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How to obtain your car title after loan payoff Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by providing you with interactive tools and financial calculators as well as publishing original and impartial content, by enabling you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site are from companies that pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they appear within the listing categories, except where prohibited by law. Our mortgage home equity, mortgage and other home loan products. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial offers that may be accessible to you.

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3 min read Published June 23, 2022

Authored by Holly D. Johnson Written by award-winning writer, author and author

Holly Johnson writes expert content on personal finance, credit cards as well as loyalty and insurance issues. In addition to her work articles for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.

The edit was done by Chelsea Wing Edited by Student loans editor

Chelsea has been with Bankrate since the beginning of 2020. She is invested in helping students manage the steep costs of college , and simplifying the maze that are associated with student loans.

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After you've paid the final payment on an auto, you'll need to get an official title issued by your lender to show that you legally own the car. This title is also an important document should you ever end up selling your car down the line. What exactly a car title lien is is a note showing that your vehicle is , in many cases your lender. In many ways, a lien on your vehicle is similar to a property mortgage on the home you own. When a lien is in place, the lender holds the rights to the car until you have paid off the amount you borrowed, in addition to fees and interest. Once your loan is paid in full that lien placed on the vehicle title is lifted, and the title will be transferred to you. This is when the legal ownership of the car shifts from the lender to you. How do you obtain your title after paying off your car loan Once you pay the auto loan, the lien holder has to notify the State's Department of Monitor Vehicles (DMV). They can do this electronically or submit specific documents that are required by law. Whatever method you choose, they'll let your state know that you no longer have an unpaid balance to your loan and that you are an owner solely of the vehicle. "After you've completed the repayment of your auto loan you'll receive a 'free and clear' title to your vehicle, which means you are now the sole owner of the car," says Julie Shinn who is vice president for lender control at RateGenius. "Anytime there's an ownership change, you have to update on the record." The process for changing the title process is different for each state. process involved in getting the title to your car that you have paid off depends on your state laws. Some states manage it entirely and others require tedious work. According to Shinn the lender will send you an obligation to file a lien release in states where you must file to get your title. This will include formal proof that the loan is paid in full. Then, you'll bring these documents to your state DMV for an updated title that is solely yours. If you live in another state, when the DMV is notified that they have received your information, they will send you the title to your car with nothing required on your part. To learn the procedure in your state, visit the State's DMV website . How long it takes to obtain a title after loan payment Shinn says the states that you are required to submit paperwork in order to obtain the title of your car under the name of your own, you can expect to receive your new title anyplace between two and six weeks after submitting the paperwork. Since every state's processing times are different, the process may be shorter or longer. Nishank Khanna, a CFO at Clarify Capital, says that states with DMVs that mail out auto titles on a regular basis may require less time, generally around 15 to 30 days. But, processing and mailing time can drag things out, so be sure to contact them via phone, email or in-person visit in case you feel it's been too long. The final considerations regarding liens While it's normal for you to be able to put a lien on the vehicle you own, it is important to remember some key details to remember. For example, a lien on your vehicle could -- or at the very least make selling your car more difficult as per Brian DeChesare of Mergers and Inquisitions. This is based on the fact that you'll have to pay off your car loan and get acces to your title before you are able to sell your car as well as transfer title another person. There may not be enough money to pay off your car before the sale and if you do happen to owe more than what your vehicle is worth, you'll have to pay for the difference. DeChesare also says that the opposite is the case as well: You cannot get the title of the car you purchase from someone who is a lien holder until they've paid to buy the car. This is an extremely complicated process. Some DMVs do offer a lien search function where you can find out who owns the title to the vehicle and contact them directly. Due to these difficulties, many motorists simply sell their cars with a lien to their dealership when they upgrade. If you are at a dealer will be given the value of your trade-in car , which is likely to be greater than the amount you are owed. The dealership will take care of transferring the title to the owner in order to be able to transfer your vehicle to an individual leaving you off the table. The final word If you're trying for your car's title after you've paid back your automobile loan and you're in need of to just sit back and wait. But, in some states, a visit to the DMV could be in the future. Either way, you should be proud of having paid off your auto loan. Think about your future financial plans before deciding to upgrade to a new car with a new payment, especially if your car is still in good condition. Find out more

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Written by Author, Award-Winning Writer

Holly Johnson writes expert content on personal finances, credit cards as well as loyalty and insurance issues. In addition writing articles for Bankrate and CreditCards.com, Johnson writes for clients on a regular basis including CNN, Forbes Advisor, LendingTree, Time Magazine and other publications.

Edited by Chelsea Wing Edited by Student loans editor

Chelsea is with Bankrate since early 2020. She's dedicated to helping students navigate the high cost of college and simplifying the maze that are associated with student loans.

Student loans editor

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How to Begin If You've Never Known About A Bank Account

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make sound financial decisions without hesitation. While our website does not feature every business or financial product on the market, we're proud that the guidance we offer and the information we offer as well as the tools we design are independent, objective simple, and free. So how do we earn money? Our partners compensate us. This could influence the types of products we write about (and where they are featured on our site) However, it doesn't affect our suggestions or recommendations which are based on many hours of study. Our partners are not able to pay us to guarantee favorable ratings of their goods or services. .

How to Get Started If You've Never Known About an Account with a Bank

by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer writer for banking at NerdWallet. He has covered personal finance since 2013, with a focus on certificates of deposit as well as other banking-related subjects. His work has been highlighted on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is based in Berkeley, California.

Updated Aug 11, 2020 6:46AM PDT

Edited by Carolyn Kimball Assisting Editor - Banks Los Angeles Times, San Jose Mercury News Carolyn has been employed in newsrooms across the across the country as a reporter as well as an editor. Her interests include personal finance, sci-fi books and groovy Broadway musicals.

Many or all of the products featured here come from our partners who compensate us. This impacts the types of products we review as well as the place and way the product is featured on the page. However, this does not influence our evaluations. Our opinions are our own. Here's a list of and .

The management of your money without the need for a bank account is doable. But it can pose challenges - and the COVID-19 pandemic has only made it worse.

Your economic impact check may've come in a few weeks or months later than the other one and was in the form of an e-check or prepaid debit cards, because you couldn't choose the speedier delivery option of direct deposit into a bank account. If you've been to the store lately you might be required to pay by credit or debit card, or with exact cash due to the widespread shortage of coins and worries regarding the spread of germs.

An bank account can make life more convenient in these circumstances and many other situations. To avoid any future problems Consider opening one- or try again when you've had a rejection previously. Here's how to get started.

Check your needs for money

If you're one of 14 million people without a bank account in the U.S. You may have a system that is working for you. Maybe that includes the use of alternatives such as credit cards that are prepaid and checking cashing service. Financial advisor Brandy Baxter has assisted clients who utilized check cashing services for practical reasons.

"They preferred to walk in and leave with cash," says Baxter the accredited financial advisor and financial coach, who runs the company Living Abundantly in the Dallas-Fort Worth region.

Check cashing stores such as Check 'n' Go and ACE Cash Express may operate for extended hours than bank and have easy approval processes for cash in a short time. But they do charge an expensive fee that could be anywhere from 1% to 6%, or more, of the check amount.

Bank accounts can fulfill the needs of money beyond what prepaid cards and check cashing services are able to. For example, their fraud security can restrict the amount you pay if you're targeted, and a lot of accounts allow you to lock your debit cards remotely in the event of theft.

• Tips for being able to recognize scams and fraud How to spot scams and frauds:

After you've formed a relationship with a bank, there are other options are available: Credit cards, auto or small business loans and more affordable options to payday loans could be within reach.

Checking accounts "don't just help you save expenses; they're also the foundation for using different financial services," says David Rothstein director of Cities for Financial Empowerment Fund who oversees BankOn an online platform in the United States which helps to increase financial inclusion.

Find a bank that is right for you

If you are afraid of banks or had trouble obtaining an account previously you can open a bank account, community banks and credit unions are typically more accommodating than national banks and tend to be mission-driven, for instance, they focus on the financial wellbeing of their communities.

"We're extremely lenient when it comes to offering people a second chance to try again," says Pedro Murillo the area branch manager for the San Francisco Bay Area for Self-Help Federal Credit Union. "If an employee comes in to apply for an loan and doesn't have pay stubs to show, is there anything they (can they) provide us? An email from (their) employer? We're not going to surrender."

Like other credit unions, Self-Help will require a person to establish a savings account before they can join; the minimum to open an account is usually a few bucks. Members can then apply for other services such as a credit building loan.

You can search online for the word "CDFI" that stands for the community-based financial institution to . Many require those who join to be located in the same area or state where the credit union , or bank has branches.

What should you learn about applying

To start a bank account, you'll usually require your Social Security number, one or two forms of identification and money for the first deposit.

It's typical to apply for two bank accounts at the same time that is a checking account and a savings account. The checking account allows access to a debit card, bill payment system and other features, while the savings account lets you set money aside and, ideally increase its value by earning interest.

Banks usually screen applicants on ChexSystems which is a nationwide reporting agency that keeps records of accounts closed against the will of an individual. If you have lost access to the bank account in the past it is possible that you will be denied by other banks until you pay off your ChexSystems record. This can mean paying off debts to a bank or disputing errors on the record.

Once you're cleared, consider what banks call it the BankOn-approved checking account. Many of these don't charge overdraft fees, which occur if you attempt to pay for something that could result in your balance going into the negative.

The process of opening a bank account involves some effort. However, once you've been approved having a secure place to keep your money, and a better likelihood of getting affordable loans could be worth it.

"To have an account with a bank... can be the foundation to any money-empowering initiative," Rothstein says.

The post originated from NerdWallet and first released through The Associated Press.

Author bio Spencer Tierney is a writer and NerdWallet's authority for certificates of deposit. The work of Spencer Tierney has been featured by USA Today and the Los Angeles Times.

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19 Neobanks and What They Offer

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make sound financial decisions without hesitation. And while our site doesn't include every financial or company product available on the market however, we're confident that the advice we provide and the information we offer as well as the tools we design are objective, independent simple, and completely free. So how do we make money? Our partners pay us. This could influence the types of products we write about (and the way they appear on the site), but it in no way affects our recommendations or advice that are based on hundreds of hours of study. Our partners cannot pay us to guarantee favorable reviews of their products or services. .

19 Neobanks and the Services They Provide

Neobanks differentiate themselves by focusing on particular communities, and offering advantages and benefits.

Written by Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposit accounts Spencer Tierney is a consumer bank writer for NerdWallet. He has written about the personal financial sector since with a particular focus on certificates of deposit, as well as other banking issues. The work he has written for him was highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.

Updated Sep 23 2021

Edited by Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn is a banking editor with NerdWallet. She was previously an editor, a writer and a research analyst in industries ranging from healthcare to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's in social sciences from the University of Chicago, with the focus on Soviet culture and history. She is based in Portland, Oregon.

A majority of the products featured here come from our partners who pay us. This impacts the types of products we write about and where and how the product is featured on a page. But, it doesn't affect our assessments. Our views are our own. Here's a list and .

The information on investing provided on this page is for informational purposes only. NerdWallet does not provide advisory or brokerage services or advice or advise investors to purchase or sell particular stocks, securities or other investment options.

Jump to a specific category or neobank:

To save money on high yield savings:•

For the most extensive possible range of accounts:

For cheap overdraft:

For cash-back rewards: | || ||

Investor-friendly: || ||

Traveler-friendly: ||

Freelancer-friendly: ||

Neobanks can be described as financial technology -- or fintech -- firms that typically provide mobile-focused accounts for banking with appealing features like low-cost credit or cash-back rewards. Certain established Neobanks provide loans and credit cards, as well as investing productsas well. They generally operate without branches , and as a majority of neobanks don't have bank licenses, they work with banks in order to secure protection against their Federal Deposit Insurance Corp. In addition, they offer. The neobanks listed on this list are insured by FDIC.

Saves CD Management Checking Money Market

Member FDIC

SoFi Savings and Checking

APR 4.00 percent SoFi customers who have direct deposit are eligible to receive up 4.00 per cent annually-percentage yield (APY) on savings balances (including Vaults) and 1.20% APY on checking balances. No minimum amount of direct deposit required to qualify for the 4.00 percent APY on savings. Direct deposit members will earn 1.20 percent APY on their total account balances in checking and savings (including Vaults). The rates of interest are variable and can change at any point. The rates shown are current as of 03/17/2023. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet

Min. balance to APY $0

Member FDIC

Marcus by Goldman Sachs Online Savings Account

APR 3.75% 3.75% APY (annual percentage yield) with $0 minimum balance to earn stated APY. Accounts must have an open balance to stay open. APY is valid until 02/14/2023.

Min. balance to APY $0

Member FDIC

CIT Bank Platinum Savings

APY 4.75%

Min. balance to APY $5,000

They combine the services and features that are similar to savings, checking and investment accounts into one account. Cash management accounts are usually provided by non-bank financial institutions.

These cash accounts combine features and services that are similar to checking, savings or investment accounts into one product. These accounts for managing cash are typically offered by non-bank financial institutions.

on Wealthfront's website

The Wealthfront Cash Account

APY 4.30%

Min. balance for APY $1

on the Betterment's website.

Betterment Cash Reserve - Paid non-client promotion

APY 4.20 Percentage of annual percentage yield (variable) is at 03/27/2023.

Min. balance to APY $0

CDs (certificates of deposit) are a type of savings account that has an interest rate fixed and a term generally, they offer higher rates of interest than regular savings accounts.

CDs (certificates of deposit) are a type of savings account that comes with the option of a fixed rate and time generally, they offer higher interest rates than traditional savings accounts.

Member FDIC

Marcus from Goldman Sachs High-Yield 10-Month CD

APY 5.05% 5.05% APY (annual percentage yield) as on 03/28/2023. Special Offer Expires 09/15/2023.

The term is 10 months

CIT Bank CD with no penalty

APY 4.80 percent

Term 11 months

Checking accounts are utilized to make daily cash deposits as well as withdrawals.

Checking accounts are utilized for day-to-day cash deposits and withdrawals.

They are FDIC Insured

Current Account

APY N/A

Monthly fee of $0

Chime Checking Account

APY N/A

Monthly fee $0

Member FDIC

Axos Bank(r) Rewards Checking

APY 3.30 percent The annual percentage yield could be up to 3.30% depending on the following combination rate-rewards direct deposits (not including intra-bank transfers from an account) that total more than $1500 each month will earn 0.40 percent. A qualifying direct deposit is required to satisfy the remaining rates to be eligible. Ten (10) transactions at the point of sale per month using your Rewards Checking Visa(r) Debit Card to make ordinary purchases that have the minimum amount of $3 per transaction, or registering for Account Aggregation/Personal Financial Manager (PFM) will earn 0.30%; maintaining an average of at least $2,500 per month in an Axos self-directed trading Invest account earns 1.00%. Maintaining an average daily balance of $2,500 a month in an Axos Managed Portfolio Invest account earns 1.00 percent. Likewise, making a monthly payment to an open Axos Consumer Bank loan (commercial and business loans excluded) via the Rewards Checking Account can earn up to 0.60%.

Monthly fee $0

The money market accounts have rates that are similar to savings accounts and have some checking features.

The money market accounts have rates similar to savings accounts and have some checking features.

Member FDIC

The Discover Bank Money Market Account

APY 3.50%

Min. balance to APY $1

>> Learn more:

There are a lot of Fintech firms that could be referred to as Neobanks continues to grow. Between the years of 2018 and 2020, the number of Neobanks increased by 60-256 worldwide, according to a report by the business strategy company Exton Consulting. With increased competition comes greater competition. And some previously innovative features are now more popular for neobanks. These include two-day early access to direct deposit and free access to nationwide ATM networks. Some digital wallets, including and, are competing with Neobanks, offering the same features.

Neobanks are trying to differentiate themselves by appealing to certain groups, like freelancers or international travelers, or by offering benefits that you can't find in traditional banks. This article will provide an overview of how some of the current and future Neobanks attempt to make themselves stand out.

>> Learn more:

To save money with high yields

Chime

Established in 2013, Chime was founded in 2013 and is one of the biggest neobanks with over twelve million clients. It is partnered with two banks*, it offers checking and savings accounts, both with no charges for monthly usage, as well as an unsecured credit card that you can use to create credit. Chime's savings accounts offer a competitive interest rate of 2.00% annual percentage yield** with no minimum balance, no maximum amount for earning interest, and no monthly costs. (The Chime's Checking Account is required to open a savings bank account; The Savings Account is an optional.) The spending account offers access to more than 60,000 ATMs*** nationwide and, for customers with direct deposits, they can benefit from a cost-free overdraft program that covers as much as $200. Cash deposits can be made at large retailers ****, and is not a feature that every neobank offers. The sign-up process can be easier than at traditional banks as there's no check on credit or previous banking records however, Chime offers an .

Get more details from Chime

*Chime claims: "Chime is a financial technology company and not an institution of banking. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A. Members of the FDIC."

*" The Annual Percentage Yield ("APY") for the Chime Savings Account is subject to change and could change at any time. The APY disclosed is in effect from October 25, 2022. No minimum balance required. It is necessary to have $0.01 in savings to earn interest. "

***"Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven store, or at any Allpoint and Visa Plus Alliance ATM."

****"The retailer that receives your cash will be responsible for transferring the cash for deposit into the Chime Account. Account. Deposit fees can be charged when you use a different retailer in addition to Walgreens."

Read Chime reviews: ||

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Varo Bank

Varo Bank offers checking, savings, and cash advances. Established in 2015, and initially working with bank partnerships, it changed to an officially chartered bank in August 2020. This allowed it to provide their very own FDIC insurance. As per Varo its website, it had a total of 6 million customers as of mid-year 2022. The checking account comes with access to a free ATM access, as well as no monthly charges, as well as benefits like cash-back at certain stores with no transaction fees. Its savings account has two requirements to earn an interest rate of 5.00% APY on the first $5,000, including a $1,000 minimum in monthly direct deposits as well as a positive savings and checking balance at the end of each month. In other cases, you earn 3.00% APR.

Read Varo review:

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We offer the widest variety of accounts

SoFi

SoFi -- a short form for "Social Finance" -- was initially a student loan refinance company but recently obtained its own bank charter. SoFi Checking and Savings is a account that is a combination of the money to spend and save. There are no fees for account usage, for overdrafts, ATM usage, or monthly maintenance (subject to change at any time). Some perks include earning interest, creating subaccounts for savings as well as, for customers with qualifying direct deposits, no-fee overdraft coverage up to $50. SoFi also offers many types of loans, automatic and active investment, cryptocurrency trading credit cards, retirement accounts.

Read SoFi reviews: ||||

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For a low cost overdraft

One

Owned by Walmart One's bank account has a cheap overdraft program, customized budgeting and savings options. Customers can choose to arrange their money into pockets, or subaccounts. The pockets that are devoted to saving are rated at 1.1% on up to $5,000 per customer and 1% for up to $25,000 for those who deposit direct. One gives free overdraft coverage as high as $200 for customers who make direct deposits of at least $500 per month. This is less expensive than banks with large branches' overdraft fees, which are typically around $35 per transaction.

Read One reviews: |

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Learn more about

For building credit

GO2bank (and GoBank)

Green Dot Corporation has offered alternative banking products since 1999. Starting with prepaid debit cards, it expanded into the first online bank in GoBank In 2013, before launching its new bank brand, GO2bank, in 2021. Every one of the Green Dot deposit accounts are federally insured by Green Dot Bank. Contrary to many neobanks which require online registration, you can pick up GoBank and GO2bank debit cards from retailers such as Walmart and activate them online using the mobile application.

In comparison to the other brand names, GO2bank is easily the most affordable option, with a lower monthly cost and more benefits, though not as many as other neobanks like Chime or Varo. GoBank's almost $9 monthly fee is waived with $500 in direct deposits, while the GO2bank's fee of $5 per month is waived when you deposit direct with no minimum amount. Alongside the bank account, GO2bank offers a secured credit card that can be used to build credit and has a savings vault that earns 1% APY for up to $5,000. Contrary to this, GoBank doesn't offer a credit card and its savings vault isn't able to earn interest.

Read about GoBank's review. GoBank review:

Learn further about GO2bank:

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Sesame Cash

The credit company Credit Sesame launched a free digital bank account in March 2020 . The account is designed to serve people who live pay-to-pay. The account's benefits include direct deposit of paychecks up to two days in advance in advance, mobile and cash deposits, a restricted debit card cash-back program, and access to a free national ATM network. Through the account, users have access to Credit Sesame's free credit monitoring and daily update of credit scores.

• Compare the

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MoCaFi

MoCaFi or Mobility Capital Finance, is a Black-owned digital platform started in 2016 and offers free checking to serve the underbanked and unbanked majority of communities and focuses on closing the wealth gap between racial groups. It provides a bill pay feature that allows customers to report rent payments to the major credit bureaus in order to establish credit histories. A rare perk, MoCaFi cooperates with its third-party partners to give free cash deposits at various merchants and also free mobile check deposits that allow for quick withdrawal of funds.

From top to bottom

Dave

Dave was founded the company in 2017, as a paycheck advance company and expanded to offer a full-fledged checking account. As of mid-2021, it had about 10 million customers. You can get a small cash advance from your next pay without interest or a credit check. Customers who have at least $1,000 in monthly direct deposits are able to build credit history by making rent payments. Dave also provides budgeting that incorporates upcoming expenses as well as the ability to search for side-jobs on its mobile application. There aren't any fees for overdrafts , or when using ATMs within the nationwide MoneyPass network. There are also there is no minimum balance requirement.

Read Dave review:

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For cash-back rewards

Current

Current was founded in the year 2015 It offers both free and premium checking options that include cash back at some merchants, two-day early direct deposit, and fast refunds on gas station debit hold on cards. The latter two perks are only available to premium accounts, which have a $5 monthly fee. Premium accounts that have direct deposits can also have up to $100 of overdrafts covered no cost.

Read the Current review:

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Upgrade

Personal loan company Upgrade which was established in the year 2017, launched a free checking account in 2021 with cash-back rewards more extensive than Current's. The primary benefits of Upgrade's customers who have a checking account include cash-back of 2% for everyday purchases, like in restaurants and drugstores and 20 percent discount for personal loans. Customers are also able to view their credit scores no cost and a summary of their credit reports through Upgrade's Credit Health service.

Read reviews about Upgrade:|

From top to bottom

Bella

Bella's approach to banking is, in the words of its website, "built on love." That translates to an account reward program that gives a random percent of cash back, that ranges from 5% to 200%, on randomly selected purchases. The program was introduced in 2020. Bella doesn't cost monthly or overdraft, or ATM charges. At present, Bella also covers fees that are charged by non-network ATM operators. There's also a zero-fee savings account, though it has a low interest rate, as well as an alternative "karma account," which can be used as a reserve to help pay for smaller purchases made by customers or to be a recipient of another's generosity through a karma account.

Check out our list of the

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Cheese

Started in March 2021, Cheese is a digital bank that tailors its platform to the immigrants as well as Asian American communities by offering up to 10% cash back at 10,000 businesses, including restaurants and Asian-owned businesses. Support for customers is offered in English and Chinese as well as other languages coming soon. Accounts are able to earn interest and do not have monthly fees or ATM fees in the national MoneyPass ATM network.

Find out more about

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Investor-friendly

Acorns

The microinvesting app Acorns its main product is their automated investing service for investors who don't have hands, it expanded into banking in the year 2018 with Acorns Checking. The account includes a debit card and limited rewards program, and is available only as a bundle that includes an investment account that is tax deductible as well as an individual retirement account all for $3 per month (or $5 for a family version). Customers are able to opt into an "round-up" feature in which each purchase is rounded up by an amount, and the change is then invested. The rewards program allows customers to receive an amount or a tiny percentage returned from purchases at more than 300 businesses, and it can also be invested.

Read Acorns review:

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Aspiration

Aspiration is an online brokerage firm with the cash management account called Spend & Save, that is an hybrid savings and checking account. There are two versions of this account. The standard Spend & Save account has the potential to earn up to 3.00% APY on savings, as high as 5% cash back and an optional monthly fee which customers pay as they think is fair from beginning at $0 and up. The more expensive Aspiration Plus plan has an annual fee of almost $72 and as high as 10% cashback as well as up to 5.00 percent APR. There are two accounts available also, which allows you to invest in sustainable business practices and social causes. As an accredited B Corp company, Aspiration is committed to being a socially responsible and environmentally conscious business that gives customers customized sustainability scores in relation to the companies they make their purchases at.

Read the Aspiration review:

The Aspiration Spend and Save Accounts are cash management account that are available by Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and an affiliate to Aspiration Partners, Inc. ("Aspiration"). Aspiration isn't a bank."

The Aspiration Save Account's up to 5.00% Annual Percentage Yield ("APY") with up to 83x the national interest rate is subject to change and subject to change and is only available to those who are enrolled in Aspiration Plus after conditions are fulfilled. Customers not enrolled in Aspiration Plus get 3.00 percent APY once the conditions are met.

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Albert

Albert started in 2016 as a financial management app and later launched a customized banking service called Albert Cash at the end of August in 2021. The company has over six million customers. Albert Cash is a banking account that earns cash back , and comes with the following advantages including cash advances with no interest of up to $250 with integrated budgeting and saving tools, and annual savings bonuses that can reach 0.10 percent. For access to Albert's investing features you can get an interest rate of 0.25% and use the personalized support for customers, known as Genius There is a minimum monthly fee of $4. You need to possess an outside bank account to open an account with Albert.

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Traveler-friendly

Revolut

Since its launch in 2015, the UK-based Revolut provides attractive features to travelers from across the world who require an exchange rate that is competitive and a debit card that can spend in over 150 currencies. Customers can transfer funds internationally with other Revolut users, and withdraw as much as $300 monthly from ATMs at no cost, and get the interest from savings. That's all with the account that is free. For additional benefits, like medical insurance abroad, Revolut offers two accounts with monthly fees of between $10 and $17.

Read Revolut reviews: ||

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Wise

The U.K.-based money transfer company Wise which was previously called TransferWise, created a multicurrency account that rolled into U.S. customers in 2017. Although there's an initial $9 fee to use the card for debit, Wise doesn't charge monthly charges for account usage and can convert currencies at a fair exchange rate with a small upfront cost. Converting a balance of $1,000 U.S. dollars to euros is, for instance, around $4.20 or 0.42 percent that's less expensive than most bank foreign transactions fees between 1% and 3%. An account can have multiple balances, containing as many as 54 different currencies simultaneously, and converting may take only minutes.

Read Wise review:

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Freelancer-friendly

Oxygen

The account was launched in the early 2020s. Oxygen's digital bank account aims to help self-employed and freelance workers control their cash flow. Oxygen doesn't charge monthly, ACH or overdraft fees, but there are four pricing levels for the account, which range from zero to $200 per year. All levels provide benefits for travel, including lost luggage and hotel theft protection, and higher levels offer more benefits, including greater savings rates, cash back, and a variety of virtual cards. One unusual perk is the option to use the Oxygen app to incorporate, or legally establish a business in the future, and later .

Read Oxygen review:

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Lili

It was introduced in the year 2019. Lili is a free mobile bank account designed specifically with freelancers and contractors in mind. With Lili you can classify your expenses by simply tapping left for "life," or personal or personal, and the right side to indicate "work," or business. Lili also includes tools that assist freelancers to save money to pay taxes and also an emergency fund. Plus, if you use Lili's account to transfer your earnings from websites and payment apps, you'll be able to receive your funds for up to 2 days prior. This last feature is common with a lot of Neobanks.

Read Lili review:

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Neobanks coming soon

Be on the lookout for the debuts of these four Neobanks in the near future.

Daylight was formerly known as Be Money, Daylight plans to introduce the first mobile bank account focusing on the LGBT+ community with features including access to financial coaches and accounts under a user's preferred name, not their legal name.

Greenwood Digital: The black-owned banking firm has already half a million people on its waitlist for savings and spending accounts that are geared towards reinvesting their wealth into Black and Latinx communities. (See our list of forthcoming and active .)

First Boulevard: The black-owned banking platform is focused on low-cost banking, with cash back at Black-owned businesses, combined with short videos on financial education. Its aim is to create generational wealth to Black Americans.

Purple: Purple plans to provide mobile banking designed for the disability community with the option of a checking account as well as an account for savings that is tax-advantaged called ABLE accounts. These accounts allow people with disabilities save money, without the loss of any government benefits. Also, there will be the debit card that donates a portion of Purple's revenue towards Special Olympics. Special Olympics.

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(image: https://live.staticflickr.com/7836/31787196377_cd1ec35b3d.jpg)From credit monitoring tools to travel perks Modern checking accounts provide more than the traditional ones. Before you open one, verify whether the fintech firm is a bank, or is in partnership with a bank, and determine which features will best suit your needs in the financial realm.

About the author: Spencer Tierney is a writer and NerdWallet's official authority for certificates of deposit. The work of Spencer Tierney has been featured by USA Today and the Los Angeles Times.

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Five Things You Should Learn About Varo Credit Card Varo Credit Card

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able make financial decisions without hesitation. While our website doesn't feature every company or financial product available on the market however, we're confident of the advice we offer as well as the advice we provide as well as the tools we design are impartial, independent, straightforward -- and completely free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and the way they appear on our site) however it in no way affects our suggestions or recommendations that are based on many hours of research. Our partners are not able to promise us favorable ratings of their goods or services. .

5 Things You Need to Learn About Varo Credit Card Varo Credit Card

It encourages responsible use of credit and also keeps the penalties light should you make a mistake up -- which is very difficult to do.

By Jae Bratton Credit cards Jae Bratton is a writer for the credit cards department at NerdWallet. She holds a bachelor's degree in English from Wake Forest University and a master's degree in English from the University of North Carolina at Greensboro. Before writing for NerdWallet, Jae spent 13 years teaching English in addition to journalism. Her writing has been published in newspapers, blogs and an academic journal. Jae is based in North Carolina.

Updated Feb 10, 2023, 10:19 AM PST

Edited by Kenley Young Credit scores, credit cards Kenley Young is the director of daily credit card coverage for NerdWallet. Before that, he was an editor of the homepage and digital content producer at Fox Sports, and before being a front-page editor at Yahoo. He has years of experience in both digital and print media. This includes stints as an editor at the copy desk as well as a wire editor as well as an editor of the metro of McClatchy. McClatchy newspaper chain.

(image: https://freestocks.org/fs/wp-content/uploads/2016/07/happy_birthday-1024x683.jpg)A majority of the items featured on this page come from our partners, who pay us. This impacts the types of products we feature and the location and manner in which the product is displayed on the page. However, this does not affect our assessments. Our opinions are entirely our own. Here is a list of and .

More Like This

Varo Believe Secured Credit Card Varo Believe Secured Credit Card is issued by the internet-based bank Varo, shares many similarities to other cards designed for those who wish to rebuild or improve their credit. The closest cousin could be the . It's a similar card that is also targeted at beginners -- the Varo credit card doesn't have an annual percentage or APR, and has no annual fee , or minimum security deposit, It also does not perform a hard credit check when you apply for. The features you get with the Varo credit card can save you money as well as keep you from losing points on your credit score, which often happens after an .

It is the Varo Believe Secured Credit Card is designed to prevent overspending , late or missed payments, and it's even possible to earn rewards. However, the security measures included in the card might feel restrictive and even too much for certain.

There are 5 things you should be aware of about the Varo credit card.

>> MORE:

1. You'll need an Varo bank account to get the Varo credit card

There's no fee for setting an account with a Varo bank account, but it's still a hoop you'll have to leap through. There's no security deposit required to be used for this Varo credit card, you're only eligible to be approved when you have a Varo account has received direct deposits of at least $500 in the last 90 days. The deposits of an employer or from the government count; transfers from peer-to peer apps such as Venmo do not.

If the Varo bank account meets these conditions, you'll then get invited to submit an application for Varo Believe Secured Credit Card within the Varo Bank application.

>> MORE:

2. You can set the credit limits you want to set up to a point

In order to use this Varo Believe Secured Credit Card, you'll have to transfer money to the Varo bank account to your Varo Believe secured account, which can only be done in your Varo app. The balance in the secured account becomes your credit limit.

However, unlike a conventional credit card however, Varo isn't like a traditional credit card. Varo credit card has spending caps. You'll be limited to $2500 per day for purchases, and $1,000 per day for , and the total of cash advances and purchases cannot exceed $10,000 per billing cycle.

One major purchase, like a new furniture, can cause you to go over your budget and require you to choose a different payment method if you had to buy something else that same day.

3. The process of making credit card payments is practically impossible to falsify.

The balance in your Varo Believe secured account is your credit limit, however it's also the source of funds for credit card transactions. To ensure you'll be able to cover your monthly expenses in full, Varo automatically deducts the amount of any credit card transaction from the available balance in the account secured. It's therefore impossible to spend more than you can afford with the Varo credit card. Varo also blocks your card if you miss an installment and will not allow access until the balance is paid off.

To ensure prompt payment, Varo offers a "SafePay" option. When SafePay disabled, the balances will be automatically paid in full by the close of the billing cycle.

It is important to note that the Varo credit card reports to the three main U.S. credit bureaus. Therefore, these procedures will definitely benefit cardholders who are building or repairing a credit history as they reward the payment of the credit card balance and . But, this hand-holding feature is usually not available with traditional credit cards with no security. If you decide to switch from Varo Believe Secured Credit Card to a traditional card, be aware that you'll likely have to be more careful about paying off the monthly bills. (The secured card offers the only card that Varo offers, so there's no upgrade option within the portfolio.)

>> MORE:

4. The APR is 0%.

Even if you don't make an installment on your credit card it won't cause your balance to grow due to interest because the APR of the Varo Believe Secured Credit Card is 0%. That's an incredibly rare, possibly money-saving benefit and one of the highlights that this credit card offers.

But again, it's not the way traditional credit cards operate. When you're ready to take an upgrade from the Varo credit card, be sure to know the credit card's annual percentage rate.

>> MORE:

5. Cash back can be earned on certain purchases

The Varo Believe Secured Credit Card earns the cashback in two different ways: online offers and offers linked to cards. Online offers from Varo -- similar to the traditional credit card -- award cash back from purchases at retailers that are accessed via the Varo application or via an email that is a promotion from Varo.

Or you could make use of a card-linked deal for cash-back, that functions as coupons. Card-linked offers need to be activated prior to activation and the purchase has to be made with your Varo credit card to qualify for the discount.

Cash back is deposited automatically into your Varo bank account once you've earned more than $5. Cash-back rewards with Varo Believe Credit Card Varo Believe Credit Card are capped at $50 per month, whereas other secured credit cards provide unlimited cash back , and typically do not require you to shop through a specific portal or sign up for specific promotions.

>> MORE:

The artwork on the card is from Varo.

The Chime Credit Builder Visa(r) Credit Card is issued by Stride Bank, N.A., Member FDIC in accordance with a license from Visa U.S.A. Inc. It is able to be used anywhere Visa credit card are accepted.

About the writer: Jae Bratton is a writer for the credit cards team at NerdWallet. Her writing has appeared in newspapers, blogs as well as an academic publication.

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How to spot debt collection Scams

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. Although our website does not feature every company or financial product available on the market, we're proud that the advice we provide as well as the advice we provide and the tools we develop are independent, objective easy to use and completely free. How do we earn money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on the site) However, it in no way affects our recommendations or advice that are based on many hours of research. Our partners do not pay us to guarantee favorable review of their services or products. .

How to Spot Scams in Debt Collection

Be aware of scams, protect your information , and inform authorities in the event that you encounter frauds to collect debt.

Written by Sean Pyles Senior Writer | Personal finance, debt Sean Pyles leads podcasting at NerdWallet as the host and producer of the NerdWallet's "Smart Money" podcast. The show "Smart Money," Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a focus on thoughtful and practical advice on money, Sean provides real-world guidance to help people improve their financial lives. Beyond answering listeners' money questions on "Smart Money," Sean also interviews guests outside of NerdWallet and produces special segments on topics like the racial inequality gap as well as how to get started investing, and the history of student loans.

Before Sean lead podcasting at NerdWallet He also covered issues related to consumer debt. His writings have appeared in USA Today, The New York Times as well as other publications. When when he's not writing about personal finances, Sean can be found working in the garden, taking runs , and taking his dog for long walks. Sean is located within Ocean Shores, Washington.

Last updated Aug 5, 2021 at 2:48 PM PDT.

Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Her previous experience includes writing copy as well as news editing at many Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in mass communication and journalism from Iowa's University of Iowa.

A majority of the products we feature come from our partners, who pay us. This influences which products we write about as well as the place and way the product is featured on the page. But, it doesn't influence our opinions. Our views are our own. Here is a list of and .

If you're getting threatening phone calls about the payment of a debt even if that you know about, you could be the target of a debt collection scam.

Here are some key steps to recognize and protect yourself from fraudulent .

Red flags of debt collection scams

You could be receiving an unwanted call from a debt collector if the caller doesn't know the debt you are supposed to have to pay or if the person calling you:

Can't or won't provide detailed details about the debt as well as the origin creditor.

They won't divulge any information on the organization that the person claims to represent, such as name or address as well as phone number.

Utilizes aggressive tactics to force you into immediate payment.

Makes a request for payment via phone.

Requests sensitive information, such as information about your bank account, your Social Security number, or your debit or credit card numbers.

>> MORE:

Common scams

It's not difficult to identify an ad-hoc scam where people attempt to collect the debt that you do not recognize or know you don't have. Fake debt collectors have many ways of getting your information, and they hope to convince you into a fast payment by making a cold phone call.

Other scams can be more difficult to identify, for instance, scammers who attempt to recover a debt you due. Scammers may look into your credit report in order to discover the people you owe money to such as, for instance they may then make calls pretending to represent these creditors.

Afraid of being arrested and abusive language are telltale signs of a fraudster According to the . It is not possible to be arrested on a debt and it's not a good idea to mislead people regarding the consequences of not paying off a debt. The legitimate debt collectors take their time in this field.

Another red flag: anyone claiming to represent the Internal Revenue Service and seeking immediate payment. The tax collection agency of the government does not require you to make payment over the phone or ask for a debit or credit card number. Both of those are signs of . Be aware, however, that the IRS in 2017 will be announcing tax refunds.

For any debt, ask for confirmation letters -an official document that describes the specifics of the debt -- prior to doing anything.

What to do

Think before you act when . Take these steps if you believe that a caller is trying to make money from you.

Get information

Start by gathering information about the debt collector as well as the debt. Request a confirmation letter. True debt collectors will provide this information as soon as possible without question. Any hesitation might be a sign of a scammer.

If you get a call, ask for his or her name and address, along with the name of their employer and phone number and street address. If the person calling you won't provide the information requested, it's an indicator of trouble.

Protect your personal information

However a debt collector might ask for information, you should not divulge or provide information about you bank account, credit or debit card numbers, or Social Security number. This could put you at risk of identity theft, or allow a scammer pull money from your account.

Contact the creditor who originally made the offer.

If you think a scam debt collector has reached you regarding payment for an outstanding debt, ask the original creditor whether it has sold your debt and for the contact information for the collection agency that manages the debt.

Ignore the calls

Ignoring repeated phone calls is one of the best ways to get the scammer off your shoulders. Do not hesitate to call back in the event of threats or harassment or calls, and avoid answering callbacks. Since scammers are looking to make quick money from a simple target, they're not likely to stay with you long before moving on.

If you're dealing with a legitimate debt collection agency You'll have to devise a strategy to .

File a complaint

Don't hesitate to file a complaint with the state or your state if you think that a debt collector who is scammed has reached out to you. Collect all the information you can and include the information with your official complaint.

The author's bio: Sean Pyles is the executive producer and host of NerdWallet's Smart Money podcast. His writing has appeared in The New York Times, USA Today and elsewhere.

In a similar vein...

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Prepaid Debit Cards Are Popular However, they have their own drawbacks.

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make sound financial decisions without hesitation. While our website does not feature every business or financial product on the market We're pleased of the advice we offer, the information we provide and the tools we create are independent, objective, straightforward -- and cost-free. How do we earn money? Our partners pay us. This may influence which products we write about (and where those products appear on our site), but it does not affect our suggestions or recommendations, which are grounded in hundreds of hours of research. Our partners are not able to be paid to ensure positive reviews of their products or services. .

Prepaid Debit Cards Are Popular But they do have some drawbacks

By Spencer Tierney Senior Writer | Certificates of deposit and ethical banking, as well as banking deposits Spencer Tierney is a consumer banker at NerdWallet. He has covered finances for individuals since the year 2013 with a focus on certificates of deposit and other banking-related issues. He has had his work featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.

Updated August 10, 2016.

The majority or all of the products we feature are provided by our partners, who pay us. This influences which products we write about as well as the place and way the product is featured on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list and .

Walk into an convenience store such as 7-Eleven or CVS Pharmacy and you're likely to find a few pre-paid debit cards hung on a rack.

And these payment cards, employed for budgeting and as substitutes for checking accounts have become more popular. The number of purchases on cards issued by the largest prepaid issuers increased 15.7 percent in 2014 with the previous year, according to The Nilson Report, which analyzes payment industry data.

>> MORE:

Despite their popularity however, prepaid debit cards do have their share of problems. The last year both experienced technical glitches that resulted in cardholders being shut from their account for up to a week. At that point, any funds on these cards, including income that had been directly transferred onto them was inaccessible. However, even in the absence of extreme circumstances, prepaid debit cards have several downsides.

Frequent fees

Prepaid debit cards usually charge fees for features you would normally get in a checking account like free ATM use, customer support, and online and mobile services. In contrast to checking accounts, the majority of prepaid cards don't provide ways to waive their monthly charges.

>> MORE:

Janice Elliot-Howard, an author from Atlanta, originally got a prepaid card that cost her a small fee every time she bought something. After she realized how much it was costing her, she quickly canceled it and bought one that doesn't have transaction charges.

It isn't possible to avoid the cost of all fees, but.

"The downside is the ATM charge [for cash withdrawals], but I don't do it often," she says.

One saving grace for many credit cards that are prepaid is the fact that they do not allow overdrafts, or charge fees for overdrafts. With a checking account you could be charged around $30 or $35 if you spend more than the amount you have within your accounts. But a prepaid card's frequent fees for transactions or ATM withdrawals can still increase.

Card details aren't always clear

Elizabeth Avery bought a prepaid debit card in a drugstore to travel overseas but later realized that the card was not able to be used in foreign countries.

"I find that the small prints are where I'm noticing the problems," says Avery, creator of the travel website Solo Trekker 4 U and an investment banker for private equity working in Washington, D.C. She was planning to use the card at ATMs in the international market to withdraw cash, but found no mention of the card's outside packaging that it was only for domestic use.

And that's not the only information that's missing.

"The disclosures for prepaid cards that are sold in retail don't require that all the fees need to be mentioned on the packaging outside," says Thaddeus King who is the head of the consumer banking project in the Pew Charitable Trusts in Washington, D.C.

The protections aren't there yet

The debit card you use to pay for purchases, like debit and credit cards are part of payment networks such as Visa as well as MasterCard. As a result, you can get protection against fraud on card purchases , but not the greater protections you receive with the protections you get with a bank account.

"When it comes to payment of bills as well as ATM transactions, they cannot be done through those networks, such as the Visa and MasterCard network," King says.

Other payment networks offer similar exclusions. In these transactions, King says you have to depend on the disclosures provided by your card, which may not include security features that are different from those for purchases.

Prepaid debit cards are also not legally required to have insurance from FDIC. Federal Deposit Insurance Corp. Also known as the FDIC, which is how customers can get their money back in the event that their bank or card issuer is insolvent. Although many prepaid issuers offer insurance on a voluntary basis however, their agreements with cardholders might stipulate that their conditions can be changed at any time.

Checking accounts, in contrast should have greater fraud protection because it includes the electronic transactions as well as ATM transactions. They must also be insured by the FDIC.

The good news for those who have prepaid debit cards may be in the works. The Consumer Financial Protection Bureau plans to release its plans later this year, which would increase protection against fraud on these cards in line with those that cover debit and checking accounts.

"Prepaid debit card holders deserve the same protections afforded debit card users," says Christina Tetreault who is a legal counsel at the staff of Consumers Union in San Francisco.

The author's bio: Spencer Tierney is a writer, and NerdWallet's expert on deposit certificates. His work has been featured by USA Today and the Los Angeles Times.

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3 Ways that Minority-owned Banks Can Make a Difference in America

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. Although our site does not include every company or financial product available in the marketplace however, we're confident of the advice we provide and the information we offer as well as the tools we design are impartial, independent easy to use and free. How do we make money? Our partners pay us. This can influence the products we write about (and the places they are featured on our website), but it does not affect our advice or suggestions that are based on hundreds of hours of study. Our partners do not pay us to guarantee favorable reviews of their products or services. .

3 Ways Minority-owned banks make a difference in America

By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer writer for banking at NerdWallet. He has written about the personal financial sector since with a focus on certificates of deposit as well as other banking-related issues. The work he has written for him was highlighted by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.

Updated Dec 11, 2020

Edited by Carolyn Kimball Assisting Editor - Banking Los Angeles Times, San Jose Mercury News Carolyn has worked in newsrooms around the country as a reporter and editor. Her passions are personal finances, science-fiction fiction novels and groovy Broadway musicals.

A majority of the items featured on this page come from our partners who pay us. This impacts the types of products we write about as well as the place and way the product appears on the page. However, this doesn't affect our opinions. Our opinions are our own. Here's a list of and .

A particular type of bank has an a significant role in generating greater economic opportunities for people of ethnicity.

From a Black leadership perspective A banks is not just "a space where you can drop off a deposit or obtain a loan," says Kevin Cohee, president and CEO of OneUnited Bank, one of the largest Black-owned banks across the U.S. "That's just the beginning."

OneUnited Bank's initial loan within the Paycheck Protection Program, part of the federal response to the COVID-19 disease, "was to a single mother of seven who drove for Uber," Cohee says.

Minority-owned banks, also known as government agencies call minority depository institutions, have to include the largest number of stockholders, or members of their board of directors comprise people of color. This differs from the predominantly white board of directors in the largest U.S. banks.

Minority-owned banks open doors to economic opportunity. Let's review of three ways that they can make an impact, and how is your role to help.

>> WHERE TO FIND ONE:

1. Closing the gap for those who aren't banked

Savings and checking accounts are two common entry points for building relationships with banks However, about 7 million Americans don't have them. There's also the trend of a decline across racial as well as ethnic lines.

About 16% from Native American households, 14 percent of Black households and 12% of white Hispanic households do not have bank accounts, compared to 2.5% for white families, according to the 2019 Federal Deposit Insurance Corp. study of those who aren't banked.

Minority banks can help bridge this gap by serving greater numbers of people with low- or moderate-income areas compared to other banks, according to the 2019 FDIC review of minority-owned depository institutions or MDIs. For example, most of the people that is served by a typical black-owned bank of 62% are African American, compared to 6% for metro-area banks that are not MDIs, according to the report.

Furthermore, banking deserts, or areas in the United States where you must go miles to find banks, have historically been a problem for certain racial and ethnic groups, like Native Americans living on reservations.

"We collaborate with those who are usually out of bank systems], and they are long-term customers" claims T.W. Shannon the director of Chickasaw Community Bank, one of 17 Native American-owned banks.

2. Boosting wealth with home loans

Homeownership is one of the biggest contributors to the wealth of many, but it's primarily for white Americans. Asian or Black borrowers made up about 6 and 7 percent from U.S. home purchases, as opposed to 60% of non-Hispanic white borrowers in a mortgage market report from the Consumer Finance Protection Bureau. Native Americans accounted for less than 0.8% of home purchases.

Minority-owned banks give larger home mortgages as well as small business loans to people of color than banks from other regions do, according to the FDIC report.

For Chickasaw Community Bank, that involves making home loans specifically for Native Americans. The bank has lease-to-own plans like lease-to-own, for instance, in where a tribe is the lender and borrows money from the bank while a tribal member follows an affordable payment plan and improves their credit. Eventually, the member owns their own home.

"For our own tribe that is the Chickasaw Nation, these are houses for people who faced credit issues in the past but now have a good stable income [yet still] might not qualify in various loan programmes," Shannon says. "That's an area that the too-big-to-fail [national] banks aren't spending too much time on."

3. Responding to business community needs during a time of crisis

Small-business loans are another priority for minority banks, and funding has gotten more dire in the course of the COVID-19 pandemic. Minority banks have made more than 123,000 Paycheck Protection Program loans for a total of $10.3 billion through August 2020, according to figures from the Small Business Administration.

"We took on the small, hard loans rather than the more straightforward loans (to large corporations), and we did it not to make money but to help the people," Cohee says.

Many minority banks are community banks, which is what FDIC defines as those that concentrate upon traditional loans and core bank accounts and have a limited geographical scope depending on the their location. Community banks have more than stepped up their weight this year. While they account for only 15% of all bank loans they outperformed other banks when it came to giving 30 percent of PPP loans according to a report from the 2020 FDIC quarterly report, which ended in June. And these loans aid in protecting jobs.

"We saved more than 1,000 Oklahoma jobs with this initiative," Shannon says of Chickasaw Community Bank. "One thousand jobs doesn't seem like much but in Oklahoma, that's a big deal."

He says, "We were oftentimes calling the borrower to verify that they knew these options for deferment assistance and programs were available. We were there for them, even though they weren't aware that we were."

What you can do to assist the banks of minorities

Minority-owned banks have a direct impact on the lives of many people in communities that aren't well-served, yet they are only 150, or about 3%, from the 5100 banking institutions in the U.S. Plus, they aren't enough to address the systemic problems within the U.S. such as the disparity in wealth between races that is where the average white family is eight times the wealth of the typical Black family, according to a 2019 Federal Reserve survey.

To support minority banks You can invest a portion of your savings in one. ( ) A key part of the business model of banks is to make use of money that sits in checking and savings accounts to make loans to small-scale businesses as well as homeowners. Certain companies, like Netflix for instance, have begun supporting Black banks.

Beyond banks, think about investing in companies focused on making a social impact and other .

In paraphrasing Eleanor Roosevelt, Cohee says, "We're all better off when we're all better off."

The author's bio: Spencer Tierney is a writer and NerdWallet's authority for certificates of deposit. The work of Spencer Tierney has been highlighted by USA Today and the Los Angeles Times.

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Can you refinance a vehicle into someone else's name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and original content. We also allow you to conduct research and compare information for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as, for example, the sequence in which they appear in the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other products for home loans. But this compensation does not influence the content we publish or the reviews that appear on this website. We do not include the entire universe of businesses or financial deals that could be open to you.

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3 minutes read Read Published the 06th of February, 2023.

Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely using loans to buy a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing concise, well-researched and well-sourced information that dissects complex subjects into digestible pieces.

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If you've discovered that your car's payments are high , you may feel inclined to get rid of the loan completely and instead have someone else assume the responsibility. This isn't an easy task and can't be accomplished by merely the vehicle that has an owner who is different from yourself. Instead, consider other routes to dispose of the vehicle. Key takeaway

It is technically possible to refinance a car into the name of someone else, but it is a multi-step process which involves refinancing twice. It might not work. Selling the vehicle is usually a better option.

How to transfer a car loan to someone else In order to transfer a car loan to someone else, you need to transfer the vehicle itself, which is legally thought of as selling the car. Here are two options to transfer ownership to someone else. Sell the vehicle If you are looking to transfer ownership of your vehicle but haven't yet completed the repayment of your loan, you have a lien on the vehicle. This means that the lender has a legal right over the vehicle until it is paid off or transferred to someone else. In this situation the simplest way to transfer it is through a dealership, but you may also sell it privately. If you sell privately, prepare to the vehicle title yourself. Bankrate insight

Selling the car is the best option when you want to transfer the car loan to someone else.

Refinance the vehicle two times If you plan on refinancing the vehicle under the name of someone else then you must take two steps. First, refinance the vehicle using an . Refinance it again to remove yourself from the loan. In the beginning, you must apply for the loan together with your co-borrower, and sign off with new equal responsibility. Next, you will refinance the loan yet again and this time you'll eliminate your name from the loan. Be aware that this may not be successful and is not recommended. Be aware that lenders have set their own rules . If the loan isn't a long time in the making, the lender is likely to not be able to approve this step. Also note that while there's no limit to the number of times you can do it, repeating the process in rapid in a row could damage your score on credit. You'll also pay loan origination and transfer fees. Other methods to save on your auto loan Here are some more feasible alternatives to cut costs on the current loan or sell your car. Request a modification To discuss the possibility, you'll have to speak to your existing lender. Typically, modifications are offered as an option to benefit both the borrower as well as the lender. The borrower will still have access to the vehicle, and the lender doesn't have to cover the cost of repossessing the vehicle. Take note of your financial situation and prepare to present arguments for why your loan should be changed. It's not enough to state that you'll need it to be adjusted. You'll have to prove that you can keep paying your bills after the adjustments are made. Trade in your car If your issue is due to the ability to afford your current loan repayment and refinancing is no option for you, this could be a good opinion. If you're able to find a more affordable car that meets your requirements and costs the same or less than what you're paying now, you'll be able get rid of the current loan and drive away with lower monthly costs. Refinance your loan on your own. Refinancing on your own is wise if you intend to keep your current vehicle while . After considering the current loan and what you are able to be able to afford, it's best to apply for loan prequalification, and then shop for various options. Credit unions, banks, and online lenders are all available when you're ready to begin . Next steps It's not simple to refinance your car in the name of another person -- and in certain cases, it isn't even possible. If you're thinking of selling your car and loan to someone else, they must undergo the typical purchasing and financing procedure. The other alternative is to refinance your auto loan twice, allowing your new owner's loan and to remove yourself. You can also modify your loan when you decide to keep the vehicle.

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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely borrowing money to purchase the car they want.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances through providing precise, well-studied information that breaks down complex topics into manageable bites.

Auto loans editor

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Cash Advances Are Still a Pain, but A Card Loan with a Credit Card Loan? Maybe Less So

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Cash Advances are still a pain But a credit Card Loan? Maybe Not So

Alternatives to borrow to your credit limit -- - if your card has the option to do so -- could be less expensive than using your credit card in an ATM for quick cash.

Written by Sara Rathner Senior Writer/Spokesperson | Travel rewards, credit cards credit cards, debt repayment Sara Rathner is a NerdWallet expert on credit and travel cards. She has appeared in the "Today" show, as well as CNBC's "Nightly Business Report," she has also been quoted by The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Prior to joining NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She also worked as a freelance personal finance writer and paraplanner and has an associate's education in Journalism at Northwestern University.

Updated Feb 7, 2023 at 6:43 AM PST.

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When you lack the money on the bank account to deal with an unexpected cost A cash advance is one option to get quick access to required funds, however there are some major downsides. You'll be responsible on cash-advance and ATM fees, along with interest that will begin accruing the moment you get the money.

And about that interest: According to data from the Federal Reserve of St. Louis, average APRs among credit cards with interest rates reached 20.4 percent in November 2022. That's pretty high already and, in many instances interest rates specifically in cash-based advances can be even higher than that.

That is to say, that cash advance is going to cost you.

But, you could have more affordable alternatives, thanks to credit card loan programs that let you borrow against your card's existing credit limit -- which is basically what you get when you request a traditional cash advance. However, unlike cash advances the newer loan programs offer a number of advantages:

A fixed interest rate for the life of the loan.

A separate loan application or credit check is required.

In many cases, there are no charges that go beyond interest payments (or any potential late payments).

A transparent procedure that allows you to see what options you'd be qualified for and what the monthly price of each option would be.

New ways to use credit to repay your loan

In the world of major lenders among major lenders, both Chase and Citi provide these kinds of loans to qualifying cardholders. You can determine if you'd potentially be eligible for by logging in to your account online, or using one of the Chase or Citi applications.

My Chase Loan

The card allows you to take out a minimum of 500 dollars. You'll have the option of a variety of payment plans with varying terms -- for example, you might have the option of choosing an option like a six-month plan or a 12-month plan, potentially with a lower APR (think one digits) than your card's ongoing adjustable rate of purchase. (Your rate and conditions depend the creditworthiness of your.) You'll also see what your monthly payment will be with every loan option. Your loan amount will add to the credit card's minimum payment each month until you've paid it off. There's no penalty if you opt to pay the loan in advance. The terms apply.

Citi Flex Loan

A is similar to borrowing at least $500 with a fixed APR for a specified period of time. You'll be able choose from loans with different amounts and lengths, and know what your monthly payments will be based on the terms you select. The payment will be made with your minimum monthly credit card bill each month. The terms and conditions apply.

Beyond the loan programs offered by major players, you may have alternative options. For instance, hybrid products from a startup called Upgrade can be used for purchases just like you would do with a traditional credit card, but the bill is paid in fixed installments at the same rate similar to a personal loan. You can also use your credit limit to borrow by asking for cash to be deposited in your account. The terms and APRs vary but it can be cheaper than cash advances.

Possible drawbacks

Both of these loan programs allow the ability to access money quickly for a lower cost than a cash advance however, there are disadvantages to both:

You don't get cash in hand immediately. With My Chase Loan, the money you borrow could take between one and two business days to be directly deposited in your checking account. Citi Flex Loans can also be made available as a direct deposit which can be as quick as a working day or a check that is mailed, which takes however long the postage will take.

Rates of interest may not be competitive with personal loans. Depending on what you qualify for, you might be eligible for lower interest rates on other types of loans (though for personal loan, you do need to make an application and pass the credit screening). If you've got a bit more time to research, it could be worth seeing how else you can secure the cash you require.

There's no way to avoid paying interest. If you require money to pay to pay for future purchases There are other payment options charging no interest, but you could be charged a fee.

Options to think about

If you've got big purchases coming up There are options to use credit cards to defer the interest payment or to split payments:

A similar plan that you can get through the credit card you use -- like My Chase Plan or Citi Flex Pay -- allows you to break up a larger amount into monthly installments that will be added to your credit card bill. With Chase the plan, you'll pay an annual fee that is fixed, while with Citi's plan you'll be charged interest. Numerous other major issuers provide some version of these plans. But whether you opt into an installment plan through your credit card, or the purchase now from a third-party pay later option, be sure to take care. A report released in September 2022 by the Consumer Financial Protection Bureau identifies costly risks associated with these plans, including the likelihood of spending more, as well as the risk of being unable to pay for your the payments if you pile on several loans at once.

A credit card that has a 0% interest promotion for new purchases could give you up to a year, according to the card, to settle the balance on a debt-free basis. Be aware that if you are still in debt when the promotion expires, you'll begin to be charged the card's usual interest rate.

Author bios: Sara Rathner is a NerdWallet credit and travel expert. She has been featured in the "Today" talk show as well as Nasdaq along with CNBC's "Nightly Business Report."

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