Banking

What’s Your Credit, and Why Does It Matter? When people talk about your credit, they mean your credit history. Your credit history describes how you use money. For example: ...

By John McNamara – FEB 16, 2023 Last year, we reported that Americans paid over $120 billion annually in interest and fees on credit cards. Since that time, average interest rates charged by credit card companies have quickly increased. It’s critical that consumers can find and switch to credit cards with the lowest and most competitive rates. That’s why we’ve been carefully examining barriers to a fair and competitive credit card market, especially as it relates to the role of consumer credi...

A certificate of deposit (CD) is a savings account that holds a fixed amount of money for a fixed period of time, such as six months, one year, or five years, and in exchange, the issuing bank pays interest. When you cash in or redeem your CD, you receive the money you originally invested plus any interest. Certificates of deposit are considered to be one of the safest savings options.  A CD bought through a federally insured bank is insured for up to $250,000. The $250,000 insurance covers all ...

Especially now, in a time where the economic situation may be forcing you to be creative in your spending exploits, you have to be on top of your money. It’s in your best interest to be smart when you spend.   Your ability to find that delicate balance between cash and credit could be the difference between: ...

The threat of the Fed increasing interest rates has been going on for some time. An increase in the interest rate, also known as the federal funds rate, has one primary effect. Banks have to pay more to borrow money from the Fed. That’s it. However, this effect leads to several other effects. When banks pay more to borrow money, everyone has to pay more to borrow money. This includes businesses. It also becomes more expensive for consumers to use credit, such as credit cards. Overall, busine...

Credit cards make purchases and paying your bills easier. Using a credit card is also a good way to boost your credit score. However, failing to properly manage your credit cards can lead to a lot of unnecessary expenses.   If you’re tempted to buy things you can’t really afford just because you can charge them on your cards, it will benefit you to leave them at home when you go shopping. When you have an emergency, rely on an emergency fund to avoid charging unplanned expenses on your car...

FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost one penny of FDIC-insured accounts. The FDIC manages the Deposit Insurance Fund to insure the deposits, protect the depositors of insured banks, and to resolve failed banks. The FDIC also fosters communication and coordination among other countries’ deposit insurance systems. Deposit insurance is one of the significant benefits of having an accou...

Do you feel like your credit card debt is insurmountable? The good news is that, no matter how high the mountain appears, you can climb it and pull yourself out of the metaphorical hole you may find yourself in.   Here are some ways to tackle that debt and bring it down to size: ...

There are many different ways to borrow money. You can go to a bank for various types of loans. You may choose to use pawnshops or payday loans. Credit cards are another idea. You can even borrow money from friends or family.   Another option is a line of credit. While lines of credit have been popular with businesses, they haven’t been widely used by individuals. This is primarily because banks aren’t advertising them, and most borrowers lack the knowledge to inquire. ...

The Cash Assist mobile app, available now on Android and coming soon to iOS, is the perfect training companion for cash handlers across industries who need guidance on how to authenticate Federal Reserve notes. The app’s “Denomination Detector” uses your Apple or Android’s camera to identify the denomination of the bill you are authenticating. Capture an image of your banknote with either the front-facing or back-facing camera on your mobile device. Once the denomination has been detected, the ...

If you’re a high schooler applying to college, a college student, or their parent, it’s time to fill out the 2022-23 Free Application for Federal Student Aid (FAFSA®) form. Unfortunately, scammers know it’s that time of year again, too and they’re gearing up to try to take advantage of financial aid seekers. Many states and schools give out funds on a first-come, first-served basis. So, if you’re looking for financial aid for college or career school, fill out your FAFSA form as soon as you c...