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A cash management account is a type of financial account that combines many of the features of checking, savings, and investment accounts into one product. You get the safety and interest-earning capability of a savings account, the flexibility of a…
Imagine going into a bank where the teller greets you by name. When you inquire about a small business loan, you talk to a manager who knows you and visits your business regularly. Because you’re a trusted customer, the approval…
The American banking industry has come a long way since the Great Depression. At the dawn of the 20th century, bank failures were commonplace, particularly among rural, single-branch institutions. The situation became untenable in the early 1930s when the American…
Fed up with unfriendly and fee-hungry banks, many customers are moving their cash to credit unions — not-for-profit deposit institutions that share many similarities with for-profit banks, but tend to be more customer-friendly. According to the World Council of Credit…
Until President Richard Nixon took the United States off the gold standard in the 1970s, American cash was redeemable for gold or silver. Currently, the U.S. is on a system using fiat currency via the Federal Reserve, as the value…
Most personal finance concepts are extremely simple. They only seem scary and complicated before you spend a few minutes chatting with someone who can explain them in lay terms. Then there’s the infinite banking concept, or IBC to the initiated….
Cash is great, but there are times when it’s inconvenient. You can’t use cash to make online purchases and you don’t want to carry around thousands of dollars if you have to make a large purchase. Debit cards and credit…
When you open a brokerage account and transfer money to it, you’ll probably notice that the money goes into a money market fund at the brokerage. Money market funds are frequently used as a holding space for uninvested funds in your…
I can vividly remember the day last summer when my wife and I were walking into a movie at the theater when I received a phone call from an unknown number. I decided to listen to the voice message before…
When my husband and I were married in 2003, we transitioned to a joint bank account. It seemed like something we were supposed to do; plus, we had received a bunch of money as wedding gifts. As it turns out,…
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