Black Knight, Inc. on Monday announced that Frontwave Credit Union will now implement Empower, Black Knight’s cloud-based loan origination system, and its integrated solutions, for the expansion of its mortgage lending operations.
The integration with Black Knight’s digital ecosystem will give Frontwave access to technology, data and analytics solutions.
These include its Optimal Blue PPE; its dashboard for LOs to help borrowers with the approval process; machine-learning tech for document classification and indexing; a eDelivery and eSigning solutions; a fee service; property tax data; compliance validation testing; a flood zone information tool; and an intelligence solution to collect information from multiple data sources to forecast and monitor pipeline, productivity, cycle time and pull-through.
“By leveraging our Empower LOS and advanced origination solutions, Frontwave will be able to deliver an unparalleled experience to its members and employees, while increasing member retention,” Black Knight Origination Technologies president Rich Gagliano said.
The not-for-profit credit union, which serves military and civilian communities in Southern California, will also leverage Black Knight’s CRM solution and mortgage marketing engine tool, Surefire, for Frontwave’s communications and outreach channels.
Through the new integration, Empower can support Frontwave’s workflows, and the LOS reduces the cost and time involved in deploying custom integrations. It will also cut down on recurring hosting costs by reducing technology-based work.
“The advanced functionality of Empower, along with its robust, automated communications capabilities, will enhance the member experience and increase the satisfaction of our loan officers,” said Frontwave Credit Union chief lending officer Paul Leonhardt in a prepared statement.
The Empower LOS’ “lights-out processing” can increase efficiency by streamlining operations, according to the statement. The LOS accounts for about 10-15% market share.
Meanwhile, the Surefire CRM will allow Frontwave to access business building tools to its mortgage professionals, along with tools to drive repeat and referral businesses.
Surefire also offers marketing and content creation tools, including text message, centralized and LO-led marketing, lead generation forms, videos, interactive calculators and flyers.
Its “set-it-and-forget-it” workflows and automated communications include content for mortgage professionals that can help with connecting to borrowers, recruits, members, brokers and real estate agents.
People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence Lo/File Photo Acquire Licensing Rights
BEIJING, Sept 7 (Reuters) – Five of China’s major state banks said on Thursday they will start to lower interest rates on existing mortgages for first-home loans, part of a series of support measures announced by Beijing in recent weeks.
Chinese regulators announced the policy last week to help homebuyers amid growing concern over the health of the world’s second-largest economy and a series of crises in the nation’s property sector.
In separate statements, the mortgage rate move was announced by Industrial and Commercial Bank of China Ltd (ICBC) (601398.SS), China Construction Bank Corp (601939.SS), Agricultural Bank of China (601288.SS), Bank of China (601988.SS), and Bank of Communications (601328.SS).
The interest rates of first-home loans will be reduced to floor levels at the time when a home was purchased, coming into effect on Sept. 25, the banks said.
Chinese brokerage China International Capital Corp Ltd (CICC) said it expected the average reduction for first homebuyers’ mortgage rates would be 50 basis points (bps), potentially saving them about 200 billion yuan ($27.31 billion) per year.
CICC estimated that loans to first-time buyers account for about 80%-90% of total outstanding mortgages.
China’s home loans totalled 38.6 trillion yuan ($5.3 trillion) at the end of June, representing 17% of banks’ total loan books.
Currently, the national floor on first-home loans stands at 20 bps below the benchmark lending rate 5-year Loan Prime Rate(LPR) – currently 4.2%. Some big cities carry higher floor rates.
The banks said they will lower the rates from Sept. 25, adding that clients who had fixed mortgage rates or whose mortgages were classified as second-home loans before the new mortgage easing policy in major cities would need to apply for the rate cuts.
The mortgage rate cuts will put more pressure on banks’ margins at a time when the government is expecting them to do more to support the economy. To cushion the impact, banks on Friday cut interest rates on a range of yuan deposits.
It comes amid fears that the property sector, which accounts for roughly a quarter of the economy, could see further turmoil after liquidity stress in leading developer Country Garden (2007.HK) became public.
($1 = 7.3226 Chinese yuan renminbi)
Reporting by Ziyi Tang and Ryan Woo
Editing by Edwina Gibbs, Simon Cameron-Moore and Helen Popper
Our Standards: The Thomson Reuters Trust Principles.
“Accelerate was designed to reduce barriers and incentivize agents to grow their organizations,” Michael Valdes, eXp’s chief growth officer, said in a statement “It enables them to focus on selling and growing their businesses while earning the maximum potential revenue share for tiers two and three for the first year. Our aligned compensation model, where agents are rewarded for both production and contributions to eXp’s growth, brings more value than ever before.”
This is the second change eXp has made to its revenue share program in recent months. In June, the brokerage announced that it was refining revenue share criteria, reducing the current FLQA tier 7 threshold from 40 to 30 FLQA. The firm also launched Boost, a program that eXp says financial incentivizes qualifying independent teams and brokerages to join eXp.
“In the lifespan of an agent, a critical component of long-term success is the ability to build for their retirement, so we launched Accelerate to help catalyze their potential earnings and create momentum in the first year and build for their future,” Sanford said in a statement. “We continue to be relentlessly focused on delivering a model that puts agents first. I couldn’t be more proud of what we have created, especially for those looking to build long-term wealth, with our revenue share and equity programs for agents, as well as a favorable cap and split model.”
eXp is among several brokerages to announce changes to revenue share programs. Earlier this week The Real Brokerage announced that any agent who has recruited at least five producing Real agents into their network will be bumped into the second tier of the firm’s revenue share program.
Keller Williams has also made changes to its revenue sharing program in recent weeks, announcing that it will cut the profit share distribution for vested “former” KW agents (agents who joined the company before April 1, 2020) who jumped ship to another brokerage from 100% to 5%. Previously, vested “former” agents benefited from a 100% profit share distribution even after their departure. However, former agents who return to the company within six months of the effective reduction date will have their profit share restored to 100%.
If you recently lost your job and are worried about paying your student loans, you have several options to set your bill to $0.
Though the national unemployment rate was just 3.8% in August, up slightly from July, layoffs continue to hit workers in industries like tech, media, entertainment, fashion and consulting. Nearly 1,000 tech companies have collectively laid off some 230,000 workers so far in 2023, according to tech industry layoff tracker Layoffs.fyi.
To make matters even more stressful, federal student loan payments are set to resume in October, after more than three years of an interest-free payment pause that began in March 2020.
“Don’t feel bad if you have to make tough choices and reprioritize,” says Scott Stark, a senior financial planner at Financial Finesse, a workplace financial wellness company.
Here’s how you can make your student loans fit into your budget as you get back on your feet.
Evaluate your budget and spending
Check your budget and spending to see where you can cut back.
“It’s crucial to get an accurate sense of your essential expenses and rank them in order of priority,” says Akeiva Ellis, a certified financial planner and CFP Board ambassador. “Take the time to negotiate where it’s possible, and consider areas where you can trim your budget.”
Student loans often have options for pausing payments that debts like credit cards or auto loans do not.
“It’s just about staying afloat until you get that next job,” says John McCafferty, director of financial planning at Edelman Financial Engines, a financial advisory firm.
Contact your servicer
After a layoff, reach out to your student loan servicer or lender to learn about what assistance may be available to you, says McCafferty.
Your student loan servicer can walk you through relief options and their implications, help you update your payment amounts if you’re on an income-driven repayment (IDR) plan and answer other questions you may have.
Here are some specific relief options that could be available to you.
If you have federal student loans
Sign up for an income-driven repayment plan or recertify your income
You can sign up for an IDR plan at any time, including after a layoff.
Even if you’re already on an IDR plan, you’ll need to submit a new IDR application to update your income post-layoff. The application will ask why you’re submitting it; write that you are submitting early because you want your servicer to recalculate your payment immediately.
You only need to recertify your income for an IDR plan once a year. If you qualify for $0 payments, that’ll last until your next recertification deadline, even if you get a new job sooner. This can give you some extra breathing room as you catch up on other bills.
A new IDR plan called SAVE is a good option to explore. The income threshold to qualify for $0 payments is more generous under SAVE than other IDR plans at about $32,800 for a household of one.
And unlike other IDR plans or some unemployment deferments, unpaid interest will not build if you’re on the SAVE plan, which could save you a lot of money in the long run.
The ‘on-ramp’ is a temporary safety net
From Oct. 1, 2023, to Sept. 30, 2024, borrowers who don’t make payments won’t be penalized under a 12-month student loan “on-ramp,” including no defaults, decreased credit scores or garnished paychecks. However, this is not an extension of the payment pause.
But if you lose your job during the on-ramp, you can skip payments if needed without signing up for a deferment or forbearance. The on-ramp is automatic, so it will kick in even if you simply don’t pay your student loan bill.
The on-ramp isn’t for everyone, Stark says. Interest will still accrue, increasing the amount you may eventually pay back, and payments are still due. Pay your bills if you can, either under an IDR plan or another repayment plan.
Once the on-ramp expires in late 2024, borrowers who lose their source of income may need to consider other options.
Unemployment deferment
Borrowers can pause payments for up to three years with a student loan unemployment deferment. This route could be helpful for borrowers who are receiving unemployment benefits or actively job-hunting, says Ellis.
However, depending on the type of federal loan you have, a deferment could increase the amount of interest you’ll eventually pay.
If you have subsidized or Perkins loans and don’t want to sign up for SAVE, an unemployment deferment might be a better option than the on-ramp because subsidized loans don’t accrue interest during a deferment.
However, if you have unsubsidized or parent or grad PLUS loans and don’t want to sign up for SAVE, the on-ramp may be better. Interest will build on these types of loans during deferment, and if you don’t pay the interest as it accrues, it will be capitalized after your deferment period ends, which means it will be added to your loan principal. This could increase the total amount you’ll repay over the life of your loan since you’ll be paying interest on a larger principal sum. But with the on-ramp, interest won’t capitalize.
If you have private student loans
Private student loans offer fewer protections for unemployed borrowers than their federal counterparts. Your options will depend on your loan terms and lender.
For example, private student loan lenders Ascent and FundingU offer hardship forbearances, limited to 24 months over the life of your loan. Interest will accrue during your forbearance and capitalize after the period ends, and your repayment term will be extended.
To see what help is available after a layoff, like a temporary deferment or forbearance, contact your private student loan lender directly.
“Always remember, whether federal or private, that communication with your loan servicers is key,” says Ellis. “They’re there to help you navigate these challenging times.”
Our industry thrives on personal connections. That’s why in-person events are so important. Here are some key takeaways from the BuiltHOW event that I host alongside Ben Kinney, and Chris Suarez.
1. Play chess, not checkers
The market is dynamic, and right now it’s shifting into a unique playing field that many of us have not seen in our careers. You must be ready to adapt and strategize according to the new climate. Your business cannot resemble what it was last year when you were working in a convenient market, and you may be required to alter your talent recruitment strategy, team goals, or overall expectations.
Like in chess, play strategically and stay four steps ahead with the end goal in mind. Recessions and volatile markets are a natural part of the economic cycle and are historically followed by high returns in real estate. Study the market as it shifts and adapt through deliberate action — that’s the game and the business.
2. Know your numbers
World-class athletes are keenly aware of their numbers, whether that be split-second timing, exact stroke count, distance, and duration. Performance can always be measured. Similarly, studying the real estate market daily will make you a better advisor while providing perspective on broader economic changes that will help you evaluate your business. For example, if home sales slow down x amount, how will that impact your sales and how will you pivot accordingly? Or, which expenses can be cut without interfering with your success rates? Finally, how many recruits do you need?
3. Use self-improvement to create impact
Show bravery by evaluating yourself with growth, rather than failure, in mind. Acknowledge your shortcomings to motivate change, reassess, and repeat. Use adversity to your advantage. Personal growth must happen consistently to compound and impact your business growth. Any day without growth negates the progress of other days.
4. Understand the power of partnership
Throughout the conference I host, and the many panels on topics like luxury homes, recruitment, economics, and tax codes, one message echoed — who you do business with matters.
Entrepreneur Jim Rohn says you are the average of the five people you spend the most time with. Surround yourself with leaders, top performers, and game changers — those who are grateful, ambitious, gritty, and positive. Pick your partners wisely, hold each other accountable, and maximize the relationships you’ve built.
5. Set your expectations wisely
BuiltHOW Speaker Mack Newton said, “You don’t get what you want, you get what you expect.” Your actions, words, work ethic, and mindset are at the center of your control. To expect and earn different results, perform differently to achieve them. Raise your expectations even if you and your business do not meet them after the first attempt. Take ownership of your growth and expect more as you work towards it.
Debbie DeGrote is the founder of Forward Coaching, a coaching company for professionals in the real estate industry.
FundingShield’s wire fraud prevention solutions will now be available to Tata Consultancy Services’ clients, thanks to a partnership announced Tuesday.
The collaboration between the fintech and TCS, a global company that provides IT and consulting services to over 80 companies in the financial services sector, came to fruition because of ongoing fraud and cybersecurity concerns, said Ike Suri, CEO of FundingShield.
TCS’ clients will have direct access to FundingShield’s risk-mitigating ecosystem, allowing them to keep their data, bank account verifications and transactions safe, a press release stated. The fintech company offers coverage against wire and title fraud, settlement risk, closing agent compliance and cyber threats.
This partnership will by proxy also benefit borrowers by helping to keep their down payment and data protected, added Suri.
“If homebuyers show up to the altar robbed then they are out of money and lenders are out of money and so borrowers are forced to sue in hopes that they get their money back,” he said.
The prevalence of fraud in a mortgage transaction obligates companies to implement such technology to protect their clients, said Santosh Ananthakrishnan, global head of mortgage strategic initiatives at TCS, in a press release.
“Wire fraud prevention has become a mandatory capability as part of any mortgage solution, protecting lending institutions from multi-million dollar risks to the third-party closing, title, and settlement entities,” Ananthakrishnan said.
Fraud attempts grew in 2022 and are expected to continue their upward trajectory, according to a NexisLexis report published in May. Factors contributing to that forecast include economic uncertainties and the perception that small and midsize businesses are an easier target than consumers and online or mobile channel transactions.
Market strains can push lenders to cut costs, which may include shrinking the workforce that combats fraud or investing less in anti-fraud technology, the report said.
A separate report published by the Federal Bureau of Investigation found that business email compromise scams related to real estate set a record for dollar losses in 2022.
The 2,284 complaints received last year amounted to losses totaling $446.1 million, compared with $430.5 million in 2021.
What a long, strange couple of months it’s been for me. On the blog, things have been quiet. Behind the scenes, I’ve been as busy as I’ve ever been.
The good news is that this busy-ness will (eventually) lead to a number of interesting articles. I’ve been reading Cal Newport’s Deep Work, for instance, and have some thoughts on it. I’ve been thinking about the concept of “no speed limits”. Shocking but true: I’m going to write an article about my primary credit card. And I’ve been reading and writing a lot about “doing nothing”.
Today, though, I want to clear my head (and my inbox) by sharing five short financial anecdotes.
In the past month, I’ve had probably twenty deep discussions about personal finance and personal values. While some of these conversations lead to bigger things (like the three articles I mentioned above), most don’t. But they still produce intertesting concepts and ideas. They sometimes lead me to make changes.
Here are a five money-related topics that don’t (yet) warrant articles of their own, but which I still find interesting (and worth sharing).
Going With Google
During my ten days in Portugal for the FI chautauqua, cell phone service was a common topic of conversation. Some folks didn’t have any. Others were paying a small fortune just to get a tiny bit of data from their provider.
There were two types of people who didn’t have any trouble with their cell service in Portugal: those who use T-Mobile and those who use Google FI.
“What’s Google FI?” I asked. I’d never heard of it.
“It’s Google’s cell service,” Owen said. “It’s cheap and has lots of features, but you can’t use it with Apple phones.”
“Actually, you can,” Bill said.
“But the website says it doesn’t work with iPhones,” said Owen.
“The website is wrong,” said Bill. “I’ve been using it with my iPhone for months with no problems — even here in Portugal.” He showed us his phone and explained how much he liked Google FI.
“I’ll look into,” I said. And I did. Here’s what I learned:
Kim and I currently spend $117 (plus taxes and fees) for our shared T-Mobile plan. This gives us a limited amount of high-speed data (although plenty for normal needs), plus service for my Apple Watch. (When the watch dies, I don’t plan to replace it, so eventually that’ll save us ten bucks per month.)
If we were to move to Google FI, it’d cost us $120 per month (plus taxes and fees). That’s roughly the same price, obviously, with no real advantages. (We’d have access to more high-speed data, although we rarely need that. Plus, we’d get Google One, whatever that is.) And it doesn’t include service for my watch.
My conclusion? For T-Mobile customers like us, moving to Google FI doesn’t make much sense. But I suspect many people ought to consider their service.
Meanwhile, we’ve been struggling with our wireless network here at home. Although Apple no longer makes wireless networking equipment, our network is built with routers from when they did sell the stuff. Some of these routers are now a decade old (or possibly older). We have four of them.
For whatever reason, our network is constantly going down. It’s frustrating. It’s quite common that three of the routers will be up while a fourth will arbitrarily decide to stop working for a few days. (And when we changed the network name last spring? Nightmare!)
While visiting MMM HQ last weekend, I noticed that Pete uses the Google Mesh system to provide service in his co-working space. “Do you like it?” I asked. “I’ve heard other people rave about Google Mesh, but I don’t know anything about it.”
“It’s awesome,” he said. “Totally trouble-free.” So, I’ve ordered a starter set of Google Mesh devices. They’ll arrive tomorrow. I have high hopes that this will cure our wifi headaches.
Taming the Email Beast
After returning from my nineteen-day trip to Portugal, Wisconsin, and southern California, my email inboxes were swamped. (I have five separate gmail accounts. Crazy, right?)
Naturally, I complained about the situation on Facebook. My friend Charlotte sent me a private message: “Do you have time to hop on a video call?” she asked. “I’ll show you a way to tame your email.”
Charlotte spent twenty minutes walking me through an email system she recently adopted. It effectively divides your gmail inbox — and yes, you have to be using gmail — into five different inboxes, each of which is themed. Once a day, you tackle your main inbox, routing messages to sub-inboxes. Then, when you have time, you work through the other inboxes.
This is a minor change to the way I do things (and admittedly it mostly delays messages to later), but it’s effective.
I send myself email twenty times each week. It’s my note-taking system. It’s how I offload things from my brain. This is great…except that my inboxes tend to get flooded with book recommendations, article ideas, and reminders of upcoming events. It’s a mess. Using this system, I can still send myself messages, but I’m now able to flag these messages so they’re routed to the appropriate sub-inbox.
I’ve been following Charlotte’s advice for two weeks now, and I like it. It hasn’t solved my email woe, but it’s mitigated the problem substantially.
Dozens of Credit Cards
Last weekend, Kim and I flew to Colorado to celebrate the birthday of a certain mustachioed friend. While there, I had several memorable conversations.
For instance, I chatted with Amy from Go With Less about how she and her husband play the credit-card game. They have an insane number of cards — 34? 43? I can’t remember the exact count — and over three million credit-card points.
While our conversation touched on topics like manufactured spending (a concept that blows my mind and angers card issuers), I was more interested in how and why Tim and Amy juggle dozens of credit cards. Doesn’t this hurt their credit score? Turns out: No. Because they pay bills on time and never cancel cards, they have nearly perfect credit.
Here’s a video in which they address this topic:
[embedded content]
I wanted to ask Tim and Amy more about their crazy credit-card fueled lifestyle, but I didn’t have the chance. I look forward to picking their brains more in the future, though.
Health Shares for the Non-Religious
Last weekend, I also had a conversation with Ben, who famously gets his cars for free. Ben is super smart and doesn’t accept the status quo. He’s always looking for ways to challenge the system in order to make the most of his money.
Lately, he’s been doing this with healthcare.
For many people who have retired early, health insurance is thorny issue. It’s expensive. Take my case, for example. I pay $403 per month for shitty coverage. This year, I’ve met my $7900 out-of-pocket max, which means I’ll have spent $12,736 (plus co-pays and prescriptions) when the dust settles. I hate the U.S. healthcare system. It’s insane.
Well, Ben too thinks it’s insane. Rather than complain about it, though, he’s been seeking creating solutions.
“Have you looked at health-sharing ministries?” Ben asked me on Sunday morning. “They can be a great way to cut costs.”
“I have,” I said. “But they all require a statement of faith, which I’m not able to give.”
“I had the same problem,” Ben said, “so I searched for alternatives. I found Sedera. It’s basically the same as a health-share ministry. You still have to agree to abide by certain principles, but they’re not based on a religion.”
“Is it affordable?” I asked.
“Yes,” he said. “I’m paying $200 per month per person for my wife, my daughter, and myself.”
“That’s not bad,” I said.
“But here’s the thing,” Ben said. “Sedera is designed to work with a direct primary care physician.”
“A what?” I said.
“A direct primary care physician is just what it sounds like. It’s a doctor that you work with directly without a third-party intermediary. That means the doctor bills you directly, not an insurance company. When you combine this with a health-sharing program like Sedera, it’s a cost-effective alternative to traditional insurance.”
“Kim and I have an appointment to talk with an insurance broker next week,” I said. “I’ll have to look into this as an alternative.”
“Do it,” Ben said. “You won’t regret it.”
Downgrading My Motorcycle
Lastly, here’s a topic that comes from several different conversations and a lot of soul-searching on my part.
When Kim and I started dating, I was surprised to learn that she was a motorcycle enthusiast. After she bought her father’s bike from him, I decided to learn to ride myself.
I started with a low-power Honda Rebel, which was perfect for my needs. Then, a couple of years ago, I made an impulse purchase: I upgraded to a Harley-Davidson Street 750. The new bike gave me the power to keep up with Kim on long trips. (The little Rebel was always falling behind on the highway.)
Turns out, though, that for day-to-day riding, I wish I had my Rebel. Kim and I don’t make many long trips — about one per year. And when we do, I’m fine falling behind. I’d rather have a quick and easy bike for running errands or zipping downtown. My Street 750 is not the right bike for this. It takes a long time to gear up and get the Harley ready to go.
I’ve spent the past year trying to figure out my best move. I’ve talked with a lot of friends and considered several options. Do I just stick it out with the motorcycle I have? Do I buy a new Rebel? Do I do something else?
After much thought and contemplation, I’ve decided that my best plan for the motorcycle situation is three-fold:
Sell the Street 750. Use the proceeds to purchase two replacements.
Buy a (used?) scooter to use for errands and running downtown. Kim plans to sell her motorcycle, so long trips are no longer an issue. I want something quick and easy to ride. I want to be able to get on the bike and go.
Buy an electric bike for use around home. I already own a bike, but as I’ve mentioned before, I don’t ride it. For one, I am fat. For another, we are surrounded by hills. MMM has urged me to look into Rad Power electric bikes.
Making this move — which likely won’t happen until the spring, when people are looking for motorcycles — is much more aligned with my values and lifestyle. Currently, my motorcycle mostly gathers dust. I ride it maybe 1000 miles per year. I’d ride the scooter more often, and the electric bike would get me out slicing through these hills for exercise!
What about you? What financial conversations have you been having with your friends? What minor money moves are you making in your life?
Food stamps, or SNAP (Supplemental Nutrition Assistance Program) benefits, help millions of Americans who earn lower incomes or face economic hardship feed their families. In one recent year, 12% of all Americans accessed this benefit.
In the not too distant past, however, SNAP benefits weren’t always the most convenient way to go food shopping. A person had to go to the store and pay for their groceries with the program’s EBT card. Today, however, as so much of life is going digital, the United States Department of Agriculture (USDA) offers an online purchasing program to make food stamps more convenient for residents of every state. It’s becoming easier to use SNAP benefits online.
Here, you’ll learn more about how, where, and when you can use these benefits to grocery-shop online.
What Are Food Stamps?
“Food stamps” is an older, but still commonly used term to describe SNAP, or the Supplemental Nutrition Assistance Program.
SNAP is designed to provide nutritional assistance to low-income families, as well as the elderly, disabled, and people who have filed for unemployment. SNAP is a federal program administered by the USDA’s Food and Nutrition Service, which has a network of local offices.
While SNAP doesn’t cover all the items you might pick up at the supermarket, it can significantly cut your grocery bill.
• You can use food stamps to purchase meat, poultry, and fish; vegetables and fruit; bread and cereal; dairy products; snack food; and seeds and plants that produce food.
• However, you can’t use them to purchase tobacco, wine, beer, liquor, vitamins, prepared food, and nonfood items like cosmetics, hygiene items, and cleaning supplies.
Everyone on food stamps has a bank card called an EBT card, backed by the government. The program allows for customers to pay in-store and increasingly online, using their EBT just like a debit or credit card.
The maximum monthly food-stamp assistance you can get varies by where you live and how many people are in your household. A family of four living in the U.S. can now receive around $939 a month.
💡 Quick Tip: Want to save more, spend smarter? Let your bank manage the basics. It’s surprisingly easy, and secure, when you open an online bank account.
Who Qualifies for Food Stamps?
A household is eligible for Food Stamps, or SNAP, when it meets specific criteria. Each state has an income limit that SNAP households must stay under. Additionally, they may factor in your finances and savings to determine your eligibility.
To apply for food stamp benefits or to get information about the SNAP program in your area, you can contact your local SNAP office. You can find local offices and each State’s application on the USDA national map .
Each state has its own application form. If your state’s form is not on the web yet, you can contact your local SNAP office to request a paper form.
Recommended: Average Grocery Budget for a Family of 5
Can You Use Food Stamps Online?
Yes, food stamps can be used online. Thanks to the expedited expansion of an online purchasing pilot program run by the USDA’s Food and Nutrition Service, households receiving SNAP benefits in any of the 50 participating states (along with the District of Columbia) can now use EBT to pay for groceries online from select retailers.
If a retailer is enrolled in SNAP’s online program, people on food stamps can select foods eligible for EBT benefits online and then arrange for in-store or curbside pickup. In some cases, it may be possible to have your groceries delivered. If the retailer charges a delivery fee, however, you cannot use your benefits to cover that fee.
💡 Quick Tip: Most savings accounts only earn a fraction of a percentage in interest. Not at SoFi. Our high-yield savings account can help you make meaningful progress towards your financial goals.
What Stores Accept Food Stamps Online?
You now know the answer to “Can food stamps be used online?” The next question is probably, “Where exactly can I use food stamps online?”
Fortunately, many stores now accept food stamps online. While Amazon and Walmart are among the best known retailers for online EBT shopping, the number of stores accepting EBT card payment online is continuing to expand.
• FreshDirect, an online grocery delivery service, now delivers for free to SNAP participants in some zip codes in the New York metropolitan area.
• Instacart, a grocery delivery service, is currently partnering with many local stores in the U.S. to offer SNAP EBT benefits. The latest version of the Instacart app should display whether your local store offers EBT SNAP.
Which retailers (and which specific locations) participate in the online SNAP program will vary from one state to another, so it’s a wise idea to check which options are available in your area.
Here are some of the retailers that are now accepting food stamps for online shopping (for either delivery or pickup):
• Walmart
• Amazon
• Aldi
• Food Lion
• Publix
• FreshDirect
• BJ’S Wholesale Club
• Kroger
• ShopRite
• Fred Meyer
• Safeway
• Albertsons
• Vons
• Hy-Vee
5 Ways to Use Food Stamps to Buy Groceries Online
The rules for using food stamps online will vary by retailer. Here are some ways this transaction might work.
1. Use Food Stamps on Amazon
For example, when shopping on Amazon, you can add your SNAP EBT card, shop for groceries, and when you check out, you enter your EBT PIN to pay for eligible purchases.
2. Order Groceries With Food Stamps at Walmart
For Walmart, you can order groceries online or through the store’s grocery mobile app. You first need to sign into your Pickup & Delivery account and then select Payment Methods.
3. Use Food Stamps Online at a Local Store
If your local store accepts EBT Online, you’ll see an option to add your EBT card to your account and can then add your card. During checkout, you select EBT as your payment method. You can then enter your PIN and complete your order.
For instance, at ShopRite, you can order groceries online at Shoprite.com or via the store’s mobile app. During checkout, you can select Pay Online and then click the Place Order button. You can then choose the EBT Snap Card as the payment method to complete checkout. That’s another way to use food stamps online.
4. Know Which Are Non-SNAP Items
At some retailers, you can also include non-SNAP items in the same order, but you’d need to pay for them separately with a debit or credit card. If the store charges a delivery fee, that charge would also need to be paid via a separate payment card since service fees are not included in SNAP benefits.
5. Continue to Check As Options Expand
If you don’t find EBT SNAP as a payment option when attempting to order from your preferred grocery store, you may want to keep checking back — the coverage areas and list of participating stores continue to expand.
Recommended: Average Grocery Budget for a Family of 3
Other Ways to Save on Groceries
If you don’t qualify for SNAP benefits or are looking for additional ways to trim your grocery budget, try these tips. They can help you save, regardless of how much you usually spend on food per month.
Plan Your Meals
By planning your meals ahead and buying in bulk, you can save money on food. Say you decide in advance that you’ll buy chicken that’s on sale and make a stir-fry one day, a sheet pan dinner the next, and will grill it as well. You might even double up on your cooking and freeze leftovers for the following week.
Shop Solo and Stick to Your List
Impulse buys have a way of wrecking your food budget, and if you have your family with you at the supermarket, it can be more likely that they will spot enticing and expensive items. It can be more economical to hit the grocery store on your own and stay laser-focused on your list.
Use Coupons
Whether you choose to clip the old-school paper coupons or use some of the digital couponing options, those deals can help you stay on your budget. You may even be able to use coupons in a way that doubles their saving power for even lower prices.
The Takeaway
The Supplemental Nutrition Assistance Program (SNAP) — better known as food stamps — provides assistance to low-income people in the form of an EBT card that can be used to purchase certain types of food.
Many national retailers and supermarket chains now allow SNAP recipients to order eligible groceries online and then go into the store to pick them up, either in-store or curbside, or have them delivered.
Looking to keep better tabs on your grocery (and other) spending? Finding the right banking partner could help.
Better banking is here with up to 4.50% APY on SoFi Checking and Savings.
FAQ
Can you use EBT anywhere in the US?
Yes, if you qualify for EBT, you can use your benefits anywhere in the U.S.
Can EBT be used on DoorDash?
Yes, it can: DoorDash is partnering with Safeway and Albertson to enable shoppers to use EBT as payment in the app.
How much do you get for one person on SNAP?
In 2023, the average benefit for SNAP for a single person is $195 per month, though the benefit could be as high as $281.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 8/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
In the US, no one really talks about their money. It’s taboo—impolite, embarrassing, rude. No one wants to sit at the dinner table comparing salaries and tax brackets.
But when the time comes to buy a house, money talk is a necessary evil. Such conversations are critical to getting on the same page financially as your partner. In fact, financial disparities between partners is a leading cause of divorce when not handled properly.
Fortunately, we have some tips about having this delicate conversation on money with your partner, and coming out of it with a better idea of what you two can afford in the housing market.
Planning Before the Conversation.
Before anything, it is important to plan your conversation ahead of time. Write down questions and responses you would like to have ready when you have the talk with your partner. If you don’t already know what their yearly earnings are, it is time to find out.
Additionally, it may be helpful to brainstorm some financial management strategies to cut down on existing costs. Do you really need that magazine subscription or the deluxe package of cable channels? If you are coming into this conversation from a position of power (i.e. you earn more than your partner) take time to carefully word your conversation to avoid gridlock and tension. Some good opening lines include:
“We might benefit from meeting a financial coach together.”
“We should spend the night going over our budget together. Would you help me get a sense of our spending for each month?”
Where do you think we should start our housing search in terms of pricing? What is financial stable for you?
Where to Start.
The first step of the money talk is perhaps the most difficult step. It is important that you and your partner talk about relationship goals. You don’t necessarily have to ask the clichéd question, “Where do you see yourself in 5 years?” but you should have a good forecast of where you will be in a year or two.
Further, where do you see this relationship going? Sometimes, a house is more than a purchase, but the next step in a relationship. If marriage or kids are on the horizon, that will certainly effect the size and location of your real estate search.
Next up, it is important to assess your current financial situation. Where are you both in terms of income and expenses, assets, debts, and credit ratings? Will your financial profile be strong enough to earn a favorable mortgage interest rate? Or will you have to plan to take on a little more debt? Alongside this conversation, it would be a good idea to think about ways to reduce any debts you have faster. This is where you and your partner should be getting into the nitty-gritty of financial transparency. Talk about retirement savings and compare credit scores; factor in family planning costs if that’s where your relationship is heading.
Once you have sussed out where you are presently in terms of money, it is time to look toward the future and discuss potential changes to how, where, and why you spend money. Budgeting together is the best way to start this conversation, identifying where each other can stand to shave off a few dimes.
Communication is key, especially if the money being put toward a home will come more from one partner than the other. That extra financial burden should be recognized and discussed. It is also time to compromise. Commonly, partners will have to find ways to balance the splurging problems of one partner with the intense frugality of the other.
Where to End Up.
Your conversation on financial planning should really culminate in a place of mutual understanding. You and your partner have a future ahead of you that requires, by necessity, time and money. Even if your financial situation changes in the next month or year, getting on the same financial page as your partner will give you a road map to fiscal solvency, and the ability to plan for your future years together.
With that knowledge in mind, you can come into the real estate market from a position of power, brokering deals that will suit you and your partner and provide a strong head start to a future together.
Looking for an app that does it all – automate savings, track spending, investing, and get a free $250 cash advance?
Welcome to my Albert App Review.
Looking for an all-in-one personal finance app that will help you manage your money, save for your future, or even get a free cash advance when you need it?
In that case, you’ve come to the right spot!
In this Albert App Review, I’ll go over everything you need to know about the popular Albert app, and I will discuss its features, benefits, how the app can help you, and more.
You can sign up for the Albert app here.
The Albert app is becoming more and more popular as a money tool that can simplify your life. Instead of needing a bunch of different financial apps, Albert can help you consolidate your phone and need less. The app is a one-stop shop for your monthly financial needs – it automates savings, helps you manage your budget, and has spending, borrowing, and investing tools. With this easy app and the wide range of tools that you can use, Albert has many benefits.
This app reduces the need for multiple apps since it offers a wide range of tools and features.
If you’re looking for a money saving app, Albert can be a great option to start with. There’s a reason why it’s one of the top money apps in the App Store!
9
Albert is one of the most popular personal finance apps, and it is designed to make it easier to save and invest all in one place. This app has features for saving, investing, and budgeting.
Quick Summary – Albert App Review
Albert app is a financial management tool that helps you to save, spend, and invest right in the app
The Genius feature allows you to ask any money question and get a real response from a real person
Albert app’s cash advance feature can get you up to $250
The app is free, but some features do require a monthly subscription
Albert App Review
What Is The Albert App?
The Albert app is a personal finance app that will help you manage your money better by making it easier to save and invest all in one place. This app has features for saving, investing, budgeting, and more.
It has many different features, such as budgeting tools, real-time alerts, and a helpful service where you can ask an expert money questions and get real answers catered to your situation. The app strives to make financial management easier and more organized for everyone.
Albert makes it easy to manage your finances, eliminating the need for visits to physical bank branches or formal phone calls with a financial expert. With the ease of using an app, you can easily track your financial well-being, helping you stay organized, reach goals, and find smart ways to save, spend, and invest. Albert stands out by simplifying your personal finances, all while keeping things very easy to use.
Albert also has a feature where you can get a small cash advance of up to $250 with no late fees, interest, or credit check. This advance is repaid from your next paycheck, giving you the option to avoid high-interest personal loan lenders for those in need of quick cash.
There are no hidden fees, and it is free to sign up. They do have a paid subscription plan that you can sign up for which will give you access to different features such as financial advice from experts. I talk about the paid part further below.
Does The Albert App Give You Money?
Albert provides instant cash advances to users who need small amounts of money before their payday. They do not charge late fees, interest, or run a credit check for this feature.
This can be a great way to not pay high rates on payday loans for when you just need a little bit of cash.
How it works is that the Albert app will send you up to $250 from your next paycheck straight to your bank account. Then, you simply repay them when you get paid. You can pay a small fee to get your money instantly, or you can wait 2-3 days and get the cash advance for free.
Albert Instant is available to all members of the Albert app who qualify, whether they are a paid subscriber or not. Now, not everyone will qualify. To determine your eligibility for a cash advance, they look at things such as if your income is direct deposited into your connected bank account, if your bank account has been open for at least 2 months and has a balance greater than $0, and if you’ve received consistent income in the past 2 months from the same employer.
Albert App Features
The Albert App has many other features, such as:
Banking with Albert
Albert has a user-friendly banking service through its partnership with FDIC-insured Sutton Bank. This includes features like no minimum balance requirement and access to your paycheck up to two days early.
With an Albert account, you can also earn cash back rewards, such as getting a cash back bonus on gas, groceries, and more when you purchase items with your Albert debit card. You can earn an average of $2.00 per gas tank fill-up. You do need to be a Genius subscriber to take advantage of this benefit.
The app also has fee-free ATMs for their paid subscribers at over 55,000 ATMs (when using the Albert Mastercard debit card).
Albert Savings
Albert Savings is the app’s automatic savings tool that is available to Genius subscribers. It saves money from your linked bank account to your Albert Savings account.
This automated savings tool helps you build up your funds without the stress of manual transfers. It analyzes your income and expenses to calculate the amount you can save comfortably. Or, you can manually set your own savings schedule.
The Albert saving feature can help you to save more money and reach your goals.
The money in your Albert Savings account is yours, and you can withdraw it at any time.
Albert Budgeting
The Albert Budgeting feature is super handy and packed with a bunch of useful tools to help you manage your money with ease.
The Albert app has budgeting tools to help you track your income and expenses, find fees that you shouldn’t be paying, and watch your financial progress. The app will send real-time alerts and notifications to help you stay on track with your budget. But, that’s not all.
Other features of Albert Budgeting include:
The Albert app can negotiate your bills so that you can save money. The app will help you lower your bills such as for cable TV, internet, cell phone, and more.
The Albert app also makes it easy to see all of your budgeting info in one quick place, such as tracking your recent bills, seeing how much you’re spending in different categories, and more.
The app will categorize your spending so that you can see where your money is going (this can help you to realize where you may need to cut back)
Also, the app will help you find hidden charges and subscriptions that you may not be using.
These are all very helpful features that can help you save a lot of money in the long run.
Albert Investing
If you’re new to investing or you’re looking for an easier way to invest, the Albert Investing side of the app can make getting started much, much easier.
With Albert Investing, you can start an investment portfolio that matches the amount of investment risk you want to take on and your financial goals. The app even provides investment guidance and lets you start investing without any minimum investment amount needed.
So, that means that you can start investing with Albert Investing with just $1.
You can get started investing in the app by answering some questions (the app wants to learn more about you so that it can make selections based on your personal situation). The app will then choose individual stocks or funds for you to invest in (or, you can choose these yourself if you know what you want to invest in). You can even ask the app to only invest in themes as well, such as companies that are interested in sustainability and the environment. You can then continue to invest automatically or on a recurring schedule. The auto-investing feature can be a great tool if you are looking to save time and invest regularly without really thinking about it.
Albert Genius
This is one of my favorite parts in the app.
The Albert Genius service gives you financial advice from a team of expert financial advisors (this is a team of real human experts that you are able to talk to – not a robot), available through a paid monthly subscription in the app.
You can ask their experts any money question that you have, whether it’s a big or small question, a general question, or something more specific to your personal situation. Your questions can be about anything from credit cards, budgeting, student loans, investing, credit card rewards, life insurance, your personal financial life, and more. These experts will help you answer your questions 7 days a week too. And, there’s no limit to the amount of questions you can ask.
This is a very nice feature to have access to.
Some of the questions you can ask include:
How do I start a budget?
How do I lower my car insurance? Am I paying too much?
How much can I personally afford to spend on a house?
How can I improve my credit score?
How much money should I have in my emergency fund?
Should I use extra cash to pay off debt or invest?
Can you help me to better under travel miles and credit cards?
There are so many different questions that you can ask the team at Albert!
Albert Protect
Albert Protect is a feature for paid subscribers on the app.
The Albert Protect feature monitors your money around the clock. The app will alert you if something suspicious comes up for any of your connected financial accounts or your identity. The app continuously watches for suspicious activity on your credit report, the dark web, data breaches, and unusual charges.
How Does The Albert App Work?
Signing up for Albert is easy!
Simply click here to get started.
Or, you can head to the Google Play or App Store, depending on your device (Android or iOS), and download the app. Once installed, the app will walk you through the setup process. There’s no need to worry about a credit check as Albert doesn’t require one for signing up.
Next, you’ll be asked some questions about yourself such as your name and age. The app is trying to learn more about you. Here’s what Albert says specifically about the questions that they ask: “We do this in order to best serve your needs: a 19-year-old single student has different financial objectives and priorities than a 37-year-old professional with two kids who will be starting college soon.”
Then, you’ll be asked to connect your financial accounts to the app. So, you may connect your bank account that your bills come out of, your credit card accounts, student loans, mortgage, investments accounts, and more. You can connect as many or as little as you want. This information helps the app better serve you so that it can give you recommendations, track your spending, give you alerts, and more.
After you sign up, you’ll have access to the many features mentioned above to help you manage your finances. As you learned above, there are a lot of tools in this app, so I recommend just playing around in the app at first to better familiarize yourself with it and see how it can help you. Maybe sit down for a few minutes at a time until you understand how to use the app in the best way for your financial situation. That’s exactly what I did when I first downloaded the app because it was a little intimidating at first trying to see all of the different things that the app can do. But, it’s so nice that everything can be done right from one app!
To sign up for the app, they do require that you be a U.S. citizen or resident, be at least 18 years old, and have a bank account with a U.S. financial institution. Unfortunately, at this time, the app is not available to those outside the U.S.
How Much Does Albert App Cost?
The Albert app has a lot of different features, so you may be wondering what the cost is or if there are any monthly fees.
The great thing is that many of the tools and features on the Albert app are free.
For example, the Albert App has a fee-free cash advance feature to help you cover unexpected expenses. If you need some extra cash until your next paycheck, you can get up to $250 as a cash advance, with no cost. There are no late fees, overdraft fees, or maintenance fees associated with this service.
You can also start investing with as little as $1 and use the free cash advances feature (as long as you meet eligibility requirements) without the need for a subscription.
Now, the Genius subscription does have a cost.
If you’re looking to unlock all of Albert’s helpful budgeting, saving, and investing tools, you might want to consider their Genius subscription. This subscription starts at just $14.99 per month and gives you access to some helpful benefits like cash bonuses and personalized financial advice. Keep in mind that the true value of the Genius subscription depends on how often you use the app and all its features. So, if you’re a frequent user of the app, it could be a great investment in your financial well-being.
Is Albert App Safe to Use?
Yes, Albert is safe to use.
Let’s start with the basics – the Albert app isn’t a bank, but it teams up with FDIC-insured Sutton Bank to offer you banking services. That means that the money in your Albert Cash account is safe because it’s protected by the Federal Deposit Insurance Corporation (also known as FDIC). That’s a fancy way of saying your funds are insured for up to $250,000.
Your Albert Savings accounts are held at FDIC-insured banks, including Coastal Community Bank, Axos Bank, and Wells Fargo.
When it comes to data security and privacy, Albert takes that seriously too. The app has security measures to protect your sensitive personal and financial information.
As for customer service, if you ever face any issues with the Albert app, you can easily reach out to their support team for assistance. Many Albert app reviews have mentioned their responsive customer service.
Pros and Cons of Albert
Like with any personal finance app, there are pros and cons. I can’t write an Albert app Review and not talk about the pros and cons, so that you can make the best decision for yourself.
Some of the benefits of using Albert include:
The app aggregates all of your accounts – Albert gives you an overview of your financial life by combining all your accounts in one place.
Savings and investments – The app offers customizable savings goals and can create a custom portfolio for your investment needs. It will also keep track of your transactions and help you identify potential savings opportunities as well as avoid late fees.
The Albert app is safe – Your information is kept safe with the same level of security used by major banks, as well as FDIC insurance.
Albert Genius – This feature provides personalized money advice from financial experts (real people, not a robot!) to help you make smarter financial decisions. You can ask any money question and will get personalized advice.
Free cash advance – Get a cash advance on your next paycheck without any late fees using Albert Instant, or access your paycheck up to two days early with direct deposit.
Free ATM withdrawals – This is a feature paid monthly members get to have.
While Albert has many helpful tools and features, there are some potential downsides to using the app such as:
App-only functionality – All features of Albert are limited to the app, which may be inconvenient for some people who prefer to be on their computer instead of their cell phone.
Fees – While many features in Albert are free to use, some, such as the Albert Genius service, require a subscription fee. The fee is quite affordable for the services you receive, though.
No phone calls – If you need to talk to customer support, there is no phone number to call. Instead, it’s all done through the app, text message, or email.
Frequently Asked Questions
Here are answers to commonly asked questions about the Albert app.
Is Albert a trustworthy app?
Yes, Albert is a trustworthy app. Your banking money is FDIC-insured, with coverage up to $250,000, and your investments are SIPC-insured. The app has many financial tools and you can even get personalized advice from experts.
How much can you borrow with Albert?
The maximum for a cash advance is $250.
How do you get $250 from Albert app?
Albert offers a cash advance feature called Albert Instant. After you enable this feature and meet the requirements, you can access funds quickly, sometimes up to $250.
Does Albert give you money right away?
In some cases, Albert can provide instant cash advances or help you get your paycheck up to two days early via direct deposit, depending on your employer and banking situation.
How long does it take to get money from Albert?
Getting your hands on the cash you need from Albert is all about the service you’re using. If you’re in a hurry, instant cash advances could have those funds in your pocket right away. But for paycheck advances and other features, it might take a couple of days before you see the money.
What are the requirements to get a cash advance on Albert?
Requirements for a cash advance with Albert include a history of consistent income, using the Albert app for a certain period, and having a bank account linked.
Does Albert hurt your credit?
Albert does not directly impact your credit score as it is not a lender. However, using the app’s guidance to improve financial management can help you work towards building or maintaining a higher credit score.
Does Albert need your social security number?
Yes, when signing up for the Albert app, it will ask you for your SSN. This is because it is an investment app and they need to verify that it is actually you signing up.
Is Albert or Chime better?
Albert and Chime are different financial apps with different features. Albert focuses on money management, investing, and advice, while Chime is a mobile banking app offering checking and savings account services. Your choice should depend on your financial goals and preferences.
Why is Albert taking money from my account?
If you’re already an Albert user, this may be a troubleshooting question that you have (and perhaps you searched Google and found this blog post). Albert takes money from your account (such as your bank checking account) to fund the services you’ve opted into, such as investments or automatic savings. You can check the app’s settings or contact Albert to learn more,
Is Albert app affiliated with a specific local bank?
Albert is backed by Sutton Bank.
Is the Albert app reliable and secure for banking?
Yes, Albert is a reliable and secure app for managing your finances. It is FDIC and SIPC-insured and has a variety of financial tools and resources to help you improve your financial situation.
How is Albert app customer service?
I did some research and I found great Albert app reviews on their customer service. The Albert app has customer service options within the app and online. They do not have an option to call their customer service and speak on the phone. But, if you’re like me, you probably prefer to get your questions answered via text message or email anyways.
Is Albert app legit?
Yes, the Albert app is a legitimate personal finance app that can help you manage and improve your finances. Millions of people (last I checked, over 10,000,000 people use this app) use the app’s many helpful tools. The app is available for people on Apple or Android devices and it has great reviews.
Who is Albert app best for? Who should not use it?
The Albert app is a helpful all-around financial app that can help many different people. If you’re looking for an all-in-one app to help you save, spend, borrow, and invest, Albert might be a good fit for you. The app is helpful for people who:
Want fee-free cash advances up to $250 (this is a feature that many people like because they don’t have to sign up for high-interest rate loans when they just need something for a short amount of time)
Need an app that gives you an overview of all your accounts in one place
Are interested in automatic savings and easy investing tools
Albert takes the work out of managing your finances and may be helpful for people who are trying to stay on top of their personal budget without having to juggle multiple apps.
However, Albert may not be the best fit for everyone and not everyone needs to have it. So, if you fall into any of the below, then this may not be the app for you
If you’re an experienced investor looking for more advanced trading tools, then this may not be the best investing app for you (the Albert app is basic in this area because I think it caters more to those who are new investors or are looking for something easier to manage)
If you’re someone who doesn’t feel comfortable linking their bank accounts to a third-party app (you will need to link accounts in order to get full use of the app – I understand that some people may not want to do this)
Albert App Review – Summary
I hope you enjoyed my Albert App Review.
I think this is a very helpful app, and I can see why it’s one of the most popular money apps today.
Albert is an app designed to help manage your saving, budgeting, investing, and more, all in one easy app. The app has all of the different money tools that you would want, plus some extras that you may have not realized you needed yet.
Albert is an app that helps you to manage many different parts of your financial life right from your cell phone (it’s not available on computers).
They even have the Genius feature (one of my favorite parts of the app), which is an in-app chat where you can ask one of their experts anything related to money, from credit cards, buying a car, student loans, and more. This is very helpful if you ever have questions about money.
And, if you need cash now, Albert may be able to give you a small advance of up to $250. There are no late fees, interest, or a credit check. If you want to avoid personal loan lenders who have high-interest rates, and only need a small cash advance, then Albert may be a place to start with. How this works is that they send you $250 from your next paycheck. You simply repay them when you receive your next paycheck.
You should keep in mind that investment options don’t include retirement plans and customer service can only be reached via email and text. Though the app’s budgeting tools are more basic compared to budgeting-focused apps, the Albert app still has many, many benefits to help you manage your finances effectively and it’s all from one easy-to-use app.
You can learn more about Albert here.
What’s your favorite personal finance app? Do you use the Albert app?