- How Long Is a Check Good For?
Checks are typically valid for up to six months from the issue date, although this can vary based on the type of check and the policies of the bank that issued it. Knowing how long a check is good for is essential to avoid the complications of expired or stale-dated checks. That’s why it’s recommended… read more…
- What Is the National Credit Union Administration (NCUA)?
The National Credit Union Administration (NCUA) is an independent federal agency responsible for regulating and supervising federal credit unions. It aims to ensure the stability and safety of these financial institutions, protecting the interests of their members. By providing insurance for deposits, much like the Federal Deposit Insurance Commission (FDIC) does for banks, the NCUA… read more…
- Types of Banks Used By the Ultra High Net Worth
For the ultra high net worth, managing and growing their wealth requires specialized banking services that go beyond the offerings of traditional retail banks. With investable assets of at least $30 million, these individuals have complex financial needs that demand personalized attention, dedicated relationship managers and access to a wide range of sophisticated investment opportunities.… read more…
- Differences of a Cashier’s Check vs. Certified Check
A cashier’s check, backed by the issuing bank’s own funds, provides an ironclad guarantee that the payment will be honored, making it a go-to choice for transactions requiring absolute certainty. On the other hand, a certified check offers a slightly different form of security; the bank verifies the payer’s available funds and earmarks them specifically… read more…
- Pros and Cons of a Money Market Account
Money market accounts (MMAs) offer a unique blend of features that may appeal to savers looking for higher interest rates, liquidity and security. However, understanding the full spectrum of advantages and disadvantages associated with these accounts is important when evaluating different savings vehicles. Whether you’re considering a money market account for its higher interest rates,… read more…
- 3 Benefits of a Regional Bank vs. National Bank
When considering where to keep your financial assets, the choice between regional and national banks is a significant one. Regional banks are typically smaller in scale, offer a more localized banking experience and may even charge lower fees. They are often deeply embedded within the communities they serve, which can translate into a more personalized… read more…
- 5 Benefits of Using Prepaid Cards
Prepaid cards are popular financial tools that can offer a unique blend of convenience, control and security. Whether you’re looking to stick to a budget, provide a spending solution for a family member or find an alternative to traditional banking, prepaid cards could be the answer. A financial advisor can help you evaluate and select… read more…
- How to Join a Credit Union in the U.S.
A credit union is a member-owned financial cooperative that provides banking services, such as savings accounts, loans, and other financial products, to its members. These members often share a common characteristic like employment, location, or membership in a specific organization. Whether you’re considering a switch from a conventional bank or simply exploring your financial options,… read more…
- Bank Failures: How to Keep Your Money Safe From a Worst-Case Scenario
After a tumultuous 2023 that saw some of the largest bank failures ever, the U.S. banking system appears to have stabilized. More bank failures are inevitable, however, and depositors could risk losing money any time one occurs. The first line of defense, federal deposit insurance from the FDIC, has worked reliably to date. To avoid… read more…
- How a CD Loan Works
In volatile markets, certificates of deposit (CDs) stand as a beacon of stability and opportunity through their unique blend of security and growth potential. However, surprise expenses can come up, leaving you wishing you could withdraw your funds before the term expires. Fortunately, CD loans are available at some banks and credit unions, allowing you… read more…
- Are You Missing Out on This Simple Growth Strategy for Your Cash?
It’s been some time since certificates of deposit, or CDs, were a good investment, but that’s changing in the current market. Today’s higher interest rate environment has made CDs not just viable, but for the first time in years, a potentially strong near-term investment. While average interest rates on 5-year CDs have climbed to just… read more…
- What Is a Zero Balance Account?
Banking offers many options for your business needs. One such offer is a zero balance account, which offers businesses an effective way to optimize cash management, improve liquidity, reduce borrowing costs and streamline financial operations. Here’s a breakdown of the advantages and disadvantages. A financial advisor can help you create a financial plan for your… read more…
- Average Minimum Balances for Online Savings Accounts
Online savings accounts offer some attractive features including minimum balance requirements that are generally lower than traditional savings accounts. In fact, the typical online savings account has no minimum balance at all, compared to minimum balances of hundreds of dollars required by many financial institutions with physical branches. Online savings accounts may not be right… read more…
- How Much Money Should I Keep in My Checking Account?
Almost everyone has a checking account, but the amount of money people keep in their checking accounts varies widely. Checking account balances tend to vary with income, age and other factors. Deciding how much money to keep in your personal checking account requires looking at more than your paycheck and birth certificate, however. Here’s what… read more…
- How to Open a Compounding Interest Account
Managing your finances, especially as pertains to planning for retirement can be a daunting task, but simplifying it typically starts with grasping the concepts of compound interest. Compound interest, when used strategically, can significantly contribute to your progress toward financial health and long-term wealth creation. You can build your compound interest in a number of… read more…
- FDIC vs. NCUA: Where Is Your Money Safest?
Both the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) insure financial institutions with the backing of the government. But while the FDIC provides insurance for bank deposits, the NCUA insures credit union deposits. Here are the key differences. If you want to maximize your savings, a financial advisor can help… read more…
- CD Calculator
Use SmartAsset’s CD calculator to see how much your CD can earn based on your deposit size, the length of the term, its interest rate and how often it compounds. CD Calculator – Calculate your CD’s Ending Balance CD Calculator – Calculate Your CD’s Ending Balance Initial Deposit: i $ Interest Rate: i % Years… read more…
- How to Create an Automatic Savings Strategy
If you’re thinking about securing your financial future, some of the latest banking technology is your friend. Automatic savings helps you consistently set aside money without lifting a finger. You can automate your savings and maximize your retirement fund through specific strategies and apps. Here’s what to know. For help creating the right automatic savings… read more…
- Is My Money Safe in the Bank?
In recent months the FDIC has managed two of the largest bank failures in U.S. history. The collapse of Silicon Valley Bank (SVB) and Signature Bank happened shockingly fast. And First Republic wasn’t far behind. Consumers have plenty of questions, as… read more…
- Which Savings Account Will Earn You the Most Money?
There are many types of savings accounts. Money market accounts can earn higher interest rates than traditional savings accounts. But CDs can often earn even higher rates. However, there are pros and cons to each type of account that goes… read more…
- Some Banks Are Offering Sign-Up Bonuses to New Clients, But These Perks May Expire Soon
Some banks are offering bonus cash to consumers who open new accounts. These promotions trail the high-profile failure of several banks in March and the Federal Reserve’s recent rate increases. New banking promotions may provide valuable incentives to new depositors.… read more…
- Will CD Rates Continue to Go Up in 2023?
The Federal Reserve hiked interest rates seven times in 2022 in an attempt to combat inflation, a fight that has proved daunting. Continuing its hawkish stance in 2023, the Fed raised rates at the first two Federal Open Market Committee (FOMC)… read more…
- How Does Neobanking Work?
Neobanks offer internet banking services and are created by partnerships between financial tech firms and banks to offer federally insured bank accounts. Do you find yourself wondering what a neobank is and whether it’s a good option for you? We’ll… read more…
- Understanding How Your Bank Manages Risk
When you open a checking account or a savings account, you might not be too concerned about the possibility of losing money. After all, bank failures are largely a rarity and when one does occur, the FDIC is there to… read more…
- Are Online Banks Safe?
Bank failures and economic turbulence have made bank depositors nervous – but what about banks where you can’t visit a branch or speak to a teller? Can you withdraw your money when needed and protect yourself from risks? While the… read more…