Specialized services such as CurrencyFair make these transactions faster and more affordable because they process such high volumes. The most reputable companies offer the same level of security as commercial banks, and they are registered with oversight agencies in the countries where they operate.

What Is CurrencyFair?

CurrencyFair is a money transfer service, but it works a little different from other options. The company’s goal is to reduce the costs associated with international currency transfers by matching users with complementary needs and facilitating the trade.

Most times, this means currency never leaves the country, which cuts down on costly exchange rates. All of that is invisible to users, happening seamlessly behind the scenes. 

Besides standard transfer tools, CurrencyFair has unique features that can save you money. For example, you can hold funds in multiple currencies until the exchange rate is right, or you can use the peer-to-peer network to set your own rate and trade with another CurrencyFair user.

CurrencyFair’s alert system keeps you updated on changes in exchange rates, so you can make your transfer when conditions are in your favor. 

What Currencies Does CurrencyFair Support? 

As of Q1 2021, CurrencyFair permits 17 types of currency to be transferred into an account. These include: 

• Australian Dollar (AUD)
• British Pound (GBP)
• Canadian Dollar (CAD)
• Czech Koruna (CZK)
• European Union Euro (EUR)
• Hong Kong Dollar (HKD)
• Hungarian Forint (HUF)
• New Zealand Dollar (NZD)
• Norwegian Krone (NOK)
• Polish Zloty (PLN)
• Singapore Dollar (SGD)
• South African Rand (ZAR)
• Swedish Krona (SEK)
• Swiss Franc (CHF)
• United Arab Emirates Dirham (AED)
• US Dollar (USD)
• Danish Krone (DKK)

CurrencyFair lets users transfer funds out to more than 150 countries, including the United States. However, note that CurrencyFair does not accept registrations from the United States at this time. 

CurrencyFair: Pros and Cons

There are several areas where CurrencyFair shines. And of course, there are areas in which the service doesn’t meet the needs of every potential user. Here is what you need to know before you sign up.  

Pros

• CurrencyFair offers low fees and highly competitive exchange rates. 
• The peer-to-peer option can save users even more. 
• The site and app are user friendly. 

Cons

• The biggest downside to CurrencyFair is that US residents cannot open an account. However, users outside of the US can transfer money to US residents. 
• CurrencyFair transfers can take one to two days to reach the recipient. Some competing money transfer companies offer same-day service.

How Does CurrencyFair Work?

CurrencyFair is more a marketplace than a traditional money exchange service, so it sets exchange rates based on user activity.

While the current average cost of a transaction is approximately 0.4 percent of the amount being exchanged, that percentage is expected to go down as more members use the service.

Today, some users pay as little as 0.1 percent of their transaction, plus the basic CurrencyFair transfer fee, although that cost can go up to 0.6 percent depending on exchange activity. 

The first step in using the CurrencyFair service is to open an account. You complete this step online, entering the required personal identification information such as name, address, and date of birth.

Financial regulations require CurrencyFair and other money transfer services to verify customers’ identities to prevent financial crimes like money laundering. That means entering a passport or government-issued identification number, which CurrencyFair attempts to verify through third-party databases. If it is not possible to verify identity electronically, CurrencyFair may ask you to upload a copy of the identification document. 

Once your account verification is complete, you enter the amount and type of currency to be transferred and the recipient’s information. CurrencyFair displays fees before you go any further, so you can decide whether to proceed or cancel the transaction until exchange rates are more favorable. 

The last step is to fund the transfer. You can do this by initiating a transfer from your bank account or entering a credit/debit card number. It can take several days for the money to reach your CurrencyFair account. When it does, the service starts the transfer immediately, and the recipient receives the funds within roughly two days. 

Those who need to send regular transfers to international friends, family, and business associates can create a recurring outgoing transfer. That reduces the need to login and set up frequent one-time transfers. However, each transfer does need to be funded, so many CurrencyFair users set up a recurring transfer into their accounts to automate the entire process. 

What Is the CurrencyFair Peer-to-Peer Exchange? 

Peer-to-peer networks have taken over entire industries, from transportation to hospitality. For example, Uber and Lyft connect drivers with people who need a ride, and Airbnb makes it possible to rent out a couch, a room, or an entire home with the click of a button.

Even food delivery has turned into an enormous opportunity for peer-to-peer entrepreneurs. GrubHub, DoorDash, and Uber Eats bring local cuisine to diners’ doorsteps. 

CurrencyFair used the same concept to set up its peer-to-peer currency exchange service. Those who wish to trade one type of currency for another can list the rate at which they want to make the exchange.

If another CurrencyFair user has the right type of currency and will accept the exchange rate offered, CurrencyFair facilitates the trade for a small fee. That removes the middleman—typically commercial banks—and in doing so, removes the excessive fees.

Is CurrencyFair Safe?

CurrencyFair is based in Ireland, and it is licensed and regulated by the Central Bank of Ireland.

Regulation offers users peace of mind because they know CurrencyFair meets the same stringent standards required of other financial institutions. For example, CurrencyFair keeps customer funds separate from company funds, and the business leaders must meet certain qualifications to be eligible to work in a position of trust. 

In addition, CurrencyFair has implemented the most advanced security features to protect users from data loss, cybercrime, and fraud.

Many transactions require two-factor authentication, and the website uses 256-bit encryption—the same type that big banks rely on. They store account information in a secure data center with redundancies built in to protect data. 

CurrencyFair constantly monitors its systems for breaches, and it uses the most advanced virus protection software available. In short, CurrencyFair makes security its highest priority. 

However, it is important to remember that some types of fraud can trick users into sending money to scammers. Common schemes include requiring a fee to claim lottery winnings, requesting money for a non-existent charity for disaster relief, and too-good-to-be-true prices on cars, apartments, and other big-ticket items.

The best way to prevent becoming a victim of these schemes is to follow one simple rule: never send money to a stranger.

CurrencyFair Prices

For a standard international transfer, CurrencyFair’s average price is 0.4 percent of the transaction amount and a €3 transfer fee.

That’s more impressive when compared to fees that banks impose for equivalent international currency transfers. Consider this example for a transfer of £2,000.00: 

Average Bank Charges

• International transfer fees – £40.00
• Exchange rate margin – £60.00
• Total cost – £100.00

CurrencyFair Charges

• International transfer fees – £2.50
• Exchange rate margin – £6.00
• Total cost – £8.50

The savings increase for users who have the flexibility to wait for a match through the peer-to-peer currency exchange. When two CurrencyFair members trade currency at an agreed-upon rate, they pay a fee of 0.25 percent or 0.3 percent, depending on the type of currency involved, and the €3 transfer fee.

When compared to traditional financial institutions, this represents significant savings—particularly for those who make large and/or frequent international currency transfers. 

Is CurrencyFair Reliable?

User reviews show that CurrencyFair is reliable in completing transfers within the stated time frame. The only downside is that the time frame is longer than some of CurrencyFair’s competitors.

Transferring money into a CurrencyFair account can take up to three days, depending on the type of currency. It can take up to two days for funds to reach the recipient when sent from a CurrencyFair account.

Again, the exact timing depends on what time of day the transaction starts and the type of currency involved in the exchange. 

CurrencyFair Reviews from Trustpilot Users 

Independent review site Trustpilot has collected more than 4,800 CurrencyFair reviews. The ratings average 4.6, and comments include: 

• The support during setup of my registration was effective and quick. Almost no transaction fees and fair currency exchange rates were very welcomed.
• Without hesitation they are an excellent platform for quick and hassle-free exchange and transfer of funds.
• I think this is the end of the abusive commission rates of the banks! Thank you so much for inventing this method of transfer where everyone wins with a fair exchange rate and excellent service!

CurrencyFair reviews are overwhelmingly positive, and users regularly point out how fast and affordable it is to send money through this service. 

Other Money Transfer Services 

CurrencyFair is just one in a long list of money transfer services that permit you to send funds internationally for a fee. Other options—and their exchange rate markups—include: 

• Azimo (1.5 percent) 
• MoneyGram (4 to 5 percent) 
• OFX (1.5 percent) 
• Remitly (1 to 2 percent) 
• Ria Money Transfer (0.5 to 2.5 percent) 
• Skrill (3.99 percent) 
• TransferWise (0.5 percent) 
• WorldRemit (1 to 1.5 percent) 
• XE (0.5 to 2 percent) 
• Xoom (2 to 4 percent) 

Many of these companies offer accounts for US users at rates below what traditional banks charge. Keep in mind that the same safety rules apply with these services. The most important consideration is that you should never send funds to someone you don’t know. 

The article CurrencyFair Review was originally posted on Investormint

While checks are quite convenient, losing a checkbook can be one of the least pleasant financial experiences you will ever go through.

Here’s what you need to know about the steps and precautions you should take if you have lost your checkbook, as well as the case for using a different form of payment to keep yourself protected.

Stop Payment on All Checks

When you lose your checkbook, the first thing you’ll need to do is to instruct your bank to stop payment on all of your checks.

You can do this by calling your bank directly, though many banks have an online option for stopping checks. The fee to stop payment varies from bank to bank, but most will charge around $30.

Keep in mind that stopping payment means that legitimate checks you wrote before losing your checkbook may also be blocked, so it’s a good idea to check with the businesses you paid by cheque/check recently and arrange alternative payments for the ones that will be affected by your stop payment order.

Cancel Your Account and Set up a New One

Unfortunately, dealing with the loss of your checkbook isn’t as simple as just cancelling your checks.

Under the Uniform Commercial Code, the law that governs cancelled checking, your bank is only required to stop payment on your blocked checks for a period of six months.

Due to the administrative costs involved in keeping a stop order on checks, very few banks will go beyond this minimum requirement, meaning that you will have to pay for a new order every six months if you want to keep your current account.

Because of this, it’s almost always best to cancel your current bank account and set up a new one to permanently invalidate your lost checks.

Keep in mind that when you set up your new account, you’ll have to reconnect all of your existing payments to it.

This means updating your bank account information with your employer, setting up new automatic payments with utility and service providers and updating investment accounts that may be tied to your previous checking account.

Though it will be a hassle, going through this process is the only surefire way to make sure your old checks are never honored without paying a stop order fee twice a year on an indefinite basis.

File a Police Report

If you believe that your checks have been stolen, it’s important that you file a report with your local police department.

The report will create a record of your missing checkbook that can help to protect you in case of identity theft later on.

If a criminal uses your checks to defraud a business, you may find yourself locked in a dispute with the merchant over the payment.

Having a police report on file will help you prove that you were not responsible. It’s also vital that you keep a copy of the police report in your personal records in case a dispute arises.

What Should You Do if Your Checks Are Cashed?

Even with all of these precautions, there’s still some chance of a check slipping through the cracks.

In one prominent case that made headlines a few years ago, for example, Wells Fargo bank was unable to stop payment on a stopped check because it had been received for processing before the customer put in the stop order.

While such instances are rare, it’s important that you know what to do if you find yourself dealing with one.

If you haven’t done so already, the very first thing you need to do if a lost check is cashed is to file a police report.

The fraudulent check constitutes identity theft, and it’s important to start the paper trail now so that you won’t be liable later on.

Next, you should immediately report the forged check to your bank.

Most banks have internal systems for dealing with forged checks, and a comparison of your signature to the one on the forgery should be enough to convince the bank that a crime has been committed.

More often than not, this will lead to the bank refunding your account.

While a lawyer may be necessary if things don’t go smoothly, you can usually begin this process without retaining an attorney.

Using Alternative Payment Methods to Avoid the Hassle

As you can see, losing your checkbook is a much bigger deal than most people imagine it to be.

To head off the sheer inconvenience of dealing with a lost checkbook, it may be a good idea to pay for goods and services with a credit or debit card.

Although these cards can certainly still get lost or stolen, they are much easier to cancel out than a checkbook, meaning that you’ll be able to regain control of your financial life without filing complex stop orders or having to set up entirely new bank accounts.

How To Pick A Good Credit Card

Selecting a good credit card these days is easier than you might think. Not only do the big banks offer credit cards but even companies like Apple and Uber offer their own branded credit cards.

The first step is to figure out what your financial goals are by having a credit card. If you want to pay off debt faster, a 0% interest balance transfer card, like the one offered by Discover-It may be a good fit.

If you have a high interest balance elsewhere, the Discover It® – 18 Month Balance Transfer Offer gives you a year and a half zero-interest timeline.

On the other hand, if you don’t already have high-interest credit card debt, but instead are looking to buy a high-ticket item and want a long time runway to make zero-interest payments then the Discover It ® – Cashback Match™ is best.

Got $0 Debt? Which Credit Card Is Best?

One of the best ways to pick a credit card if you’re not in debt is to spot your spending patterns and pick a credit card that rewards you most.

You can choose a top budgeting app like Tiller Money, Personal Capital, or Power Wallet to identify whether you spend more on say restaurants and travel or groceries and gas.

Once you’ve identified where the bulk of your monthly spend is going, you can pick a credit card that rewards you most in those categories.

Chase Sapphire Reserve, for example, is among the best credit cards for dining and travel. However it comes with a high annual fee.

If you want to avoid an annual charge, ABOC Platinum Rewards may be a better fit. It also has generous rewards on restaurants, gasoline purchases, travel, and groceries.

>> 7 Best High Limit Credit Cards

>> Can You Buy A House With A Credit Card?

>> What Is A Fair Credit Score?

The article What Should You Do When You Lose Your Checkbook? was originally posted on Investormint

If you are looking to send money online to India, Mexico, the Philippines, or a host of other countries in Central America, South America, or Asia, Remitly offers competitive rates and fast transfers.

Customers in the United States, United Kingdom, and Canada send over $4 billion each year to loved ones using Remitly, which makes it the largest independent digital remittance company.

Remitly has established a network of over 40,000 bank and cash payout partners so whether you are sending money to Vietnam, Peru, Nicaragua, Colombia, El Salvador, or countries in between, there is a good chance Remitly can get your money where you want to send it.

You can transfer money via credit card, debit card, or bank transfer. When you need to get money to your loved ones quickly, a surcharge is generally added. The extra cost means your money transfer arrives within minutes. If you are not in a rush, you can stick with Remitly Economy and pay no extra fees.

Remitly Bank Spotlight

REMITLY BANK SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Remitly Economy is Free Pay by Credit Card, Debit Card or Bank Transfer 3% Fee for Credit Card Transfers Get Started via Remitly Bank secure site

How Much Does Remitly Cost?

When you send money with Remitly, you have two choices:

• Remitly Economy
• Remitly Express

Remitly Economy

When sending money abroad is not time sensitive, Remitly Economy is your best and cheapest option.

You will need to make the transfer by bank to avoid credit card fees and it takes up to 3 → 5 business days for funds to arrive.

Remitly Express

On the other hand, when you need money to arrive quickly, Remitly Express is the best choice because transfers are instant and can be done by debit card.

The cost of using Remitly Express is usually $3.99 per transfer depending on the amount you send.

Credit card transactions are subject to a 3% surcharge.

Let’s say you are sending money to the Philippines for example. How much will it cost you?

Send Money To The Philippines

If you are sending U.S. dollars, other costs are charged depending on the amount you send and how fast you want money to arrive.

The costs for sending more than $3,000 are listed below:

Which Countries Can You Send Money To Through Remitly?

You can send money online to Central America, South America, and Asia.

Remitly has bank and cash payout partners across the globe, so you can send money to:

Send Money Online With Remitly

How To Send Money With Remitly

To send money to your loved ones abroad, you simply need to sign up to Remitly with your name and email address.

The next step is to enter the U.S. dollar amount that you want to send.

Once you select the USD amount you want to send, the amount received in the local currency will display based on the current exchange rate.

You can choose how fast you want the money to arrive using the Express or Economy selections, which will result in funds arriving instantly or in 3 → 5 business days respectively.

Next, select the delivery location, whether Cash pickup or bank deposit.

The final step is to let Remitly know who you are sending money to as well as the person’s address.

Once you submit the transfer, you can track it every step of the way.

Remitly promises to get your money to your loved ones in the time promised or get your money back.

Remitly India: Here’s how the process would work if you were sending money to India:

The banks Remitly partners with in India include:

Send Money Online With Remitly

How Much Can You Send
With Remitly?

When you first sign up, you will be restricted to sending no more than $2,999 within any 24 hour period and no more than $18,000 over any 180 day period.

Remitly will classify you into one of three tiers depending on how much personal information you provide.

Remitly Pros and Cons

Send Money Online With Remitly

Remitly Review Summary

When it comes to money transfers online, Remitly has stiff competition from the industry standard, Western Union, as well as venture-funded companies like WorldRemit and TransferWise, not to mention Xoom, a Paypal company.

Where Remitly shines is the speed with which it can deliver money to loved ones and friends.

Same-day delivery is possible for a fee but, if sending money abroad is not urgent, you can side-step the extra fee using Remitly Economy, which means funds arrive within 3 → 5 business days.

Remitly also wins points for making it possible to transfer money via mobile phone, whether Android devices or iPhones, and features high transfer limits, especially after you provide requested identification.

On the flipside, Remitly will pass on fee charges to you if you want to send money by credit card. And it will also tack on a spread markup to the mid-market rate, though it locks in the exchange rate from the start of the transfer through to completion.

The bottom line is Remitly is a fast way to transfer cash abroad to Asia, Central America, or South America, and doesn’t cost an arm and a leg to do so.

Send Money Online With Remitly

Bonus: Send Money To Mexico With Remitly

Remitly Mexico: Sending money to family and friends in Mexico is straightforward.

Remitly is registered with the U.S. Department of Treasury and authorized to do business in all 50 states, so you can be confident in sending your money from anywhere in the United States to Mexico.

Over 15,000 locations in Mexico are available including:

Extra, Extra! Send Money to Philippines with Remitly

Remitly Philippines: It is simple to send money abroad to the Philippines too.

Compared to Western Union and Xoom, Remitly rates are highly competitive. During our research, Remitly was slightly more favorable than Xoom and Western Union came last.

Remitly has over 10,000 partners in The Philippines, including:

Remitly Team & Financiers

Remitly is backed by some of the best known venture capitalists, who have invested over $100 million into the company.

The list of top VCs who have invested in Remitly include:

• Stripes Group
• Bezos Expeditions
• DFJ
• Tomorrow Ventures
• Techstars
• Trilogy
• DN Capital
• Founders’ Co-op
• QED Investors

The article Remitly Money Transfers Review 2020 was originally posted on Investormint

Chime Bank has an innovative twist on conventional banking. Unlike most traditional banks that charge you fees disclosed in fine print contracts and penalize mistakes or misfortune, Chime profits with you as opposed to from you.

When you use your Chime Visa card, Chime takes a small cut of the money that Visa charges merchants on each transaction. So, you won’t find the standard penalty fees for overdraft charges, minimum account balance shortfalls, or ongoing monthly fees at Chime.

As a mobile-only bank similar to Moven or Simple, Chime doesn’t have a brick-and-mortar network of bank locations, so you can’t walk into a banking location to deposit cash or chat with a customer representative. However, customer support is available by email, phone, and even via chat in-app.

A nice feature at Chime is each time you make a purchase, your transaction is rounded up to the nearest dollar and the difference is deposited into your savings account so over time you grow a nest-egg without having to think about it.

One drawback you will experience at Chime is low interest rates on savings. Another stumbling block is cash and check deposits. But if you want a mobile banking app on-the-go that won’t nickel and dime you with all sorts of hidden fees, and automates your savings, Chime wins high marks.

Chime Bank Spotlight

What You Get At Chime Bank

Chime Bank sets aside some loose change from each transaction and deposits it into a savings account, deposits cash back into your account, and processes your paycheck up to two days early.

Like any other bank, you can expect to get a checking account – which Chime calls a Spending account – as well as a Savings account. You will also get a Chime Visa card. What you won’t get is a bunch of hidden fees cloaked in fine print.

Where Chime shines is all the hidden benefits that lie behind a value-packed mobile banking offering.

AUTOMATIC SAVINGS

Each time you pay for something, Chime will automatically round up your transaction to the next dollar, and save the difference.

Let’s say you pay on average each day for a few items, such as groceries, gas, coffee, and some other common everyday purchase. If each day you were to round up $0.50 from these four transactions then, by the end of the year, you’d end up squirreling away an extra $730 without hardly noticing it or even lifting a finger.

If you want to boost your savings rate, Chime lets you save as much as 10% of your paycheck automatically. On pay day, your money automatically transfers from you Spending account to your Savings account.

CASH BACK REWARDS

If you ever fumbled about with complicated points and rewards systems, you will love Chime.

Unlike the standard redemption processes that require you to learn what the conversion rate is between points and dollars, Chime automatically deposits cash back into your account on everyday purchases, such as those at retailers as well as at restaurants, on groceries, and even on utilities.

GET YOUR PAYCHECK EARLY

When you fund your account with direct deposit, Chime will deposit your paycheck up to two days ahead of the scheduled date because it processes your employer’s check right away.

How Do I Deposit A Check Or Cash?

You can link your bank account to Chime and transfer funds easily but cash and check deposits are a bit clunky.

Check and cash deposits aren’t Chime’s strongest attribute. While it’s true that you can access over 24,000 ATMs at no extra charge at MoneyPass locations – which can be found in-app – cash and check deposits require a little more fumbling about.

Cash deposits can only be done via Green Dot locations, and may incur a fee while check deposits can be done via third-party app.

Chime will soon provide a photo check deposit feature that simplifies the process to an in-app snapshot but for now, it’s a little clunky.

However, you can easily link your old bank account to Chime and move funds freely to Chime without any hassle.

How Do Money Transfers Work?

Chime Pay Friends is a feature that lets you divide bills easily among friends.

Moving cash between your Spending and Savings accounts at Chime is easy and free.

It’s also free to link another bank account and transfer money to your Chime Spending account.

A nice money transfer bonus feature at Chime is called Pay Friends, which allows you to divvy up everything from a restaurant meal to a bar tab or even a rent expense among friends.

You get to sidestep the regular hassle of counting cash or contributing multiple cards and instead simplify any cost-splitting.

What Is The Savings Rate At Chime?

Chime puts your savings on auto-pilot but don’t expect to get rich from interest payments.

The good and bad of saving at Chime is that while it is easy to save, you won’t earn a ton of interest on your savings.

There are two ways to save at Chime:

1. You save when you spend.
2. You save when you get paid.

If you struggle to save, Chime might well be the solution that you have been looking for because each time you swipe your card your nest-egg grows a little.

The way it works is every time you pay a bill or purchase something with your Chime Visa card, the transaction price is rounded up to the nearest dollar and the difference is moved to your Chime Savings account.

Another easy way to save is when you receive your paycheck. You can transfer 10% of your paycheck into your Chime Savings account automatically so you can reach your financial goals more quickly.

So that’s the good. The bad is the annual interest rate at Chime is just 0.01% so you’re not going to get rich from interest earned unless a big Fed rate hike takes place.

What Are The Fees At Chime?

Chime will transfer cash from savings accounts to cover shortfalls in Spending accounts. Any out-of-network ATMs will incur fee charges of $2.50 per withdrawal.

Fee transparency is a highlight of Chime’s mobile banking app and, as you might expect, you won’t be hit with surprise fees the same way you might if your money was parked at a traditional big bank.

Monthly, overdraft, and minimum account balance fees are non-existent.

NEGATIVE ACCOUNT BALANCES

There is a catch of sorts to the “no overdraft fees” headline. Chime does not permit overdrafts whatsoever, so your transaction will almost certainly be declined.

You may at times run your account into the red inadvertently because an initial transaction is run which keeps your account in the black but when a tip is added at a restaurant during a final settlement your account may go into the red if the original balance was low.

If your Spending account runs into the red and stays there for 15 days, Chime will automatically transfer funds from your Savings account to cover the deficit.

If your Spending account stays in the red for a full quarter, Chime will notify you that your account will be closed.

ATM FEES

You will pay a fee of $2.50 if you use an out-of-network ATM but Chime makes it easy to find in-app any of the 24,000 ATMs that won’t cost you a penny.

Chime Pros and Cons

Chime Bank Summary

Chime is a mobile-bank that keeps fees to a minimum, makes saving easy, and rewards you with instant cash back rewards.

If you struggle to save, Chime Bank helps you to grow your nest-egg. Each time you swipe your Chime Visa card, your transaction is rounded up to the nearest price and the difference is deposited into your Chime savings account.

Another bonus at Chime is you can get paid early because Chime processes paychecks immediately, and you can deposit 10% of your earnings automatically into your savings account.

Plus, you get cash back rewards so you don’t have to worry about complicated points or redemption systems.

A blot on the copybook at Chime is you won’t get rich from the interest earned on savings, and depositing cash and checks is a little clunky.

Still, when you combine no monthly, overdraft, or minimum balance fees with early paycheck deposits, auto-saving, and cash back rewards, the pros far outweigh the cons at Chime.

Open a Chime Account

The article Chime Review 2020 – Online Bank Minus Fees was originally posted on Investormint

Chase and Wells Fargo have over 11,000 branch offices combined, provide checking and savings accounts, certificates of deposit, extensive ATM networks, and intuitive websites coupled with easy-to-use banking apps. So how do you choose between Chase vs Wells Fargo?

Regardless of whether checking or savings accounts, fees, # of ATMs, or # of branches are important to you, a clear winner exists in almost every category.

Whichever bank you choose, you will find nationwide coverage and around-the-clock customer support. So which bank is best: Chase or Wells Fargo?

Which Is The Best Bank To Use?

For years, Wells Fargo had a stellar brand name. It was known to be a conservative bank that assessed risk carefully and navigated the 2008-9 stock market crash better than many of its rivals.

It has long been a favorite of Warren Buffett’s Berkshire Hathaway because of its strong balance sheet and conservative lending approach.

But Wells Fargo has seen its fair share of turmoil in recent years. For example, it was hit with lawsuits following its admission of dubious practices to goose financial reports.

On the other hand, Chase has grown from strength to strength and earns high marks for products like the Chase Sapphire Reserve℠ credit card, which is among the very best credit cards offered by any bank.

If you look only at recent history, Chase seems like the better choice but when we compare Wells Fargo vs Chase side-by-side, it’s no slam dunk.

In fact, Wells Fargo may be a better choice for many customers.

Here’s why…

Where Wells Fargo Bank Shines

Compared to Chase, Wells Fargo has many more nationwide branches. Over 6,000 feature in its network compared to 5,100 at Chase.

But unless you are a frequent traveler, other factors are probably more important to you.

From checking accounts to certificates of deposit, here are the categories where Wells Fargo comes out on top when compared to Chase.

Checking Account Fees

For fee sensitive customers, Wells Fargo has a slight edge over Chase in bank checking accounts.

It may only be an extra few bucks a month, but over time that can add up to some decent savings in your pocket versus the bank’s!

CD Savings Rates

If savings rates are a priority for you, Wells Fargo has the edge with its certificates of deposit.

The APY on 1-year, 3-year, and 5-year CDs are all more favorable than the equivalent rates offered by Chase.

You will need to tie up your money longer at Wells Fargo but you are more than compensated for so doing.

For example, on a “3-year” Wells Fargo CD, you will actually need to lock up your money for 3 years and 3 months but the reward for so doing is a much higher annual percentage yield (APY) compared to Chase.

Overdraft Fees

When it comes to extended overdraft fees, Wells Fargo won’t hit you with any penalty whereas Chase charges $12.50 per transfer.

Get Started at Wells Fargo

Where Chase Bank Shines

Where Chase shines when compared to Wells Fargo is it provides customers lower fees on overdrafts, lower minimum deposit thresholds on Certificates of Deposit, and sign up bonuses for checking and savings accounts.

Chase also has a slightly larger network of ATMs nationwide and a superior banking app.

Get Started at Chase

Chase vs Wells Fargo:
Where They Are Equal

Wells Fargo and Chase are virtually identical when it comes to minimum checking account deposit levels, out-of-network and international ATM fees, savings account interest rates, and customer support access.

How To Waive Checking Account Fees

Although both Chase and Wells Fargo impose checking account fees, it is possible to waive them.

How To Waive Chase Checking Account Fees

At Chase, the best ways to waive fees are to keep your checking account balance above $1,500 or to keep your overall balance above $5,000 in multiple accounts.

If you receive $500 or more monthly in direct deposits, that also qualifies you for free checking account privileges.

Get Started at Chase

How To Waive Wells Fargo Checking Account Fees

At Wells Fargo, the best ways to waive fees are to keep a daily balance of $1,500 or more, receive monthly direct deposits of $500 or more, or use your debit card monthly at least ten times.

College kids may also waive fees by linking to an ATM or debit card.

Get Started at Wells Fargo

How To Waive Savings Account Fees

Similarly, you can waive Savings Account fees at both Chase and Wells Fargo.

How To Waive Chase Savings Account Fees

As long as you have a daily balance above $300, you can waive savings account fees.

Other ways to enjoy a free Chase savings account is to link to a premium Chase checking account, transfer at least $25 monthly, or be under the age of 18.

Get Started at Chase

How To Waive Wells Fargo Savings Account Fees

Similarly, Wells Fargo waives savings account fees when daily balances of $300 are held.

Fees are also waived for individuals under the age of 18 and for account holders who make monthly automatic transfers.

Get Started at Wells Fargo

Compare Chase vs Wells Fargo:
The Bottom Line

Chase and Wells Fargo both have nationwide branch offices, extensive ATM networks, and around-the-clock customer support.

When it comes to minimum deposits on checking and savings accounts, and out-of-network and international ATM fees, you can’t separate them either.

Where they diverge is on the interest you can earn on certificates of deposit where Wells Fargo offers significantly more attractive yield.

It also charges lower monthly checking account fees and won’t penalize you with extended overdraft fees.

However, checking and savings account fees can easily be waived at both banks by meeting some reasonable daily balance or transfer requirements.

Where Chase has the edge over Wells Fargo is in three areas. It has one of the best credit cards on the market for individuals with excellent credit (Chase Sapphire Reserve), lower minimum account balance requirements on CDs, and offers attractive sign-up bonuses for new customers.

Plus, Chase won’t hit you with an overdraft protection fee as Wells Fargo does.

Get Started at Wells Fargo   Get Started at Chase

Have you compared Chase Vs Wells Fargo and found other differences? Tell us more, we would love to hear from you.

>> Check Out Chime: 100% Online Bank

>> How Much Interest Can You Earn On CDs?

>> Need To Send Money Abroad Fast? Try Remitly

The article Chase vs Wells Fargo Review 2020 was originally posted on Investormint

Chase and Bank of America have almost 10,000 branch offices combined, offer checking and savings accounts, certificates of deposit, over 30,000 ATMs collectively, and easy-to-use mobile banking apps.

So how do you choose between Bank of America vs Chase?

We examine minimum balance requirements on checking and savings accounts, interest rates paid on deposits, and fees applied to help you decide which bank is best.

Regardless of which bank you select, you will enjoy nationwide coverage and customer support.

So which bank is best: Chase or Bank of America?

Which Is The Best Bank To Use?

During the 2008-9 stock market crash, Bank of America bought Merrill Lynch and added another string to its list of bows: a private client business designed to provide financial advice to customers.

Alongside competitive interest rates on savings accounts and certificates of deposit, Bank of America goes a step further than many main street banks and credit unions by helping you to invest for retirement too.

The company has become so well run that even Warren Buffett’s Berkshire Hathaway holds a sizable position.

But Bank of America has some stiff competition from Chase, which has over 5,000 branch offices, about 10% more than Bank of America, and an equivalent number of ATMs nationwide.

Chase also wins high marks for creating one of the best credit cards, the Chase Sapphire Reserve℠ credit card, which is designed for individuals with excellent credit.

And Chase has lower account minimums than Bank of America in many categories.

When we compare Bank of America vs Chase side-by-side, a clear winner is not obvious at first glance. However, as we look under the hood and scrutinize both companies, a winner appears in each category.

Let’s see which bank takes the prizes in each section…

Where Bank of America Bank Shines

Compared to Chase, Bank of America has fewer nationwide branches. Around 4,600 are in its network versus 5,100 under the Chase umbrella.

With ever growing banking features available online, branch support may be a lower priority consideration than it used to be some years ago.

After all, you can deposit checks via your mobile app these days in as fast as a few seconds, thereby saving a time-consuming trip to the local bank branch.

From checking accounts to certificates of deposit, here are the categories where Bank of America comes out on top when compared to Chase.

Savings Rates

Albeit marginal, Bank of America offers a higher savings rate compared to Chase.

The difference is so low that it is virtually meaningless, but nevertheless a win is a win!

CD Savings Rates

Where Bank of America savings rates are a good deal more competitive is in the area of certificates of deposit.

The annual yield you can earn on 1-year, 3-year, and 5-year certificates of deposit are all more favorable than the equivalent rates at Chase.

And to enjoy the more favorable rates you don’t need to deposit more. Both banks require minimum deposit commitments of $1,000.

Get Started at Bank of America

Where Chase Bank Shines

Chase competes with Bank of America when it comes to sign-up bonuses for both checking and savings accounts.

The minimum deposit levels on savings accounts are significantly lower at Chase too.

Chase also has slightly lower overdraft fees and charges no penalty overdraft protection fees, unlike Bank of America.

Chase has a slightly larger network of ATMs nationwide and a slightly better mobile banking app.

Get Started at Chase

Chase vs Bank of America:
Where They Are Equal

While Bank of America wins largely on the interest rates you can earn on savings accounts and certificates of deposit, and Chase requires lower minimum account balances and imposes lower fees overall, the two banks are very similar in a range of other categories:

How To Waive
Checking Account Fees

Chase and Bank of America charge checking and savings account fees, but it is possible to waive both of them.

How To Waive Chase Checking Account Fees

The best ways to waive checking account fees at Chase are to maintain a balance daily above $1,500 or an average balance across accounts of $5,000.

When you receive direct deposits of $500 or more monthly, you are eligible for free checking account services too.

Get Started at Chase

How To Waive Bank of America Checking Account Fees

Similarly, Bank of America waives checking account fees when you maintain a minimum daily balance of $1,500 or receive direct deposits monthly of $250 or more.

If you are under the age of 24 or become a Preferred Rewards customer at Bank of America, you are also eligible for no-fee checking.

Get Started at Bank of America

How To Waive
Savings Account Fees

Monthly fees on savings accounts fees can be waived too at both Chase and Bank of America as follows:

How To Waive Chase Savings Account Fees

Keep a minimum daily balance of at least $300 or transfer at least $25 monthly from your savings account.

You may be eligible for a free savings account if you are under the age of 18 or if you hold a Private Client℠ checking account.

Get Started at Chase

How To Waive Bank of America Savings Account Fees

The minimum daily balance at Bank of America to waive savings account fees is steeper at $500.

You can also link your checking account, though no transfer needs to take place as at Chase.

Lastly, if you become a Bank of America Preferred Rewards client you will enjoy a free savings account.

Get Started at Bank of America

Compare Chase vs Bank of America:
The Bottom Line

Chase and Bank of America have an almost equal number of branch offices nationwide and a similar number of ATMs across the country.

Both offer around-the-clock customer support all day every day, and each has intuitive mobile apps for banking on-the-go.

Where they diverge is on interest rates, minimum account level requirements, and fees. Bank of America does a better job serving customers in search of higher savings rates.

If you are comfortable locking up your money in a certificate of deposit for anywhere from 1 → 5 years, then Bank of America is best.

On the other hand, Chase tends to offer better sign-up bonuses for checking and savings accounts, and won’t sting you as much on penalty charges if you happen to make a financial mis-step.

You can’t go too far wrong with either bank, but if we had to pick one over the other, Chase wins in more categories and gets the overall nod.

Get Started at Bank of America Get Started at Chase

In our Chase Vs Bank of America comparison, did you spot anything else worth mentioning? Tell us if other factors stand out to you, we would love to hear from you.

>> Chase Vs Wells Fargo: Which Is The Better Bank?

>> How Much Interest Can You Earn On CDs?

>> Check Out Chime: 100% Online Bank

The article Chase vs Bank of America Review 2020 was originally posted on Investormint

State Employees’ Credit Union (NCSECU) is based in Raleigh, North Carolina and is the second largest credit union in the United States with over 2.1 million members and approximately $37 billion in assets.

It’s come a long way from its humble roots back in 1937 when employees of the State of North Carolina cobbled together $437 to incorporate the State Employees Credit Union, SECU.

These days, the credit union is primarily for employees in the state of North Carolina as well as family members or current SECU members. And with 256 branch locations and over 1,000 ATMs, it is easily accessible.

Whether you are looking for loan products, debit or credit cards, insurance and investments, or estates and trusts, State Employees’ Credit Union has much to offer.

State Employees Credit Union Spotlight

STATE EMPLOYEES CREDIT UNION SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4.5 out of 5 stars	Interest earned on checking accounts Home, auto & personal loans Credit and debit cards Get Started via NCSECU secure site

State Employees Credit Union ATMs

If you are already a State Employees Credit Union member looking to find the nearest ATM or branch, visit this branch & atm locator which will direct you to the closest ones in your area.

All you need to do is enter an address and it will automatically connect you to the closest branches and ATMs.

Find A State Employees Credit Union Branch or ATM

State Employees Credit Union
Loan Products

State Employees Credit Union provides auto loans, mortgages, and personal loans.

If you are considering joining NCSECU or you are a member looking to borrow money, you will find a vast selection of loan products and services.

AUTO LOANS

The Credit Union offers fixed rate financing for new vehicles for terms of up to 8 years and up to 100% of the Manufacturer’s Suggested Retail Price, or MSRP, in addition to an extra 25% to cover taxes, warranties, and other expenses.

The rates for 3 year terms when borrowing to purchase a new car are as low as 2.75% using Payroll Deduction or Funds Transfer Pay and up to 5.75% for 73-96 month term Direct Pay loans.

Used vehicle loans are available too for terms of up to 6 years.

You can borrow up to 125% of the value of the vehicle based on the NADA retail value and the vehicle is held as collateral until the full loan is repaid.

The rates for used car loans start at 5.25% APR using Payroll Deduction or Funds Transfer Pay and cap out at 5.75% for Direct Pay.

CAR VALUATIONS

A helpful feature offered by NCSECU is an impartial car valuation service.

Whether you are looking for a new or used car, NCSECU can help you offset the uncertainty of buying at a fair price.

You can easily search for a vehicle make/model, select interior/exterior features, browse vehicle summaries, technical specifications, incentives, and warranties, and compare invoice prices with MSRP values.

Apply For A State Employees Credit Union Auto Loan

HOME LOANS

State Employees Credit Union provides fixed rate mortgages, adjustable rate mortgages, and home equity lines of credit.

NCSECU Adjustable Rate Mortgages

The maximum term for a standard 5-year adjustable rate mortgage is 30 years, meaning the interest rate can only be changed every five year period.

The more money you deposit initially and the lower the loan-to-value ratio, the lower your interest rate will likely be.

An origination fee of 0.75% is charged with a cap limit of $1,500 but you won’t be charged credit report fees or application fees.

And private mortgage insurance is not required.

As much as 110% financing is available for “no cash out” single family primary residences or “no cash out” refinances.

But if you want to take out a loan to purchase a rental property, you will be limited to 80% financing.

NCSECU Fixed Rate Mortgages

You can apply for a fixed rate mortgage for a primary residence, second home, or rental property provided you are a credit union member and reside or own property in North Carolina.

The interest rate you will be charged depends on the type of mortgage, number of dwelling units, occupancy status, and purpose of the loan.

Regardless of which fixed rate mortgage you may select, you will not be required to take out private mortgage insurance.

Fixed rate terms can be as short as 10 years and as long as 15 years with monthly and bi-weekly payment options.

The origination fees charged are 0.75% of the loan amount with a limit of $1,500, but no application or credit report fees apply.

Apply For A State Employees Credit Union Home Loan

NCSECU Home Equity Lines Of Credit

Home equity lines of credit are available for primary residences, second homes and rental properties in North Carolina, South Carolina, Georgia, and Virginia.

It is a secured open-end variable rate loan that allows you to borrow against your home equity.

You can receive advances repeatedly over a 15-year draw period up to the maximum loan amount.

And you can borrow up to 90% of the value of your home without being charged any origination fees or discount points however processing fees up to $1,600 may be applied.

To give you an idea of how much you would pay monthly for a home equity line of credit on a home valued at $150,000 where you borrow a full 90%, here’s a quick home equity line of credit calculation.

Here is an example of the payment schedule:

Apply For A State Employees Credit Union Home Equity Line Of Credit

State Employees Credit Union
Accounts & Cards

NCSECU offers a wide variety of accounts, including checking, savings, Coverdell and 529 plans.

SECU Checking Accounts

SECU checking accounts offer 0.25% interest, which may not seem like much but it’s a quarter point more than most banking institutions offer on checking account balances.

Dividend payments compound daily and are paid monthly but you will be hit with a maintenance fee of $1 each month. Nevertheless, the silver lining is the fee is automatically donated to the SECU Foundation unless you specify otherwise.

You also receive overdraft protection for two days per year, online BillPay service, 50 free checks per statement period, and debit cards for purchases and ATM transactions.

No minimum balance is imposed.

Fill Out An Application For A State Employees Credit Union Home Checking Account

SECU Share Account

To become a member of the State Employees Credit Union, you need to open a Share account.

A minimum $25 is required to open a Share account and a $25 balance must be maintained.

Balances earn 0.75% annually and no service charge is applied to the account.

The major restrictions on Share accounts are no check-writing privileges and no Automatic Clearing House (ACH) debits.

Apply For A State Employees Credit Union Home Share Account

Coverdell Education Savings Accounts

Coverdell accounts are designed to help save for elementary, secondary and higher education expenses.

The current interest rate is 1.51% APY with a $25 minimum opening deposit.

You don’t have to be a parent to open an account for a beneficiary. Grandparents and other individuals can set up Coverdell accounts too.

The way it works is that after-tax dollars are contributed and then earnings grow tax-free.

Apply For A NCSECU Coverdell Account

NC 529 Plan

An NC 529 Plan is designed to help save for college costs and requires a minimum contribution of $25 and a maximum balance of $450,000.

The NC 529 Plan has 14 investment options, including the SECU Federally-insured Deposit Account.

Get Started With A NC 529 Plan

State Employees Credit Union
Insurance & Investments

Health insurance, auto insurance, life insurance, annuities and medicare supplement plans and investment accounts are available at NCSECU.

NCSECU ANNUITIES

When you decide to retire, a fixed-income annuity can offer a predictable income stream but be wary of the fees you may pay upfront.

NCSECU annuities require a minimum $5,000 deposit but are only available up to age 80.

You will receive a 5 year interest rate guarantee and a 5 year surrender period.

The surrender charges are:

Plus, an annual 10% penalty-free withdrawal provision applies.

The NCSECU is only available to North Carolina residents.

NCSECU INSURANCE

Whether you are looking for health insurance, car insurance, or life insurance, you can find lots of options with SECU.

SECU represents Blue Cross and Blue Shield of North Carolina® as an authorized agency.

Insurance is also available for:

• Cars
• Homes
• Mobile homes
• Modular homes
• Renters
• Investment rentals
• Flood
• Wind & hail
• Boats & watercrafts
• Motorcycles
• Recreational vehicles
• All terrain vehicles
• Travel trailer/camper
• Umbrella liability policy
• Wedding

When it comes to life insurance, you can get Whole Life insurance from $10,000 to $100,000.

Term Life Insurance coverage from $25,000 to $250,000 is also available for simplified products. Term lengths from 10 to 30 years are available.

NCSECU INVESTMENT ACCOUNTS

State Employees Credit Union can help you get started with a diversified stock and bond portfolio to build savings over the long term.

Whether you have an IRA, Roth IRA or SEP IRA, Credit Union Investment Services charges an annual fee of 0.25%.

Investment accounts are designed for investors who have a time horizon of at least 5 years and have at least $250 available to invest towards financial goals.

Who Is Eligible To Become
A Member Of NCSECU?

Membership is primarily limited to state and eligible federal government employees.

The State Employees Credit Union is owned by its members. But membership is restricted to those who meet the following eligibility requirements:

• Employees of the state of North Carolina
• Federal employees working in conjunction with state of North Carolina departments
• Employees on public boards of education
• North Carolina national guard members
• Immediate family of a current member
• Individuals sharing a single economic unit with a current member

A full list of eligibility requirements can be found here.

State Employees Credit Union
Pros and Cons

State Employees Credit Union Summary

State Employees Credit Union is the second largest credit union in the United States and features extensively all across North Carolina with over 250 branch locations and 1,000 ATMs.

No matter what your banking needs, the chances are NCSECU has you covered. The credit union offers home, auto, and personal loans, insurance for your home, health, auto and life, as well as investment products, such as annuities.

A standout feature is that each member earns interest on checking account balances, but a $1 monthly charge applies to each checking account balance too.

You can even get help with estate planning, probates, wills, guardianships and powers of attorney.

Perhaps the biggest drawback is that the NCSECU is primarily available to employees of the state of North Carolina and eligible federal employees.

Get Started With State Employees Credit Union

The article State Employees Credit Union (NCSECU) Review 2020 was originally posted on Investormint

Delta Community Credit Union is headquartered in Atlanta, Georgia but operates in Kentucky, Texas, and Utah also.

With over 365,000 members, 1,000+ employees and $5.5 billion in assets, the credit union is listed in the top 25 nationally.

It is also a member of CO-OP, a nationwide co-operative that permits its members to bank at over 3,500 credit unions and over 5,000 branches across the United States.

As you might expect from a leading financial services company, Delta Community Credit Union offers a comprehensive range of financial offerings, including checking accounts, savings accounts, certificates of deposit, credit cards, loans, insurance, retirement planning and even mobile banking.

It has earned a reputation for providing a simple experience where your checking account won’t be nickel-and-dimed with fees and interest rates on savings are competitive.

Delta Community Credit Union Spotlight

DELTA COMMUNITY CREDIT UNION SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4.5 out of 5 stars	No monthly fees No overdraft fees No minimum balance fees Get Started via Delta Community Credit Union secure site

Is Delta Community Credit Union
Right For You?

Delta Community Credit Union has grown to become Georgia’s largest credit union by delivering a wide range of services with minimal fees.

Delta Community Credit Union is designed for fee-conscious members who don’t want to be nickeled and dimed.

Whether you are looking for a personal checking account, Visa® Debit Cards, mobile and online banking, or automatic overdraft protection on your savings, Delta Community Credit Union provides them all free of charge.

The credit union was started as a non-profit by eight former Delta Airlines employees in 1940 with just $45. The same guiding principle of delivering value without penny-pinching members has continued to this day.

You won’t be surprised with minimum balance requirements, hidden fees, or other money-making gimmicks. But you will be charged a steep penalty fee for foreign returned deposits, balancing checking statements and non-sufficient funds.

The range of financial services offered is comprehensive, including:

• Checking account
• Savings account
• Credit card
• Money market account
• Certificate of deposit
• New car loan
• Used car loan
• Home loan
• Insurance
• Mobile banking
• Online banking
• Retirement planning

Get Started With Delta Community Credit Union

Delta Community Credit Union Fees

Delta Community Credit Union charges no monthly personal checking account fees, overdraft transfers fees from a savings account, or per check charges but you will pay for check printing, courtesy pay, and stop payments.

When you open a personal checking account, the list of fees charged are as follows:

Get Started With Delta Community Credit Union

Delta Community Credit Union Mortgage

Delta Community Credit Union mortgages span a wide gamut of products for first time home buyers to those looking to buy plots of land.

Whether you are a new home buyer or looking for a second mortgage, Delta Community Credit Union offers a wide variety of home financing products.

Delta Community Credit Union
Credit Card

Delta Community Credit Union credit cards are attractive for balance transfers and offer credit lines from $500 to $50,000.

Delta Community Credit Union credit cards come with no annual fee, credit lines up to $50,000, and a 1.5% cash rebate when you transfer high rate loan balances to your Delta Community Visa Platinum Rewards card. Plus, you won’t get stung with a balance transfer fee.

The free rewards points program comes with a standard reward offer: spend $1 to earn 1 point on eligible purchases as well as a bonus rewards program whereby you can earn 2x and 3x rewards quarterly in select categories.

You can redeem your points for cash back, gift cards, travel and merchandise. No blackout dates exist, so you don’t have to worry about point redemptions at popular times of the year.

The credit card program is verified by Visa and comes with fraud protection and smart-chip technology for security.

Get Started With Delta Community Credit Union

Delta Community Credit Union
Car Loan

Delta Community Credit Union new and used car loans range from 1.88% to 14.73%.

The standard car loan rates are listed below but you can enjoy an extra 0.25% off financing when you purchase through Carvana.

NEW CAR LOANS

USED CAR LOANS

Get Started With Delta Community Credit Union

Delta Community Credit Union App

Delta Community Credit Union mobile app allows you to pay bills, credit cards, loans, and check account balances.

The Delta Community Credit Union app is available to both iPhone and Android users.

You can view balances on your phone for checking accounts, savings accounts, credit cards, money market accounts, and loan balances.

It is also possible to make secure mobile deposits and transfer funds to and from your credit union accounts.

You can make bill payments, and pay your Delta Community Visa credit card, personal loan, car loan, and even home loan liabilities through the app.

If you are looking for Delta Community Credit Union bank locations to find an ATM that won’t hit you with a surcharge fee, visit this branch locator link.

Delta Community Credit Union CDs

Delta Community Credit Union certificates of deposit range from 0.55% to 1.65% APY.

Delta Community Credit Union CD rates have term lengths that range from 6 months to 5 years.

Get Started With Delta Community Credit Union

Delta Community Credit Union
Pros and Cons

Delta Community Credit Union Summary

Delta Community Credit Union makes available to residents of Georgia, Texas, Utah and Kentucky a wide range of financial services, including home loans, auto loans, credit cards, insurance, checking, and savings accounts.

As the leading credit union in Georgia, fees are low and rates are competitive, though not stellar.

You can access checking and savings accounts online or via mobile phone, whether iPhone or Android, pay bills, and pay off personal, auto or home loans.

Members have access to over 5,000 branches across the country through the CO-OP program of which Delta is a member and can speak with customer support 24 hours a day, seven days a week.

The bottom line is you are looking for a banking institution that won’t nickel and dime you, and has a long history of serving its members well, and which is ranked among the top 25 credit unions nationally, you could travel a long way before doing better than Delta Community Credit Union.

Get Started With Delta Community Credit Union

The article Delta Community Credit Union Review 2020 was originally posted on Investormint

Comparing Ally Bank vs Capital One 360 is no David and Goliath battle. These banks stand toe-to-toe on many key factors from fees to account minimums.

While traditional banks often charge hefty fees in order to support the costs of brick-and-mortar branches, the convenience of walk-in locations comes at the price of lower interest savings rates usually.

Ally and Capital One 360 are among the crop of innovative online banks who cater to customers satisfied primarily with an online experience only.

By saving on some of the costs that burden big-name banks, these newer breed of banks can offer higher returns on bank balances parked in savings accounts

But savings rates alone aren’t all you need to know when comparing Ally vs Capital One, so let’s dive in to see what else you need to consider.

Which Bank Is Better:
Ally or Capital One?

Ally is famous for its generous savings rates. So, if a high annual percentage yield, or APY, is your biggest concern, you’ll do better there than at Capital One 360.

Fees

When it comes to fees, Ally shines too. You won’t be stung with monthly fees on checking accounts or savings accounts.

And Ally goes so far as to reimburse fees (up to a limit) on out-of-network ATMs.

Similarly, Capital One 360 charges no fees for maintaining a checking or savings account.

How Much Can You Earn On Savings?

Capital One 360 doesn’t offer generous interest rates on savings accounts when compared to Ally but it does come out ahead with higher CD interest rates.

So, if you are willing to tie up your money for an extended period, Capital One 360 will be the better bet.

Customer Support

Capital One 360 mixes in some benefits of old-school banks too.

It is not a 100% online bank because you can walk into a branch and speak with real people if you wish. If the heightened level of customer service is of value to you then Capital One will better meet your needs.

Get Started at Capital One 360 Get Started at Ally

Capital One 360
Checking, Savings, CD Rates

While Capital One 360 pays only a nominal amount on balances under $50,000 held in checking accounts, rates rise as high as 1.00% on balances of $100,000 or more.

Where Capital One 360 really shines is the rates it pays on longer term certificates of deposit.

The 1 and 3-year CD rates offered by Capital One 360 line up closely with the rates paid by Ally but the 5-year rate is the more compelling choice by a margin.

Get Started at Capital One 360 Get Started at Ally

Ally Bank
Checking, Savings, CD Rates

Ally doesn’t win too many points for its checking account rate but its savings rate is eye-opening.

And if you’re willing to lock up your money for a longer time frame, you will be spoiled for choice because Ally has a range of CDs, including 3-month, 6-month, 9-month, 12-month and 18-month selections as well as the more conventional 3-year and 5-year CDs.

Compared to Capital One 360, Ally doesn’t pay out as much on CDs but its generous savings rate will appeal to savers who want quick access to their money.

Get Started at Capital One 360 Get Started at Ally

How Ally vs Capital One 360
Compare: ATMs, Branches, Support

A major difference between Ally Bank and Capital One 360 is the branch network offered by each.

Or more specifically, the lack of physical branches in the case of Ally – it is 100% online. Capital One 360, on the other hand, features around 650 branches nationwide.

Both Ally and Capital One provide access to tens of thousands of ATMs at no charge. In the case of Capital One, no out-of-network fees apply while Ally commits to reimbursing up to $10 per month for out-of-network domestic ATM fees.

And as you might expect from two leading banks, customer support is available around the clock every day of the week.

Get Started at Capital One 360 Get Started at Ally

Ally Fees vs Capital One 360 Fees

Both Ally and Capital One 360 have customer-friendly fee policies but Capital One enjoys the slight edge.

Neither bank charges ongoing fees for holding checking or savings accounts.

And neither bank hits with you overdraft protection fees or extended overdraft fees. But Capital One has the more generous policy when it comes to overdrafts.

You have 1 full business day to get your bank balance back up above the breakeven point with Capital One or you will be charged.

At Ally, you don’t receive the same grace period but equally you don’t pay as much if an overdraft does occur.

Get Started at Capital One 360 Get Started at Ally

Ally vs Capital One
Account Minimums

Neither Ally nor Capital One imposes account minimums on checking accounts or certificates of deposit.

To open a checking account, savings account, or certificate of deposit you are not required to deposit a fixed amount either.

Keep in mind that while no minimum account requirements are in place, you will generally earn more interest on savings by depositing more.

Compare Ally vs Capital One 360: The Bottom Line

Whichever bank you choose, Ally or Capital One 360, you can’t go too far wrong.

Neither bank will sting you with ongoing monthly checking account nor savings account fees.

And account opening and deposit minimums are negligible across the board.

However, if are willing to tie up your money for a longer term period then Capital One 360 will be the better choice for you because of its higher CD APY rates.

Ally will likely satisfy you more if you plan to store your money in a savings account short-term.

For customers who want in-branch support, Capital One 360 has a network of brick-and-mortar locations whereas Ally is 100% online.

However, both banks provide around-the-clock customer support for any issues that may crop up.

Get Started at Capital One 360 Get Started at Ally

In our Ally vs Capital One 360 comparison, did you spot anything else worth mentioning? Tell us if other factors that stand out to you, we would love to hear from you.

>> Ally vs Wells Fargo: Which Is The Better Bank?

>> Check Out Chime: 100% Online Bank

>> How Much Interest Can You Earn On CDs?

The article Ally Bank vs Capital One 360 Review Comparison was originally posted on Investormint

When you compare Chase to other big-name banks like Bank of America and Wells Fargo, you quickly discover that Chase wins out when it comes to fees, minimum deposit requirements, and sign-up incentives.

But other banks often beat Chase to the punch on interest rates on savings and certificates of deposit. The question is when we compare Chase Vs Citibank, does the same pattern emerge?

Whether you are looking for a checking account, savings account, or certificates of deposit, we will highlight the winner between the two big banks in each category.

Which Is The Best Bank To Use?

If you are a frequent traveler, Citibank is probably a well-known name to you. Across the world, Citibank has an almost endless number of branches. In fact, we counted 2,649 branches in 19 countries, including 723 branches in the United States.

Frequent travelers who like the idea of walking into a trusted financial institution when abroad should probably choose Citibank, which is hard to beat for its global presence.

While Citibank has thousands of branches overseas, United States residents may be better served at Chase, which has over 5,000 locations.

Convenience aside, the big question is how do Citibank and Chase stack up on fees, costs, interest rates, and minimum deposit requirements.

Let’s see which bank comes out on top…

Where Citibank Bank Shines

Checking Account & Savings Account

If you don’t need much more than a checking or savings account and tend to keep low balances, Citibank may be the best choice because it imposes no minimum deposit restrictions on either account.

It also pays a slightly higher interest rate on savings account deposits. And savings account holders are not penalized with monthly charges as they are at Chase.

Certificates of Deposit

Savings rates on certificates of deposit are also more favorable at Citibank.

This patterns is familiar when comparing Chase to other brand-name banks. Chase tends to come in second place on interest rates paid on savings.

Whether you are choosing a 2-year, 3-year, or 5-year certificate of deposit, Citibank pays higher interest rates.

Convenience

Citibank also has a substantially larger network of fee-free ATMs compared to Chase. In fact, it has almost 4x more ATMs in its network.

Overdraft Fees

Lastly, Citibank won’t sting you with fees on extended overdrafts but Chase will hit you with a double-digit charge.

Get Started at Citibank

Where Chase Bank Shines

If you want to pocket a bonus when signing up for a new account, Chase is the better choice.

It frequently runs promotions that pay as much as $150 for opening new checking and savings accounts.

And you don’t need to deposit as much to get started with a savings account, just $25 versus $100 at Citibank.

Within the United States, Chase has a much larger branch network. While overseas travelers will do better with Citibank, domestic users may find Chase more convenient.

Get Started at Chase

Chase vs Citibank:
Where They Are Equal

On some factors, Chase and Citibank stand toe-to-toe.

Monthly checking account fees, out-of-network ATM fee charges, and overdraft charges are all identical.

Plus, both banks provide intuitive mobile apps for both iOS and Android device that make it easy to bank on-the-go.

How To Waive
Checking Account Fees

Although both Chase and Citibank impose checking account fees, it is possible to waive them.

How To Waive Chase Checking Account Fees

At Chase, the best ways to waive fees are:

• Keep your checking account balance above $1,500
• Maintain an overall balance above $5,000 across multiple accounts
• Take $500+ in direct deposits monthly

Get Started at Chase

How To Waive Citibank Checking Account Fees

At Citibank, the best ways to waive fees are to:

• Have qualifying bill payments
• Maintain a monthly balance of $1,500+ across checking and savings accounts

Seniors over the age of 62 also qualify for free checking.

Get Started at Citibank

How To Waive
Savings Account Fees

Similarly, you can waive Savings Account fees at both Chase and Citibank.

How To Waive Chase Savings Account Fees

As long as you have a daily balance above $300, you can waive savings account fees.

Other ways to enjoy a free Chase savings account is to link to a premium Chase checking account, transfer at least $25 monthly, or be under the age of 18.

Get Started at Chase

How To Waive Citibank Savings Account Fees

Similarly, Citibank waives savings account fees when a daily balance of $500 is held.

Fees are also waived for individuals under the age of 18 and for account holders who make monthly automatic transfers.

Get Started at Citibank

Compare Chase vs Citibank:
The Bottom Line

Chase and Citibank both feature extensive ATM networks, nationwide branches and 24/7 customer care.

It’s impossible to separate them when it comes to checking account fees, out-of-network ATM fees, overdraft fees, and early withdrawal penalties.

Where they differ is on the interest you can earn on savings accounts and certificates of deposit – Citibank offers substantially higher interest rates.

Citibank also has lower minimum deposit levels on checking accounts and a much greater network of no-fee ATMs nationwide.

Where Chase shines compared to Citibank is in three areas: lower minimum deposit threshold on savings accounts, no overdraft protection fee, and many more branches within the United States.

And it doesn’t hurt that Chase provides attractive sign-up bonuses too!

Get Started at Chase Get Started at Citibank

Have you compared Chase vs Citibank? Tell us what you think, we would love to hear from you.

>> Check Out Chime: 100% Online Bank

>> Chase Vs Wells Fargo: Which Is Better?

>> Need To Send Money Abroad Fast? Try Remitly

The article Chase vs Citibank Review: Which Bank Is Better? was originally posted on Investormint

RIA Money Transfer is the third largest money transfer service in the world. It operates over 350,000 cash pick up locations worldwide, and even features a door-to-door courier service in some countries.

You can choose to send money via bank account, credit card, debit card, or cash transfer. Credit and debit card transactions are the fastest but can be the costliest while bank account transfers take up to 4 days yet are more affordable.

You can send as much as $2,999 online on any given day and $7,999 over a 30 day period via RIA Money Transfer. By visiting a local agent in person, you may be able to send more than the lower limit.

RIA Money Transfer Bank Spotlight

RIA MONEY TRANSFER SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 3.5 out of 5 stars	Pay by Credit Card, Debit Card or Bank Transfer Send up to $7,999 Over 30 Days Get Started via RIA Money Transfer secure site

How Much Does RIA Money Transfer Cost?

In 2007, RIA Money Transfer was acquired by Euronet Worldwide, the largest independent network provider of ATMs in India. At last count, Euronet processed over 2.3 billion transactions daily.

As a leading provider of money transfers, you might expect RIA Money Transfer to be a low cost provider, and for the most part you would be right, as long as you don’t send money via credit card or debit card.

Credit Card Fees

During our research, fees on credit card transfers ranged from 4% → 14%+ depending on the country selected and the amount sent.

When sending money via credit card, you may also pay a cash advance fee to your credit card company as well as higher interest rate charges than normal for regular purchases.

Debit Card Fees & Bank Account Fees

Sending money via bank transfer is the cheaper and better choice if you are not in a rush.

When you choose to send money through your bank account or debit card, the cost can be as much as 4% of the total amount sent from our research.

With over 149 countries to choose from and rates constantly changing all the time, it is best to double check the pricing for the country to which you plan to send money

Fees at a Glance

*Fees based on pricing at time of article publication

Spread Markup Costs

In addition to the fees charged by remittance companies to send money, a spread markup is usually applied too.

This means that the exchange rate quoted online is not the rate you will receive because a markup is added.

The markups protect remittance companies from taking on exchange rate risk when money is transferred to a different currency.

To limit the risk of losing money from currency swings, RIA Money Transfer charges a markup that spans a wide range from less than 1% when sending money to India to as much as 10% when sending money to China.

It should be emphasized that these markup costs are applied by most remittance companies and it is not unusual for RIA Money Transfer to impose them too.

Nevertheless if you plan to send money frequently, these costs can add up in a hurry so it is well worth examining precisely how much the markup cost will be before sending money.

Which Countries Can You
Send Money To Via RIA Money Transfer?

RIA Money Transfers lets you send money to 149 countries and features 350,000 locations worldwide.

Almost every major region in the world is supported, including Asia, Europe, Americas, Pacific, and Middle East.

However, not all countries have Send Locations. For example, you can both send money from and receive money to Belgium, Australia, New Zealand, and many other countries but most African countries have Receive Locations only, but not Send Locations.

Send Money Online With RIA Money Transfer

How To Send Money With
RIA Money Transfer

Online or In-Person Transfers

RIA Money Transfer saves you the inconvenience of standing in line at an agent location when you wish to send money abroad.

However, it doesn’t restrict that method of transfer either. If you prefer an in-person experience, you can visit any of the 350,000 agents scattered around the globe.

To send cash, you will need to visit an agent in person, however the simplest way to send money is online via the web or on your phone if you have an iOS or Android device.

You can do so via bank transfer, debit card, or credit card.

Pick-Up Options

On the other end, cash pick-up is available for recipients at local banks as well as supermarkets in some countries.

A home delivery service where money is couriered to the recipient’s address is provided in Armenia, the Dominican Republic, Hungary, Morocco, Nicaragua, Peru, the Philippines, and Vietnam.

How It Works

RIA Money Transfers wins points for being fast, simple, and intuitive.

Simply select the country where you are sending money.

Enter the amount you wish to send. You will then be shown the amount of money that will be received at the other end.

Choose your delivery method, whether bank deposit or cash pickup.

And pick the method of payment, whether bank transfer, debit card, or credit card.

Don’t forget that bank transfers are going to be your least costly option but it will take as long as 4 days for funds to arrive versus just minutes using a credit or debit card.

Finally, you will be asked to enter the recipient’s details, including name, phone number, email, and street address.

After you submit the money transfer, RIA will keep you up to-date about where your money is at each step of the process.

And to alleviate concerns, RIA Money Transfer guarantees your money will be received or refunded to you.

Send Money Online With RIA Money Transfer

How Fast Can RIA Money Transfer
Send Money?

Money transfers may be available to recipients within minutes, but this will depend on three factors primarily:

• Destination country
• Payment method
• Delivery method

The factors that may slow down delivery include:

• Bank account verification
• Additional information required by RIA Money Transfer or your financial institution
• Processing hours of payment network
• Branch location hours / delivery hours
• Holidays

Generally bank transfers take around 4 days because small deposits are needed to verify accounts before money is sent.

Credit card transfers and debit card transfers take place in minutes.

RIA Money Transfer Pros and Cons

Send Money Online With RIA Money Transfer

RIA Money Transfer Summary

When you need to send money abroad fast, RIA Money Transfer is a solid choice.

Depending on the payment method, delivery option, and destination you choose, it can take as little as a few minutes for money to get into the hands of recipients.

You can send as much as $2,999 at one time online or as much as $7,999 over a 30 day period. If you need to send more, it is best to visit an agent in person.

From start to finish, the process of sending money is fast and intuitive. But speed doesn’t always mean cheap. Credit card transactions may be the fastest method of money transfer but are also the most expensive choice.

Bank transfers take up to 4 days but are a much cheaper option if you are not in a rush to get money to your loved ones.

Pay attention to spread markup costs on currency exchange rates if you plan to send money frequently as they can add up to a big chunk of change over time.

What you do receive with RIA Money Transfer is the confidence that your money is in good hands with one of the largest remittance services in the world that has decades of experience, and guarantees the safety of your funds.

The bottom line is RIA Money Transfer may not be the lowest cost provider but if you need to get money to family, friends, or loved ones in a hurry, it has earned a reputation and a trusted provider.

Send Money Online With RIA Money Transfer

The article RIA Money Transfer Review: Fast Money Transfers was originally posted on Investormint

The short answer is it depends on where your money is going? A domestic wire transfer may be faster than an international transfer.

Domestic wire transfers can be lightning fast whereby money arrives within a business day or two.

However, when you are sending money abroad, it make take a little longer, often three to four days is typical.

To understand how long it takes to transfer money, you first need to know what is a wire transfer.

What is a Wire Transfer?

A wire transfer is simply an electronic transfer of money between banks or credit unions.

When you are sending money abroad, your bank will notify a foreign bank that money is on its way using a secure system, called SWIFT.

The system used to actually send money is called CHIPS or Fedwire.

When domestic bank-to-bank transfers take place, it’s done through the Fedwire system, which uses the Federal Reserve System and a unique bank identifier called the ABA routing number.

How Long Does A
Wire Transfer Take?

When you are sending money domestically, same-day transfers are possible. However, it will usually cost you a pretty penny for the convenience and speed.

In order for money to arrive on the same day, you will also need to initiate the transfer before a certain time of day.

Regular domestic transfers take up to two business days while international transfers usually take anywhere from three to four days.

Because of the delays in transferring money abroad, companies like Revolut have innovated using technology to make international money transfers (note: not wire transfers) free.

Other overseas money transfer companies include Xoom and Remitly. Like Revolut, they compete with Western Union when it comes to fees and speed.

Why Use A Wire Transfer

When the security of your money is a priority to you, a wire transfer is generally the best choice to move money to another account.

International SWIFT and IBAN wire transfers are not completely free of security risks but domestically in the United States, it is very difficult for a thief or hacker to successfully pull off a wire transfer scam.

Because personal identification is needed to set up a bank or credit union account, a crook would need to impersonate you in order to get ahold of your money.

You should be careful wiring money via Western Union or a cash-based money transfer service whereby the person picking up the cash may differ from the intended recipient.

For merchants, wire transfers are a better choice than checks, which can take significantly longer to arrive.

If you run a business whereby the creditworthiness of your customers is a concern, a wire transfer is also better than a check which may bounce.

How To Do A Wire Transfer

Whether you are sending money via a Chase wire transfer, Bank of America wire transfer, Wells Fargo wire transfer, or any other bank or credit union, the steps will be similar.

Sending Funds

When sending funds, you will need the following information:

• Bank name where the money is being sent
• Account number of the person to whom money is being sent
• Receiving bank’s ABA number

International wire transfers may require a SWIFT number or IBAN code.

Receiving Funds

When receiving cash funds via money transfer, you will need your driver’s license, passport, or other identifying information, which may include a utility bill.

For a wire transfer, the money should simply be deposited directly into your bank account so no extra effort is required on your part.

How Much Are Wire Transfer Fees?

At major financial institutions, wire transfer fees usually start at $15 and can go as high as $50.

Fees depend largely on whether the wire transfer is domestic or international, and the bank you choose. It also varies by whether the wire is incoming or outgoing.

Some financial institutions, such as USAA, Capital One 360, and Fidelity, even make domestic wire transfers free when certain conditions are met.

Others like Wells Fargo, Citibank, Bank of America and Chase charge around $15 for domestic incoming wire transfers and as high as $30 for outgoing domestic wires.

If you want to send an outgoing international wire transfer, it’s hard to find a bank charging much less than $35. The high end of the range is $50, which is the fee U.S. Bank charges.

Exchange Rate Fees

If you are sending money overseas, it is best to ask your financial institution whether exchange rate fees apply.

When U.S. dollars convert to some other currency, a spread markup may be applied which can be a significant cost, often as much as a few percentage points of the overall amount sent.

Credit Card Fees

When you rely on your credit card for a wire transfer, you will usually pay through the nose.

Cash advances fees are charged and they incur higher interest rate charges than the rates charged on purchases, so it is probably best to fall back on your credit card only as a last resort.

Other Ways To Send Money

Cleared funds, meaning money that can be withdrawn, are used for wire transfers.

Funds that are not cleared are categorized as pending, and are restricted from use.

If you need cleared funds but a wire transfer isn’t a feasible option for some reason, a bank cashier’s check is another way to send money.

Other ways to send money include money orders, online payment services, and money transfer services.

Typically, you cannot send as much money via money order, which is also considered a little less secure than a wire transfer.

Peer-to-peer payment services like Venmo, Paypal, Google Wallet, and even Facebook Messenger all make it possible to send money online to another person.

While money transfer services like Xoom, Remitly, Revolut, MoneyGram, and Western Union all facilitate sending money overseas.

Wondering how long does a wire transfer take at your bank or credit union, contact them directly to enquire whether money arrives faster if you send it early in the morning versus the afternoon. And let us know where you have found the cheapest wire transfers, we would love to hear from you.

>> CD Calculator – How Much Interest Can You Earn?

>> Chime Bank – The Online Bank

>> How To Create A Budget

The article How Long Does A Wire Transfer Take? was originally posted on Investormint

You might be justifiably worried that a pickpocket or thief has got hold of your debit card and is using it to buy stuff.

Worse still, what if you are held liable for things a thief purchased?

The fallout of a lost debit card doesn’t stop there. Overdraft fees and penalty charges from bounced checks are among the other bank charges that may hurt your balance.

But don’t sweat just yet. The good news is you can take clear steps to protect your finances and limit financial liability.

Here’s how…

Step 1: Tell Your Bank
About Your Lost Debit Card

Whether your debit card is lost or stolen, let your bank know right away.

As a matter of law, you are not responsible for any unauthorized charges provided that you promptly inform your bank or credit union about your lost or stolen debit card.

The financial institution’s representative may ask you if you would like to freeze your card so no further charges are processed.

The safest choice is to agree to lock your debit card. It may be a nuisance to have no card for a few days but it’s better than risking fraudulent charges.

It’s also a good first step because you can quickly reactivate your debit card if you later discover that it slipped through the cracks of your car seat.

The most important thing to avoid is panic when your debit card is lost because scammers are famous for creating bogus websites online that are designed to catch consumers off guard when they are most vulnerable.

A common ruse among hackers is to create a website that looks similar to a bank website, but which in fact is just a dragnet that catches personal information.

When your adrenaline is flowing fast after finding out your debit card is lost, take care to ensure the number you dial or website you visit is the official institution.

Step 2: Check For Fraudulent Charges

Once your bank or credit union has enacted a temporary freeze, you can relax knowing that you will not be liable for any unauthorized or fraudulent charges.

But you should still examine your recent transactions to verify whether any fraudulent activity has taken place.

If you spot an unusual name or charge on your list of financial transactions, inform your financial institution so they can investigate further.

Some banks may not freeze your card and will proceed with canceling it right away. Others may automatically cancel your card after a specific time period.

If your card is canceled for whatever reason, whether because you can’t find your lost debit card or your bank does so on your behalf, ask for overnight delivery of a new card.

That way you will avoid the inconvenience of arriving at a grocery store or gas station only to remember that your card is no longer active.

It’s also a good reason why you should always look to keep at least two cards in your wallet, one for emergency periods.

Step 3: Send Your Bank
Written Confirmation

Regardless of whether your account is with a big name bank or a local credit union, send them written confirmation by email or snail mail if you prefer. Simply recap what you told the bank representative over the phone.

Standard information required by the bank will include:

• Whether the card was lost or stolen
• Date or time when debit card was last seen or used
• List of unusual or unrecognized charges

By notifying the bank, you stand a better chance of being compensated for fraudulent charges because the document will serve as official notice.

Step 4: Switch Automatic Billing
To Your New Card

The next step is to switch over any automatic billing you had previously set up to your new debit card.

If you are struggling to remember all the places you set up automatic billing, think about any money-saving apps you use to track your monthly spending.

For example, you might have Mint or Status Money or the Personal Capital app which can help you to quickly identify regular charges.

Typically, cardholders tie utility and cable billing to debit cards but car payments, insurance charges, and even gym memberships may be worth checking too.

Step 5: Calculate Your Liability

After you contact your bank, you should have much greater peace of mind because you are legally not responsible for any charges that are processed after alerting your financial institution.

That’s the good news.

The bad news is you may be liable for charges that were processed prior to notifying your financial institution.

Most banks and credit unions are very consumer-friendly when it comes to questionable transactions arising from lost debit cards.

But you will want to get your ducks in a row nonetheless and figure out what, if any, liability you may suffer.

Now here’s a silver lining. Your liability is not necessarily the sum of all unusual charges that hit your bank account.

In fact, the most you will be responsible for is $50 if you notified your bank or credit union within two days of realizing your card was missing.

However, if you wait two months, you may very well be responsible for all unauthorized charges!

Between 2 days and 60 days, your liability is limited to $500.

Keep in mind that debit cards usually offer less favorable protection terms than credit cards, so if you do plan to replace your card, you may wish to select a credit card instead.

Step 6: Take Steps To
Prevent Future Loss

The Federal Trade Commission has advised consumers to take the following steps to help prevent future loss:

• Commit your pin number to memory and do not write it on any paper you carry in your wallet.
• Examine your debit card transactions regularly so you can verify the charges processed on your card are accurate.
• Review your bank transactions regularly so you can quickly spot any unusual or fraudulent activity.

Step 7: Cut Up Old Debit Cards

It is a good idea to discard your old debit card but before you do so cut the card through the account number.

And as a matter of good practice to protect your personal information, consider taking the following steps too:

• Save receipts to compare and reconcile transactions against monthly statements.
• Guard your account information from prying eyes when in public.
• Don’t disclose your account number over the phone unless you initiate the call.
• Carry only the cards you will need and leave others in a safe place.

Have you ever experienced a lost debit card? Do you have any tips on how to protect personal information? Share your ideas in the comments below.

>> American Express Premier Rewards Gold Card

>> Why Was My Credit Card Declined?

>> Get 4% Rewards Dining Out With Uber Visa Credit Card

The article Lost Debit Card? 7 Steps To Protect Yourself was originally posted on Investormint

It’s no secret that many consumers have lost faith in some big-name banks, who often nickel and dime them on fees at every twist and turn.

Digital banking startups have sprouted up to combat large institutions by providing more transparency, charging lower fees, and improving user experiences through increased mobile compatibility.

Among them is a highly ambitious start-up called Revolut. It is one of the most successful up-and-comers with over 1.5 million customers who collectively have saved over $160 million in fees according to the company.

So what has Revolut done to attract so many customers?

Revolut makes it less costly when traveling abroad to pay for things and withdraw money by providing a free, prepaid, multi-currency debit card absent foreign exchange markup costs.

When you add up the cost savings, Revolut has some serious appeal. But what else do you need to know about the Revolut Mastercard?

Revolut Bank Spotlight

REVOLUT SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 4 out of 5 stars	Spend Abroad Without Fees Free International Money Transfers Buy & Sell Cryptocurrencies Get Started via Revolut secure site

What Do You Really Pay
When Traveling Abroad?

When you travel internationally, bank fees are more than a nuisance. They can really stack up to a hefty amount.

Some credit card companies entice travelers with no foreign transaction fees (like Chase does with its Sapphire Reserve card), but most tack on charges when you buy goods and services abroad.

And if you have ever found yourself in the unlucky position of needing to withdraw cash from an ATM abroad, you may well have got a shiver up your spine thinking about all the fees destined to hit your account.

In addition to the fees charged by the local bank, your own bank frequently adds insult to injury by charging you a penalty fee for using an international ATM too.

Not only can ATM fees act like quicksand on your account balance but foreign exchange fees also hurt you when banks charge a “markup” over and above the current exchange rate.

That means what you pay is very different from the exchange rate you are quoted online, which is the interbank rate – the rate banks charge each other to perform currency exchanges.

Some banks tack on as much as 3% to purchases you make. That may not seem like much when you pay for a coffee but if you are tempted by a Rolex watch or some other expensive item, the fees could really hurt.

Get Revolut

How Revolut Can Save You Money

The Revolut card, a prepaid MasterCard, is designed to get around these problems by acting like a local debit card.

Spend Internationally Without Fees

Instead of carrying a U.S. card abroad, which requires a currency conversion, the Revolut card lets you spend fee-free at the real exchange rate and make free international ATM withdrawals.

Hold Multi-currency Accounts

Revolut also provides a mobile app that lets you hold, transfer, and exchange your money in USD and 25 other foreign currencies at the real exchange rate.

So if you are in Paris buying a couple of croissants and you have a balance of 50 USD stored on your Revolut card, you can purchase the croissants at their current price in the local currency without paying any exchange rate markups or penalty fees.

It’s as if you were down at your local bakery in the United States paying for the same goods with a U.S. card because the only charge deducted from your balance is the cost of the croissants.

Free International Money Transfers

Like Xoom, Remitly, and litany of other international money transfer services, Revolut enables you to send money securely to bank accounts abroad.

But unlike many other companies, Revolut can save you as much as 8% by using the real exchange rate.

And compared to other companies, Revolut has an equally large, if not larger, network of supported countries – currently 120 countries.

Buy & Exchange Cryptocurrency

Cryptocurrency digital exchanges are notoriously expensive when it comes to transactions costs.

Coinbase is an early pioneer in the cryptocurrency space and makes it as easy as entering your credit card number to buy and sell Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash.

But the simplicity comes at the price of high transaction fees when compared to the traditional costs of buying and selling stocks, options, and futures at established brokers like tastyworks.

The days of high commissions charged by digital currency exchanges who facilitate cryptocurrency trading may be numbered because Revolut enables customers to buy and sell at significantly lower transaction costs.

You can buy, hold, and exchange Bitcoin, Ethereum, and Litecoin with 25 fiat currencies at the best possible exchange rate for a fee of 1.5% upfront.

We found the setup time is fast, which is in stark contrast to many digital currency exchanges that have cumbersome and lengthy onboarding processes.

You can also view real-time cryptocurrency rates on your mobile app, track your performance over time, and receive instant price alerts.

Get Revolut

Revolut Review: Budgeting App

Compared to Revolut competitors like Monzo and N26, Revolut has grown its customer base faster thanks in part to over $80 million in venture funding.

It hasn’t spent its money only on customer acquisition. Product development has been a clear priority for Revolut, which has added a budgeting app to its list of product offerings.

Like Personal Capital, Status Money, and Mint, you can track your spending and receive notification alerts.

Revolut will automatically categorize your transactions and provides a polished user interface so you can spot spending spikes, whether on restaurants, travel, groceries, or shopping.

Send Money To Family & Friends

Not only can you send money overseas, but you can also send money to anyone in your contact address book on your mobile phone.

If you wish to send money to family or friends, you can invite them to join Revolut and, with a few clicks, send them money.

The money lands in their accounts and can be retrieved when they sign up to Revolut.

Get Revolut

Split Bills For
Dinner, Rent, Or Travel

If you have ever been frustrated at the end of a meal when attempting to split a bill because someone didn’t have enough cash or the restaurant limited the number of credit cards, you will be pleased to discover that Revolut can solve that problem digitally.

Like its competitor, Venmo, Revolut makes it easy to send and request money easily from family and friends for everything from the restaurant bill to monthly rent or travel costs when abroad.

Revolut Partnerships

If it seems like Revolut is eating the lunch of other apps and bank services by providing similar services at lower cost, it is!

And it’s not stopping with the list of products mentioned.

Revolut has partnered with a host of other companies to provide additional services that you can expect it to roll out over time, including:

If its current list of partners is anything to go by, Revolut aims to be a one-stop shop for all things banking related.

While most of these partners are currently European based, it won’t be a surprise to see Revolut partner with U.S. based firms for similar services too.

Get Revolut

Revolut Reviews
From Customers

Revolut was founded when its founder and CEO, Nikolay Storonsky, discovered firsthand from trading currencies at Credit Suisse how high forex fees can be.

And while he and his team have undoubtedly built great technology to bring a valuable idea to the world, some growing pains are still evident.

While most Revolut reviews by users earn the company top marks, quite a few complain about poor customer service.

A common complaint revolves around the lack of human support.

It’s clear Revolut is trying to automate where possible with chatbots but they are falling short of the mark with enough customers to warrant concern.

A lingering question remains about the extent and timeliness of the support you will receive if your Revolut card is stolen or you send money but it doesn’t arrive.

On the whole, it seems like queries are answered and complaints are successfully resolved but not in the timeline expected by customers from a top tier company.

With that said, Revolut has raised an enormous amount of venture funding and it would be surprising if a chunk of it isn’t allocated to bolstering its customer service department.

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Revolut Pricing

Revolut provides two pricing plans, Standard and Premium.

The Standard Plan has no cost while the Premium Plan charges a monthly fee of GBP 6.99.

Note that cross-currency exchanges are free only up to GBP 5,000 or equivalent per rolling month. Thereafter, a 0.50% fair usage fee applies.

If you are ever worried about hitting the limit, you can check your remaining fee-free allowance.

Revolut Pros and Cons

Get Revolut

Revolut Review Summary

Revolut is a digital banking alternative that enables you to buy goods and services abroad without penalty at the real exchange rate using a prepaid debit card.

It is free to send money internationally via money transfers and to friends and family locally with a few clicks on your mobile phone.

Whether you are exchanging money, spending it abroad, or transferring it, the Revolut prepaid multi-currency card can be used for all purposes and is accepted widely.

Premium members even get free medical insurance overseas, which includes dental treatment and access to an extensive network of medical centers around the globe.

It is clear Revolut has ambitions to displace just about every other banking need you may have from splitting bills among friends at restaurants to wealth management, lending, and insurance.

But all that ambition has not come without some growing pains in the form of less than stellar customer support.

While our research shows that the majority of customers are pleased, the few who complain spotlight slow response times and difficulty connecting to humans.

If your priority is cost, Revolut is almost unparalleled in the number of services it provides at no cost. And with continued expansion, we expect customer support will improve too.

Revolut Team & Financiers

Revolut has been financed by some of the most successful venture capitalists, including:

• Index Ventures
• RML Capital
• Balderton Capital
• Ribbit Capital
• TriplePoint Capital
• Crowdcube
• NJF Capital
• Nicole Junkermann
• Point Nine Capital
• Seedcamp
• Venrex Investment Management
• Mastercard Start Path

The article Revolut Review – Save Money Abroad was originally posted on Investormint

Find out how much interest you can earn over time in certificates of deposit using our CD calculator.

Whether you are looking for a 5 year CD calculator or a 6 month CD calculator, you can discover how much interest can be earned.

What Is A Certificate of Deposit?

When it comes to investing your cash savings, you have got lots of choices:

• Savings accounts
• CDs (or certificates of deposit)
• Bonds
• Stocks
• Real estate, or even
• Cryptocurrencies!

Stocks and bonds may be familiar but what are certificates of deposit?

A certificate of deposit is a savings certificate with a fixed interest rate and fixed maturity date.

CDs may pay higher rates than standard Savings accounts but your cash is usually tied up.

The risk is perceived to be low when you deposit funds into CDs, which are generally fee-free at most banks and credit unions.

Most CDs issued by commercial banks are FDIC insured up to $250,000 per person. And if you purchase a Share Certificate from a credit union, you will be insured up to the same level by the National Credit Union Administration (NCUA).

Compare Savings Accounts vs CDs

The big difference between a savings account and a CD is your money is locked up when you deposit funds into a CD.

If you decide to withdraw funds prior to the maturity date, you will usually be charged a steep penalty.

But CDs have flexible term lengths that vary from a few months to many years. So, if you know that you won’t need to dip into your funds anytime soon, a longer time span may be appropriate.

On the other hand, if you expect that you will need money to pay for an upcoming purchase, like a car, boat, home, or even a wedding, then a Savings account may be a better choice.

You can often earn as much as 50% more interest from CDs compared to high yield Savings accounts over the same time period.

How Much Is
The Early Withdrawal Penalty?

When you withdraw your money from a CD before the fixed maturity date, you will be charged an early withdrawal penalty.

Usually, the penalty amounts to a portion of the interest but it typically won’t affect your principal invested.

The amount usually varies depending on the term length of the CD and the terms stipulated by your bank or credit union.

Keep in mind that insurance coverage by the Federal Deposit Insurance Corporation and National Credit Union Administration will not cover penalty fees, so make sure you have enough cash set aside to cover emergencies before locking it up in a CD.

What Are CD Ladders?

If the idea of tying up your money in a long term CD doesn’t whet your appetite, a CD ladder might be a good fit.

The way a CD ladder works is you invest your money across different term lengths.

Let’s say you had $5,000 available to invest in CDs. Rather than choose between a 6-month CD and a 10-year CD, you could spread your money proportionately across a variety of CDs with different term lengths.

For example, you could place $1,000 in a 1-year CD, and a similar amount in a 2-year CD, 3-year CD, 4-year CD, and 5-year CD.

When the shortest term CD matures, you can invest it into a new 5-year CD.

As each CD matures, you repeat the process so that eventually a 5-year CD will mature each year, meaning you’re always getting the benefit of maximum interest on all your money while maintaining liquidity on a portion of your invested capital.

What Types of CDs Exist?

CDs come in a variety of shapes and sizes, so to speak.

The “plain vanilla” CD where you deposit your money for a fixed term length and cash in subsequently on the interest earned is just one of the many types of CDs.

Others types of CDs include the IRA CD, Step-up CD, Bump-up CD, Jumbo CD, and Liquid CD.

Is A Certificate Of Deposit
Right For You?

A certificate of deposit may be right for you if you can check all the boxes on the questions below.

Have you invested in certificates of deposit? Did our bank CD calculator answer your questions on how much interest you can earn? Share your investing tips in the comments below, we would love to hear from you.

>> Check Out Chime Bank – The Online Bank

>> View CD Rates At Delta Community Credit Union

>> State Employees Credit Union Review

The article CD Calculator – How Much Interest Can You Earn? was originally posted on Investormint

When you transfer money to friends and loved ones abroad, cost is a big factor to consider. But so too are the speed of the money transfer, the delivery options, and transfer methods.

Sometimes a bank transfer just doesn’t cut it and cash pickup is needed. At other times, you may want the flexibility of transferring money by credit card or debit card.

When you want flexibility in how you send money and how it is received, Xoom is a solid payment option for international transfers.

While Xoom may not always be the cheapest way to send money, it does have a lot of other things going for it, including over a large network of 70 supported countries where you can send money online.

Plus, Xoom is owned by Paypal, so you have the confidence that a renowned financial company using industry-grade security stands behind your online money transfers.

Xoom Bank Spotlight

XOOM BANK SPOTLIGHT
InvestorMint Rating 1 2 3 4 5 3.5 out of 5 stars	Pay by Credit Card, Debit Card or Bank Transfer Send up to $9,999 in a Single Transfer $4.99 Fee For Bank Transfers Get Started via Xoom Bank secure site

How Much Does Xoom Cost?

Like most money transfer companies, Xoom charges a markup above the mid-market exchange rate plus a fee that varies depending on which payment method you choose.

XOOM FEES

Usually, bank transfers are the cheapest way to send money. And Xoom is no different. Bank transfer fees are typically $4.99.

However, when you send money online by credit card or debit card, fees can stack up quickly.

During our research, the cost of sending up to $200 to Mexico was $4.99 whether we sent money by bank transfer, credit card or debit card.

However, the cost quickly ratchets higher when choosing to send higher amounts via credit card or debit card.

*Fees based on sending money to Mexico at time of article publication

For example, sending $1,000 to Mexico costs $4.99 by bank transfer but costs $24.99 when using a credit card or debit card.

Plus, your credit card company may tack on more costs, such as interest charges.

If you choose to send the maximum daily amount of $2,999, the bank transfer fee still remains at $4.99 but you will be hit with a $75.99 fee when using your credit card or debit card.

Keep in mind the maximum daily amount of $2,999 can be increased when you provide more information to Xoom, such as what you do for work.

MARKUP COSTS

Markups are used by most remittance companies to make money in addition to the standard fees charged.

When you see an exchange rate quoted online, you usually can’t actually exchange money at the rate quoted because a markup will be added when buying or selling.

The reason markups are added is because Xoom takes on currency exchange rate risk each time it transfers money.

To lower the risk of losing money from currency exchange rates swings, Xoom charges a markup of as much as 3%.

It is common for most money transfer companies to tack on this markup – Xoom is not unusual in adding this cost.

However, if you send money regularly the costs can quickly add up so it is worth double checking with Xoom precisely how much the markup cost will be before sending money.

Which Countries Can You Send Money To Via Xoom?

You can send money online to almost anywhere in the world via Xoom, which supports over 70 countries.

Just about every major region is supported, including Africa, Asia, Europe, Central America, and South America.

Send Money Online With Xoom

How To Send Money With Xoom

Xoom saves you the hassle of standing in line at an old school remittance store when you want to send money abroad.

Instead, you can send money online via your mobile phone or the web.

If your loved ones on the other end prefer to pick up cash, Xoom makes that possible in many countries. Or you can deposit money directly into a bank account if you prefer.

To send money by mobile phone, download the Xoom app in the App Store if you have an iPhone or Google Play store if you have an Android device.

Next, select the country where you are sending money.

Enter the amount you wish to send and you will see how much money will be received on the other end.

Then you can select the delivery method, whether cash pickup or bank deposit.

You will then be asked how you want to pay, whether bank transfer, credit card or debit card.

Keep in mind that bank transfers are usually the cheapest way to send money abroad.

Before you complete the transfer, you will be asked to select the payment location along with your loved ones’ personal information, including full name, phone number, email and street address.

Once you submit the money transfer, Xoom will keep you informed about where your money is every step of the way.

Like other money transfer companies, Xoom guarantees your money will be received or refunded to you.

Send Money Online With Xoom

How Fast Can Xoom Send Money?

Where Xoom really shines is the speed of delivery.

Many transfers are available to recipients within minutes, however this will vary by three factors primarily:

• Destination country
• Delivery method
• Payment method

Certain things will slow down delivery including incorrect recipient details, bank account verification, additional information required by Xoom or your financial institution, pay network processing hours, and branch location hours / delivery hours / holidays.

When you select bank transfers, which are the cheapest way to send money, Xoom claims that it may take as many as 4 days to receive funds from your bank.

If you need to cancel a transfer, you can do so without penalty.

Xoom Pros and Cons

Send Money Online With Xoom

Xoom Summary

If you need to send money abroad in a hurry, Xoom is a great choice. Depending on the country, payment method, and delivery option, it can take as little as a few minutes for money to reach your family or loved ones on the other end.

Xoom is intuitive and can be used to send as much as $2,999 with Android and iOS devices, as well as via the web. You can even increase the daily limit to $9,999 if you provide more information about your income and job.

But the speed of delivery, polished user interface, and high daily limits come at premium prices. The bank transfer fees are reasonably priced but the spread markups can be hefty at times, so it’s worth double checking what your overall costs will be prior to sending money overseas.

Nevertheless, you do get peace of mind that Xoom, a Paypal service, is a trusted name in the financial world with a globally respected reputation for providing top notch security and guaranteeing your funds are delivered or refunded.

The bottom line is Xoom may not be the cheapest way to send money online but it does have enough going for it that when you need to rush funds to recipients you can be confident that you are sending money with a trusted online remittance company.

Send Money Online With Xoom

Extra, Extra! Xoom List Of Countries

You can send money online to any of the following countries with Xoom.

The article Xoom Money Transfer Review: Fast Money Transfers was originally posted on Investormint