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Ask a Nerd: What are the Signs I need a New Bank?

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able make financial decisions without hesitation. And while our site doesn't contain every company or financial product that is available, we're proud of the guidance we offer as well as the advice we provide and the tools we create are objective, independent easy to use and free. So how do we earn money? Our partners compensate us. This may influence which products we write about (and where those products appear on the site) However, it doesn't affect our advice or suggestions which are based on thousands of hours of study. Our partners do not pay us to guarantee favorable ratings of their goods or services. .

Ask an expert: What are the Signs I need an Authentic Bank?

A few key signs can let you know that it's time for you to open an account with a different bank account elsewhere.

by Ruth Sarreal Content Management Specialist Banking accounts and bank account bonuses Ruth Sarreal is a specialist in content management covering consumer banking topics at NerdWallet. She has more than a decade of experience writing and editing for consumer websites. She was previously editor of content on personal finance topics for GOBankingRates. She has had her work featured on Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated on Jan 26, 2023

Written by Yuliya Goldshteyn, Assistant Assigning editor Yuliya Goldshteyn works as a banking editor for NerdWallet. She was previously an editor, a writer and a research analyst in industries ranging from medical care as well as market research. She graduated with a bachelor's degree in history from the University of California, Berkeley and a master's of social science from the University of Chicago, with an emphasis on Soviet cultural history. She lives in Portland, Oregon.

A majority of the products we feature are from our partners who pay us. This impacts the types of products we review as well as the place and way the product is featured on a page. But, it doesn't affect our opinions. Our views are our own. Here's a list and .

Discover savings accounts that best match your financial needs

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My top emails in the past couple of months were the ones from my bank notifying me that my savings annual percentage yield has increased and that the overdraft fee has been cancelled. If you haven't gotten either of those lately, then you might want to create a new bank account with a different bank.

It's not necessary to leave your existing bank if it's beneficial to you. Being a bank nerd and a consumer in general, I find it helpful to have accounts with several different institutions: an old-fashioned bank, a credit union and one that is online.

Every account I have gives me something the other accounts do not. A traditional bank has products or services I can't get at my online bank however, my online bank pays much higher interest rates. Therefore, combining institutions can help you keep -- and make- more money.

Here are a few clear indications that you may require a change in lender, or, at a minimum .

You're paying unnecessary fees

The once uncommon phenomenon -an account that has no fees bank account with few fees has become more frequent. "There's just too much competition in both the neobanking industry and traditional banking to have to pay any charges, particularly fees for overdrafts or other fees to get the money," says Ramona Ortega, co-founder of My Money My Future, which is focused on closing the wealth gap, and provides high-quality financial advice.

There are plenty of free accounts with no hoops to jump through to avoid paying a monthly fee. There are many more , which means you should not be paying for the fees.

The APY on your savings hasn't risen in recent months

Even if you haven't been able to increase your savings contribution in the last few times (thanks, ), you should be seeing a little more money being added to your account. We've seen this in the last year as the Fed raises rates of the Federal Funds Rate, banks usually also raise their rates. If you're bank account hasn't increased your savings rate in the past year, that's an indicator of red (and an opportunity to change banks).

The average savings rate for the nation has increased from 0.06 percent at the start of 2022. The rate has now increased to 0.33% [0] Federal Deposit Insurance Corporation . . Accessed on Aug 30, 2022.

as of January 2023, according to as of January 2023, according to the Federal Deposit Insurance Corp. However, the highest interest rates are now more than 10 times higher (that's approximately 3% or up).

>> Learn more Learn more: Find out

Saves CD Management Checking Money Market

Member FDIC

SoFi Checking and Savings

APR 4.00 Per cent SoFi Members with direct deposit get up to 4.00 percent per year in annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on their checking balances. No minimum amount for direct deposits needed to earn the 4.00 percent APY on savings. Direct deposit members will receive 1.20% APY on all accounts in savings and checking (including Vaults). The rates of interest are variable and subject to change at any point. These rates were last updated on 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 percent 3.75% APR (annual per cent yield) with no minimum balance to earn the stated APY. Accounts must have an open balance to stay open. APY valid as of 02/14/2023.

Min. balance required for APY $0

Member FDIC

CIT Bank Platinum Savings

APY 4.75%

Min. balance required for APY $5,000

These cash accounts combine services and features similar to checking, savings and/or investment accounts into one package. These accounts for managing cash 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 package. Cash management accounts are typically offered by non-bank financial establishments.

on the website of Wealthfront.

Wealthfront Cash Account

APY 4.30%

Min. balance to APY $1

on Betterment's website

Betterment Cash Reserve - Paid non-client promotion

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

Min. balance to APY $0

CDs (certificates of deposit) are a form of savings account that comes with an interest rate fixed and a term generally, and offer higher rates of interest than traditional savings accounts.

CDs (certificates of deposit) are a form of savings account with a fixed rate and term generally, and have higher interest rates than traditional savings accounts.

Member FDIC

Marcus is a Goldman Sachs High-Yield 10-Month CD

APY 5.05 percent 5.05 5 % APY (annual percent yield) as of 03/28/2023. Special Offer Ends 09/15/2023.

Term 10 months

CIT Bank No-Penalty CD

APY 4.80%

Term 11 months

Checking accounts can be used to deposit cash on a daily basis and for withdrawals.

Checking accounts can be used to deposit cash on a daily basis and for withdrawals.

The deposits are FDIC Insured

Current Account

APR N/A

Monthly fee of $0

Chime Checking Account

APR N/A

Monthly fee: $0

Member FDIC

Axos Bank(r) Rewards Checking

APY 3.30% The annual percentage yield could be up to 3.30 percent depending on the following combination rate-rewards Direct deposits (not including intra-bank transfers from another account) that total more than $1500 each month will earn 0.40%. A qualifying direct deposit is required to satisfy the remaining eligibility requirements for interest rates. Ten (10) point-of-sale transactions each month with your Rewards Checking Visa(r) Debit Card for ordinary purchases that have minimum $3 per transaction, or by enrolling in Account Aggregation/Personal Finance Manager (PFM) will earn 0.30 percent. Maintaining an average balance per day of at least $2,500 per month for an Axos Self-Directed Trading Invest account will earn 1.00%; maintaining an average daily balance of $2,500 a month within An Axos managed Portfolio Invest account will earn 1.00 percent; and making each month a payment towards an active Axos Consumer Bank loan (commercial or business loans excluded) via transfer from your Rewards Checking account earns the maximum amount of 0.60%.

Monthly fee of $0

The money market accounts have rates that are comparable to savings accounts, and come with some checking features.

The money market accounts have rates similar to savings accounts. They also have certain features for checking.

Member FDIC

Discover Bank Money Market Account

APY 3.50 percent

Min. balance to APY $1

The customer service of your bank isn't available enough

You should be able to get help easily for your banking issues, via an online customer support channel that you like using. Do you prefer to chat online, but your bank or credit union doesn't offer online assistance? Look for a bank that answers questions and provides timely help with social media. If the idea of tweeting the bank is something that makes you feel uncomfortable many financial institutions offer more and different options. I prefer live chat on the internet in-app messaging, or an instant phone call following work, so I make sure my bank offers the three options available, along with extended hours of customer service.

If you feel more comfortable speaking in a non-English dialect search for an institution like a credit union or bank with representatives who speak it. If you prefer speaking in Spanish such as look into a .

You'll need to get a loan

If your financial institution does not offer the loans you'll require at competitive rates, it's a great indication that you should think about opening an account at an institution like a credit union or bank that does.

Don't think you'll need a loan for a while? Do this now because it can be helpful to have an account that's in good standing with a financial institution a while if you'll eventually require a loan.

"You generally get a better rate when you have a banking relationship with this institution" Ortega says.

>> Need help deciding on a financial institution? Find out more.

A new bank account can take just some minutes, and the benefits can be huge: saved time, better earnings for your money, more accessible help -- and some security regarding your finances.

If you've noticed any of these signs and are ready to open a fresh bank account and/or move to an institution that can serve you better, find out .

Author bio Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited articles on personal financial issues for more than five years.

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How to build credit

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able make financial decisions with confidence. And while our site does not include every company or financial product that is available on the market We're pleased that the guidance we offer as well as the advice we provide and the tools we develop are impartial, independent easy to use and free. So how do we make money? Our partners pay us. This could influence which products we write about (and where those products appear on our website) However, it does not affect our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners are not able to be paid to ensure positive review of their services or products. .

How to build credit

Start by becoming an authorized user or by obtaining the credit builder loan as well as a secured credit card.

By Erin El Issa Senior Writer Personal finance, data analysis credit cards Erin El Issa writes data-driven research on personal financial matters, credit cards, investment, travel, banking as well as student loans. She is a fan of numbers and hopes to simplify data sets in order to help consumers improve the quality of their lives financially. Prior to becoming a Nerd at the beginning of 2014, Erin worked as a tax accountant and freelance personal financial writer. Erin's work has been mentioned by The New York Times, CNBC and on the "Today" programme, Forbes and elsewhere. In her spare time, Erin reads voraciously and is unable to keep up with her two children. Her home is in Ypsilanti, Michigan.

and Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's degree of journalism at Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet she was employed by daily newspapers, MSN Money and Credit.com. Her work has been featured in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and other publications. Twitter: @BeverlyOShea.

Updated February 2, 2023

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in positions such as copy desk chief and team leader for design and editing. Her previous experience included writing copy as well as news editing for many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communications and journalism from The University of Iowa.

The majority or all of the products we feature are provided by our partners, who pay us. This impacts the types of products we review as well as the place and way the product appears on a page. But, it doesn't influence our opinions. Our opinions are our own. Here's a list and .

The process of building credit can be difficult. If you don't have a credit score, it's difficult to get a loan or credit card, or maybe even an apartment.

How are you going to prove a track record of responsible repayment if nobody will grant credit in the first place?

Be aware of how your credit score is evaluated

See your free score and the factors that impact it, as well as insights into ways to continue building.

Several tools can help you :

If you're looking to get credit, you could begin with the secured credit card, or co-signed card. You can also ask to be an on another person's card.

If you are looking to build credit without a credit card, consider credit-builder loan or a secured loan or co-signed loan. There are other options to make use of rent, phone and utility payments to create credit. Some of these ways are free, others carry fees.

Here's a look at credit-building tools, and the best way to utilize these tools to earn .

Secure your credit card

If you're looking to improve your credit score by hand, you'll need to start with a . A secured card is backed by a cash deposit which you deposit in advance. The deposit amount is usually identical to the credit limit. The minimum and maximum amount you can put in is dependent on the card. Some cards require a minimum deposit of $200. Some companies , like Avant, Deserve and Petal are now offering cards that don't require an .

You'll be able to use the card as any other credit card: Buy items, pay within or before deadline, and pay charges if you do not make your payment in full. The deposit will be returned after you close your account.

NerdWallet frequently reviews and ranks options.

Secured credit cards don't have the intention to be used for a long time. The purpose of a secured card is to build credit so that you can qualify for an unsecured card -- one that doesn't require a deposit, and offers more benefits. Choose a secured card with a low annual fee and ensure it is reporting information about your transactions to all three bureaus , Equifax, Experian and TransUnion. Credit scores are constructed by the information you get from your credit reports. Cards that report to the three bureaus will allow you to build an extensive credit history.

From top to bottom

Purchase a credit-building product and a loan

A is precisely the word you're hearing -- its sole purpose is to help people build credit.

Typically the loan amount is kept in the hands of your lender in an account and is not released on your behalf until loan is paid back. It's a forced savings plan that is similar to a savings account, and your payments get reported to credit agencies. These loans are most often offered by credit unions and community banks; offers them online, as does .

offers a $500 line of credit that is intended to build credit.

Another option: If you have funds in deposit at a bank or credit union inquire for a secure loan for credit-building. With these, the collateral is the money you have in your account or certificate of deposit. The interest rate is typically slightly higher than the interest you're getting from the account, however it might be less than alternatives.

From top to bottom

Use a co-signer

You can also get a loan or an unsecured credit card with a co-signer. But be sure that both of you understand that the co-signer will be on the hook for the entire amount owed in the event that you fail to pay.

Return to the top

Become an authorized user

A family member or significant other person may want to add you as an on their card. In this way, the card's payment history to your credit files, so you'll want an authorized user with a a long history of paying promptly. Furthermore, being added to the list of authorized users may decrease the time needed to make an . This is especially beneficial for a to build credit.

You don't have to utilize or even have the credit card in any way in order to benefit from being an authorized user.

Ask the primary cardholder to find out whether the card issuer is able to report authorized user activities to credit bureaus. That activity generally is reported, but you'll want to be sure that it is reported, otherwise your efforts to build credit could be wasted.

You should come to an agreement about whether and how you'll use the card before being added as an authorized user, and be prepared to pay your share if that's the deal you reach.

Back to top

Credit is available for the bills that you have to pay

such as Rental Kharma such as Rental Kharma LevelCredit such as Rental Kharma and LevelCredit take a debt that you're already paying and place it on your credit score, helping to build a history of on-time payments. Not every credit score takes these transactions into account, but some do, and that may suffice to secure a loan or credit line that establishes your credit history to all lenders.

offers a way to have your cell phone and utility charges reflected on your credit report by that credit bureau. Note that the effect is limited only to your credit reports with Experian -- and also any credit scores based on it.

Return to the top

Maintain good credit habits

and a history of on-time and on-time payments.

To be eligible for an FICO score, you must have at least one credit card that's been open six months or longer and at least one creditor reporting your activity to the credit bureaus in the past six months. A score from FICO's largest competitor, can be generated more quickly.

Make sure you practice these credit-building habits to increase your credit score

Make sure to pay your bills punctually and at least the minimum if you are able to . Making your credit card or loan installments punctually, each time is the most crucial thing you can do to build your score. If you're able to spend more money than you must, that is also helpful for your score.

If you have credit cards, make sure you keep your credit utilization at a minimumit is the percentage that your limit on credit that you utilize. We suggest keeping your credit utilization below 30% for all credit cards whenever possible. The lower your usage the better for your score.

Avoid applying for multiple credit accounts in close proximity; applying for credit can cause an unintentional, but temporary decrease of your scores. Multiple applications can cause significant damage. NerdWallet suggests spacing your applications by about 6 months in the event that you are able research the requirements prior to applying. Be aware the fact that applications to apply for multiple auto loans or mortgages in the same time frame are grouped together such as " ."

Maintain your credit card accounts open. Unless you have a compelling reason to close an account, like an annual cost that is high or poor service from a customer, you should consider maintaining it open. You can also explore downgrading it or transferring your credit limit to another card. The closing of an account could hurt the credit utilization of your account and decrease the average age of your account.

From top to bottom

Verify your credit scores and reports

A credit report is a record of the way you've used credit in the past. Your credit scores will tell you the way you'll manage credit in the near future, using the information contained in your credit reports. It is important to keep track of both for any errors as well as to see your credit building efforts yield results.

NerdWallet provides a service from TransUnion. You can also use educational tools, such as NerdWallet's tool to determine how financial actions affect your score.

A number of credit card issuers Print FICO scores on customers monthly statements, and permit online access to. Certain issuers of credit cards offer scores at no cost to all customers regardless of whether the cardholder is a.

Request your credit report and check each for errors and discrepancies. Up to December 2023, you can check your credit reports free of charge every week by . Resolve any errors on your credit report you spot that may lower your score.

Want nerdy knowledge that's personalized to your budget? Put all your money in one view, and get specific information to get the most value from it.

About the authors: Erin El Issa is an expert on credit cards and studies writer at NerdWallet. She has had her work covered on USA Today, U.S. News and MarketWatch.

Bev O'Shea was a credit writer for NerdWallet. Her work has appeared in publications such as the New York Times, Washington Post, MarketWatch and elsewhere.

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3 Things to Know If You're Not Experienced with Gig Work

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make financial decisions with confidence. Although our site doesn't feature every company or financial product in the marketplace however, we're confident that the advice we provide, the information we provide and the tools we create are objective, independent, straightforward -- and completely free. How do we earn money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on the site), but it does not affect our recommendations or advice which are based on thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. .

3 Things to Consider if You're Not Experienced with Gig Work

Written by Kelsey Sheehy Senior Writer | Personal finance, small business Kelsey Sheehy is a senior writer and NerdWallet's expert on small business. She joined NerdWallet in 2015 and spent the next six years working as a financial writer and spokesperson before switching gears to write about business decisions and issues faced by owners of small businesses. Kelsey's writing has been featured in The New York Times, The Washington Post, Nasdaq and MarketWatch among others. She also writes a column about the millennial generation and money for The Associated Press along with a handful of other NerdWallet writers. Kelsey has been on the "Today" program, NBC News and ABC's "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice, among other publications. Before joining NerdWallet, Kelsey covered college (and how to pay for college) for U.S. News & World Report. She is located in Washington, D.C.

Published on Jan 29, 2021 6:01 AM PST

Edited by Kirsten VerHaar Senior eBay, Yahoo! Kirsten VerHaar works as an editor in personal finance. She holds an English literature degree from the University of Colorado Boulder. In the past she was the chief editor at eBay, where she managed a team of writers who wrote about the company's global content team. She also wrote for Yahoo. After joining NerdWallet since 2015 she has written about subjects as diverse as vacuums (yes, really), budgeting and Black Friday.

A majority of the products we feature are from our partners who pay us. This impacts the types of products we write about and where and how the product appears on a page. However, this doesn't affect our assessments. Our opinions are entirely our own. Here is a list of and .

Shutdowns, layoffs and pay reductions brought about by the recession have caused millions of Americans seeking new income sources. People who have recently shifted to working gigs could be just a few weeks away from an unexpected financial shock in the form of tax bills unexpectedly incurred and fine print on insurance coverage.

"These are the two most crucial things that new business owners overlook," says Chris Russell who is a professional certified in financial planning who has a specialization in business owners and the self-employed.

Are you not a small-business owner? Well, let's start there.

To the IRS, you are a small company

Sure, you're just running food deliveries. This simple fact makes your business a small one according to the IRS. And that opinion is the only one that matters when it comes to taxes.

"Basically you're an independent contractor," says Garrett Watson who is a senior policy analyst at the Tax Foundation, a nonprofit organization. "You don't have to create anything complex. It's not necessary to integrate or do anything like this."

But you do need to pay taxes on any money you earn from gig work. This can be an unpleasant, and costly, surprise for those who are new to gig work. As an employee, your income and payroll taxes are automatically withheld from your paycheck. That's not the case for gig workers, Russell says.

"No taxes are taken out of the money you make as a business owner" Russell says. "Meaning that you're likely to have to pay a large amount towards the IRS as you prepare your returns."

A best practice is to for calculating your earnings is to: For every dollar you earn doing gig work, save 30% of it to use towards your income and . Going forward, plan to estimate your taxes and pay them quarterly to avoid a penalty due to the IRS.

And if you're thinking "I didn't earn much. I won't report it. How can the IRS know?" Don't. It'll know.

Get the most value for your cash

Keep track of all your expenses in a glance to see your trends and spot opportunities to reduce your expenses.

The expense tracking app is your most trusted partner

It's not just about cash in the bank. There are expenses to be incurred, too. Be aware of them as you can likely be able to deduct some of them to reduce that tax bill that we mentioned just a moment ago.

"Keep up-to-date and accurate documents to make the most of all deductions that you're eligible to take," says Ryan Greiser who is a certified financial planner in Doylestown, Pennsylvania.

Apps like Stride, Hurdlr and MileIQ automatically track your mileage and expenses for free or for a small cost, to assist you in calculating taxes. Based on your particular situation, Greiser suggests QuickBooks may be worth looking into.

"It is a modest expense to estimate your quarterly taxes, monitor your mileage , and pay your quarterly taxes on the internet," Greiser says.

You also want to investigate the nuances of what can and cannot be deducted based on the portion of your work Watson suggests, pointing out ride-hailing as an illustration.

Say you drop a passenger off and drive across town to catch the next one and he tells you. Can you deduct the cost of the gas you use between rides? (You can. )The is a good place to find answers to your questions.

The insurance process can be confusing

The IRS isn't alone which needs to know about your new source of income. Your insurance agent needs to be clued in, too. In the event of not disclosing your work, it could get you dropped off your insurance in some cases. Beyond that, your insurance agent can help you understand what aspects of your gig are protected.

Moving people or food? It's important to find out the extent to which your auto insurance policy covers accidents when you're on the job (It likely will not.). Commercial auto insurance or rideshare can help fill in the gaps.

Although the platform you're working on might cover you with a commercial policy, it only kicks in when there are certain conditions. It's crucial to be aware of the details of that policy.

Uber and Lyft offer commercial insurance for drivers, but it applies only when you have passengers in your car or are on the route to collect passengers after having accepted the ride. DoorDash offers liability insurance only and just for food items in your car. Grubhub and Instacart don't provide any commercial insurance for delivery drivers on their platforms.

This piece was written by NerdWallet and first printed by The Associated Press.

About the writer: Kelsey Sheehy is a personal finance writer at NerdWallet. Her writing has been featured by The New York Times, USA Today, CBS News and The Associated Press.

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How to Make Money in a Hour: 7 Realistic Ideas to Try

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions with confidence. And while our site does not include every company or financial product that is available in the marketplace, we're proud that the advice we provide and the information we offer and the tools we create are independent, objective, straightforward -- and free. How do we earn money? Our partners compensate us. This could influence the types of products we write about (and where those products appear on our website) However, it in no way affects our suggestions or recommendations, which are grounded in hundreds of hours of research. Our partners do not pay us to guarantee favorable ratings of their goods or services. .

How to Earn Money in One Hour 7 practical ideas to try

Sell something of value, or help someone in need earn money in just one hour. Explore other popular methods if you have more time.

By Tommy Tindall Lead Writer | Consumer debt, saving money as well as the and the gig economy Tommy Tindall is a personal finance writer who joined NerdWallet in 2021. He covers consumers' debts, the best ways to save money and also the gig economy. Before NerdWallet, he worked on the marketing and communications team for Fannie Mae. Today, Tommy strives to make the topic of money approachable for all. His work has appeared within The Washington Post, The Associated Press as well as on MarketWatch. Tommy is based within Bel Air, Maryland.

Updated Aug 23 2022

Editor: Courtney Neidel Assigning Editor | Personal finances, budgeting, spending Courtney Neidel is an assigning editor to the personal finance team at NerdWallet. She joined NerdWallet as a writer in the year 2014 and worked for the next six years writing on shopping, budgeting and money-saving strategies before being elevated to the position of editor. Courtney has been interviewed as a retail authority by "Good Morning America,"" Cheddar, and CBSN. Her previous experience includes freelance writing for California newspapers.

Many or all of the products we feature are from our partners who pay us. This influences which products we feature as well as the place and way the product appears on a page. However, it does not influence our evaluations. Our views are our own. Here's a list and .

It's not always easy, but there are those who are legit . Do you want to receive the cash immediately? Chances are you'll need to give up something valuable or offer a service. Other approaches could take a bit longer.

Do not quit your job but try these sensible strategies to earn an extra dollar within an hour.

Sell something of value

1. Donate your used clothes to a thrift store

There are plenty of places to go, however it requires patience and time to make an online listing and finish the transaction. The most efficient way to earn cash from the clothes you no longer wear is to sell it to a thrift store, in person. Try selling your stuff to a small-business store close to you, or a store with a nationwide presence like Uptown Cheapskate. The company promises to pay cash in around 30 minutes, if it's interested in what you're offering. Are you a parent with growing children? Try using the Once Upon A Child chain in the event that there's a store close to your home. You can be paid cash on the spot for shoes, clothing or toys, and even furniture.

2. Sell your sought-after equipment to a pawnshop

Did your music career stall before you even started? A local pawnshop may purchase your instrument, jewellery, electronic device or a assortment of other items directly. Alternatively, you can , which is where the shop lends the money -- approximately $150, in accordance the National Pawnbrokers Association -- and holds your item as collateral until you are able to pay back the loan. Pawning an item, also known as pawning as, is subject to fees. Selling it on the open market is the best way to earn money quickly, with no strings attached.

3. Sell gold, or other precious metals

You probably have a local jeweler or coin shop nearby that buys gold as well as the other rare metals. Selling old jewelry is an effective way to make decent money, based on the number of ounces you have. But, rushing a deal could leave valuable money on the table. If you are considering a low-ball offer on a potentially valuable heirloom, it'd be wise to consider a sale, even though it could cost you upfront and take longer than an hour.

4. Sell your spare change

Technically, it's not earning any money, but who wants to lug around a 10-pound jar of coins or pay for gas using quarters? Coin kiosks offer an easy and quick method to exchange your nickels and dimes for dollar bills, but it's not free. A popular choice Coinstar is charged an 11.9 per cent service charge as well as an $0.25 transaction fee to get cash. If you're OK with that, it's a legit way to get some spending cash in just an hour. By using an eGift credit card from Coinstar is a cost-free method to cash in your coins. In addition, your bank can convert your coins you have rolled into cash without cost.

Simple money management

NerdWallet keeps track of your income, expenses, and gives you ways to save more.

Aid a friend in dire need

5. Feed or walk a dog pets while your neighbor is away

Do you have a way with animals? If so, let your pet-owning neighbors and friends you'd love to help out. Take a walk with a dog, feed cats and clean its litter box when the owner isn't around, and charge a fee per visit. Tell your client you'd prefer to pay them after every visit. Offer to accept Venmo and cash App and Zelle to make it more convenient for them to make payments. Applications like these can aid in finding customers when word-of-mouth is more than an hour.

6. Babysit a kid for an hourly fee that is affordable

Parents require nights out with their kids, and a reliable sitter can give moms and dads peace of mind when they hit the town. Babysitting is a popular way for a responsible person to make a quick buck. The amount you can make varies, however, according to child care site UrbanSitter The average for the nation to watch one child is around $20 an hour. Establish a good reputation and you'll get babysitters on the fly. In addition, you can count on parents to sit down in a matter of minutes.

7. Whip your neighbor's yard into shape

If you're keen and have the proper equipment, you can get paid to sweat it out in the garden. Check your neighborhood for homes with a yard in need and stop by to make your pitch with a lawnmower, rake or garden shovel on the way. A professional lawn-care service could earn between $50 and $210 per yard, based on the size, as per Angi.com. If you're a novice, you should probably expect lower.

Back to top

Other popular ways to make money in one hour usually come with a catch

Earn cash (or pennies) in rewards with apps for rewards at the right time.

Are definitely a thing and they pay dividends when you are a diligent. The catch? You usually have to spend money to earn money. Apps such as Ibotta and Rakuten offer shoppers cashback when they purchase items at partner stores affiliated with them. With Rakuten the money you earn will be visible on your app's dashboard quickly however, the company sends payments out each three months. In addition, you'll need a minimum balance of more than $5 to cash out. There's no one-hour payday here.

It turns out that taking isn't the most efficient way to earn money.

Take a drive for Uber or Lyft

Rideshare is a great option to earn full-time wages or cash-flow, however you need to have a few important things in order to qualify for . Requirements include an active U.S. driver's license, an approved 4-door car and background checks. If you're only starting the process, that first payday may take just a few minutes in a literal sense. However, once you've got it established, you'll be able to receive your money instantly if you use each company's debit card account.

Do you want to take packages or food instead of people? Other popular services such as Instacart or Amazon Flex takes time upfront to begin, too.

Make sure you are aware of your options

If you're looking to turn your cash-based work into a longer-term income, there are plenty of possibilities to take into consideration. Earning steady income takes some time (read more than an hour) and work, but the increasing demand has created more flexible options for work than ever before. Plus, .

About the author: Tommy Tindall is a personal finance writer at NerdWallet. He writes about smart spending as well as strategies for planning to have a successful financial future.

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5 of the Best Credit Card Prepaid Cards

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5 Best Prepaid Debit Cards

by Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banking writer at NerdWallet. He has covered the personal financial sector since, with a focus on deposit certificates and other topics that relate to banking. He has had his work highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.

and Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a specialist in content management covering topics related to consumer banking at NerdWallet. She has over a decade of experience in writing and editing for websites for consumers. She was previously editor of content on personal finance topics at GOBankingRates. She has had her work highlighted by Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated Mar 1 2022

Edited by Yuliya Goldshteyn, Assistant Assigning Banking Yuliya Goldshteyn is a bank editor at NerdWallet. She was previously an editor, a writer and a research analyst across a range of industries from healthcare to market research. She graduated with a bachelor's degree in history from the University of California, Berkeley and a master's degree of social science from the University of Chicago, with the focus on Soviet cultural history. She lives within Portland, Oregon.

The majority or all of the items featured on this page come from our partners who compensate us. This influences which products we write about as well as the place and way the product is featured on a page. However, this does not influence our evaluations. Our views are our own. Here's a list and .

+ Summary: Best prepaid debit cards

The Bluebird from American Express : Best for getting rid of costs.

Five Three Access 360deg Reloadable Credit Card Ideal for ATM withdrawals.

FamZoo Prepaid Credit Card Best choice for Parents (tie).

Greenlight Prepaid MasterCard: Ideal for parents (tie).

Walmart MoneyCard : Best for shopping at Walmart.

Chime : Best cheap prepaid alternative.

What are prepaid debit cards?

A prepaid debit card can be used as a budgeting tool or an all-out replacement for the bank account -- and the best prepaid cards offer ease of use while charging a few fees.

Prepaid cards are simple to get. Prepaid cards are sold in retail stores (usually with a cost) and some are purchased online. There's no credit check, and they're usually available even if you can't have an account with a bank account because of a bad banking history. Contrary to credit cards that you can load money into prepaid cards prior to using.

Certain firms also provide mobile-optimized bank accounts that don't require a clear credit history or a clean banking record They typically cost less than prepaid cards.

Prepaid debit cards vs. regular debit cards

There is no need for a bank account to get a pre-paid debit card, however it's a requirement for regular debit cards, that is linked to your bank account. For prepaid debit cards, you can load the card with money when you get it, then use it to make purchases. For regular debit cards, the funds for your payments come directly out of your account as you make payments.

>> More information from NerdWallet:

Nerdy Tip

If you need to build credit or are refused an bank account, a prepaid debit card might not be the right choice. and if you aren't able to get an ordinary checking account then try . These accounts provide another shot at the mainstream banking system and its benefits.

Why trust NerdWallet: Our editors and writers follow strict guidelines to make sure our coverage is fair and accurate So you can pick the accounts that are the best for you. Check out our criteria for .

Here are the most popular prepaid debit cards, in relation to fees and features. Scroll down for more detail on each account.

BEST FOR AVOIDING FEES

NerdWallet's ratings are determined through our team of editors. The scoring formulas take into account many data points for each financial product and service.

Bluebird from American Express

There are no monthly charges and there is there is no charge for cash refills at Walmart.

No cost ATM network.

Great budgeting features.

Best ATM FOR WITHDRAWALS

The ratings of NerdWallet are formulated by the editorial staff. The scoring formulas consider several data points associated with each financial product and service.

5th Three Access 360deg Reloadable Prepaid Card

One of the biggest free ATM networks for Prepaid cards.

The fee is $4 per month and affordable to eliminate.

Best for Parents

FamZoo

Multiple subaccounts to account for children.

The cost is $2.50-$5.99 each month.

Greenlight

Multiple subaccounts for kids.

Controls on spending at stores.

Monthly fee from $4.99.

Best for shopping at Walmart

Walmart MoneyCard

3% cash back at Walmart.com and in the Walmart app and other cash back rewards.

Multiple subaccounts for family members.

APR 2% on up to $1,000 in savings account.

THE BEST CHEAP CHOICE OPTION FOR PREPAID

The NerdWallet ratings are made by the editorial staff. The scoring formulas consider multiple data points for each financial service and product.

Chime

There are no monthly costs.

It also has a savings component.

Bluebird from American Express

Best for avoiding fees

The ratings of NerdWallet are formulated by the editorial staff. The scoring formulas take into account multiple data points for each financial service and product.

The card, which is issued through American Express, offers more than the typical debit card that you can purchase prepaid, and you can use it to load and spend cash without having to pay charges.

However, Bluebird has some limitations in terms of acceptance of merchants, and it doesn't allow cash back at retailers.

General fees and benefits: No monthly fee and no costs for online activation or inactivity.

Purchases: No charges.

ATM withdrawals are available for free at ATMs that are part of the MoneyPass network; $2.50 charge at all other ATMs, in addition to any ATM operator fee.

Reload methods: Direct deposit and debit card transfer, card-to-card transfer, mobile check deposit (with a third-party fee for instant processing) and cash load from Walmart or other stores. (Retailers other than Walmart could charge up to $3.95.)

Other services: Separate "set aside" accounts for savings and at least four additional accounts to family members.

There is no cash back at retailers. The card is created by American Express, which isn't accepted everywhere that Visa or Mastercard are.

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Find out more about

5th Third Access 360deg Reloadable Prepaid Card

Ideal for ATM withdrawals

NerdWallet's ratings are determined through our team of editors. The scoring formulas consider multiple data points for each financial service and product.

The Access 360deg credit card is a prepaid debit card takes part in Allpoint's huge U.S. network and has access to more than 50k ATMs. The card is accessible in the states of 11 where There are Fifth Third branches, which is the only way you can get the card.

General charges and benefits: $4 monthly fee that's waived if you have a Fifth Third checking account or in the event that you make at least $500 in monthly deposits. There are no costs to activate or stop activity.

Purchases: No fees.

ATM withdrawals are free at Fifth Third ATMs and ATMs in the Allpoint ATM network; Free at Presto! ATMs inside Publix stores as well as 7-Eleven ATMs listed on the bank's site or mobile app; $2.75 fee for ATMs at other locations and any fees charged by ATM operators.

Reloading methods: Direct deposit, cash load, transfer to bank at Fifth Third branch or ATM.

Additional services Card can have joint owners.

Downsides: The card doesn't have access to a nationwide retail network to add cash; the card is available only within Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia; and the card doesn't come with a savings feature.

Return to the top

FamZoo Prepaid Card

Best for parents (tie)

FamZoo is a family-friendly prepaid Mastercard that lets parents become virtual bankers for their kids and even children older than 13. Four cards are available for free for the monthly plan but more can be added at a cost of $3 per card. On the app or website you can transfer allowances, split payments, see the balances and activities across all cards, and set up text and email alerts.

General fees and other features. can make a prepayment of $59.99 for two years of FamZoo -- that is $2.50 monthly. Prepayment plans that are not prepay also offer a discount. If you don't prepay, the price for a monthly subscription is $5.99 for a month-long subscription. There is no cost on activation, or for inactivity.

Purchases: No charges.

ATM withdrawals are free from FamZoo However, ATM withdrawals can still cost you. FamZoo does not have any ATMs of its own Third-party ATM operator fees could apply.

Reloading methods : Direct deposit; bank transfer; PayPal, Apple Pay, Venmo and Square Cash transfer; PopMoney transfer (for a cost) and cash from retailers like 7-Eleven and Walgreens which are part of the Reload @ The Register, MoneyPak and Mastercard RePower networks (about $5 in retail fees).

Additional services include multiple accounts under one plan, free and instant FamZoo card to-card transfers, ability to secure and lock FamZoo cards as well as budgeting tools.

Downsides: No fee ATM network; maximum monthly fee is higher than the average and there is no mobile check-deposit feature.

Are you looking for an account that is more traditional for spending? Take a look at NerdWallet's accounts.

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Greenlight Prepaid Mastercard

Ideal to give parents (tie)

Greenlight is notable for an advantage which other prepaid cards don't have: store-specific spending controls. Parents are able to preapprove where children spend their money. So, a $300 earmarked for school supplies can only be spent in a campus bookstore, for instance. The prepaid card also offers real-time activity alerts, free transfer from the card to the allowance and the ability to remotely lock down lost cards remotely.

The Greenlight account can have up to five subaccounts therefore it's ideal for a family. Due to the low purchase and withdrawal limits, it's best to be used as a budgeting tool for the family instead of an alternative bank account replacement.

General fees as well as features $4.99 to $9.98 each month depending on chosen plan (more expensive plans come with features such as investing education and protection against identity theft); no costs on activation or inactivity or account closure.

Purchases: No fees.

ATM withdrawals: No fees from Greenlight however, ATM withdrawals may cost you: Since Greenlight doesn't have one of their own ATMs Third-party ATM operator fees could be charged.

Reload methods: Direct deposit, debit card transfer, bank transfer.

Other services: Up to 5 subaccounts. No charge for ATM withdrawals to ATMs in the world.

Downsides: No checks or cash are able to be deposited; no free ATM network; the daily purchase maximum per account for a family is $1,500 and daily ATM withdrawal limit is $100. Both are lower than the norm for prepaid credit cards.

From top to bottom

Walmart MoneyCard

Best place to shop at Walmart

The Walmart MoneyCard offers its shoppers up to 75 dollars per year in cash-back rewards: 3percent for purchases made at Walmart.com and through the Walmart app and 2% in Walmart fuel stations, and 1 percent at Walmart stores. The app, which has high marks, is required to get free cash reloads in Walmart stores. Walmart MoneyCenters and Customer Service desks also offer fee-free cash withdrawals.

This prepaid, reloadable , card is a great option for families. You can get an account at no cost for up to four additional individuals who are at least 13 years of age. The Walmart MoneyCard offers a free "Vault" saving feature. Savings will earn 2% APY on up to $1,000 at the anniversary of the card's enrollment.

Because it's not part of any ATM network, it's possible to pay $2.50 to make ATM withdrawals, in addition to any fees charged by the operator.

General charges and features: $5.94 monthly fee waived by a monthly payment of at least $500. the starter card fee is $1 for purchases in stores and no inactivity fee.

Purchases: No cost.

ATM withdraws $2.50 fee, plus any operator fees.

Reload methods: Add cash via Walmart MoneyCard. Add cash via Walmart MoneyCard app at Walmart stores; mobile check deposit and add the funds from checks cashed in Walmart stores; $3 to reload cash in a Walmart store; and up to $4.95 to reload elsewhere.

Other services include: up to four free additional accounts; savings account that offers 2% APY on the first $1,000, as well as the chance to win cash prizes every month the option to lock and unlock your card via the app; and text or email notifications.

The downsides are: There is a fee for ATM use; insufficient methods for reloading money.

Return to the top

Are you looking to increase your savings more quickly? See our list of the

Alternatives to prepaid cards with low fees

The difference between prepaid debit cards and checking accounts is starting to blur, as they have the same characteristics and features.

This is especially true for accounts that are mobile-optimized: Like most prepaid debit cards, many offer no credit check; unlike prepaid cards, they come with some extra perks like advanced savings features, bigger ATM networks and check-writing privileges.

Chime

Cheapest alternative to prepaid

The ratings of NerdWallet are formulated by the editorial staff. The scoring formulas are based on several data points associated with every financial product or service.

Chime isn't a debit card or a typical bank account but a free checking account that is part of the Visa payment network. Although the account isn't equipped with checks in paper but you can use Chime to ask that the checks be mailed to an person, or even yourself, for no cost.

You could also open a linked Chime savings account and set up automatic transfer.

General fees and features: No monthly fee and no costs of activation, or for inactivity. no credit check. Cash withdrawal and third-party fees may apply.

Purchases: No additional charge.

ATM withdrawals are free at over 60,000 ATMs within the Allpoint, MoneyPass and Visa Plus Alliance ATM networks; $2.50 at other ATMs in addition to any ATM operator fee. Fees for cash withdrawals and fees from third parties might be charged.

Deposit methods: Direct deposit, bank transfer and mobile check deposit; add cash at stores like 7-Eleven or Walmart (the retailer could charge fees) or at Walgreens for no cost.

Other services: Optional savings account earns 2.00 per cent annual percent yield. Chime offers two automated savings programs. One where each paycheck is credited with a portion of the money that is automatically deposited to the savings account, and the other in which your purchases are rounded in dollars to nearest and the rounded-up change goes to savings (see below for further details from Chime). You also get instant transaction alerts and protect your debit card should you lose it. Note that a Chime Checking Account is required to create a savings account.

The downsides: The out-of-network ATM fee.

Chime says: "Chime is a financial technology company that is not a bank. Services for banking are provided via The Bancorp Bank, N.A. and Stride Bank, N.A., Members FDIC."

See more information from Chime

Chime says: "Round Ups automatically round up debit card purchases according to dollar amounts and transfer the round-up to your Chime Checking Account to your savings account."

"The retailer who accepts your cash will be accountable for the transfer of funds to your Chime Bank Checking account. Deposit fees for cash may be charged if using a retailer other than Walgreens."

"Save When I Get Paid" automatically makes 10% of your direct deposits of $500 or more from your checking account into your savings account."

"Out-of-network ATM withdrawal fees may apply , but not at MoneyPass ATMs located in 7-Eleven, or any Allpoint or Visa Plus Alliance ATM."

"Mobile Check Deposit" eligibility is determined by Chime in its sole discretion. The eligibility of mobile check deposits is based on various factors including but not limited to, a member's enrolling in direct deposits."

The Aperture Percentage Yield ("APY") for the Chime Savings Account is subject to change and could alter at any moment. The declared APY will be in effect as of October 25, 2022. No minimum balance is required. It is necessary to have $0.01 in savings to earn interest.

From top to bottom

Best prepaid debit cards and alternatives Summary

Account/card

Monthly fee

The number of ATMs that are free

Bluebird by American Express

$0

30,000+

Chime account

$0

60,000+

FamZoo Prepaid Card

$2.50 to $4.33 If prepaid; $5.99 If the amount is billed

None

Five 3 Access 360deg Reloadable Prepaid Credit Card

$0-$4

50,000+

Greenlight Prepaid Mastercard

$4.99 to $9.98

None

Walmart MoneyCard

$0-$5.94

None

Frequently asked questions What is an prepaid debit card?

A debit card that is prepaid can be used as a tool for budgeting or as a substitute for an bank account. The offer convenience and doesn't cost many costs.

There's no credit check required to obtain a prepaid credit card, and they're usually available if you can't get a bank account because of a bad banking history. It is possible to load funds into the prepaid cards prior to using them to make purchases. In general, you can make use of a debit card that is prepaid in order to cash out cash at ATMs.

Where can you find a credit card that is prepaid?

Prepaid cards can be purchased at stores that sell retail (usually at a cost) and some can be bought online.

How do you add money to an prepaid card?

The methods of adding funds to a prepaid card are different from card to card. The most common methods include adding cash at a register in a store (often at a cost) and adding funds using an app for the deposit on a mobile device, or by direct deposit, card-to-card transfer or bank transfer.

What is a debit card that is prepaid?

A prepaid debit card could serve as a budgeting tool or even a replacement for the bank account. The offer convenience and don't charge many charges. It's no credit check required to obtain a prepaid credit card, and they're usually available in the event that you aren't able to get an bank account because of a poor credit background. The funds are loaded onto prepaid cards before using them to purchase items. In general, you can use a prepaid debit card for cash withdrawals from ATMs.

Where can you purchase the prepay card?

Prepaid cards can be purchased in retail stores (usually at a cost) and some of them can be bought on the internet.

How do you add money an prepaid card?

The methods of adding cash to a prepaid credit card are different between cards. But generally, the options include adding cash at a register in a store (often at a cost), adding funds by using an app to make the deposit on a mobile device, as well as direct transfer, card-to card transfer, as well as bank transfer.

Methodology: The Best Prepaid Debit Cards in 2022

We examined 45 reloadable prepaid debit card options offered by some of the largest banks, credit unions and debit card issuers that issue prepaid debit cards. Where multiple card plans existed, only the basic cost-per-month plan was considered.

We analyzed four categories for each card generally-related charges and features, purchase and withdrawals, reload fees and options, and additional options like the ability to pay bills as well as savings account. The cards that made this list have the best mix of all of them. Certain cards featured in this roundup have nonbank program managers that collaborate with banks. Regardless, all the card issuers are banks that guarantee consumers' money through the No card above. include overdraft charges.

Prepaid debit cards we looked at included , , Fifth Third Access 360deg Reloadable Card, , Mango Visa Prepaid Card, , .

See full list

, , BB&T MoneyAccount, Boost Mobile Wallet Prepaid Mastercard, Brink's Prepaid Mastercard, Card.com Prepaid Card, CashPass Prepaid Mastercard, Commerce Bank mySpending Card Control Prepaid Mastercard, Credit Card, Exact Prepaid Mastercard, FamZoo Prepaid Card, Fancard, FasterMoney Fifth Third Access 360deg Reloadable Prepaid Card, Fred Meyer Prepaid Card, Greenlight Prepaid Mastercard, H&R Block Emerald Prepaid Mastercard, Mango Visa Prepaid Card, MOVO Virtual Prepaid Visa Card, MyVanilla Prepaid Card, NexsCard Visa Prepaid Card, Opt+ Prepaid Visa Card, , PNC SmartAccess Prepaid Visa Card, Regions Now Visa Prepaid Card, , Starbucks Rewards Visa Prepaid Card, TD Connect Reloadable Prepaid Visa Card, Western Union Netspend Prepaid Card.

We also looked at two alternatives, or nontraditional, banking accounts: and .

What do the ratings mean?

-among the top

Excellent There are only minor issues for most customers

-- Good. Issues that could be of interest for some customers.

Fair. Make sure your the strengths and weak points are good match for you.

-- Poor; proceed with great care

(or below) (or below) avoid

About the authors: Spencer Tierney is a writer and NerdWallet's expert on certificates of deposit. He has had his work featured by USA Today and the Los Angeles Times.

Ruth Sarreal is a content management specialist at NerdWallet. She has been writing and editing content on personal finance topics for more than five years.

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How to Spot Debt Collection Scams

Advertiser disclosure You're our first priority. Every time. We believe that every person should be able to make sound financial decisions without hesitation. And while our site doesn't feature every company or financial product that is available We're pleased of the advice we provide as well as the advice we provide and the tools we develop are independent, objective easy to use and cost-free. So how do we make money? Our partners pay us. This may influence which products we review and write about (and where they are featured on our website), but it does not affect our advice or suggestions that are based on thousands of hours of study. Our partners do not be paid to ensure positive reviews of their products or services. .

How to Spot Scams in Debt Collection

Learn to recognize frauds, be aware of your personal information , and inform authorities in the event that you encounter frauds to collect debt.

by Sean Pyles Senior Writer | Personal financial, credit, and personal finance Sean Pyles leads podcasting at NerdWallet as the host and producer of NerdWallet's "Smart Money" podcast. In "Smart Money" Sean talks with Nerds across the NerdWallet Content team to answer listeners' personal finance questions. With a focus on shrewd and actionable money advice, Sean provides real-world guidance that can help consumers better in their finances. Beyond answering listeners' money concerns on "Smart Money" Sean also interviews guests outside of NerdWallet and also creates special segments that explore subjects such as the racial gap in wealth as well as how to get started investing and the background of college loans.

Before Sean lead podcasting at NerdWallet He also covered issues concerning consumer debt. His writings have appeared throughout the media including USA Today, The New York Times and other publications. When Sean isn't writing about personal finance, Sean can be found working in the garden, taking runs and taking his dog on long walks. Sean is located at Ocean Shores, Washington.

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

Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years at The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Previous experience included writing copy as well as news editing for many Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in mass communication and journalism in Iowa's University of Iowa.

A majority of the products we feature are provided by our partners, who pay us. This influences which products we feature and the location and manner in which the product appears on the page. But, it doesn't affect our assessments. Our views are our own. Here's a list and .

If you're receiving threats on phone calls concerning an outstanding debt even if you recognize, you might be the target of a debt collection scam.

Here are the best ways to identify and defend yourself from illegitimate .

The red flags for debt collection scams

You could be receiving an unwanted call from a debt collector if you do not recognize the debt you supposedly owe or if the caller:

Don't have or aren't willing to provide complete information about the debt and original creditor.

We won't provide you with details about the organization he or she claims to represent, including name or address as well as phone number.

Employs aggressive tactics to press you into making a quick payment.

Requests payment by phone.

It asks for sensitive data including details of you bank account, your Social Security number or your debit or credit card numbers.

>> MORE:

Common scams

It's simple to spot a scam in which an individual attempts to collect the debt that you do not recognize or are aware of the fact that you don't owe. False debt collectors have a variety of methods of obtaining your personal information and hoping to pressure you into quick payment by making a cold phone call.

Others can be trickier to detect, such as a scammer who tries to collect on a debt that you actually have to pay. Scammers could look through your credit report in order to discover whom you owe money to, for example or call pretending to represent these creditors.

Threats of police action and aggressive language are indications of a fraudster, according to the . You can't be arrested on a debt and it's not a good idea to mislead consumers regarding what happens if you don't pay a debt. Legitimate debt collectors tend to be very careful in this field.

Another red flag is someone claiming as representing someone from the Internal Revenue Service and seeking immediate payment. The IRS, the tax collection agency of the federal government, is not going to demand you pay immediately by phone or ask for a debit or credit card number. Both of those are signs of . Be aware, however, that the IRS in 2017.

For any debt, you should request an official confirmation letter -which is a document that details the details of the debt -- prior to taking any action.

What to do

Consider your options before you take action . Take these steps if you think the person calling you is trying to fraud you.

Get information

Start by gathering information about the debt collector and the debt. Request a confirmation letter. True debt collectors will send you this information immediately without delay. Any hesitation is a sign of a scammer.

Request the caller's or her name and address, along with the name of their employer, and its phone number as well as street address. If the person calling you won't provide you this information, that's an indicator of trouble.

Protect your personal information

Whatever the way a potential debt collector asks, don't give away or confirm details of your bank account, credit or debit card numbers, or Social Security number. If you do, you could be at risk for identity theft or let fraudsters steal money from your account.

Contact the original creditor

If you suspect that a fraudulent debt collector has called you regarding payment for the debt you owe, ask the original creditor whether it has sold your debt and for the contact information for the collection agency who owns the debt.

Ignore the calls

Refraining from receiving repeated calls is one of the most effective methods to get the scammer off your shoulders. Do not hesitate to leave in the event of harassment or threats or threats, and do not answer calls. Since scammers are trying to make a quick buck by stealing an easy victim, they're unlikely to keep you on their radar for many hours before moving away.

If you're in contact with a legitimate debt collection agency, however, you'll want to come up with a plan for .

File a complaint

Do not be reluctant to file a complaint with the state or your state if that a debt collector who is scammed has contacted you. Collect all the information you have and put the information as a formal complaint.

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

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How to tell if you're buying a stolen car Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by providing you with financial calculators and interactive tools that provide objective and unique content. We also allow you to conduct your own research and compare information for free and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on the site, such as for instance, the order in which they appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity and other products for home loans. However, this compensation will not influence the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial deals that could be accessible to you.

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4 min read. Published on October 11, 2022.

Writer: Kellye Guinan. Written by Personal and Business Finance contributor

Kellye Guinan is a freelance editor and writer with over five years ' experience within personal financial matters. She also works full-time as a worker at her local library which she assists her local community to access information about financial literacy, in addition to other topics.

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Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of clear reporting that helps readers easily find deals and make the best choices for their finances. He is a specialist in small business and auto loans.

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With new car prices at record highs, you might be considering purchasing a used car. But be careful that car theft is on the rise, and you don't want to buy a car that was stolen. In 2021, 932,329 vehicles were reported as stolen, which is up 10.9 percent over 2020 According to the (NICB). There's also the possibility that the vehicle you're trying to purchase is a cloned vehicle. Cloning a car is when a car thief takes license plates, as well as registration marks from a legal vehicle and then puts the same on a stolen vehicle with a similar model and model. The criminal may also use counterfeit documents to sell you a hot car. Be cautious when purchasing from a private seller or a dealer. And if something feels off, look elsewhere. There are plenty of used automobiles available. Six steps to determine whether the car you're purchasing is stolen. To avoid the headache of purchasing a fake car, make sure you take these steps. 1. Check the VIN thoroughly You can check the information with government agencies or your state's department of motor vehicle. You can also verify a vehicle's VIN by using the NICB's VIN Check, recommends Renee Valdes, senior advice editor at Kelley Blue Book. This free service will tell you if there are any insurance records of a stolen car, including a vehicle which isn't yet recovered. "Some vehicles put the VIN in the driver's front entrance or the glass and some owners may have the VIN printed on the windows or even inside the engine," states Valdes. "Carmakers want to make it harder for criminals to steal VINs and make fake VINs." It is possible that the VIN can also be stamped on the dashboard of the car. Be cautious, especially when it comes to numerals and letters that look similar. Since the VIN must be located in multiple places, examine each to ensure that they are in line. If not it could be because they were altered. 2. Purchase a vehicle history report Get a history report for your car with the VIN and suggests Valdes. Businesses that provide vehicle history reports include or . "These aren't expensive, and they're worth it," says Valdes. The reports on vehicle history include details such as Service history, title information Liens in the car's accident history and damage Previous owners But although the report will show the number of former owners but doesn't include the names of the owners. "If you can trace the past complete to the present it's likely that it's been well-maintained and isn't stolen," says Valdes. If there are any gaps in the history, or it's not up to date, that could indicate the car is stolen. 3. Conduct a title search can search for a vehicle's title through the . If the person trying to sell the car isn't the person listed in the document, then you'll know it's a stolen car. Having access to the car's title can help you detect any discrepancies in what the seller is telling you in relation to the information on the title, for instance if the car is one and what the mileage was at the time it was last sold. 4. Ask the seller for the vehicle's service records If the seller is able to show you maintenance receipts you have a better chance that it's not a stolen car, explains Valdes. Examine the receipts to determine if the VIN the model, make and year on the receipts correspond to the vehicle. Compare the maintenance records with the car's history report and see if they match. "A car is often the second biggest purchase for consumers," says Valdes. "I always treated my vehicle as if I'd sell it someday, which means taking good care of the car and ensuring regular oil change." Additionally, ask whether you are able to get the previous bill of sale from when the seller bought the vehicle. It can't hurt to request the contact information of the seller as well as how much they originally bought the vehicle for. An honest seller should not hesitate to supply you with this information. 5. Contact your insurance provider to conduct an inspection. Ask your insurance company if it is willing to examine the vehicle for safety and any red flags of fraud. It is still recommended to conduct your own due diligence but your insurance company may be able to find additional evidence to prove that your vehicle is safe and legal all requirements. In addition, some states and insurance companies could need to inspect your car when you . This typically happens before the insurance company is able to approve your insurance policy for autos. It is only required if you are purchasing certain types of coverage, such as . 6. Take your time if the price seems too good to be real, or the seller is overly eager to sell the car and is urging you to take a break and go elsewhere, follow your gut. There are many sellers, as well as used vehicle dealerships, there are many genuine options available. You might notice a difference between what the seller tells you about the vehicle and what you learn during your research. It's not always a warning sign. Not every car owner keeps detailed records. If the vehicle was purchased and sold multiple times, it could have certain information that is not there. However, if you find any irregularities that aren't explained then walk away. What do you do if you find that the car you're buying is stolen? If you discover whether the vehicle you're purchasing is stolen, make an official police report. Give your sales receipt as well as any relevant documents and information. Unfortunately, if the car you purchased was stolen or is a "cloned vehicle," it was never really yours. That means that you're not the car's legal owner and it is confiscated and then returned to the rightful owner. If a claim for theft has already been issued to the insurance company, the vehicle will be returned to the insurance company. Any will be a loss. If you're not buying the vehicle yet, simply walk away without looking back, advises Valdes. Once it's safe to do this, file an official police report. The most important thing to remember is that thieves are getting craftier Be aware of possible dangers and research the car thoroughly, says Valdes. This includes doing a lookup of the VIN or requesting a car history report, and asking for additional documents and information to determine if the car is stolen. "Don't be afraid to take every precaution, especially in the booming used car market," says Valdes.

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Written by Personal and business finance Contributor

Kellye Guinan is a freelance editor and writer who has more than five years of experience in personal financial matters. She's also a full-time employee at the library in her town which she assists her local community to get information about financial literacy, among other subjects.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of the clarity of his reporting, which helps readers easily land deals and make the best decisions for their financials. He is a specialist in small and auto loans.

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What should you know about Chase's New Policy on "Cash-Like Transactions"

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What you need to know about Chase's new Policy on "Cash-Like Transactions"

These transactions could result in fees and block the purchase from earning rewards.

Written by Gregory Karp Senior Writer | Personal finance, credit cards, score on credit Gregory Karp is a former NerdWallet author and an expert on personal finance and credit cards. A journalist for more than 30 years, he's been a newspaper reporter as well as an editor, authored two books on personal finance, and developed"Spending Smart," a "Spending Smart" syndicated newspaper column. His honors include national recognition many times by the Society for Advancing Business Editing and Writing.

Updated April 15, 2022 at 10:17AM PDT.

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Chase is using a new and more expansive description of "cash-like transaction," which for Chase credit card users refers to purchases that trigger the penalties of taking an . Cash advance regulations can differ by card however, they usually include expensive fees and interest as well as excluding the purchase from earning rewards like cash back, mileage or points.

A common example of cash-like transactions, often called "cash equivalents," could be to use a credit card to take out cash from an ATM.

In a way, Chase is just making the current definition of Chase clear. Changes will take effect at various times, but typically in early- to mid-April 2021.

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What's changed?

Chase in recent years has rejected some types of transactions, like opening an account for or through an exchange. This was the case even after Chase adopted its own definition of transactions that resemble cash.

But if Chase eventually allowed those transactions, they are now clearly identified as cash-like transactions and could be considered advances in cash.

In its notification of cardholders Chase said cash-like transactions are comprised of, but not restricted to four categories:

Exchange of currency and other types payments: travelers checks money orders, foreign currency bitcoin, wire transfer, other similar virtual or digital currency and other similar transactions.

gambling: Lottery tickets, casino gaming chips, bets on racetracks and similar offline and online betting transactions.

P2P transactions: person-to-person money transfers and account-funding transactions that transfer money.

Third-party bill-pay services: This includes transactions for bill-pay that are not by the vendor directly or through their provider.

Some of those things, such as lottery tickets, were already classified as cash-like transactions by Chase's previous cardholder agreements. The new definition is more expansive as well as clarifies the meaning of what Chase is referring to by cash-like transactions, it said.

The list does not contain explicit mention of certain prominent payment platforms including , Google Pay, Venmo, PayPal Key and . A Chase spokeswoman said all of those "could" be classified as an equivalent transaction to cash. However the purchase of goods and services by a company using an external payment provider are not cash-like transactions , and do not incur the fees, she said.

So, for example applying a Chase card to fund an in-person retail transaction via Apple Pay or an online purchase via PayPal at checkout would not be considered to be a transaction that is similar to cash.

Transactions made using transactions made with a Chase cards are treated as transactions and cannot be cash-like transactions, she said.

And Plastiq says it automatically declines transactions when the issuer views the transaction as a cash advance.

The definition of the word is important.

Generallyspeaking, a transaction that is based on cash may have disadvantages like:

Cash advance fees . This is a one-time fee payable when you receive your advance, typically 3% to five percent of the amount.

Higher interest rates. Many cards charge a higher annual percentage rate for cash advances than for regular purchases.

No grace period. If you settle your amount in full each month generally, you'll have a time frame of at least two weeks to settle off your purchases before you're charged for interest. Cash advances, however, start to accrue interest on Day One.

Lower credit limit. Certain credit cards come with an additional cash advance credit limit, which is less than the total credit limit.

No credit card rewards. The cash equivalent is probably not eligible to earn rewards, like cash back, travel points or miles. Also, it will not contribute to your spending requirement to earn a sign-up bonus.

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What can you do if you're nervous

If you're worried about getting socked with cash advance fees or other charges, call the number on the back of your credit card and request Chase . This way, if a purchase turns out to be a transaction that is akin to cash and is rejected when it exceeds the limit instead of being charged charges.

If you don't agree with Chase's recent changes to the nature of the cash-like transaction, you can reject them up until the day they take effect. But then Chase will cancel your account.

What Chase provides as alternatives

Cash advances can be a costly option to earn cash. But Chase provides a different way to get access to your credit card's line of credit besides making purchases, in case that's what you're looking for.

My Chase Loan

is like it's like a like a bank loan. When you are approved, you get a deposit directly to your bank account. You are given a specific amount of time to repay the loan, and you're being charged a variable rate of interest, depending of the Chase card you are applying for the loan.

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About the author: Greg Karp is a former NerdWallet writer and an expert in personal finance and credit cards. He previously worked at Chicago Tribune. Chicago Tribune and wrote two money books.

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