Banking
The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers, several fintech CEOs tell Forbes. Two months ago, Chase sent messages to fintech data aggregators like Plaid, whose software connects fintech apps to consumers’ bank accounts. The bank said it would be introducing new fees for the aggregators to access to consumers’ bank data, which had previously been free. The fees are set to take effect very soon, since Chase told aggregators they’d start charging them in 60 days. Chase spokesperson Drew Pusateri says the bank is still in active…
Additional information about bank bonuses: checking account bonuses, bank sign-up bonuses and moreWhat does the Fed rate announcement mean for bank account bonuses?In November 2024, the Federal Reserve announced it would lower the federal funds rate (the rate which commercial banks use to borrow and lend money to one another). Previously, the Fed changed the rate in September 2024, which was the first change that year and a decrease. The Fed increased the rate four times in 2023 and seven times in 2022. The changes haven’t directly affected bank bonuses, but it could still be a good time to open…
Our Nerds say:“When choosing a savings account, a high rate isn’t the only thing you’ll want to consider. You’ll want to see whether there are any monthly fees or withdrawal limits. “It’s also important to pick an account that meets your overall banking needs. If you want your checking and savings accounts to be at the same bank, for example, you’ll want to go with an institution that offers both checking and high-yield savings.”- Margarette Burnette, NerdWallet banking writerBest high-yield savings accounts: full list of editorial picksWhen selecting the best high-yield savings accounts, NerdWallet uses multiple data points, including monthly…
If you kept money in a high-yield savings account this year, congratulations. Thanks to elevated interest rates, you probably enjoyed strong returns on those funds. And if you didn’t, don’t despair: Savings rates should remain solid through at least the beginning of 2025. As we head into the new year, here’s a recap of what happened with savings rates in 2024, what it means for your wallet and how to prepare for whatever changes may occur in 2025.A high-yield savings advantageThe Federal Reserve’s federal funds rate remained relatively high this year, though there were some rate decreases in the second…
Our Nerds say:“When choosing a savings account, a high rate isn’t the only thing you’ll want to consider. You’ll want to see whether there are any monthly fees or withdrawal limits. “It’s also important to pick an account that meets your overall banking needs. If you want your checking and savings accounts to be at the same bank, for example, you’ll want to go with an institution that offers both checking and high-yield savings.”- Margarette Burnette, NerdWallet banking writerBest high-yield savings accounts: full list of editorial picksWhen selecting the best high-yield savings accounts, NerdWallet uses multiple data points, including monthly…
It wasn’t that long ago that financial services executives and board members got most of the knowledge they needed from years of on-the-job experience. Today, familiarity with the way things used to be gets you only so far. The pace and scale of the disruption that’s shaking up the industry is obviously the main reason. Then there’s the fact that technology—not everyone’s forte—has become such a vital ingredient. But there’s another crucial issue, and it’s one that’s notoriously difficult to manage: the human factor. It has never been more important for financial services firms to have a flexible and holistic…
As we prepare to close out 2024, it’s clear the year brought both challenges and opportunities for the economy and the banking industry. We are certainly ending 2024 in a very different place than where we began. From shifting regulatory environments to technology advancements and persistent housing shortages, the themes of this year have set the stage for what’s to come in 2025. While uncertainty always looms in economic forecasts, the opportunities ahead are vast—requiring adaptability, strategic thinking, and a steady focus on growth. As we look forward, it’s crucial to approach the year ahead one quarter at a time.…
At this time of the year, I always remember the probably apocryphal story of the British ambassador to the US who was asked by a journalist what he would like for the holidays. “Oh I don’t know,” he replied, “I suppose a small box of candied fruit would be lovely.” When the article was published, he read that the German ambassador wished for world peace, the Canadian envoy wanted an end to poverty and hunger, and Her Majesty’s representative hoped for a box of candy. At least the Brit was least likely to be disappointed. This got me thinking about…
With interest rates easing and inflation cooling, small businesses are getting a much-needed break. A change to the Small Business Administration’s (SBA) refinancing program will help them take advantage of the shift. The SBA’s recent rule changes to its 504 loan program make it easier for businesses to refinance debt and capitalize on lower rates. The SBA’s 504 loan program helps small businesses finance major expenses like real estate and equipment with lower down payments and longer repayment terms than traditional loans. It can also be used to refinance existing debt. In November, the SBA made changes that streamlined the…
Our Nerds say:“When choosing a savings account, a high rate isn’t the only thing you’ll want to consider. You’ll want to see whether there are any monthly fees or withdrawal limits. “It’s also important to pick an account that meets your overall banking needs. If you want your checking and savings accounts to be at the same bank, for example, you’ll want to go with an institution that offers both checking and high-yield savings.”Best high-yield savings accounts: full list of editorial picksWhen selecting the best high-yield savings accounts, NerdWallet uses multiple data points, including monthly fees, minimum balance requirements, APY,…
These entrepreneurs, traders and investors are making an outsized impact in fintech, crypto and traditional financial services. By Jeff Kauflin, Nina Bambysheva, Maneet Ahuja, Steven Ehrlich, Lindsey Choo and Stephen Pastis Credit card transactions carry little information about whom customers are paying. This makes it hard for banks to know whether they’re sending money to a bakery, a marijuana dispensary… or a fraud ring. “Banks are relying on data infrastructure from the 1960s,” says Oban MacTavish, who cofounded Spade along with Cooper Hart. Through data partnerships, AI and human review, the three-year-old New York City-based startup builds expansive databases covering…