Banking Advice – Page 2

Can You Open a Bank Account With Just a Passport?

13Sep

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Can You Open a Bank Account With Just a Passport?

When you open a bank account, the bank needs you to prove that you are who you say you are. That normally involves providing a few pieces of documentation, including a government-issued photo ID. For most people, a driver's license is the most obvious choice. However, if you don't have a driver's license, a passport – whether issued by the U.S. or another country – could serve the same purpose.That’s because a passport is an official government document that requires a thorough vetting process.But is your passport by itself enough to open a bank account? Not quite. While it does allow you to meet the photo ID requirement, there are typically other things you’ll need to show the bank to prove your current address and tax status. Learn more about the requirements for opening a bank account....

Use Your Phone at the ATM Instead of a Card

12Sep

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Use Your Phone at the ATM Instead of a Card

Consumers have been able to withdraw cash from ATMs without using their debit cards for several years, a convenient option, especially if they don't have a card with them.If you have your smartphone with you, then leaving your card or wallet behind is no longer an issue. At some ATMs, you just need your phone to get cash for purchases or tips. Dan Rosenbaum has been using his Apple Watch to receive cash for more than a year at Chase ATMs because it is more convenient."I don't have to fumble in my wallet for the card or take out my wallet on the street at all to work the door buzzer," says the New York-based freelance writer. Even though Wells Fargo requires consumers to tap the withdrawal amount on the ATM, Tim Maliyil, CEO of Las Vegas-based cybersecurity services firm AlertBoot, prefers...

12Sep

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Money

How to Fill Out a Deposit Slip

Consumers who prefer to make their cash or check deposits at a brick-and-mortar bank location or at an ATM still may need to fill out a deposit slip.A deposit slip ensures that the money is allocated into the right account, such as your checking, savings or money market account. The deposit slip identities you as the depositor. You can deposit coins, cash or checks to your account by giving them to a teller, going to the drive-thru, using the ATM or accessing the overnight deposit box.Before you give a bank employee your deposit slip, check to see that all the amounts are listed accurately and add up to the total amount. You can either use the deposit slip that is pre-printed with your checking or savings account number or a blank one that is provided by the bank. Make sure you include yo...

11Sep

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Money

What You Need to Know

Whether you hand over a check to a teller at a bank branch, slip it into an ATM slot or snap photos of the check using your bank's mobile app, the full amount of your deposit might not be available right away. That's because bank deposits are subject to check holds.The amount of time it takes for the check to clear varies, depending on your bank or credit union. A partial amount can be available immediately. After the deposit is made, the money is not credited to the bank right away, says Anand Talwar, head of deposits and president of Ally Invest Group. The check must go through a central clearinghouse operated by the Federal Reserve Bank. Once your bank receives the credit, it can make the money available to you. "While some payments are pushed through right away, there are certain tran...

11Sep

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Money

Can You Deposit Cash at an ATM?

These days, many financial transactions happen digitally. But if you find yourself with cash, you might be wondering if you can deposit it at an ATM. The short answer: Yes, it's possible.However, not all ATMs accept cash, and some of those that do charge fees. So if you want to deposit cash at an ATM, learn how to choose the right one and what steps to take next.Before You Go to Make a DepositIf you have cash that you'd like to deposit via ATM, it's a good idea to do a bit of prep work. First, you'll need to locate an ATM that accepts cash deposits. "Not all banks or ATMs will offer this feature," says Anthony Martin, CEO of Choice Mutual Insurance Agency.He says your best bet is usually an ATM that's associated with your bank or its network. For instance, Allpoint is a network of about 5...

6Sep

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Money

You’ve Lost Your Debit Card. Now What?

Whether you misplaced your wallet, think you left your card at a bar or fear you've been pickpocketed, realizing you can't account for your debit card can induce panic. Taking quick action can help to ensure no one empties your checking account."The maximum potential loss increases drastically if you do not report it either before any loss is incurred or within two business days of realizing that your card has been lost or stolen," says Erik M. Baskin, founder and financial planner at Baskin Financial Planning in Cheyenne, Wyoming. "Your bank account can definitely be zeroed out if you do not report this loss quick enough."What to Do When You've Lost Your Debit CardWhat should you do first? Freeze or cancel your card. If you have the ability to "freeze" your card (i.e., put it on hold) w...

20 Biggest Banks in America | Banking Advice

1Sep

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20 Biggest Banks in America | Banking Advice

When it comes to choosing a bank, you have many options throughout the U.S. However, if you're looking for a bank with robust offerings and a large presence, it can help to start with one of the country's biggest banks.Read on to learn more about the 20 biggest banks in America that offer personal deposit accounts, based on Federal Reserve data as of June 30, 2023. This list excludes investment and business-only banks.1. JPMorgan Chase & Co.Established in 1799, JPMorgan Chase & Co. is a global investment bank and financial services company that's based in New York. It offers a wide range of banking products including deposit accounts, credit cards, home loans, auto loans and business banking. In 2023 it acquired First Republic Bank. Read the complete review of JPMorgan Chase &...

1Sep

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How to Use Cash App | Banking Advice

Are you looking for a new payment platform to streamline the way you send and receive payments, with additional banking and investing features? Cash App may fit the bill. Learn more about how to use Cash App and how it compares to other popular apps in the peer-to-peer payment space.What Is Cash App?Cash App is a financial services platform owned by Block (formerly Square) that allows you to send or receive cash, bitcoin or stocks. You can also get the Cash Card debit card, connect direct deposits to your Cash App account, and use your account like a savings account.If you want to know how to use Cash App, here's a breakdown to get you set up.How Does Cash App Work?Cash App works like other payment platforms in that you download an app, add a funding source and then you can begin using it...

Guide to Bank Statements | Banking Advice

1Sep

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Guide to Bank Statements | Banking Advice

A bank statement provides an overview of activity in your account over a certain period of time, usually one month. Among other things, going over your bank statement can help you spot fraudulent transactions, find accounting mistakes and monitor expenses.How to Read a Bank Statement Not every bank statement looks the same. Designs will differ, depending on the financial institution, and statements may be more or less comprehensive. Still, some statement components are common, such as the account number, your name and address, and your financial institution's name and address. Below are several items you'll typically see on a bank statement.Financial Institution's Name and AddressThe name and address of your financial institution should be listed at or near the top of the statement. The f...

Are Banks Open Today? Federal Holiday Bank Closures | Banking Advice

31Aug

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Are Banks Open Today? Federal Holiday Bank Closures | Banking Advice

Labor Day will be here soon, and it can be difficult to figure out which businesses are going to be closed, especially banks. If you're planning to deal with your personal finances on Labor Day, you might be disappointed to see that your local bank is closed. In 2023, there are 11 federal holidays observed by the Federal Reserve, which regulates the United States banking system. These bank closures could affect your banking activities and delay your funds. For example, if you deposit a check on Labor Day, the funds may not become available until the next business day. Below is the complete list of bank holidays in 2023.Bank holidays 2023If a holiday falls on a Saturday, the bank will still be open on the Friday before, but if a holiday occurs on a Sunday, the bank will be closed the follo...