Economic historians — and anyone who lived through it — will remember 2022 as a year of rapidly rising interest rates. From closely watched benchmarks like the federal funds rate to rates on mortgages, auto loans, and credit cards, the…
Quick Look The gold standard is a failed monetary system in which the value of a currency is directly linked to gold. While it sounds like a good idea, there are more cons than pros. A look at the history…
At a Glance The Consumer Financial Bureau has fined Wells Fargo $3.7 billion for repeated legal violations. These violations include misapplying loan payments, charging incorrect interest and fees, and wrongfully foreclosing on homes and repossessing vehicles. This is just the…
Varo is a mobile-friendly online bank that can help you automate your savings, earn more interest^ on your balances, and build your credit****. And you can do it all while avoiding monthly maintenance fees and other hidden charges. Varo is…
If you’re like the average person, you probably only use your bank for a handful of things, like cashing paychecks, withdrawing money, and mobile banking. But it offers a plethora of services, some of which you may not even be…
Not long ago, a close relative asked me why the Federal Reserve raises interest rates. She’s in her 70s, meaning she’s heard news about rate changes several times per year for most of her adult life and still doesn’t understand…
Your rent is due in a week, and you don’t want to miss the deadline. You want to send the payment now, while it’s still fresh in your mind. But you won’t have the money to cover the payment until…
Quick Look A benchmark interest rate is an interest rate that determines the amount of other interest rates. Two important benchmarks are the federal funds rate set by the Federal Reserve and the prime rate set by banks. Higher benchmark…
Some scams are easy to spot. I like to think if I connected with The Tinder Swindler on a dating app, I’d realize something was up the first time the so-called heir to a diamond fortune hit me up for…
On a tight deadline to wire money or send an ACH transfer, but not sure what your bank’s routing number is? Sometimes you need to send or receive money electronically, and you need it done yesterday. There’s just one problem:…
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