Banks Are Finally Going to Have to Compete for Your Money It’s about to get harder for banks to hold onto unsatisfied customers, and their money. It has long been a challenge for people to ditch the banks where they keep their checking accounts. But the first so-called open banking rules in the U.S. aims to change that. New rules finalized by the CFPB on Tuesday will require banks to simplify how customers transfer their data from one bank to another without losing their transaction and bill history. The aim of the regulations, formally known as 1033, is to empower…

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. Read the full article here

Banks continue to face a variety of risks: some are familiar and have been publicly scrutinized, while others are less predictable and lurk in plain sight. The banking landscape is only getting more complex, with the introduction of new technologies, including gen AI, heightened regulatory pressure and more sophisticated bad actors and security threats. Banks’ risk teams get little public credit when they effectively manage risk, but when something goes wrong, you can bet that it will quickly become front-page news that could cause significant reputational and financial damage. While it’s impossible to create an exhaustive list of risks that…

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. Read the full article here

Businesses lose billions of dollars to fraud each year, with smaller companies being often the most vulnerable. While technology dominates discussions around security, traditional methods are still dangerous and frequently overlooked. From check fraud to social engineering, these threats persist even as cybercrime evolves. In fact, this past week, over 1,200 bankers gathered at the American Bankers Association National Convention, where CEO Rob Nichols highlighted the increasing prevalence of fraud facing Americans today. He went on to say, “The scale of fraud taking place every day is a massive burden for our country, and for the millions of hardworking women…

I’ve worked as a personal finance writer for seven years, and I’ve picked up some best practices along the way. These lessons come from conversations I’ve had with expert sources, countless hours spent giving star ratings to dozens of banking products and the experiences that readers have shared with me over email. Here are five lessons that I’d like to share with you from my work as a consumer banking writer.1. The best bank accounts have high interest rates, no fees and creative perksThe two things that I always recommend when shopping for a new bank account are to look…

It is no great secret that the auto insurance industry has faced considerable profitability concerns over the past few years, especially dating back to 2022. As more drivers returned to the roads in 2021, troubling trends began to emerge. First, claims severities have been a major challenge, registering six consecutive quarters of at least 5% growth through the first six months of 2023, according to the LexisNexis® Insurance Demand Meter. Second, the availability of automobiles took a major hit coming out of the pandemic, with the annual run rate on newly created vehicles falling from 18 million in March of…

MoneyPass is one of the biggest ATM networks in the U.S. It’s owned by the global payments company Fiserv. About 2,000 institutions, including online banks, belong to the MoneyPass network in order to give their customers fee-free access to ATMs nationwide.What is a MoneyPass ATM?A MoneyPass ATM belongs to the MoneyPass network of about 40,000 ATMs nationwide that are free for customers at participating banks. MoneyPass ATMs are largely used for cash withdrawals, though some also accept cash or check deposits. These ATMs have a MoneyPass logo.Did you know…One ATM transaction can cost you two fees: Your bank’s out-of-network fee…

After being valued at $13.4 billion in 2021, fintech’s data plumber saw growth slow dramatically. Now CEO Zach Perret is moving aggressively into three new lines of business. By Jeff Kauflin, Forbes Staff Zach Perret, cofounder and CEO of 12-year-old Plaid, took the stage at the company’s annual customers conference in June, dressed all in black, his blond hair down to his shoulders, surfer-style. Standing before a backdrop of floating purple, ice-cube-shaped images, the 37-year-old opened with a pitch that evoked fintech’s go-go days of 2021—a time when San Francisco-based Plaid raised $425 million in funding at a $13.4 billion…

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star. Read the full article here