Tag: Bank

Posted in Money

Central bank test of digital currency set to expand

China is expected to expand the central bank’s digital currency pilot programs to a broader range later this year or early in 2021, focusing on retail use. That may replace some functions of bank cards, a former State bank executive said.

China is implementing programs to test the digital currency in Shenzhen, Guangdong province; Chengdu, Sichuan province; Suzhou, Jiangsu province; and Xiong’an in Hebei, with some facilities to be used during the 2022 Winter Olympics, according to the People’s Bank of China, the central bank.

The currency has been tested within a small scope and in some cases, such as payments of retail sales and salaries, and it has matured sufficiently to go public on a wider scale, said Li Lihui, former president of Bank of China.

“But the pilot program is relatively limited right now, involving a small group of people. The trials’ expansion may take more time; it

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Posted in Insurance

Aspiration Review: The big bank alternative

Aspiration defies easy labels. It’s almost like this financial company is daring you to categorize it.

It’s not a bank, though it offers accounts that are sort of like checking accounts, sort of like savings accounts. Plus, it has debit cards, offers better-than-the-usual interest, provides cash back and has a do-gooder vibe.

The MoneyWise editorial team developed a grading system — taking into account fees, features and other factors — to prescribe the four-star rating shared in this first-person review. The opinions and writing in this article are solely my own, conveying my experience with Aspiration as a product. Other customer’s outcomes may differ.

MoneyWise Rating: 4 stars (out of a possible 5)

Courtesy of Aspiration Partners, Inc.

As a customer with one of the “Spend & Save” accounts, I’d use quirky to describe Aspiration, and I mean that in a good, likable way. Fees are voluntary, the debit

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Posted in Finance

Virgin Money upbeat, Bank of England to review dividend policy, and Greggs sales recover

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Virgin Money upbeat

Virgin Money (VMUK.L) has struck an upbeat tone on third quarter trading.

The challenger bank said customer deposits rose by 4.8% in the third quarter to £67.7bn ($87bn), as Brits stuck as home during lockdown spent less. The rise equates to around £600 extra in every Virgin Money customer’s current account or savings account.

Mortgage lending fell by 1% as the housing market paused by business lending surged by 5.7% to £8.8bn in the three months to 30 June.

“Our Q3 financial results reflect lower demand from consumers due to the pandemic, but strong demand from businesses for government-supported schemes, with the Group further increasing its provisions to reflect the uncertain economic outlook while maintaining a focus on margin, cost and capital management,” said chief executive David

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Posted in Finance

More Wells Fargo customers say the bank decided to pause their mortgage payments without asking

In March, Tammi Wilson was checking on her family’s mortgage online at Wells Fargo, when she saw a link to information about COVID-19 on the bank’s website. After clicking through, she provided contact information so she could receive materials on programs at the bank. Days later, she said she returned to the payment page to transmit what she and her husband David owed on their loan. A message popped up saying she had no active accounts and she could not make the payment.

Wilson later learned what had happened. Without her knowledge, the bank had put her into a program that suspended payments on her federally backed loan. Known as forbearance, it is a CARES Act program that aims to help borrowers who are having trouble making their payments because they’ve been hurt by COVID.

Because she had not asked for the bank’s help, Wilson continued to make all her

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Posted in Business

Which Online-Only Bank Is Best?

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Tired of looking for a branch or navigating a clunky app when you need to manage your bank account?

For anyone who’s ready to walk away from traditional branch banks, an industry of online challenger banks has blown up over the past decade. Technology companies have swooped in to respond to the need for more mobility, better apps and lower fees.

Varo and Chime, two of the top players in the online banking space, compete for customers with no-fee bank accounts and high-yield savings you can set up and manage from your smartphone.

Which is a better fit for you? See how they compare:

Varo vs. Chime Comparison & Features

Varo (previously Varo Money) and Chime each offer checking and

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Posted in Money

Which Online Bank Is Right for You?

Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners.

Online-only banks are attractive to anyone looking for a simple and convenient banking solution.

While most traditional branch banks offer online banking and mobile apps, digital banking platforms tend to blow them out of the water in user experience and convenience — because they’re created by technology companies.

These companies let you access the products and services you’re used to from traditional banks, but they layer on features through robust apps to help you simplify your life and work toward financial goals.

As the landscape for online banks becomes increasingly competitive, digital banking apps look more and more similar — but each stands out through unique features designed for specific lifestyles and financial goals.

Two leading players in the online

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Posted in Business

‘I lost my business to COVID’ alleged bank robber writes on note to teller

Police in Houston, Texas, are on the hunt for an alleged robber who held up a bank with a note that says he did not receive a stimulus check or funds from the government to save his business.

Moments after the Woodforest National Bank opened on July 8, a man walked in with his face covered with a black bandana and wearing a hoodie over his head.

Police said the unidentified man approached the teller to request a withdrawal and passed over a folded piece of paper.

MORE: Manhunt continues for white robber who wore blackface in Maryland bank holdup: Police

“I didn’t get a stimulus or that 10k loan. I lost my business to Covid so please make this easy and comply,” the note read.

PHOTO: Houston police are looking for a bank robbery suspect who used a note blaming COVID-19 as a reason why he is holding up

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Posted in Business

Is Axos Bank Right for You?

Axos Bank was one of the first online-only banks. It opened for business on July 4, 2000, as Bank of the Internet USA and grew steadily for nearly two decades before rebranding itself as Axos Bank on Oct.1 2018.

It has a lot of options for checking and savings accounts and even has some pretty sweet options for small businesses. But, it’s not perfect.

Our review will give you an honest look at the bank’s checking and savings features for individuals, as well as its overall convenience and mobile banking features so you can make an informed decision about where you do your banking.

In this review:

Axos Bank Review: Pros and Cons

The all-digital bank has big selling points, such as no fees, high interest rates and convenience. But is it right for you and your money?

What we like:

  • Almost entirely fee-free banking.

  • Lots of options for small

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Posted in Money

‘I left Smile Bank today due to the ongoing outage’

Smile Bank customers have been unable to access their online banking accounts for five days in a row.

The online-only bank, owned by Co-Operative Bank, said it was working urgently to resolve the problem.

But the latest service outage proved to be the “last straw” for longtime customer Emma Hopkinson-Spark.

After 16 years, she left Smile Bank on Friday after she was unable to view a crucial re-mortgage payment.

“I’m really disappointed in Smile Bank,” Ms Hopkinson-Spark, chief of staff at a tech consultancy business in Weston-super-Mare, told the BBC. “The outages this week were the tipping point.”

Ms Hopkinson-Spark said she had not been able to access her online banking account for several days. Although she can still withdraw money from cash machines and pay for items using her debit card, she cannot send payments or view her payments.

“Yesterday my husband rang me in a flap saying he

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Posted in Personal

‘Bank’ offering 6% called Loan Doctor sued for allegedly trading ‘insured’ deposits in stock market

Last November, a company called Loan Doctor Financial launched an online CD account called a “Healthcare Finance Savings CD Account” that claimed to pay interest rates of 6%. With the deposits, the company, which called itself a “commercial bank” would purportedly make loans to medical professionals, which it said represented a low credit risk. 

With the very best rates of the online banks (Marcus, Ally, Synchrony) paying around 2% APY, the numbers stuck out because they were pitched as an almost risk-free investment with returns rivaling the stock market’s.

But this week, the Consumer Financial Protection Bureau filed suit against the company and its CEO Dr. Edgar Radjabli for “deceptive acts and practices in marketing a savings CD account.”

Among the practices the CFPB alleges: taking money from people who thought it was going to insured cash-equivalent accounts and instead using the funds to trade stocks.

More than 400 people

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