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This article from Kiplinger Personal Finance discusses the safety of bank deposits and the importance of understanding deposit coverage. It highlights the risks associated with financial-technology companies that offer banking products but are not FDIC-insured. The article emphasizes the importance of opening accounts directly with FDIC-insured banks or credit unions covered by the National Credit Union Share Insurance Fund. It also explains the coverage provided by the FDIC and the NCUSIF, and provides resources for individuals to check if their deposits are fully insured. [Extracted from the article]

This article discusses different online savings accounts and tools that can help individuals track their savings goals. It mentions Ally Bank's savings account, which allows users to allocate their money into up to 30 "buckets" for different goals. The article also mentions Milli's mobile banking app and NBKC Bank's Everything Account as options for tracking savings goals. Additionally, it suggests that if a bank doesn't offer the option to track goals within a single account, individuals can open multiple accounts for each goal. The article emphasizes that none of these accounts charge a monthly fee. [Extracted from the article]

Capital One is facing a class-action lawsuit from customers who claim they were deceived into receiving lower savings yields. The bank allegedly advertised a new account with a higher yield while removing references to an existing account with a lower yield. Customers who were unaware of the need to switch accounts lost out on millions of dollars in interest. This practice of creating new accounts with higher yields to attract new customers is common among financial institutions. The article advises savers to pay attention to their account's yield and consider switching to accounts with higher rates if available. The article also provides tables listing top-yielding savings and money market accounts. [Extracted from the article]

A 2023 study found that 65% of debit and credit card holders have experienced fraudulent charges on their accounts. To protect against this, some credit card issuers offer virtual credit cards for online purchases. These virtual cards generate random numbers connected to the user's account, preventing criminals from accessing their real card number. However, virtual cards have limitations, such as potential difficulties with returns and reservations. [Extracted from the article]

AT first blush, letting your credit card sit idle may seem harmless. If your credit card is inactive for a long period - anywhere from about six months to three years, says Ted Rossman, senior industry analyst at Bankrate - the card issuer may close it or reduce your credit limit. If your card issuer reduces your credit limit, Rossman suggests asking the issuer to restore it to the previous limit. [Extracted from the article]

It's wise to regularly transfer your balance from the payment app's holding fund into your federally insured bank or credit union account. Certain apps offer pass-through insurance, which protects you against the failure of the bank or credit union where the company holds your funds. A recent report from the Consumer Financial Protection Bureau found that billions of dollars stored in major peer-to-peer payment apps, such as Cash App, PayPal and Venmo, may lack the same federal deposit insurance coverage that protects users of standard U.S. banks and credit unions from total ruin in a crisis. [Extracted from the article]

In the June issue, you answered a question about SIPC protection on brokerage accounts and stated that Schwab carries excess SIPC insurance of $149.5 million per customer ("Practical Portfolio"). I was told Vanguard carries excess SIPC insurance that covers each client up to $49.5 million for securities and $1.9 million in cash, but this excess SIPC coverage is for a max of $250 million for all Vanguard clients. CLEARWATER, FLA. FDIC insurance covers principal and interest up to $250,000. [Extracted from the article]

Issued by the U.S. Department of the Treasury, the bonds combine an inflation rate, which is based on the consumer price index (CPI) and changes every six months, and a fixed rate, which remains the same for the life of the bond. The combined rate on I bonds issued from May through October 2023 is 4.30%, a decline from the 6.89% rate for bonds issued during the previous six months. SERIES I SAVINGS BONDS were a hot commodity when inflation peaked last year - and I bonds issued from May through October 2022 soared to a rate of 9.62%. [Extracted from the article]

The article focuses on initiatives of the stellar banks and credit unions to cut costs and raise revenues, and discusses its impact on the customers. It discusses the increase in fees of interest-bearing checking accounts and requirements to avoid them. It also mentions the role of technological innovations in the banking industry which ensures convenience in banking services through use of mobile apps and smartphones.

The article focuses on General Electric Credit Union's use of Holosonics Audio Spotlight speakers to enhance privacy during transactions at their Interactive Teller Machines (ITMs) by directing sound beams to specific areas for private conversations, receiving overwhelmingly positive feedback.

SILVER: CONNEXUS CREDIT UNION www.connexuscu.org Why it won: Connexus has an appealing grouping of free checking accounts, and its certificate of deposit yields were recently among the best in the country. Connexus offers a free basic checking account as well as XTRAORDINARY CHECKING, which yields 1.75% on up to $25,000 and reimburses up to $25 monthly in out-of-network ATM fees if each month you receive electronic statements and either spend $400 on your debit card or make 15 purchases with it. We reviewed checking accounts, savings accounts, money market deposit accounts and certificates of deposit from each institution. [Extracted from the article]

The article focuses on the installation of two new LED displays at Rio Grande Credit Union Field in Albuquerque, NM, enhancing the fan experience at Isotopes Park with a large main video display and an "out-of-town" display for league-wide updates and scores.

The article offers information on the advantages of community banks or credit unions. It states that community banks, credit unions and online banks are attracting clients from big banks by offering lower fees, better rates on savings and a level of personal service. Karen Tyson, senior vice-president of the Independent Community Bankers of America, says community banks are in the relationship-building business. INSET: How to Find a Better Bank.

The article reports that 30 credit unions and banks will be rolling out a new service, Zelle, which provides an even faster way to transfer cash.

An introduction is presented in which the editor discusses articles in the issue on topics including personal financial transactions offered by the banks of the U.S. and a list of national and regional banks and credit unions with national access.

The article presents the author's perspectives on the online used car as the new business model with a traction in 2016. He mentions that Vroom and its competitors deal concerns about condition with title checks, inspections, photographs and short warranties which are secondary to the warranties of manufacturers. He states that financing is available by all of the online vendors where buyers might be able to do better if they bring financing from credit union or bank.

The article discusses the importance of refinancing to pay off mortgage and save money. Topics including details on how refinancing can boost mortgage pay offs, refinancing options including paying off mortgage on a shorter term and fixed rate refinancing to end the changing annual percentage rates of mortgage, and considering offers of small banks and credit unions to ensure best deals and adjustable mortgage rate. Also presented are the changes of annual rates in mortgage loans.

Offers suggestions on how to open checking and savings accounts for teenagers. Reasons that banks are hesitant to offer accounts to children; Factors that make it easier for children to open accounts; Possibility of belonging to a credit union; Banks that cater to children, including the Young Americans Bank and the Totally Kids Club at Community National Bank in Vermont.

The article reports on the checking accounts and debit cards being offered to students for the promotion of the products of financial institution. Topics discussed include the discovery by the U.S. Government Accountability Office (GAO) regarding the relation of the fees with account and standard bank products, the free checking accounts offered by the community banks and credit unions, and the monthly fee charges by the U.S. Bank Student Checking.

Researches the best deals at credit unions in the United States. Graphs on top-yielding money-market funds; Certificates of deposit; Loan rates; Best credit card deals; New member credit union restrictions.

Discusses the continuing battle between commercial banks and federal credit unions in the United States. The decision by a federal judge which does not allow federal credit unions to serve employees of more than one employer; The actions of the National Credit Union Administration; New members for credit unions only from the original employee group; How the outcome affects consumers; Benefits of credit unions over banks; Contact information.

Discusses ways that people can be eligible to join a credit union.

The article discusses the practice of some state-chartered credit unions in the U.S. of encouraging more savings on the part of clients by entering them in periodic contests to win cash prizes whenever they deposit a given amount.

The article notes the benefits of membership in a credit union including lower interest rates on loans and higher interest rates on savings, and describes the features of three credit unions that anybody can join at nominal cost. The Alliant Credit Union charges no fees for checking accounts and offers a 30-year mortgage rate of 4.25%.

The article reports that community banks and credit unions in the U.S. tend to charge lower fees and pay higher yields than large banks.

The article discusses the advantages of availing of loans being offered by credit unions. A number of credit unions have partnered with General Motors and Chrysler in the Invest in America program to offer an additional new-car discount if financed through a credit union. Credit unions are doing land-office business in home loans as well.

The article highlights the role of credit unions in assisting consumers in the U.S. who are dissatisfied with the interest they are earning on their savings account or the interest they are paying on their credit-card issuer. In an interest-rate survey conducted by financial-services firm Datatrac, credit unions beat banks, on average, in every category-savings accounts, consumer loans and mortgages. One qualifies for credit union membership if a family member belongs to a credit union or if the employer or the spouse's employer sponsors one.

The article offers suggestions to avoid overdraft charges. Overdraft fees are meant as a deterrent to making payments or writing checks for more than is in the account. It is stated that the fees can be avoided by keeping close tabs on the account or using a bank or credit union that doesn't charge them.

The article reports that home buyers and owners in the U.S. are refinancing their mortgages through credit unions. The credit union is like a small bank or a branch of a handful of big banks such as Bank of America, Wachovia and Wells Fargo. They are lenders who often fund loans with their own money and keep most of them on the books.

Presents an article about dealing with a child's finances. Attitude of children when being lectured about financial matters; Suggestions for reminding a credit union of a stolen debit card; Amount charged for using a check card from PNC Bank.

Focuses on the installation of automated teller machines (ATM) in schools in the U.S. Reason of Grossmont High in California for installing an ATM at the campus; Details of a survey by the Teenage Research Unlimited on the accessibility cash machines in schools; Operation of a credit union by students at Jefferson High School in Tampa, Florida.

Deals with the efforts of banks and credit unions to deter robbers and make customers feel safer when making ATM withdrawals. Number of states in the U.S. where SafeAlert Systems company has installed the system; Bill being considered in New Jersey in relation to the issue.

Presents pieces of advice on opening a checking account for teenagers. Reluctance of banks to open an individual account for anyone under 18 years of age; Application with credit unions; Information on Key Student Checking account offered by KeyBank.

Discusses credit unions in the United States that are sponsored by a church, synagogue, or mosque. Example of Rosalyn Glenn, who helped organize a credit union at her church in West Columbia, South Carolina; Location of many faith-based credit unions in low-income areas, where financial services are limited; How they are able to attract and serve customers outside the church membership.

Reports on the growing popularity of on-campus credit unions at colleges in the United States. Benefits of using on-campus credit unions; Reaction of students to commercial banks; Advice on using a credit union.

Discusses the interest rates of online automobile loans in the United States. Details of the Web site, PeopleFirst.com; Competitiveness of credit unions; How most shoppers of online loans are rejected by companies offering loans.

Discusses checking accounts. Idea that accounts from small community banks and credit unions benefit the account holder; Fees charged to clients based on the amount of money in their accounts; Benefits of Internet banking.

States reasons why it is beneficial to join a credit union. Statement that a credit union on average pays more for savings and charges lower rates for credit cards and loans than banks; View that best deals are on certificates of deposit; Why senior citizens are not allowed to form groups whose sole purpose is to form or join a credit union.

Reports that credit union savers are enjoying relatively high rates, while savings yields at banks and money-market funds continue to drift down. The credit union rates for the average one-year certificate of deposit (CD) compared with a one-year bank CD; Credit unions' borrowing and credit card rates; The one hitch to deals at credit unions.

Reveals that in five states banks have sued competing credit unions or the credit-union regulators charging that some credit unions of today violate the original intent of the Credit Union Act of 1934, which states all credit-union members must have a common bond. Why banks and savings and loans are unhappy with the boom in credit union membership; Example of the AT&T Family Federal Credit Union, North Carolina; Stance of the National Credit Union Administration.

Discusses how credit unions are working hard to pick up new- and used-car financing now that General Motors Acceptance Corp. has stopped financing non-GM cars. Credit unions beat banks' car-loan rates; Offer innovative loans; Top banks on service; Details.