adminHow to Join a Credit Union
Joining a credit union requires comparing different offerings, learning about membership qualifications, and funding your account. Unlike banks, which are open to the public, even the best credit unions often have membership criteria, so not everyone can join. Find out how to determine whether a credit union would be a good fit for you, and how to join one. Key Takeaways To join a credit union,…
Cash Management Account vs. Brokerage Account
What Is a Cash Management Account? A cash management account (CMA) is a type of account offered by many financial institutions that combines features of checking, savings, and investment accounts. This kind of account is designed to streamline an individual’s financial operations by providing a “one-stop shop” for multiple banking activities. The key features of a cash management account include the ability to deposit and withdraw…
FedNow: What It Is and How It Works
FedNow is a new instant payment service launched by the Federal Reserve in July 2023. Using the FedNow Service, financial institutions can give customers real-time payment capabilities, executing transactions in a matter of seconds even outside of normal banking hours. In other words, if your bank or credit union participates in the FedNow program, you can send and receive money instantaneously and 24/7—even on holidays, weekends,…
What Happened at Credit Suisse, and Why Did It Collapse?
In mid-March 2023, Swiss bank UBS Group AG (UBS) bought rival Credit Suisse Group AG for 3 billion CHF (about $3.3 billion USD), a move intended to shore up the global banking system and prevent the latter financial institution from collapsing. Credit Suisse, one of Switzerland’s leading financial institutions since its predecessor Schweizerische Kreditanstalt was founded in 1856, was among a group of 30 banks known…
Can You Deposit Cash at an ATM?
If you’d prefer not to go inside a local branch, many financial institutions allow you to deposit cash directly into your bank account using an ATM. However, this feature isn’t available at all banks and credit unions, and using a fully digital bank can complicate the process. You may face many situations where you have cash you need to deposit. For example, maybe you’ve received cash…
How To Set Up Direct Deposit
Setting up direct deposit is as simple as filling out a paper or online form and submitting it to your employer. Then, your employer can make payments directly to your bank account instead of mailing you a check for you to deposit. Direct deposit allows you to get your money more quickly. Learn more about how to set up direct deposit and the advantages for both…
