Money Transfer Archives - Hanover Mortgages

Apache is functioning normally

August 14, 2023 by Brett Tams

Earning money in your spare time by playing games, watching videos, or taking surveys was relatively unknown just a few years ago. While it may sound like a dream or, worse, a scam, it is possible to put a little extra in your pocket in your downtime with minimal effort.

Now many apps on the market allow you to earn money from your phone that you can cash out instantly. Read on to learn about the apps that pay instantly to Cash App and how you can start putting more money in your digital pocket.

What is Cash App?

Cash App is a mobile peer-to-peer money transfer service that allows users to transfer money to one another using their phone number, email, or $cashtag. Users can now send and receive stocks and bitcoin within the app in the US and the UK. Additionally, users can buy and sell bitcoin and stocks using the app.

Cash App is free to download and offers free funds transfer to a bank account. Users can also transfer funds instantly with a 1.5% fee. Cash App primarily generates revenue from these instant transfer fees.

Which Apps Pay Instantly to Cash App?

It’s important to clarify something upfront before getting to our app list. Unfortunately, no apps currently pay money directly to Cash App. So while the apps we will discuss are legitimate and pay real money, they do not currently have Cash App as an option to receive payouts directly.

This means that you’ll need to first transfer your funds to another institution before transferring to Cash App. Typically, these apps will allow payouts to either PayPal or, in some cases, directly into your bank account.

Luckily, there is an easy workaround for those who want your money to go to your Cash App. However, note that fees may be associated with your transactions depending on how quickly you want the money to transfer.

For Apps that Pay to PayPal

Receive your payout via PayPal
Transfer funds from PayPal to your bank account
Transfer funds from your bank account to Cash App

For Apps that Pay to a Bank Account

Transfer funds from your bank account to your Cash App account

Hopefully, Cash App will become a direct payout method soon. Until then, online transfers make it easy to move money from one platform to another, and you can use the workarounds above to get money into your Cash App relatively quickly.

29 Apps That Pay Instantly to Cash App

Below are 29 apps that pay instantly to Cash App when you utilize the workarounds described above. Remember, some apps pay instantly, while others have a minimum payout level you must reach before you can cash out. You’ll find anything from online shopping to games to freelancing opportunities to earn some extra cash on this list.

1. InboxDollars

InboxDollars is primarily a survey app, but users can also earn money through online shopping, playing games, watching ads, reading emails, and more. While you won’t get rich from using InboxDollars, it’s a great way to quickly make money in your downtime via the app or your computer. New users can also create a free account and get a $5 sign-up bonus!

One nice thing about InboxDollars is that you earn in dollars and cents rather than points, which makes it easier to see how much you’ve earned. You can redeem your earnings for gift cards, prepaid debit cards, or PayPal cash.

2. QuickRewards

QuickRewards is an incentive-based marketing app that rewards members for completing activities and connects users with advertisers. Members earn by signing up for offers, taking surveys, shopping online, and more. Membership is free, and you can cancel at any time.

QuickRewards has a slightly different earning scale, as members earn QuickPoints valued at one-hundredth of a cent. Thus, 1,000 qp is equivalent to $0.10. There is no minimum payout if cashing out to PayPal, but those redeeming gift cards must accrue at least $5. Users can also redeem tokens for movie tickets.

3. Swagbucks

Swagbucks is similar to many other apps discussed in this article in that users can earn money by performing simple tasks. Users can earn by taking surveys, shopping online, playing games, watching videos, searching the internet, and redeeming offers.

Swagbucks points (SB) are the currency, and the ratio between dollars and points is around $1 for every 100 points. Users can redeem gift cards from major retailers like Walmart and Amazon, cash out to PayPal, or donate their earnings to charities like Unicef. Create a free account and get a $10 bonus just for signing up!

4. Swagbucks Live

Watching videos and taking surveys not your thing? How about stretching your brain with trivia? With Swagbucks Live, users can win money daily by playing live trivia. Simply answer a series of multiple-choice questions correctly, and you’ll be in the running for the grand prize. Even those not in the running will still earn digital currency for the questions they correctly answer. In addition, winners earn SB, which they can redeem in the regular Swagbucks app for cash and gift cards.

5. MyPoints

MyPoints works in much the same way as other apps on this list but is exclusively for gamers. Users earn points based on gameplay length and for completing in-game milestones. Making in-game purchases and playing sponsored games will also help users earn more. Users can redeem points for PayPal cash and gift cards starting at just $5. Unfortunately, one major drawback of Mistplay is that it is only available to Android users.

6. BrainBattle

BrainBattle is another app perfect for those looking to engage their mind. Users earn rewards by playing games structured as multiple-choice math problems, where each correct answer earns tickets used to enter cash drawings. Additionally, users can earn tokens redeemable for cash rewards of roughly $0.10 per 10,000 tokens.

7. CashOut

CashOut is another app that pays users to play games and complete other tasks. While most tasks pay around $0.50, some pay as much as $20. Users collect in-app coins that can be redeemed to PayPal or as gift cards. You can also earn coins just for checking-in daily, even if you don’t complete any tasks. One drawback to CashOut is that it’s only available for Android users.

8. CashPirate Buzz

CashPirate Buzz (or sometimes just called CashPirate) is similar to the other get-paid-to apps on this list, except it is only available to mobile users on Android and does not have an online partner site (iOS users can download the partner app, GiftPanda, instead). Users primarily earn by completing offers like surveys, playing games, or watching videos. You also earn through referrals. Users earn coins redeemable for rewards like PayPal cash, recharging their prepaid mobile device, Amazon gift cards, or Visa gift cards.

9. FeaturePoints

FeaturePoints is yet another survey site where users get paid to give their opinion, but you can also earn by downloading games and apps. Additionally, users can pad their points through instant contests. One thing that sets FeaturePoints apart from the other apps is that users can choose to redeem their points for bitcoin and gift cards to major retailers.

10. Blackout Bingo

Blackout Bingo is a fun option for bingo lovers but works differently than some of the other apps on this list. While users can play unlimited practice rounds, you’ll only win money if you enter cash tournaments and matches, which require an entry fee. Although some tournaments waive the fee, meaning you can win money for free, most of the earnings will come from paid plays. Aside from winning money, users can also earn Skillz tickets and use them to purchase game credits or merchandise. Redeem your winnings for gift cards, prepaid debit cards, or PayPal.

11. Bingo Clash

Bingo Clash works in much the same way as Blackout Bingo, although the user interface and in-game options are slightly different. In addition to debit cards and PayPal, you can withdraw your earnings with a check after reaching a minimum of $10.

12. AppStation

AppStations is a free mobile gaming app only available to Android users, but unlike other gaming apps on this list, AppStation pays users based on the length of time played. Users can also earn based on the level achieved or for reaching in-game milestones. A point system determines payouts, but AppStation claims you can reach your first payout within the first 10 minutes.

13. Pool Payday

Pool Payday is another Skillz platform app where users can win money playing pool games. There are two ways to earn: 8-ball pool, where the player must sink either stripes or solids, and then the 8-ball, or trick shot pool. While users can play practice rounds for free, it is with pay-to-play rounds that can yield cash and Skillz ticket prizes. One difference with Pool Payday is that users can withdraw their earnings to a linked bank account in addition to the standard options.

14. 21 Blitz

Another Skillz pay-to-play and win game app, 21 Blitz combines Solitaire and Blackjack. Players must hit 21 or stack five cards in sequential order to earn bonus points and win head-to-head tournaments for cash. Winners can withdraw their earnings directly to their bank account, PayPal, or a debit card.

15. Dominoes Gold

Dominoes Gold offers free and cash matches, real-world prizes, and progression rewards. Players win by following classic dominoes rules, playing against themselves, and then comparing their scores to competitors. This app does allow you to send your winnings directly to Cash App if you use it to pay your entry fees.

16. Spades Cash

Yet another Skillz game, this game follows classic spades rules. Users play each round by themselves and then compare their score to others, with the highest score winning. Each competitor has the same board, cards, and time limits. Bank transfers, PayPal, and payment cards are all options for redeeming prizes.

17. Solitaire Cash

Solitaire Cash is another pay-to-play option but requires more strategy than games of chance like bingo. This app follows the Klondike rules of Solitaire, with 4-7 players competing to win tournaments. The top three players win cash prizes, which users can withdraw to a linked bank account, debit or credit cards, or to PayPal.

18. Solitaire Cube

Solitaire Cube is another Skillz game and very similar to Solitaire Cash in that it also follows the Klondike rules. Users can play in head-to-head and large tournaments and withdraw funds to their bank, a payment card, or PayPal.

19. Freecash

Freecash is a unique get-paid-to app that sends earnings directly to a bank account. Users earn by taking surveys, playing games, and signing up for paid offers. Unfortunately, a 5% fee applies to bank transfers and PayPal cash deposits, but users can also opt to earn bitcoin and Ethereum.

20. Big Buck Hunter: Marksman

Those looking for a change of scenery from the typical card and casino games should check out Big Buck Hunter. This app gives you a virtual hunting experience where users compete with friends and strangers to bag the most deer and the largest buck. Part of the Skillz network, users earn Skillz tickets and cash prizes in the fee rounds.

21. Jackpocket

Jackpocket is very different from the other apps on this list because users can win money playing the real lottery rather than skill or chance games. Users can purchase Powerball, Mega Millions, and state-lottery games and enter drawings for cash prizes. There are no fees to use the app, and you keep 100% of your earnings. Just beware of the risks that come with playing the lottery.

22. Drop

Drop is primarily a cash rebate app, but users can also earn by playing games, taking surveys, and earning boosts. Users can upgrade to Drop Premium by linking a debit or credit card, which makes them eligible for 1,000 bonus points a month and exclusive offers. Start redeeming at $25 (25,000 points) with gift cards, crypto, collectibles, or donations.

23. Fiverr

Fiverr is a freelance services marketplace that connects freelancers with those looking for their services. While offering your services on Fiverr requires more effort than most of the apps on this list, the earning potential is far higher. Freelancers keep 80% of each transaction and withdraw earnings directly to a bank account. If you are skilled at designing, writing, building websites, or several other virtual tasks, try building your freelancing business with Fiverr.

24. TaskRabbit

TaskRabbit is another app that connects freelancers with people in need, except this app focuses on labor tasks rather than virtual ones. Those handy or willing to get their hands dirty can get paid to assemble furniture, complete home repairs, help with moving, provide yard maintenance, and much more. Taskers pay a $25 registration fee but keep 100% of their earnings plus tips.

25. Pawns.app

Pawns.app is a lesser-known get-paid-to app that lets users earn for completing surveys and sharing their internet connection. Users make their first $1 just by signing up, and payouts come via PayPal, gift cards, and bitcoin.

26. Coin Pop

Coin Pop is another app that lets users earn money by playing games. Download a sponsored game to earn coins and cash out with as little as $0.50 with PayPal or gift cards. Unfortunately, coin Pop is only available on Android devices at this time.

27. Cash’em All

Cash’em All is a gaming platform, and like AppStation, users are paid based on the length of time they spend playing rather than just when they win. Users can redeem earnings for gift cards, stream codes, Google Play credit, or PayPal on Android only.

28. Kashkick

Kashkick is yet another get-paid-to app that offers cash for playing games, trying new apps, taking surveys, and watching videos. There is no limit to the number of tasks you can complete, and you can withdraw earnings directly to your PayPal account.

29. Givling

Givling is different from any other app on this list because it is a crowdfunding trivia platform and community. Users can win by playing trivia, earning instant rewards, shopping, and taking advantage of discounts. Users have a chance to win up to $50,000 by moving up the queue and the opportunity to help others.

Apps That Pay Instantly to Cash App: Final Thoughts

In today’s world of apps and tech, there are many ways to earn quick cash from your phone. While some of these apps have a pay-to-play structure that requires upfront spending and none currently allow Cash App as a direct payout method, you have plenty of options and opportunities to make a little extra money.

Which apps will you download?

About the Author

Source: financequickfix.com

Apache is functioning normally

August 11, 2023 by Brett Tams

There are times when you may need to move a large sum of money safely and speedily or get cash to someone in another country. A wire transfer can be a good solution.

Perhaps you won a vintage watch in an auction, or you need to send money to a friend in France who’s arranging a rental car for you. Those are a couple of the situations when a wire transfer could get the job done.

Here, you’ll learn more about this process and find answers to questions like, “How can you wire transfer money?” and “How much do wire transfers cost?” You’ll learn the pros and cons of transferring money this way so you can make an informed decision about the best way to send and receive funds.

What Is a Wire Transfer?

A wire transfer is an electronic transfer of funds by banks or nonbank money transfer providers like Western Union and MoneyGram.

The term lingers from the era when transferring money — $2.5 million a year by 1877 — occurred via coded pulses of electric current through dedicated wires. (A sender would take money to a telegraph office, and an operator would use codes and passwords to “wire” the money to the telegraph office of the recipient.)

A wire transfer is an electronic transfer of money used around the globe.

These days, wire transfers allow a certain amount of money to be sent electronically from your bank account to a recipient’s bank account, anywhere, or vice versa.

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How Wire Transfers Work

Banks and transfer service providers wire money for retail customers. They have varying processes and fees, so looking into the choices may save some money. Some details to consider:

• Banks require account numbers in order to process wire transfers; transfer service providers do not.

• Wire transfers can include a person’s name and other contact information or, for a cash-based transfer, be anonymous.

• The banks and transfer providers will have different processing times, so money could be sent within hours if it’s a domestic transaction or a few days if it’s an international transaction.

• Wire transfers are much like cashier’s checks. When someone is receiving money, the bank will treat the payment like cleared money, so as soon as the recipient’s account is credited, they can withdraw or spend the money.

• When someone is sending money, the funds must be in their account before the bank will initiate the transaction. The money will be removed immediately after the wire transfer.

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How Long Does it Take to Wire Money?

A wire transfer can be set up in minutes at a bank or wire transfer service. Then, once it’s sent, wire transfers will take up to 24 hours for processing when they are domestic.

International wire transfers can take between one and five days. They usually arrive within two days, but transfers made to or from a “slow-to-pay country” may add to that.

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How to Wire Money in 5 Steps

Anyone interested in how to wire funds can follow these step-by-step directions to do it in an efficient and safe manner.

1. Make Sure You Have the Funds

Ensure that the money is in the sender’s account. Wire transfers cannot be sent if the money isn’t there.

2. Pick a Wire Transfer Service

The sender can transfer the money online or go to providers in person and use cash or a bank account, depending on the service. (Some services, like Western Union, may allow you to send money without a bank account.)

3. Fill Out the Forms/Create an Account

When sending money through a bank, senders will need to fill out forms and include their bank account information, their bank’s contact information, and the recipient’s bank account information, including the account number and contact information for the bank. They will also need to provide a government-issued ID and/or their online login information for the bank.

When sending through a wire transfer service, they may have to log in online or go to the service in person and link their bank account or take cash, choose the recipient’s country, delivery method, and account information, and fill out any other information that’s required.

Senders have to be careful that the bank account numbers they provide are accurate, or the money will not get to the recipient.

4. Include Fees in the Amount You Send

Banks and wire transfer services should be able to tell users what the fees are going to be upfront, and users will add those fees to the amount they are sending.

5. Ask for a Receipt

The last step in how to wire money is to get your receipt. This ensures that senders have a record of the transaction. If something goes wrong and no receipt exists, they have nothing to show that they sent the wire transfer correctly.

Recommended: How to Transfer Money From One Bank to Another

Pros of Wiring Money

Reasons that people might want to wire money include the following.

They Need to Move a Big Amount

Limits tend to be high, so wire transfers are common for real estate transactions and sending money to and from family members.

The Money Is There

With checks and debit cards, payment can bounce or an account can go into overdraft. With a wire transfer, that’s not possible, since the money must be there in order to be sent. A wire transfer request will be declined if someone has limited funds.

It’s Safer Than Checks

While checks are typically safe, mailing them is not necessarily. People could open mail that isn’t theirs and take checks out and cash them. Wire transfers offer a more secure alternative.

Money Can Be Sent Internationally

Let’s say a person goes to work in another country but wants to send money to family members back home every month. With a wire transfer, that’s easily done.

Recommended: What Are Intermediary Banks?

Cons of Wiring Money

Wire transfers have a few possible drawbacks.

Cost

Expect to pay about $25 for an outgoing bank transfer within the United States, $15 for a domestic incoming payment, and $45 for an international outgoing payment.

Juxtapose that with free or low-fee peer-to-peer payments or using a credit card and paying the balance when it’s due.

No Do-Overs

Wire transfers are typically irrevocable, so both sender and recipient should be sure that all of the required information is correct.

Potential Scams

Scammers may ask unsuspecting people to wire them money for goods or services and then never follow through, so it’s best to avoid wire transfers unless the sender and receiver know each other.

Unlike with a credit card, where someone could dispute the charge, the money may be gone forever once it’s sent.
Here are the pros and cons of wire transfers in chart form:

Pros of Wire Transfers	Cons of Wire Transfers
Can move large sums	Cost
Reliable; the money is there	No do-overs
Safer than checks	Potential for scams
Can move funds internationally

An Alternative to Wiring Money

If you want to move money but don’t want to use a wire transfer, here are some other options.

Peer-to-Peer Services

P2P payments usually can be made from a linked bank account or directly from the P2P account for free. You may already use some of these services, such as PayPal and Venmo.

Some providers do charge 2% or 3% to process payments drawn from a credit or debit card.

Your smartphone becomes a digital wallet for splitting bills and paying personal debts. Payments are sent using another app user’s phone number, email address, or account handle.

Bank Account Money Transfer

You may also set up electronic transfers (you may hear the terms ACH and EFT used) with your bank. Funds can often be sent to any other bank account, not just those held at the same financial institution.

There may not be any account fees or service charges. Check with your bank to be sure.
While all can offer a secure transfer of funds, here’s how they compare on other fronts:

Wire Transfer	P2P Services	Bank Account Transfer
Often involve a fee	May involve a fee, depending on the provider and funding source	Often free
Can take up to 5 days internationally	Can take a few days internationally	Can take up to 5 days internationally

Getting an Online Bank Account With SoFi

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with up to 4.50% APY on SoFi Checking and Savings.

FAQ

What is required to wire money?

To wire money, you will need the amount of cash available, a provider of the transfer (your bank or a service), the proper forms and/or account information filled out, coverage of any fees, and a receipt.

How much does wiring money cost?

The amount you will pay to wire money can depend on the financial institution and whether the money is moving to your account or into someone else’s account, and whether the funds are being sent domestically or internationally. You are likely to find fees from $0 to $45 per transaction.

What is the process of wiring money?

To wire money, you will need to have funds available and fill out paperwork with the recipient’s banking information. Part of the process may involve paying a fee also, and it’s wise to always get a receipt.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit can earn up to 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.50% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/2/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

Apache is functioning normally

August 6, 2023 by Brett Tams

At some point in your financial life, you’re likely to want to sign over a check to someone else instead of depositing it or cashing it. Maybe you received a check but don’t currently have a bank account so a friend will cash the check for you. Or perhaps you want to endorse a check you received and give it to your landlord as part of your rent payment.

To sign a check over to someone else isn’t hard, but you do need to follow the right protocol. In a few simple steps, the check can be ready for processing by the person you’re giving it to.

Here’s a quick guide on how to sign over checks to someone else, plus some points to consider before accepting a check that has been endorsed to you.

5 Steps to Signing Over a Check

Generally, when someone writes you a check, you (the payee) are the only person who can cash it or deposit it into your bank account.

But can you sign a check over to someone else? Yes. These five steps detail how to sign a check over to someone else (you may hear a check that’s been signed over referred to as a “third-party check,” incidentally).

1. Make Sure the Check is Still Good

Before you begin the process of signing over a check, it’s a good idea to take a look at the date it was written by the payer, especially if the check has been lying around for a while.

How long are checks good for? Generally, checks are good for six months. After that, the bank may refuse to accept it.

(This is true for both business and personal checks, incidentally.)

If the bank does accept a check older than six months, the check could potentially bounce if the issuer no longer has the funds in their account.

2. Get the Okay From the Recipient

Before endorsing a check to a third party, whether that’s a person, a business, or a landlord, it can be wise to first reach out to that third party and confirm that they are open to accepting this form of payment.

When moving through the signing over process, it’s important that you and the recipient both agree to the transfer.
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3. Verify the Bank Will Allow the Signed Over Check

Banks often have different rules and requirements when it comes to accepting third-party checks.

To help ensure the process will go smoothly, it can be a good idea to call the recipient’s bank and ask about their policies before you endorse the check.

That way, you can avoid adding extra signatures and names to the back of the check (which can create confusion and delays if you later need to cash or deposit it somewhere else).

You may also want to find out what kind of identification the recipient will need to bring to the bank or if there is anything special they should do or know before bringing the check to the bank.

4. Endorse The Check Correctly

The next step in how to sign a check over is to endorse or sign it. Checks that typically come in your checkbook have an area on the back that reads “Endorse Check Here.”

On the line just below that, you will want to sign your name in pen, writing it just as it appears on the front of the check.

Underneath your signature, you’ll then want to write, “Pay to the order of [Recipient’s name].”

It’s a good idea to clearly write out the recipient’s name as it appears on their driver’s license or other photo identification they will use at the bank when depositing the check.

Check’s often say “do not write, stamp or sign below this line” beneath the endorsement area. You’ll want to try to avoid running into this area. If you do, the bank may refuse the check.

Recommended: How to Write a Check to Yourself

5. Transfer the Check

Once you’ve endorsed the check, you will have a “third party check” that you can give to the person you signed it over to so that they cash or deposit the check into their bank account.

While it may not be essential, you may also want to consider accompanying the recipient to their bank with your own photo identification to ensure it’s a seamless transaction and in case the bank teller has any questions.

If you decide you will be going to the bank together, you may want to hold off signing over the check until you get there. That way, you can endorse the check right in front of the teller after showing your ID.

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Can You Deposit Someone Else’s Check in Your Account?

Depending on your bank, you may or may not be able to deposit or cash a check that has been signed over to you.

As mentioned above, some banks might not want to accept an endorsed-to-you check because there’s a chance it could be a fraudulent check. Many check-cashing places won’t accept this form of a check either.

That’s why it’s a good idea to check with your bank before accepting a third-party check as a form of payment.

In addition, you may want to keep the following considerations in mind before accepting a signed-over check as opposed to one written directly to you.

• They can be less convenient. Unlike a regular check, you typically can’t deposit a third-party check at an ATM or upload it via your bank’s mobile deposit app. Getting the check cashed or deposited generally requires a trip to the bank.

• It could be a scam. There are lots of fake check scams out there (see below for more details).

• It could potentially bounce. Even if you know and trust the person who is signing the check over to you, there may still be a bit of risk involved. That’s because you can’t be certain the original person who wrote the check has the funds to cover it. If they don’t, it will be a case of the check bouncing, and you won’t get the money.
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Alternatives to Signing a Check Over to Someone

Perhaps you discover that your bank won’t take a third-party check. Or what if the person you wanted to sign a check over to says “no thanks”? Now what? Try these options.

Use a Money Transfer App

If you wanted to sign a check over to someone because you are trying to pay them, you could instead deposit the check and use a money transfer app, such as PayPal, Venmo, or Cash App.

Open a Bank Account

If the reason you want to sign over a check is that you don’t have a place to deposit it, you could open a free checking account. Or, if you have had issues with your banking in the past (such as too many overdrafts or an account being closed by your bank), you might look into what is known as a second chance checking account. These can have some restrictions but allow you access and may eventually be transitioned to a standard checking account.

Try a Check-Cashing Business

If you have a received check but don’t have an account to deposit it into and need to get funds to someone, you could try a check-cashing business. While this can be a convenient option, the fees can be quite high.

Recommended: What Is an Electronic Check (E-Check)?

Do All Banks Accept Third-Party Checks?

Not all banks accept checks signed over to someone else. That is why it can be a smart move to check first before you try to go this route. You or the person to whom you signed over a check could wind up discovering that the check is not accepted for deposit once you arrive at the bank. Or it could be rejected if mobile or ATM deposit is used.

Also, if the bank does accept these checks and you are going the in-person route to deposit it, you may want to ask what sort of identification may be required. You may need some additional ID in order for the check to be cashed or deposited.

Watch Out for Check Cashing Scams

Third-party checks may be used as a ploy in fraudulent transactions, so be wary. You could become a victim of one if someone you don’t know offers to sign over a check to you (often for a large amount) as payment or in exchange for cash. For instance, if you were selling a used mobile phone for $400 and a person offers to sign over a check for $500 to you and tells you to keep the excess, that’s a major red flag.

That’s why it can be wise to only accept an endorsed check from a person you know and trust or verify the check before depositing.

Opening a Checking Account With SoFi

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with up to 4.50% APY on SoFi Checking and Savings.

FAQ

How can you cash a check that is not in your name?

If you want to cash a check that is not in your name, you could have the person to whom the check is made out endorse the check to you. Then, make sure that your bank will accept it. Another option is to request a new check from the payor if it was mistakenly made out to the wrong name. Or contact your bank for guidance.

Can you mobile deposit a check signed over to you?

It is likely that you can mobile deposit a check that has been signed over to you, but it can be wise to double-check your financial institution’s policies to be sure.

Can someone deposit a check for you without your signature?

Generally, banks require a signature on the back to deposit a check. If someone is depositing a check for you, it will likely need to say “For deposit only” and have your signature to be accepted.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit can earn up to 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum direct deposit amount required to qualify for the 4.50% APY for savings. Members without direct deposit will earn up to 1.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/2/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

Apache is functioning normally

August 3, 2023 by Brett Tams

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.

Can you pay a loan with a credit card? Yes, paying a loan with a credit card is sometimes possible. Yet, whether or not you can do so depends on factors such as the lender’s policies or the type of loan you want to pay off.

Are you looking for a creative way to pay off your loans? If you hope to get extra travel points while reducing your monthly payments, you might wonder, “Can you pay a loan with a credit card?”

This post will delve into the types of loans you can pay off with a credit card and the pros and cons of making these payments.

In This Piece:

Can I Pay a Loan with My Credit Card?

Whether or not you can pay a loan with a credit card depends on various factors, including the lender’s policies and the type of loan you wish to pay off.

While some lenders may allow credit card payments, others may not accept them. Understanding the terms and conditions of your loan agreement before attempting to pay it off with a credit card is crucial.

Which Loans and Debts Can I Pay with a Credit Card?

You can use credit cards to pay off different loan types, providing flexibility and potential benefits. Here are some common types of loans you can typically pay with a credit card:

Personal loans: These unsecured loans can often be paid with a credit card, allowing you to consolidate debt or manage your monthly payments conveniently.
Medical Bills: Many healthcare providers accept credit card payments for medical expenses, allowing you to pay off medical bills over time.
Small Business Loans: If you have a small business loan, check with your lender to see if credit card payments are accepted. This option can offer cash flow management advantages for entrepreneurs.
Balance Transfers: While not a specific loan, balance transfers are a preferred method. They allow you to move existing credit card debt to a new card with a lower interest rate, potentially saving you money in the long run.

Pros and Cons of Paying Loans with Credit Card

Using a credit card to pay off loans has its own advantages and disadvantages. Let’s explore both sides to help you make an informed decision.

Pros

Convenience and flexibility: Paying a loan with a credit card provides convenience and flexibility, allowing you to manage your debt from a single source. It simplifies your monthly payments and can help you stay organized.
Rewards and cash back opportunities: Some credit cards offer rewards programs or incentives, allowing you to earn points or money back on your loan payments. This can be beneficial if you use your credit card responsibly and take advantage of these perks.
Potential for consolidation: If you have multiple loans or high-interest debts, paying them off with a credit card can consolidate your debt into a single monthly payment. This simplifies your financial obligations and may allow you to save on interest charges.

Cons

Higher interest rates and fees: Credit cards typically have higher interest rates than other loan types. If you cannot completely pay off the credit card balance each month, you may incur significant interest charges, which can offset any rewards or benefits.
Impact on credit score: Utilizing a large portion of your available credit can impact your credit score negatively. Additionally, applying for new credit cards to pay off loans may result in hard inquiries on your credit report, potentially lowering your score.
Limited acceptance and more restrictions: Not all lenders accept credit card payments, and some may impose restrictions or fees for using this method. It’s essential to confirm with your lender before attempting to pay off a loan with a credit card.

Then, is it a good idea to pay a loan with a credit card? It depends on your unique circumstances. It can be advantageous in certain situations, such as consolidating high-interest debts or taking advantage of rewards programs.

However, it’s crucial to consider the interest rates, fees, and potential impact on your credit score. Assessing your financial goals and consulting with an advisor can help determine if this approach aligns with your financial well-being.

How to Pay a Loan with a Credit Card

If you’ve decided to pay off a loan with a credit card, follow these steps:

Review loan terms: Confirm that your lender accepts credit card payments and inquire about any associated fees or restrictions.
Assess your credit card’s terms: Check the interest rate, credit limit, and any balance transfer options on your credit card. Ensure that the card’s terms align with your financial goals.
Calculate feasibility: Determine if paying off the loan with a credit card is financially feasible based on the interest rates, fees, and your ability to repay the credit card balance promptly.
Contact your lender: Inform your lender of your intention to pay the loan with a credit card and follow their instructions for making the payment.
Make payments promptly: Pay your credit card bill on time to avoid additional interest charges and late fees.

FAQs

Many questions come up regarding paying loans with a credit card, but there are four common questions people always seek answers for. Let us take a look.

Can You Pay a Mortgage with a Credit Card?

In most cases, paying your mortgage with a credit card is impossible. Mortgage lenders typically require payments through bank transfers, checks, or online bill payment methods. However, you may be able to indirectly use a credit card by utilizing balance transfer checks or money transfer services to pay off a mortgage. Before considering this option, assessing the fees, interest rates, and credit card terms is essential.

Can You Pay Off a Car Loan with a Credit Card?

Car loan lenders generally do not accept credit card payments directly. Like mortgage payments, you can typically make car loan payments through bank transfers or other approved payment methods. However, you may be able to use a credit card to indirectly pay off a car loan by employing balance transfer checks or money transfer services. Evaluate the feasibility and costs associated with this approach before proceeding.

Can You Pay a Student Loan with a Credit Card?

Paying student loans with a credit card is usually not possible. Most student loan servicers do not accept credit card payments because they have high transaction fees. However, you can explore alternative options such as balance transfers or personal loans to pay off student loans. It’s crucial to evaluate the interest rates, fees, and terms of these options before proceeding.

Can I Use a Credit Card to Pay Off Payday Loans?

While it’s possible to use a credit card to pay off a payday loan, it’s generally not advisable. Payday loans can come with high interest rates, and adding credit card interest can lead to significant debt.

Exploring other alternatives for paying off payday loans is recommended, such as negotiating a repayment plan with the lender or seeking assistance from credit counseling organizations.

In conclusion, paying off a loan with a credit card can be a viable option depending on your specific circumstances. It offers convenience, flexibility, and potential rewards or debt consolidation benefits. However, it’s essential to consider the higher interest rates, fees, and potential impact on your credit score.

Assess your financial situation by consulting with professionals if needed, and ensure that your credit card terms align with your goals. To find the right credit card and loans, visit our credit cards and personal loans. Empower yourself to take control of your credit and achieve your financial well-being.

Source: credit.com

Apache is functioning normally

July 28, 2023 by Brett Tams

Inside: Looking to put money on your Cash App card? This guide will show you how to do everything from adding funds to verifying your identity. Whether you’re using a debit card, bank account, or mobile payment service, this guide has you covered.

The Cash App Card, often called the Cash Card, is a top-rated, mobile electronic money transfer service.

This reloadable tool functions like a Visa debit card, allowing it to easily serve as a primary banking solution for users. Not limited to traditional banking hours and locations, the Cash App Card provides high flexibility for financial management.

The good news is this free and customizable debit card is linked to your Cash App balance, providing you the convenience and flexibility to handle your finances effectively and efficiently.

So, the question remains… how do you put money on the Cash App Card?

In this guide, we will teach you where can I load my Cash App Card.

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

What is a Cash App Card?

A Cash App Card, often mentioned as the Cash Card, is a free, reloadable debit card designed to let you tap into your Cash App balance.

Picture it as your ticket to your digital wallet, allowing you to:

Shop anywhere Visa is accepted, both online and in physical stores.
Make use of the Cash Boost feature for instant discounts at participating retailers and eateries.
Personalize it with your unique design from the app.
Reload it at places like 7-Eleven, CVS, Walmart, and more.
Send or receive funds among friends and family.
Manage your spending and stay on budget.

The catch? Your spending power ties strictly to your Cash App balance, so be sure to top it up!

How to Get a Cash App Card

Cash App is one of the hottest new payment apps on the market.

And, like most things these days, there’s a Cash App card you can use to make purchases or withdraw money from your account.

This is great to use for the cashless envelope system.

So, how do you get started with a Cash App Card?

Step #1: Download the Cash App

To get started with Cash App, you first need to download the app.

The easiest way is to scan this QR code to get started.

After locating it, simply tap “Install” or “Get.” Once the app has finished downloading, hit “Open” to launch it.

Pro tip: Be sure you’re downloading the genuine Cash App, look for the icon that’s green with a white dollar sign (pictured above). That’s it, you’re one step closer to your Cash App Card! Now, let’s get you set up.

Step #2: Create an Account

It is ideal for digital banking, allowing you to make cash deposits, and pay in-store or online with the convenience of a Cash App Cash Card, simulating many of the features of a typical checking account.

To create a Cash App account, follow these steps:

Once installed, open the application and follow the on-screen instructions to set up your account.
You will have to enter your phone number or email address.
For security certification, the Cash App will send you a secret code to verify you. Enter it.
Select a $cashtag, which is a unique username to send and receive money (similar to Venmo)

Step #3: Link a bank account or card

Remember, in “My Cash” you’ll spot the “Add Money” option for funding.

This is the easiest way to load your Cash App Card, so you should set it up properly.

Open Cash App; it’s the icon with a white dollar sign on a green background.
Tap the top-right profile icon.
Navigate to “My Cash” – it’s a tab on the home screen.
Click “Link a Bank,” nestled within the options.
Follow the prompts to add your bank account or debit card info.
Once your card is linked, you’re all set.

Insider’s guide: Double-check your digits to prevent delays!

Step #4: Order a Cash App Card

To order a Cash App card after successfully establishing your account, follow these steps:

First, open the Cash App on your mobile device.
On the bottom of the screen, locate the card icon that is second from the left and tap on it.
Click on the green ‘Get a Free Cash Card‘ button.
You may choose your desired card style (color). Please keep in mind that certain color options may entail a small fee.
If you’d like, click on ‘Personalize Card’ to add a unique touch such as a drawing or stamp.
When you’re ready, simply click ‘Order Card.’

Through this process, Cash App provides a credit card number straight away for immediate online use. Meanwhile, your physical card should arrive in your mail within 5 to 10 business days.

How to Put Money on Cash App Card

Adding money to your Cash App card is an easy and straightforward process that can be done within a few minutes directly from the Cash App.

This process essentially involves transferring funds from your linked bank account or card to your Cash App card balance.

Below, you will learn other ways you can also deposit money, easing the process of managing your digital finances.

Step 1: Open the Cash App on your phone

To add money to your Cash App card, begin by launching the Cash App on your phone.

This app flaunts a simple green icon that should be pretty easy to spot amongst your other apps.

Bonus Tip: remember to link your bank account or debit card for smoother transactions.

Step 2: Tap on the “My Cash” tab

Now that the Cash App is opened on your device.

Tap on the ‘My Cash’ tab at the bottom-left corner of the screen.

Expert Tip: Use biometric features (facial recognition or fingerprint) for faster and more secure access.

Step 3: Select “Add Money”

After you’ve successfully navigated to the “My Cash” tab within the Cash App, the next step is selecting the “Add Money” option.

Type in the exact amount you’d like to transfer to your Cash App Card.

Be sure to double-check this figure – you don’t want to add more or less than you intended.

Learn about how to unlock borrow on Cash App.

A handy tip: If you enter an amount that surpasses your current bank balance, the App will kindly let you know.

Step 4: Confirm with your PIN or Touch ID

After entering the desired amount to load onto your Cash App card, you’re going to see a little “Add” button – go ahead and tap that.

The app now needs to confirm it’s really you, so you’ll be asked to put in your PIN or use Touch ID.

Remember, this is just to make sure your money stays secure, so it’s an important step.

Pro-tip: Make sure your PIN is both easy for you to remember and tough for others to guess.

Step 5: Wait for the money to be added

Alright, you’re almost done!

After you’ve confirmed your transaction, just sit tight while the money gets added to your Cash App Card. This usually occurs within a few moments—it’s pretty speedy. But just in case, give it a good few seconds before you check your balance.

Remember, patience is a virtue, even in the digital world! You’ve now successfully added funds to your cash card. Easy, right?

The simplicity and speed of the process is genuinely impressive, isn’t it?

Step 6: Tap “Sign Out” button at the bottom of the screen

You are going to want to do is tap that “Sign Out” button you’ll find chilling at the bottom of the screen.

Go ahead and tap it.

Do you know why this step is crucial? Because it’s like leaving your house and locking the front door. It keeps your account secure from any sneaky hands looking to fiddle with your money.

So always, always remember to sign out, alright? It’s a small step but it does a big job in keeping your account safe.

Where Can I Load My Cash App Card?

If you’re wondering how to put money on a Cash App card, you’ve come to the right place.

In this section, we’ll show you where and how to load your Cash App card so you can start using it right away.

1. Bank Account

The easiest place to load money is your bank account. Plus you can keep yourself within a spending limit for your budget.

Let’s get that Cash App Card loaded up with money from your bank.

First, make sure your bank account is linked with your Cash App. If not, just click on the ‘Banking’ tab and follow the prompts. Easy peasy!
Now, tap the ‘Money’ tab on your Cash App.
Hit ‘Add Cash’.
Choose the amount you want to transfer.
Tap ‘Add’ again, then confirm using your PIN or fingerprint.

Don’t go overboard, friend; remember, there’s a limit of $1000 per week!

2. Debit Card

Now, let’s load it up using your debit card.

Head to your profile on the Cash App.
Found the “Linked Banks” button? Great! Click it to add your debit card.
You’ll need the card number, expiry date, and security code.
Cash App might run a quick test to confirm the connection.

Now you’ve got to spend money on your Cash App Card.

3. Retail Stores

Did you know you can load your Cash App Card at various retail locations?

Forget running to a bank, just pop into one of these convenient spots. Here’s a quick list to guide you:

Walmart
Rite Aid
Family Dollar
Duane Reade
Walgreens
GoMart
Sheetz
Kum & Go
GoMart
KwikTrip
Speedway
H-E-B
Thorntons
TravelCenters of America
Dollar General
Pilot Travel Center
7-Eleven

Remember, availability may vary by location. So, ensure to check your nearest store whether they support Cash App deposits.

4. Visa Gift Cards

Similar to how to use a Visa Gift Card on Amazon, you can conveniently load your Cash App Card.

As such Visa Gift Cards are popular gifts with their widespread acceptance makes them a favorite choice.

To load your Cash App Card using a Visa card, follow these simple steps:

Open your Cash App: Tap on the “Banking” tab visible on the screen’s bottom left.
Choose “Add Cash”: Input the amount you want to load onto your Cash App Card.
Tap “Add”: Make sure you select the Visa gift card you want to transfer money from.
Authenticate your Identity: Depending on your setting, you may have to use Touch ID, Face ID, or a PIN.

Voila! That’s it, remember to keep an eye on your card balance to ensure the correct amount was loaded.

5. PayPal

While PayPal is a popular option to transfer money, you cannot transfer money directly to your Cash App Card.

You will need to transfer the money from PayPal to a linked bank account first and then move the money to Cash App.

Learn which payment type is best if you are trying to stick to a budget.

What are Paper Money Deposits?

Just like the slang for how much is a rack, paper money deposits are what Cash App calls the transfer of your money.

Remember, you can deposit up to $1,000 every 7 days and $4,000 every 30 days. Deposits must be a minimum of $5 per transaction and not exceeding $500.

There is no fee to use the card. As Cash App makes their money by the transaction may be subject to a small fee charged by certain retailers.

What are Boosts?

Heard of ‘Boosts’ in the Cash App world? Let’s break it down.

Boosts can help you get more bang for your buck, offering discounts on eateries or stores you frequent. It’s like enjoying 15% off your latte at your go-to coffee shop, neat, right?

Here’s how to utilize ‘Boosts’:

Open your Cash App and find the Boosts.
Scrutinize your options and activate one Boost.
Swiftly switch on and off your Boosts to fit your needs.

So, add a little boost to your Cash App Card and enjoy some savings!

Tips for Using Cash App Card Safely

To make the most of your Cash App card, it’s crucial to have a grasp on the safety and security measures.

The Cash App card offers users the flexibility of managing money without the restrictions of traditional banking. Plus it serves as a tool for receiving and sending money, and also helps in money management and budgeting.

1. Check Your Card Balance and Transactions

Knowing your balance and checking transactions is crucial when using your Cash App Card.

Being aware of your balance ensures you can make transactions without exceeding your available funds, helping avoid any embarrassing situations or penalties.
Monitoring transactions regularly allows you to spot any fraudulent activities promptly and acts as a deterrent for any additional, unwarranted fees that could be associated with specific transactions.
Additionally, when you add funds to your card at a physical store, you should always confirm that the funds have been accurately transferred to your Cash App account before leaving, to sidestep any discrepancies or issues.

To check your balance, log into your Cash App account and click on the dollar symbol on the home screen. This will promptly display your current balance.

Now, for transactions, tap the “Cash” tab to view your recent transactions.

2. Avoid Scams

Navigating Cash App Card could be a breeze, but it’s crucial to be aware of potential scams that might catch you off guard.

**Be Aware of Who You’re Trading With** Transactions on Cash App are instant and can’t usually be reversed. Be cautious in your dealings.
**Secure Your Account:** Maintain strict privacy over your Cash App PIN and use your phone’s security lock feature to avoid unauthorized access.

Remember, your alertness is your best bet to keep scams at bay! Keep yourself informed and stay safe.

3. Use the Security Features

The Cash App strives to prioritize security and protect its users’ money, making it a pocket-friendly financial tool.

The Card is issued by Sutton Bank and has FDIC insurance, ensuring your hard-earned money is safeguarded.

But, besides this innate security feature, there are multiple ways to assure maximum security while using your Cash App Card:

Securing Your Cash App Account: Before using the Cash App Card, it is pivotal to add strong security measures to your Cash App account. This can include setting up a unique and complex password, enabling two-factor authentication, or using touch ID/facial recognition if your device supports it.
Transaction and Deposit Limits: Cash App sets transaction and deposit limits to protect your account. Familiarize yourself with these limits and stick to them. Going beyond these restrictions might expose your account to risks.
Linking your Cash App Card with Trusted Accounts: While you can link your Cash App Card to multiple banks or external bank accounts, it’s crucial to ensure these accounts are trustworthy and secure. Avoid linking to accounts on public computers or networks to prevent unauthorized access or data theft.
Watching out for phishing scams and suspicious activities: Always be vigilant when receiving unsolicited communications asking for your Cash App Card Information. Remember, Cash App will never ask for your PIN or sign-in code outside of the app.
Real-time Alerts: You can also activate instant transaction alerts. This way, if your card is utilized, you will get immediate notification on your mobile device, helping you stay on top of your spending and identify any potential fraudulent activity.
Safe deposit and withdrawal: Making sure to use secure networks when depositing to or withdrawing from your Cash App Card can offer an additional layer of protection.

Navigating through these security features is not overly complex, but it reinforces your financial safety.

4. Know Your Limits

Knowing your Cash App Card limits plays a vital part in managing your finances effectively.

You want to be wary of overspending and blowing your budget.

So, if you transferred $500 for the week, stick to the $499 spending limit.

5. Use the App’s Help Function

Knowing how to use the Cash App’s help function is crucial, as it assists you in troubleshooting any issues quickly. It also shows you how to maximize the platform’s robust offerings.

To access the help function, simply tap on the “Profile” icon in the bottom-right corner of the Cash App screen, then scroll down and select the “Support” option.

If you need to get in touch with customer service, tap “Contact Support” and explain your situation in the message field.

6. Use Cash App Card for the Things It’s Meant For

The Cash App Card puts a world of financial opportunity in your hands. Convenient as a debit card, you can use it for online shopping, paying bills, or sending cash to mates. It’s your money manager without the hassles of bank operating hours.

Primarily, here’s what you should do:

Add funds to the card: You can reload your card at numerous locations, with options such as CVS, Walmart, or Dollar Tree.
Manage wisely: Budget and spend your earnings across your essentials and save some for a rainy day! This will help you to spend money wisely.
Use cash boosts: Add thrills to your regular shopping by using the exclusive ‘Cash Boosts’ for instant discounts.

The goal of the Cash App Card is to not go into debt but to live within your means.

Now, Add Cash to Cash App

In conclusion, obtaining and using a Cash App Card can greatly enhance your financial savviness by providing a convenient way to use your Cash App balance both in-store and online.

The process for getting this card is straightforward and cost-free, and gives you instant access to your card number for immediate online purchases, while the physical card arrives within 5-10 business days.

Whether it’s sharing money with friends and family, managing your personal budget, or teaching young adults about financial responsibility, this card offers a sophisticated and straightforward approach. Although it doesn’t replace traditional checking accounts, it’s an excellent alternative for unbanked consumers, those looking to rebuild credit, or teenagers with money to spend.

Just remember to keep track of the transaction and deposit limits set by Cash App to avoid any surprises.

Take hold of your finances today with your Cash App Card and experience the convenience it offers.

Start leveraging the benefits of your Cash App Card now!

Source: moneybliss.org

Apache is functioning normally

July 7, 2023 by Brett Tams

Cash App, a digital money transfer service, has transformed the way we manage our finances. From sharing restaurant bills with friends to paying your gig economy contractor, this app packs a punch beyond the basics of money transfer. Think of it as your mobile money manager, where you can easily check your Cash App balance, do direct deposits, cash out, and even manage your taxes. Yes, you heard right, Cash App taxes can also be managed within the app.

History of Cash App

In 2013, the minds at Square Inc. introduced the world to Cash App. With a vision to simplify monetary transactions, they created a platform that has become a key player in the fintech revolution. It’s fascinating to observe how the app evolved from a basic peer-to-peer payment service to a fully-fledged financial solution.

How Cash App Works

Imagine this: your nephew needs quick money for school supplies. He’s in another city, and you have no idea how to send him cash without physically being there. Enter Cash App.

Once you’ve installed the app and linked your bank account, transferring money is as simple as choosing a contact, entering an amount, and hitting ‘Pay.’ The money will instantly move from your Cash App account to theirs. And voila, crisis averted!

Here are the steps to use Cash App

Step 1: Download and Install

Cash App is available for both iOS and Android devices. You can find it in the App Store or Google Play Store. Once you’ve located the app, download and install it on your device.

Step 2: Create Your Account

Open the app, where you’ll be prompted to enter your mobile number or email address. You’ll then receive a confirmation code, which you need to enter in the app. This process verifies your account and helps protect your personal information.

Step 3: Link a Bank Account

Next, you’ll be asked to link a bank account. Enter your debit card details associated with your bank account. By linking your bank account, you’ll be able to transfer funds to and from your Cash App account seamlessly.

Step 4: Create a $Cashtag

A $Cashtag is a unique identifier for your Cash App account. This is what you’ll give to people when you want to receive money, and what you’ll use when you’re sending money to others. It can be up to 20 characters long and should be something you’re comfortable sharing with others.

Step 5: Understanding the Interface

Once you’re set up, you’ll notice that the main screen is split into two main sections:

The “Cash & BTC” section displays the current balance in your Cash App account. If you’ve chosen to invest in Bitcoin via the app, your balance will be reflected here too.
The “Banking” section allows you to add cash to your balance, cash out your balance to your bank account, view transactions, or invest in stocks and Bitcoin.

Step 6: Sending Money

To send money, tap the “$” symbol at the bottom center of the screen. Enter the amount you want to send, then press “Pay.” You’ll be asked to enter the recipient’s $Cashtag, email, or phone number. Add a note to remind them what the payment is for, then press “Pay” again.

Step 7: Receiving Money

When someone sends you money, it will appear in your Cash App balance. You can keep the funds in the app for future transactions, or cash out to your bank account.

To cash out, tap the “Banking” button at the bottom of the screen, then tap “Cash Out.” You can choose to cash out instantly for a small fee, or to cash out to your bank account within 1-3 business days for free.

Step 8: Using the Cash Card

Cash App offers a free debit card called the Cash Card. You can use this card to spend your Cash App balance at any store that accepts Visa. For individuals who frequently use their credit card for purchases, the Cash App can be a great way to boost savings toward chosen goals without much work. To request a card, tap the card-shaped icon on your Cash App home screen and follow the steps.

Step 9: Investing

Cash App allows you to buy stocks or Bitcoin directly from your account. From the main screen, tap the Investing tab (looks like a chart). Here you can view your investing portfolio, search for stocks, and make trades.

Remember, investing involves risks, and it’s important to understand these before you start.

The beauty of Cash App is its simplicity. It’s a secure and versatile platform that’s ideal for quick mobile payments, money transfers, and even dabbling in investments. Whether you’re a parent paying for piano lessons or a college student splitting rent with roommates, Cash App is an option worth considering.

Cash App Features

Cash App isn’t just a money transfer service. It’s so much more. You can link it to Apple Pay or Google Pay, pay with the custom Visa debit card (known as the Cash Card), and even buy Bitcoin cryptocurrency. Cash App also offers a feature called ‘Cash App Investing.’ With it, users can invest in stocks, making the world of Wall Street accessible right from your smartphone.

One exceptional feature of Cash App is that it allows users to receive paychecks through direct deposit. This is excellent for workers in the gig economy or for anyone preferring a digital banking experience.

Is Cash App safe?

In the age of data breaches and identity theft, Cash App ensures the safety of Cash App users’ personal information through encryption and fraud detection technology. The app is designed to keep your transaction details secure, even if your phone is lost or stolen. It also provides notifications for all account activities, helping you keep an eye on your transactions.

While Cash App is a financial platform, it is not a bank. It provides banking services and debit cards through its bank partners, but a great feature is that the balance in your account protected by FDIC insurance (Federal Deposit Insurance Corporation), just like a traditional bank.

Competitor Analysis

There are other players in the digital money transfer field such as Google Pay, Zelle, Venmo, Square Cash, and PayPal. What sets Cash App apart, however, is its combination of simplicity, versatility, and user-focused design. While other services might offer similar features, Cash App’s uncluttered interface and intuitive user experience keep it at the forefront of other payment apps.

See my in-depth comparison between Cash App and its competitors

Economic Impact

The rise of apps like Cash App has changed the financial landscape dramatically. By eliminating the need for brick-and-mortar banks, they’re driving the shift towards a more digital, user-centered banking experience.

Future of Cash App

Looking forward, Cash App appears poised to expand its offerings even further. The rapid growth of fintech and evolving consumer preferences suggest that apps like Cash App could begin to offer more extensive services, such as loans or insurance products, in the not-too-distant future.

Critiques and Controversies

No service is without its challenges. Cash App has faced criticisms related to customer service and has also been used for scams. The company has taken steps to address these issues and is continually working to improve Cash App user experience and security.

Through its various features and offerings, Cash App has made managing finances a more seamless experience. Whether you’re looking to go digital with your banking, simplify money transfers, or venture into investing, Cash App may become your preferred payment method.

Cash App FAQs

To wrap things up, let’s address some common queries you may have about Cash App:

Can you withdraw money from Cash App without a card?

Yes, you can transfer money from your Cash App account to your linked bank account.

Can someone steal your money with your Cash App name?

No, your Cash App name, also known as a $Cashtag, is just an identifier for others to send money. They can’t access your funds with it.

What happens when someone sends you money on Cash App?

The money will be added to your Cash App balance. You can use it within the app or withdraw it to your linked bank account.

How do you withdraw from Cash App without a bank account?

You need to have a linked bank account or a Cash Card to withdraw money from Cash App.

Do you have to provide your Social Security Number to Cash App?

For certain functions, such as sending large amounts of money or using the app for investing, Cash App does require your Social Security Number to comply with federal regulations.

Do you need a bank account with Cash App?

You can send and receive money with just a debit card, but having a bank account linked allows you to transfer funds to and from your bank.

Is it free to make ATM withdrawals using Cash App?

There may be a fee for using ATMs with your Cash Card, but Cash App can reimburse the fees if you have at least $300 coming into the app each month, like a paycheck deposit.

Source: pennypinchinmom.com

Apache is functioning normally

July 2, 2023 by Brett Tams

If you’ve fallen prey to a devious money scam, you’re not alone. In 2020 alone, the Federal Trade Commission (FTC) received millions of scam reports, which amounted to more than $3 billion dollars in losses for those involved.

When you lose money to a scammer, it’s common to feel a little lost yourself. Fortunately, there are several organizations available, from local authorities to the federal government, to assist victims of these scams and even help them reclaim their money.

Read on for four steps to take if you’ve fallen for a money scam and some additional tips to protect yourself from future scammers as well.

What’s Ahead:

What to do if you’ve fallen for a money scam

Scammers are clever thieves, and they’re good at getting what they want. If you’ve fallen for a scammer’s tricks (see the list of common scams below), here are four steps you can take to report the issue, (hopefully) recover your cash, and even prevent the scammer from striking again.

1. Compile data and details about the scam

Before you reach out to your bank or the local authorities for help, make sure you have your story straight.

Gather any relevant documentation, such as email correspondence, the name and contact information of your perpetrator (if available), phone recordings (if applicable and available), and more. This information will not only help regulators identify and (hopefully) stop the scammer, but it can also help keep other would-be victims safe.

2. Contact your bank or the company you used to send money

As stated previously, scams are not uncommon in America. Consequently, many banks, payment transfer services, online sellers, and other relevant organizations have dedicated fraud departments to address the problem of phony charges. In some cases, these financial institutions can reverse the fraudulent transactions and return your money right then and there.

Depending on how the scammer acquired your cash, here is what the FTC recommends you do next:

If you paid with a credit or debit card…	Contact the company/bank that issued the card to report a fraudulent charge and request that they reverse the transaction.
If the scammer transferred money from your bank account…	Contact your bank to report an unauthorized debit/withdrawal and request that they reverse the transaction.
If you paid with a gift card…	Contact the company that issued the gift card to report the scam and request a refund.
If you paid through a wire transfer…	Contact your bank or the wire transfer company to report a fraudulent charge and request that they reverse the transaction.
If you paid through a money transfer app…	Contact the company that owns the app to report a fraudulent transaction and request that they reverse the payment. If the app is linked to your credit or debit card, report the charge to the company or bank that issued the card.
If you paid with cryptocurrency…	Contact the company you used to send money to report a fraudulent transaction and request that they reverse the payment.
If you sent cash via U.S. mail…	Contact the U.S. Postal Inspection Service (877-876-2455) to request that they intercept your package.

If the scammer has access to your financial information, such as a credit card or bank account, you should also freeze your credit report and place a fraud alert on your account in order to prevent the scammer from doing more damage. Or, consider closing the card/account altogether.

3. Report the scam

Perhaps the most important step for any individual to take following a money scam is to report it.

By notifying organizations like the FTC (the main agency that collects money scam reports) of the scam, you empower regulators to fight back against scammers. Agencies, like the FTC, compile scammer trends and habits and use the information to educate communities and prevent future crimes. In some cases, they are even able to gather enough incriminating data to take legal action.

Here are a few places that I recommend reporting your money scam to:

Federal Trade Commission: report the scam through their website or call 1-877-382-4357 (9:00 AM – 8:00 PM, ET).
FBI’s Internet Crime Complaint Center: if you’re a victim of internet crime, report the scam here.
SSA’s Inspector General: if a scammer has your social security information, report the scam through their website or call 1-800-269-0271 (10:00 AM – 4:00 PM, ET).
Treasury Inspector General for Tax Administration (TIGTA): to report an IRS imposter, call 1-800-366-4484.
National Center for Disaster Fraud (NCDF): if you’ve lost money through a form of disaster fraud, such as coronavirus-related scams, call the NCDF Hotline at 1-866-720-5721 or submit a complaint through their website.

For additional advice and even emotional support, contact AARP’s Fraud Watch Network. Their hotline (877-908-3360) can help victims of money scams determine the next best step.

4. Notify local authorities

Along with reporting scams to the FTC and other relevant regulators, you should also contact your local authorities.

Start by reporting the scam to your state consumer protection office. For stolen cash or possessions, you should contact your local law enforcement officials as well to file a police report. This does not only initiate an investigation, but it may help protect fellow community members from the same scam.

Finally, notify neighbors and local businesses of scammers in your area by reporting the incident to the Better Business Bureau. Their Scam Tracker can warn others and help prevent the scammer from causing more harm.

What are some of the most common scams?

According to the Federal Trade Commission (FTC), the phone is still a scammer’s primary weapon, and the most common type of scam is imposter scams. In fact, imposter scams amounted to nearly one-quarter of the 2.2 million scams reported to the FTC in 2020, with crafty con artists masquerading as anything from a government agency to a family friend.

Some of the most common scams — by phone, email, internet, and more — include:

Tech support scams.
Fake check scams.
Charity scams.
Disaster fraud (including coronavirus scams).
Internet scams (fake websites, emails, etc.).
Fake college loans and scholarships.
Fake prizes and sweepstakes offers.
Social Security Administration (SSA) and Internal Revenue Service (IRS) scams.

Tips to guard yourself against future scams

One crucial preventative measure you can take to protect yourself from money scams is to educate yourself on how scammers work.

Since scammers employ several routine tactics, such as offering financial aid that seems too good to be true or establishing a sense of urgency that encourages you to “act now,” there are plenty of red flags to watch for.

Here are some common scammer strategies that you should be aware of:

Saying you’ve been “selected” or “chosen” to receive a special prize or offer.
Guaranteeing you’ll receive money, benefits, etc.
Establishing urgency (“act now,” “this is a one-time offer,” etc.).
Offering “free” services, aid, etc.
Requesting payment in an uncommon way, such as through gift cards or wire transfer.
Using threats or demands to incite action (common for SSA and IRS scams).
Claiming to be a government entity or large organization, such as the IRS or Apple (this is common for phone calls).

Summary

Falling for a money scam can be a jarring experience. Unfortunately, it’s also a common occurrence in America.

Every year, scammers steal billions of dollars from unsuspecting Americans. To assist these victims and prevent scammers from doing more harm, organizations like the Federal Trade Commission are collecting data to disarm the thieves and warn the public. Many banks and financial institutions even have dedicated fraud departments to address fraudulent charges.

If you’ve been a victim of a money scam, fight back! Report the scam and help dismantle this destructive industry to protect your neighbors from the same fate.

Apache is functioning normally

June 29, 2023 by Brett Tams

Bitcoin has practically become synonymous with cryptocurrency, but it’s hardly the only coin option out there. If you’re thinking about investing in crypto (or are already doing it), there are several others worth considering.

Let’s look at eight alternatives to Bitcoin for those seeking out the best cryptocurrencies.

But a note before we dive in: cryptocurrencies are extremely volatile and not recommended over other forms of investments like stocks and bonds. But if you do have the appetite for this kind of high-risk investment, let’s first look at what’s happening in the cryptocurrency space at the moment, before we get into the best cryptocurrencies.

What’s Ahead:

What’s Happening in the World of Cryptocurrency?

As you may have noticed, the prices of cryptocurrency tokens have drastically decreased in recent months — with many investors calling it a crypto crash. Even those coins that are considered the “best” cryptocurrencies have dropped in value.

With recent moves by the U.S Federal Reserve to combat high inflation by raising interest rates, on top of global instability, there has been a knock-on effect that’s played out as decreased valuations and even bankruptcies in crypto. More than a few collapses have shaken the crypto market in the past year.

In May 2022, the collapse of TerraUSD (a stable coin) along with its sister token, Luna, wiped out billions in the cryptocurrency market — about $40 billion, to be exact. As a result, some people lost their life savings and othersbit debated exiting the cryptocurrency space altogether.

Later, with the collapse of massive crypto exchange FTX in November 2022 and a number of firms filing for bankruptcy soon after (including BlockFi and Genesis), the losses continued to pile on.

Even Bitcoin has dropped in value, from its peak at $69,044.77 to hovering around $28,000 (specifically $28,349.25 on March 31st, 2023). And some smaller coins have had even sharper declines.

So, what does this mean for you if you’re considering investing in cryptocurrency?

Even a stable coin isn’t stable.
There’s volatility in the cryptocurrency space.
You shouldn’t risk money in cryptocurrency that you can’t afford to lose.

Read more: 5 Things You Should Know Before Investing in Crypto

8 Alternatives to Bitcoin

With that warning out of the way, let’s look at some alternatives to Bitcoin.

You’ve probably heard plenty of buzz over the years about “meme coins” and random success stories of ordinary folks becoming millionaires through cryptocurrency investing, just by seeking out Bitcoin alternatives.

If that’s your goal, this article isn’t for you. We’re not going to promise you any get-rich-quick coins. Rather, these are coins that have people talking and that may be worth considering if you’re looking to expand your crypto portfolio beyond Bitcoin.

Read more: How To Invest in Cryptocurrency: A Beginner’s Guide

Ethereum (ETH)

Source: leksiv/Shutterstock.com

The second most popular form of cryptocurrency, Ethereum is an open-source network managed by users, much like Bitcoin.

However, there are also some significant differences. The network operates through “smart contracts” written in computer code that is uploaded to the blockchain which other cryptocurrencies operate through.

Ethereum currently doesn’t sell as high as Bitcoin, with its price (as of March 2023) at $1,641.82.

Why Invest in Ethereum (Or Not)?

Ethereum is one of the safer options to invest in, ranked in the top 10 regarding price and stability.

You can also use it at more places than you may think — and within the next few years, the number of places that accept cryptocurrencies is expected to grow. Ethereum has a large existing network, a wide array of functions, and there’s constant innovation.

It may also be the best alternative to Bitcoin, particularly if you want to diversify away from an all-Bitcoin cryptocurrency portfolio. Ethereum is second only to Bitcoin in market capitalization, at $220.2 billion, compared to $548.4 billion for Bitcoin.

Ripple (XRP)

Many people like the idea of cryptocurrencies but fear their money isn’t safe in an unregulated, online world. Ripple aims to offer some of that safety.

Ripple is a money transfer and currency exchange network that processes transactions globally. And unlike most other cryptocurrencies, Ripple doesn’t need to be “mined.”

Read more: How To Mine Cryptocurrency: An Interview With a Crypto Miner

Ripple also offers fast settlement and low fees and is being used by large financial institutions (unlike other Bitcoin alternatives).

Why Invest in Ripple (Or Not)?

Ripple has been involved in a lawsuit for over a year with the SEC and the price has dropped significantly. Ripple argues it shouldn’t be treated as a security in order to avoid much stricter regulatory scrutiny. The company plans on exploring an initial public offering when the lawsuit is settled at some point in 2023.

That said, Ripple is still one of the top 10 cryptocurrencies (currently at no. 6 based on market cap). But for investment purposes, Ripple should be thought of as a cryptocurrency equivalent to penny stock — which is exactly where it’s trading.

XRP is trading at $0.535524 (as of April 2023) with a drop of over 84% from the all-time high.

But if you believe that Ripple will be a successful payment system, then its low price right now could be a key benefit.

Litecoin (LTC)

Source: Wit Olszewski/Shutterstock.com

Litecoin is often thought of as a close sibling of Bitcoin. Bitcoin and Litecoin work in the same way, but there are a few key features that make them different:

Founder Charlie Lee — The founder of Litecoin is well known, unlike the anonymous creator of Bitcoin.
Speed of transactions — Lee, an engineer, designed the Litecoin system to operate about four times faster than that of Bitcoin. This means that Litecoin can confirm the legitimacy of transactions much more quickly.
Number of coins — Bitcoin has a limit of 21 million coins once all are found, but Litecoin will have 84 million.

Why Invest in Litecoin (Or Not)?

Litecoin is nearly identical to Bitcoin, but transactions are faster — which is one of its biggest draws. However, there has been discussion as to whether this speed makes Litecoin less secure.

Litecoin’s current price is $89.26 (as of April 2023), which is down over 78% from its all-time high.

The potential upside of investing in LTC is that the coin has been around since 2015 and is seen as stable.

Cardano (ADA)

Source: Dennis Diatel/Shutterstock.com

Cardano is a proof-of-stake blockchain platform. It’s intended to be the next generation of the Ethereum network with a flexible blockchain and scalable platform for running smart contracts.

Cardano was introduced as an “Ethereum killer” and a valuable alternative to Bitcoin.

Charles Hoskinson, one of the co-founders of Ethereum, founded Cardano with the intent of being energy-efficient and supporting fast transactions with minimal transaction fees.

Why Invest in Cardano (Or Not)?

It may not be the best time to get into Cardano as the token has seen better days. It’s trading at $0.406295 (as of April 2023), down over 86% from the all-time high.

The upside in investing in Cardano is that it’s more energy-efficient and superior when it comes to smart contracts.

Binance Coin (BNB)

Binance is one of the largest cryptocurrency exchanges and the Binance Coin is the medium of exchange for the entire network. You can use your Binance Coin to trade and pay fees on the Binance cryptocurrency exchange. You can also use BNB on the BNB Chain ecosystem.

Binance Coin is one of the bigger players in the space (top five), with a total market capitalization of about $50 billion — although it’s primarily used to pay fees on the Binance exchange itself.

Read more: Binance.US Review

Why Invest in Binance Coin (Or Not)?

There are two factors that make Binance Coin worth considering. The first is its market capitalization. At over $42 billion and growing, it’s one of the bigger cryptocurrencies available. That’s also an indication it’s gaining acceptance in the marketplace, especially when you consider that it has been around since 2017.

The second factor is that this is a medium of exchange on the largest cryptocurrency exchange (Binance). You can use your Binance Coin to invest in the Binance Smart Chain network through Metamask if you want to get into the decentralized space.

BNB is currently trading at $316.82 (as of April 2023), down over 53% from its all-time high.

Polkadot (DOT)

Polkadot is a protocol that connects different blockchains with each other (like Ethereum and Bitcoin, for example) with the goal of weaving blockchains together. Polkadot is often referred to as a multi-chain network because it can join networks together (unlike Bitcoin).

However, Polkadot is similar to Bitcoin in the sense that it functions as both a token (DOT) and a decentralized exchange.

Polkadot wants to create an even playing field to improve innovation through the different blockchain networks. Polkadot operates by using two blockchains — a main “relay” network for permanent transactions and “para chains” for user-created blockchains.

Why Invest in Polkadot (Or Not)?

Polkadot aims to offer scalability improvements (the number of transactions per second a network can handle) and governance for protocol upgrades or changes.

What makes Polkadot a good investment is that it’s different in the sense that the network can interact with other blockchains.

With a current price of $6.32 (as of April 2023), DOT is down over 88% from its all-time high. On the flip side, the coin is up 134.37% since it started in August of 2020.

Solana (SOL)

Source: Rcc_Btn/Shutterstock.com

Solana is a public and open-source blockchain. Solana is both a form of cryptocurrency and a flexible platform for running decentralized applications. The cryptocurrency SOL is used for staking and paying transaction fees on the Solana network. Solana is focused on making cryptocurrency quicker and more scalable.

Solana has become popular in the DeFi (decentralized finance) and NFT spaces among users looking for alternatives to Ethereum. NFT projects are minted and traded using smart contracts and since Solana supports smart contracts, NFT projects are popping up here.

Solana is a solution for those seeking low-cost and high-speed alternatives to Bitcoin.

Why Invest in Solana (Or Not)?

Popular NFT projects are being built on the Solana blockchain. If you’re someone who believes in NFTs, then you’re going to want to look into the Solana network.

Read more: The Complete Guide To Buying Your First NFT

Solana’s transaction speed and low costs also make it an attractive option for those looking for a Bitcoin alternative.

SOL is down over 92% at $20.73 (as of April 2023) from the all-time high, but it’s up over 4,037% since it was formed in May 2020.

Avalanche (AVAX)

Avalanche is a decentralized, open-source, proof-of-stake blockchain with smart contract functions. Avalanche touts that it’s the fastest smart contracts platform in the entire blockchain industry (from time-to-finality). Avalanche hopes to offer a highly scalable blockchain without compromising decentralization or security.

The Avalanche blockchain uses its own coin, AVAX, to cover transactions on the network.

Why Invest in Avalanche (Or Not)?

Avalanche is worth investing in if you’re looking for something new and different. The token hasn’t been around as long as some of the other forms of cryptocurrency, so it’s not as established yet, but it’s one of the fastest-growing projects.

AVAX is worth $17.60 (as of April 2023) and is down nearly 88% from the all-time high. This is up almost 528% from the day it was formed on December 31, 2020.

The Bottom Line

While Bitcoin may have once been king, there are now plenty of other cryptocurrencies on the market if you want to start investing in the space. Just remember that any coin, no matter how much buzz it’s getting, is susceptible to market fluctuations — both good and bad.

Apache is functioning normally

June 21, 2023 by Brett Tams

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.

Source: crediful.com

Apache is functioning normally

June 19, 2023 by Brett Tams

The gig economy was just beginning to blossom pre-pandemic. Between 2010 and 2020, the number of gig workers or side hustlers increased by 15%. Unlike many aspects of life, which stagnated during the pandemic, freelancing only grew. Statista reported that 73.3 million people work as freelancers in the U.S. right now, an increase from 57.3 million pre-pandemic.

Freelancing has tremendous benefits for many people. Freelancing or gig work can provide:

Flexibility
A better work-life balance
Increased income potential

But it can come with some financial complications, too.

As a freelancer, you’ll need to manage cash flow so that you’ll have money in your account to pay your bills. You’ll be responsible for paying your own taxes. And, with that in mind, you’ll want to track expenses carefully so that you can deduct the costs of running your freelance business from your bottom line.

That’s where having a business bank account can come in handy.

Why You Need a Bank Account If You Have a Side Hustle

According to tax laws, you don’t have to have a business bank account to run a side hustle or a freelance business. You can file your taxes using your Social Security number and receive a 1099 form as a sole proprietor.

But as your business grows, you may want to incorporate under a tax ID number. You may choose to register as a corporation like an S-Corp or, more commonly, a limited liability corporation or LLC. This can get confusing, so it’s important to speak to a tax account before you take this step.

If you incorporate your business, you’ll need a business checking account to keep your personal finances separate from your business expenses. You would pay yourself a salary out of your business account and use your personal bank account to pay for your daily living expenses, entertainment, and anything that isn’t considered a business expense.

Benefits of Business Accounts

Most small business owners, freelancers and side hustlers prefer to open a business account even if they aren’t incorporated. Having a dedicated business checking account makes it easier to track your business income and expenses, which makes filing taxes – and making quarterly estimated tax payments – easier. If you ever get audited, you’ll have a clear record of your personal and business finances.

Plus, if you do any sales and marketing for your freelance business, your business debit card can often pique people’s interest. You’d be surprised how having a debit card with your business name on it can help you generate leads in odd places, whether you’re at your favorite bar or paying for groceries.

If you’re ready to open a separate business account, it’s important to find one that will meet your needs.

Freelancer vs. Side Hustler vs. Entrepreneur

Before you choose a business account, you may be wondering about the differences between entrepreneurs, freelancers, and side hustlers. Which category do you fit in?

These are all loose terms to describe anyone who owns their own business or is self-employed. Self-employed is a tax designation, which means you are a 1099 contractor for other companies. This term would apply to most freelancers and side hustlers.

On the other hand, if you start your own business, you might consider yourself an entrepreneur. The dictionary defines an entrepreneur as someone who starts a business and is willing to take a financial risk in hopes of great success.

A freelancer may also take financial risks, including leaving a steady paying job. In a lot of cases, whether you describe yourself as an entrepreneur, small business owner, freelancer or side hustler is up to you.

Compare the Best Freelancer Checking Accounts

In most cases, business owners, freelancers and side hustlers can all benefit from a good business bank account. Read on as we compare the best business checking accounts for freelancers, gig workers, and entrepreneurs.

1. Lili Bank: Overall Best Bank for Freelancers

Lili calls itself “the one-stop shop for all your small business financial needs.” An online financial services company that provides business banking, accounting for freelancers, invoicing, and tax support, Lili is backed by Choice Financial Group Inc.

As a US-based bank, Choice is a member FDIC, which means your funds deposited in Lili are protected by the federal government up to $250,000 per account.

What sets Lili apart as one of the best bank accounts for freelancers?

In addition to all the other services it offers to business owners, Lili has no minimum balance requirements, no monthly fees for basic checking, and a network of 38,000+ fee-free ATMs nationwide. You can also open a business savings account and earn 1.50% APY at Lili.

Lili’s basic business checking account has no monthly fee, expense categorization for your purchases, and the ability to generate quarterly expense reports.

Alternatively, for $9 per month, you can earn 1.5% on savings, get a Visa business debit card with cashback rewards, overdraft protection up to $200 and tax, invoicing software, and accounting support.

Lili integrates with third-party services that gig workers may use, including Etsy, Shopify, Venmo, QuickBooks, and your PayPal business account.

When you compare the prices of other invoicing and online accounting services, you may find that Lili offers tremendous value for the money as one of the overall best banks for gig workers you can find.

Bluevine: Best for Business Interest Checking Account

Like Lili, Bluevine is a financial technology company. It is backed by Coastal Community Bank, Member FDIC to protect your deposits. The Bluevine business checking account offers 2.0% interest, which sets it apart from competitors.

To take advantage of the interest, you’ll need to either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine business checking account.

There are no monthly fees or minimum balance requirements and you can make unlimited transactions with no fees. Like Lili, Bluevine also offers other services for business owners.

If you are looking for a business interest checking account with value-added services, consider Bluevine. Your account integrates easily with QuickBooks, with no fees involved. Plus, you can set up sub-accounts to easily manage your money, add authorized users, and pay bills via ACH or wire transfer from your Bluevine account.

While many credit providers offer business credit cards, Bluevine is one of only a few business checking accounts that offers a business line of credit. You may qualify for a credit line of up to $250,000, with a rate as low as 6.2% interest. This interest rate is much lower than the national average of 20.46% for business credit cards right now, as reported by The Balance. Plus, you could get approved in as fast as five minutes, according to the Bluevine website.

For entrepreneurs seeking to purchase tools or resources, or freelancers in need of business equipment, Bluevine’s line of credit could provide you with the financial security you need to grow. Take note that you’ll need a credit score of 625 or more to qualify and $40,000 in monthly revenue. This is probably not a service for a gig worker, but for a seasoned entrepreneur.

Even so, it’s never too early to get started with a business checking account, especially one with no monthly fees.

Amex: Best for Debit Card Rewards and Bonus Offer

American Express is a renowned name in business and consumer rewards credit cards. But you might not be aware that the company also offers a business checking account with 1.30% APY on balances up to $500,000.

American Express also has no monthly maintenance fees, no fees on domestic ACH payments, and no fees at MoneyPass ATMs. The American Express Business Blueprint app makes it easy to manage your account.

Amex stays true to its credit card rewards roots with a rewards business debit card. Earn 1 Membership Reward point for every $2 on eligible purchases. You can combine points earned with Membership Rewards points accrued with other Amex cards, and use those points for travel, gift cards, or cash back. You can also convert those points into cash deposits directly into your new business checking account.

Amex’s bonus offer stands out to us. Earn 30,000 Membership Rewards points after you deposit $5,000 or more within the first 30 days of account opening, maintain that balance for the next 60 days, and make five or more qualifying transactions within those first 60 days.

NBKC Business Checking: Best for No Fees

If finding a business bank account with no fees is most important to you, a nbkc Business Checking account might fit the bill. The bank offers unlimited transactions with no fee, no minimum balance requirements, no monthly fees, and no opening deposit requirements either. You can also have out-of-network atm fees reimbursed for up to $12 per month.

If you are a freelancer just getting started or just looking to supplement your full-time income with a side hustle, you’ll find nbkc bank a low-cost and convenient option among free business checking accounts.

NBKC lacks some of the bells and whistles of the top choices on our list. You won’t get integrations with common business software or invoicing and accounting support. But a nbkc business checking account is free with your personal account and provides an easy way to keep your business and personal funds separate.

Novo: Best for Payment and P2P Money Transfer App Integration

Novo is another choice with no monthly maintenance fee, no monthly fee, free ACH transfers, and no minimum balance needed. Like many of the business bank accounts on this list, Novo is a financial technology company. It’s backed by Middlesex Savings bank, a Member FDIC, which means your money is protected up to $250,000 per account.

Novo is the best for business owners looking for an easy way to process payments or transfer funds. You’ll get free ACH transfers from another checking or savings account and refunds on all out-of-network ATM fees.

Novo integrates with many P2P payment apps, including Square, Shopify, and Stripe, as well as Etsy, eBay, Amazon and more.

When you use Novo Boost, you can get paid 95% faster through Stripe, or two business days before the funds would ordinarily appear in your account.

Plus, it’s quick and easy to open an account online, with approval as fast as 10 minutes – rather than days with some other online bank accounts.

Axos Bank: Best for New or Scaling Businesses

Many freelancers don’t think about opening a business account until they have incorporated their company to make that transition from self-employed to entrepreneur. If this sounds like you, Axos Bank could have the best bank accounts for you. The online bank is offering business owners who incorporated after June 2020 an extra $200 in their new business bank account.

If you aren’t newly incorporated, you can earn a $100 bonus.

Like many of the best business accounts on this list, Axos has no monthly fee, no minimum monthly average balance to hold, ATM fee reimbursements for all domestic transactions, and no minimum opening deposit. The bank accepts cash deposits or you can transfer money from other checking accounts via ACH.

Unlike many online banks, Axos offers business owners a dedicated relationship manager to help point you to the products and services that are best for your growing business.

Chase Business Complete Banking: Best for Credit Card Processing

As the largest U.S. bank, with assets of $3.31 trillion, Chase is a traditional bank that offers all the convenience of online banks. This includes personalized service, stellar fraud protection, and a host of other features and benefits we’ve come to expect from any financial institution.

The Chase Business Complete Banking account is ideal for entrepreneurs, offering unlimited transactions and no monthly fee (if you meet certain requirements). These requirements are relatively easy to meet with a $2,000 minimum balance, $2,000 in purchases on your Chase Ink Business credit card, a link to a Chase Private Client Checking account, or $2,000 in deposits from QuickAccept or Chase eligible merchant services.

The best aspect of Chase Business Complete Banking is the ability to process credit card transactions and receive funds the same day through Chase QuickAccept. (Additional fees apply.)

You can open an account with no minimum deposit to get started.

Wave Money Business Banking: Best for Free Business Banking

Wave Money integrates a free checking account with easy bookkeeping for freelancers and solopreneurs. Wave is best for those who want to improve cash flow with instant pay and want bookkeeping tools to make tax prep easier.

Wave has no monthly fee or transaction fees, so you keep more of what you earn. You can use the mobile check deposit feature for convenience, and make ACH transfers easily. There are no transaction limits with Wave, and you can also connect third party payment processors.

Wave is another fintech company, with banking provided by Community Federal Savings Bank, Member FDIC. That means your funds are insured for up to $250,000 per account.

TIAA Bank: Best for Business Investments

Besides checking accounts, TIAA Bank offers a variety of banking products for entrepreneurs and gig workers that sets it apart.

If you’re considering business savings accounts, TIAA offers CDs and money market accounts to earn interest at a rate higher than you may get with another account. Currently, TIAA’s one-year business CD offers an APY of 3.75%.

TIAA’s checking accounts offer easy online banking and mobile check deposit, along with personalized service from a business solutions specialist.

LendingClub Bank Tailored Checking: Best for Earning Checking Account Rewards

The LendingClub Bank tailored checking account for freelancers is one of the few banks on our list where you can earn interest on your checking balance, plus 1% cash back rewards when you use your debit card.

Account holders earn 1.5% APY on balances up to $100,000 and 0.10% APY on the portion of your balance that exceeds $100,000.

LendingClub Bank reimburses fees if you use an out-of-network ATM. The bank also supports QuickBooks, Quicken and Mint for budgeting and bookkeeping. You can also send digital invoices and get paid directly to your LendingClub account, making LendingClub Bank Tailored Checking one of the more robust and affordable online banks for freelancers.

Just make sure to maintain an average daily balance of at least $500 to have the monthly fee waived.

How to Choose the Best Bank Account for Your Business

When you’re evaluating business bank accounts, you’ll want to consider your needs and the features that are most important to you.

It should go without saying that you want an account with no monthly fees or no monthly fees. Unless you’re an established business owner, you may also want no minimum balance requirements. You don’t want to get saddled with fees if your business runs into cash flow problems or you have a down month.

If you run a high-volume business, look for a bank account with no transaction limits, no in-network ATM fees, and unlimited ATM fee rebates.

Need a way to manage contracts, collect invoices, and help with taxes?

Your business bank can represent much more than just a place to deposit cash and a means to pay your bills. Many of the best bank accounts on this list also offer freelancer invoicing, tax assistance, and ways to manage contracts.

Budgeting and Savings Features to Look For

When you’re a freelancer, it’s convenient to have an easy way to track your expenses and budget for not just expected costs, but surprise opportunities or financial emergencies.

Just as you should have a personal bank account established with emergency savings, you want a business savings account. In fact, you may want multiple business savings accounts or the ability to divide money into various buckets for known costs – like taxes – and unexpected expenses, such as car repairs or a new phone.

Some budgeting and savings features are nice to have, such as an interest-earning checking account and cash back on debit card purchases.

Why We Chose Lili as the Best Business Bank Account

Lili graces the top of our list because the fintech company offers so many value-added services for entrepreneurs that it’s virtually a one-stop shop for freelancers. However, the other banks on our list for best business accounts have their own benefits you might want to consider.

Should You Use Different Banks for Personal and Business Finance?

If you already have a separate bank account for your personal finance, there is something to be said for opening a business account through the same bank. You may get extra perks and benefits or waived fees. Best of all, it’s easier to use one app to manage all your personal and business banking.

But if you opt for an online financial services company, instead, it is typically easy to transfer funds between accounts. Also, companies like Lili and Bluevine specialize exclusive in business accounts, which means they have services tailored specifically to your needs.

Bottom Line

A lot of factors go into choosing the best bank account for your business checking needs. Knowing your must-haves, nice-t0-haves, and those features that don’t really matter to you can help make the decision easier.

FAQs

What is a business bank account?

A business bank account is a dedicated account separate from your personal accounts that you use to deposit cash, checks, or other customer payments earned through your business. You should also use your business checking account to pay for business expenses.

Do You Need a Business Bank Account if You’re a Freelancer?

Freelancers are not required by law to have a separate business banking account. But if your business is incorporated as an S-corp, C-corp, or LLC, you are required to keep your business and personal accounts separate.

Should You Have a Separate Bank Account If You’re a Freelancer?

Even though it’s not required by law, it’s a good idea to have an account separate from your personal checking account to help you keep track of business income and expenses.

What Makes a Business Bank Account Ideal for Freelancers?

Business bank accounts often have many of the same features as some of the best personal bank accounts. That would include low or no minimum balance requirements, no monthly maintenance fee, no transaction fees, and no hidden fees.

You may also look for features like mobile check deposit, unlimited electronic deposits, and low wire transfer fees if you have a lot of customers, clients, or vendors outside the U.S.

Methodology: How We Select the Best Bank Accounts for Freelancers and Side Hustlers

We evaluated the best bank accounts for freelancers based on the ability to earn interest, monthly maintenance fees, minimum balance requirements, the ease of making cash deposits, customer service, and more.

Some banks are better for freelancers who don’t maintain a high balance or only have a few transactions per month. Entrepreneurs with fast-growing businesses looking to scale may prefer a business checking account with unlimited transactions and the ability to accept credit card payments through the same bank.

Some business owners may want to be able to integrate their Quickbooks accounting system through their bank.

We have banks on this list designed for small business owners, freelancers and side hustlers at every stage of business growth.

Source: crediful.com