Banking

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Paper or Digital – Organizing Your Finances in a Way That Works

Paper or Digital? Everything is going digital. Tapes, CDs, disks and paper are being replaced with bits and bytes of data often stored in a virtual cloud. Depending on your background, the digital world may be a mysterious and uncomfortable place. Let’s take an objective look at the pros and cons of going digital versus using paper to organize your personal finances. Paper Statements: Tried and True or Time to Go? Paper is the default method for managing and organizing your finances. Online banking in the United States started in the 1980s, but electronic statements and digital financial management did…

Banks Versus Credit Unions?

Banks vs credit unions? You probably put more thought into choosing where to have dinner than deciding which financial institution to use. If you’re like most people, you made the choice a long time ago, and it’s working out for you. You may use the big bank near your home with ATMs across the country. Or maybe it’s the friendly community bank with a few convenient branches. Or, if you have access, possibly through where you work, perhaps it’s a credit union.   Well, there may be greener pastures for your greenbacks, or greater conveniences and better offerings someplace else.…

How the Biggest Banks Got Too Big to Fail

During the 2008 Financial Crisis, people around the country became acquainted with a new phrase: too big to fail. Banks like Bank of America were facing a serious cash crunch as subprime borrowers defaulted on mortgage payments and did not have enough liquidity to meet their own obligations. Retail, commercial, and investment banks across the country met their demise, the FDIC was covering bank deposits, and the United States government stepped in to ensure we could avoid a complete economic collapse. As iconic investment banks Lehman Brothers and Bear Sterns were headed into full-scale failure, the government bailed out the…

5 Signs You May Need to Switch Banks

According to a 2014 survey by banking and payments technology firm FIS, 77 percent of customers worldwide are unhappy with their bank’s overall performance. Safety and security appear to be primary concerns among those polled, followed by transparency issues when it comes to pricing and fees. If you’re less than enthused about how well your financial institution is working for you, you may want to pursue other options. Here are five signs it may be time to switch banks. Compromised Security If your bank isn’t covered by the Federal Deposit Insurance Corporation (FDIC), consider it a red flag. This organization…

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