Online Banking
You know how people always say that getting life insurance or a will is on their list of things to do but for some reason, they never actually get to it? That is how I am with online banking, but this past weekend I finally got to it!
I don't know about my readers, but with coronavirus, you should really be stacking up that cash even more than usual because we really do not know what is going to happen in the winter from this. If you stick all of that money in your regular bank, say J.P. Morgan, then you are earning nothing on your hard earned money. With Chase, I am earning 0.01% on my savings which is pennies but you can find online banking right now with 1.25% savings rates. That can amount to a few hundred dollars for us. Of course, it all depends on how much money you are going to put in your account. But if you are stacking cash, like us, then this is the place you want to be.
How do you know what online bank is right for you? First, how much money are you going to be moving into this account? That will be your starting place because a lot of banks have a minimum deposit to open an account. Second, you want to make sure you are banking with an FDIC approved bank.
What is FDIC and what does it mean to be FDIC approved?
FDIC stands for the Federal Deposit Insurance Corporation. "It is a government agency designed to protect consumers and the US financial system. They are best known for deposit insurance, which helps customers avoid losses when a bank fails."
Basically, when you deposit your money at your bank, you assume that your money will stay there unless you withdraw it. Well, if your bank loses money or goes out of business and is no longer able to pay the funds to the customers, then the FDIC steps in and pays those funds due. Of course, there is a limit to all insurance and for the FDIC they will reimburse up to $250,000.
How do I know if a bank is FDIC insured?
You can go to the FDIC website and put in the bank name to find out if it is FDIC insured. You can also put in additional details: address, website, FDIC #, etc.
The bank itself will usually advertise that they are FDIC approved, either on their website or in the building itself. You can also ask the bank for their FDIC number and then use that to do a quick search to confirm.
You also want to be careful with online banking. Confirming you are banking with an FDIC approved bank keeps you away from scams. Be careful with high interest rates that will last a month and then lower. This is common to get you to bank with them and you think your interest rate is the best but after 30 days it drops.
Do your research on online banking and decide if it is best for you. Be sure to comment, subscribe, share and like this post.
I don't know about my readers, but with coronavirus, you should really be stacking up that cash even more than usual because we really do not know what is going to happen in the winter from this. If you stick all of that money in your regular bank, say J.P. Morgan, then you are earning nothing on your hard earned money. With Chase, I am earning 0.01% on my savings which is pennies but you can find online banking right now with 1.25% savings rates. That can amount to a few hundred dollars for us. Of course, it all depends on how much money you are going to put in your account. But if you are stacking cash, like us, then this is the place you want to be.
How do you know what online bank is right for you? First, how much money are you going to be moving into this account? That will be your starting place because a lot of banks have a minimum deposit to open an account. Second, you want to make sure you are banking with an FDIC approved bank.
What is FDIC and what does it mean to be FDIC approved?
FDIC stands for the Federal Deposit Insurance Corporation. "It is a government agency designed to protect consumers and the US financial system. They are best known for deposit insurance, which helps customers avoid losses when a bank fails."
Basically, when you deposit your money at your bank, you assume that your money will stay there unless you withdraw it. Well, if your bank loses money or goes out of business and is no longer able to pay the funds to the customers, then the FDIC steps in and pays those funds due. Of course, there is a limit to all insurance and for the FDIC they will reimburse up to $250,000.
How do I know if a bank is FDIC insured?
You can go to the FDIC website and put in the bank name to find out if it is FDIC insured. You can also put in additional details: address, website, FDIC #, etc.
The bank itself will usually advertise that they are FDIC approved, either on their website or in the building itself. You can also ask the bank for their FDIC number and then use that to do a quick search to confirm.
You also want to be careful with online banking. Confirming you are banking with an FDIC approved bank keeps you away from scams. Be careful with high interest rates that will last a month and then lower. This is common to get you to bank with them and you think your interest rate is the best but after 30 days it drops.
Do your research on online banking and decide if it is best for you. Be sure to comment, subscribe, share and like this post.
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