Infidelity is always devastating. But if your spouse or partner has been cheating on you by hiding pricey vices or illicit spending sprees, the consequences can be far worse than an affair, for the simple reason that money — often large sums of money — are involved.
As one reader wrote to us, after a similar article ran on on DailyWorth:
My ex took out a credit card in my name and ran up $40,000 debt without my knowledge. Now I’m paying it off. I asked the credit card company to investigate the matter as fraud, but they didn’t. It doesn’t seem like I have many rights. As I found out, there were many secrets behind the numbers. Right now, I’m waiting for the divorce to come through.
Although incidents of identity theft and fraud are well-documented — and can be prosecuted — spouses who are the victims of their lying, cheating partners often have little recourse. As another woman wrote:
I just checked my credit report, and found out that my husband ran up $18,000 on one of our cards — when I thought we only owed $400. I confronted him, and he admitted it, but now what? He doesn’t have the money to pay it back.
To recover from financial infidelity, you need a two-pronged strategy. You need to shore up the non-financial side of your relationship and, at the same time, tackle the actual money mess.
The Mess
The first step is to find out where the money went and how much is owed, says credit expert Erica Sandberg, a columnist for Creditcards.com. Your credit report contains a list of all open accounts; ask your mate to show you all statements. In addition, your mate may have accounts opened in his or her name. These would show up only on their credit report, so ask them to come clean.
As you examine the statements, what you discover may be shocking. Your spouse wasn’t just deceiving you about debt; it’s likely that he or she was hiding habits (perhaps even vices) that cost a pretty penny.
To clean up the mess, you’ve got two main tasks:
Your mate’s secret spending has to stop (and the habit itself addressed).
The debt has to be repaid.
So, the second step is to make a debt repayment plan. While you may not feel that the debt is your problem, until it’s cleared up (or you split up, if that’s the case) it will affect you. First, have your mate sell any purchases they bought when they were cheating, and put that money toward the debt. Insist that they get a part-time job or work overtime.
Next, depending on the extent of what’s owed, credit counseling may be in order. (Two reliable sources for credit counseling are the National Foundation for Credit Counseling and the Association of Independent Consumer Credit Counseling Agencies.) At worst, you may need to consider bankruptcy.
Otherwise, create a budget, reduce spending, apply all excess funds to the debt, and stop charging until the balance is at zero!
The Marriage
As you address the financial problems, talk. Your partner’s financial infidelity is a red flag that you two are out of sync — and not just about money. Make time for regular discussions about the life you have and the life you want. As the great Russian writer and philosopher Leo Tolstoy once wrote, “What counts in making a happy marriage is not so much how compatible you are, but how you deal with incompatibility.”
Piggymojo is a new saving site, where couples can set a goal (in this case to save enough to pay down your debt), and find new ways to talk about money.
You may also want to seek professional help. Few relationships can survive this kind of strain without counseling. If you’re both invested in staying together, then it’s worth spending some money on a therapist who can help you, especially if gambling or other addiction issues are involved.
Lastly, if your spouse has committed financial infidelity, you may need to take a long hard look at your own money habits and head-in-the-sand behavior. As one reader described her sister’s loss of nearly $120,000 thanks to her husband’s secret gambling problem:
The moral is, you can’t afford to become a passenger in your own finances. Looking back, my sister said there were so many warning signs. But because her husband said he was taking care of the bills and expenses — and she believed him — she didn’t know what was really going on until it was too late.
Opening a bank account online has not only become an effortless task but also a smart move towards managing your finances with ease. This guide will help you understand the benefits, requirements, and steps to transition your banking experience into the digital realm.
This will give you control and accessibility like never before. Embrace the future of banking today and discover how opening a bank account online can be a game-changer for your financial journey.
Understand Your Banking Needs
Determining your banking needs is a crucial first step in choosing the right account. Are you looking for a secure place to deposit your paycheck, withdraw cash, and manage your bills? A checking account could be your answer. It’s an excellent tool for everyday transactions, providing features like check writing, debit card access, and often, the ability to set up direct deposits.
Alternatively, if you have a financial goal in mind, such as saving for a down payment or creating an emergency fund, a savings account could be more suitable. These accounts typically offer higher interest rates compared to checking accounts, allowing your money to grow over time.
It’s worth noting that many people maintain both checking and savings accounts. The checking account serves as a hub for daily transactions, while the savings account functions as a reservoir for longer-term savings and investment goals. Your specific mix will depend on your personal financial needs and goals.
Choosing the Right Bank
Finding the right bank depends on your individual needs and preferences. There are three main types of banks to consider: traditional banks, credit unions, and online banks.
Traditional banks offer a wide array of services like various types of accounts, credit cards, and loans. They are great if you prefer having in-person access to services and a large network of ATMs.
Credit unions are member-owned and often excel in customer service. They generally offer better interest rates on savings accounts but may have less online and physical accessibility than traditional banks.
Online banks operate purely online, which often allows them to offer lower fees and higher interest rates. They’re a good choice if you’re comfortable doing all your banking digitally.
No matter which type of bank you choose, make sure it’s FDIC insured to protect your money. Also, consider the bank’s fees, such as monthly service and ATM fees, as they can add up over time. A bank with fewer fees or options to waive them could save you money.
Requirements for Opening a Bank Account Online
Once you’ve decided on your banking needs and the financial institution, it’s time to gather the necessary information to open your bank account online.
Most financial institutions will require:
Personal Information: Your legal name, date of birth, and Social Security number.
Contact Information: A valid mailing address and phone number. Banks typically require these to verify your identity and as part of their communication and security protocols.
Identification: A valid form of identification such as a driver’s license, state ID, or passport. You may need to provide the ID number and expiration date.
Initial Deposit: Some banks may require an initial deposit to open the account. You can usually fund this by transferring money from an existing account or using a credit or debit card.
Before starting, it’s helpful to check the specific requirements of your chosen bank, as requirements may vary from one financial institution to another.
Step-by-Step Guide on How to Open a Bank Account Online
Taking your banking experience online might seem intimidating initially. However, the process is typically straightforward, taking just a few minutes. Follow this step-by-step guide to set up your bank account online.
Visit the bank’s website: Begin by visiting the official website of your chosen bank or credit union. Look for the “Open an Account” or “Apply Now” option, typically found in the main navigation or home page.
Fill out the application form: The bank will prompt you to fill out an application form requiring your personal information. This includes your full name, mailing address, and Social Security number. You may also need to provide a valid form of identification and employment information.
Verify your identity: As part of the process, you’ll be asked to verify your identity. This could involve answering security questions based on your credit history or providing a valid ID. This step is crucial to protect against identity theft and fraud.
Fund your account: Most banks require an initial deposit when opening a new account. You can fund your account via a transfer from an existing bank account, a credit or debit card, or even a check. The required deposit varies from bank to bank, with some online banks allowing you to open an account with no initial deposit.
Confirm and finalize your account setup: Once you’ve completed these steps, you’ll receive a confirmation email or message from the bank. This message usually contains instructions on how to set up online banking, including setting up your username and password.
What to Do After Opening Your Account
With your bank account online set up, it’s vital to get acquainted with all its features and maximize them for your convenience and financial growth.
Set up direct deposit: Direct deposit is a crucial feature to set up as soon as your account is active. It allows your paycheck to be automatically deposited into your account, saving you from manual deposits and giving you quicker access to your money.
Learn to use online banking features:Familiarize yourself with key online banking features. Bill pay, for instance, can automate your monthly payments, ensuring timely transactions without manual intervention. Mobile check deposit lets you deposit checks without the need to visit a bank branch, and the money transfer feature enables seamless transfer of funds between accounts or to friends and family, making your banking experience both quick and hassle-free.
Regularly review your account statements: Regular monitoring of your account statements is a good financial habit. It helps track your spending, review any account fees, and promptly detect any suspicious activity or discrepancies. This practice keeps you aware of your financial status and ensures the security of your account.
The Importance of Regularly Reviewing Your Banking Needs
As life unfolds and your circumstances evolve, so too do your banking needs. Major life events – a career shift, marriage, welcoming a child, or even retirement, could alter your financial landscape significantly.
Perhaps a job change comes with a pay increase, necessitating a better savings strategy, or marriage might call for a joint account. A new child could lead you to start a college savings account. These changes underscore the importance of regularly reassessing your banking arrangements.
Every few years, or at the occurrence of significant life events, it’s beneficial to review your banking needs. This regular review ensures your financial arrangements align with your life’s dynamics, ensuring your money is working for you at every stage.
Bottom Line
Opening a savings or checking account online is an easy and efficient process, offering you the freedom to manage your finances at your fingertips. But remember, the process doesn’t stop with opening an account.
Make sure to fully utilize the features of your online account, keep a close eye on your statements, and adjust your banking needs as your life changes. Stay informed and proactive in your approach to banking – this way, you ensure that your online bank account serves you effectively in every phase of your financial journey.
Frequently Asked Questions
Can I open a bank account online without a deposit?
Yes, certain banks allow you to open an account with no opening deposit. However, they may require you to fund the account within a specific time frame to keep it active.
What should I do if I don’t have a Social Security number?
If you’re an international resident without a Social Security number, you might still open a bank account using an Individual Taxpayer Identification Number (ITIN), passport, or other forms of identification. It’s advisable to contact the bank directly for their specific requirements.
How old do I need to be to open a bank account online?
Typically, the minimum age to open a bank account online is 18. For those under 18, many banks offer the option of joint accounts with a parent or guardian, or specific accounts designed for minors.
Can I open multiple bank accounts online?
Yes, you can open multiple bank accounts online, including a mix of checking and savings accounts, depending on your financial needs. It’s important to consider potential monthly fees and the ease of managing multiple accounts.
Is it safe to open a bank account online?
Opening a bank account online is generally safe as long as you’re using a secure network and are applying through the official website of a reputable bank or credit union. Always look for indications of security, like the “https” at the beginning of the web address.
What should I do if I face issues while opening a bank account online?
If you encounter any issues while opening a bank account online, the best course of action is to contact the bank’s customer service for assistance. They can guide you through the process or resolve any technical glitches you might be facing.
MIAC Analytics revealed it was the victim of a data breach in April, one of several mortgage players to report hacks in the past several months.
It’s unclear how many clients were impacted by the incident at MIAC, which occurred between April 5 and April 6. The analytics firm said it immediately secured its systems once the threat was discovered.
“MIAC determined that in connection with this incident there was unauthorized access to certain systems in its environment, and as a result, certain data stored on MIAC’s systems was subject to unauthorized acquisition,” the company said in a consumer notice filed with cybersecurity firm IDX.
But Freedom Mortgage was affected as it revealed in a disclosure to the Indiana state attorney general that 592 of its customers had undisclosed information compromised. A limited amount of the lender’s past data was in MIAC’s database and may have been compromised, a company spokesperson said on Friday, who emphasized Freedom’s systems hadn’t been breached, and that the company had used MIAC several years ago.
A representative for MIAC declined to comment Friday. The cyberattack was described in a letter to consumers shared with the Massachusetts Office of Consumer Affairs and Business Regulation, and in the IDX announcement.
There was no evidence of identity theft or fraud, MIAC said. The firms offered affected consumers 12 to 24 months of complimentary credit monitoring from IDX.
MIAC doesn’t appear to have been disrupted further, and has since regularly announced loan sales on behalf of its mortgage clients.
That revelation comes after another lender, the mortgage arm of Cornerstone Capital Bank, said its customers were affected by an attack in February at one of its service providers. Houston-based Cornerstone Home Lending said 15,042 of its clients had information compromised, according to a notice to the Indiana state attorney general in March.
“Our investigation determined that the service provider stored Cornerstone data that includes your name, address, loan number and bank account number,” wrote Toby Wells, president of the Loan Servicing Division, in a letter shared with the same Massachusetts office.
Representatives for Cornerstone didn’t return requests for comment this week.
The attack was perpetrated by Russian-linked ransomware gang Clop, according to reports by TechCrunch and other cybersecurity blogs. The hackers allegedly breached a file transfer service with a “zero-day” attack that hadn’t been seen before, and published a list on the dark web of 130 companies they allegedly breached. The wide range of alleged victims includes banking-as-a-service provider Hatch Bank, which said in a Maine notice 139,493 of its customers were affected.
Carrington Mortgage Services meanwhile faces accusations of negligence from consumer plaintiffs in three federal lawsuits over two data breaches at its workforce management vendor, Alvaria.
The hacks at Alvaria in November and March impacted at least 50,690 clients, the companies said in disclosures to state attorneys general. It’s unclear which customers were affected in each incident, but Social Security numbers were among compromised data.
The lawsuits include estimates of the number of customers impacted, ranging from over 685,000 to more than 3 million clients. Neither attorneys nor the companies in the cases didn’t respond to requests for comment Friday.
The complaints resemble class action cases against other large lenders and servicers who suffered significant hacks last year, which all remain pending.
Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.
This week’s episode starts with a discussion about new scams, including Google Voice and AI scams.
Then we pivot to this week’s money question from Jaime, who left us a voicemail:
“Hi, Nerds. Wanted to call in and ask a question. I’m looking for just an opportunity to supplement my income, and I came across one opportunity that’s called tradelines, and I was wanting your advice, your opinion, on tradelines, if it’s something worth doing. From my understanding, tradelines is when you sell your authorized user accounts on your credit card to people who need to boost their credit, for a certain amount of money a month. So, I thought it may be a good way to supplement my income, as well as that I do have a 815 credit score, and so, I was curious as to your guys’ opinion on the matter. So, thank you for answering it. Have a great day.”
Check out this episode on either of these platforms:
Episode transcript
Sean Pyles: Your credit report can help you borrow money, but what if you could use your credit report to earn money? Would you do it even if it was a little sketchy?
Liz Weston: Welcome to NerdWallet’s Smart Money podcast, where you send us your money questions and we answer them with the help of our genius Nerds. I’m Liz Weston.
Sean Pyles: And I’m Sean Pyles. Listener, I have a question for you. What are you thinking about — money-wise, I mean? Are you wondering how to buy a house in a still expensive market, or do you want to get serious about saving for retirement but aren’t sure how?
Liz Weston: Whatever your money question, the Nerds have your back. You can leave us a voicemail or text us on the Nerd hotline at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected].
Sean Pyles: This episode, Liz, Sara and I answer a listener’s question about making money from your credit report. But first, in our This Week in Your Money segment, Liz and I are talking about the scams you need to watch out for now.
Liz Weston: Yes, because scammers work hard, but the Nerds work harder. So, we’re going to give you the scoop on how fraudsters are attempting to strip you and your loved ones of your money and your personal information.
Sean Pyles: Indeed. So, Liz, what scams should our listeners be aware of?
Liz Weston: OK. According to the Identity Theft Resource Center, the top scam in 2022 was the Google Voice scam. And how it works is typically somebody will contact you on social media in response to a post, whether you’re selling something, trying to find a lost pet, something like that. But then the person will say they’re concerned about scammers, so they want you to confirm your identity through a text. You then get a text with a Google Voice verification code. And if you give it to them, poof, you’ve been scammed.
Sean Pyles: OK. So, you have been scammed through a text code. What’s going on there?
Liz Weston: When you give the scammer that verification code, they’re able to create a Google Voice account that’s connected to your phone number. The scammer can then use that voice account to scam other people or even get more information about you to try to get into your accounts.
Sean Pyles: Yikes.
Liz Weston: So, the bottom line is, yes, yikes is right. Don’t give strangers any verification code that you get through text. If it’s dealing with your bank accounts, your financial accounts, Google Voice, whatever it is, if the text comes through and a stranger wants it, ignore them.
Sean Pyles: And maybe avoid giving internet randos your phone number in general.
Liz Weston: Yeah, that’s a good idea.
Sean Pyles: Whenever I’m communicating with folks on apps, whether I’m trying to buy or sell something, I like to keep communication within that app. When someone’s trying to get you to communicate on a different platform, that to me is a red flag that they’re up to no good.
Liz Weston: Oh, yeah, that’s a really good point. And Sean, that wasn’t the only scary scam we learned about recently. Can you talk about artificial intelligence scams?
Sean Pyles: Yes. Artificial intelligence is being used by scammers now in a terrifying way. There is a growing number of AI voice spoofing scams, and here’s how it works. You might get a call from a sibling, a parent, friend, and they’re absolutely hysterical. They’ll be sobbing and saying that they’ve been kidnapped and they need you to wire money to them ASAP to free them. And of course, you want to do that because you want to free your loved one, but the truth is that they were never in danger. That wasn’t even your loved one calling you. It was a scammer using an AI-generated version of their voice and potentially a call spoofer to make it look like they were calling you directly.
Liz Weston: Oh, my God, that’s horrifying.
Sean Pyles: Yes. And what’s really scary is that in general, across the board, AI is developing faster than we can keep track of, and scammers are taking advantage of that. They’re using the content that you post online, things like videos on TikTok or audio that you’re recording on a podcast, for example, and they’re able to make a model of your voice, inflection and all. So, the example that I just gave shows how AI is being used in what’s called imposter scams, but AI is also being used in other types of scams, too.
Liz Weston: I’m having a moment here, Sean, it’s like, how much of our voice is out there, yours and mine?
Sean Pyles: A tremendous amount. Actually, I hope that no scammers are listening to this because it would be very easy for them to use our voice to do exactly what I just described there.
But there are some ways that we can protect ourselves, Liz, and anyone else listening. So, for AI voice spoofing, imposter scams specifically, one suggestion that sounds awfully dystopian and it kind of is, is that you need to make a safe word or phrase for yourself and your loved ones. This is a word or phrase that in an emergency your loved one could tell you or you could tell a loved one to confirm that it’s actually them and not a scammer calling. Ideally, this would be a few words that you can use in a conversation that wouldn’t be super obvious.
You might say something along the lines of, “Oh, my wallet is on the dresser.” Instead of saying like, “Banana, banana, banana.” That might throw people off and sound a little bit awkward on a phone call. But in general, folks should know that scammers are always going to be leveraging new technologies to rip you off, so it’s important to stay up to date on the latest scams.
Liz Weston: And I just want to drop in: We actually came up with a safe phrase when my daughter was a teenager and she wanted to leave a party or leave a friend’s house without alerting them that there was a problem. So, this isn’t something that’s way out of line. I think a lot of families do this anyway, but it’s something to talk about and make sure everybody remembers what that phrase is so that you can use it in case of emergency.
Sean Pyles: Absolutely. And now I want to zoom out a little bit and discuss the underlying technique that many scammers use to take advantage of you. This is something called social engineering. And it is essentially scammers attempting to manipulate you through social interactions. This can happen many different ways. It could be someone posing as your boss sending you a text message where they urgently need you to go buy them a bunch of gift cards. Or it could be that stranger messaging you online trying to get you to give a Google Voice verification code, like Liz mentioned earlier. The goal of the scammer is to manipulate your emotions through social interactions, to earn your trust or create a sense of panic that makes you reveal your personal information or send them money.
Liz Weston: And that sense of panic or that sense of urgency is key to the scam. So, anytime somebody is pushing you, pushing your buttons, trying to make you do something quickly, that’s a good time to step back or try to step back and take a breath and go, “Hey, this might be a problem.” And of course, if gift cards are involved, you know it’s a scam.
Sean Pyles: Yes.
Liz Weston: So, Sean, what can we do?
Sean Pyles: All right. I think folks should recognize that everyone is vulnerable to this. And that even you, our smart, savvy listener, could potentially fall victim to some social engineering. But owning your susceptibility and knowing how scammers will try to dupe you, can help you spot a scam before you give someone your personal information or money or both.
Liz Weston: And if you’re looking for a resource to help educate you about scams, I recommend AARP’s Fraud Watch. You don’t actually have to be retired to take advantage of this, but they do a really good job of keeping track of scams that are on the rise and educating you about your options. Also, if you are the victim of a scam, please report it to the Federal Trade Commission and the Identity Theft Resource Center.
All right, now let’s get onto this episode’s money question.
Sean Pyles: Sounds good. This episode’s money question comes from Jaime, who left us a voicemail. Here it is.
Jaime: Hi, Nerds. Wanted to call in and ask a question. I’m looking for just an opportunity to supplement my income, and I came across one opportunity that’s called tradelines, and I was wanting your advice, your opinion, on tradelines, if it’s something worth doing. From my understanding, tradelines is when you sell your authorized user accounts on your credit card to people who need to boost their credit, for a certain amount of money a month. So, I thought it may be a good way to supplement my income, as well as that I do have a 815 credit score, and so, I was curious as to your guys’ opinion on the matter. So, thank you for answering it. Have a great day.
Liz Weston: To help us answer Jaime’s question on this episode of the podcast, we’re joined by our dear Smart Money pal and regular host of the show, Sara Rathner. Hey, Sara.
Sara Rathner: Hey, everybody. Glad to be here.
Sean Pyles: Great to chat with you, Sara. So, the practice of selling authorized user slots on your credit cards to strangers is not new, but it is sketchy for a number of reasons.
Liz Weston: Yeah. First, we should back up and explain what an authorized user slot actually is. It’s basically the place where you add an authorized user, which is typically someone who you’ve added to your credit card who’s allowed to use your account to make charges but who isn’t responsible for making payments.
Sara Rathner: Becoming an authorized user on somebody else’s account can help your credit, assuming that primary user — that’s the person who holds the account originally — is responsible in their use of the card. And it’s a fairly common practice among people who actually know each other.
You see this a lot with parents and their children. Parents will add children as authorized users on their accounts until the child is old enough to get their own credit card account. That’s usually between the ages of 18 and 21. You might also add a relative or a close friend to your credit card this way, both to give them access to the card if they need it, and you have that agreement, and also to help them build credit.
And credit card issuers and credit scoring companies are basically cool with this. This is a feature that’s built into cards. And you can always opt to not give the authorized user an actual card. So, they are added to your account, but they don’t have a physical card with which to make any purchases. So, you’re building their credit without letting them spend your money.
Sean Pyles: And what’s most relevant to our listener’s question is that some companies have decided to turn this into a business. They sign up folks who are willing to rent out their authorized user slots and charge people who are trying to build their credit.
Sara Rathner: Right. And the thing is, the companies that do this typically keep the vast majority of the “rent.” They could charge up to $1,000 for one of your authorized user slots, but you only get $50 to $300, and they pocket the rest. But you have to do the work of contacting your issuer, adding the person as an authorized user, and then removing them when the rental period is done. And you can add an authorized user online pretty easily for the most part, but you may have to call and wait on hold to remove them. So, now we’re talking about a fairly decent amount of your time and effort for $50 to $300. Not great.
Tradeline sellers promise their users don’t get access to your credit card information and won’t make purchases, but you’re going to want to keep an eye on your transactions to make sure. And credit card issuers, even though they allow for authorized users, they’re not fans of this, obviously. If your issuer figures out what you’re doing, they could close your account, and that could hurt your credit score.
Sean Pyles: And again, you have a stranger attached to your tradeline, which just feels weird and gross to me.
Sara Rathner: Yeah, honestly, I wouldn’t even want most people I know to be attached to my tradeline, let alone complete strangers. No offense to literally everyone I know, but no, don’t touch my money.
Sean Pyles: There are also some ethical concerns around selling your tradelines. First, you are perpetuating and profiting off a system that makes people who are in a vulnerable position pay for access to better credit, at least on a short-term basis. Meanwhile, the person renting your tradeline may not be getting a long-term solution to their credit woes because after they are done renting your tradeline, that account comes off their credit reports and their credit could go right back to where it was originally. And then there are also the ethics of potentially violating the terms of your agreement with your credit card issuer.
Sara Rathner: Yeah. Tradeline sellers like to tout themselves as providing more equitable access to credit, which is complete bollocks, essentially. Can I say that word on this podcast? I know we’re a clean podcast, but I was trying to think of alternatives to the word I have in my mind. So, listeners, just envision what you think I was about to say and you’re probably right. There’s nothing equitable about charging a person $1,000 to build their credit, point blank. That is absolute nonsense. Another nice way to put that.
You can improve your credit score over time without buying a tradeline from a stranger. It’s not necessarily going to be free, I will get into that, but it’ll be a significantly lower cost, and you can often get that money back.
So, let me explain how. One way is to utilize what’s called a secured credit card. That’s a credit card where there’s typically no credit check required. You don’t have to have an established credit history. You could have bad credit as well. You put down a cash deposit, oftentimes it’s around $200, but there are some cards that have lower deposits. And if you have the money and you require a higher credit limit, then you can also put down more.
That cash deposit becomes your credit limit. That’s the amount that you can charge every billing cycle on your card. And then you use your card carefully and responsibly for a couple of months. Don’t charge more than maybe 30% of that total credit limit. Put one recurring charge on there, like a streaming service or your cell phone bill or something like that. Pay it off on time in full every month. And you’ll start to see within several months, you’re beginning to establish that credit history.
And when you reach a point where you’re ready to graduate to a more traditional unsecured credit card that doesn’t require that security deposit, you’ll actually get that money back. So, you’re essentially just fronting the money for yourself, rather than paying this separate entity money that you’ll never get back to supposedly build your credit.
Another option is something called a credit builder loan — that’s essentially a really small personal loan that you do pay interest on — and then you make regular payments, and then the loan is paid off. You do have to make interest payments on this. But it is, again, a more legitimate way to build your credit. So, that’s option two.
Option three is being added as an authorized user of a card held by somebody you actually know personally, a friend or a family member that you trust. So, those are three other options for you that will not cost you this outsized amount of money.
Sean Pyles: Yeah. And the impact of using a secured credit card or a credit builder loan will remain on your credit profile for years to come, unlike simply renting the tradeline, where it is again gone after you’re done paying for it.
Well, now let’s get to another part of our listener’s question, which was really just about how to supplement your income. And there are lots of ways to do it that are not as sketchy as the tradeline option that we have just gone deep into. Sara, I’m wondering if you have any thoughts about this or if you have had any success maybe working on a side hustle and supplementing your income in the past?
Sara Rathner: Yeah. I mean, so listen, here’s the thing, it’s really hard to make money for nothing. So, oftentimes, the most sustainable side hustles that can be the most lucrative actually utilize a skill that you already have. I am a writer. I have worked as a freelancer, so that’s been my side hustle. I even got into ghostwriting. And I got into ghostwriting for financial planners, which was how I learned so much about personal finance. That’s how I got my start. And so, if you have a skill that is something you can monetize, preferably not something that’s like a fun hobby, because when you monetize a hobby, it becomes a real drag.
But if it’s just a skill that you have, maybe you are good at home repairs and you can do little home repair jobs for friends and neighbors, dog walking, cat sitting, obviously, babysitting. There are lots of things that you can do that you can charge money for. So, start doing that. I mean, even helping friends clean out their basement and then charging them by the hour for that. If you’re a really organized person, that’s a great way to make money.
Sean Pyles: Yeah. I will say I’m wary of any sort of side hustle that markets itself as first and foremost being easy, because there’s usually some kind of catch, like they’re just a straight-up scam or a little weird, like you’re selling photos of your feet or something on the internet. So, some people are totally fine with that, that’s up to them. But you have to think about the trade-off. If something is easy, you’ll be doing something else a little bit different elsewhere.
And like you said, Sara, there are a lot of videos that I see in my TikTok feed that are like, oh, if you are a painter or if you’re into photography, you can just monetize that and set up an Etsy shop.
But when you turn your creative outlet into a source of income, it can really suck all the joy from it. So, even if that is a skill and it’s something you like to spend your time on — it’s nice to have some things that aren’t about making money and to have it be distinctly your own personal hobby. So, I would caution against trying to make money off of that if you have such a creative hobby.
Sara Rathner: Yeah. And sometimes creative hobbies like crafting, photography, things like that, there’s a fair amount of investment at the outset of buying equipment and materials that you need. So, it takes a long time to become a profitable professional photographer, for example. If you’re looking for a quick way to make money from a side hustle, you want to think about the initial investment. For me, side hustling as a writer meant using the laptop I already owned. So, that wasn’t too high of a lift for me. But if I decided to sell hand-knit sweaters on Etsy, then I would have to invest in the equipment, the yarn, which is expensive. And also, the time building up inventory and then selling it online. And probably, paying fees to whatever site I was using to make those sales. So, that’s what you want to think.
You want to think about that cost-benefit analysis of that side hustle, how much do you have to buy in to get started? Which brings us to another thing, multilevel marketing schemes. You know when you have to buy $10,000 worth of ugly leggings to keep in your garage, and then you try to sell them to all your neighbors, and all of your neighbors secretly hate you and talk about you behind your back? Don’t do that. We don’t like it. We’re not going to buy your ugly leggings.
Sean Pyles: And I have some other considerations for our listener or anyone else that’s really interested in supplementing their income, maybe starting a side hustle. And I think that’s important for them to determine if there’s a specific amount of money they want to earn monthly. Knowing that could help them narrow down their options in terms of what sort of side hustle they want to focus on. I’m just wondering, also, what’s driving their push for this. Is there some sort of budget shortfall that they have, too? And if so, could they maybe make up for that by cutting expenses?
But in terms of other side hustles, there are a few other parameters to think about besides how much they might want to earn monthly, like how much time do they want to spend on a side gig, how much effort do they really want to exert? These are things that come to mind for me because I’m someone who has done some side work in the past, and I kind of resented it. Because when I’m not working my 9-to-5 job, I want to have that time for myself. And having to then pick up another job after I’ve worked all day long, it just isn’t appealing for me personally. So I think it’s important for anyone who’s getting into this to just know what they do and don’t want to do around a side hustle.
Sara Rathner: That is absolutely valid. When I was doing the side hustle on top of a full-time job thing, I mean my life outside of work really took a hit. It was a substantial amount of time. And I was at a point in my life where I could dedicate the time to do it, but you get real tired. I mean, I’m not going to lie. So, that’s something to think about, how much additional working hours per week are you going to be adding on your plate? And if it’s the kind of thing where you tutor two kids for two hours a week, maybe that feels sustainable for you on top of your normal full-time job. But if you’re talking about an extra 10 to 20 hours a week of work or more, I mean that’s like taking on another full-time job, and everything else in your life is going to suffer.
Liz Weston: Well, speaking of jobs, you might have the opportunity to, if you do hourly work, you may be able to volunteer for another shift, or work more hours, or simply put more effort into getting a promotion at work so you can earn more money. Sometimes that’s a much more efficient way to go about increasing your income than picking up a side hustle.
Sara Rathner: Yeah. Or even job hunting and negotiating a higher salary in a new position, too.
Liz Weston: There you go.
Sean Pyles: I think there are some creative ways where you can get some, maybe, extra benefit from a side job that you pick up. One thing that I’ve considered in the past is actually picking up a part-time job at my local nursery, maybe working one day a week for a few hours. And as someone who’s really into gardening, if I could get a discount on their plants in addition to making a little bit more money, and getting to know more about these plants, and connect with people who are really into gardening in my community, that has a lot of benefits for me. And it would make the time I would spend working worth it if I were to do that.
Liz Weston: Oh, you’re reminding me. A friend of mine picked up a job with an airline largely for the travel benefits. So, she works I think about 20 hours a week. She has a lot of flexibility, and she can fly either for free or — get this — pay 60 bucks and go first class.
Sean Pyles: That’s pretty sweet.
Liz Weston: I would shift some luggage for that. That sounds like a pretty good deal to me.
Sean Pyles: That also raises the idea again of what are you getting besides the money from a side gig, that there are so many other things to weigh beyond just the time that you spend. How can you really make any sort of side gig worth it for you truly?
Sara Rathner: Yeah. And then you talk about supplementing your income, what are you going to do with that money? What’s your plan? Maybe you have some debts you need to pay off. Or if you’re bringing in an extra $100, $200 a month, is that money going into your debt, or is it easy to just justify spending more because you have a little extra money in your pocket? So, what has to come after all that extra work is the discipline to actually apply that money into a specific goal or a specific problem you’re trying to solve in your life with that extra money. So, definitely be really diligent about, “OK, this is how much extra money I’m earning every month. I’m putting it right into my credit card debt. I’m putting it right into my student loan. I’m putting it right into this savings goal that I have or an investing goal that I have. And I’m not just putting it into my checking account and then spending more money.”
Sean Pyles: All right. Well, Sara, thank you for talking with us.
Sara Rathner: Thanks for having me.
Sean Pyles: And with that, let’s get on to our takeaway tips, and I will start us off. Be skeptical of anyone promising “easy money.” Tradeline sellers make most of the profit and take none of the risk of adding strangers to your credit card’s authorized user slots.
Liz Weston: Next, beware of sacrificing your good credit for profit. If your credit card issuer shuts down your accounts, that could hurt your credit scores.
Sean Pyles: Finally, consider other options. There are many other side hustles that can supplement your income that are 100% aboveboard.
Liz Weston: And that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us at [email protected]. And visit nerdwallet.com/podcast for more information on this episode. Remember to follow, rate and review us wherever you’re getting this podcast.
Sean Pyles: And here’s our brief disclaimer. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.
Liz Weston: This episode was produced by Sean Pyles and myself with the help of Tess Vigeland. Kaely Monahan mixed our audio. And a big thank-you to the thoughtful folks on the NerdWallet copy desk for all their help.
And with that said, until next time, turn to the Nerds.
Recently, I went to the state license office. When I was called up to the worker’s desk, I was asked to say my address, along with my name, age, and social security number. They wanted me to say ALL OF THIS out loud in a crowded room.
If someone was paying attention, they could have taken down my information and done serious damage. I asked if I could write my information and show it to him instead, and while they were not too happy with that, he agreed (he gave me the paper back, so I was able to shred it). The person that my husband had didn’t ask him to say his information out loud and he was given a form to fill, so I’m not sure why I wasn’t given that as my first choice as well.
If I wasn’t careful, this could have led to me becoming a victim of identity theft. Little mistakes or even something that is no fault of your own may lead to you becoming a victim of identity theft as well.
Sadly, identity theft impacts over 16 million people each year and that number is expected to keep growing.
I’ve been a victim of identity theft and I know it’s a huge headache. Even when you are extremely safe with your information, identity theft can still happen.
If you do find yourself to be a victim of identity theft, there are actions you can take to repair the situation as best as you can. This way you can get your credit score back to normal (or as close as possible), eliminate fraudulent expenses, get your life back, and more. You will want to do this as soon as possible though, so keep that in mind!
Record all actions you take.
Before we go into the main steps that you need to take in order to prevent more identity theft from occurring, you should always keep a record of everything you do.
Keeping a good record is important because you may need to show someone later (such as a credit company or a lawyer) the steps that you took to clear your name. Plus, something may get lost!
According to the FTC, you will want to:
Log the date, names and telephone numbers of each person you contact about your identity theft;
Send all letters about the situation via certified mail and receive a return receipt;
Keep all originals of any documentation that is needed.
Pull your credit report.
If you believe that your identity may have been stolen and that you may be a victim of identity theft, it’s a wise idea to check your credit report to see if any other errors or theft are listed.
You will have to continue to check your credit report on a regular basis (I would check it a few times for a full year after you noticed any identity theft, then at least once a year after that), to make sure that your identity is safe.
Related: Phone Scams: The Best Tips To Avoid Becoming A Victim
Contact the company where your identity was stolen.
In many cases, you may be able to directly contact the company where your identity was stolen. This way you can get the situation resolved, close your account, or whatever needs to be done to stop the identity theft.
If it was something such as your credit card information was stolen, you will be given a new credit card number to prevent any other theft.
The maximum you can be charged under the Fair Credit Billing Act for unauthorized charges is $50, but many companies don’t charge anything.
For bank charges under the Electronic Fund Transfer Act, you may be charged up to $50 as long as you report the fraud within two days. If you wait between 3 to 60 days, then you may be charged up to $500. After 60 days you may have to pay EVERYTHING that is charged under your name.
They key here is to report any fraudulent activity immediately.
Related article: Do You Have A Financial Emergency List?
Contact credit reporting agencies.
The next step you will want to take is to contact the credit reporting agencies so that they can be aware that your identity has been stolen. Ask for a fraud alert to be placed on your credit file so that you can be alerted if anyone tries to do anything with your identity.
The three credit reporting agencies are Equifax, TransUnion, and Experian. Fraud alerts last for 90 days and you can renew after that.
Place a freeze on your credit report.
If you would like to, an extra step you may be able to take is to ask the credit reporting agencies if a freeze can be placed on your credit file. This will then prevent anyone from using your credit report or credit score without direct permission from you. If anyone does try to use your credit file, the application will be immediately declined.
Keep in mind that if you do this, you will have to contact the credit reporting agencies before you need your credit so that they can lift the freeze in time.
Dispute incorrect information on your credit report.
If there is something wrong on your credit report, you should always dispute it.
You may have to send a letter to the credit agency, to the fraud department of where the identity theft took place, and provide proof of the theft, but it is well worth it to clear your name.
Whatever you do send in, keep a record and all original documentation just in case you need the information in the future.
File the identity theft with the Federal Trade Commission.
Another step you should take when it comes to identity theft is to file a report with the FTC. This way it is on file and they may be able to provide even more up-to-date tips on what to do next.
Report the identity theft to the police.
While the police department may not be able to do much usually when it comes to an identity theft case, having it reported is a small step that may go a long way.
You never know if a police officer may come across someone who has all of your information on them (I have actually heard of this happening and the person was arrested because they had a book full of stolen identity information). Also, you will need a police report filed if you plan on reporting identity theft to the FTC.
Have you ever been a victim of identity theft? What happened?
Georgia offers an affordable cost of living, top-notch schools and universities, and ample attractions, like the World of Coca-Cola, Forsyth Park, and Atlanta Botanical Garden. It’s also home to a diverse selection of reputable, member FDIC banks for individuals and small business owners.
No matter what your financial needs may be, you’re sure to find a good fit in the Peach State.
14 Best Banks in Georgia
We’ve made finding the best banks in Georgia effortless with our comprehensive list, so let’s dive straight into the options.
1. First Citizens Bank
Owned by First Citizens BancShares, First Citizens Bank has 56 branches across Georgia. As long as you sign up for paperless statements and make an initial opening deposit of at least $50, you won’t be on the hook for monthly maintenance fees.
With the First Citizens standard savings account, you’ll be able to earn interest without paying a monthly service fee or meeting a minimum balance requirement. The bank offers additional banking products, like credit cards, loans, retirement accounts, investment services, and insurance.
As a First Citizens customer, you can bank in-person at a local branch or perform account management online or via the robust mobile app.
2. Ally Bank
Ally Bank is a digital bank with a reputation for industry leading interest rates and low fees. While it doesn’t have a physical presence in Georgia, you can open and manage your accounts through Ally’s intuitive online and mobile banking tools. The Ally Interest Checking account online is a solid pick if you’d like to earn interest and don’t want to worry about annual fees or minimum balance requirements.
You can use the online portal or mobile app to pay bills online, deposit checks, and transfer funds. If you’d like to withdraw some cash, you’ll be able to do so at an Allpoint ATM for free with your Ally debit card.
Ally will also reimburse you if you make any out-of-network ATM reimbursements. In addition to the Ally interest bearing checking account, you might want to open the Ally Online Savings account, which comes with an impressive interest rate and savings bucket tools to help you meet your financial goals.
3. Axos Bank
Axos Bank is a digital bank that serves Georgians. If you’re in the market for checking accounts, you’ll have several options available to you. These include the Essential Checking, Rewards Checking, CashBack Checking, Golden Checking, and First Checking. Many of these accounts earn cash rewards or pay interest.
In addition to an Axos checking account, you might want to consider a high-yield savings account, high-yield money market, or a CD. You can also invest through Axos Invest, which is the bank’s free robo advisor. In addition, the bank offers 24/7 support for personal banking customers.
4. CIT Bank
CIT Bank is an online bank serving customers in all states, including Georgia. You can earn a competitive annual percentage yield or APY on various accounts without paying an arm and a leg for maintenance fees.
The CIT checking account requires a $100 minimum deposit but comes with interest and a free debit card. There’s also the Savings Builder account, which is a two-tiered savings account that requires a $25,000 balance or at least one monthly deposit of $100 or more.
Other options include the CIT Bank Money Market Account, certificates of deposit or CDs, home loans, and business accounts. You may download the CIT Bank app on your Android or IOS device to make mobile check deposits, pay bills, and use services like Zelle, Apple Pay, and Samsung Pay.
5. Renasant Bank
Headquartered in Mississippi, Renasant Bank has physical locations throughout Georgia. It’s a community bank with several checking account options. Each free checking account comes with perks like online bill pay, mobile banking, a debit card, and a switch kit so you can switch accounts without the hassle.
Renasant’s savings account lineup includes an interest bearing savings account, a savings account for children, a health savings account (HSA), and money market accounts.
If you’re interested in a loan, you can choose from personal loans, auto loans, and home equity lines of credit. In addition to personal banking services, Renasant provides mortgages and a plethora of business banking products. There’s also Renasant Rewards Extra, which gives you access to thousands of deals, cell phone insurance, identity theft protection, roadside assistance, and a health savings card.
6. United Community Bank
Based in Blairsville, United Community Bank is a regional bank with branch locations throughout Georgia, Alabama, Florida, Tennessee, South Carolina, and North Carolina. It’s insured by the Federal Deposit Insurance Corporation or FDIC and has been around since 1950. As a United customer, you can take advantage of more than 206 United ATMs and 1,260 Publix Presto! ATMs for free.
Its plethora of offerings include checking accounts, savings accounts, mortgages, credit cards, CDs, investing products, and business banking products. You can bank on the go via the convenient mobile app or use the online appointment scheduling tool to schedule an in-person appointment with a banker. If you have any questions or concerns, you can fill out a support form online and state whether you prefer an email or phone response.
7. Ameris Bank
Ameris Bank is a regional full-service bank with brick-and-mortar locations throughout Georgia in cities like Atlanta, Tucker, Woodstock, Marietta, and Oakwood. It offers three checking accounts with benefits such as a free Visa debit card, online banking access, e-statements, online bill pay, mobile banking, and Zelle transfers. In addition to checking accounts,
Ameris offers a plethora of savings accounts, including a personal savings account, personal money market account, minor savings account, health savings account, educational savings account, IRA, and CDs. You can also turn to Ameris for numerous mortgage options and down payment assistance. The bank provides personalized business banking solutions as well.
8. Bank of America
Bank of America is a well-known leader in the banking industry. Its financial centers and ATMs are present in various Georgia cities. From checking accounts, savings accounts, and credit cards to home loans, auto loans, and investing products, Bank of America offers it all.
The bank is also a great resource if you’re looking for small business banking products. Its Business Advantage Banking product is a business checking account with two settings to meet varying business needs.
While the Fundamentals setting has all the basic tools you need to manage your business, the Relationship setting is more robust and won’t charge you fees for wire transfers and electronic deposits. You can switch settings to accommodate your business needs at any time.
In addition to checking accounts, Bank of America offers small business loans, like SBA loans, commercial real estate loans, auto loans, and secured lines of credit.
9. Community Bank of Georgia
Based in Baxley, Community Bank of Georgia is a locally owned and operated bank with 24/7 ATM access. It aims to develop long-term relationships with account holders while offering a full suite of products and services.
The bank’s personal savings accounts include the regular savings account, Treasuresaver Club account for children ages zero to 13, a holiday savings account for holiday expenses, and a personal money market account for high interest savings opportunities.
Other personal banking products offered by Community Bank of Georgia include checking accounts and credit cards. The bank serves local business owners as well.
10. Chase Bank
The consumer banking arm of JPMorgan Chase, Chase is one of the largest national banks with a widespread presence in Atlanta. If you decide to open a deposit account at Chase with eligible Chase checking accounts, there’s a good chance you’ll qualify for a generous sign-up bonus.
You’ll also have access to a wide selection of products, including numerous checking accounts, two savings accounts, CDs with terms ranging from one month to 10 years, home mortgage loans, auto loans, home refinancing, and more. We can’t forget to mention that Chase offers Chase overdraft assist to help you avoid overdraft fees and inconveniences.
Thanks to Chase’s highly rated mobile banking app, you’ll be able to manage your account, make electronic transfers, deposit mobile checks, pill bays online, transfer money with Zelle, automate your savings, and set up account alerts. If you need assistance, you may reach out to Chase directly via phone or social media.
11. Morris Bank
Morris Bank is a local bank with branches in Georgia cities like Dublin, Gray, and Warner Robins. Regardless of which checking account you choose, you’ll enjoy access to free online banking, remote deposit services, online bill pay, and mobile banking.
When it comes to savings accounts, Morris offers the Savings Builder account, which will round up your purchases so you can save more money. In addition, the Blue Savings account allows for three free withdrawals per quarter.
The bank also serves small businesses in Georgia through checking accounts, savings accounts, business loans, treasury services, and merchant services. Even though it’s smaller than other banks on this list, Morris is technologically savvy and allows for online and mobile banking. Many residents believe Morris Bank is the best local bank.
12. Fifth Third Bank
Fifth Third Bank primarily serves the Midwest and has more than 33 banking centers and 80 ATMs at RaceTrac convenience stores. If you don’t want to visit a local branch, you can use the Fifth Third mobile app to transfer money, check balances and direct deposit transactions, and more.
While the bank’s most popular services are for individuals and small businesses, it also provides personalized wealth management solutions. These personalized wealth management solutions include private banking, wealth planning, trusts and estates, insurance, and investments.
As a wealth management customer, you can enjoy access to the Life360 site, which makes it easy to organize your finances and track your progress.
13. Truist Bank
Truist has physical locations in Georgia cities like Atlanta, Brunswick, Cartersville, and Pooler. Formerly known as BB&T, it offers a variety of personal and business banking products. You can select from five checking accounts, two savings accounts, one money market account, and CDs.
In addition to deposit accounts, Truist provides HSAs, prepaid cards, prepaid money account products, mortgages and home equity lines, personal loans, auto loans, investment products, retirement accounts, and personal insurance. Truist Mobile is the bank’s mobile app, which you may use to manage your account, deposit mobile checks, transfer money, locate branches, and pay bills.
14. Wells Fargo
Wells Fargo is a large national bank with more than 200 branches and over 600 ATMs in the Peach State. Just like most traditional banks, it offers a wide variety of banking products and services, such as savings and checking accounts, credit cards, home loans, personal loans, auto loan accounts, and investment accounts.
If you’re a small business owner in Georgia, you might want to consider Wells for business checking accounts, business savings accounts, business credit cards, small business loans, and merchant services.
The bank also offers a mobile app with LifeSync, a unique tool to monitor your spending habits and make smarter financial decisions. Additionally, Wells Fargo, which is considered the best national bank by many people, lets you automate your investing or work with a dedicated financial advisor.
Types of Banks in Georgia
There are several types of banks in the Peach State. Here’s an overview of the most common financial institutions you’ll find.
National Banks
National banks are banks with a presence across the country. Most of them have branches and ATMs in Georgia and other parts of the U.S.
These types of banks typically offer a diverse lineup of products and may be a solid choice if you have varying financial needs as an individual or small business owner.
Community Banks
Community banks serve specific geographic areas. They’re similar to credit unions in that they prioritize personalized customer attention. In Georgia, you may choose from numerous community banks like Ameris Bank, United Community Bank, and Morris Bank.
Online Banks
Also known as virtual banks or neobanks, online banks are tech forward and make it easy to perform various banking needs online or via mobile devices. While they don’t have physical locations in Georgia, they do offer many perks that you might not be able elsewhere.
Some examples of online banks that serve Georgia residents are Ally Bank, CIT Bank, and Axos Bank. With these financial institutions, you may be able to avoid a monthly fee and secure a competitive annual percentage yield or APY.
Common Banking Products
It’s wise to figure out what types of banking products meet your particular banking needs. Several of these products include:
Checking Accounts
Checking accounts are ideal for everyday purchases. You can also use them to make deposits, pay bills, and more. Some checking accounts might charge monthly service fees or impose minimum opening deposits. However, they might waive them if you take certain actions, like enroll in autopay or sign up for paperless statements. To access your checking account funds, you can visit a local branch or ATM. Depending on the bank, you may even find a checking account that pays interest.
Savings Accounts
Savings accounts are places to store your cash for various personal finance goals, like a house down payment, new car, or even a dream vacation. It’s also a great place for an emergency fund, which features three to six months worth of expenses. In general, online savings accounts pay out higher interest rates than traditional savings accounts. You’ll likely be able to make six free withdrawals per month.
High-Yield Savings Accounts
Compared to traditional savings accounts, high-yield savings accounts offer much higher interest rates. Typically, they don’t charge monthly or annual fees. If you’d like to open a high-yield savings account, consider an online bank as they’re not always available at traditional banks.
Certificates of Deposit
Certificates of deposit (CD) allow you to store your money for a certain amount of time while you earn interest. With a CD, you’ll usually be required to make a minimum initial deposit and choose a term. Typically, the longer the CD term, the higher interest rate you earn. If you’re looking for guaranteed returns, a CD is a solid choice.
Credit Cards
Credit cards are a suitable option if you’d like to earn rewards, like cash back, travel points, gift cards, and merchandise. While some are free, others come with annual fees. Do the math and make sure an annual fee is worth the benefits before you go ahead and move forward with it.
Loans
These days, many financial institutions offer loans. Some loans are for personal use, such as personal loans, mortgages, and car loans. Other loan options are designed for businesses, like SBA loans, commercial real estate loans, and business lines of credit. Before you commit to a loan, review the interest rates and terms to ensure you can pay it back on time.
How to Choose a Bank in Georgia
As you can see, not all Georgia banks are created equal. In fact, there are many options at your disposal. To help you hone in on the right bank for your unique needs, we encourage you to consider these factors.
Accessibility
Most traditional banks have local branches throughout the Peach State. If you prefer an in-person banking experience, this is great news. However, you’ll likely be able to lock in better interest rates and lower fees if you opt for an online bank with less overhead costs. Fortunately, traditional and online banks usually both have mobile apps so you can bank from just about anywhere.
Fees
Some examples of common banking fees you might come across include monthly maintenance fees, ATM fees, overdraft fees, wire transfer fees, account closing fees, and dormancy fees. When you shop around for the perfect bank in Georgia, you’ll notice that larger banks with physical branches tend to charge more fees and higher fees than online banks.
Minimum Balance Requirements
Depending on the bank and accounts you choose, you might have to maintain a minimum balance. If you don’t, you’ll likely be on the hook for fees. Before you pursue a certain account, make sure you can comfortably afford the minimum balance requirement. The minimum balance may be thousands of dollars, so this is an important factor to consider.
Product Options
Before you look for a Georgia bank, ask yourself what products and services you need. Maybe you’re seeking a personal checking account and savings account. Or perhaps you’re a Georgia business owner and in the market for business credit cards or business loans. Typically, national banks offer a greater selection of products and services than regional banks and credit unions.
Customer Service
There’s a good chance you’ll have questions or concerns once you decide on a bank. For this reason, it’s important to choose a financial institution with high customer service ratings and easy access to customer support. While some banks offer 24/7 customer service via phone, email, and live chat, others will only help you during select business hours.
Reviews
Be sure to read reviews from real customers on reputable review sites. If you notice many negative reviews about the same topics, you may want to be cautious and look to other banking institutions. It’s also a good idea to check out ratings on websites, like Better Business Bureau (BBB) and Consumer Affairs. In addition, don’t be afraid to ask family and friends for their recommendations on banks.
FDIC Insurance
FDIC insurance will keep your money safe in the event your bank fails. The FDIC usually insures up to $250,000 per depositor. In addition to deposit accounts, it covers money orders, cashier’s checks, and other official products. Before you open an account at a bank, make sure it’s FDIC insured. Most banks have the FDIC insurance logo on their websites.
Extras
Some banks go above and beyond and offer more than traditional banking products and services, like checking accounts and savings accounts. You may want to look for extra perks like overdraft protection or assist credit monitoring services, introductory offers, foreign currency exchange accounts, robo advising, and credit cards with impressive rewards.
Values
If you visit a bank’s website, you’ll know what it values. One bank might prioritize long standing customer relationships while another one is a socially responsible bank. If you’re debating between two banks, consider each institution’s values to help you make a decision.
Bottom Line
The Peach State has no shortage of banks. However, the right one for you depends on numerous factors, like your preferred products and services, the types of fees you can afford and are willing to pay, and whether you’d like to bank online or in-person.
If you’re unsure of which bank makes the most sense for your situation, don’t hesitate to open accounts in a few of them. From there, you can hone in on the best option. Good luck with your search for the ideal bank in Georgia.
Frequently Asked Questions
What are the largest banks in Georgia?
The largest banks in Georgia have the most branches throughout the state. These include Bank of America, Truist Bank, Ameris Bank, Fifth Third Bank, and Wells Fargo. All of these institutions are known for their extensive ATM networks and diverse product lineup.
How do I open a bank account in Georgia?
In most cases, you can open a bank account on the bank’s website or mobile app. You’ll likely need to submit a government-issued ID, like a driver’s license or passport, as well as personal information, such as your Social Security number.
What are some community banks in Georgia?
The Peach State has many community banks. The most popular options are Community Bank of Georgia, United Community Bank, Mountain Valley Community Bank, and Gwinnett Community Bank. Community banks are a solid choice if in-person service is important to you.
How can I avoid bank fees in Georgia?
If you don’t mind online or mobile banking, you’ll likely find fewer fees at an online bank. Also, some traditional banks may allow you to waive their fees. Since fees can eat into your savings and financial goals, you should do your best to avoid or reduce them.
Should I open an account at different banks in Georgia?
If you have large amounts of cash, you might want to open accounts at different banks. This is because the FDIC usually insures up to $250,000 per depositor and bank. This holds true even if you have several accounts with the same bank. You may also want to open different accounts if you want to take advantage of different benefits.
Is it better to choose a small bank or a large bank in Georgia?
Big banks offer a greater selection of products and services than small banks. But you might have to pay a monthly maintenance fee or make a minimum opening deposit. Small banks, on the other hand, take the time to get to know their customers and provide more personalized service. The ideal banking size depends on your particular priorities.
How can I easily switch bank accounts in Georgia?
First, gather basic information like your Social Security number or Tax Identification Number. Then, start the application process, fund your new accounts, and transfer funds from older accounts. Don’t forget to set up direct deposits and automate recurring payments. Some banks offer switch kits to simplify this process.
It’s Friday, and you’re looking forward to a relaxing weekend in town with friends. You log into your online banking portal to check your balance, but your account keeps giving you an annoying “account not found” error.
Panic sets in and questions flood your mind. Did I do something wrong? Why was my account suddenly closed? Don’t worry. You’re not alone in your panic. Many banking customers have found themselves in similar situations, left to unravel the mysteries of why the bank closed their account.
In the world of banking, account closures can happen for various reasons, and understanding why can save you a lot of frustration and inconvenience.
Reasons the Bank May Close Your Account
There are many reasons your bank could close your account, from irresponsible behavior to fraudulent activity. No matter the reason, your bank should inform you, so the first step is to look through your unopened mail for notifications about any of these circumstances.
1. Insufficient Funds
If your debit card frequently gets denied, your bank might decide to part ways with you. Some banks require you to keep a minimum amount of cash in your account. If your balance consistently falls below that, the bank will close your account since you’re violating its policies. Understanding how to manage your finances effectively can help you avoid this situation altogether.
To avoid overdrawing your account:
Turn on alerts through your bank’s mobile app.
Create a budget.
Keep a buffer amount in your account as a cushion for unexpected expenses.
Sign up for overdraft protection.
2. Suspicious Activity
In a time of frequent cyberthreats, banks prioritize the security of their customers’ accounts above all else. So if they detect any unusual or suspicious activity on your account, they might close it.
This activity can come in the form of identity theft or fraudulent transactions. Banks have sophisticated systems in place to monitor account activity and identify potentially fraudulent transactions. If they notice any suspicious patterns, such as multiple large transactions in a short period or transactions in unfamiliar locations, they’ll take immediate action to protect your account and other customers.
To safeguard your account and prevent account closure due to suspicious activity:
Regularly check in on your account through your bank’s online portal or mobile app.
Enable transaction alerts that notify you of any activity on your account, good or bad.
Report suspicious transactions to your bank immediately.
3. Violation of Terms & Conditions
Having a bank account requires adhering to the terms and conditions set forth by your bank. They’re all laid out in the ridiculously long document the bank sent you when you first signed up for the account. You likely had to check a box saying you agree to them. Violating these terms and conditions can result in account closure.
A few common violations that can lead to this closure include:
Illegal activities, such as money laundering, fraudulent schemes, or financing illegal ventures.
Policy violations likeusing a personal account for business purposes or failing to maintain a certain minimum balance.
Engaging in fraudulent behavior, such as providing false information, submitting fraudulent documents, or attempting to deceive the bank.
If you have any questions or concerns, reach out before agreeing to your bank’s terms and conditions.
4. Inactivity
Believe it or not, simply leaving your account dormant for an extended period can lead to its closure. Banks close inactive accounts as a means to streamline operations and reduce costs.
After all, having an account with no money in it isn’t making them anything in terms of profits. Additionally, inactive accounts are more vulnerable to fraudulent activities, so banks prefer to close them to minimize risk.
To prevent your account from closing due to inactivity:
Use your account for at least one transaction per month, even a small one like autopaying a streaming service.
Set reminders or alerts on your calendar or phone to use your account.
Automate your recurring payments.
5. Relationship With the Bank
Your relationship with your bank plays a significant role in the overall banking experience, for both you and your bank. In some cases, rude or aggressive behavior or treatment of bank staff influences the bank’s decision to close an account.
Additionally, if you repeatedly fail to comply with reasonable requests, such as providing required documentation, responding to inquiries, or addressing potential issues, it could lead to an account closure.
Maintaining a respectful relationship with your bank’s staff and following the bank’s rules are crucial, so to foster a positive banking experience:
Communicate politely and professionally.
Understand and comply with your bank’s guidelines.
If you have any questions, concerns, or issues, reach out to the bank.
How to Get Your Closed Bank Account Reopened
Experiencing the unexpected closure of your bank account is likely a stressful situation, especially if it was for anything other than inactivity. If you respond promptly and take the necessary steps to address the issue, you should be able to get your account up and running again fairly quickly.
1. Contact the Bank
When you discover your bank has closed your account, don’t wait to contact them. Reach out immediately.
Approach this conversation with a calm and polite demeanor. Clearly explain your situation, provide any relevant details, and ask for specific information regarding the closure of your account. Be prepared to provide identifying information, such as your account number and full name.
It’s beneficial to keep a record of the conversation, noting the date, time, and the name of the representative you spoke with.
2. Seek Alternatives
There are times when an account closure can provide you with an opportunity. If your bank closed your account because you can’t keep up with its requirements or you simply aren’t using the account anymore, maybe it’s time to find another bank.
To find a better option for your financial needs:
Research different banks and credit unions. Take the time to research various banks and credit unions to find one that aligns with your financial goals and preferences. Look at factors such as fees, account features, customer service, accessibility, and the convenience of branch locations or online and mobile platforms.
Compare account options. Look into the different types of accounts offered by the banks you’re considering. Would a checking account work better for you? Or maybe a money market account?
Evaluate customer reviews and ratings. Customer reviews are the best way to get a feel for a company. Online platforms, review websites, and personal recommendations can provide valuable insights into the banking experience you should expect.
Ensure you can meet minimum requirements: Pay attention to the minimum requirements each bank sets for opening and maintaining the account. Ensure you can comfortably meet these requirements, such as minimum deposit amounts or monthly balance thresholds, to avoid potential closure in the future.
3. Resolve Any Outstanding Issues
Having your bank account closed doesn’t necessarily solve the problem. You must proactively address any outstanding issues to minimize the negative impact on your financial history.
Contact the bank quickly. Reach out to your bank to discuss any outstanding fees, overdrafts, or disputes associated with your closed account. Request a detailed breakdown of any outstanding balances or charges.
Negotiate a resolution. Engage in a constructive conversation with the bank representative to negotiate a resolution that is fair and reasonable on both sides. If you’re facing financial hardship, explain your situation and explore possible options for fee waivers, reduced payment plans, or debt settlement arrangements.
Address overdrafts and negative balances. If your closed account had any overdrafts or negative balances, work with the bank to establish a repayment plan, or pay the balance in full.
Retrieve your remaining funds. If there were funds still in your closed account, the bank provides you with a few different options to receive those funds. That can involve issuing a check, transferring the funds to another active account, or utilizing alternative payment methods.
Monitor your credit report. After resolving any outstanding issues, monitor your credit report to ensure that the closure of your account and any related matters are accurately reflected. If you notice any inaccuracies or discrepancies, dispute them with the credit reporting agencies to maintain a clean credit history.
Final Word
Understanding why your bank may close your account is not just about unraveling the mysteries of the banking world; it’s about taking control of your financial well-being.
While the reasons for account closures can sometimes seem arbitrary, there are steps you can take to mitigate the risk and minimize the impact.
If you just can’t make it work with your current bank, it might be time to move on and find one that can meet your needs. Check out our list of the best checking accounts.
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Christopher Murray is a professional personal finance and sustainability writer who enjoys writing about everything from budgeting to unique investing options like SRI and cryptocurrency. He also focuses on how sustainability is the best savings tool around. You can find his work on sites like Bankrate, Money Crashers, FinanceBuzz, Investor Junkie, and Time.
Have you come across a Craigslist rental scam lately? Here are my tips to avoid Craigslist scams and real estate scams so that you can stay safe.
Over the past few weeks, we have been searching for the perfect rental home for us to move into, but sadly we have come across many Craigslist rental scams. We found many great homes, and actually signed a lease the other day on one (more information on that to come soon).
Even though we found a rental home, we came across many Craigslist scams and Craigslist rental scams firsthand. It led to us wondering “How do I avoid Craigslist rental scams?”
I only received around 10 emails back from potential landlords and three of those I knew were definitely scammers. There might have been others as well.
Due to this, I knew I had to create a post on the topic of rental scams.
You can find rental scams everywhere (Craigslist, Zillow, and more), and many people are duped every single day out of hundreds or sometimes thousands of dollars.
P.S. If you are looking for a rental, your credit score can be extremely important. You can check your credit score with Credit Sesame for free here.
Interesting articles on Making Sense of Cents that you may want to read:
How do Craigslist rental scams work?
There are cases where the person might not actually be a scammer, but you should be on high alert if you decide to continue through with a potential rental that you are unsure about.
Hopefully with my advice on renting on Craigslist tips below, you’ll be able to find a REAL rental.
Some scams that you may come across include:
Craigslist rental scams
Craigslist apartment scams
Craigslist housing scams
Craigslist vacation rental scams
Fake house ads on Craigslist
Rent to own scams on craigslist
If you’re wondering if Craigslist rentals are legit – yes, they are! But, you need to be careful.
Below, you’ll learn how to spot a scammer on Craigslist.
Related: What You Need To Know About Renting A Room In Your House
What happens if you get scammed on Craigslist?
If you get scammed on Craigslist, they may be taking your rent money, security deposit, or even your personal information. Plus, they may waste your valuable time, and you may even be thinking that you are truly moving into the rental property.
This can be heartbreaking, and you definitely do not want this to happen to you.
How can you tell if someone is scamming you on Craigslist?
1. They are showing you the home, but do they actually own it?
One of the many Craigslist rental scams I have been hearing about a lot lately is when a scammer seems legitimate and even shows you around the rental. You might believe they are the landlord since they somehow got into the rental, but that isn’t always the case.
Sometimes scammers will break into a back window or even steal the key from the actual landlord so they can show the rental to unsuspecting potential tenants. This can be a huge disaster, as many people will believe the scammer since they are pretending to be the landlord.
Another Craigslist scam I have heard about that is related to this is when a renter moves into a home, pays the deposit, rent, etc., only to find out weeks or months later that the actual owner is at their door. The owner might have been on a long vacation or they might have just let the home sit vacant while trying to sell it, and thieves noticed their absence only to take advantage of the situation. This can be bad as you will have to vacate immediately and you will be out of money, such as the refundable deposit you may have given to the scammer.
My rental search tip: Always make sure the person renting out the home is the owner or the property manager. There are many fake house ads on Craigslist. You can usually do a simple search on who owns the property by looking up city records. You also may be able to call the building’s manager (if there is one) and ask if the apartment is for rent and who is renting it.
2. A rental that seems too good to be true is often one of the many Craigslist rental scams.
This is how some rental scammers try to lure you in and an easy way to know how to spot a scammer on Craigslist. They will create a listing, make the rental sound amazing, offer it at a very low price, not require money upfront, and so on.
This is a clue that you might be the victim of a Craigslist scam. If the landlord makes it too easy for you to live in their rental, then you need to be very careful. Scammers are often hoping that someone will be caught up in a “great deal” and come running to them with cash.
My rental search tip: Always do your research before you give anyone money. You should check other listings in the area to see if the rental is comparable and you should also see if the place is actually for rent. In most cases, it is not.
Here’s one Craigslist scam email I received (I actually received this response for two different rentals I inquired about):
3. A scammer wants your information or money before you view the home.
If you are asked to fill out a rental application before you view a home, then you might be in the middle of one of the many Craigslist rental scams. The scammer is hoping that you will give them personal information, such as your bank account number, social security number, or something else. They will then disappear once they receive all of this information. This is a bad situation because you basically just gave your identity away.
Also, if you are asked to give money before you are allowed to view a home, then something is not right. This is most definitely a scam and you should avoid it. You should never have to pay loads of money in order to just view a home.
My rental search tip: You should always do your research, view the home, and more before you give out any extremely personal information. Occasionally, you may have to give your ID to the landlord, but other than that they should not need anything from you just to show you the rental house or apartment.
Here’s another Craigslist rental scam e-mail I received. This person sent me two e-mails so I just copied and pasted both e-mails into one so that you can easily read them both:
4. The landlord’s email has been compromised – Big Craigslist housing scams!
One scary Craigslist rental scam I recently heard about is when all of the information in a rental listing is correct. The home is actually for rent, the e-mail and phone number are real, and more.
However, when you e-mail the landlord you believe you are actually talking to them. It turns out that you are actually talking to someone who hacked into their e-mail. This can be a scary Craigslist scam as it can be hard to detect.
My rental search tip: Even though this Craigslist rental scam seems difficult, it can be easy to overcome. You should contact the landlord via the phone number that is listed on the real listing and talk to a real person. Then, you should verify everything that was discussed in the e-mails. Most of the time, landlords have no idea that their e-mail address was even hacked.
Related: Phone Scams: The Best Tips To Avoid Becoming A Victim
5. They give you a sob story.
Some rental scammers will give you a sob story in order to make you feel bad for them. But, think about it: why would a landlord need to tell you this at all in the first place?
It’s a business for them.
If they give you some sort of sad story, then it is most likely a scam. Lots of Craigslist rental scammers will give you a sob story such as having to move to take care of family, being forced to move due to the military, or something else.
Don’t believe it.
How do I verify a rental on Craigslist? How can you tell a scam on Craigslist?
You may be wondering “How do you know if a rental is legit?” or “How do I make sure a Craigslist rental is real?”
There are many different things to be aware of when looking for a rental online. Here are my general tips before falling for Craigslist housing scams or Craigslist apartment scams:
Always make sure the person showing the home is the landlord or property manager.
If a deal seems too good to be true, then it probably is.
If the landlord is trying to push a lot of urgency your way, then I would be wary. For example, if they say that they need someone to move in tomorrow because they are flying overseas, and that’s why they have such a good deal, then they may be a con artist.
Be careful with your personal information, so that you are not the victim of identity theft.
If anyone ever asks you to wire money, you should not. Most scammers will ask for money to be wired and this should be your first red flag that something is not right. Keep in mind that if you wire money, you CANNOT get it back. Too many people think you can get wired money back.
Does the listing and/or e-mail communication with the “landlord” have many misspellings? Does the e-mail refer to you as Sir or Madam? Do they say they are out of the country and cannot show you the home until you pay? Do they claim to be a missionary or a reverend? If any of these are true, then this is usually the sign of a scammer.
Does the person never want to meet in person? If you never meet the landlord, then it is most likely a Craigslist rental listing scam. The landlord or their property manager will want to meet you, not avoid you.
Do they only want you to peak through the windows in order to view the rental? This is a huge red flag if they never want to meet you and instead want you to only look through the windows. Legitimate landlords will want to meet you and rental ads that state otherwise are most likely fake.
Does the Craigslist home for rent seem like a really great deal? If so, you may want to ask yourself why they are offering such a great deal. Real owners don’t think you are doing them a favor. Instead, they see it as a way to make money.
Do they mention Western Union or receiving funds via money order? If so, then it may be a scam as scammers love to mention Western Union. You simply want to be careful if they ask for either of these.
Are they letting you skip any type of background check? Sometimes there are credit checks, background checks, and so on. If it is too easy to get the rental, then it is probably a scam.
Always trust your gut instinct as there are always other places to rent in the world.
As you can see, there are many ways to learn how to spot a rental scammer on Craigslist. There are many fake house ads on Craigslist, so you want to be careful.
Are Craigslist rentals legit? How do I know if a rental is legitimate?
Yes, Craigslist rentals cans be legitimate. I have personally found Craigslist houses to rent (and lived in it) through Craigslist.
Below, you will see how to tell if a Craigslist rental is legitimate or if it is a fake Craigslist ad, and how to spot red flags.
Are Craigslist rentals safe? Is renting from Craigslist safe?
Yes, Craigslist rentals can be safe. You simply need to follow the tips in this article so that you can stay away from Craigslist rental scams and find legitimate home rentals.
Why do people post fake rentals on Craigslist?
People post fake rental ads on Craigslist because they are scammers and are looking for easy money. Plus, some potential renters who may be looking for a new home may be a little desperate as well, because everyone needs a place to live in, of course.
Is it safe to rent a room from Craigslist?
Yes, it can be safe to rent a room from Craigslist. Follow the tips here, and make sure you get along with your potential future roommates.
You also want to be safe on Facebook Marketplace, and anywhere else where you may be looking at potential homes to rent.
Someone posted my house for rent on Craigslist, what do I do?
If you have a realtor or real estate agent and your house or condo are currently for sale, I highly recommend contacting them and seeing what you can do. This is because many times homes that are for sale will be listed for rent on Craigslist through a fake ad.
You should also report the fraudulent Craigslist ad to Craigslist. Doing this will help to curb Craigslist rental frauds and help anyone who may fall for the Craigslist rental scam.
You also will want to go to your local police department and attorney general to see what they can do for you as well.
How do I protect myself from Craigslist rental scams? How do I avoid getting scammed on Craigslist?
Don’t give money or any of your personal information (such as your bank account number, social security number, and so on) until you are 100% sure that it is a real rental on Craigslist.
Also, if the person requests money or your personal info from you before you even view the rental property, then I would be careful as well.
You will want to make sure you do your research before you give the person cashier’s checks, a PayPal account, or even Venmoing or sending a Zelle payment to them. Whatever way that they ask for payment, you simply want to be careful and spend your time to make sure that you are not dealing with a Craigslist scammer.
Unfortunately, there are many Craigslist rental scams on the internet which are scamming potential renters.
P.S. There are over 200 comments below (you may have to click “« Older Comments” to see all of them), and many of you have been sharing your Craigslist rental scam stories and screenshots of exact emails. This is a great way to learn how to catch a rental scammer on Craigslist. Let’s continue to help one another out, thank you!
How to spot Craigslist housing scams? How to spot a rental scammer on Craigslist?
I hope you enjoyed today’s article on how to find Craigslist rental scams. There are definitely many fake ads out there, but do not let a Craigslist scammer deter you. There are ways to learn how to avoid rental scams on Craigslist so that you don’t get scammed.
Instead, I recommend doing your research and being careful before you hand over money or start a wire transfer. You may want to ask locals about a specific rental property, search anything you can on Google to see if the rental pops up for you (such as if you can see any complaints for that specific address), reaching out to a property management company, and more. This is so that you can make sure you are talking to the true owner of the property or whoever works for them.
After all, you don’t want to give scam artists a security deposit, Moneygram, first month’s rent, application fee, cashier’s checks, or whatever else they want without some verification that it is all real.
And, if a landlord asks you to send over gift cards as a form of payment, it is most likely fake and you are dealing with a Craigslist scammer. I have never, never heard of a landlord asking for a gift card as payment. It can be easy to fall for a rental scam, especially in today’s rental market where there is no rental inventory, which can lead to a lot of desperation.
Also, please be careful and watch out for Craigslist sublet scams. You can use many of the same Craigslist rental scam tips above to avoid Craigslist sublet scams.
But, there are legitimate rentals on Craigslist, you simply need to be careful. This may mean making sure to meet the property owner face-to-face, doing some research on the contact information that you are given, and more before you give a personal check and last month’s rent.
I, personally, have found a home rental on Craigslist and it was a great home. You can find Craigslist apartment rentals, Craigslist house rentals, and more that are legitimate – you just have to be careful.
What Craigslist rental scams and Craigslist apartment scams have you seen or heard about? Have you wondered how Craigslist rental scams work? Have you ever been the victim of any type of scam?
The Consumer Financial Protection Bureau (CFPB) has ordered installment lender OneMain Financial to pay $20 million in redress and penalties for failing to refund interest charged to 25,000 customers who cancelled purchases within a purported “full refund period,” and for deceiving borrowers about needing to purchase add-on products to receive a loan. OneMain will pay $10 million in refunds to consumers it harmed, and an additional $10 million penalty to the CFPB’s victims relief fund.
Do You Have a Question You’d Like Steve to Answer? Click Here.
“OneMain pressured its employees to load up its loans with extra charges through false promises of easy cancellation with full refunds,” said CFPB Director Rohit Chopra. “We are ordering OneMain to refund borrowers it cheated and to clean up its business practices.”
OneMain is a nonbank personal loan installment lender headquartered in Evansville, Indiana and is a subsidiary of OneMain Holdings, Inc. (NYSE:OMF). OneMain is one of the largest non-depository personal installment lenders in the United States. It has a nationwide network with more than 1,400 branches across 44 states. The company offers loans and makes extra profits by upselling borrowers with products such as roadside assistance, unemployment coverage, and identity theft coverage.
OneMain expected its employees to upsell borrowers on every loan. Employees were incentivized to push more products, and company training materials directed them to upsell them even when consumers had already declined the products on previous loans. Salespeople were evaluated on the basis of their sales rate and could even be fired if they did not upsell enough.
The CFPB found that OneMain:
Tricked borrowers into signing up for optional products: OneMain customers were led to believe that they could not receive a loan without signing up for an add-on product. Some employees added the products to paperwork without verbally informing the consumer that the products were included or optional, a practice referred to internally as “pre-packing.” If the consumer identified the products and asked for their removal, employees were expected to make it seem difficult to remove the products. In other cases, employees obscured written disclosures from consumers’ view, or verbally contradicted them.
Kept $10 million in interest charges despite its “full-refund” policy: OneMain told borrowers they would receive a “full refund” on add-on purchases if they cancelled within a certain period (generally 30 days). However, OneMain unfairly failed to refund interest charges for about 25,000 borrowers who signed up for add-ons such as roadside assistance benefits, identity theft protection, or entertainment discounts. Because of how OneMain precomputed interest on some loans, customers had already been charged significant amounts of interest that the company did not refund. Over the past four years, OneMain kept approximately $10 million in interest charges attributable to add-ons cancelled within its purported “full refund period.”
Under the Consumer Financial Protection Act (CFPA), the CFPB has the authority to take enforcement action against institutions violating consumer financial laws. The CFPB found that OneMain’s practices violated the CFPA’s prohibition on unfair practices by charging and then failing to refund the full premium or fee and interest that accrued on add-on products consumers did not agree to purchase. OneMain also charged and failed to refund interest that accrued on add-on product fees during an advertised full refund period. Finally, the CFPB found OneMain was illegally interfering with consumers’ ability to understand that certain products were optional, and that OneMain charged non-refundable interest during the purported full-refund period.
The order requires OneMain to:
Adjust cancellation policies: The order requires OneMain to stop its unlawful activities, adjust its policies to make cancellation of add-on products easier, double the period in which a consumer can cancel an unused add-on product without cost from 30 to 60 days, and include interest in refunds after add-on product cancellations at any time.
Provide redress to consumers: The order requires OneMain to pay $10 million in refunds to consumers for improper charges.
Pay $10 million in penalties: OneMain is required to pay a $10 million penalty to the CFPB, which will be deposited into the CFPB’s victims relief fund.
Read today’s order.
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
Since its debut in 2013, Chime has become quite popular. This financial technology company partners with Bancorp Bank, N.A. and Stride Bank, N.A. to provide a number of FDIC-insured bank accounts. Just like most online banks, Chime offers higher annual percentage yields than brick-and-mortar banks.
Chime offers a credit builder account7, which acts like a secured credit card to help customers establish credit. However, its flagship products are the Chime® Savings Account and Chime® Checking Account8.
Chime has one of the most robust apps in the world of mobile banking. It also has a phenomenal rating in both the Apple App Store and Google Play Store.
Despite the fact that Chime comes with many benefits, it’s not right for everyone. After all, there are no physical branch locations and its customer service could be improved. Plus, you might be able to find higher APYs elsewhere.
18 Best Chime Alternatives
If you’re looking for alternatives to Chime, you’ve come to the right place. We’ve done the heavy lifting for you to create this comprehensive list of the best Chime alternatives.
1. GO2bank
GO2bank is the digital banking platform backed by Green Dot Corporation, a financial technology company known for its prepaid debit cards. GO2bank is designed to help people better manage their money through its user-friendly mobile app and competitive features.
The mobile banking app allows you to open an FDIC-insured account with no monthly maintenance fees if you have qualifying direct deposits. You also have access to a network of over 19,000 fee-free ATMs across the nation. With the ability to receive direct deposits up to four days early and a high-yield savings account that pays up to 4.50% APY on savings up to $5,000, GO2bank offers a complete banking solution.
GO2bank also provides a secured credit card that can help you build credit over time. With this card, you can establish or improve your credit score by making on-time payments and keeping your balance low. There are no annual fees, no credit checks, and no interest charges if you pay your balance in full every month.
In addition to these features, GO2bank offers various ways to deposit cash, including the option to deposit cash at participating retailers. You can also use the app to pay bills, send money to friends or family, and set up custom savings goals.
Read our full GO2bank review.
2. Current
Current is a neobank that partners with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. It only offers one bank account that serves as an online checking and online savings account.
Current doesn’t charge monthly maintenance fees, monthly account fees, or overdraft fees. In addition, you can reap the benefits of automated savings pods and early direct deposit. Unlimited domestic ATM access is also free as Current is part of the Allpoint ATM network. You also get access to early direct deposits.
If you have kids, you can open a linked Teen Banking Account and help them build healthy financial habits. We can’t forget the Current Visa debit card, which lets you earn cash back on debit card purchases at more than 14,000 participating retailers.
Read our full Current review.
See also: Chime vs. Current: Which Is Better?
3. Axos Bank
Axos Bank is an online only bank that first opened in 2000. Its checking account options include the Essential checking account, Rewards checking account, and Cashback checking account. While Essential is a basic checking account with no fees or minimums, the Rewards checking account earns up to 1.00% interest if you meet certain requirements.
With the Cashback checking account, you can earn up to 1.00% cash back on qualifying debit card purchases. Rest assured there’s also a high yield savings account and money market account with a competitive APY. Like Chime, Axos also offers a highly rated mobile app.
Read our full Axos Bank review.
4. Quontic Bank
Headquartered in New York, Quontic Bank has been around since 2008. It has one brick-and-mortar branch in Astoria, New York but serves customers online in all 50 states.
Quontic’s lineup of products includes checking accounts, savings accounts, money market accounts, and certificate of deposit (CD) accounts. It also offers real estate products.
You can choose from three checking accounts: Cash Rewards Checking, High Interest Checking and Bitcoin Rewards Checking. There’s also a high-yield savings account, which pays an impressive APY.
No matter which accounts you decide on, you’ll be pleased to learn there are is no monthly service fee. Plus, you’ll benefit from an extensive ATM network and mobile app.
Check out our full review of Quontic Bank.
5. Cash App
Created by Square and based in San Francisco, Cash App is a peer-to-peer payment app. Cash App lets you send and receive money, do your banking, and open investment accounts, such as retirement accounts. The banking feature requires you to order a Cash App card and accept that FDIC coverage is not available.
Keep in mind that there is no way to build your credit or save money with Cash App. But you can use it to buy stock and Bitcoin for as little as $1. Plus, Cash App lets you prepare and file your federal and state taxes for free.
Learn more about how Cash App works.
6. Brigit
Brigit is a personal finance app that offers paycheck advances to help you out when you need fast cash. It might be a great option if you can’t wait until payday but want to avoid insufficient fund fees and overdraft fees. Brigit also allows you to keep track of your credit score and protect yourself from identity theft.
Additionally, you can use Brigit to find side gigs or borrow money with a credit builder loan. You will have to pay $9.99 per month to unlock all of these features. The good news, however, is you won’t be charged any interest or tips.
7. Dave
Launched in 2017, the Dave App can give you the chance to advance your paycheck to cover small emergencies. It also offers a spending account, which is essentially a checking account with no low balance or overdraft fees. To take advantage of the Dave app, you’ll be on the hook for a $1 monthly subscription fee as well as an optional express fee and tip.
There’s also a budget feature that tracks your income and spending so you can pay your bill. It will notify you any time you’re at risk of overdrafting. In addition, Dave can help you find a side hustle and earn extra income.
8. Revolut
When it initially launched in 2015, Revolut was a challenger bank with a travel card and cheap exchange rates. Now, it describes itself as a digital banking platform and uses Barclays and Lloyds to store your money. Just keep in mind that since it’s not a bank, it doesn’t offer any deposit protection.
Revolut’s long list of perks include surcharge-free ATMs, travel perks, and spending alerts. Plus you can earn cash back on Revolut card purchases and even open an investment account to invest in popular cryptocurrencies. If you travel abroad often and are looking for benefits you may not be able to find from most banks, Revolut should be on your radar.
Read our full Revolut review.
9. Varo
Varo is a digital bank with impressive technology as well as a lineup of checking and savings accounts with unique features like Chime. Since it prides itself on minimal fees, you won’t have to worry about monthly maintenance fees, transfer fees, or foreign transaction fees.
Furthermore, since it’s part of the Allpoint ATM network, you can enjoy free domestic ATM withdrawals at more than 55,000 ATMs. In addition to a competitive APY for its savings accounts, you can enjoy the Save Your Pay and Save Your Change features.
While Save Your Pay automatically transfers a percentage of your paycheck to your savings. Save Your Change rounds up online checking account transactions and lets you transfer money to your savings. These features are different from what you’d find with other online checking accounts.
Read our full Varo review.
10. Capital One
Capital One is one of the largest banks in the U.S. Its online checking and savings accounts come with no minimum balance fees.
Capital One’s 360 Performance Savings account offers an impressive APY on all account balances. This makes it worth considering regardless of what your savings goals entail. It lets you set savings goals and automatic savings plans so you can transfer funds from your Capital One 360 bank account.
With a Capital One bank account, you may access over 70,000 fee free ATMs. If you prefer in-person banking, you’re in luck because there are more than 300 branch locations in select states. You can also enjoy free overdraft protection and download the Capital One app to send and receive funds through Zelle.
Read our full Capital One review.
11. Discover Bank
When most people think of Discover Bank, credit cards come to mind first. But like Chime, Discover also offers checking accounts, savings accounts, money market accounts, CDs, and even personal loans.
It doesn’t impose minimum monthly balance requirements or charge any monthly fees or overdraft fees. Discover’s savings accounts and CDs are known for impressive APYs and its highly rated mobile app with a Quick View feature makes it a breeze to bank while you’re on the go.
Additionally, Discover offers more than 60,000 fee-free ATMs and you can earn 1% cash back on up to $3,000 in debit card purchases each month. If you need assistance, you can always reach out to its 24/7 U.S. customer service representatives.
12. Ally Bank
Headquartered in Utah and a division of Ally Financial, Inc. Ally is a full service online bank with an extensive product line up. Its deposit accounts, like checking accounts and savings accounts as well as CDs, come with competitive interest rates.
In addition to 24/7 customer service, Ally offers a robust mobile app you can use to check balances, transfer funds, deposit checks, pay bills, and send money via Zelle.
With Ally, there are no minimum balance requirements or fees for account maintenance, overdrafts, ACH payments, incoming wire transfers, or cashier’s checks. Aside from bank accounts, Ally also services customers with a wide range of mortgages, loans, and investing products. The main drawback is that you can’t deposit cash. Despite this, Ally is considered one of the best online banks.
Read our full Ally Bank review.
13. One Finance
One Finance is an online bank that lets you do all your banking from one bank account. With One, you can open one account that acts as a savings and interest checking account with no fees and the chances to earn a high APY. Your account will feature pockets that let you manage your money in numerous ways so you can budget and set savings goals.
You can think of a spend pocket as a checking account that doesn’t pay interest but helps you visualize the money you can spend each month. If you budget for various categories, like rent, groceries, and entertainment, it makes sense to have multiple spend pockets to keep track of your spending money. If you prefer, however, you can stick to one and have all your spending come from the same place.
14. Aspiration
Aspiration offers a Spend and Save account that offers checking and savings features. You can choose a basic account with a “pay what is fair” monthly fee, which can be $0 or an Aspiration Plus account, with a monthly fee but additional benefits like a higher APY on savings. If you pay annually, you can enjoy a lower fee.
Aspiration supports the environment through features like cash back if you spend at socially conscious businesses. You also have the chance to plant a tree every time you use your debit card. Additionally, your personal impact score tells you the environmental and social effects of your shopping habits. It also promises that your cash deposits won’t pay for the exploration or production of fossil fuels.
Read our full Aspiration review.
15. Bank5 Connect
Based in Massachusetts, BankFive has been around since 1855. With Bank5 Connect, the online division of BankFive, you can open a checking account, a savings account, or a CD with a low minimum balance requirements. Its accounts are available to everyone in the U.S., except those in Massachusetts and Rhode Island.
As a Bank5 Connect customer, you can enjoy access to thousands of surcharge free ATMs. You may get reimbursed up to $15 per statement cycle for any fees that are charged by out-of-network ATMs. There’s also a mobile app with features like mobile deposit, bill pay, money transfer, and an ATM locator.
16. MoneyLion
Founded in 2013, MoneyLion is a financial services company that works to help customers improve their finances. RoarMoney is its FDIC-insured checking account that comes with no account fees and several unique perks.
As long as you enroll in automatic monthly direct deposits, you can receive each paycheck up to two days early. Price Match will also refund you the difference if you find something you purchased at a lower price. Plus you may use RoarMoney to design a budget and track your spending. In addition to RoarMoney, MoneyLion offers Instcash in which you can get cash advances of up to $250 through the app.
17. Juno
Formerly OnJuno, Juno is an FDIC-backed online banking platform known for its high-yield checking account with zero monthly maintenance fees or minimum opening deposit. You can also earn cash back if you make crypto purchases or cash purchases at certain companies.
It’s ideal if you’re an immigrant or international professional because all you need to open an account is a passport and Social Security number. With Juno, you get free atm withdrawals at more than 85,000 Allpoint or MoneyPoint ATMs.
18. Wise
Headquartered in London, Wise is a financial technology company that prides itself on innovation. You can open a Wise personal account for free and won’t have to meet a minimum balance requirement or pay a monthly fee. Wise is unique in that you can hold 54 currencies and send international transfers to over 80 countries.
There are also international business accounts, which can be helpful if you send, spend, or withdraw money while you travel abroad for business purposes. While you can sign up for a Wise debit card, it does come with fees and may only be used in select countries.
What to Look for When Choosing a Bank
When you shop around Chime alternatives, you’ll notice there are no shortage of options. Here are some things to consider as you look for the ideal solution.
Fees
Fees can add up quickly. Ideally, you’d go with a bank that charges low fees or basically no fees. Fortunately, most online banks are known for their fee-free bank accounts.
With many of these checking accounts, you won’t be charged monthly maintenance fees, ATM fees, wire transfer fees, and early account closing fees. Just be on the lookout for hidden fees.
High Interest and Rewards
The higher the interest rate, the more money you’ll be able to save with minimal effort. Sometimes, you can even earn rewards like cash-back and travel points for making transactions on your debit cards.
Large ATM Network
If you’re an avid cash user, you don’t want to pay an arm and a leg every time you use an ATM. For this reason, it’s important to choose a bank with a fee-free ATM network or one that reimburses you when you use an out-of-network ATM.
Customer Service
You want to ensure that you can easily receive answers to your questions or address your concerns. For this reason, choose a bank or company that has positive customer service reviews.
Bottom Line
While Chime offers many perks, it’s not perfect. If you’re willing to do some research and compare your options, you can find several online banks like Chime. Before you make a decision, look at the banking services provided. Then, weigh the pros and cons. Don’t be afraid to test a Chime alternative for a few months or so to make sure it’s a good fit.
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.
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.