Current Events and Banking Industry News

Prizes Give Credit Union Members New Reason to Save

September 19, 2014

Prize-linked savings accounts give consumers an extra incentive to deposit money: a chance to win cash. Designed with low-income customers in mind, these “no-lose lotteries” have small barriers to entry and no risk, and play [...]

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Household Incomes Stagnate Even as More Americans Go to Work, Census Says

September 16, 2014

If you don’t feel any richer this year compared to last, you’ve got company. Household incomes in the U.S. rose by what is actually an insignificant amount last year and remain 8% below the peak [...]

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Amazon Closes Wallet on WebPay, Setting Oct. 13 Kill Date

September 15, 2014

Users of Amazon’s free WebPay peer-to-peer (P2P) payments system got some bad news recently – the service will shut down Oct. 13. You can still make payments through it until that date, and recipients will [...]

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Peer-to-Peer Lending Grows as a Disruptive Force in Finance

September 12, 2014

Before Internet-based peer-to-peer lending came onto the scene around 2006, obtaining financing meant filling out a lot of forms to apply for a loan, getting dressed up and going on bended knee before a banker. [...]

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Checking

Is Overdraft Protection Must-Have Coverage?

August 21, 2014

You don’t have to be broke or even bad at managing your money to occasionally overdraw your bank account. With 90% of American adults using checking services, overdrafts are relatively common. Despite this, new research [...]

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P2P Online Payment Systems Cut Costs and Hassles

August 4, 2014

For better or worse, new technology makes sticking your friend with the restaurant check or shirking your share of the monthly bills much harder these days. As using person-to-person (P2P) online payment systems mean moving [...]

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New Account Bonuses Draw Bank Hoppers Trying to Cash In

July 25, 2014

Gone are the free thermoses and knife sets that once rewarded new checking or savings accounts. Now, banks and credit unions are using cash to attract depositors. The incentives may convince some people to switch [...]

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The History of Bank Accounts

June 16, 2014

Opening savings and checking accounts at retail stores seemed like a radical idea in 2012 when American Express and Wal-Mart launched Bluebird accounts. Today, making deposits and cashing checks at one of 4,000 Wal-Marts (deposits [...]

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Rates

Alternatives to Jumbo CDs

July 10, 2014

Getting a jumbo certificate of deposit (jumbo CD) from a bank used to be an attractive option for many people looking for a risk-free way to invest a large amount of savings. But today, because [...]

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When to Consider Getting a CD for the Kid

June 30, 2014

Instilling a sense of financial literacy in children is a valuable life lesson. Having a piggy bank is a good start for teaching the young ones about saving, but as your children get older and [...]

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Rising-Rate CDs Explained

June 30, 2014

Investors in certificates of deposit (CDs) typically give up the flexibility to move funds freely in exchange for higher interest rates than they can get on savings accounts. But with rates for CDs near record [...]

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Who Uses Certificates of Deposit Anyway?

June 20, 2014

Since interest rates on certificates of deposit (CDs) have dropped during the past few years, a decline in popularity for the savings instruments should come as no surprise. However, this begs the question: Who still [...]

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Banking FAQs

NerdWallet’s #CUFinLit TweetChat Shows How Credit Unions Help Students Learn

September 17, 2014

NerdWallet’s Banking team recently held a TweetChat focusing on the ways that credit unions currently work to improve financial literacy for high school and college-age students and how those efforts can improve in the future. The [...]

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Personal Checks Ran Out? There Are Actually Alternatives to Reordering

August 18, 2014

Even though personal checks accounted for less than $20 billion in U.S. transactions in 2012 – down from $40 billion in 2000 – many people still rely on that old-fashioned payment method, particularly in certain [...]

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Subprime Auto Loans: Boon or Bane?

August 12, 2014

For consumers down on their luck with a checkered borrowing history and who need a car, subprime auto loans sound promising: they’re easy to get even for people who have a low credit score, are [...]

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Can I get an RV Loan at a Bank or Credit Union?

August 7, 2014

Summer is here, and that means vacations, campouts and, of course, road trips. But before you hit the open road or set out on a camping adventure, you may want a recreational vehicle. And before [...]

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