are user-friendly and loaded with a variety of handy features, such as early deposit and savings tools to simplify the banking experience. They are specifically designed to give you greater control of how you manage and spend your money.

Also since neobanks don’t have any physical branches, their overhead costs and customer acquisition costs are low and enable them to offer more affordable banking products and services. Many neobanks let you choose from a number of free and paid premium subscription services.

Are neobanks safe?

Since neobanks are fairly new and different from many traditional banks, you might wonder whether they’re safe. Fortunately, most of them are very safe because they operate within a regulated market.

These financial institutions typically work with U.S. banks to offer FDIC-insured accounts, which protect your money from potential bank failures and the losses that come with them. To help determine if a neobank is safe, check out their ratings and reviews on reputable websites like the Better Business Bureau (BBB).

Neobanks vs. Traditional Banks

To further explain neobanks and their modern spin on traditional banking, let’s take a closer look at how they differ from traditional banks.

Neobanks

Neobanks operate without physical branches. To take advantage of their offerings, you’ll likely need to download an app and provide some personal information.

While you can expect fewer banking and credit products than you’d find at traditional banks, you’ll reap the benefits of lower fees and extras that improve the overall banking experience.

Some neobanks have decided to expand their lineup of products and services to create more of a one-stop-shop you’d get from a traditional bank. Since most neobanks don’t earn money from lending, like incumbent banks, their business model depends on interchange fees or transaction fees, which usually come from debit cards. They might also charge for premium accounts and extra features.

Traditional Banks

Traditional banks often have brick-and-mortar locations across the country or in a specific geographic region or area. But many of them also have digital banking divisions in which you can perform banking services online.

Most banks focus on strong customer relationships and earning interest through loans as well as account fees from banking, lending, and investing. They typically target customers who appreciate customer engagement and a traditional in-person banking experience.

See also: Best Alternatives to Traditional Banks

Pros & Cons of Neobanks

Just like all types of financial institutions, neobanks have benefits and drawbacks you should consider, including:

Pros

Lower fees: Compared to traditional banks, neobanks offer lower fees. That’s because they don’t have the high overhead costs associated with the upkeep of physical branches.
Higher rates: Neobanks often pride themselves on higher interest rates on their checking and savings accounts. This can make it easier and faster for you to save money.
Convenience: Perhaps the greatest benefit of neobanks is the convenience they bring. You can perform a variety of banking tasks, like depositing checks or making payments from your smartphone device, round-the-clock.
Easy access: You can manage your banking 24/7 without ever having to leave your home and visit a local branch. All you have to do is download an app from the app store.
Simple setup: It’s usually fast and easy to open an account with neobanks. Many of them will approve you, regardless of your credit score or credit history.
Focused services: While most neobanks don’t offer all the services you might find at traditional banks, the few services they do provide focus on service quality and are typically loaded with perks and benefits. For example, you can get a no fee checking account with cash back rewards.

Cons

No bank charters: Neobanks don’t have bank charters. Instead, they often partner with traditional banks to insure their products. Before you move forward with a neobank, ensure they partner with a Federal Deposit Insurance Corp or FDIC-insured bank and offer their own FDIC insurance.
Customer service restrictions: Since neobanks operate on app instead of through physical branches, customer service can be a downside. You may have to turn to chatbots or social media for basic banking questions and support. If you notice fraud in your account, it may be more difficult to resolve the issue.
Fewer services: Traditional banks usually pride themselves on a long list of services, including loans, wealth management, and brokerage services. Neobanks, however, tend to limit their offerings to checking accounts and savings accounts.
Unproven track record: Neobanks are still in the startup phase as many made their debut within the last few years. This means that they may fail and force you to look elsewhere for your banking needs.
Require knowledge of technology: While most neobank apps are intuitive and designed for the average person to use with ease, they may still be inconvenient for some people. If you don’t consider yourself tech literate, a neobank might not make sense.

Bottom Line

There’s no denying that neobanks have revolutionized the banking industry and financial industry. If your primary goal is convenience and you prefer mobile or online banking, a neobank can be a great alternative to a traditional bank or legacy bank. Just make sure you explore all your options and read the fine print before you choose one.

Source: crediful.com

Apache is functioning normally

May 25, 2023 by Brett Tams

If you’re shopping for an online bank with a variety of products, no monthly service fees, and interest earning checking accounts, Quontic Bank delivers. Our Quontic review evaluates the variety of checking and savings accounts.

Plus, we will explore the bank’s history, from a brick-and-mortar bank with New York City branch offices to an online only bank serving consumers in all 50 states. Which Quontic products are right for you?

Quontic Bank Overview

Quontic originated in 2009 as a local bank in New York City, with a mission to serve underbanked and unbanked populations. In 2015, the U.S. Treasury deemed Quontic a Community Development Financial Institution, an honor held by only 3% of all U.S. banks.

As the only all-digital CDFI bank in the U.S., Quontic provides a variety of mortgage products to members in under-served communities across the country.

Quontic differs from many other fintechs or neobanks in several ways.

Originated as a community bank
Dedicated to serving under- and unbanked groups as a CDFI member
Offers a Bitcoin rewards account
Has a virtual location in the metaverse
Provides a wearable payment device for digital transactions

If these features pique your attention, continue reading our Quontic Review for all the details. Quontic also receives high marks from across the Web. It was placed on the Forbes Advisor list of Best Online Banks for 2023, and earned a rating of 4.5 stars or higher from top personal finance websites.

Get started with Quontic

on Quontic’s secure website

Quontic Locations and Rewards

Quontic no longer has real-world branch locations. However, it’s one of few banks with a virtual branch in the Decentraland outpost of the metaverse. Users can access the virtual branch without a VR headset, interact with Quontic employees, earn NFTs, explore products, and more – all as an exclusive, custom avatar.

In addition to its virtual presence, Quontic is accessible online or through the mobile app. It no longer has a New York City branch.

Quontic offers its customers rewards on its checking account and Bitcoin rewards checking account. The online bank also offers a high interest checking account of up to 1.1% APY and high interest savings products, as well.

Quontic Bank Savings Overview

Quontic offers three different savings products:

High yield savings
Money market account
Certificates of Deposit

Interest rates are higher than the national average for all savings products, with no monthly fees. All accounts are FDIC insured up to $250,000 per account holder, per account ownership category.

Which of the savings accounts are best for you? Let’s compare.

Quontic Bank Savings Account Review

The Quontic High Yield Savings account currently offers 4.25% APY on all balance tiers. Interest is compounded daily, so your money can grow faster.

You’ll pay no monthly maintenance fees and no overdraft fees should your savings account go into the negative. However, if you make more than 6 transactions per month, you’ll pay a $10 excess transaction fee for each transfer, check, draft, debit, or similar transaction.

The high yield savings account requires a $100 minimum deposit to open the account. You can fund the account from an existing Quontic account, or via ACH from another bank.

Earnings from a Quontic High Yield Savings vs. a Traditional Savings Accounts

A Quontic savings account offers a hefty 4.25% annual percentage yield to customers right now. The average U.S. savings account right now offers just 0.39%. This national average includes rates from high yield savings accounts like Quontic. Traditional banks typically offer much lower interest rates.

For instance, right now, Chase Bank offers just 0.01% APY, with interest compounded monthly. Interest earned on your Quontic account is compounded daily, which means your money can grow even faster.

APY vs. APR

It’s easy to see that 4.25% is a much larger number than 0.01%. But when there’s less of a gap in the interest rate, you’ll want to compare the APY (Annual Percentage Yield) instead of the APR (Annual Percentage Rate).

Two banks with the same APR will have a different Annual Percentage Yield if one compounds interest daily and the other compounds interest monthly.

Quontic Bank CD Accounts

Quontic Bank offers certificates of deposit in a variety of terms, with yields as high as 4.75% APY. As with other Quontic deposit accounts, money held in CDs is FDIC insured.

CD account rates and terms are as follows:

6 months: 3.75% APY
24 months: 4.4% APY
3 years or 5 years: 4.3% APY

CDs require a minimum deposit of $500 to open, which is half of what many other online banks with similar CD interest rates require. Quontic indicates that withdrawals before the CD matures may be subject to penalties.

Compare CD Rates

Let’s compare CD rates between Quontic and other top-rated online banks with certificates of deposit for similar terms.

Capital One 360, the online and mobile banking option from Capital One, offers CDs with terms ranging from 6 months to 60 months, or five years. The 60-month CD has an APY of 4.1%, putting it slightly behind Quontic’s offerings. However, the two banks have comparable 36-month CDs, both with APYs of 4.3%.

CIT Bank, a renowned online bank, caters to a wide range of customers with competitive savings products and a focus on long-term financial growth.

CIT Bank requires a minimum deposit of only $1,000 for CDs, comparable to Quontic. It offers terms from 6 months to 5 years. However, the APY is notably higher than Quontic’s, reaching up to 5.00% for select terms.

Quontic Money Market Account

If you want high interest rates combined with the flexibility to withdraw your money without fees or penalties, consider a Quontic Bank money market account.

This account compares favorably to other money market accounts when it comes to interest rates, offering a higher APY than top-ranked TIAA, Ally Bank, and Discover Bank, all rated as the best money market accounts by Crediful. The Quontic money market account also has a low minimum deposit of just $100. Once you’ve opened the account, there’s no minimum balance requirement.

This account delivers competitive rates with an APY of 4.75%, with no monthly maintenance fees.

The drawback? You are only allowed six transfers or withdrawals per statement cycle. This may feel limiting, but it can help you remain disciplined in your saving and also save you money on excess transaction fees you might experience with a regular Quontic high yield savings account.

Compare Savings Accounts

If you’re looking to earn the highest interest rate at Quontic, have at least $500 to invest, and don’t mind keeping your money tied up for six months or more, consider parking your cash in a Quontic CD.

Otherwise, you can choose between a high APY of 4.25% with a high yield savings account, or 4.75% with a money market account. If you feel you can be disciplined enough to avoid excess transaction fees, a high yield savings account is the clear winner for competitive rates.

Both the money market account and savings account have no monthly fees and a $100 minimum deposit. Both accounts also come with a Quontic debit card that you can use for purchases online and in stores, or to withdraw money at any of 90,000+ surcharge free ATMs across the U.S.

Quontic Bank Checking Accounts Overview

As a digital bank that focuses on underserved communities, Quontic Bank offers checking accounts that require no credit check to open, no monthly fees, and a low minimum opening deposit. If you’re looking for high interest checking accounts or rewards checking accounts, Quontic Bank has three checking accounts to choose from.

High interest checking account
Bitcoin Rewards checking account
Cash Rewards checking account

Which option is best for you? It depends on how often you plan to use your Quontic debit card for purchases and the types of rewards you prefer. We lay out all the details below.

Quontic Bank Cash Rewards Checking Account

Not many banks offer cash rewards checking accounts, especially with no monthly fee. Quontic’s Cash Rewards checking delivers 1% cash back on all qualifying debit card transactions, which include point-of-sale purchases in stores and online.

Earn 1% cash back on all qualifying debit card transactions, paid at the start of your statement cycle. You’ll need just $100 for minimum deposit to open a cash back account.

Quontic Bank High Interest Checking Account

Quontic checking account customers might prefer high interest checking in lieu of cash back rewards. If that sounds like you, look into opening a high interest checking account with no monthly service fee, no overdraft fees, and no insufficient funds fees, either.

You’ll need to make at least 10 qualifying debit card purchases of at least $10 per statement cycle to cash in on the 1.1% Annual Percentage Yield.

While there is no minimum balance requirement, you’ll need at least $100 to open your account.

Quontic Bank Bitcoin Rewards Checking Account

No other banks offer a rewards checking account that pays you back in Bitcoin. For those looking to invest in crypto, the Bitcoin rewards checking account is a solid choice. It pays 1.5% back in Bitcoin on all eligible debit card purchases.

Quontic Bank lists eligible debit card purchases as:

Point-of-sale transactions in stores
Online purchases

Several types of transactions do not qualify. These include:

ATM withdrawals
Online bill payments
ACH payments
Wire transfers
Transfers from one account to another

You can sell the Bitcoin you’ve accrued at any time for a 2% fee. Cash will be transferred to your Bitcoin checking account. Like other Quontic Bank checking accounts, your Bitcoin Rewards account has no monthly fees, no overdraft fees, and no fees for insufficient funds notices.

Get started with Quontic

on Quontic’s secure website

Compare Checking Accounts

All three Quontic bank accounts come with a debit card and a Quontic Pay Ring, an innovative way to make contactless payments at the point-of-sale. Your debit card gives you free access to more than 90,000 ATMs across the U.S.

You can set up direct deposit to any of your Quontic bank accounts. But the bank doesn’t seem to offer any capabilities to get paid up to two days early, a feature offered by many other top online banks.

However, if you’re looking for bank accounts with competitive rates, robust online banking capabilities, and no monthly service fees, any of these three accounts can work for you. Keep in mind that the Bitcoin account is not available in Hawaii or North Carolina.

More Banking Products from Quontic

In addition to a wide array of checking and savings products with competitive rates, Quontic Bank offers a variety of mortgages. Quontic loan offices specialize in helping those typically under-served in the mortgage industry, including self-employed home buyers, non-US citizens, first-time buyers, and real estate investors.

Quontic Customer Service

Quontic Bank offers customers three easy ways to get in touch with a customer service representative. There is an integrated chat box in the app and on the website. You can enter your phone number and receive a call from a Quontic representative. Or you can speak with someone directly through your computer.

Bank Experience

Those looking for an exclusively online banking experience won’t be disappointed in Quontic. The website and app are both robust and easy to use. You can open an account online in under three minutes.

The app is available in the Google Play store or Apple’s App store. Quontic’s mobile banking experience gives you a few added capabilities over the desktop experience, enabling you to turn your debit card on or off for security, remote check deposit, and connections to a digital wallet.

How to Open a Quontic Account

You can open a Quontic account online or in the app. Visit the Quontic.com home page and click “Open an account.” You’ll be prompted to choose what kind of bank account you’d like.

You’ll need to fund your account through an ACH transfer from an external account or from an existing Quontic account. Take note of the minimum deposits required for the various account types.

None of the Quontic accounts have a monthly service fee, which can save you money compared to traditional banks.

How to Withdraw Money from an Account with Quontic

You can withdraw money from Quontic checking, savings, and Quontic bank money market accounts with no fees using your debit card at any one of the 90,000+ ATMs in Quontic’s network. That includes ATMs at Citi branch locations. You can also request cash back during debit card purchases at stores that allow it.

Finally, you can use Zelle to send money to another checking or savings account, or you can initiate an external transfer to another bank.

Get started with Quontic

on Quontic’s secure website

FAQs

See what people are asking after reading our Quontic bank review.

Is Quontic Bank FDIC insured?

Yes, Quontic Bank is FDIC insured, protecting account holders for up to $250,000 per account holder for each category of deposit accounts.

Does Quontic Bank have any branches?

As a digital bank only, Quontic no longer has local branches. However, its banking services are available in all 50 states and easily accessible online or through the mobile app.

What do I need to open an account at Quontic Bank?

To open an account at Quontic bank, you’ll need your name, address, email, social security number, and an external bank account or existing Quontic account to fund your new account.

Source: crediful.com

Apache is functioning normally

May 24, 2023 by Brett Tams

What is Zelle?

Since its inception in June 2017, Zelle’s instant payment service has exploded in popularity. It has established itself as one of the most widely used methods of money transfer in the United States.

Zelle, a digital payment network, is housed under the umbrella of Early Warning Services, LLC (EWS). EWS is a private financial services company jointly owned by some of the largest names in banking. These include Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank, and Wells Fargo.

How does Zelle work?

Zelle users can quickly send money to other registered Zelle users for free. Anyone can download the Zelle app. However, if your bank or credit union partners with Zelle, you can enroll through your bank’s mobile banking app or website.

To send money via Zelle, all you need is the recipient’s phone number or email address. Once you’ve confirmed the payment, they will receive a text message or email with a link to accept it.

There are currently more than 1,190 banks that use Zelle in the U.S. Below is the full list.

Full Listing of Banks That Use Zelle (A-Z)

Banks Starting With # or A

Banks Starting With B

Banks Starting With C

Banks Starting With D

Banks Starting With E

Banks Starting With F

Banks Starting With G

Banks Starting With H

Banks Starting With I

Banks Starting With J

Banks Starting With K

Banks Starting With L

Banks Starting With M

Banks Starting With N

Banks Starting With O

Banks Starting With P

Banks Starting With Q

Quad City Bank & Trust
Quail Creek Bank
Quaint Oak Bank
Queenstown Bank
Quontic Bank

Banks Starting With R

Banks Starting With S

Banks Starting With T

Banks Starting With U

Banks Starting With V

Banks Starting With W

Banks Starting With Y

Yakima Federal Savings
Yampa Valley Bank

Banks Starting With Z

Zions Bank

Frequently Asked Questions

How do you receive money from Zelle?

If someone sends you money via Zelle, you’ll receive an email or text about their payment. Once you do, click on the link in the email or text. Then, download the Zelle app in the Apple App Store or Google Play if you haven’t already.

Click, “get started” and enter your email address or phone number, depending on how the funds were sent to you. Select “continue” and find your bank. As soon as you add your billing address on the next screen and click “continue,” you’ll be able to receive the transfer and any other transfers in the future.

What are the pros and cons of Zelle?

Just like any other digital payment provider, Zelle comes with pros and cons you should consider, including:

Pros

No fees to send or receive money
Available to customers at almost 10,000 U.S. banks and credit unions
Quick transfers, often within minutes
Chance to earn interest on money kept in checking and savings accounts connected to Zelle
Convenience of no contactless payments

Cons

Can’t cancel a payment after you send it if the recipient is already signed up with Zelle
Inability to link Zelle to a credit card
May require a smartphone
No chance to maintain a cash balance
Only for U.S. customers

Is there a fee for using Zelle?

Zelle doesn’t charge fees to send or receive money. But it’s a good idea to contact your bank or credit union to find out whether any additional fees may apply.

Is Zelle safe?

Since Zelle was created by banks and uses data encryption, it’s safe in most cases, especially when you compare it to alternative options like Venmo and Cash App. Despite this, Zelle doesn’t offer fraud protection for authorized payments.

This means if you use Zelle to make an online purchase, there’s not much you can do if you never receive the item. To avoid all safety concerns, only use Zelle to pay people you know and trust.

What’s the difference between Zelle, PayPal, and Venmo?

PayPal and Venmo are digital payment providers, which are similar to Zelle. However, unlike Zelle and Venmo, PayPal allows you to send and receive payments internationally. Many online retailers use PayPal as well.

Venmo is unique in that it’s a combination of a digital wallet and social media as you can comment with emojis when you send and receive payments. Zelle is not a digital wallet because you can only use it to transfer money from one account to another. While Zelle is generally free to use, PayPal and Venmo do charge fees in some situations.

Source: crediful.com

Apache is functioning normally

May 15, 2023 by Brett Tams

Inside: Did you know that you can get cash back when paying with Apple Pay? If not, there are plenty of rewards and perks to be had.

Apple Pay is the newest way to make payments. It’s the easiest, most secure way for you to pay with your iPhone or iPad anywhere credit and debit cards are accepted.

But how does it work? And what can you get back if you use Apple Pay?

Here is everything that we know about using Apple Pay:

Apple Pay is a digital wallet that allows you to pay with your phone for purchases.

It’s an easy way to spend less, save more, and shop responsibly.

In fact, new trends show that 82% of Americans use digital payment methods; a significant increase over previous years (source).

But what if I told you there was a hidden perk of Apple Pay? You can get cash back on every purchase!

Did you know that you can get cash back when paying with Apple Pay? If not, there are plenty of rewards and perks to be had. This article will go over how it works as well as offer some suggestions on how to take advantage of this new feature.

What is Apple Pay?

Apple Pay is a digital payment system that was introduced by Apple in 2014. With the mobile wallet, Apple Pay allows users to make payments with their iPhones.

You can pay for products and services in person or online using your iOS device. With Apple Pay, you no longer need physical cards as transactions can be made by scanning your fingerprint, iris scan, or Face ID on your device.

Transactions are more secure than traditional methods. In addition, cashback and credit card rewards programs are available for those who use Apple Pay.

Can you get Cash Back with Apple Pay?

Yes, you can get cash back with Apple Pay!

All you need to do is make sure the store takes Apple Pay and have a card linked with your account. Then, make your purchase as usual and earn cash back just like before.

It’s that easy!

Way #1 – Link Your Cash Back Credit Card to Apple Pay

There are a few ways to add your credit or debit card to Apple Pay. One way is to use the Wallet app on your iPhone and follow the steps below:

Tap the plus sign in the upper-right corner of the app.
Enter your card information manually or scan it with your camera.
Verify your details and tap Next.
Choose how you want to use Apple Pay: With Face ID, Touch ID, or a passcode.
Tap Done and wait for a confirmation message that your card has been added.

You earn cash back according to your credit card used with Apple Pay. Also, some credit cards offer additional cash back when using Apple Pay.

Almost all credit card issuers work with Apple Pay.

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.

Way #2 – Apply for the Apple Card

The card is a new electronic cash back card that gives you 3% back on all purchases from Apple and when using Apple Card with Apple Pay at selected merchants. Plus 2% back on all purchases everywhere else.

Given Apple Pay is accepted by over 85% of U.S. merchants it is easy to maximize your Daily Cash.

You can apply for the Apple Card on the Apple website or in the Wallet app.

Way #3 – Get Debit Card Cash Back with Apple Pay

There are a few different requirements to get cash back when using your debit card with Apple Pay.

First, you must link a debit card to your Apple Pay account. The store accepts Apple Pay and the store must offer cash back on the purchases.

For many people, this is easier than going to ATM.

How does Apple Pay work?

Apple Pay was designed to move consumers away from physical wallets into a world where their card is on their iPhone or Apple Watch.

This is done through contactless payment technology which allows users to make payments by holding their device near a contactless reader. The reader will communicate with the device and complete the payment.

Apple Pay is very simple to use.

What are the benefits of using Apple Pay?

Picture of a phone that says I love shopping with a credit card for the benefits of using apple pay.

When you use Apple Pay, there are a number of benefits that come along with it.

#1 – More Secure

Using Apple Pay is more secure than using a traditional credit card.

#2 – Cash Back

You can earn “cash back” rewards on your purchases. Just like you normally would.

#3 – Promotions and Deals

Apple Pay also offers a number of promotions and deals that can help you get the most out of your purchases. For example, right now Apple is offering bonus points for those who use their service to pay for their holiday gifts. This allows you to earn rewards like statement credits and real cash back on your routine purchases.

These promos are emailed to their Apple pay users.

#4 – Convenience

Plus, as more companies begin to accept Apple Pay as a form of payment, it’s becoming easier and more convenient to use this mobile wallet instead of carrying around a bunch of cards in your wallet or purse.

So if you’re looking for an easy way to make payments and rack up some rewards at the same time, then Apple Pay is definitely the way to go!

Is Apple Pay secure?

Apple Pay is a digital payment service that allows users to make payments using their iPhone, Apple Watch, Mac, and iPad. One of the main benefits of using Apple Pay is that it is much more secure than using a physical card.

Your card details are not stored on your device or on Apple’s servers, instead, they are encrypted and stored in the Secure Element on your device. In order to make a purchase with Apple Pay, you need to use your Face ID, Touch ID, or passcode.

When you make a purchase, a one-time payment number and code are created so that the merchant can’t access your credit card information. This makes Apple Pay more secure than traditional methods of paying with a credit card.

How do I know if a store accepts Apple Pay?

Apple Pay is a mobile payment system that allows users to make payments with their iPhone, iPad, or Apple Watch. It’s accepted at many stores and restaurants and can be linked with any other card you have.

To know if a store accepts Apple Pay, look for one of these symbols at the payment counter:

where can i get cash back with apple pay

When using Apply Pay, select merchants offer 3% Daily Cash back.

You need to check with app to see what each store offers.

Also, many stores offer BONUS daily cash!

What happens if I lose my iPhone with Apple Pay?

If you lose your iPhone with Apple Pay, you can use the Find My iPhone app to suspend or remove your card from Apple Pay.

You can also call Apple Support at 1-800-MY-APPLE (1-800-692-7753) if you need help suspending or removing your card from Apple Pay.

Cash Back with Apple Pay

There are a variety of reasons you may want cash back with Apple Pay. Some just want to earn more money when shopping; others want to skip going to ATM for cash back.

Apple Pay is the company’s contactless payment system that allows customers to make purchases by holding their iPhone near a point-of-sale terminal. Apple has been promoting its cash back program for quite a while now, but many customers have been asking how it works because it is a newer cashless digital payment method.

Yes, you can get cash back with Apple Pay.

You need to learn which payment type is best if you are trying to stick to a budget.

Source: moneybliss.org

Apache is functioning normally

May 10, 2023 by Brett Tams

Society is increasingly going cashless, with more people handling their finances digitally for safety and convenience. Yet despite the numerous apps and pay-as-you-go options, debit cards remain essential for transactions, paying bills, and everyday purchases.

This guide explains the basics of debit cards, giving you an overview of how to get one and how they work.

Different Types of Debit Cards

Multiple card types exist, each with a convenient way to pay for purchases. These include standard cards, prepaid cards, and EBT cards. Before you get a debit card, read below for a list of your options.

Standard Card

These debit cards link directly to your checking account, allowing you to make purchases or withdraw cash from ATMs. Modern cards come with perks like contactless payments, mobile access through online and mobile banking, and fraud protection.

Prepaid Card

A prepaid card (or pay-as-you-go cards) are cards you buy and load money into before using. You don’t have to have a bank account to use them, making them a convenient choice if you don’t have access to traditional banking services.

EBT Card

Electronic Benefits Transfer (EBT) cards are cards for government assistance programs such as the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF). You can use them to make eligible purchases at participating retailers.

How much does a debit card cost?

Some banks and credit unions may charge you specific fees for issuing a physical card. When you open a checking account, you usually receive a debit card by default with no initial fee. However, in some cases, banks may charge a monthly or annual maintenance fee that covers the cost of providing and maintaining card services.

Do debit cards come with perks?

Some debit cards come with incentives, like cash back deals or reward points on certain purchases and easy mobile app control. Depending on the bank, you can redeem the reward points for cash or other items.

See also: Advantages of Using a Debit Card

How can I get a debit card?

Getting a debit card is a straightforward process if you have your documents ready. You can apply for an account online, or visit your local bank branch and apply using a teller. Here is a step-by-step guide to getting a debit card without hassles.

Step One: Open a Checking Account

Start by researching to find the best bank or credit union to open a checking account. Make sure to check whether the card comes with fees and what the bank’s terms are. Once you find one, you can visit a branch to open a checking or savings account, or you can apply for a debit card through the bank’s website.

What do you need to get a debit card?

You must have the necessary identifying and personal documents to open a checking account from a bank or credit union and get your debit card. Although some requirements differ for a checking account, you generally need the following:

A valid photo ID like a state ID, a passport, or a driver’s license
Your Social Security number or Tax ID
Proof of address, like a lease or a utility bill
A direct deposit amount that varies between banks

Joint Accounts

If you have a joint account, you need the other person’s information and for them to co sign. You can add their information online or visit a teller and fill out the application onsite.

Step Two: Request Your New Debit Card

Both your bank or a credit union may require an initial deposit to open a checking account. You can do so by depositing cash in person, transferring funds, or mailing a check.

After the institution approves your application and opens your checking account, they will give or mail you a debit card and checkbook. You must activate your card before making a purchase or a payment.

Step Three: Activate Your Card — and Start Using It

Like a credit card, you must activate your new debit card to access funds from your checking account. Although the activation process varies between banks, you can find the activation instructions in the accompanying documentation or on a sticker on the card. Keep an eye on the expiration date, use a designated in network ATM, and minimize web access to your checking account to prevent stolen cards or card lost situation.

Activate Your Debit Card

Standard activation methods include calling a designated phone number, using your bank’s website or mobile app to activate the debit card online, or through an ATM transaction. After activation, your financial institution will confirm that your card is ready.

See also: What Is the Difference Between a Credit Card and a Debit Card?

How to Get Cash from an ATM

Withdrawing cash from an ATM card is an easy process when you have your card handy. Although multiple ATMs exist, using one associated with your bank helps you avoid transaction fees.

Once you find one, insert your debit card into the card slot. The machine will then prompt you to enter your Personal Identification Number (PIN). After doing so, Select the “Withdraw” option from the main menu and choose the account you want to withdraw from.

After selecting “checking” or “savings,” enter your desired withdrawal amount and your money is ready. Always protect your card from unauthorized use and shield your number for added security.

How to Add a Debit Card to a Digital Wallet

To add cash to a wallet like Apple Pay, open the wallet app on your smartphone or device and sign into your account. Locate the “Add Funds” option and choose a funding source, like a linked bank account, debit card, or credit card. Then, enter the amount you want to add. Once you confirm the transaction, the funds transfer instantly to your digital wallet.

Do debit cards have fees?

Yes, your bank or financial institution may charge monthly service fees, monthly maintenance fees, foreign transaction fees, and ATM fees. Always ask a representative before establishing a bank account to avoid overdraft penalties for ATM withdrawals.

How can I avoid overdraft fees?

You can avoid overdraft fees by setting up low-balance or email alerts on your bank’s mobile app and monitoring your spending. You can also link your savings account or credit card for overdraft protection.

Protecting Your Debit Card

To protect your debit card, never share your PIN or card number with others. Regularly monitor your account and manage cards well to detect unauthorized charges and report suspicious activity immediately to your bank. If you have a lost or stolen card, report it immediately to the bank to protect your money.

Using Technology

Technology makes it possible to purchase, pay, and manage your debit cards and credit cards without having physical money in your hand, When paying online, use secure websites and connections for your purchase. You can also enable account alerts to notify you when unauthorized charges happen on your account. Don’t use your debit card if your PIN is visible.

What to Do If Your Debit Card Is Lost or Stolen

Report stolen cards immediately to your bank. They can block the card and prevent unauthorized transactions.

Your bank usually issues a replacement card. However, be sure to update your new card information for recurring payments or linked accounts to avoid late penalties.

Also, record the date and time you reported the theft to your bank and monitor your account if additional transactions or fraudulent activity occurs.

Frequently Asked Questions

What are the requirements to get a debit card?

To get a debit card, you’ll typically need to be at least 18 years old and have a valid checking or savings account with a bank or credit union. Minors can also get debit cards, but they’ll typically need a parent or guardian to co-sign the account.

How long does it take to receive my debit card?

Once you’ve opened an account and requested a debit card, most banks will send you the card within 7-10 business days. In some cases, you might even be able to get a temporary card right away at your local branch.

Can I get a debit card without a bank account?

Yes, prepaid debit cards are a fantastic option for those who don’t have a bank account or prefer not to link their card to one. Just load the card with funds, and you’re good to go. Here are some of the best prepaid debit cards on the market right now.

How can I choose the best debit card for my needs?

Consider factors like fees, rewards, account access, online banking, and customer service when selecting your debit card. Don’t forget to compare different banks and credit unions to find the one that aligns with your financial goals.

Source: crediful.com

Apache is functioning normally

May 10, 2023 by Brett Tams

When you think of everything in your life that needs to be cleaned regularly, your credit card is probably not near the top of the list. But the truth is, during the course of a day, your card can pass through many hands and see plenty of action in credit card readers and ATMs. These exchanges increase the odds of your card picking up dirt, debris, and germs.

Fortunately, there are many ways you can keep your credit card clean without worrying about damaging the plastic, chip, or magnetic strip. Even better, most cleaning methods take less than 30 seconds.

Let’s take a look at some different ways you can practice good credit card hygiene.

Why Clean Your Credit Card?

It’s common knowledge that most paper money and coins carry germs, but credit and debit cards aren’t any cleaner. In fact, microbes, bacteria, and viruses typically stay active longer on hard surfaces like plastic and metal, sometimes for days or even weeks.

If you touch your bacteria- or virus-laden card and then touch your mouth, eyes, or nose, you could be introducing unwanted germs into your body. Washing your hands after handling your card can prevent the spread of germs. So can washing your credit card.

Besides wiping away bacteria, microbes, and viruses, scrubbing your card can also remove dust, dirt particles, and grime. These elements can make your card’s surface feel greasy, gritty, and sticky, and they can accumulate on or around the raised credit card numbers or letters.

Unlimited 2% cash back rewards* and no annual fee.†︎

Earn 3% cash back on up to $12,000 in purchases your first year when you set up direct deposit through SoFi.** After that, earn 2% unlimited cash back on everything.*

Recommended: Cash vs Credit Card: Key Differences to Know

How to Clean Credit Cards

There is no one way to clean your credit cards. The method you use depends on personal choice and the cleaning materials you have on hand. If you’re worried about getting your card wet, rest assured plastic and metal credit cards are meant to be waterproof.

Whatever your cleaning method, there are a couple rules of thumb to keep in mind. The first is to be gentle. Too much elbow grease or force may cause the card to wear down prematurely and could wipe away the ink. The second rule is to dry the card completely before you put it back in your wallet or use it.

Here are some effective ways to clean your credit cards:

Soap and Water

You can wash your credit card as you would your hands — with good old soap and water. Simply suds up your card with hand or dish soap and warm water, and gently clean for 20 seconds before rinsing it off completely. Wipe dry with a paper towel, soft rag, or lint-free microfiber cloth.

Rubbing and Isopropyl Alcohol

Both types of alcohol can be used to clean your cards. Simply wet a cotton ball, tissue, paper towel, or soft cloth with the alcohol and wipe the card. To remove stubborn gunk trapped around the raised letters or digits of your card, try using a cotton swab dipped in alcohol.

Antibacterial or Sanitizing Wipes

The same wipes you use to clean surfaces at home can also be used on your credit cards. These products work to rid your card of any bacteria and viruses hanging out on your credit or debit card.

Multi-surface household cleaner

An all-purpose cleaner will also do the trick of cleaning your card. It’s better to spray the solution onto a cotton ball, paper towel, or clean rag instead of directly onto your card. Vinegar, which also works as a household cleaner, is another option.

UV Light Sanitizer

These devices use ultraviolet light to kill any viruses and bacteria found on nonporous surfaces. Often used to kill germs on cell phones, many of these machines sanitize credit cards as well.

One caveat: If you have a credit card made of metal or a metal composite, you may need to follow a different cleaning regimen. Apple, for example, warns against applying certain products or methods when cleaning the titanium Apple Card. On the list are household or window cleaners, compressed air, ammonia, and abrasive cleaners. If you have a metal card and aren’t sure what material it’s made of, check with your credit card issuer before cleaning it.

How to Clean the Chip and Magnetic Strip on a Credit Card

There may be times when you insert a credit card into a chip reader or swipe it at the card reader machine, but can’t complete the transaction. This could be because your credit card’s chip or magnetic strip needs to be cleaned.

You might think getting the chip or strip wet would damage the card, but in reality, the chip reader and magnetic strip can be cleaned with the methods mentioned above. However, you don’t want to soak your card in any liquid — even soapy water — or scrub the chip or strip too hard. Doing so can damage it over time.

There are also ways to de-gunk a chip or strip that don’t involve cleaning products. For instance, after gently wiping off your card, you can use a rubber eraser to lift any remaining strip residue. Another option is to place a piece of clear tape over a dirty strip or chip and then peel it off.

5 Things to Avoid Doing When Cleaning a Credit Card

Not all cleaning methods are created equal. In fact, some could damage your card. Here are five to avoid.

1. Scrubbing with a rough sponge

You don’t need to apply too much pressure or scour your card with an abrasive sponge. Both could damage the card, especially the chip and magnetic strip.

2. Your washing machine

You might think throwing your card into the wash with your clothes is harmless. But the harsh chemicals found in most laundry detergents could do more harm than good. For one thing, they can cause the card’s protective coating to peel off.

3. Hand sanitizer

While hand sanitizer can work in a pinch, it isn’t the best product to use when cleaning off your card. The moisturizing ingredients in the gel or liquid can leave behind a residue.

4. Soaking in rubbing alcohol

While you can wipe down your card with rubbing alcohol, experts warn against submerging your card in it because it can be corrosive.

5. Using heat

Heat and hot water can kill off germs, but using very high temperatures to clean or sterilize your credit card can actually damage it. Using a blow dryer, a clothes dryer, or boiling water to blast off any germs can cause the card’s plastic to soften or warp.

Cleaning vs Disinfecting a Credit Card

Both cleaning and disinfecting your credit card are effective, but they aren’t synonymous, and one step should precede the other.

According to the Centers for Disease Control and Prevention, you should clean first and then disinfect. Why? Washing a surface before you do anything else removes impurities like dirt, whose presence may make it harder for the chemicals in sanitizers and disinfectants to reach and kill germs.

How Often Should Credit Cards Be Cleaned?

How often you should clean your card largely depends on how often you use it. Ideally, you should clean your credit cards after every use, though that can be difficult if you’re out and about and using your card at different places. Generally, aim to clean your card once a day if you use it regularly, or once a week if you don’t.

Recommended: 7 Tips to Help You Use Your Credit Cards Wisely

Other Credit Card Maintenance Tips

Your wallet can get pretty dirty, making it harder to keep your credit card clean. Try storing it in a plastic photo holder or a card protector sleeve. Your credit card company may have issued your card in one, or you can make your own by wrapping a credit card-sized piece of paper around the card and taping the ends together. Another option is to purchase a separate credit card holder.

You may also want to use contactless credit card payments, which allow you to avoid swiping or inserting your card into a reader. One way to do that is with a contactless credit card. These cards feature an icon that resembles the wi-fi symbol and let you “tap and pay” at a payment machine.

You may also decide to store your credit card in a mobile wallet, which is a virtual wallet that lives on your cell phone, smartwatch, or other mobile device.

Recommended: 11 Tips for Cleaning Up Your Finances

The Takeaway

Any time your credit card changes hands or is inserted into card readers and ATMs, it can pick up dirt and germs that can live on the surface for days or even weeks. Cleaning your credit cards regularly can help protect you from bacteria, viruses, and other germs. Using soap and water, rubbing alcohol, antibacterial wipes, or multi-surface household cleaners may all help you keep your card in tip top shape. Using a contactless credit card or mobile wallet are other ways to cut down on your card’s exposure to germs.

If you’re looking for a new credit card, consider a rewards card that makes your money work for you. With the SoFi Credit Card, you earn cash-back rewards on all eligible purchases. You can then use those rewards for travel or to invest, save, or pay down eligible SoFi debt.
The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.¹

Take advantage of this offer by applying for a SoFi credit card today.

FAQ

Can credit cards survive being washed?

They can, as long as you use gentle methods and surface-friendly products. Things to avoid: using an abrasive sponge and scrubbing too hard; submerging your card in potentially corrosive liquids like rubbing alcohol; and running the card through the washing machine.

Why do people clean their credit cards?

Credit cards can accumulate dirt and germs whenever they change hands or are inserted into a card reader or ATM. Cleaning your credit cards gets rid of bacteria and viruses that can stay on your cards for a period of time. But it can also remove stubborn grime that can scrape or otherwise damage your chip or magnetic strip.

Can you clean a magnetic strip on a credit card?

You can clean a magnetic strip with soap and water, an antibacterial wipe, rubbing alcohol, a safe household cleaner, or a UV light sanitizer. You can even use a pencil eraser or a piece of clear tape to remove dirt from a magnetic strip.

Photo credit: iStock/Khosrork

¹Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, or fractional shares in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit SoFi.com/card/rewards. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.
The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.¹
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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Source: sofi.com

Apache is functioning normally

May 6, 2023 by Brett Tams

Save more, spend smarter, and make your money go further

We live in an increasingly cash-free society. While cash is still king and accepted almost everywhere, more and more people are moving away from cash. From credit cards and contactless payments, different banks and credit issuers have an incentive to make sure that THEIR card is at the top of your wallet. That can lead to an opportunity for people with the financial savvy to earn a little extra by making the most out of their credit cards.

How many credit cards should you have?

The first question you might wonder in trying to make the most out of your credit cards is how many credit cards you should have. While there is no one right answer to that question, you should consider the possibility of signing up for a new credit card. The reason for that is that the most value you will ever get from your credit card is its welcome or signup bonus.

Normally, credit cards might give anywhere from 1-2 cents (or 1-2 airline miles or points) per dollar spent on most purchases. It’s really hard to get any appreciable amount of rewards only earning one or two cents per dollar. On the other hand, when you sign up for a new credit card, the credit card company will usually offer an initial signup bonus.

An example might be earning 50,000 airline miles for spending $2,000 in the first three months of having the card. So while you’re making that $2,000 of spending, you’re earning TWENTY-FIVE miles per dollar spent. An example like that can help illustrate the power of signing up for new credit cards — it’s just so much easier to get a healthy balance of rewards this way.

How signing up for credit cards affects your credit

Before you start signing up for every credit card you see, there are a few things that you’ll want to know. One of the most common credit card questions people ask is whether signing up for new credit cards hurts your credit score. For most people, signing up for a new credit card every couple of months will not have a material impact on their credit score. In fact, the increased credit limit can actually help your credit score.

Get organized

The one thing that CAN hurt your credit score is if you aren’t organized and start missing payments on your credit card. So if you do decide to open new credit cards, make sure that you have a system in place for organization. You want to make sure that you have the financial ability and discipline to pay your credit card statement, in full, every month. If you don’t, you risk hurting your credit score, and the interest and late fees can really put a dent into any rewards that you might earn.

Using the “right” credit card

When you only have one credit card, it’s pretty straightforward to decide which card that you should use with any given merchant. You just use the one credit card that you have, every time and everywhere. If you have multiple credit cards, it starts to get a bit more complicated. Some credit cards earn the same amount of rewards no matter where you use them, while others earn bonus points in certain categories.

There are a couple of ways that you can handle using the “right” credit card. Some people just try to remember what bonus categories each of their cards have and use the right one based on their memory. Another strategy is to tape a small note to each card in your wallet with where to use it — groceries, gas, restaurants, everywhere else, etc.

An important thing to remember is that the difference between using the “right” and “wrong” credit card on any one transaction is minimal. We’re talking less than a dollar’s worth of rewards per purchase. And while every bit adds up, it’s not something to lose a whole lot of sleep over.

Maximize your credit card rewards

Once you have earned a good stash of credit card rewards, it’s time to put them to their best use. If you’re wise, you can maximize your credit card rewards without hurting your credit. A good rule of thumb is that most travel rewards are best used with the program where you’ve earned them. Delta Skymiles are best used to travel on Delta; Hilton Honors points are best used to stay at Hilton hotels.

Flexible bank rewards points like American Express Membership Rewards, Citi ThankYou points, or Chase Ultimate Rewards are more valuable because they can effectively be used in multiple ways. You can use them to pay for travel, transfer them to hotel or airline travel partners or redeem them as statement credits to help pay yourself back. Having that flexibility is a good way to maximize the value of your rewards points.

Save more, spend smarter, and make your money go further

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Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free / cheap. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and 6 kids. More from Dan Miller

Source: mint.intuit.com

10 Best Banks for Digital Nomads

1. Revolut

2. Chime

3. Capital One

4. Wise

5. Chase

6. HSBC

7. Citibank

8. Monzo

9. Charles Schwab Bank

10. Bank of America

Features to Consider When Choosing the Best Bank for Digital Nomads

Banking Experience

Account Types

ATMs and Debit Cards

Fees

Interest Rates

Security

Customer Service

Reviews

Online Banking Features

Bottom Line

Frequently Asked Questions

What is a digital nomad?

Why do digital nomads need a specific bank?

What is the best bank for digital nomads and expats?

How can I avoid transaction fees when banking as a digital nomad?

Do I need to have a permanent address to open a bank account as a digital nomad?

Can I open a bank account in a foreign country as a digital nomad?

Can I use my digital nomad bank account for personal transactions?

Will my digital nomad bank account have all the features of a traditional bank account?

What should I do if I lose my debit card while traveling?

What are the best banks for international wire transfers?

FDIC Insurance (Federal Deposit Insurance Corporation)

How to Choose a Safe Bank Account

What We Mean By a Safe Bank

Safety Measures Banks Use

12 Safest Banks in the U.S.

1. JPMorgan Chase

2. U.S. Bank

3. TD Bank

4. Citibank

5. Charles Schwab Bank

6. M&T Bank Corporation

7. Wells Fargo

8. PNC Bank

9. Capital One

10. AgriBank

11. CoBank

12. AgFirst

Bank vs. Credit Union

What makes credit unions safe?

What makes the safest banks in the U.S. secure?

What happens if a bank fails?

Are online banks safe?

10 Best Online Checking Accounts

1. Chime Checking Account

Key Features

2. Axos Bank Rewards Checking

Key Features

3. Current Account

Key Features

4. SoFi Checking and Savings Account

Key Features

5. Ally Bank Interest Checking Account

Key Features

6. Consumers Credit Union Serious Interest Checking

Key Features

7. Quontic High Interest Checking

Key Features

8. Alliant Credit Union High-Rate Checking

Key Features

9. Schwab Bank Investor Checking

Key Features

10. Navy Federal Credit Union Free EveryDay Checking

Key Features

What is an online checking account?

Criteria for Evaluation

How to Choose the Right Online Checking Account for You

Bottom Line