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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 4, 2023 by Brett Tams

Polly, a leading provider of innovative mortgage capital markets technology, recently announced the appointment of industry veteran Cheryl Messner as chief customer officer (CCO).

Messner, who has extensive experience and expertise in mortgage fintech, joins Polly as the company experiences significant growth and adoption in the industry.

“Polly has revolutionized traditional pricing and loan delivery, while simultaneously establishing an unmatched reputation with their customer partners. I am inspired by the team’s accomplishments thus far, and I am excited to contribute to an organization that truly listens to the voice of the mortgage lender and is committed to exceeding their expectations,” Messner said.

In her new role as CCO, Messner will spearhead corporate strategies aimed at enhancing Polly’s unique customer partner experience. Her responsibilities will include overseeing onboarding and implementation processes, as well as driving cross-functional initiatives to ensure ongoing value and success for customers throughout their lifecycle.

Additionally, Messner will act as a liaison between clients, product development, and technical teams to provide valuable customer insights for the development of impactful features and new functionality.

“In addition to a unique blend of interpersonal and technical expertise, Cheryl possesses innate industry acumen that positions her as an incredible advocate for our customer partners,” Adam Carmel, founder and CEO of Polly, said. “I have full confidence that her vision and strategy will further evolve our customer-first culture and elevate Polly to new heights, always keeping our customers at the forefront of our focus. I am delighted to welcome Cheryl to our team and eagerly anticipate the remarkable achievements we will accomplish together.”

With over two decades of mortgage fintech experience, Messner brings a wealth of knowledge to her new position. During her 15-year tenure at Optimal Blue, Messner played a pivotal role as the director of product management, leading the design, development, and roadmap strategy for the Optimal Blue PPE.

Prior to that, Messner held senior and executive-level roles in client services. Most recently, she served as EVP of customer success and experience at Sales Boomerang and Mortgage Coach, focusing on operations, growth opportunities, and client engagement.

Messner’s appointment follows the recent hiring of Parvesh Sahi, former SVP of business and client development at ICE Mortgage Technology, as chief revenue officer at Polly. With the company’s mounting success and adoption across the industry, Polly continues to attract top talent and solidify its position as a pioneering force in mortgage technology.

Founded in 2019 by a team of experienced technology and mortgage professionals, Polly is a San Francisco-based provider of mortgage capital markets technology for banks, credit unions, and mortgage lenders nationwide.

This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.

Source: housingwire.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

June 3, 2023 by Brett Tams

One of the trickiest aspects of homeownership is unloading an existing property while acquiring a replacement.

Aside from being stressful, it can also be difficult it not impossible thanks to financing constraints and unwanted contingencies, which a home seller likely won’t accept in a hot market.

Unfortunately for those in this predicament, real estate is red hot at the moment, thanks to a lack of inventory and record low mortgage rates.

This means contingent offers, where you must sell before you commit to buy, aren’t likely to be accepted. And worse yet, even an offer that requires a mortgage could be denied in favor of an all-cash offer.

Enter “Knock Home Swap,” which as the name implies, looks to solve this common conundrum by giving the concurrent home buyer/seller some helpful tools to compete.

How Knock Home Swap Works

how knock works

First you get pre-approved for a mortgage with Knock Lending LLC
This allows you to make offers on a replacement home with down payment assistance included
Once you find the right home you can move in and make just the new mortgage payment
In the meantime, your old home will be prepped, listed, and sold while they cover monthly mortgage payments

We’ve heard of home swapping before, with it being a common feature with popular iBuyers.

For example, Opendoor, HomeLight, Reali, and Offerpad all offer trade-in programs where you can sell them your home and buy one from them at the same time.

But unlike an iBuyer, Knock doesn’t purchase your old home from you—instead, it’s sold on the open market via a licensed real estate agent. Ideally for a much higher price.

To close the buy/sell gap, they integrate a “competitive mortgage,” along with an interest-free bridge loan (similar to the one Compass offers) that covers the down payment on the new home, along with mortgage payments on the old home.

You can also claim up to $25,000 for “home prep and repairs” on the old property so it sells quickly and for top dollar, similar to the service provided by Curbio.

So it’s almost like Knock combined several different fintech offerings into one to make the home selling, buying, renovating, and mortgage financing process one smooth transaction.

In exchange for all these services, Knock charges a 1.25% convenience fee when you close on your new home, which can be rolled into the mortgage if you wish.

Once your old home sells, you pay back Knock for any monies advanced, such as down payment assistance, mortgage payments, and home preparation costs.

Speaking of, they’ll advance up to six mortgage payments on your old home, $25,000 in home renovation costs, and up to 5% down payment on the new purchase.

Which Homes Qualify for Knock Home Swap?

Property must be located in their service area (new markets launching soon)
Must be single-family residence, condo, or townhome that is eligible for traditional home loan financing
Title must be clear and held by seller
Must be owner-occupied or vacant (no tenants)
Knock must value home at $150k or higher (or combined value of old/new homes must be at least $350,000-$400,000)

At the moment, Knock Home Swap is live in a limited number of cities, mostly located in Florida and nearby states.

Those cities include Atlanta, Austin, Charlotte, Dallas-Fort Worth, Fort Lauderdale, Houston, Jacksonville, Orlando, Miami, Phoenix, Raleigh-Durham, San Antonio, Tampa, and West Palm Beach.

Several more markets are expected to launch this year and in 2021, so stay tuned.

It should be noted that both homes must be in those markets in order to qualify. Additionally, the property cannot be in an age-restricted community, nor can it be a distressed sale or bank-owned.

They also won’t go for homes with a solar lease, unpermitted additions, or significant foundation or water damage.

It is available exclusively through local broker and real estate agent partners who have been trained as Knock Certified Agents.

Why Use Knock Home Swap?

why use knock

You can buy a new home before selling your old home
You can get down payment assistance (up to 5%) for new home purchase
They provide the home loan and bridge financing that pays old mortgage before you sell
Can get up to $25,000 in home renovation costs fronted to sell your home for top dollar
Fee is only 1.25% plus standard real estate commissions and closing costs

There are several reasons why an existing homeowner might consider using a service like Knock Home Swap.

For one, it can be difficult to buy and sell a home at the same time because contingencies are often frowned upon.

So again, if the market is hot, or a particular property you have your eye on is popular with other buyers, the seller likely won’t accept a contingent offer.

Additionally, there can be complications when trying to juggle two mortgages at once, especially if affordability is already stretched.

There’s also the sheer timing of things when selling one property and acquiring another – will you need a leaseback before you move into the new home?

With Knock Home Swap, you can get the ball rolling on your new home and concurrently renovate and prep your old home to list, without worrying about where you’re going to live.

And you aren’t selling your home at a basement price to an iBuyer – it’s sold on the open market after suggested repairs are made, meaning it should go for a decent price.

Additionally, there’s more certainty overall if one company has approved your mortgage and is covering the old one while your former property sells.

In terms of gotchas, they do charge a fee of 1.25% for the service, which while not free, seems reasonable. I believe it’s based on the new home sales price.

Of course, they are also originating your mortgage and presumably taking full real estate agent commission on both the new home and the old home.

This could mean a standard fee of 2.5% to 3%, which might be more expensive than what other discount real estate brokerages charge.

Still, you seem to get a lot of good value out of it, and if the repairs they suggest result in a higher sales price for your home, it could cover the fees and then some.

Knock Lock and Shop

In early October 2022, the company unveiled a new solution known as “Lock and Shop,” which is basically a mortgage pre-lock option.

It allows prospective home buyers to lock an interest rate while shopping for a property to buy.

If rates go up during that time, they will enjoy their lower, locked interest rate regardless.

If rates happen to go down, they might receive the option of a float-down to capture some of that improvement.

The rate lock periods are being offered in 60, 75, 90, and 120-day increments, with longer lock periods resulting in higher interest rates. And vice versa.

The Lock and Shop feature can be used in conjunction with Knock Home Swap and Knock GO (Guaranteed Offer), which allows first-time home buyers to compete with all-cash buyers.

Knock also recently launched an interest-free equity advance loan that can be used to buy down your mortgage rate and/or increase your down payment to lower monthly mortgage payments.

It can also be used to cover the cost of a rate lock extension via the Lock and Shop program.

Source: thetruthaboutmortgage.com

Apache is functioning normally

June 3, 2023 by Brett Tams

Miami-based fintech Milo has closed $10 million in cryptocurrency mortgages since unveiling the product earlier this year, the company announced early Tuesday.

The lender’s 30-year crypto mortgage is designed to make it easy for investors to use their digital holdings to acquire homes in the U.S.

Through the crypto-lending program, Milo allows borrowers to pledge cryptocurrency through regulated custodians — crypto platforms such as Coinbase or Gemini — and thereby finance as much as 100 percent of the property purchase price, with a cap of $5 million.

“We have incredible momentum and see a fundamental need to help individuals diversify their wealth to generate real world yield through real estate,” said Josip Rupena, founder and CEO of Milo.

Milo’s 30-year crypto-mortgage requires no down-payment, other than pledging the cryptocurrency as collateral, and is available at an interest rate as low as 6.95%. That rate, however, can change, according to Milo. The interest rate is reviewed annually to assess the ratio of crypto assets pledged as security to the total loan amount.

“The higher the ratio is, the lower your rate will be,” according to Milo’s website. The lower the ratio, of course, the higher the rate adjustment will be for the crypto-mortgage.

Milo’s crypto-loan program, however, allows homebuyers to keep their cryptocurrency — Bitcoin, Ethereum and USD Coin all qualify for use as collateral — while acquiring property and potentially benefiting from price appreciation in both assets.

“Given the current state of the market, we’re extremely proud that we have not had any margin calls or negative counterparty exposure, all while continuing to originate mortgages,” Rupena said. “As a licensed and regulated entity, we take our responsibility seriously to ensure our clients’ crypto is safe and returned when requested.”

Milo also offers a tech-enabled non-crypto mortgage product that serves U.S. and foreign nationals who want to purchase a home in the U.S., or pursue refinancing. Milo, a licensed and insured direct lender, reports some $100 million in loans have been originated through its more traditional mortgage line — with applicants hailing from more than 90 countries, according to a news release announcing Milo’s crypto-mortgage milestone.

The company started rolling out its crypto-mortgage product in April of 2022 and has since added 20 employees, company representatives said, for a total of about 40 employees. Milo also has plans to soon introduce a crypto-mortgage refinancing product.

“The success of our crypto mortgage over the past few months serves as a testament to our ability to pioneer and create a unique solution for the crypto community,” Rupena said.

Source: housingwire.com

Apache is functioning normally

June 2, 2023 by Brett Tams

Some of the largest banks call America home. These banks are backed by the Federal Deposit Insurance Corporation (FDIC) and offer a variety of products and services. If you prefer a big bank over regional banks or a smaller, community bank, you’ve come to the right place.

Below we’ve compiled a list of the largest banks in the U.S. Once you read through it and perform some of your own research, you should be able to choose a bank or two that meets your needs.

How to Measure Bank Size

First, let’s discuss how to measure the size of a bank. We can do so by looking at the number of customers, number of branches, and number of employees.

But perhaps the best way to measure bank size is by focusing on the total assets under management. This figure shows the actual size of a bank, regardless of how many employees, branches, or ATMs it has.

In our list of the largest banks in the U.S. below, you’ll find that we include each bank’s total assets so you can get a better idea of just how large it is.

Bank Services

We also thought it would be a great idea to briefly discuss how banks work and what they can do for you as a customer. Banks have been around since at least the 14th century. They offer a safe place for individuals and business owners to park their cash and work on various financial goals.

While every bank has their own unique lineup of services, most of them provide checking accounts, savings accounts, and loan services. Some go the extra mile with credit cards, wealth management services, and other conveniences.

Types of Banks

In addition, it’s wise to go over the types of banks at your disposal. The most common types of banks you’ll find include:

Retail banks: Retail banks serve the public and typically have branches and main offices. They provide a wide range of services, like checking and savings accounts, mortgage and loan services, auto financing, CDs, and individual retirement accounts (IRAs). Retail banks may be regional banks operating in various states.
Commercial banks: Also known as corporate banks, commercial banks gear their offerings to small business owners and larger corporate entities. In addition to the usual banking services, they may offer cash management, employer services, and commercial real estate services.
Investment banks: Investment banks are designed for corporate clients with complex needs, like mergers and acquisitions. These clients are large corporations, governments, and hedge funds.
Central banks: Central banks are not available to the public. Instead, they’re an independent institution that oversees the money supply and monetary policy in the country. The Federal Reserve Bank is the central bank in the U.S.

Banks vs. Credit Unions

While banks are quite popular, some customers use credit unions instead. While credit unions also offer banking services, like checking and savings accounts, they’re not for profit institutions that are managed by their customers or members.

Compared to banks, credit unions tend to deliver more personalized service. But they also provide fewer services and have fewer branches and ATMs. A credit union can make sense, depending on your unique goals.

20 Biggest Banks In The U.S.

Here’s an overview of the largest banks in the U.S.

1. JPMorgan Chase & Co.

Total Assets: $3.381 Trillion

Headquarters: New York City, New York

If you focus on consolidated assets, JPMorgan Chase earns the spot as the largest bank in the U.S. This investment bank is also a holding company for subsidiaries, including Chase Bank. Chase, which is J.P. Morgan’s consumer banking division, has more than 4,700 branches in the U.S. plus more than 30 branch locations abroad.

According to Chase, almost half of the households in the U.S. are Chase customers. It attracts digital savvy customers that value online banking and products with artificial intelligence (AI). In addition to consumer banking, JPMorgan Chase is a combined bank that offers commercial banking, asset and wealth management, and investment banking.

Chase offers some of the most popular cash back and travel credit cards that can earn you valuable rewards through their program, Chase Ultimate Rewards. Using these credit cards for everyday purchases can earn you travel points, cash back, and other benefits.

2. Bank of America Corp.

Total Assets: $2.440 Trillion

Headquarters: Charlotte, North Carolina

Bank of America is a multinational bank with nearly 66 million customers and small business clients across the globe. It has a few divisions, including Merrill, Bank of America Securities, and Bank of America Private Bank.

As a Bank of America customer, you can enjoy access to a wide variety of products and services as well as access to more than 4,000 branches and more than 17,000 ATMs.

Just like most big banks, Bank of America prides itself on a robust mobile app, the Zelle payment solution, and other intuitive digital tools. Its various service lines include consumer banking, corporate banking, credit cards, insurance, investment banking services, institutional banking, mortgage loans, private banking, private equity, and wealth management.

3. Citigroup

Total Assets: $1.720 Trillion

Headquarters: New York City, New York

Citigroup, which is widely known as Citi, is an investment bank and financial services firm. When Citigroup merged with Travelers Group in 1998, it became a major player in the financial space. Citibank, Citigroup’s retail banking division has more than 700 branches in the U.S. and over 1,800 branches outside the U.S.

Most of the U.S. bank branches are in Florida, California, New York, and Washington DC. Citibank manages over 138 million bank accounts and has 65,000 fee-free ATMs across the country. Over the years, it has earned high rankings for its digital money management tools, including one that shows customers a financial wellness score.

4. U.S. Bancorp

Total Assets: $582.25 Billion

Headquarters: Minneapolis, Minnesota

The parent company of U.S. Bank, Bancorp’s locations are mainly in the Midwest. It offers personal and business banking with more than 3,000 branches and 5,000 ATMs. Over the years, Bancorp has worked to become a responsible financial provider and earn a spot on the Ethisphere Institute’s World’s Most Ethical Companies list.

As a Bancorp customer, you can access information about your accounts through Google Home and Amazon Alexa. You may also download the handy mobile app to make mobile deposits and perform other services, like transactions via Zelle.

5. PNC Financial Services Group

Total Assets: $534.35 Billion

Headquarters: Pittsburgh, Pennsylvania

PNC is short for Pittsburgh National Corporation. PNC Financial Services is the bank holding company of PNC Bank, which has more than 2,000 branches across 21 states. It stands out among other large banks for its unique customer perks and products for individuals and business owners. The Virtual Wallet tool, for example, lets you manage your money online or on your mobile device.

You can keep your checking and savings accounts together or just stick to one type of account, depending on your particular needs. In addition to traditional banking services, PNC offers mortgages, home equity lines of credit, auto loans, personal loans and personal lines of credit, student loans, and student loan refinancing.

6. Wells Fargo

Total Assets: $1.71 Trillion

Headquarters: San Francisco, California

Wells Fargo made its debut in 1852 when it was first opened by investing partners, Henry Wells and William Fargo. It was initially designed as a bank and express delivery service for gold. Eventually, Wells Fargo expanded as a consumer bank to serve all types of customers with various banking needs. It is admired for its long list of offerings and the Wells Fargo mobile app that helps customers track their spending and simplify their bills.

While Wells Fargo has focused on consolidating and prioritizing digital banking services in recent years, it still has about 4,700 locations and more than 12,000 ATMs around the U.S.

In addition to personal and small business banking, Wells Fargo supports commercial banking, investing and wealth management, and investment banking.

7. Truist Financial Corporation

Total Assets: $532.08 Billion

Headquarters: Charlotte, North Carolina

Compared to the other large commercial banks on this list, Truist is fairly new. It was formed in 2019 as the result of one of the largest bank merger between BB&T and SunTrust.

Truist is made up of three major divisions, including Truist Bank, Truist Securities, and Truist Insurance Holdings. These divisions employ over 37,000 people that work in consumer and commercial banking, investment banking, mortgages, and insurance.

It offers a variety of noteworthy perks, such as no overdraft fees, a $100 negative balance buffer, and automatic upgrades. The bank also places a lot of emphasis on community involvement and giving back.

8. Goldman Sachs Group, Inc.

Total Assets: $501.91 Billion

Headquarters: New York City, New York

Goldman Sachs was founded in 1869 by Marcus Goldman, a German American shopkeeper. Its original purpose was to help merchants and small businesses with short-term funding. Eventually, Samuel Sachs joined Goldman in 1882. Today, Goldman Sachs has a reputation as a leading global investment banking, management, and securities firm.

In the fall of 2016, Marcus by Goldman Sachs, its online banking division made its debut and began to offer numerous financial products, like savings accounts, certificates of deposit, credit cards, and loans.

In addition to these offerings, Goldman Sachs provides asset management services, mutual funds, investment banking and management, prime brokerage, commodities, and commercial banking.

9. Charles Schwab Corporation

Total Assets: $407.90 Billion

Headquarters: San Francisco, California

Charles Schwab is a multinational financial services firm with a focus on investment accounts, such as individual retirement accounts (IRAs) and brokerage accounts.

You’ll find an extensive selection of funds with low expense ratios as well as commission-free stock and ETF trades. While there are over 360 Charles Schwab branches with financial consultants, you can take advantage of its services online.

Schwab also offers a high-yield checking account. Whether you’re new to investing or consider yourself a veteran, you can benefit from Charles Schwab.

10. TD Group U.S. Holdings

Total Assets: $405.22 Billion

Headquarters: Wilmington, Delaware

While TD Bank has roots in Canada, it’s been in the U.S. market since 2007 when it acquired Commerce Bancorp. There are more than 1,100 branches and 700 ATMs across fifteen U.S. states and Washington D.C.

TD Bank offers the typical lineup of banking products and services but is known for its branch convenience. Most branches have long hours, are open on the weekends, and provide curbside pickup for new debit cards.

If you prefer in-person banking, TD Bank is certainly worth exploring. Many of its accounts come with generous sign up bonuses and access to comprehensive online banking features, such as online bill pay, Zelle, and remote check deposit.

11. Capital One Financial

Total Assets: $388.44 Billion

Headquarters: McLean, Virginia

Since it was established in 1988, Capital One bank is one of the newer large banks on our list. In only a few decades, the bank has grown significantly, thanks to its credit card offerings in the early 90s.

Once 2016 came around, Capital One was named the third-largest credit card issuer in the U.S. These days, Capital One continues to offer credit cards as well as digital services through Capital One 360.

Capital One 360 stands out for its Capital One’s 360 Performance Savings account, which comes with no minimum opening deposit and no minimum balance requirements.

It also has a mobile banking app with mobile check deposit, customized alerts and notifications, Zelle, free credit score monitoring via CreditWise, and more. There are about 775 branches, 2,000 ATMs, and nearly 30 Capital One cafes.

12. Bank of New York Mellon

Total Assets: $365.10 Billion

Headquarters: New York City, New York

Bank of New York Mellon came about after a 2006 merger between Mellon Financial Corporation and The Bank of New York. The Bank of New York was originally founded in 1784 by Alexander Hamilton, the first Secretary of the Treasury of the U.S. Bank of New York Mellon is now one of the largest securities firms in the word.

It specializes in a number of solutions and services for corporations, insurance companies, banks, brokers, dealers, and other reputable clients in the financial industry. In addition, the bank offers private investment and wealth management services for wealthy clients.

13. State Street Corporation

Total Assets: $296.43 Billion

Headquarters: Boston, Massachusetts

State Street Corporation was founded in 1792 as a financial services and asset management company. It has more than 40,000 employees and a global presence in over 100 markets.

Its offerings include investment research and trading, investment management, and securities lending for clients, such as insurance companies, pension funds, and asset owners.

14. Citizens Financial Group

Total Assets: $226.53 Billion

Headquarters: Providence, Rhode Island

Citizens Financial Group, Inc. has been around since 1828. It owns Citizens Bank, its retail division and offers credit cards, deposit accounts, personal loans, student loans, refinancing, and a number of other financial services. Citizen Bank mainly operates in the Northeast and Midwest.

In addition to more than 2,700 ATMs, there are over 1,100 branches in New England states as well as Delaware, Michigan, Ohio, Pennsylvania, New York, and New Jersey. The bank provides extended call center hours, a streamlined online experience, and a highly rated mobile app.

15. Silicon Valley Bank

Total Assets: $211.82 Billion

Headquarters: Santa Clara, California

Silicon Valley Bank made its debut in 1983. Today, it serves as a full-service commercial bank for technology and life sciences companies. Aside from traditional banking services, Silicon Valley Bank offers foreign exchange, venture capital, and treasury management services.

It has supported innovation for several well-known tech companies, including Google and Facebook. Many people give it credit for establishing Silicon Valley.

16. Fifth Third Bank

Total Assets: $205.55 Billion

Headquarters: Cincinnati, Ohio

Fifth Third Bank is a subsidiary of Fifth Third Bancorp and known as one of the largest banks in the Midwest. It has approximately 1,100 branches that span across Ohio, Florida, Georgia, Kentucky, Illinois, Indiana, Michigan, North Carolina, Tennessee, and West Virginia.

As a customer, you can enjoy access to more than 50,000 ATMs across the country and no opening deposit requirements for checking and savings accounts.

In addition to deposit accounts, Fifth Third Bank financial institutions offer mortgages, auto financing, personal loans, insurance, and investing products. Products and services are available to business customers as well.

17. First Republic Bank

Total Assets: $197.91 Billion

Headquarters: San Francisco, California

First Republic Bank is a premier private bank with more than 80 branches across the country. Its vast lineup of products and services includes checking accounts, savings accounts, money market accounts, IRAs, CDs, and wealth management.

Business customers can take advantage of business loans, business lines of credit, commercial real estate loans, and small business loans. The bank focuses on philanthropy and constantly supports programs related to art and education.

18. Morgan Stanley

Total Assets: $191.35 Billion

Headquarters: New York City, New York

Morgan Stanley’s roots date back to 1935. Today, the bank is a reputable, multinational investment management and financial services company. It has over 700 locations in every state as well as Washington D.C.

Its investing division includes three portfolios, including the impact portfolio, market-tracking portfolio, and performance-seeking portfolio. Whether you’re a beginner investor or wealthy client, Morgan Stanley may be a solid pick.

19. KeyBank

Total Assets: $184.67 Billion

Headquarters: Cleveland, Ohio

KeyBank was founded in 1825 and is now considered a community bank with a presence in 15 states. It has more than 40,000 ATMs in its network and 1,000 full-service branches. The bank also partners with the AllPoint Network of over 40,000 ATMs nationwide.

Its standard services include checking accounts, savings accounts, home loans and mortgages, lines of credit, credit cards, investing, insurance, and debt consolidation. In 2021, KeyBank acquired several digital businesses including digital platform XUP Payments and GradFin, a student loan counseling fintech.

20. Ally Bank

Total Assets: $182.2 Billion

Headquarters: Sandy, UT

While it’s based in Utah, Ally Bank is an online only bank with a long list of digital banking solutions. Its deposit accounts come with no monthly maintenance fees or minimum balance requirements.

The bank also pays high yields on CDs and savings accounts than traditional banks with brick-and-mortar banks. As a customer, you can enjoy 24/7 customer services and access to more than 43,000 ATMs through the Allpoint network.

Bottom Line

As you can see, there are many large banks in the United States. Each one has its own unique perks and priorities. To choose the right bank, consider your location, needs, and preferences.

If you’re looking for personal banking services and prefer a digital platform, Goldman Sachs and its Marcus division may be the way to go. But if private wealth management is your top priority, you may be better off with Bank of New York Mellon. Best of luck in your search for the perfect large bank.

Largest Banks in the U.S. FAQs

What is a bank?

Put simply, a bank is a financial institution that can legally accept checking and savings deposits and distribute loans. Some banks also offer additional services like certificates of deposit (CDs), individual retirement accounts (IRAs) and wealth management.

What is the largest bank in the world?

The Industrial and Commercial Bank of China is the largest bank in the world. The bank’s assets add up to $4.324 Trillion.

What are the ten largest banks in the U.S.?

Ranked in total asset value, the ten largest banks in the U.S. include JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bancorp, PNC, Truist Bank, Goldman Sachs, Charles Schwab, and TD Group.

How do I choose a bank?

To choose the right bank, focus on what you’re looking for. For more personalized service, you might want to explore a community bank. But if you prefer branch locations across the country and a long list of offerings, one of the large banks on this list might be a better fit.

Is my money safe in a bank?

Your money is safe as long as the bank is insured by the Federal Deposit Insurance Corporation (FDIC). An FDIC-insured bank typically insures up to $250,000 per depositor. Note that you don’t have to purchase FDIC insurance. As long as you’re a customer at a bank that offers it, you’ll receive it automatically.

How does a commercial bank differ from a retail bank?

A commercial bank offers a variety of products and services to both individuals and businesses. Retail banks, on the other hand, focus their offerings to individual customers. If you own a business, you’d be better off with a commercial bank that can serve the financial needs of your organization.

Do online banks exist?

Absolutely! In today’s day and age, online banking is more popular than ever before, among larger banks and smaller banks. While some banks offer in-person and online services, other banks, like Ally Bank, solely operate online with no branch locations.

What are some other large banks not on this list?

Other big banks you might want to consider include First National Bank, Huntington Bank, Provident National Corporation, America Bank, and HSBC Bank USA.

Source: crediful.com

Apache is functioning normally

June 2, 2023 by Brett Tams

With a name like “NJ Lenders Corp.,” there’s no question who they’re focused on; folks in the Garden State!

What’s more interesting is the fact that something like 70% of their mortgage loans are derived from previous customer referrals.

In other words, they constantly get recommended by friends and neighbors, instead of having to rely solely upon advertising.

And when you focus so heavily on one geographical area, you definitely want to get it right.

So far, they seem to be accomplishing their goals, as evidenced by their thousands of 5-star reviews. Read on to learn more.

NJ Lenders Corp. Fast Facts

Retail, direct-to-consumer mortgage lender
Offers home purchase loans and refinances
Founded in 1991, headquartered in Little Falls, NJ
Funded roughly $5.5 billion in home loans last year
More than 80% of business done in home state of New Jersey
Also active in New York, Massachusetts, and Florida
Currently licensed in 14 states and the District of Columbia

NJ Lenders Corp. is a direct-to-consumer mortgage lender with branches in three states, mostly located in New Jersey.

They got their start way back in 1991, which if you’re not keeping track is more than 30 years ago.

Since that time, they’ve grown from a modest single office into a multi-billion-dollar mortgage originator.

They’ve closed more than 100,000 mortgage loans, with loan volume exceeding $40 billion.

Last year, they funded a solid $5.5 billion in home loans, which was probably their biggest annual production on record.

Business was split nearly equally between purchase loans and mortgage refinances.

At the moment, they’re licensed in 16 states, including Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, along with Washington D.C.

As noted, they are laser-focused on New Jersey, with the state accounting for more than 80% of overall volume.

But they’re also active in the states of New York, Massachusetts, and Florida, and originate home loans across much of the East Coast.

They were the fifth largest mortgage lender in the state of New Jersey, only topped by Rocket Mortgage, Wells Fargo, Chase, and loanDepot.

How to Apply for a Mortgage with NJ Lenders Corp.

While they have physical branches in New Jersey, New York, and Pennsylvania, there’s a good chance you’ll work remotely with a loan officer.

The good news is they have a solid website and loan application process, which is mostly paperless.

In fact, you can download their free smartphone app and complete much of the process from the palm of your hand.

Their digital app is powered by SimpleNexus, one of the leaders in the fintech space.

It allows you to complete the application digitally from any device, eSign documents, upload paperwork, and snag same-day pre-approvals.

Once your loan is submitted, you’ll gain access to secure, real-time updates as your loan progresses forward.

NJ Lenders Corp. said they built a better operations platform by keeping 95% of their files in-house.

This allows them to control the entire underwriting and loan closing process, improving both efficiencies and speed.

If you’re a home buyer, you can take advantage of their “Home Buyer’s Edge” program, which goes beyond a basic mortgage pre-qualification.

It provides a full credit approval that involves a complete review of your income, assets, and credit by a loan underwriter.

This gives home sellers peace of mind your offer can actually close in the event of a bidding war.

All in all, they appear to offer the latest tech and a solid operations setup to keep loans moving quickly to the closing table.

To get started, simply head over to their website and click on “get a rate quote” or “find a loan officer.”

Home Loan Programs Offered by NJ Lenders Corp.

Home purchase loans
Refinance loans: rate and term, cash out, streamline
Home renovation loans
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
First-time home buyer loans
Non-warrantable condo financing
Reverse mortgages
Interest only home loans

NJ Lenders Corp. offers an excellent selection of loan programs, including harder-to-find options like interest-only home loans and non-warrantable condo financing.

You can get a home purchase loan, renovation loan, or refinance loan, including a cash out refinance.

They offer the full suite of government loans (FHA/USDA/VA), along with both conforming loans and jumbos.

And they’ve got first-time home buyer loans with low down payment requirements, as well as reverse mortgages for seniors.

You can get a home loan on all major property types, from single-family homes to condos/townhomes and investment properties.

NJ Lenders Corp. Rates

The only area where more information would be helpful is pricing.

They don’t publicize their mortgage rates online, nor is there a lender fee section on their site.

This means you’ll need to fill the mortgage rate quote request form on their website, or simply call in to get connected with a loan officer.

Generally, it’s best to get pricing and check eligibility before completing a loan application anyway.

NJ Lenders Corp. does say their goal has always been to offer competitive mortgage rates and fees, and they wrote “best mortgage rates” on their website homepage.

So as an independent mortgage banker there’s a good chance they offer low rates. But always take the time to shop around, and compare offers.

Also inquire about any fees charged, such as a loan origination fee or separate costs for underwriting and processing, if applicable.

NJ Lenders Corp. Reviews

On Experience.com, NJ Lenders Corp. has an excellent 4.88-star rating out of a possible 5 from more than 20,000 customer reviews.

You can filter by loan officer on that site if you want to fine-tune your search.

Over at Zillow, it’s a superior 4.98-star rating from 3,300+ reviews, pretty much as close to perfection as you can get.

Many of those reviews indicate that the interest rate and/or fees and closing costs were lower than expected.

They’ve also got a 4.8-star rating on Google from more than 600 reviews.

Lastly, while not accredited with the Better Business Bureau (BBB), they do hold an ‘A+’ rating based on complaint history.

To summarize, NJ Lenders Corp. has thousands of excellent customer reviews, uses the latest tech, and has tons of loan programs to choose from.

The only real question mark relates to loan pricing. If it’s also good, they could be an excellent choice for either a home purchase or a refinance.

NJ Lenders Corp. Pros and Cons

The Good

Can apply for a home loan online or via smartphone
Many physical branches in the state of New Jersey
Offer a digital loan process powered by SimpleNexus
Lots of loan programs including interest-only, reverse, etc.
Offer fully underwritten credit approvals to give home buyers an edge
Thousands of excellent customer reviews across ratings websites
A+ BBB rating
Free smartphone app
Free mortgage calculators, guides, and glossary online

The Maybe Not

Only licensed in 16 states (primarily East Coast)
Do not publicize mortgage rates or lender fees

(photo: Bobby Hidy)

Source: thetruthaboutmortgage.com

Apache is functioning normally

June 2, 2023 by Brett Tams

Current is a digital banking app designed to simplify banking in the modern world. It also includes features for teens and young adults that can help them learn to manage money.

So, how does Current work and what does it cost? We’ll answer all of these questions and more in the Current review below.

What is Current?

Current is not a bank. It’s different from other financial institutions in that it’s a financial technology with a mission to help people make smart decisions about money.

It comes with several perks, like faster paycheck access, savings pods, spending insights, and cash back rewards. Best of all, there are no minimum balance requirements or overdraft fees.

Founded in June 2015 by Stuart Sopp, Current has raised over $400M and landed big name partners and investors, including Mr. Beast, the well-known YouTube star.

Its banking services are provided by Choice Financial Group and Metropolitan Commercial Bank, Members FDIC. In addition, the Current Visa Debit Card is issued by Choice Financial Group and Metropolitan Commercial Bank.

To date, there are about 4 million Current users. Current accounts are currently mobile only as there is no desktop account access or in-person branch network. You can download the Current app on your Android or iOS advice.

Current Features

Current offers several account features that you might find useful, including:

Faster Paycheck Access

Sometimes, you can’t wait until payday and need your hard earned money sooner. That’s where Current’s paycheck access comes in. It will deposit the funds from your paycheck up to two days faster than the typical direct deposit.

Current is unique in that it disregards the date your employer intends to release your paycheck funds. Instead, it works like a prepaid debit card and credits your account immediately after receiving it.

Gas Hold Feature

There’s no denying that the price of gas has skyrocketed. As a result, many gas stations have begun placing holds on the cards of customers. For example, a gas station might place a $100 hold on your card, even if you only purchase $50 worth of gas.

This will ensure you’ll have enough funds to cover the total cost. It can take anywhere from a few hours to a few days for the gas station to release the hold. Current will remove the hold right away so that the funds are readily available to you and you don’t have to wait.

Teen Banking

Current offers a teen account that enables parental supervision and strives to educate teens about proper money management. Its parental features include cashless convenience, instant transfers to teen cards, purchase notifications, and the ability to block specific merchants.

Parents can also use Current’s teen account to set spending limits and chores as well as automate allowance payments. In addition, multiple family members may add funds as they wish.

Savings Pods

With Current’s savings pods, you can meet various saving goals. Here’s how it works: You name a savings pod and deposit money into it from your account or qualifying direct deposit.

You can also add money through the round up feature where you round up to the nearest dollar from any debit card purchases you make.

At the time this article was written, Current offers 4% APY on $6,000. To take advantage of the interest feature, transfer money from your spending balance to your savings pods.

Note that the type of membership you have will determine how many savings pods you can open. If you’re a basic customer, you’re limited to one pod whereas premium customers get up to three pods.

Cash Back Rewards

Current members can reap the benefits of a generous rewards program. As a member, you can earn up to 15x points on purchases you make at over 14,000 retailers. These retailers include Rite Aid, Cold Stone Creamery, Rite Aid, Subway, Forever 21, Burger King, and others that are listed in the Points tab in the Current app.

You may redeem these points for cash back in your Current account. You’ll receive the points right after you make a qualifying purchase and can redeem 100 points per dollar.

According to Current, its members have the potential to earn $165 cash back per year by simply using their card at participating gas stations. Keep in mind that Premium customers have the potential to earn more points and cash back than Basic customers.

Instant Cash Deposit

Current lets you easily deposit cash into your account. You may instantly add cash at over 60,000 at convenient places like local grocery and convenience stores, including Walmart and CVS. This is a huge selling point.

To deposit cash with Current, find a nearby cash deposit location, tap “view barcode” from the map, show the barcode to a cashier, and give them the funds. You can add up to $500 per transaction or up to $1,000 per day and $10,000 per month. The money will show up in your Current bank account immediately.

Overdraft Protection

The app does more than eliminate overdraft fees. If you overdraft your account by accident, you’ll get a free pass. The Overdrive feature offers a fee-free overdraft of up to $200 on in-store and online purchases.

To qualify for it, you must be 18 years or older and receive $500 or more in eligible direct deposits each 30-day period. A qualifying deposit can be an ACH transfer from your employer, payroll company, or Social Security. Unfortunately, mobile check deposits and peer-to-peer transfers don’t count.

Cryptocurrency

With Current, you can buy and sell cryptocurrency from the same app. Fortunately, you don’t have to worry about any trading fees or wait days for your trade to settle. You can purchase 27 popular coins, like Bitcoin, Dogecoin, Ethereum, and Shiba Inu. Once you sell a coin, you’ll notice the cash in your Current account immediately.

Money Management

Current’s money management tools can come in handy if you’re looking for a way to take control of your personal finance and make the most out of your money. The Spending Insights feature, for example, is available on your home screen.

It lists your recent purchases and assigns them a spending category so you can easily see where your cash is going. You may also sign up for real-time notifications that will appear any time you make a debit card purchase.

While the Spending Insights feature is designed to help you track your spending, the Budgets tool if your goal is to prevent overspending. You can create budgets for various categories. As you approach your budget or spending limit on an account ownership category, you can receive updates and make changes accordingly.

Current Pay

Current Pay works a lot like Apple Pay, Venmo, Zelle, and PayPal. If you know others that use the app, you can pay and request money from them instantly. Best of all, the process is easy and doesn’t involve any fees.

Does Current Have Transaction Limits?

Despite all of Current’s handy features, the app does impose transaction limits you should be aware of. These include a $500 daily maximum in ATM withdrawals, $2,000 daily maximum in card purchases, and $5,000 maximum transaction amount for peer-to-peer payments through Current Pay.

Are There Any Fees?

Now it’s time to discuss Current review fees. You may be surprised to learn that Current doesn’t charge monthly maintenance fees or have any minimum balance requirement requirements.

Additionally, there are no overdraft fees, or money transfer fees for money transfers from an internal bank account or external bank account or ATM fees at 40,000+ Allpoint ATMs. This is great news if you’d like to try it out with no strings attached.

But keep in mind that you may face out-of-network or third-party fees. For example, if you use Current at an out-of-network ATM, you’ll get charged $2.50. International withdrawals cost $3 each.

In addition, if you’d like, you can upgrade from the Basic membership plan to the Premium account or membership plan. While this will come with an additional monthly fee of $4.99, you’ll get access to more features, like additional savings pods and the chance to earn more cash back.

Who is Current best for?

Current might be worth exploring if you don’t mind mobile banking. It can help you meet smaller savings goals with a high interest rate. It’s also ideal if you use your credit card frequently and hope to earn generous cashback rewards.

In addition, you may benefit from Current if you’re a parent or guardian that wants an account for your teen and wishes to instill healthy money habits. We also recommend Current if you’re unable to qualify for a traditional banking account and are looking for a viable, cost-effective alternative.

Current Pros and Cons

Just like any digital banking app or online bank, Current comes with several benefits and drawbacks, including:

Pros

No monthly fees: You can use Current without committing to monthly usage fees.
Generous APY: Current offers 4% APY on up to $6,000 in savings to help you expedite your savings goals.
Cash back: Unlike most debit cards, Current rewards you with cash back every time you make a purchase at 14,000+ participating retailers.
Early paycheck access: You may access the money from your paycheck up to two days sooner.
Instant gas hold removals: If a gas station places a hold on your account, Current will remove it immediately.
Teen features: Current comes with plenty of features you can use to help your teen become responsible with money.

Cons

No online or in-person banking: You can only use Current on your iOS or Android device as Current’s mobile app currently doesn’t support online or in-person banking at a local branch.
No checks: The Current app doesn’t offer checks so you’ll have to find an alternative payment solution.
Email-based support: If you have a question or concern, Current will only be able to help you via email support is not available.
Mobile check deposit feature is slow: It can take up to 5 business days for a check deposit to clear.

How to Use Current

If you’d like to sign up for Current, follow these easy steps.

Download the app on the Google Play Store or Apple App Store. You can also enter your phone number on Current’s website and receive a download link.
Share basic personal information including your name, phone number, email address, residential address, and Social Security number.
If you’d like, connect Current to a debit card or bank account to fund your account.

Once you sign up, you’ll receive a Current debit card by mail. It should arrive via USPS within 7 to 10 business days but you can use Current before then. Current will give you a virtual card you can add to your digital phone wallet while you wait for your physical card.

Current Reviews

Before you go ahead and sign up for the Current app, you might be wondering what other Current account holders have to say about it. Here’s an overview of the various reviews we found online.

TrustPilot

On TrustPilot, Current earned 3.8 out of 5 stars. Most reviewers praise the app but there are several complaints about Current customer support and challenges with disputes.

Apple App Store

Current users gave it a 4.7 out of 5 stars on the Apple App Store. There are over 84K reviews and any of the negative ones relate to customer service.

Google Play

When it comes to the Google Play Store, Current ranked well as well with 4.8 out of 5 stars from over 89K reviews. Again, the negative reviews are about customer service and resolving disputes.

It’s no surprise that customer service is Current’s most noteworthy downfall as it’s only available via email and in-app chat that sometimes doesn’t work. If you have an urgent question while using the app, you won’t be able to make a phone call and receive a quick response. Depending on when you send the email, you may have to wait a few business days or even longer to hear back.

Speaking of customer service, you might want to know how to go about it. You can use the in-app chat feature or fill out an email form and wait for an email response. As stated, there’s no way to call the Current team for faster support.

The good news is the app is fairly intuitive and you shouldn’t come across too many issues while using it, especially if you consider yourself tech savvy. Plus you can check out Current’s frequently asked questions on its website for answers to simple, less urgent questions.

Current Alternatives

While Current is a solid online banking app for many adults, teens, and young adults, it’s not for everyone. If you find that Current isn’t right for you or are wondering about alternative options, here are a few to consider.

Chime^®

Just like Current, Chime is a financial technology company or fintech company with modern features you may not find at a traditional bank, credit union, or brick-and-mortar financial services company. It offers early direct deposit², savings roundups, and no-fee overdrafts⁵.

Compared to Current, it’s more like a high yield savings account⁸ in that it lets you earn a better APY on your savings on your entire balance, rather than just up to $6,000.

In addition, there’s a Credit Builder⁷ account you can use to boost your credit without a credit check. Just keep in mind that Chime doesn’t offer a teen account like the Current teen account.

Read our in-depth Chime review here.

See also: Chime vs. Current: Which Is Better?

Greenlight

While Current is intended for teens and their parents, Greenlight’s online banking services are geared toward younger children in elementary school. Both apps come with parental controls and features such as spending limits, chore rewards, transaction monitoring, and the chance to blacklist set retailers. Greenlight also lets you invest in the stock market.

Bottom Line

Current offers a long list of features that make it a smart choice if you want a digital banking platform with no monthly fees or hidden fees. You can enjoy early paycheck deposit, no overdraft fees, teen savings accounts, cash back rewards, savings pods, and more.

As long as you’re okay with limited customer service and don’t mind using the app on your mobile device, it’s certainly worth exploring.

Current FAQs

Here are a few of the most common questions that many people ask about the Current digital banking app.

Is Current safe?

It’s a risk to use any type of mobile or online banking platform. But Current checking accounts and teen accounts are backed by FDIC insurance of $250,000 in the event of a bank failure. Plus just like many reputable online banks, the app uses bank-level data security measures and you can sign up to receive push notifications any time current detects account fraud.

Does Current have any physical branches?

At this time, Current does not have any physical branches. This means you won’t be able to receive in-person service. The good news, however, is it does offer fee-free cash withdrawals at over 40,000 Allpoint ATMs throughout the country.

Can you deposit cash into your Current account?

Yes, Current lets you deposit cash. However, cash deposits aren’t free and you will have to pay $3.50 for every cash deposit transaction.

What happens if you overdraft your Current account?

Thanks to the Overdrive feature, it’s no big deal if you overdraft your account. You can enjoy a fee-free overdrive of up to $200 on any purchase you make in-store and online.

Can you earn rewards or bonuses with Current?

Absolutely! As long as you use the Current Visa debit card at participating retailers, you can earn cash back. Plus you can earn $1 every time you refer a friend who signs up for a Current account.

Is Current worth it?

If you’re looking for a free checking account with plenty of bells and whistles or a teen banking account, the Current mobile app should be on your radar. But if you prefer a more traditional banking experience, you might be better off with an account at a local bank or credit union.

Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.

2. Early access to direct deposit funds depends on the timing of the submission of the payment ﬁle from the payer. Chime generally make these funds available on the day the payment ﬁle is received, which may be up to 2 days earlier than the scheduled payment date.

5. Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account each at least once every 34 days. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. See Terms and Conditions.

7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

8. A Chime Checking Account is required to be eligible for a Savings Account.

Source: crediful.com

Apache is functioning normally

June 1, 2023 by Brett Tams

Austin-based rent reporting fintech Boom announced on Wednesday that it has raised $4.5 million in a seed round to improve user experience, expand its product offerings and market its app to customers.

The seed round was led by Chicago-based venture capital fund Starting Line, followed by Clocktower Technology Ventures, Company Ventures, Gilgamesh Ventures, and Plaid co-founders William Hockey and Zachary Perret. This latest round of funding follows a $800,000 pre-seed round.

“We’re gonna do three things with the resources: improve the core product of rent reporting; launch a couple of new products in the pipeline; and go to market, as we haven’t done any consumer and landlord marketing,” Rob Whiting, CEO and co-founder, said in an interview.

Boom’s app was launched in late 2021 to allow users to build credit using rent payments, which are typically their largest monthly expense. Boom reports the information to the three credit bureaus: Experian, Equifax and TransUnion.

Subscribers pay $24 a year for the app services, and customers link the app to their bank accounts so that the rent payments will be verified every month. While Boom does not work with users that have “handshake” rent agreements, it can verify whether customers pay rent to a relative, friend or roommate by checking wire transfers and the lease agreement, for example.

According to the company, users see an average increase of 28 points to their credit scores within two weeks of using the app when making their rent payments accordingly. The company says it’s offering its core product at a price 70% lower than its competitors.

Boom says it has between 15,000 and 20,000 subscribers and has attracted partnerships with major industry players such as Progressive, Apartment List, and national property management companies.

On-time rent payments have become another piece of the mortgage underwriting process in the U.S. over the last two years.

In September 2021, Fannie Mae incorporated customers’ rent payments into its underwriting system, known as Desktop Underwriter. Freddie Mac adopted the same initiative in June 2022.

A study by the Urban Institute found that Black households have the most to gain by including rent payments in mortgage underwriting.

Source: housingwire.com

Apache is functioning normally

May 30, 2023 by Brett Tams

HousingWire presents the Modern Mortgage Origination Master Class, a four-part educational series presented by Zillow Home Loans. This educational series features four classes designed to bring the HousingWire community expert-level knowledge on modern mortgage origination and how today’s homebuyer navigates the homebuying process.

This final installment of this series features a conversation between Clayton Collins, CEO of HW Media and Tim Swank, Zillow Home Loans’ Vice President of Mortgage Sales and Real Estate Partnerships. Tim has more than 15 years of experience in the mortgage and lending industry where he has held a variety of positions from his early days as a mortgage banker to executive roles focusing on sales and partnerships.

In today’s conversation, they recap what we’ve learned in the past three master class episodes and then discuss what homebuyers want from their lender and how consumer expectations are changing — or not — throughout the modern mortgage process.This includes some of the current needs and expectations from a consumer perspective, how lenders can best engage with borrowers, and how Zillow’s tools and resources can make it easier to get started.

Related to this episode:

The Housing News podcast explores the most important topics happening in mortgage, real estate, and fintech. Each week a new mortgage or real estate executive joins the show to add perspective to the top stories crossing HousingWire’s news desk. Hosted by Clayton Collins and produced by the HW Media team.

Source: housingwire.com