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Green Dot Prepaid Card Review

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(image: https://i.pinimg.com/originals/80/9b/63/809b63e2446c953ba2efecc1172ed54f.png)Green Dot Prepaid Card Review

Jeanne Lee Jeanne Lee Jeanne is a former NerdWallet writer focusing on debt, credit and loans. She has covered financial topics for more than 20 years, and has also worked in Fortune and Money magazines.

Updated February 9 2021

Written by Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance topics for almost 10 years and has previously was a member of NerdWallet's banking and insurance teams, as well as doing a stint on the copy desk. She is located in Ann Arbor, Michigan.

A majority of the products we feature come 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, it does not influence our evaluations. Our opinions are entirely our own. Here's a list and .

Green Dot card Green Dot card is an FDIC-insured, rechargeable prepaid debit card that is used to make payments and purchases and withdraw cash. Green Dot cards are sold in stores such as CVS, Rite-Aid and Wal-Mart. The prepaid debit card called known as the Green Dot Prepaid MasterCard or Visa offers lower monthly fees than some other Green Dot cards.

This Green Dot card has no free ATM access. If this is a problem for you, look through our list of for some alternatives.

The best for:

People who reload at least $1,000 monthly.

People who don't make use of paper checks.

People who would like access to banking features without the requirement for an identity check.

Are you interested in knowing how better use this card? Find out

Dot Card Green Dot Card Benefits

Free mobile and online bill pay.

Direct deposit and mobile banking are free.

Visa and MasterCard are both widely accepted by retailers.

Are you searching for ways to increase your credit instead? Find out more about

Green Dot Card Cons:

There is a high $7.95 monthly cost (waived when deposits are at least $1,000 per month).

There is no free ATM network. There is an additional $3 ATM fee, in addition to any other fees the ATM owner is charged.

The cash you load on your card at retailers costs between $5.95.

The cost of withdrawing money through a terminal costs $3.

Paper checks cost $5.95 per dozen.

Are you ready to start a traditional savings option instead? Check out the

A brief overview of debit cards for prepaid

What is a pre-paid debit card?

A Prepaid debit card is a form of payment card that only allows you to spend the funds you load onto the card. They aren't able to assist in building credit. Similar to a debit card the prepaid card can be used at any merchant that accepts its payment network, which includes Visa, Mastercard or American Express. It's safer and more convenient than cash. Most prepaid cards have an app for mobile devices for depositing checks and transfer money. Find out more about our .

In contrast to checking accounts, debit cards that are prepaid might not have certain services, like free ATM branches and checks, to name a few. If that doesn't work for you, check out our list of . If you've been struggling with banks previously take a look at .

Prepaid debit card vs. debit card vs. credit card

Pay with prepaid debit cards in advance you load funds onto the card via cash, checks direct deposit or a bank account before paying for transactions.

Cardholders with debit cards- pay today Pay now: You can use the money directly from your checking account to pay for purchases or withdrawing funds through an ATM.

Credit cards -- pay later: You can borrow money from a bank each time you make use of the card. You pay it back later.

What is the procedure for FDIC insurance on Prepaid cards work?

Prepaid debit cards typically include FDIC assurance, which helps keep your funds safe in the event the issuer fails to pay its bills. Only financial institutions are eligible for FDIC insurance, which means the prepaid card is managed by a bank or by a prepaid card company that partners with a bank to offer the insurance. You must sign up your debit card in a prepaid account by submitting your full name, address and other identification information in order to be eligible to receive FDIC insurance, as well as other security.

About the author: Jeanne Lee is former personal finance writer for NerdWallet. She has also written in Fortune and Money magazines.

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What Is Plastiq and how Does It Do Its Work?

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What is Plastiq and How Does It Function?

In exchange for a cost, Plastiq lets you use credit or debit cards to pay bills which don't normally accept credit cards for payment.

Written by Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer on the credit cards group at NerdWallet. She has been a passionate writer covering credit card related topics for more than six years. Her previous work experiences include nine years as an author for various publications and websites. In her writing, she hopes to help readers extract benefits from credit cards in order for financial goals such as expanding their budgets, building credit, traveling to dream destinations and repaying debt. She explores these topics as well as others in The Millennial Money column featured in The Associated Press. Her work has also been published in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree in sociology from University of California, Los Angeles. University of California, Los Angeles.

Updated Feb 10, 2023 at 10:13 AM PST.

Edited by Kenley Young Assigning Editor Credit cards, credit scores Kenley Young is the director of daily credit cards coverage for NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer for Fox Sports, and before that a front page editor at Yahoo. He has years of experience in both digital and print media, with stints as a copy desk chief, a wire editor and an editor for metros for the McClatchy Newspaper chain.

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More Like This

is a service that lets individuals and businesses use debit or credit cards to pay vendors that aren't able to accept other payment methods.

As a way to provide this convenience, Plastiq charges you a processing fee that can be expensive -- in December 2022 . And of course, if you're using a credit/debit card and can't pay those monthly bills and you're charged interest, it will be at whatever ongoing rate your credit card bills.

But if you need some space to breathe while waiting for your paycheck or windfall to come in, Plastiq could be cheaper than a loan with a high interest rate such as a loan or depending on whether you are able to pay off the debt quickly and in particular when you have a rewards credit card that will cover the processing cost.

>> MORE:

Plastiq The fundamentals of Plastiq

Plastiq facilitates one-time or recurring payments to pay for bills like , mortgage and utilities, day care homeowners association fees and other charges. It is possible to add a debit card or credit card into your Plastiq account and debit it with amounts equal to your bill and then Plastiq will pay the business on your behalf through a method that the vendor accepts: , or an old-fashioned paper check. (Checks, for instance, read to the vendor as coming from you, and not coming from Plastiq.) The customer does not need a Plastiq account to accept payment.

" Plastiq is a service that lets businesses and people use credit or debit cards to pay for vendors who aren't able to accept other payment methods. "

Plastiq typically charges the 2.9% fee for credit and debit cards. The terms and conditions apply. It is compatible with

Visa.

Mastercard.

Discover.

.

However, some credit cards come with restrictions on the kinds of bills you can pay through Plastiq. For example, Visa cannot be used to make mortgage payments through Plastiq's bill-pay service.

Additionally, Chase recently unveiled a and it's not clear what implications could have on transactions made with a Chase card via Plastiq.

Nerdy Tip

As of February. 10 2023 Plastiq does not accept American Express.

How does it work

Start by creating a free account using Plastiq and registering your credit or debit card details. You can add multiple cards and choose one to be your default.

Additionally, you'll need to add recipients to your account, including the name of the vendor as well as the country. This information will be saved on your account for future reference.

" Checks generally take around eight days to be delivered according to the website of Plastiq Therefore, you should include some time on your calendar to avoid having to pay late. "

For a transfer choose who you want to pay, how much due and the preferred payment method (ACH wire transfer, wire transfer, or check) and the date you want the funds to reach them. You may also need specific information about the amount you're paying like, for example an loan number for the mortgage and a unit code for rent due for an apartment, etc. You can add more details in the "memo" section.

You can make a one-time payment or schedule them to automatically repeat. If you are a recipient who accepts checks via snail mail, you may have to submit the payment earlier than the normal. Checks generally take 8 days to arrive, according to Plastiq's website So, make sure to include some extra time on your calendar to avoid making payments in the late hours.

Plastiq gives a breakdown of fees, in the form of dollars as well as a percentage in the payment review screen before you complete your transaction. Once you tell Plastiq to make the money, you'll receive several email confirmations from the company throughout the process, including confirmation of the first transaction, a notice that a check will be physically delivered to the seller to pay for the transaction, and a message once the recipient cashes it. (If for some reason your payment isn't processed, Plastiq will notify you.)

Nerdy Tip

Some credit cards may not be compatible with bill payment services from third-party providers. Before using one, go over the terms and conditions or ask the issuer how (or whether) the transaction will be processed. It could be considered cash advances instead of a purchase. Plastiq claims that it informs customers of this and blocks transactions before they are considered cash advances.

The cost

For debit cards

The benefit of charging a debit card via Plastiq isn't that great. You'll get hit with the 2.9% processing fee that you'd be able to avoid by simply writing your personal check directly to the vendor. (Plastiq initially charged just 1% on debit cards, but it increased the cost to the same level as credit card transactions in the month of March.)

However, if you're not interested to purchase personal checks, buy stamps, go to the post office and so on. If so, Plastiq does cut those corners for you. Still, take care to use the service only when it doesn't put you in danger of exceeding your credit limit.

For credit cards

Credit cards offer a more intriguing use case since they actually Plastiq allows you to pay bills before you have the actual cash available. In addition, floating the cash with a credit card such a way could be a more affordable alternative to other options such as cash advances.

" The option of floating your cash using credit cards this way could be a less costly alternative than other options like cash advances. However, it's not free of risk or cost. "

But it's certainly not without risk or cost. First of all it's a 2.9 per cent processing fee might not seem like much, but if you're using Plastiq to make a check for $2,000 in rent that adds $58 to your total. A rewards card that earns say, can reduce that cost, but you'll be very difficult to get rid of it except if you're claiming an incentive to sign up through the spending.

Secondly, if you can't afford to pay off that $2,058 charge within your credit card's billing cycle, you'll get hit with the card's ongoing interest rate -- and rewards cards typically have the highest annual percentage rates of most, often in excess of 20%.

>> MORE:

Nerdy Tip

Your credit card's can buy you some time to avoid accumulating interest. Grace periods are the time period between the end each billing cycle until the date the payment due. Grace periods don't apply to cash advances on credit cards, but they could apply to a payment service such as Plastiq. Remember, however, that if you're carrying an outstanding balance, your card issuer will eliminate your grace period.

The most important thing is the bottom line

In the end, Plastiq is a service best used strategically. It can assist you in holding on to your cash reserves in case you require them in the near future, and it's fairly inexpensive relative to some other options for cash in a hurry.

However, paying for expenses that you aren't able to pay initially will be expensive and insufficent when the revolving interest on credit cards starts to kick in.

The author's bio: Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes has been highlighted by The Associated Press, New York Times, Washington Post and USA Today.

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Hispanic American-owned Banks and Credit Unions owned by State

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able make financial decisions without hesitation. And while our site does not feature every business or financial product that is available in the marketplace We're pleased that the advice we provide and the information we offer and the tools we develop are objective, independent simple, and completely free. So how do we make money? Our partners compensate us. This can influence the products we write about (and where those products appear on the website) However, it does not affect our suggestions or recommendations, which are grounded in many hours of study. Our partners do not be paid to ensure positive ratings of their goods or services. .

Hispanic American-owned banks and Credit Unions owned by States

By Spencer Tierney Senior Writer | Certificates of Deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer banker at NerdWallet. He has been writing about the personal financial sector since, with a particular emphasis on deposit certificates and other topics related to banking. The work he has written for him was featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. The location of his work is Berkeley, California.

and Ruth Sarreal Content Management Specialist Bank accounts, bank account bonuses Ruth Sarreal is a content management specialist covering banking for consumers at NerdWallet. She has over 10 years of experience writing and editing content for websites for consumers. She was previously editor of the content for personal finance topics at GOBankingRates. Her work has been highlighted in Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated Jun 10, 2022

Editor: Yuliya Goldshteyn Assistant Editor Yuliya Goldshteyn is a bank editor at NerdWallet. She was previously an editor, writer and a research analyst across a range of industries from healthcare as well as market research. She earned a bachelor's degree in the field of history at the University of California, Berkeley and a master's of social science from the University of Chicago, with an emphasis on Soviet culture and history. She is located within Portland, Oregon.

The majority or all of the items featured on this page are provided by our partners who compensate us. This influences which products we feature and where and how the product appears on a page. However, this doesn't affect our opinions. Our opinions are entirely our own. Here's a list of and .

Credit unions and banks with Latino-based leadership strive to aid those who have traditionally been underserved by the U.S. banking system. This includes Hispanic as well as Latino households, which are, at 12.2 percent, aren't banked at a rate that is more than twice the national rate according to the Federal Deposit Insurance Corp.'s survey of unbanked households . Federal Deposit Insurance Corp . . Accessed on Jun 9, 2022.

.

And , according to a survey by the Federal Reserve, nearly 22% of Latino households are unbanked that is, they have bank accounts , but are also using alternative financial services like check cashers, payday lenders or remittance transfer providers [0] Federal Reserve . . Accessed on Jun 9, 2022.

. However, having an account at a bank account means access to a safe place for keeping cash and a way to pay bills (regardless of your citizenship or status).

>> Skip to the

Put your money into a brighter future

See how to find an institution that has great customer service for you and the goal of making the world better for all.

Why Hispanic American banks and credit unions are different

It is important to note that the Hispanic American banks and credit unions on this list are committed to helping their communities. The list is comprised of banks and credit unions categorized by their status as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are minority-owned, minority-led or have people of color as a majority of its board members or members, and they serve a group which is dominated by minorities.* Federal Deposit Insurance Corp . . Accessed on Jun 9, 2022.

", "0" National Credit Union Administration . . Accessed on June 9, 2022.

. A few of them have also been referred to as Community Development Financial Institutions, also known as CDFIs. This means that they focus on serving communities with low incomes and those who were previously exclusion from finance. (Learn about CDFIs here .)

Learn more about what is to be an MDI

Aside from that, the FDIC determines an MDI as either minority-owned (meaning individuals of a specific minority group have a minimum of 51% of the bank's voting shares) and minority-led (meaning that at minimum 51% of the bank's board of directors identifies as belonging to a particular minority group, and the bank mainly serves this segment). As credit unions are member-owned and are not profit-driven and not for profit, the NCUA determines as an MDI in a different way. According to the NCUA the credit union must self-report its status as an MDI and at least 50 percent of its members as well as board members must be people of people of color. Find out more about the .

Frequently asked questions What is a Hispanic American-owned bank?

A is a financial institution in which the majority of stockholders and Board members happen to be Hispanic or Latino. The bank serves a mostly Hispanic community, but that doesn't mean that non-Hispanics or companies can't open accounts.

What is a Hispanic-American-owned credit union?

A Hispanic American-owned credit union is a non-profit bank where the majority of its current members as well as their board of directors, and the community that it serves are Hispanic American. The membership can be restricted to a particular community or group of people, for example members of the majority Hispanic American church or employees or students in a historically Hispanic American school district.

Can allies be part of a Hispanic American-owned credit union or bank?

It's true that having a bank owned by a Hispanic American is a good way to support its mission. If you're considering joining a Hispanic American-owned credit union take a look at its membership requirements. Like many other credit unions certain Hispanic American-owned credit unions restrict membership by geographical location or other aspects.

What is a Hispanic American-owned financial institution?

A is a financial institution in which the majority of shareholders or the board of directors are Hispanic or Latino. The bank serves a mostly Hispanic community, however, this doesn't mean that non-Hispanics or businesses can't get accounts.

What is a Hispanic-American-owned credit union?

A Hispanic American-owned credit union is a not-for-profit banking institution with a large majority of its current members as well as their board of directors and the community it serves are Hispanic American. The membership of a credit union is limited to a particular community or even a specific particular group, like members of a predominantly Hispanic American church or employees or students from a Hispanic American school district.

Are allies able to join a Hispanic American-owned credit union or bank?

Yes, having a Hispanic American-owned bank could be a great method to help its mission. If you're interested in a Hispanic American-owned credit union, look into the membership requirements. As with other credit unions, some Hispanic-owned credit unions restrict membership by geography or other factors.

The following list of Hispanic American-led and Hispanic American-owned banks and credit unions according to state

Not all of these banks and credit unions are accessible online; financial institutions with websites are linked.

Arizona

California

L.A. Mission Federal Credit Union

Colorado

Florida

Illinois

Missouri

New Jersey

Goya Foods Employees Federal Credit Union

Passaic Police Federal Credit Union

New Mexico

New York

North Carolina

Oklahoma

Texas

Alpine Community Credit Union

Frio County Federal Credit Union

Friona Texas Federal Credit Unit

Reeves County Teachers Credit Union

Are you interested in joining an African-owned financial institution in the U.S.?

Other options to find Credit unions owned by Hispanic Americans

More than 110 credit unions have joined to a nationwide program called (Together We Advance), which requires participating credit unions to offer affordable and accessible banking products to Latinos. The methods of operation vary for each credit union, however these are common:

The program allows applicants to present an identification document from outside the country, for example a foreign passport and a "matricula consular" -- identification cards provided by Mexican or other authorities to citizens living outside of their home countries.

Provides affordable banking services like cashing in checks, money orders and credit-building loans and second-chance checks, among other products.

Accepting loan applicants on the basis of other credit history, like the records of utility payments and letting identification come provided in form of individual taxpayer identification numbers, given to foreign nationals who work inside the U.S. and don't have Social Security numbers.

With English and Spanish materials as in addition to bilingual staff.

It is important to have Latinos on a bank's board of directors or the executive team.

Financial education courses and financial guidance (for creating credits, saving money, buying an apartment and starting a business, among other topics).

>> Minority-owned banks matter:

The authors' bios: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. The work of Spencer Tierney has also been featured in 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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(image: https://farm8.static.flickr.com/7860/40075677663_12881e754b.jpg)Are you able to pay off the car loan so that you don't have to repossess it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare data for free to help you make informed financial decisions. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that compensate us. This compensation can affect the way and where products appear on the site, such as for instance, the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage home equity, mortgage and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be available to you. Srinrat Wuttichaikitcharoen/EyeEm/Getty Images

5 min read Published November 28, 2022

The article was written by Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a wide range of topics, including savings, banking, homebuying, homeownership and personal finance. Written by Rhys Subitch Edited by Auto loans Editor Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with clear, well-researched information that breaks down complex subjects into digestible pieces. The Bankrate guarantee

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So, this compensation can influence the manner, place and when products are listed in the event that they are not permitted by law. We also offer mortgage or home equity products, as well as other home lending products. Other factors, like our own website rules and whether the product is available in the area you reside in or is within your own personal credit score could also affect how and where products appear on this website. While we strive to provide the most diverse selection of products, Bankrate does not include details about every financial or credit product or service. Repossessions of cars have increased dramatically since 2020, according to reports . If you are in arrears with your payments and your vehicle is at risk of repossession The good news is that you have the option of taking steps to prevent this dreadful outcome. In between reinstatement as well as loan modification, there are multiple opportunities to prevent repossession. Can paying off a car loan prevent repossession? The rules for repossession differ based on the state you live in. In many states there is a possibility that the lender is able to take the vehicle when you are in default. Depending on your loan agreement, that could be a result of missing just one payment. There are many steps between missing a payment to the final repossession of your car. Based on your current situation, you can take the appropriate actions . If you've not received any notification that you can't make your car payment, you'll probably know about that financial reality well before your lender is aware. Don't wait for your lender to find out when you don't pay take the initiative and contact the lender to discuss your situation. The lender might be willing to listen to you in order to save the cost of repossession. Make an effort to find an acceptable solution. For example, you could give more details regarding your circumstances, such as when you will be able to make your next installment or what you're able to pay now. Based on your past relationship with the lender and your credit score, you may be able to negotiate a temporary reprieve or . This is especially true in the case of this being the first time that you've had to make a missed payment. When the lender has not sent notice, a lender is legally able to repossess your vehicle with or without notice in many states. But your lender will likely mail you a notice of its intention to take possession of the vehicle prior to when it actually happens. If you get notice of repossession the first phone call you need to be making is with your lender. Again, an open line of communication between you and your lender may result in an option that prevents repossession. Waiting until you receive a notice means that you'll have to catch up when you explain the issue to your lender. If your lender is willing to listen to you out, give as many details as possible about when you can make a payment. Additionally, let them know how much money you have available to put to make a payment now. Ultimately, it can be in the lender's best interest to work out a temporary arrangement. After all, the business needs to be paid and you'll likely require your car to get to work. Dependent upon the lender and your personal history, a temporary agreement is within the possibility. If the lender has begun the process. If the lender has already started the repossession process, you may not have access to your vehicle. At this point, reinstatement to your loan (also known as resolving the defaultmay be the best alternative. In some states, you'll need to pay the entire past-due amount. This includes any missed payments along with any late fees that have accrued. Typically you will find that the lender will also ask you to pay repossession charges prior to releasing the car to you. In other states, you might need to pay the entire loan to obtain your car back. This procedure is called redemption. Not every state allows for reinstatement. If your state doesn't have laws governing reinstatement and it's not included in your contract, you should nonetheless contact your lender. They may be willing to modify the terms of your loan so that it includes it. How auto repossession works Auto repossession can be a painful experience. But understanding the process can aid you in navigating it and potentially discover an answer. 1. If a borrower fails to pay, your lender has the right to take possession of the vehicle when you're in default -- and also to send it be able to transfer the vehicle to a debt collection agency. The number of missed payments needed to be in default on your loan will depend on the state you live in as well as your loan contract. In certain situations it is only necessary make one missed payment for you to be in default. In other cases you may need to be late by two or three times in order for an issue to occur. At this stage, open dialogue to your lender is vitally important. If it's possible to negotiate an extension, now is the right time to inquire. 2. Lender repossess your car once in default, your lender may or not give you notice of its intention to take possession of the car. Call your lender to inquire about an arrangement for a short-term payment to avoid repossession in the event that you receive an official notice. Depending on your state the lender could be able to repossess your car anytime -- whether or not you've received notice. 3. Lender sells the vehicle Once the lender has possession of the vehicle the lender may hold the vehicle until you pay up with the loan. The most likely scenario is that the lender will sell the vehicle. In several states, the lender will notify you of the sale and give you the chance to re-establish your loan. If you decide to purchase the car back before the sale, you'll need to pay for the entire amount owed and any fees associated with repossession. But many repossessed cars are sold at auction. It is your right to attend and make an offer for your car. 4. Lender will send you a bill for any deficiency After selling the car, the lender must use those funds to pay the debt you owe. But the sale price may not be enough to pay the entire amount owed. If you owe more than what your lender gets for selling the vehicle, it's a deficiency. Unfortunately, in many states the lender can claim any deficiency. For instance, suppose you owe $10,000 but your lender is able to sell it at $7,000. In that scenario the deficit is $3000, and the lender may be entitled to sue you for the difference. However, if there is an excess from the sale, the lender might be required to transfer the money to you. This is rare however, if it does happen, you will probably get a little gain by selling the property. Other methods to avoid repossession The prevention of repossession is the major concern for many people who borrow. In the end, your car is likely a key piece of the way you earn money. Some ways to avoid repossession include reinstating the loan: If you can make your overdue payments and the lender will allow you to reinstate the loan. This means that you are bringing the situation back to where it was. When you are reinstated, you'll need to continue making the regular payments to your car. Take care to pay off the loan Naturally the process of paying off your entire auto loan is a lot easier to say than do. But if this option is in your reach, it is one way to exit this situation. Refinancing: This can be difficult as your credit score suffers a hit from missing payments. But if you can find a new loan with an interest rate that is lower or a regular payments, it might be the right move for your finances. Declare bankruptcy. If you're in debt on other debts, bankruptcy may be an option. Although there are ways to however, it's not a sure thing. Repossession may still happen when you don't find a workable solution. The drawback to this option is that you'll need to come up with the funds to solve the problem. The main point is that if you're faced with the uncomfortable possibility of repossession, talk to your lender as soon as possible. If you are able to communicate with them in a clear manner with your lender, the lender might be able to offer a solution that is beneficial to everyone.

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Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a wide range of topics, such as savings tips, banking homeownership, homebuying and personal finance. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances by providing precise, well-studied information that breaks down otherwise complex topics into digestible chunks.

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ACE Elite Prepaid Debit Card Review

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make sound financial decisions with confidence. Although our site doesn't include every business or financial product on the market We're pleased that the guidance we offer as well as the advice we offer as well as the tools we design are independent, objective, straightforward -- and completely free. So how do we make money? Our partners compensate us. This can influence the products we review and write about (and the places they are featured on the site) however it does not affect our suggestions or recommendations, which are grounded in thousands of hours of study. Our partners are not able to promise us favorable review of their services or products. .

ACE Elite Prepaid Debit Card Review

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

Updated Oct . 1, 2018.

Editor: Amy Hubbard Amy is a former editor in the banking industry and copy editor for NerdWallet. She has previously worked as an editor and writer for the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.

The majority or all of the products we feature are from our partners who pay us. This affects the products we review and where and how the product appears on the page. However, this does not affect our opinions. Our opinions are entirely our own. Here's a list of and .

2.0 NerdWallet rating NerdWallet's ratings are set by our editorial staff. The scoring formulas consider many data points for each financial product or service.

at ACE Cash Express

The ACE Elite prepaid debit card could cost more than its worth. The card, managed through NetSpend and issued through MetaBank it comes with extra services that aren't on many other cards that are prepaid, including an interest-bearing savings account, however, the fees for the card will add up. If you have direct deposit the card will cut down on some expenses. There are however .

Read on for more details about the ACE Elite's fees and other services.

Best for:

Those who can't open an bank account, want to receive direct deposit and make use of the savings feature.

Pros

Free to get the card online. And the sign-up process is easy. You'll need the Social Security number when you sign up, however there's no credit check.

Discount on the monthly fee. If you've got at minimum $500 in direct deposits monthly (from government or payroll benefits), you can be part of the $5 FeeAdvantage Plan which is $60 per year.

It can take up to two days with direct deposit. The government and businesses can pay you before the official payday however banks typically wait to process the funds. ACE Elite can process direct deposits quicker, however it depends on whether they get your money in a timely manner.

Monthly plans don't have charges for purchases. Most prepaid debit cards don't charge fees to use the card at retail stores however ACE Elite's pay-as you-go plan has a price of 1 cent per purchase. The cards two monthly plans, however, allow purchases to be made for free.

Three reload options are free. Online transfers, direct deposits made from another ACE Elite card and mobile check deposits with 10-day processing are all free. Transfers from bank accounts could be free, but it is dependent on the bank.

Savings account that offers 5% APY for first $1,000. This annual percentage yield is quite high, but after the first $1,000, the interest rate is reduced to 0.50 percent APY on the balance remaining. It means that you will earn $50 in interest for your first $1,000, then $5 on the next $1,000, and the same for the next. If you have to pay a year's worth in monthly charges, however, that price alone may outweigh any you make in interest.

Check out more choices Take a look at our list of

Cons

The monthly fees are high. Prepaid debit cards typically have a monthly fee around $5 on average however, the ACE Elite fee is $9.95.

Other fees. If you don't use your ACE Elite card for 90 days or request a check for the balance of your card and you're charged a $5.95 fee. There's also a fee to purchase the card at stores that are up to $9.95 as well as a one-time fee of $1 for transactions that are declined; and fees for some calls to customer support.

There is no free withdrawal network available to customers. Cash withdrawal at any ATM or at a bank, it costs $2.50 every time.

There is an overdraft option available. One of the major selling points for the majority of debit cards that are prepaid is not having overdraft fees should your account go into the negative. ACE Elite, like other NetSpend-managed cards, comes with an overdraft program with 15 overdraft charges and a maximum of three per month. It is less expensive than many banks' overdraft programs but not ideal to use if you need help budgeting.

There's no free method to manually add money that's fast. Online transfers take days to process and the option for processing check deposit mobile in a matter of minutes is a cost of up to 2% or more for each amount of check.

There is no free-reloading network. Cash reloads at retailers in NetSpend's reloading network, such as CVS Pharmacy and 7-Eleven, are immediate, but they charge the cost of $3.95 which varies depending on the store. Some locations don't charge, but many charge.

A brief overview of debit cards for prepaid

What is a pre-paid debit card?

A Prepaid debit card type of card that lets you use the funds you deposit on the card. They do not help you build credit. Like a debit card, the prepaid card can be used with any store that accepts their payment network, such as Visa, Mastercard or American Express. It's more secure and convenient as opposed to cash. The prepaid cards usually have an app that allows you for depositing checks and transferring funds. Learn more on our guide on debit cards that are prepaid.

In contrast to checking accounts, prepaid debit cards could not offer certain services, like free ATM branches, checks, among others. If none of that appeals to you, see our list of best checking accounts. If you've been struggling with banks in the past consider second-chance checking options.

Prepaid debit card vs. debit card vs. credit card

Credit cards with prepaid cards -- make payments prior to: You load money onto the card through cash or checks or direct deposit to a bank account before paying for transactions.

Debit cards -- pay now: You use funds directly from a checking account when paying for purchases or withdrawing funds from an ATM.

Credit cards -- pay later: You take cash from a financial institution when you use your credit card. Then, you pay the money back later.

How does FDIC insurance for Prepaid cards work?

Prepaid debit cards typically include FDIC insurance. This ensures that your money safe in the event that the issuer fails to pay its bills. Only financial institutions can be covered by FDIC insurance, so a prepaid card is either managed by a bank or a prepaid credit card company that partners with a bank to provide that insurance. You must register your debit card in a prepaid account by submitting your full name, address and other identification information in order to qualify to receive FDIC insurance as well as other protections.

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

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What Fed Rate Increases in 2023 mean for savings Accounts

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What does a Fed Rate increase in 2023 Mean for Savings Accounts

Interest rates for high-yield savings accounts in 2023 could continue to increase, though not as fast or as high as in the previous year.

By Margarette Burnette Savings accounts as well as money market accounts bank accounts Margarette Burnette is an specialist in saving and has been writing about bank accounts since prior to even the Great Recession. Her writing has been featured in , and other major newspapers. Prior to joining NerdWallet, Margarette was a freelance journalist, with articles in magazines such as Good Housekeeping, and Parenting. Margarette is located in Atlanta, Georgia.

Updated Mar 22, 2023

Written by Yuliya Goldshteyn, Assistant Assigning Editor Yuliya Goldshteyn works as a banking editor with NerdWallet. She has previously worked as an editor, researcher and writer across a range of industries from healthcare as well as market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in sociology from University of Chicago, with a focus on Soviet culture and history. She is located at Portland, Oregon.

A majority of the products featured here come from our partners, who pay us. This impacts the types of products we feature as well as the place and way the product is displayed on the page. However, this does not affect our assessments. Our opinions are our own. Here's a list and .

It's 2023 and there's a new Federal Reserve rate increase. Federal Reserve just announced its second Federal Funds Rate range hike of 0.25 percent. This is after seven rate increases in 2022. The new rate, which is a range that ranges from 4.75% to 5 percent. This increase is smaller than some of the dramatic changes in 2022, but the increase also means that rates are at their highest since 2006.

All of the recent rate hikes mean that loans or credit card accounts have become more expensive. But if you have an account for savings or a certificate of deposit, you might gain. Here's a look at what the most recent rate hike might mean for savings accounts in 2023.

Savings rates in 2023: 4% APY or higher

In the beginning of 2022, a few of the top savings accounts earned a mere 0.50 percent annual percent yield. Today, the best savings accounts and .

It's an impressive jump for one year. As the latest federal funds rate increase from the previous year isn't as big as most of the 2022 rate bumps and you shouldn't anticipate to see yields almost 8 times more. But, you could find yields that are slightly higher, and include more accounts that exceed the 4% mark.

Pay attention to high-yield online savings accounts in particular, which tend to provide some of the best rates.

On the other hand there are savings accounts at few of the largest national banks have rates that are 0.01%, in spite of the multiple federal fund rate increases last year. The rates are lower than the average national savings rate, which is 0.37% at the time of writing on March 20 20, 2023, as per the Federal Deposit Insurance Corp.

If you have a savings or checking account with a poor rate, it might be worthwhile to shop around for savings accounts that pay an APY of 3% to 4.

Shore up savings for the future

One of the main reasons why the Federal Reserve has been increasing rates is due to its desire to fight inflation. Based on the U.S. Bureau of Labor Statistics the consumer price index that is commonly used to measure inflation, increased 6.0 percent year-over-year during February of 2023. The figure, although excessive compared to the previous years, is less than the figure in June 2022 when the CPI was 9.1 percent higher year on year.

It's a great reason to invest in a high yield savings account today. There is no way to predict the future however having a solid savings account can help prepare you for financial storm.

It's ideal to have 3 to 6 months' worth of your expenditures in savings however that's quite a bit. If you don't have as amount of money saved up You can increase it in amounts that are feasible for you.

Imagine you receive a check every two weeks and can save $50 per payday. There will be more than 600 dollars saved in six months. That can help in a financial crisis. Putting that cash in an account with a high rate could help you build your savings.

The difference a high-yielding savings account brings

Where you save your money will affect your balance. If you placed your emergency funds of $600 in a bank account that earns a 0.01 percent APY, similar to those provided by some of the nation's largest banks, and did not make any other deposits, it's worth a total of only 6 cents in the course of one year. But if that money was stored in a savings account with a high yield that earns a 4.00 percent annual percentage rate even if you did not make any additional deposits, the balance would grow in excess of $24 over that same time period. It's a profit for choosing a more efficient savings account.

Check out how APYs have changed at high-yield accounts versus traditional accounts.

March 2023

February 2023

January 2023

December 2022

November 2022

October 2022

September 2022

August 2022

Online institutions

Member FDIC.

3.40% APY.

3.40% APY.

3.30% APY.

3.30% APY.

3.00% APY.

2.35% APY.

1.85% APY.

1.85% APY.

, Member FDIC.

4.05% APY.

4.05% APY.

4.05% APY.

3.85% APY.

3.60% APY.

3.00% APY.

2.10% APY.

2.10% APY.

, Member FDIC.

4.00% APY.

4.00% APY.

4.00% APY.

3.60% APY.

3.25% APY.

3.12% APY.

2.07% APY.

2.07% APY.

National brick-and-mortar banks

, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

, Member FDIC.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

0.01% APY.

You can do your own calculations with NerdWallet's to see what your savings could yield.

Fed rate hikes are expected to continue into 2023 -- to date. Take advantage by storing your cash in a high yield savings account. You'll earn higher rates than you would with a normal savings account, and are better prepared for whatever financial situations you face.

About the author: Margarette Burnette is a savings account specialist at NerdWallet. The work she has done was featured on USA Today and The Associated Press.

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The Debt Settlement Process: What is It Does It and the Risks You Take

(image: https://img00.deviantart.net/c0a1/i/2017/252/2/8/_sfm____the_gang_s_almost_here_by_sn0wsh00-dbmva3p.png)Advertiser disclosure You're our first priority. Each time. We believe that every person should be able make financial decisions with confidence. And while our site doesn't contain every company or financial product on the market, we're proud that the advice we provide and the information we offer as well as the tools we design are independent, objective, straightforward -- and cost-free. So how do we earn money? Our partners compensate us. This can influence the products we review and write about (and the places they are featured on the site) however it doesn't affect our recommendations or advice, which are grounded in many hours of research. Our partners cannot pay us to guarantee favorable review of their services or products. .

The Debt Settlement Process: What is It Does It and the Risks You Take

By 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 has a bachelor's degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Prior to joining NerdWallet, she worked for the daily papers, MSN Money and Credit.com. Her work has appeared on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and other publications. Twitter: @BeverlyOShea.

Updated on Jun 24, 2022 at 10:58AM 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. Previously, she spent 18 years with The Oregonian in Portland in positions such as copy desk chief and team editor and designer. Previous experience included news and copy editing for many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communication and journalism at the University of Iowa.

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Table of Contents

Table of Contents

A creditor has agreed to accept less than the amount that you owe as full payment. When it has accepted that offer and the debtor isn't able to continue to harass you to collect the cash and you don't need to be concerned about whether you'll be sued for that specific debt.

It sounds like a good deal however, debt settlement could be risky.

Debt settlement can destroy your credit.

Reaching a settlement can take a long period of time to achieve -- typically between two and four years.

It can be costly.

If you're successful in debt settlement it could take years to complete and you could discover you owe tax for any debt that you have forgiven. If you choose to use a debt settlement company and pay for fees, you'll have to pay. It is a last resort.

Make sure you track your debt the simple way

Sign up with NerdWallet to view your debt breakdown and upcoming payments all in one spot.

How debt settlement works

Debt settlement comes into play only if you have a lot of payment due dates or missed payments and perhaps collections accounts. The collector or creditor will not agree to pay lesser than what you owe when there's a an indication that you might not be able to pay the amount have previously agreed to.

Your will have been shredded and you'll be feeling hopelessly behind and your income will not be enough to keep up with all your obligations to creditors.

The companies that offer debt settlement deal with creditors to lower the amount you owe for debts that are not secured, such as credit cards. This isn't an option for certain types of debts, such as a house which can be foreclosed or a vehicle that could be taken back. Companies typically don't settle federal student loans however, you may be eligible to . If you're struggling with your student loans, an might help you.

Settlement options are only useful when you don't pay any more, so you don't make payments on your debts. Instead, you open a savings account and put a monthly payment there. If the settlement company is convinced that the savings account is sufficient to make a lump sum offer, it talks on your behalf to the creditor to accept a smaller amount.

Readers also ask

Do debt consolidation loans hurt your credit?

The debt consolidation process can improve your credit score if you pay on time or reduces the account balances particularly if your the balances on your credit cards were close to their limits. Your credit if you run up credit card balances again and close all or the majority of your cards or make a late payment on you credit consolidation loan.

How can I cut down my credit card debt?

Bankruptcy and debt settlement can help to reduce or completely eliminate debt from credit cards, however, they have a significant impact on your credit. Debt management can lower the rate of interest, and its impact on credit is less severe. can reduce the interest rate as well.

How can I cut down my credit card?

Reduce your debt in three steps: 1. Determine what you owe. 2. Determine which payoff strategy is going to work for you. 3. Set a goal and keep track of your performance.

Risks of debt settlement

Some companies offering debt settlement say they can reduce your debt by 50% and make debt-free in just 36 months.

But, the process is not as clear-cut or as simple as it seems. We believe that it is a only option in the end.

Here are the potential risks involved with debt settlement:

Your credit will be affected: If you're not already delinquent on your accounts and you're not, you'll be after you transfer debt payments to the settlement account. Debts that are owed and owing off by lenders stay on your for seven years.

Penalties and interest continue to accrue: You'll likely be hit with late charges and penalty fees as well. The interest will keep piling up on your balance.

There's no assurance of success The two biggest debt settlement firms are . Freedom Debt, for instance claims to have resolved greater than 10 billion dollars worth of debt for more than 650,000 clients since 2002. There's no assurance that the debt settlement firm will be able to settle your debt for much less, given that certain creditors don't negotiate with them.

According to a report by the Center for Responsible Lending, an independent research and policy organization, most consumers would have to settle at least four accounts to receive the net gain. Additionally, the amount of debt can increase as fees accumulate and aggressive attempts to collect might continue throughout the negotiation process.

You must pay the cost for each debt that is settled by law. These companies can't charge you up front fees. Most of them offer a percentage on each settlement, which is based on that debt's balance at the time you signed up to it in the program. Some charge a percentage of the debt that is eliminated through the settlement.

For example, say you owe $10,000 and your agency negotiates with you a deal for $6,000. The agency is charged 25%.

If the agency charges a percentage of settled debt then you'll pay the creditor $6,000 while paying to the agent $2,500 for charges (25 percent of the total balance enrolled). Total: $8,500.

If the agency has a percentage charge for eliminating debt, you'll pay the creditor $6,000 , and the agency $1000 in fees (25 percent of the $4,000 in deleted debt). Total: $7,000.

Additional fees will be charged in addition to the charges due the debtor when the debt is settled clients may be charged additional costs, including the setup fee and the monthly cost to keep the account set up under the program.

The debt that you forgive could be tax-deductible Also, you should know that Internal Revenue Service generally regards forgiven debt as income. It is possible to speak with an expert in taxation regarding any the additional taxes you'll be liable upon settling your debt.

If you choose to hire a debt settlement professional, be careful. It's easy to let your guard down when you're feeling desperate and are able to see the promises from . The National Consumer Law Center has declared that debt settlement companies are "almost never worthwhile and can get consumers into even deeper financial troubles."

The Consumer Financial Protection Bureau takes a somewhat softer view, however, it warns consumers to be cautious, saying that dealing with these firms is risky and that other options should be explored before. There have been more than 350 complaints filed against debt settlement companies to the CFPB from 2014. Among the most common claims included fraud and fees that were too high.

Alternatives to debt settlement

Michael Bovee, a debt settlement coach, and a frequent critic of his field (he has been a witness before the Federal Trade Commission in favor of greater regulation), advises erasing your debts through Chapter 7 bankruptcy and starting from scratch, if you've got the option.

For borrowers who are overwhelmed by debt that is not secured, such as credit cards, consider how your options compare, like . A is almost always a better option. A bankruptcy can ruin your credit for years however, the process of rebuilding is able to begin right away. Consultations with a bankruptcy attorney are generally free, however you'll be charged filing and legal fees if you choose this option.

"If you're able to eliminate your debts in bankruptcy, such as a Chapter 7 bankruptcy, that's the best option over trying to reach settlements," says NerdWallet columnist Liz Weston, author of "Your Credit Score" and "Deal With Your Debt." "Only if Chapter 7 isn't an option -- you refuse to file for bankruptcy, or if you only be considered for an Chapter 13 repayment plan -in the event that you are considering debt settlement."

If you're not eligible for bankruptcy, or do not intend to declare one, you might consider an offer through a non-profit . Going that route will not generally reduce the amount that you'll have to repay, but it may lower your monthly payments by spreading them out, or by reducing your interest rate. It's not going to have a greater impact on your credit than bankruptcy or a debt settlement.

If you choose to go for settlement

If you feel that it is the best option or the most suitable choice for you and would like some help in the process of pursuing the debt resolution option, Bovee has tips for choosing a company wisely:

Check with the to see if there's a history of complaints.

Beware of any business that seeks money in advance or guarantees that the debt will be paid.

Make sure fees are structured in a proportion of debt canceled instead of debt balance at enrollment. This provides the business with a reason to reduce your debt.

Beware of companies who promise to assist you in resolving debts in order to declare them "invalid" (a strategy that could backfire, resulting in more aggressive actions at your expense).

If you don't want to work with a company for debt settlement, consider using an attorney or making it your own.

A lawyer can charge by the hour, have a flat fee per creditor or charge a percentage of the debt or debt eliminated.

Once you're significantly behind, it usually doesn't hurt to approach your creditors. Some banks have hardship programs that could aid. Be sure to pay for any payment plans that your bank might provide.

If you're interested in trying to do it, learn the likely outcomes.

It is possible to collect enough cash are able to to make a lump-sum offer, whether this means doing a part-time job, selling sports equipment that's been languishing in the basement, or getting money through your friend. (Creditors might be more likely to accept a lump-sum deal as it allows them to pay quickly, instead of risking the possibility of not receiving payments.) Be aware that certain creditors might have a policy against settling the debt.

The author's bio: Bev O'Shea is a former credit writer at NerdWallet. Her work has appeared on the New York Times, Washington Post, MarketWatch 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 mission is to help you make better financial decisions by offering interactive tools and financial calculators, publishing original and objective content. This allows you to conduct your own research and compare data for free - so that you can 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 Money The products that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on this website, for example for instance, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other home lending products. However, this compensation will not influence the content we publish or the reviews that appear on this website. We do not contain the universe of companies or financial offerings that could be accessible to you.

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4 min read Published 11 October 2022

Written by Kellye Guinan Written by Personal and Business Finance Contributor

Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finance. She is also a full-time worker at her local library in which she assists the community gain access to information on financial literacy, as well as other topics.

Editor: Helen Wilbers Edited by

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

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With the cost of new cars hitting the record-setting levels, you may be looking into buying a used car. Be cautious -- car theft is spiking and you shouldn't to buy a car that was stolen. In 2021, 932,329 cars were reported as stolen, which is up 10.9 percent from the year before, according to the (NICB). There is also a chance that the vehicle you're looking to buy is a cloned vehicle. Cloning a car is the process where a car burglar steals the license plate and registration labels from a legitimate vehicle and then puts the same on a stolen vehicle that is similar in make and model. The thief may also make use of fake documents to sell you a brand new car. Be cautious when purchasing from a private dealer or from a dealer. If you feel something is off, look elsewhere. There are plenty of second hand automobiles available. 6 steps to check if the car you're buying is stolen. To be safe from the stress of purchasing a fake car, make sure you adhere to these steps. 1. Verify the VIN thoroughly. You can do this by checking the VIN with the government agencies as well as the department of motor vehicle. You can also look up the vehicle's VIN through the NICB's VIN Check service, suggests Renee Valdes, senior advice editor at Kelley Blue Book. This free service can inform you whether there are insurance documents of a lost car, or even one that has not yet been recovered. "Some vehicles have the VIN inside the front driver doors or even on their windshields, and some owners can have the VIN written on the window or even inside the engine," Valdes says. Valdes. "Carmakers would like to make it harder for criminals to steal VINs or create counterfeit one." It is possible that the VIN can also be stamped into the vehicle's dashboard. Be thorough, especially with letters and numbers that look like each other. Because the VIN should be in multiple locations, look at each one to see if they match. If not it could be because they were tampered with. 2. Buy a car history report Request a report on the history of your vehicle using the VIN, suggests Valdes. Businesses that provide vehicle history reports include or . "These reports aren't too expensive, and they're worth it," says Valdes. Reports on the history of a vehicle include things like Service history Title information Liens held on the car Accident history and damage Previous owners although the report will show the number of previous owners, it will not provide the names of owners. "If the history is correct to the present and it's in good condition, then it's well taken care of and isn't stolen," says Valdes. If there are any gaps in the history, or the vehicle isn't up-to the present, it could be a sign that the car has been taken. 3. Perform a title search can look up a car's title using the . If the person who is trying to sell you the car isn't listed on the title, you'll know that it's a stolen vehicle. Having access to the title of the vehicle can help detect any discrepancies in what the seller is saying against what's written on the title, for instance if the car is a and the mileage when it was sold last. 4. Ask the seller for the service records of the vehicle If the seller is able to show you maintenance receipts, there is a better chance that it's not a stolen car according to Valdes. Check to see whether the VIN the make, model and year on the receipts correspond to the car. Check the maintenance records against the vehicle history report and determine if they're in alignment. "A car is often a consumer's second largest purchase," says Valdes. "I always treated my vehicle as if I'd eventually sell it and that means taking good care of your vehicle and having regular oil changes." Additionally, ask whether you are able to look up the prior bill of sale when the seller first purchased the vehicle. It's not too late to inquire about the contact information of the seller as well as how much they originally bought the vehicle for. A legitimate seller shouldn't hesitate to give you this information. 5. Ask your auto insurance company for an inspection Find out if your insurance company it is willing to examine the vehicle for safety and any signs of fraudulent activity. You should still do yourself due due diligence, however, your insurance provider may be able find additional information to confirm that the vehicle is above the legal limit. Furthermore, certain states or insurance companies may require an inspection of your car when you . This usually happens prior to the insurance company has approved your auto insurance policy. It is only needed if you're purchasing certain types of coverage for example . 6. Trust your gut If the price is too good to be authentic, or the dealer is incredibly keen to sell you the car and wants you to skip , trust your instincts. Between other sellers as well as used vehicle dealerships, there are many trustworthy options to choose from. You may notice differences between what the seller is telling you about the car and what you discover in your research. It's not necessarily a sign of a problem. Some car owners don't keep precise records. And if the car has been purchased and sold numerous times, there may be an inaccuracy. But if you spot discrepancies that aren't explained, walk away. What do you do if you find that the car you're buying is stolen If you find out whether the vehicle you're purchasing is missing, you must file a police report. You must provide your purchase bill and any pertinent documents and information. Unfortunately, if the car you bought was stolen, or is a "cloned vehicle," it was never actually yours. This means you are not the legal owner of the vehicle and it is taken away and given to the correct owner. If a theft claim has been made an insurance firm, the vehicle is returned to the insurance company. The loss will be the same. If you're not buying the vehicle yet, simply walk away without looking at it, suggests Valdes. Once it's safe to do so, file the police report. The key point is that as thieves are getting craftier, stay alert about potential dangers and research the car thoroughly, says Valdes. This includes doing a search of the VIN, ordering a vehicle history report and asking for additional documents and information to determine whether the vehicle has been stolen. "Don't be afraid to take every precaution, especially in this white-hot used car marketplace," 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 finance. She is also a full-time employee at the library in her town where she helps her community get information about financial literacy, in addition to other topics.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He values the clarity of his reporting, which helps readers successfully find deals and make the most appropriate choices regarding their finances. He is a specialist in small business and auto loans.

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19 Neobanks and What They Have to Offer

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19 Neobanks and What They Have to Offer

Neobanks distinguish themselves by focusing on particular communities, offering various benefits and more.

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

Updated September 23rd, 2021

Written by Yuliya Goldshteyn, Assistant Assigning Bank Yuliya Goldshteyn works as a banking editor with NerdWallet. She was previously an editor, researcher and writer across a range of industries from health care as well as market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's in sociology from University of Chicago, with an emphasis on Soviet cultural history. She lives in Portland, Oregon.

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 and where and how the product appears on a page. But this doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .

The information about investing on this page is provided for informational purposes only. NerdWallet is not a broker or advisor. or brokerage services or advice or counsel investors to purchase or sell certain securities, stocks or other investment options.

You can jump to a specific category or neobank:

To save money on high yield savings:

For the most extensive variety of accounts:

To get a low-cost overdraft:

To earn cash-back rewards:| || ||

Investor-friendly: || ||

Traveler-friendly: ||

Freelancer-friendly: ||

Neobanks refer to financial tech- or fintech -- companies that typically offer mobile-focused banking accounts that are adorned with attractive features such as low-cost credit or cash-back rewards. There are some established neobanks that offer loans, credit cards or investing products, too. They usually operate without branches and, since most neobanks lack banking licenses, they partner with banks to provide protection against their Federal Deposit Insurance Corp., among other things. All neobanks on this list have FDIC-insured accounts.

Savings Cash Management CD Checking Money Market

Member FDIC

SoFi Savings and Checking

The APY is 4.00 Per cent SoFi Members who have direct deposit can earn up to 4.00 per cent annual percentage yield (APY) on savings balances (including Vaults) and 1.20 percent APY on checking balances. The minimum direct deposit amount needed to earn the 4.00% APY for savings. Members without direct deposit will receive 1.20% APY on all account balances in checking and savings (including vaults). Interest rates are variable and can change at any time. The rates listed 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 is a product of Goldman Sachs Online Savings Account

APR 3.75 percentage 3.75% Annual percentage yield (annual percent yield) with a minimum balance of $0 to earn the APY stated. Accounts must have a positive balance to remain open. APY is valid until 02/14/2023.

Min. balance to APY $0

Member FDIC

CIT Bank Platinum Savings

APY 4.75%

Min. balance required for APY $5,000

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

These cash accounts combine features and services similar to savings, checking and/or investment accounts in one product. Cash management accounts are usually provided by non-bank financial institutions.

on the Wealthfront website.

The Wealthfront Cash Account

APY 4.30%

Min. balance to APY $1

on the 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 required for APY $0

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

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

Member FDIC

Marcus from Goldman Sachs High-Yield 10-Month CD

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

Ten months of term

CIT Bank CD with no penalty

APY 4.80 percent

Term 11 months

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

Checking accounts are utilized to deposit cash on a daily basis and for withdrawals.

The deposits are FDIC Insured

Current Account

APY N/A

Monthly fee $0

Chime Checking Account

APR N/A

Monthly fee of $0

Member FDIC

Axos Bank(r) Rewards Checking

APY 3.30 percent The annual percentage yield could be as high as 3.30% depending on the following combination rate-rewards Direct deposits (not including intra-bank transfers from another account) with a total of $1,500 or more each month will earn 0.40 percent. A qualifying direct deposit is required for the remaining interest rate qualifications to apply. Ten (10) transactions at the point of sale each month with Your Rewards Visa(r) debit card for ordinary purchases that have at least $3 for each transaction, or enrolling in Account Aggregation/Personal Financial Manager (PFM) will earn 0.30 percent. Maintaining an average balance per day of at least $2,500 for the Axos self-directed trading Invest account earns 1.00%. Maintaining unbeatable balances of at least $2,500 a month on an Axos managed Portfolio Invest account earns 1.00%; and making a monthly payment for an existing Axos bank consumer loan (commercial as well as business loans excluded) through a the Rewards Checking Account can earn the maximum amount of 0.60%.

Monthly fee of $0

Market accounts for money pay interest rates that are similar to savings accounts. They also have certain features for checking.

Market accounts for money pay interest rates that are similar to savings accounts. They also have some checking features.

Member FDIC

Discover Bank Money Market Account

APY 3.50%

Min. balance required for APY $1

>> Learn more:

A growing number of fintech companies that could be referred to as Neobanks continues to grow. Between the years of 2018 and 2020, the number of neobanks jumped from 60 to 256 worldwide, according to a report by the business strategy firm Exton Consulting. With the rise of more players comes more competition, and some once-innovative services are becoming more common in neobanks, like two-day early access to direct deposit and access to free nationwide ATM networks. Some digital wallets, including and, are competing with Neobanks, offering the same features.

Neobanks are finding ways to stand out by appealing to certain groups, like freelancers or travelers from abroad, or providing advantages that aren't available in traditional banks. This article will provide an overview of the ways that some of the upcoming and current Neobanks are trying to make themselves stand out.

>> Learn more:

For high-yield savings

Chime

Founded in 2013, Chime was founded in 2013 and is one of the largest neobanks, with more than 12 million users. It is partnered with two banks, it provides savings and checking accounts, both with no charges for monthly usage, as well as a secured credit card that you can use to create credit. Chime's savings account offers an attractive interest rate of 2.00 per cent annual percent yield**, with zero minimum balances, no maximum amount for earning interest, and no monthly costs. (The Chime Checking Account will be required in order to open a savings bank account; savings Account is an optional.) The spending account gives you free access to more than 60,000 ATMs*** throughout the nation, and for customers with direct deposits, there is a no-cost overdraft program that covers the amount of $200. Cash deposits are offered at big retailers ****, which is a benefit that not every neobank offers. Sign-up procedures are easier than at traditional banks because there is no credit check or previous banking records however, Chime has an .

Get more details from Chime

*Chime says: "Chime is a financial technology company and not an institution of banking. Services in banking offered via The Bancorp Bank, N.A. and Stride Bank, N.A. Member of the FDIC."

**" The Annual Percentage Yield ("APY") for the Chime Savings Account is subject to change and could be changed at any time. The disclosed APY is effective from October 25, 2022. There is no minimum balance requirement. You must be able to keep $0.01 saved to be able to make interest. "

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

****"The retailer that accepts your cash is responsible for transferring the cash for deposit into Your Chime Checking Account. Cash deposit fees may apply if using a retailer other than 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 banking partnerships. It was made an officially chartered bank in August 2020, allowing it to provide its individual FDIC insurance. Per Varo, it had a total of 6 million customers by mid-2022. The checking account comes with free ATM access, as well as no monthly fees, in addition to advantages like cash-back at certain stores with no transaction fees. Its savings account has some requirements for earning the highest rate of 5.00% APY on the first $5,000 of savings, which includes a $1,000 minimum in monthly direct deposits, and maintaining an open checking and savings balance at the end of the month. In other cases, you earn 3.00% per annum.

Read Varo review:

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To offer the broadest range of accounts

SoFi

SoFi -- which stands to mean "Social Finance" -- began as an student loan refinance business, but has recently obtained its own bank charter. SoFi Savings and Checking is its account that is a combination of the money to spend and save. There are no charges for accounts for overdraft, ATM usage, or monthly maintenance (subject to changing at any time). There are perks like earning interest, establishing subaccounts for savings, and, for customers with the right direct deposit, no-fee overdraft coverage up to $50. SoFi also provides a variety of loans, active and automated investing as well as cryptocurrency trading credit cards, retirement accounts.

Read SoFi reviews: || | |

From top to bottom

To get a cheap overdraft

One

It is owned by Walmart, One's banking account has a cheap overdraft service, a custom-designed savings and budgeting options. It allows customers to arrange their money into pockets, or subaccounts. The Pockets dedicated to saving are rated at 1% of up to $5,500 for every customer, and 1% on up to $25,000 for those who deposit direct. One offers free overdraft protection up to $200 for customers who make direct deposits of at least $500 per month. It's less expensive than the big banks charges for overdrafts. These could be as high as $35 per transaction.

Reviews of Read One: |

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Learn more about

For building credit

GO2bank (and GoBank)

Green Dot Corporation has offered alternative banking products since 1999. It began with debit cards that are prepaid and later expanding into its first digital bank, GoBank In 2013, before launching its new brand of bank, GO2bank, in 2021. The majority of Green Dot deposit accounts are federally insured by Green Dot Bank. In contrast to most neobanks which require online signup, you can pick up GoBank and GO2bank debit cards from retailers such as Walmart and then activate them online using a mobile app.

Between the two companies, GO2bank is easily the better option with a smaller monthly fee and more perks, though not as many as other neobanks like Chime and Varo. GoBank's almost $9 monthly fee is waived with $500 direct deposits, while the GO2bank's fee of $5 per month is waived with direct deposits without a minimum. In addition to the bank account, GO2bank offers a secured credit card that can be used to increase credit score and an account for savings that is rewarded with 1% APY on the amount of up to $5, 000. Contrary to this, GoBank doesn't offer a credit card or a savings vault doesn't earn interest.

Read about GoBank's review. GoBank review:

Learn further about GO2bank:

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Sesame Cash

The credit-related company Credit Sesame launched a free digital banking account in March 2020 that is designed to serve people who live paycheck to paycheck. The account's features include direct-deposited pay checks up to 2 days in advance in advance, mobile and cash deposits, a restricted cash-back program for debit cards and access to a free national ATM network. The account's users can access Credit Sesame's free credit monitoring and regular update of credit scores.

• Compare the

From top to bottom

MoCaFi

MoCaFi is also known as Mobility Capital Finance, is a Black-owned digital platform started in 2016 and offers free checking to serve largely unbanked and underbanked communities, with a focus on closing the racial wealth gap. MoCaFi offers a bill pay feature that lets customers make rent payments available to the major credit bureaus in order to establish credit histories. As a rare perk, MoCaFi works with its third-party partners to provide free cash deposits at a variety of stores and mobile check deposit with quick withdrawal of funds.

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Dave

Dave started the company in 2017, as a pay advance business, but later began to expand to include a full-service checking account. As of mid-2021, it had more than 10 million customers. You can get a small advance on your next salary without interest or a credit check. Customers with at least $1,000 in direct deposits per month are able to build credit history by making rent payments. Dave also offers budgeting tools that incorporates upcoming expenses as well as the ability to search for side jobs through its mobile app. There are no fees to use overdrafts or ATMs in the nationwide MoneyPass network, and there are no minimum balance requirements.

Read the Dave review:

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Rewards for cash-back

Current

Current was founded in the year 2015, offers free and premium checking options that include cash back on certain merchants, two-day earlier direct deposit, as well as fast refunds on gas station debit card holds. The latter two perks are only available to premium accounts, which have a $5 monthly fee. Premium accounts with direct deposits are also able to have up to $100 of overdrafts covered no cost.

Read Current review:

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Upgrade

A personal loan company Upgrade, started in 2017 and launched a no-cost checking account in 2021 that offers cash-back rewards more extensive than Current's. The primary benefits of Upgrade's checking customers include the cash back of 2% on everyday purchases such as in restaurants and drugstores and the possibility of 20% rate discounts for personal loans. Customers can also see their credit scores for free and summaries of their credit report via their Credit Health service.

Read the reviews of Upgrade:|

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Bella

Bella's banking approach is, in the words of its website, "built on love." This translates into an account reward program that offers a random percentage of cash back, anywhere from 5% to 200 percent, on randomly chosen purchases. The program was introduced in 2020. Bella doesn't have to pay monthly fees, or any overdraft or ATM charges. At present, Bella also covers fees charged by out-of-network ATM operators. Also, there is a free savings account, though it has minimal interest rates, as well as an alternative "karma account" which can be used as a reserve to pay for other customers' small purchases or as a beneficiary of a person's karma account generosity.

Check out our list of the

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Cheese

In March 2021, the company launched its first program. Cheese tailors its digital banking platform for immigrants as well as Asian American communities, offering up to 10% cash back at 10,000 businesses, including restaurants and Asian-owned businesses. Customer support is available in English and Chinese, with more languages to come. Accounts are able to earn interest and do not have monthly charges or ATM fees in the national MoneyPass ATM network.

>> Learn more about

From top to bottom

Investor-friendly

Acorns

While the microinvesting app Acorns' core product is its automated investing service for investors who don't have hands, it expanded into banking in the year 2018 with Acorns Checking. The account includes the debit card as well as a rewards program and is available only as a bundle that includes a taxable investment account and an individual retirement account at a cost of $3 per month (or five dollars for the family-friendly version). Customers can choose to participate in an "round-up" feature where each purchase is rounded by an amount of a specific amount, and the amount is invested. The rewards program allows customers to receive a small percentage or amount of money back for purchases made at more than 300 companies, and that also gets invested.

Read Acorns review:

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Aspiration

Aspiration can be described as an online broker firm that offers a cash management account, known as Spend & Save, that is a hybrid checking and savings account. There are two different versions of this account. The basic Spend & Save account has up to 3.00% APY on savings, with up to 5 percent cashback 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 almost-$72 annual fee, as high as 10% cashback and up to 5.00 percent APR. Two accounts are available as well, which means you can invest in sustainability and social cause. As an accredited B Corp company, Aspiration is committed to being an environmentally responsible and socially conscious business that gives customers customized sustainability scores that are based on which businesses they make their purchases at.

Read Aspiration review:

The Aspiration Spend and Save Accounts are cash management accounts offered by Aspiration Financial, LLC, a broker-dealer registered with the FDIC, a member of FINRA/SIPC and an affiliate to Aspiration Partners, Inc. ("Aspiration"). Aspiration isn't a bank."

Its Aspiration Save Account's up to 5.00% annual percentage yield ("APY") that can be up to 83x the national interest rate can be variable, subject to change, and only available to customers who are enrolled in Aspiration Plus after conditions are met. Customers not enrolled in Aspiration Plus receive 3.00% APY when conditions are met.

From top to bottom

Albert

Albert was launched in the year 2016 as a money management app and launched a personalized banking service known as Albert Cash on August 20, 2021. It currently has more than 6 million customers. Albert Cash is a banking account that offers cash back , and comes with the following benefits: no-interest cash advances in excess of $250 with integrated budgeting and saving tools and annual savings bonus that can reach 0.10 percent. To access Albert's investing feature and earn the savings rate to 0.25% and use its personalized customer support, known as Genius There is the minimum monthly cost of $4. It is required to be a member of an additional bank account to open an account with Albert.

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Traveler-friendly

Revolut

Started in 2015, the United Kingdom-based Revolut has a range of appealing features for international travelers who want competitive exchange rates and cards that allow you to be used to spend in more than 150 currencies. Customers can transfer funds abroad together with other Revolut customers, make withdrawals of up to $300 per month from ATMs with no fees, and get an interest rate on their savings. This is all included in the free account. For additional benefits, like medical insurance for overseas patients, 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 firm Wise, formerly known as TransferWise established the multicurrency account which was released into U.S. customers in 2017. There is an initial $9 fee for the debit card, Wise doesn't charge monthly account charges and also converts currencies at an affordable exchange rate for a minimal upfront cost. Converting a balance of $1,000 U.S. dollars to euros as an example, will cost around $4.20 which is 0.42 percent less than many banks' foreign transaction fees that range from 1% to three percent. A bank account can hold multiple balances, holding as many as 54 different currencies simultaneously, and converting may take just a few just a few seconds.

Read Wise review:

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Freelancer-friendly

Oxygen

Launched in early 2020, Oxygen's digital banking account aims to help self-employed and freelance workers manage their money flow. Oxygen does not have monthly or ACH as well as overdraft costs, but there are four pricing tiers available for the account, which range from zero to $200 per year. All levels offer advantages for traveling, like lost luggage and hotel theft protection, and higher levels offer more benefits such as higher savings rates, cash back and numbers of virtual cards. A unique perk is the option to utilize the Oxygen app to incorporate, or legally become a company in the future, and later .

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Lili

Launched in 2019, Lili is a no-cost mobile bank account designed specifically with freelancers and contractors in mind. With Lili, you can categorize your expenses by simply swiping left to indicate "life," or personal or personal, and the right side for "work," or business. Lili also has tools to aid freelancers in saving for taxes, and an emergency account. Additionally, if you make use of Lili's account to pay your earnings through websites and payment apps, you'll be able to get your money for up to 2 days earlier. This last feature is common among many neobanks.

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Neobanks to be announced very soon

Keep an eye on the debuts of these four Neobanks within the next few months:

Daylight: Formerly called the company Be Money, Daylight plans to introduce a mobile bank account focusing on the LGBT+ community with features such as access to financial experts and accounts with a person's preferred name, not their legal name.

Greenwood The Black-owned digital bank has already half a million clients who are waiting on their list to open spending and savings accounts that emphasize reinvesting wealth into Black as well as Latinx communities. (See this list for forthcoming and active .)

First Boulevard: The Black-owned banking platform focuses on low-cost banking, with cash back at Black-owned businesses, combined with short financial education videos. The goal of the platform is to create the wealth of generations to Black Americans.

Purple: Purple plans to offer mobile banking specifically for people with disabilities, including the option of a checking account as well as an account for savings that is tax-advantaged called ABLE accounts. These accounts let disabled people save money, without the forfeiture of government assistance. Also, there will be a debit card that sends some of the money earned by Purple for the Special Olympics.

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From credit monitoring tools to travel benefits Checking accounts today offer more features than the old ones did. Before getting one, check whether the fintech business is a bank or has a partnership with a bank, and see which features would best suit your needs in the financial realm.

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

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