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Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Personal loans aren't always the right choice, but I've learned they can be useful in many cases. When we were selling our home, we paid for renovations with a personal loan and paid it off after the sale. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyI used to think that personal loans were always considered bad debt, but then I realized that all personal loans are not the same. It's helpful to use a personal loan calculator so I can estimate costs before getting a loan.

Persons: aren't, I've, it's Organizations: Service, Discover Locations: Wall, Silicon

☆ How the Fed’s new instant money program could lead to another regional banking crisis
▼ + stars: | 2023-07-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Sure, you can currently Venmo or Zelle your friends instantly, but the banking system hasn’t kept up. Most transfers currently run on old systems that take hours, or even days, to process the money. Kevin Jacques: It’s a network that lets banks transfer money between themselves and between the account holders at the different banks in a near-instant way. The increase in average hourly earnings remained at 0.4% month on month, unchanged from May; and is up about 4.4% from last year. Instagram has more than two billion users, far more than the 238 million users Twitter reported having in the months before Musk took over.

Persons: New York CNN — FedNow, hasn’t, Bell, Kevin Jacques, It’s, You’ve, heartened, Payrolls, Job, Rucha Vankudre, Alicia Wallace, “, We’re, ”, Joseph Davis, Jerome Powell, Candice Tse, Elon Musk, Mark Zuckerberg, Zuckerberg, Musk, Brian Fung, Instagram Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Cota Capital, Fed, There’s UPI, Silicon Valley Bank, ”, Vanguard, Goldman Sachs Asset Management, Meta, Twitter Locations: New York, India, Brazil, Silicon

☆ Why credit card late fees may drop to $8
▼ + stars: | 2023-07-10 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

How things might changeIf no substantive changes are made to the proposal, here is how late fees would change, relative to current rules. Today, they may charge you automatically up to $41 ($30 for your first late payment but $41 for subsequent ones). But since the CFPB hasn’t seen today’s late fees exceed $41, it is unlikely you would see late fees as high as those examples suggest, Shearer noted. Among them, they assert that the CFPB’s estimates don’t account for the costs associated with uncollected late fees or the forgiveness of late fees by financial institutions. As a result, the cost of credit will increase, credit availability will drop, and rewards and other credit card features will decline and some may disappear,” the letter stated.

Persons: Brian Shearer, Rohit Chopra, Shearer, ”, “, ” CFPB’s Shearer Organizations: New, New York CNN, Consumer Financial, American Bankers Association, Consumer Bankers Association, National Association of, ABA Locations: New York

Credit Union One of Oklahoma is offering the highest interest rate for a CD right now. Until now, Old Point National Bank in Virginia had claimed the title of the highest CD rate, offering 6.02% on a 6-month CD. Interest rates on savings products like CDs and high-yield savings accounts have been steadily increasing over the last couple of years. Credit Union One of Oklahoma is only the second institution to break 6%, but it's not unlikely that more bank and credit unions will follow. If you aren't able to join Credit Union One of Oklahoma, you have plenty of other options for earning high rates on CDs.

Persons: —, it's Organizations: Credit, Service, . Credit, National Bank, Western Alliance, Mint, FDIC, Chevron Locations: Oklahoma, Oklahoma City, Virginia, Cleveland, Logan, McClain , Oklahoma

The best CD rate right now is an impressive 6.167% APY, but make sure you have emergency funds before parking money in a CD. Right now, the best CD rate is 6.167% APY on a 6-month share certificate from Credit Union One of Oklahoma. View offers and saving today >CDs are a great way to generate passive income because they require almost no oversight after the initial deposit. Here are three questions to ask yourself before signing up for a CD:1. $1,000 minimum opening deposit Highlights Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Persons: it's, you'll, You’re, Jennifer, Read Organizations: Credit Union, NASA Federal Credit Union, NASA, Credit, Chevron, National Space Society, NASA Headquarters, National Academy of Science, NASA Center, Bank of Indiana, First Internet Bank of Indiana's, FDIC, Reading Chevron, Crescent, Crescent Bank, Business, Black Enterprise Magazine, CNBC, Forbes, Twitter Locations: of Oklahoma, Louisiana

24/7 phone support Check mark icon A check mark. Perks such as roadside assistance, ID theft aid, cell phone protection, and more Check mark icon A check mark. Earn up to $30 per month in out-of-network ATM refunds, depending on tier level Check mark icon A check mark. No monthly fee for the first 12 months, with recurring monthly deposits of $25 Check mark icon A check mark. Mobile check deposit Check mark icon A check mark.

Persons: —, you've, Wells, Banks, Foster, Ally, you’ll, Charles Schwab, Chase, Wells Fargo Organizations: Service, Bank of America, Credit Union, Chevron, Alliant Credit Union, Express, American Express, FDIC, Reading Chevron, Axos, Axos Bank, Blue Federal, Blue Foundation, NOVA, Capital, Schwab, Savings, Chase Bank, Overdraft, Chase, locator.chase.com, Green, Banking, The Bancorp Bank, Stride Bank, N.A, CIT Bank, Bank, FDIC CIT Bank, CIT, Connect, Citi, Member FDIC Citi, BBB, Consumers Credit, Credit, Consumers Credit Union, Delta Community Credit, Community Credit, Utah Free, Discover, Discover Bank, FDIC Discover, Falcon International, International, Falcon International Bank, International Bank of Commerce, American, Laredo Federal Credit Union, Latino Community Development Center, North Carolina, Community Credit Union, Latino Community Credit, Navy Federal Free, Federal Free, NCUA Navy Federal Free, Navy Federal Credit Union, Department of Defense, Premier, LifeGreen, Regions Bank, City Federal Credit, River City Federal Credit, Federal Credit, City Federal Credit Union, Employees Credit, NCUA, State Employees Credit Union, Member, Service Credit Union, American Consumer, Security, Security Service, UT, Stripes, Security Service Credit Union, The Security, Synchrony Bank, . Bank, U.S, Bank's Locations: Chevron, Colorado and Wyoming, NY, LA, TX, VA, NJ, Washington, Alaska, Hawaii, Puerto Rico, CA, CT, FL, Chicago , Illinois, eDocuments, Metro Atlanta , Georgia, Kentucky , Texas, Georgia, Texas, AZ, Arizona , California, Colorado, Oklahoma, Laredo, North Carolina, Charlotte, Piedmont Triad, North, American, City, River City, River, San Antonio , Texas, Bexar County, Europe, New Hampshire, Massachusetts, Colorado , Texas, Utah

☆ The Best Debit Cards for Kids and Teens
▼ + stars: | 2023-07-02 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +15 min

Banks, credit unions, financial technology companies and even investment firms all offer debit cards geared toward under 18-year-olds. With Greenlight, children receive a physical debit card with their name on it. In addition to its abundance of customizable features, Greenlight also rises above other kids debit cards thanks to the educational tools and games included in its app. This is possible because the Step Visa Card is not technically a debit card, though it functions very similarly. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids and Teens, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, they’ve, Banks, we’ve, Greenlight, Chase, it’s, Side’s, —, Equifax, Roth Organizations: Community Federal Savings Bank, Capital, Teens, Chase, Teen, Fidelity, Learning, Kids

High yield savings accounts pay more interest than a regular savings account. A benefit of a high-yield savings account is that you can withdraw your money quickly if needed. High APY Check mark icon A check mark. Earn a solid APY on your savings pocket and automatic savings pocket Check mark icon A check mark. No fee for using an out-of-network ATM if you have direct deposits set up Check mark icon A check mark.

Persons: —, APY, you'll Organizations: Service, Western Alliance Bank, Western Alliance, Mint, FDIC, Chevron, Popular, Salem, Walmart, Coastal Community Bank, Reading Chevron Locations: United States, New York, Salem, Chevron

Credit Union One of Oklahoma is offering the highest interest rate for a CD right now. Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.

Persons: —, it's Organizations: Credit, Service, . Credit, National Bank, Columbia, Mint, FDIC, Chevron Locations: Oklahoma, Oklahoma City, Virginia, Cleveland, Logan, McClain , Oklahoma

☆ Nasdaq expects expanded markets to justify $10.5 bln Adenza merger price tag
▼ + stars: | 2023-06-22 | by ( John Mccrank | ) www.reuters.com time to read: +5 min

By one metric, Nasdaq paid around what Thoma Bravo spent on creating Adenza through the merger of two software firms, the sources familiar with the deal said. Nasdaq also hopes to cut overlapping costs, which would boost profitability and make the deal look cheaper, one of the sources said. With Adenza, Nasdaq's recurring revenues, which investors like for their predictability, will comprise around 77% of overall revenues, up from 71%. A director at one of Nasdaq's largest shareholders, whose firm supports the Adenza deal, said there were few good companies left that could be synergistic to Nasdaq. One of the sources said once Nasdaq also cuts out costs, the multiple will be closer to the mid-20s.

Persons: Thoma, Adena, Thoma Bravo, Friedman, Rosenblatt, Andrew Bond, Adena's, she's, Bond, Morningstar, Michael Miller, pushback, Adenza, Verafin, John McCrank, Paritosh Bansal, David Gregorio Our Organizations: YORK, Nasdaq, Thoma Bravo, Adenza, Rosenblatt Securities, BBB, Adenza's, Thomson Locations: United States, Europe, Adenza

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). Here are the steps to take to get a personal loan:Insider's Featured Personal Loan Companies LightStream Personal LoanMarcus Personal LoanSoFi Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Fees 4.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Fees 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Apply now On LightStream's website Apply now On Goldman Sachs' website Apply now On SoFi's website1. Understand the two main types of personal loansThere are two types of personal loans: secured and unsecured. Get your paperwork in orderOne of the most challenging parts of getting a personal loan is the amount of documentation required.

Persons: —, Gabe Krajicek, Krajicek, Priyanka Prakash, Goldman Sachs, it's, Tabitha Mazzara Organizations: Service, Bank of America, Citibank, MBANC Locations: Wells

Old Point National Bank is offering the highest interest rate for a CD right now. Pros Check mark icon A check mark. Accounts pay high interest rates Check mark icon A check mark. No fees Check mark icon A check mark. Open accounts you might not be able access outside of Raisin Check mark icon A check mark.

Persons: —, it's Organizations: National Bank, Service, NASA Federal Credit Union, National, Mint, FDIC, Chevron Locations: Hampton , Virginia

[1/2] A U.S. flag flies outside a branch of the Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian SnyderWASHINGTON, June 20 (Reuters) - The U.S. Justice Department antitrust division plans to expand the scope of its bank merger review process, the department's chief said on Tuesday, in a sign the agency may get tougher when scrutinizing such deals. The comments are likely to disappoint the industry, which had been hoping Democratic President Joe Biden's administration would be more open to allowing deals after a spate of bank failures since March. Specifically, Kanter said any merger review for antitrust purposes must go beyond traditional factors like the impact on local depositors and branches, and consider a broader set of issues. "We believe this policy change will not be as negative for bank mergers as it may first appear," he added.

Persons: Brian Snyder WASHINGTON, Jonathan Kanter, Joe Biden's, Kanter, Biden, Isaac Boltansky, Cowen, Jaret Seiberg, Pete Schroeder, Deepa Babington, Michelle Price Organizations: Bank, REUTERS, U.S . Justice Department, Brookings Institution, Democratic, Justice Department, Silicon Valley Bank, DOJ, Thomson Locations: U.S, Wellesley , Massachusetts, Silicon

☆ Overdraft Fees Are Dwindling, Study Finds
▼ + stars: | 2023-06-16 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

Are the days of overdraft fees almost over? The dreaded bank fees are shrinking, even as the share of households paying them remains the same, new financial research shows. Banks charge overdraft fees to cover shortfalls when customers spend more than the amount in their checking accounts. The typical overdraft fee is $15, half the amount it was two years ago, according to Moebs Services, a financial research firm. (Its calculation is based on more than 3,600 institutions, including banks, credit unions and financial technology companies.)

Persons: Banks, overdrafts Organizations: Financial Health Network, Moebs Services Locations: overdraft

Credit score and history: Your credit score and history are key to getting your loan approved for a personal loan. How to qualify for a $10,000 loan with bad creditA good credit score is essential when getting approved for a $10,000 loan. $10,000 loan offersIf you're looking to take out a $10,000 loan, here are some lenders worth considering:LightStream is best for borrowers with excellent credit scores, but you can still qualify with a score as low as 660. How to get a $10,000 loan FAQsHow much would a $10,000 loan cost per month? The cost per month for a $10,000 loan can vary greatly based on the regular annual percentage rate (APR) and the terms of your loan.

Persons: —, you've, They're, LightStream, SoFi, Avant Organizations: Service, Social, National Credit Union Administration, SoFi, PenFed Credit, Avant, Chevron Locations: prequalification, Massachusetts , Ohio, New Mexico, Georgia

Specifically, the NASA Federal Credit Union 9 Month Share Certificate is currently offering 5.65% APY (Annual Percentage Yield), the highest rate on the market right now. And it's NASA again that's offering the second-highest rate: the NASA Federal Credit Union 15 Month Share Certificate at 5.45% APY. NASA Federal Credit Union 9 Month Share Certificate Annual Percentage Yield (APY) 5.65% Minimum Deposit Amount $10,000 Start savingNASA Federal Credit Union 9 Month Share Certificate Annual Percentage Yield (APY) 5.65% Minimum Deposit Amount $10,000 View Full Details Start saving On NASA Federal Credit Union's websiteNASA Federal Credit Union 9 Month Share Certificate Start saving On NASA Federal Credit Union's website Details Annual Percentage Yield (APY) 5.65% Minimum Deposit Amount $10,000 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Minimum opening requirements are often lower than if you opened an account directly with a bank Cons Dash icon A dash. Only way to deposit or withdraw money is by connecting to an external account Dash icon A dash.

Persons: NASA FCU, —, You’re Organizations: NASA, National Space Society, Service, NASA Federal Credit Union, NASA Federal, NSS, Credit, Chevron, NASA Headquarters, National Academy of Science, NASA Center, Columbia, Mint, FDIC

☆ The Best CD Rates Are from Credit Unions Right Now. Here Are the Top Offers
▼ + stars: | 2023-06-08 | by ( ) www.wsj.com time to read: +7 min

But with many credit unions struggling to attract deposits their CD terms are especially sweet right now, experts say. The upshot: Half of the top 12 CD rates on DepositAccounts.com, a site that aggregates banking rates, are offered by credit unions. Why credit unions have such high CD rates nowCredit unions frequently offer financial products with more attractive interest rates and lower fees than conventional banks. The best credit union CD ratesWith nearly 5,000 credit unions in the country, there are plenty of favorable CD and share certificate rates out there. The FDIC doesn’t cover credit unions, but a different agency, the National Credit Union Administration, or NCUA, provides a parallel level of protection.

Persons: Martha C, they’ve, They’re, you’re, ”, Dawit Kebede, Curt Long, branchless Organizations: Credit, Nonprofit, Credit Union National Association, National Association of, “, don’t, Workers Credit Union, of, Financial, Association, Workers, Bellco, Bellco Foundation, Dow Credit Union, Dow Credit, Bank, Federal Deposit Insurance Corp, FDIC, National Credit Union Administration Locations: Silicon Valley, DepositAccounts.com, Central Massachusetts, Colorado

The interest rates on high-yield savings accounts have been rising for months. See the best high-yield savings accounts »Get the latest tips you need to manage your money — delivered to you biweekly. And if you're wondering why we're talking about high-yield savings accounts in particular, it's this: The average interest rate for a regular savings account in the US is 0.40%. How to use a high-yield savings accountHigh-yield savings accounts aren't perfect, and they aren't for every situation. The Federal Reserve raises the federal funds rate to combat inflation, and you see the numbers rise: Mortgage interest rates go up, CD interest rates go up, savings interest rates go up.

Persons: It's, —, They're Organizations: Service, Federal Reserve

Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). See Insider's picks for the best lenders to refinance student loans >>If you have federal student loans, you have options for debt forgiveness, including Public Service Loan Forgiveness and Income-Driven Repayment Plans. Insider's Featured Student Loan Refinance Companies SoFi Student Loan RefinancingSplash Financial Student Loan RefinancingEarnest Student Loan Refinancing Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Show more Variable: 5.32 % - 8.94%, Fixed: 4.96% - 8.99% (with AutoPay discount) Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Apply now Apply now Apply now2. While private student loans aren't eligible for forbearance in the same way federal student loans are, you still have options if you're struggling to keep up with your payments.

Persons: —, Pell Grant, Autopay, forbearance Organizations: Service, Public, Biden, Loan, SoFi, AutoPay, Federal Reserve Bank of New, AK, IL, forbearance Locations: Federal Reserve Bank of New York, MN, NH, OH, TN, TX, California, Florida, Texas, In Texas

☆ Why a federal government agency is warning people not to keep a lot of money sitting in Venmo, PayPal, or Cash App
▼ + stars: | 2023-06-02 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +3 min

The Consumer Financial Protection Bureau advised Americans against storing money in payment apps. Surveys have found that about 76% of all Americans have used an app like Venmo at least once. Money stored in apps is often not insured, unlike deposits at larger banks insured by the government. You should probably stop leaving money in your Venmo and PayPal accounts for days, weeks, or even months at a time. That's the official view of a federal government agency that is warning users of popular payment apps like Venmo, PayPal, Cash App, and more that they should avoid keeping large amounts of money on the app because it could be at risk.

Persons: That's, Rohit Chopra Organizations: Consumer Financial, Bureau, Morning, PayPal

First Security Bank and Trust Company accounts First Security Bank and Trust Company Savings AccountFirst Security Bank and Trust Company Free Checking AccountFirst Security Bank and Trust Company CDFirst Security Bank and Trust Company Money Market Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. About First Security Bank and Trust CompanyFirst Security Bank and Trust Company is a Black-owned bank with one branch in Oklahoma City, OK. First Security Bank and Trust Company FAQSWhat is First Security Bank and Trust Company? Methodology: How We Reviewed First Security Bank and Trust CompanyFor our First Security Bank and Trust Company review, we rated bank products and services using our bank account methodology. How First Security Bank and Trust Company ComparesFirst Security Bank and Trust Company is the only Black-owned bank in Oklahoma.

JPMorgan thinks Alkami is poised for long-term growth despite ongoing concerns in the banking industry. Analyst Alexei Gogolev initiated coverage on Alkami with an overweight rating and a $15 price target, which implies shares gaining 21.4% from Monday's close. Alkami provides software to regional banks and credit unions to facilitate online banking. JPMorgan said said Alkami's potential addressable market is at $11 billion in the U.S. as the modernization of digital banking for credit unions and regional banks continues. To be sure, Gogolev acknowledged that the uncertainty surrounding the U.S. banking sector has put downward pressure on valuation multiples on stocks in the sector.

☆ Credit card companies need to explain the 'exorbitant' late fees they're charging customers, says Elizabeth Warren
▼ + stars: | 2023-05-09 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

Sen. Elizabeth Warren wants to know if credit card companies stand with the banks. Currently, credit card companies are permitted to fine consumers up to $41 for each missed credit card payment — no questions asked. The other nine credit card companies Warren sent the letter to did not immediately reply to a request for comment. She wanted to know why reducing credit card late fees would be any different. Warren also asked each credit card company to answer how much money they collect in credit card fees each year — and the proportion from low-income earners — and the actual cost of collecting those fees.

☆ Here are Tuesday's biggest analyst calls: Microsoft, Apple, Alphabet, JPMorgan, PayPal, Shoals & more
▼ + stars: | 2023-05-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

JPMorgan initiates Alkami as overweight JPMorgan said the regional banking software company has strong fundamentals. " Bernstein reiterates Microsoft as outperform Bernstein said AI is going "everywhere and in everything" that Microsoft does. Goldman Sachs reiterates PayPal as buy Goldman said it sees further earnings upside after the company's earnings report on Monday. " Raymond James reiterates Palantir as strong buy Raymond James said it's standing by its strong buy rating on shares of the AI beneficiary. Credit Suisse downgrades PayPal to neutral from outperform Credit Suisse said it's too "challenging" to recommend shares right now.

Organizations: & & .

St. Louis Community Credit Union Regular Savings Account Learn more St. Louis Community Credit Union, NCUA insured. How St. Louis Community Credit Union Accounts Compare St. Louis Community Credit Union Regular Savings AccountSt. Louis Community Credit Union Interest (Gold) Checking AccountSt. Louis Community Credit Union Money Market AccountSt. Louis Community Credit Union Share Certificate Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. St. Louis Community Credit Union Interest (Gold) Checking Account Learn more St. Louis Community Credit Union, NCUA insured. St. Louis Community Credit Union Money Market Account Learn more St. Louis Community Credit Union, NCUA insured. St. Louis Community Credit Union vs. First Community Credit UnionYou'll prefer St. Louis Community if you want to support a Black-owned institution.

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