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Apache is functioning normally

August 11, 2024 by Brett Tams

Credit bureaus are companies that gather and store credit-related information on just about every adult in the United States. There are three major credit bureaus, or credit reporting agencies: Equifax®, Experian®, and TransUnion®.

The information collected by the credit bureaus is used to make financial decisions that have a major impact on the lives of many Americans. While credit bureaus themselves don’t make lending decisions, lenders typically rely on the information that credit bureaus provide to judge individuals’ creditworthiness.

What Is a Credit Bureau?

A credit bureau is a company that gathers credit and debt information about consumers. The three major credit bureaus in the U.S. — Equifax, Experian and TransUnion — also sell credit reports and credit scores to creditors, such as credit card issuers and mortgage lenders.

Credit bureaus keep a database of historical financial records about consumers. This may include information like the total number of credit or loan accounts you have open, your current account balances, and your payment history.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

How Does a Credit Bureau Work?

Credit bureaus work by detailing and cataloging credit and loan transactions. The bureaus get their information from a variety of sources, including public records and information reported by lenders.

Not all third parties report to each of the three bureaus, which is why you may see different information on credit reports provided by different bureaus. If a lender wants one report that has information from all three major credit bureaus, they’ll need to get a tri-merge credit report.

Why Are Credit Bureaus Important?

Credit bureaus serve an important role in the overall financial markets. While credit bureaus do not make lending decisions themselves, they provide historical financial information on consumers to potential lenders and creditors. This information is used by potential lenders when deciding whether or not to issue you credit, which is why it’s important to regularly review your credit report. It’s also wise to dispute a credit report if there’s any incorrect information.

Credit Bureau Regulations

The Fair Credit Reporting Act (FCRA) regulates the credit bureaus and helps ensure that consumers are protected. One part of the FCRA states that information held by each credit bureau cannot be given to someone without authorization or a valid purpose. The FCRA also has a provision that gives every American the ability to see their credit report for free at least once per year.

The 3 Major Credit Bureaus

As previously mentioned, there are three major credit bureaus in the U.S. While not the only credit credit bureaus in the country, these are the three credit bureaus that dominate the collection and dispersal of information.

Equifax

Equifax was founded in 1899 and is headquartered in Atlanta, Georgia. With 13,000 employees in total, Equifax operates in 25 countries.

Experian

Experian traces its roots back to 1826 and is currently a conglomeration of several different companies. Headquartered in Dublin, Ireland, Experian currently has over 20,000 employees working in 43 countries around the world.

TransUnion

TransUnion was formed in 1968 by the Union Tank Car Company, a railcar leasing operation. Shortly afterward, they acquired the Credit Bureau of Cook County and got into the credit reporting business. TransUnion currently serves over 30 countries on five continents.

What Information Do the Credit Bureaus Monitor?

Generally speaking, credit bureaus monitor credit and debt information. For example, a credit card issuer might share the number of financial accounts you have, when you opened or closed them, your maximum credit line for each account, and/or your payment history, including if you pay your credit card bills when they are due. They may also collect information on debt collections and bankruptcies in your financial history.

How Do Credit Bureaus Use Your Information?

The credit bureaus themselves do not use your information to make any lending or financial decisions. Instead, the credit bureaus simply store and catalog this information. Credit bureaus then sell access to the credit data, allowing lenders and other potential creditors to view information about borrowers for a fee.

When credit card companies report to credit bureaus, the information they provide is added to the credit report for that consumer. This is why credit reports are constantly changing and updating, leading to credit score updates. As such, companies often regularly purchase reports and scores for their current customers.

What Is a Credit Report?

A credit report shares information about how you as a consumer have handled your credit accounts. It contains identifying information about you, such as names you have used, places you have lived, and your birthdate or Social Security Number.

Additionally, a credit report shows information about the different types of credit accounts or credit tradelines that you have or have had. More specifically, this information can include details on payment history, account balances, and credit limits, as well as any derogatory marks, like late payments, civil lawsuits, or bankruptcies.

Information Included in a Credit Report

Credit reports typically contain the following:

• Identifying information: This includes your name, address, phone number, birthday, and Social Security number. You may also find information on your current and previous places of employment.

• Credit summary: This portion of your credit report details any accounts you have, such as credit cards, mortgages, or other loans. Information will include the date the account was opened, the account balance, the highest balance, the credit limit or loan amount, the payment status, and the payment history.

• Public records: Your credit report also contains information pulled from public records, such as bankruptcies or debt collections. You’ll also see payment defaults and late payments noted.

• Credit inquiries: In your credit report, you can also see any party that’s requested access to your credit report in the last two years. This could come from a credit card or loan you applied for.

When reading a credit report, it’s important to make sure that the information on it is valid and accurate. Incorrect or inaccurate information on a credit report can lead to higher interest rates or being denied for credit.

Recommended: How to Avoid Interest On a Credit Card

Who Uses Credit Reports?

Credit reports are primarily used by potential lenders or creditors. This might include banks, credit card issuers, or other lenders. Landlords and employers are two other groups that often pull credit reports.

Lenders and creditors use credit reports to assess how creditworthy you are, which may help them determine whether to extend you credit (and at what rate). In the case of landlords and employers, your credit report may help them determine whether to offer housing or an employment opportunity.

What Else Do Credit Bureaus Do?

The main role and responsibility of credit bureaus is to provide credit information to potential lenders and creditors, for a fee. In addition to this main business model, credit bureaus also provide access to credit reports to the consumers themselves. This is to remain in compliance with the Fair Credit Reporting Act.

Recommended: Tips for Using a Credit Card Responsibly

Some Other Credit Bureaus

In the United States, the big three credit bureaus are Equifax, Experian, and TransUnion. These three companies do also maintain credit information in other countries. However, outside of the U.S., there are also country-specific credit bureaus. For example, there is SCHUFA in Germany and UC in Sweden.

Credit Bureaus vs Credit Rating Agencies

Confused on what credit bureaus vs. credit rating agencies are? While both credit bureaus and credit rating agencies provide information on creditworthiness, there are some key differences to be aware of:

Credit Bureaus	Credit Rating Agencies
Primarily focus on individual consumers	Rate corporations
Credit ratings use a 3-digit credit score	Credit ratings use letters, such as AAA or BB
The top three credit bureaus are Experian, Equifax, and TransUnion	The major credit rating agencies are Moody’s, Standard & Poor’s (S&P), and Fitch Ratings

The Takeaway

Credit bureaus gather, maintain, and collate credit information about millions of consumers throughout the United States and across the world. Lenders and potential creditors use this information to make decisions about whether to extend credit, as well as how much and at what rate. In the U.S., the three major credit bureaus are Equifax, Experian, and TransUnion. Any new credit card that you open will appear on your credit report maintained by one or more of these credit bureaus.

Whether you’re looking to build credit, apply for a new credit card, or save money with the cards you have, it’s important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

Do you need all three credit scores from the major credit bureaus?

Not necessarily. Because each of the major credit bureaus uses different sources of information, you may have slightly different information on each credit report. Also, each credit bureau uses the information they have differently in calculating an overall credit score. Because of this, some lenders prefer what is called a tri-merge credit report, which is one report that has information from all three major credit bureaus.

How many credit reporting agencies are there?

There are hundreds of credit reporting agencies throughout the world, each with a different focus. In the United States, there are three main credit reporting agencies or credit bureaus: Equifax, Experian, and TransUnion.

Which credit bureau is used the most?

Although Experian is the largest credit reporting agency, Equifax and TransUnion are generally considered to be just as reliable and accurate. There is not one credit bureau that is necessarily used the most. Instead, it varies by geographical region and the preference of the lender or creditor asking for the credit report.

Why doesn’t my report show a credit score?

There may be a variety of reasons why your credit report doesn’t show a credit score. One of the most common reasons is that the credit bureau does not have enough financial information about you to make an accurate decision. When your credit information updates, your credit score updates as well.

Photo credit: iStock/damircudic

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.

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Source: sofi.com

Apache is functioning normally

August 10, 2024 by Brett Tams

Typically taking between five and 14 days, credit card refund timing can vary based on a number of factors. This includes the speed at which the merchant processes the refund, how soon you requested the refund, and the length of time it takes for your credit card issuer to credit the amount to your account.

If you’re feeling antsy about how long it takes for a refund to appear on your credit card, however, there are ways that you can speed up the process.

How Do Credit Card Refunds Work?

When you make a purchase on a credit card, your credit card issuer pays the merchant and the amount will go onto your account for repayment. Since the issuer technically paid for the purchase, any requests for a refund will go back to the credit card account. In other words, you won’t receive other forms of payment like cash for refunds when you use a credit card since you didn’t directly pay for the purchase.

There are two types of refunds — one for purchases and ones due to fraud.

• In the case of purchases, you’ll deal with the merchant with whom you made the purchase. Once the merchant approves the refund, the credit card company will process it. Then, the amount refunded will show up on your credit card statement. The credited amount may not appear in the current billing cycle if you made a return in between billing cycles (the end of a billing cycle also tends to be when credit card companies report to credit bureaus).

• As for fraud, these are charges to your account that you didn’t authorize. Most credit card companies will offer some form of fraud protection as long as you notify them within a certain period of time, usually 60 days. Once the issuer is notified of the fraudulent transaction, it will reverse the charges. You’ll then receive a credit for the amount charged, or the charge will get taken off your account completely, assuming you’re not falsely disputing a credit card charge.

Do All Credit Card Refunds Take the Same Amount of Time?

Not all credit card refunds will take the same amount of time. To get an idea of how a particular merchant accepts and processes returns, you can look at the merchant’s refund policy. Some items to note in this statement include:

• Types of refunds offered: Some merchants may be lenient on their return policies, while others may only offer store credit for returns, for instance.

• Refund times: Merchants typically state when they’ll issue a refund, such as within a few business days or weeks.

• How to make a return: Check to see whether you can make a return in person or if you can ship back the item. If you’re shipping, make sure to see if you or the merchant pays for shipping.

After the refund is processed, you’ll need to wait for your credit card company to post the refund or credit to your account. How long this takes will also vary depending on the issuer.

How Long Does a Credit Card Refund Take?

A credit card refund usually takes between five and 14 days after the customer makes the request.

Keep in mind that the rules for refunds can vary depending on your credit card issuer and how long it takes the merchant to process the refund. The faster the merchant processes the refund, the faster it will hit your account.

However, the above timeframe assumes that the merchant agrees to process the refund. If you were to dispute a credit charge, the process of getting a refund could take much longer. Notifying your credit card company as soon as you can is helpful because it could take some time for them to complete their investigation — they have up to 90 days to do so.

Recommended: What is a Charge Card

Factors That Determine How Long a Credit Card Refund Takes

The two main factors that determine how long a credit card refund takes is the type of refund you’re requesting and where you made the purchase.

The Type of Refund It Is

As mentioned before, credit card disputes — whether for fraud or a credit card chargeback request for a product you never received — may take longer compared to refunds for purchases. Plus, you’ll need to make sure you contact the credit card company within 60 days of the billing or fraud dispute. From there, the issuer should have the dispute resolved within two billing cycles, or up to 90 days.

Where You Made Your Purchase

Different merchants have varying refund policies — the longer it takes the merchant, the longer it will take for the refund request to reach your credit card issuer. Here’s a sampling of some of the refund policies at popular retailers:

• Amazon: It can take up to 30 days to process a refund. After an item arrives at the fulfillment center, credit card refunds are typically processed within three to five days. Once a return is processed, the funds will appear in your account, usually within three to five business days.

• Square: Any merchant that uses Square to accept purchases will take two to seven business days to process a refund. It can then take an additional two to seven business days for the refunded amount to appear in your account, resulting in a total credit card refund time of nine to 14 business days.

• Walmart: Refunds tend to take up to 10 business days to process.

How to Speed up the Refund Process

The good news is that there are some ways you can help to speed up the refund process.

Get It There Faster

Some retailers have multiple ways to return items, and certain methods have faster processing times than others. For instance, many major retailers process refunds faster (in some cases, immediately) if you make a return in-person at one of their store locations instead of mailing back the item.

Make Use of Loyalty Benefits and Store Credit

You may be able to receive expedited shipping for returns or faster refund processing times if you belong to a merchant’s loyalty program. Often, you also may be able to get a refund faster if you opt to receive a store credit instead of getting a refund issued to your credit card.

How Does a Refund Affect Your Credit Card Account?

Refunds are typically treated as an account credit. There’s no credit card refund issued in the form of cash since you borrowed the money from the credit card issuer to make the purchase in the first place.

While the purchase is still billed to your account, you’re technically responsible for payment. If you made the purchase, paid it off once the billing cycle ended, and then requested a refund, you’d get a credit to your account. Due to credit card rules, the refund does not count as a partial payment.

No matter how long you wait for a refund, it’s important to manage your account wisely and make sure you’re using a credit card responsibly so you don’t end up overextending yourself. As long as you pay your bill by the due date, you won’t risk hurting your credit score while you’re waiting for your refund.

Recommended: When Are Credit Card Payments Due

Refunds on Rewards and Fees

Credit card companies usually won’t refund any interest or fees you may have paid because you carried a balance for a purchase that you’re now trying to get a refund for. Similarly, if you made a purchase while you were overseas and were charged a foreign transaction fee, you most likely won’t get a refund for that either.

When it comes to rewards, whatever you earned for the purchase will get deducted from your earnings after the refund is processed and posted to your account. You end up with a negative rewards balance if you redeemed all of your points before requesting a refund.

The Takeaway

Credit card refunds typically take between five and 14 days. Being aware of how credit refunds work helps you to understand how to keep better track of your credit card statements and rewards earnings. It can also help you to determine which credit cards are better used for certain situations.

FAQ

What happens to my rewards if I request a refund?

Your rewards will be deducted from your current balance after your request for a refund is processed.

How long does it take for a refund to appear on a credit card?

A refund may take up to seven or even 14 days to appear on your credit card statement. This timeframe can vary depending on your card issuer, the merchant, and what type of refund request it is.

Are credit card refunds instant?

Credit card refunds typically aren’t instant. This is because it takes time for the merchant and credit card company to process it.

Will a delayed refund hurt your credit?

A delayed refund typically won’t hurt your credit as long as you continue to make on-time payments and are generally responsible with your credit card usage.

Photo credit: iStock/MBezvodinskikh

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Source: sofi.com

Apache is functioning normally

August 9, 2024 by Brett Tams

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Business credit cards may affect your personal credit score, depending on the card. Most card issuers will only report to the consumer credit bureaus if your account becomes delinquent.

Many business owners turn to business credit cards as a way to separate their personal and business finances. Your credit score is important, so you may be wondering, “Does my business credit card affect my personal credit score?”

While there are many benefits to business credit cards, it’s helpful to understand how they work. Here, we teach you about how business credit cards can affect your personal credit score and report and if a business credit card is right for you.

What are business credit cards for?

Business credit cards are one of the more convenient ways for a business to access additional funds. Taking a loan out for a business involves a much longer process than simply applying for a business credit card, which may be approved within a few minutes.

With a business credit card, businesses can cover operating expenses and purchase items they need for their offices. Many businesses use these cards for fuel, travel expenses like flights and hotels as well as meals.

These cards also make it easier to track business expenses. By looking at the credit card statement, you can see what’s spent and when. Some of these cards also have built-in reporting tools for even more convenience.

Some of these cards also offer company-specific rewards, so businesses can save on travel and other categories.

What effect does a business credit card have on your personal credit?

Typically, financial institutions look to credit reports as a way to assess credit risk. Although your business credit card isn’t for personal use, the bank needs to run a hard inquiry, which will show on your personal credit report.

Hard inquiries cause a temporary drop in your credit score, but as long as you’re practicing good credit habits like making your payments on time and keeping your utilization low, it should recover in time. Once you start using the business credit card, it’s reported to commercial credit bureaus. The main three commercial credit bureaus include:

Dun & Bradstreet
Experian® Business
Equifax® Small Business

Depending on the business credit card, some may report to your personal credit report as well. In some cases of delinquencies or late payments, your business credit history may be reported to the personal credit bureaus. This can also lead to derogatory marks on your personal credit report.

Some business credit cards may also require a “personal guarantee.” A personal guarantee is when you agree that the card issuer can come after your personal assets if the business defaults on the debt.

Which business credit cards report to personal credit

Most of your business credit card activity isn’t reported to the credit bureaus, but there are exceptions:

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Card issuer	Reports to consumer bureaus?
American Express	Reports negative information only
Bank of America	No
Capital One	Yes, but the Capital One Spark Cash Plus and Venture X Business cards only report when the account has negative information
Chase	Only accounts that are seriously delinquent
Citi	No
U.S. Bank	Only accounts that are seriously delinquent
Wells Fargo	No

Source: Nerdwallet

Do business credit cards show up on your credit report?

When you apply for a new business credit card, the issuer checks your personal credit report. This hard inquiry will show up on your credit report and will temporarily lower your credit score. A hard inquiry can impact your credit score for six months to a year, but the impact is minimal compared to derogatory marks like missed payments.

Depending on the card and the issuer, the monthly activity of your business credit card may show up on your personal credit report. Many cards only report accounts that are delinquent due to nonpayment of balances.

Whose credit do business cards affect?

Business credit cards typically only affect the primary cardholder who applied for the original card. Adding an authorized user can also affect the credit score of the original cardholder.

A business can also get employee credit cards, but these are linked to the company’s credit account. Employees may receive credit cards for business expenses to make purchases, as well as cover travel costs and other expenses. Much like a singular business card, the responsibility of paying the balance is up to the business owner or whoever applied for the original credit card account.

Staying in good standing with a business credit card can also help build business credit. When a business builds credit, it can help it get loans in the future and open additional credit accounts.

Who should get a business credit card that doesn’t affect their personal credit?

If you’re concerned about cash flow and your ability to pay your business credit card balance, you may not want a card that can affect your personal credit. Keep in mind that even if you choose a card that doesn’t report to the three major consumer credit bureaus, the card issuer may report a delinquent account to these bureaus.

It’s best to track your spending with these cards and create a budget to ensure you pay your bill on time every month.

Can I get a business credit card with bad or no personal credit?

A business credit card can help your business grow and provide convenience for various expenses. To get a business credit, you need to have a good credit score to increase your chances of approval. If you’re unsure of where your credit health stands, Lexington Law Firm can help.

Use our free credit assessment to see your score along with additional information about your credit health. We also provide a variety of other services, like challenging inaccuracies on your credit report, credit monitoring and much more, so sign up today.

Source: lexingtonlaw.com

Apache is functioning normally

August 9, 2024 by Brett Tams

Are you looking for the best cash back apps? Finding ways to save money on everyday purchases is always a good idea. Cash back apps are a great tool to help you get some of your money back (and even free gift cards) on things you buy all the time. These apps can reward you…

Are you looking for the best cash back apps?

Finding ways to save money on everyday purchases is always a good idea. Cash back apps are a great tool to help you get some of your money back (and even free gift cards) on things you buy all the time. These apps can reward you with cash, points, gift cards, or discounts just for shopping like you normally do.

With so many cash back apps available, it can be hard to know which ones to use. Some apps focus on groceries, while others give rewards for travel, gas, or online shopping. By using the right cash back apps, you can make sure you’re making the most out of your spending.

In case you want a quick summary, my favorite cash back apps are:

There are many others on the list below that you may find helpful too!

Best Cash Back Apps

These 14 best cash back apps will help you make extra money. You can get cash back for groceries, online shopping, and more.

1. Rakuten

Rakuten is a popular cash back app and site that lets you earn rewards on your everyday shopping. With Rakuten, you get a percentage of what you spend back as cash. It’s a simple and effective way to get free money while shopping at your favorite stores like Target, Macy’s, Walmart, Old Navy, Lowe’s, and many more.

Your cash back percentage depends on the store that you are shopping at but can vary anywhere from around 1% to over 10%, which can add up quickly!

Signing up is quick and free too. Once you create your account, you can start shopping on Rakuten’s website, app, or browser extension. When you shop through Rakuten, the stores pay Rakuten a commission. Rakuten then shares part of that commission with you as cash back.

One of the coolest things about Rakuten is how easy it is to find deals. You can earn cash back on clothes, electronics, restaurants, and even ride-sharing services like Uber. The browser extension helps you find the best coupons and cash back offers.

Rakuten also has a large user base with over 15 million members. They have paid out more than $3.2 billion in cash back since they started in 1999. On average, members earned about $100 in cash back in 2023.

Payment is easy too. You can choose to get paid via check or PayPal.

Please click here to sign up for Rakuten. Plus, you can get a $30 bonus when you spend $30 if you join right now (at the time of this writing; please double-check the current offer).

2. Fetch Rewards

Fetch Rewards is a popular app that makes earning gift cards easy, and this is the app that I use for ALL of my grocery receipts. All you need to do is take a picture of your receipts using your phone.

Fetch Rewards lets you earn points by snapping receipts from any store. It works for grocery stores, clothing stores, restaurants, and even gas stations. The app also works with digital receipts from online purchases.

Some examples of what you can earn include 2,500 points for buying General Mills products, 1,000 points for Barilla Pasta, 750 points for Sara Lee bread, 5,000 points for trash bags, and more.

To get started, download the Fetch Rewards app and create an account. Then, shop as you normally do and scan your receipts to earn points. The process is quick and only takes about 10 seconds per receipt.

Once you earn enough points, you can redeem them for gift cards. These gift cards can be used at a variety of places like Amazon, Target, Starbucks, and many more. You can also choose to donate your points to charity.

The app is free to sign up for and use. There are no surveys to fill out or barcodes to scan, making it a hassle-free way to earn rewards.

You can sign up for Fetch Rewards here.

3. Swagbucks

Swagbucks is a popular app where you can earn rewards for doing simple things online. You can shop, watch videos, take surveys, and even play games to get points. These points, called Swagbucks (SB), can be redeemed for gift cards or cash.

I have been using Swagbucks for years and I think it’s a great rewards site.

One great feature of Swagbucks is how easy it is to use. You can add a browser extension to automatically earn cash back on your purchases, and this makes it super convenient as you shop online.

Another nice thing is their “Magic Receipts” feature. You just need to upload your receipts from certain stores, and you’ll earn cash back. Many big retailers are included, making it easy to earn points.

With over 20 million users and a strong reputation, Swagbucks is trusted by many. They’ve paid out more than $935 million in rewards to their users.

Please click here to join Swagbucks.

Here’s a screenshot of some of the cash back that I’ve received from Ibotta recently.

4. Ibotta

Ibotta is a popular cash back app that helps you save money on groceries and more. It’s free to download and use and with Ibotta, you can earn real cash back on everyday purchases.

Using Ibotta is easy. You just head to the Ibotta app and add offers for things you want to buy before you go shopping. These offers can be for groceries, clothing, and even dining out.

Next, you shop at your favorite stores, both in-store and online. Ibotta partners with many stores and retailers, so you have plenty of choices.

After shopping, you can redeem your cash back. You do this by uploading your receipt or linking your loyalty card to the app. It’s a simple process that only takes a few minutes.

One great thing about Ibotta is that it offers cash back on a wide range of products from daily essentials like milk and bread to big-ticket items. For example, currently I can get 50 cents back on yogurt, 75 cents back on shredded cheese, $1.00 back on Cheerios, and more.

Another perk is the bonuses that Ibotta offers. These bonuses can give you extra cash back for redeeming certain offers or for reaching specific milestones.

The app is available on both iOS and Android, making it easy to use on most cell phones.

Ibotta is a great way to make some extra cash on things you already plan to buy. It’s perfect for anyone looking to save a little more each time they shop.

You can sign up for Ibotta here.

5. Upside

Upside (used to be called GetUpside), helps you earn cash back on fuel for your car (as well as restaurants and grocery stores, but I like to mainly use it for gas).

Using the Upside app is easy. You just sign up and find deals near you. The app shows you gas stations, grocery stores, and restaurants where you can get cash back.

You can earn up to 25 cents per gallon on gas and even more for diesel. Occasionally, you can get deals for higher. For example, I recently redeemed a deal to get 89 cents off per gallon – I received $15.00 in cash back!

For groceries, you can earn up to 30% back in select cities and when you eat out, get up to 45% back at many restaurants.

There are over 50,000 locations in the U.S. where you can save money with Upside. Major gas stations like BP, Shell, and Marathon are included.

To get started, just sign up for free, link your cards, and claim offers through the app. Then, make your purchases as usual, submit your receipts or use the check-in feature, and get your cash back.

Payments can be collected through PayPal, bank transfer, or gift cards.

You can check out Upside here to learn more.

6. Dosh

Dosh is a cash back app that helps you save money without a lot of work. You link your credit or debit card to the app, and it automatically gives you cash back when you shop at participating stores or restaurants.

Using Dosh is easy too. After linking your card, just shop like you normally do. The app will take care of adding the cash back to your Dosh wallet. You don’t need to worry about scanning receipts or entering codes, which I think is very nice and convenient.

Dosh partners with many well-known brands, making it simple to save money. You can earn cash back at places like Walmart, Target, and Pizza Hut. The app also works with thousands of hotels, adding more ways to save.

One of the best things about Dosh is that it handles everything for you automatically. It deposits your rewards into your account. Once you reach a certain balance, you can transfer your cash to your bank, PayPal, or donate to charity.

If you like finding deals and saving money without effort, Dosh might be a great app for you. It makes saving easy and fun, helping you make the most of your purchases every day.

7. TopCashback

TopCashback is a great choice if you want to save money on your purchases. This app connects you with over 7,000 retailers, making it super easy to earn cash back.

To start, sign up for a free account. Then, search for your favorite store and click on the offer. After you shop, your cash back gets added to your account.

TopCashback stands out because it tends to have higher cash back rates compared to other apps. This means you can save more money on each purchase.

It’s important to note that while TopCashback is very user-friendly, I did find some reviews where some people find that it could improve in processing times for gift card purchases.

If you shop online often, TopCashback can help you earn cash back on your regular spending. The app is available on both iOS and Android, so you can use it on the go.

8. PayPal Honey

PayPal Honey is a browser extension that makes online shopping easier and cheaper. When you shop online, Honey automatically finds and applies coupon codes at checkout. You just add it to your browser and it starts working right away.

Honey works with over 30,000 stores. This includes big names like Amazon, Macy’s, and Nike, so there’s a good chance you’ll find a discount on something you’re buying.

Another cool feature is the Droplist. You can keep an eye on items you want to buy and get alerts when their prices drop, and this helps you buy things at the best time and save even more money.

Honey is free to use and easy to install. If you want to save money without the hassle of searching for coupon codes yourself, it’s worth trying out.

You can learn more about Honey by clicking here.

9. Shopkick

Shopkick is an easy way to earn rewards when you shop. You can get “kicks,” which are points, for doing simple things.

For example, you earn kicks just by walking into certain stores, and this makes it super easy to start earning rewards right away.

You can also earn kicks by scanning the barcodes of products in the store. Some items even give extra kicks when you buy them and submit your receipt.

Shopkick isn’t just for in-store shopping. You can also earn kicks when you make purchases online through the app.

Once you collect enough kicks, you can trade them in for free gift cards. These gift cards can be used at many popular stores, which gives you a lot of options.

The app is free to use, and it has a lot of participating stores. This makes it a great way to earn rewards on stuff you already buy.

Here’s a screenshot of my personal Capital One Shopping account. You can see how much money it has saved me here!

10. Capital One Shopping

Capital One Shopping is a handy tool for anyone who likes to shop online. It’s a browser extension that finds coupon codes while you shop. This makes saving money super easy because the tool does all the work for you. Just shop as usual, and it will automatically apply the best coupon codes at checkout.

I have Capital One Shopping installed on my browser, and I love how it helps me save money without me having to think about it. I used to always forget to look for coupon codes, or sometimes it would take forever to find a coupon code that worked. Capital One Shopping takes all of that wasted time and does it for you.

You can use Capital One Shopping on almost any browser, including Chrome, Firefox, Edge, and Safari. It’s also available as a mobile app for both iOS and Android. This means you can save money whether you’re shopping on your computer or your phone.

Another great feature is the price comparison tool. If you’re looking at an item, Capital One Shopping checks other websites to see if you can get a better deal.

Another perk is that you earn rewards points while you shop. These points can be turned into gift cards for many popular stores. It’s like getting a little cash back on your purchases. I recently redeemed $71.00 in free gift cards for simply just doing my normal online shopping.

You can also add items to a watchlist, and the tool will let you know if the price drops. This way, you can buy things at the best possible time.

Capital One Shopping is free to use and easy to install. Just add the extension to your browser or download the app and then shop as you normally do and enjoy the savings!

You can learn more in my Capital One Shopping Review.

11. Receipt Hog

Receipt Hog is a cash back app that helps you earn cash back by simply scanning your receipts.

You take pictures of your shopping receipts and upload them to the app. For each receipt, you get coins. These coins can then be exchanged for money through PayPal or gift cards.

The cool part is, you can use receipts from nearly any store. Whether you shop at a grocery store, department store, or even a gas station, you can take a photo of that receipt and earn coins.

Receipt Hog also has special bonuses and sweepstakes. Sometimes, you might get extra coins or the chance to win larger prizes. It’s a fun way to get rewarded for your everyday shopping.

Recommended reading: 14 Best Apps To Scan Receipts for Money

12. Checkout 51

Checkout 51 is a user-friendly cash back app that helps you save on groceries, gas, and more. It’s free to download and simple to use.

With Checkout 51, you can look at their weekly offers and select the ones you like. When you buy those items, you just need to upload your receipt to the app.

New deals are added every week, so there is always something new to save on. It’s a great way to cut down on your grocery and gas expenses.

13. Receipt Pal

Receipt Pal is an app that makes earning rewards easy. You just need to scan your receipts and this app works with any store, so you can rack up points from grocery shopping, gas, dining out, and more.

Each time you scan a receipt, you earn points. These points can be turned into gift cards for popular retailers.

The app is free to use. You need to take a picture of your receipt within 14 days of your purchase. Once you upload the receipt, Receipt Pal will handle the rest.

You can also earn extra points by completing surveys and playing games within the app. This can make reaching your reward goals go more quickly.

14. Upromise

Upromise is a cash back app that helps you save money for college. Instead of just giving you cash back for everyday purchases, it allows you to put those savings into a college fund. This makes it a great option for families planning for future education expenses.

When you shop through Upromise, you earn cash back on things you buy. It works with many stores and restaurants. You can also earn rewards by scanning receipts and dining at participating restaurants. The cash back can be automatically transferred to a 529 college savings plan.

Another cool feature is that you can also link someone else’s 529 plan to your account. This means grandparents or other family members can contribute to your child’s college savings too.

Upromise is a good way to turn your everyday spending into savings for the future. It helps make the dream of paying for college a little more achievable.

What Are Cash Back Apps?

You may have questions about cash back apps. If so, then I would like to talk about them and how they work in this section.

Cash back apps help you save money on everyday purchases. By using these apps, you can get a percentage of your spending back in the form of cash rewards.

How cash back apps work

When you shop through a cash back app, the cash back app partners with retailers to earn a commission. Instead of keeping all the commission, the app shares a portion with you so that you will be persuaded to use their app more (everyone wins). This means you get back a small percentage of what you spent.

You start by downloading the app and creating an account. Then, you browse through the app’s partner stores to find the ones you like. When you make a purchase through the app, you earn cash back that you can usually redeem for PayPal, bank deposits, or gift cards.

Benefits of using cash back apps

Cash back apps can save you money without much effort. Every time you shop through these apps, you earn a little back on what you’re already spending. Over time, these small savings add up.

Many apps also give extra bonuses or special promotions, which means even more savings. These promotions can include higher cash back rates for a limited time or bonus cash for shopping in particular categories.

Plus, cash back apps are free to use, making them a simple way to save a bit on everyday purchases.

I use cash back apps all the time, and I like how they can help me save more money easily.

Frequently Asked Questions

Below are answers to common questions about the top cash back apps.

Which app gives the most cash back?

Rakuten is known for giving a lot of cash back for online purchases, many times over 5%. Others, like Fetch Rewards, also give a good amount of rewards, especially for groceries.

Do cash back apps really work?

Yes, cash back apps do work and you earn money or points for purchases you make. These apps partner with many stores to give you a percentage back.

What’s the best cash back app for groceries?

I think that Fetch Rewards is the best for groceries. It has good deals on food items at many big grocery stores. You can scan receipts or link your store loyalty card to earn cash back.

Is Fetch or Ibotta better?

Fetch is easier to use since you just scan any grocery receipt. Ibotta requires more work because you must select offers before shopping. Both are good. Ibotta typically pays a little more, but you do have to do a little more work to earn the points.

What are the best automatic cash back apps?

Rakuten and Capital One Shopping are top apps for automatic cash back. Once you download the browser extension, they automatically give you cash back at partner stores. It’s simple and requires no extra work.

Another way to get automatic cash back is by using cash back credit cards. The best rewards credit cards can give cash back of around 1%-2% automatically on your purchases.

How can I tell if cash back apps are safe and legit to use?

To see if a cash back app is safe and legitimate, I recommend that you look for reviews and ratings in app stores.

Best Cash Back Apps – Summary

I hope you enjoyed this article on the best cash back apps.

The best cash back apps can help you save money on things you buy every day with little effort. With these apps, you can earn rewards on groceries, eating out, online shopping, and more. Whether you want to save a bit of money or get the most savings, these apps have different features to help you.

Plus, depending on the cash back app, you can get your cash back directly to your bank account, PayPal account, or even through free gift cards.

The best cash back apps don’t have any fees either, so you can save money without having to spend any more.

What is your favorite cash back app?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

August 9, 2024 by Brett Tams

If you’ve flown with Southwest Airlines, you know this budget carrier does things a little differently. From free checked bags to no seat assignments (though Southwest says it’s changing to assigned seats later this year), the Southwest experience — including its unique fare classes — is truly one-of-a-kind when it comes to domestic airlines.

So if you’ve ever wondered what the difference between the airline’s fare class options or how to navigate booking in Southwest, you’re in the right place. Here’s everything you need to know about Southwest fare types, how they’re different and what to expect with each.

What are the different Southwest Airlines fare types?

There are four fare classes on Southwest flights:

Business Select.
Wanna Get Away Plus.
Wanna Get Away.

Here’s an overview of what each ticket type entails.

	Business Select		Wanna Get Away Plus	Wanna Get Away
Refundability	Refundable.	Refundable.	Nonrefundable. Transferable Flight Credit.	Nonrefundable. Flight credit issued.
Early boarding	Priority boarding A1-A15.	EarlyBird Check-In. Priority and Express Lanes.
Same-day change and standby	Free same-day confirmed change.	Free same-day confirmed change.	Free same-day confirmed change.	Free same-day standby.
In-flight perks	Complimentary premium drink. Free in-flight internet.
Points earnings	Earn 12 Rapid Rewards points per dollar per qualifying flight.	Earn 10 Rapid Rewards points per dollar per qualifying flight.	Earn eight Rapid Rewards points per dollar per qualifying flight.	Earn six Rapid Rewards points per dollar per qualifying flight.
	All the benefits of Anytime.	All the benefits of Wanna Get Away+.	All the benefits of Wanna Get Away.

All ticket types come with additional benefits:

Two checked bags fly free (plus a carry-on and personal item).
No change fees if you need to switch flights (though you may have to pay the difference in fare depending on status and purchased fare type).
No cancel fees as long as you cancel more than 10 minutes before scheduled takeoff.
Flight credits received after changed or canceled flights don’t expire.

That said, you shouldn’t think of Southwest Airlines fares like you do fare classes on other airlines. For starters, there is no first or business class on Southwest flights. There aren’t even extra large seats like on Spirit Airlines or Delta Air Lines’ Comfort Plus (though that is also changing when Southwest reconfigures its airplanes next year). So upgrading to a higher fare class has more to do with other benefits than perks like more legroom or lay-flat seats.

Business Select

This is the most expensive fare class that Southwest offers, but it comes with the most benefits and flexibility regarding flight changes and cancellations.

Tickets are fully refundable, meaning you’ll get refunded to your original form of payment (not just a flight credit) as long as you cancel your reservation at least 10 minutes before your flight is scheduled to take off.
Get automatic access to priority boarding in group A1-A15, meaning you’ll be one of the first to board and select where you want to sit.
Enjoy a free premium drink like beer or wine on flights that are at least 176 miles.
Get access to free in-flight internet, which is typically offered for an additional fee.
Earn 12 Rapid Rewards points per dollar, the most of any fare class.
Plus score all the benefits of Anytime fares like access to priority and express lanes for faster check-in and security.

The next highest fare class is Anytime, which still offers a fair amount of flexibility and point-earning potential, but at a slightly lower cost.

Tickets are fully refundable, meaning you’ll get a refund to your original form of payment as long as you cancel your reservation at least 10 minutes before your flight is scheduled to takeoff.
EarlyBird Check-In, which means you’ll get automatically checked in 36 hours before takeoff. That means you’ll have a better shot at an earlier boarding position, so you can be one of the first to claim a seat and coveted overhead bin space. EarlyBird check-in generally costs $15 to $99 each way per customer.
Access to Priority and Express Lanes (if available) so you can check in and even get through security faster.
Earn 10 Rapid Rewards points per dollar on your flight.
Plus score all the benefits of Wanna Get Away Plus fares like a transferable flight credit and free same-day changes.

Wanna Get Away Plus

For those who want to save some cash but are looking to earn a few more points per dollar spent on airfare, there’s Wanna Get Away Plus.

Fares are nonrefundable, but you will still receive a Southwest flight credit for the amount you paid if you cancel your travel plans.
If you cancel, you’ll receive a transferable flight credit that lets you transfer your credit to another Rapid Rewards Member.
The option to take advantage of free same-day confirmed flight changes if you need to switch your flight last minute (though taxes and fees may cost extra).
Earn 8 Rapid Rewards points per dollar.
Plus get all the benefits of Wanna Get Away, like free same-day standby.

Wanna Get Away

This is Southwest’s base fare and the most affordable option for those looking for a no-frills booking.

Tickets are nonrefundable, but you will receive a flight credit if you cancel your travel plans.
Access to free same-day standby that allows you to keep your current flight and boarding position but also list yourself for standby on an earlier flight in case a seat is available.
Earn six Rapid Rewards points per dollar.

Which of these Southwest ticket types is right for you?

Naturally, which of the Southwest fares you should choose depends on how you like to travel and what kinds of point-earning potential you want. After all, the higher the fare class, the more Rapid Rewards points you’ll earn, which is compounded by the fact that you’ll also be spending more on the fare itself.

For example, a Wanna Get Away flight from San Diego to Dallas might cost $204. At six points per dollar, that means you’ll net 1,224 Rapid Rewards points. But a Business Select fare for the same flight costs $334 and scores you 12 points per dollar, resulting in a whopping 4,008 points.

According to NerdWallet valuations, Southwest Rapid Rewards are worth 1.5 cents each. Based on that valuation, 4,008 points are worth $60.12 and 1,224 points are worth $18.36. So, you would pay an extra $130 out-of-pocket to net $41.76 in extra value from the additional points earned.

If perks like early boarding, refundability, in-flight internet and a premium drink onboard sound good to you, then buying the higher ticket is worth it. But despite the significant difference in point earning potential, points alone may not be enough to warrant the upgrade.

That said, those reaching for elite status, which can be achieved by flying a certain number of segments or earning a set amount of points (starting at 35,000) may find it worth the higher cost.

But whether the difference in price is worth it depends on whether you’ll benefit from the other perks of higher fare classes like refunds, early boarding and transferable credits, so consider all of the costs and benefits together before deciding.

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

August 9, 2024 by Brett Tams

When you think about making money online, chances are, you visualize selling something, whether it’s beaded necklaces you make, electronics you don’t use anymore, or a cool product you cooked up. But there are many ways to make money without offering a product, which can eliminate a lot of barriers to entry, along with the hassles of order fulfillment and shipping.

It’s not a cinch, but if you have a clever idea or some expertise, you can make money online without selling anything. For example, if you have an Instagram account with loads of followers, you might earn cash by creating a YouTube channel sharing the secrets of your social media success.

Think about where your strengths and skills lie: Is it coding? Then you might consider building an app. Do you know how to reach out to people and coalesce them into an active, supportive community? Then you might succeed in building a membership website.

Ready to find out how to make money with a website without selling anything? There’s inspiration ahead.

Key Points

• Various online income opportunities exist that do not require selling products, minimizing barriers to entry and logistical hassles associated with traditional selling.

• Starting a dropshipping business allows individuals to earn money by acting as a middleman between suppliers and customers without holding inventory.

• Creating a YouTube channel can lead to monetization through ads once a sufficient subscriber base is established, focusing on engaging content in a specific niche.

• Freelancing offers many ways to leverage skills such as writing or design, enabling individuals to work remotely and access various job platforms to find clients.

• Building a membership website can generate income by offering exclusive content to subscribers, fostering a community, and utilizing specialized web-building software for management.

Is It Possible to Make Money Online Without Selling a Product?

Fortunately, there are many ways to make passive income online without manufacturing and selling a product in the traditional sense. If you dread the idea of renting a warehouse or packing up and shipping items, this will be good news.

For example, many influencers on YouTube make money simply by providing informational videos that people find valuable. Once they have a following, they make money through YouTube ads that run on their channel. Did you know, for instance, that YouTuber Mr. Beast set a new high-earning record recently of $54 million? While that’s hardly a typical achievement, it does show that the sky is the limit, as the saying goes.

Beyond YouTube, there are plenty of other ideas for how to make money with a website without selling anything. You might translate your tech knowledge and experience into building an app, or you could create a blog based on your favorite hobby that resonates with a particular audience.

11 Ways You Can Make Money Without Selling Anything

Ready to dig into some specifics? From dropshipping to streaming, the following are 11 ways people make money online without actually manufacturing or selling products.

1. Start Dropshipping

Dropshipping is one way to make money with a website without selling anything. Dropshippers sell products to customers, but they do not own or stock them. For the dropship business model, a customer places an order, and the dropshipper forwards the order to the supplier for a fee. The supplier then takes care of the shipping.

In essence, the dropshipper is the middle man. You don’t need to buy any items or manufacture anything yourself. And it can help you bring in some cash: One recent survey showed that dropshippers earn almost $20 an hour.

Recommended: 11 Benefits of Having a Side Hustle

2. Launch a YouTube Channel

A YouTube channel can be lucrative once you have 1,000 subscribers. At that point, YouTubers can monetize their channel by accepting ads. How do you get 1,000 subscribers? By providing content that people want to see.

That could be showing off your cake decorating skills, your super cute Pomeranian puppy, or your ability to do your own taxes quickly and correctly. Choose a niche where you have expertise and create compelling content on that topic. Use clever headlines that will draw people to your channel, plus keywords to optimize them for YouTube searches and help you gain traction. Keep viewers engaged by producing a series of videos on a topic so that they continue to tune in.

Recommended: Can You Make a Living on Social Media?

3. Write a Blog or Podcast

Have ideas, intel, and opinions you’d like to share? Why not start a blog, which is similar to starting a YouTube channel. The cost of running a blog can be minimal, and it can be an exciting way to share your passions in life. You can create content on a niche topic that people are curious about and that you love. It could be travel, DIY advice, fashion, fitness, or finance.

If you are good, you can build a following. Once your following is big enough, companies will pay you to promote their products or services on your blog through ads and links. Brands may even sponsor you to write about them or invite you to write blogs for their own sites.

4. Create a Membership Website

If you find demand for your content, you could build a website for subscribers only and charge for the membership. The idea is to build a community of like-minded people who want to share knowledge and access exclusive content. A paid membership could offer videos, webinars, other educational products, and the ability to interact with other members.

Membership web-builder software can help you build a site and wrangle your followers, or you could use a third party to do it for you. The software allows you to register new members; process monthly dues, donations, and event payments; update member profiles; send emails to members about upcoming events, and send invites. A simple website builder will run from $20 to a few hundred dollars per month, and help you get your site up and running and hopefully growing.

Recommended: 25 Tax Deductions for Freelancers

5. Try Freelance Work

You probably have had some work-from-home experience due to the pandemic. You might want to transition even more to remote work. Some careers can be transferred to the digital environment. For example, writers, teachers, designers, and coders can all learn how to make money from home. There are marketplaces for freelancers, such as Fiverr and Upwork, and you can establish a website of your own to pull in work.

There are also many job boards for freelancers, such as Flexjobs.com. Freelancers need to build a portfolio of work, which may require taking on lower-paying jobs at first as you work your way up.

Recommended: 15 Low-Cost Side Hustles

6. Become a Writer

Being a writer is an aspiration for many people, and there happens to be a huge market for website content. Many companies want to create informative blogs with SEO-optimized articles that will drive traffic to their websites. If you have expertise and knowledge in a niche area, you could write engaging articles for companies in that niche. Companies want ghostwriters, but there are also opportunities for bylined articles. Look for writing jobs on job boards like Flexjobs.com and Upwork.

7. Be a Product Tester

This is a fun one: You can make money online without selling by being a product tester. Brands often need people to try out their products to see how they rate with consumers. In return for their time and feedback, product testers may receive payment in the form of cash, merchandise, and gift cards.

Popular products for testing include toys, food, electronics, beauty products, household products, baby products, clothes, and websites. These gigs may pay about $25 an hour and can sometimes feel like play time.

You might also take surveys and provide feedback on marketing ideas online, as well. Sign up with a market research firm like I-Say by Ipsos, Opinion Outpost, and Branded Surveys to get started.

8. Accept Micropayments

Looking for more ways to make money online without selling stuff? Let’s say you write a blog that benefits a community. For example, you might be someone on the autism spectrum and blog about your experiences for a supportive audience. You can use a free app like “Buy Me a Coffee” to accept micropayments on your blog; this allows people who want to show their appreciation to send you a bit of money. Readers click on a widget on your blog to donate a few dollars to your site.

9. Set Donation Requests

One step up from accepting micropayments is to request donations directly. An example is Wikipedia, which intermittently asks its visitors to donate to fund the site’s research. Another example is virtual tip jars that appear on websites. Basically, it’s a way to monetize a website. You can collect feedback from engaged users at the same time to better understand what visitors would like to see on your site.

10. Create an App

Even if you are not a coder or app developer, you might have a great idea for an app that would make people’s lives simpler, better, or just more fun. Once you have an idea, a market that you’re targeting, and a brand concept, you can hire an app creator to do the coding for you. Once you have the app, add it to the App Store or Google Play. Start with a free app, and if it is a success, you can offer add-ons or premium features for a fee.

Recommended: How to Pay for Coding Bootcamps

11. Monetize a Twitch Channel

Chances are, you’ve heard of Twitch, the streaming platform that has expanded from gaming to a variety of content types, such as sports and entertainment. Still, gaming is its heartbeat, and Twitch streamers can monetize their love for the platform by sharing their gameplay with fans and subscribers who can hear and watch them live.

Streamers can gain a sizable following by providing consistent entertainment, and they can then sell products and Twitch ads. They can also land brand sponsorships, obtain fan donations, and sell subscriptions. Of course, not everyone will be a success at this, but those with the right skills and personality can thrive. For those who gain a real following, earnings can be in the $3,000 to $5,000 a month range if working 40 hours a week.

How Making Money Online Can Help You on Your Financial Journey

You might not become a billionaire by choosing an online gig, but you can certainly supplement your day job or help with your college expenses. Making money online is flexible, and you can leverage your expertise and your niche. Start small and see where it leads.

Recommended: How to Earn Residual Income

The Takeaway

How to make money online without selling anything comes down to creative thinking and a will to experiment. It’s actually a very accessible marketplace for anyone; you can avoid the typical startup costs en route to making a profit. Plus, you can work from home and tap your particular skills, whether that means creating fitness videos or developing an app.

3 Money Tips

When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for an online bank that doesn’t charge you for overdrafting.
If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.
When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Is it hard to make money online?

How to make money online without selling products is not difficult as long as you pick the right niche. It helps to choose an activity where you have an interest and skills. You also need to be creative if you want to scale. Some tenacity and determination will help when you experience a lull or want to get to the next level and grow organically.

What is a great way to learn skills to make money?

There are so many online and offline resources where you can learn skills. If you are interested in programming, you can learn coding languages online. If you are interested in marketing, you can take a course and get certified in Google Analytics and Google Ads. YouTube and webinars can help you train up; just do your research and make sure the so-called expert has solid credentials.

Do donation requests work?

Donation requests work if people value what you are doing. There are quite a few scams out there, and people are becoming more wary. However, if you can establish a following and provide content of value, you’re onto something. The trick is to engage people by connecting them to a community that means something to them.

Photo credit: iStock/Eva-Katalin

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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 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit 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, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% 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 4.60% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SOBK0822023

Source: sofi.com

Apache is functioning normally

August 9, 2024 by Brett Tams

Olympia, often referred to as “The Evergreen Capital,” is a place of stunning natural beauty and rich cultural heritage. With its lush forests, charming neighborhoods, and a vibrant arts scene, it’s no wonder that many people dream of calling Olympia their home. However, life in this picturesque city comes with its own set of challenges. So whether you’re searching for a cozy apartment in downtown Olympia or a quiet apartment in the Eastside neighborhood, you’ve come to the right place.

In this ApartmentGuide article, we’ll explore the various pros and cons of living in Olympia, helping you decide if this Pacific Northwest gem is the right place for you.

Fast facts about living in Olympia

What is Olympia known for: Being the capital of Washington State, eco-friendly living, and proximity to Puget Sound and Mount Rainier
Population: Approximately 52,000 residents
Average rent: $1,425 per month for a one-bedroom apartment
Median home sale price: $525,000
Public transit: Intercity Transit provides bus services
Public parks: More than 40 parks and 1,500 acres of parkland
Annual tourists: Approximately 1.5 million visitors each year
Restaurants: Over 200, offering a variety of cuisines

1. Pro: Scenic natural beauty

Olympia is surrounded by stunning natural landscapes, including the Puget Sound, lush forests, and the majestic Olympic Mountains. The city’s proximity to nature offers numerous outdoor recreational activities such as hiking, boating, and bird watching. Residents and visitors alike can enjoy the scenic views and diverse wildlife, making it an ideal location for nature enthusiasts.

Popular outdoor spots in Olympia

Capitol State Forest
Priest Point Park
Tumwater Falls Park
Nisqually National Wildlife Refuge
Woodard Bay Conservation Area

2. Con: Rainy weather

Olympia is known for its rainy weather, particularly during the fall and winter months. The city receives an average of 50 inches of rain per year, which can be a drawback for those who prefer sunnier climates. The consistent precipitation can lead to overcast skies and damp conditions that persist for much of the year. Residents need to be prepared for the wet conditions by investing in good rain gear and ensuring their homes are equipped to handle the moisture.

3. Pro: Strong sense of community

Olympia has a strong sense of community, with numerous events and festivals that bring residents together. The city’s friendly atmosphere makes it easy to get involved in local activities and meet new people. Events like the Olympia Farmers Market, Arts Walk, and Harbor Days offer opportunities for residents to connect and celebrate local culture. Additionally, various neighborhood associations and community organizations help foster a sense of belonging and civic engagement, making it an attractive place for those seeking a close-knit environment.

4. Con: High cost of living

The cost of living in Olympia is approximately 15% higher than the national average. Housing is a significant factor, with the median sale price for a home in Olympia around $525,000 and the average rent for a one-bedroom apartment in Olympia about $1,425 per month. Additionally, utilities are 5% less expensive, but other costs like groceries are 8% higher, transportation is 30% more, and healthcare costs are 22% above the national average. These factors can make it challenging for residents to manage their budgets effectively.

5. Pro: Cultural and arts scene

Olympia features a vibrant cultural and arts scene, offering a wealth of creative experiences for residents. The city is home to a variety of galleries, theaters, and music venues, such as the Washington Center for the Performing Arts and the Olympia Film Society. The annual Olympia Arts Walk and the Procession of the Species are highlight events that showcase the city’s artistic talent and community spirit. Local galleries like the Art House Designs and Childhood’s End Gallery display works by regional artists, while music venues like Rhythm & Rye host a variety of live performances.

6. Con: Limited public transportation

While Olympia has a public transportation system, it is limited compared to larger cities. Intercity Transit provides bus services, but the routes and schedules may not be convenient for all residents. The city has a transit score of 35, a walk score of 39, and a bike score of 59, indicating moderate walkability and bike-friendliness but also highlighting areas for improvement.

7. Pro: Sustainable living

Olympia is dedicated to sustainability and environmental preservation. The city supports green living through initiatives like extensive recycling programs, renewable energy projects, and efforts to protect local ecosystems. Olympia has also embraced urban planning strategies that encourage walkability and the use of public transportation, aiming to reduce the carbon footprint of its residents. The city’s commitment to sustainability attracts environmentally conscious individuals and enhances the overall quality of life, making it a model for green living in the Pacific Northwest.

8. Con: Limited nightlife

While Olympia offers a variety of dining and entertainment options, its nightlife scene is not as vibrant as larger cities. The city has a more laid-back atmosphere, with fewer late-night venues and entertainment options. Residents seeking a bustling nightlife might find the options limited.

9. Pro: Thriving food scene

Olympia offers a diverse culinary scene, with many restaurants offering cuisines from around the world. The city is known for its food festivals, such as the Olympia Harbor Days and the Olympia Brew Fest. Additionally, the city’s numerous farmers’ markets and local eateries provide residents with fresh and delicious options year-round.

Popular restaurants in Olympia

Anthony’s HomePort Olympia
Ricardo’s Kitchen + Bar
Basilico Ristorante
Budd Bay Cafe
King Solomon’s Reef

10. Con: Limited job market in specialized fields

While Olympia has a growing economy, the job market is somewhat limited compared to larger metropolitan areas. The city’s economy is primarily driven by government, healthcare, and education sectors. Those seeking employment in more specialized fields may find fewer opportunities available.

Top employers in Olympia

Washington State Government
Providence St. Peter Hospital
Olympia School District
South Puget Sound Community College
City of Olympia

11. Pro: Outdoor recreational activities

Olympia is a paradise for outdoor enthusiasts. The city’s proximity to the Cascade Mountains and the Puget Sound provides easy access to world-class skiing, hiking, mountain biking, and water sports. Residents can enjoy year-round outdoor activities, from snowboarding at Crystal Mountain to kayaking on Budd Inlet.

Pros & cons of living in Olympia, Washington (summary)

Pro: Stunning natural beauty
Con: Rainy weather
Pro: Strong sense of community
Con: High cost of living
Pro: Cultural and arts scene
Con: Limited public transportation
Pro: Excellent education
Con: Limited nightlife
Pro: Sustainable living
Con: Limited job market in specialized fields
Pro: Thriving food scene
Con: Traffic congestion
Pro: Outdoor recreational activities
Con: Lack of diversity

Apache is functioning normally

August 8, 2024 by Brett Tams

Fall has always been my favorite time of year, and that feeling only intensified after I became a parent. Summer can feel like pure chaos, with camp, family vacations and back-to-school shopping all adding extra costs.

For me, fall financial planning includes another major component: serious meal planning. With the arrival of school schedules, sports practices and earlier bedtimes, my family uses dinner as a predictable time to sit together. But picky eaters and different preferences can add extra challenges.

Here are are my tips for making meal time work for everybody while staying on budget:

Go back-to-school shopping for dinner

While I’m helping my three children (ages 5, 11 and 14) pick out binders and pencils for their new school years, I also like to use the sales to pick out some new items to help me with dinners. I use a binder to organize our favorite recipes that we make frequently and tabs to separate the categories, like special occasions, weeknight meals and desserts.

Just as with schoolwork, organization is key. With all of my recipes in one place, I plan our meals for the following week by Sunday so I can get the groceries we need before the busy week begins. That helps us avoid the temptation to order takeout at the last minute, which is an easy way to spend almost as much as a weekly grocery run.

Establish new study habits

As with any repeated task, dinner planning can get a little boring, so I like to introduce some fresh meals in the fall when everyone is excited about new routines. Each week, I take a few minutes to check out new recipes from my favorite cooking blogs, Instagram influencers and food websites.

My favorites include J. Kenji Lopez-Alt on Instagram, Weelicious.com and The New York Times Cooking section. I aim to try at least one new recipe each week. Sometimes, as with Lopez-Alt’s caramelized cream of tomato soup, it’s a huge hit, and we make it over and over again. Paired with hearty bread, that soup is an entire meal.

Offer electives

At my house, we have some extremely picky eaters, along with a range of food preferences, which makes finding one meal to satisfy everyone difficult. To address that problem, I’ve come up with the deconstructed meal: I make spaghetti with sauce, but I keep all components separate, so one person can have plain pasta, another can have plain sauce, and the more flexible eaters can combine the two into a traditional spaghetti meal topped with parmesan.

I’ve also long believed that soups are one of the most cost-efficient ways to feed families. For me, Barefoot Contessa’s Mexican Chicken Soup has been a go-to meal, partly because it comes with different toppings, including cheese, tortilla chips and avocado, which people can choose to add or skip themselves. (Soups also freeze well for future meals — another benefit.)

Similarly, make-your-own pizza is a big winner because people can add their own toppings or skip the cheese or sauce altogether.

Enlist a teaching assistant

Within the last year or so, my two older children have started taking charge of cooking dinner one night a week. It’s worked out great for all of us because they get practice cooking and planning meals, and I get the night off.

My 11-year-old son has perfected the art of making grilled cheese and salad. It’s nothing fancy, but it’s something everyone eats — even if my 5-year-old insists on eating his sandwich “raw” instead of grilled, and my 14-year-old only eats the salad.

As long as everyone’s had a reasonably balanced dinner, I consider it a success.

Source: nerdwallet.com

Apache is functioning normally

August 8, 2024 by Brett Tams

In the upscale waterfront and golf community of Admirals Cove in Jupiter, FL, the ultimate trophy home is looking for some deep-pocketed new owners.

Recently listed for a whopping $49 million, the massive waterfront home is by far the most expensive house for sale in Jupiter at the time of writing, with the runner-up asking a little over a third of its worth. That one — set in the same Admirals Cove community — is priced just under $17 million.

But this isn’t the house’s first rodeo; when it was listed in 2021 by its then-famous owner, former race car driver and racing team owner Johnny Gray, it became the first mainland home in Northern Palm Beach County to break the $30 million mark. Back then, it was asking $32.5 million.

Since then, the larger-than-life house — which comes with almost 20,000 square feet of ultra-luxurious living space, the finest amenities, a pool that cost more than $1.5 million to build, and enough water frontage to park a mega yacht — has been heavily remodeled and expanded.

It’s now listed with Rob Thomson of Waterfront Properties & Club Communities, the same agent that repped it the first time around.

Like Fancy Pants Homes’ content? Be sure to follow us on Google News for timely updates

The former home of race car driver Johnny Gray

Photo credit: Pelican Pix Photography / Waterfront Properties

Up until a few years ago, the sprawling Jupiter mansion was owned by Johnny Gray, a former professional race car driver who now co-owns the David Gilliland Racing team, based in Mooresville, North Carolina, alongside NASCAR driver David Gilliland.

Gray, a retired NHRA drag racer-turned-oil company executive, began drag racing in the early 1990s, climbing the ladder from the National Hot Rod Association’s Competition Eliminator division to Pro Stock and later, the Funny Car category with Don Schumacher Racing. He retired in 2013, with his family — son, Shane, and grandson, Tanner — now carrying on his legacy.

Johnny Gray sold the property in mid-2021 for $24,000,000, public records show. The buyers were identified by the industry press as Sarah Ann and George McMahon. George founded and served as CEO of Bryan, Texas-based Utility Fleet Sales.

With 365 feet of water frontage, it can accommodate a mega yacht

Photo credit: Pelican Pix Photography / Waterfront Properties

The property spans nearly 1.5 acres of prime, protected waterfront with 365 feet of Intracoastal water frontage, offering spectacular water views.

Its generous frontage means it can easily accommodate larger boats, including a mega yacht.

Building something similar would cost more than $85M

Per the listing, a trophy property like this could never be built again in Jupiter due to its size.

“Priced $5 million below 2024 appraised value and $35 million below replacement cost, which today would be in excess of $85 million,” the listing states, adding that “This offering provides a truly unique opportunity that literally can’t be recreated today at any cost.”

The $49 million offering: The specs

Photo credit: Pelican Pix Photography / Waterfront Properties

Now, what goes into a house to warrant a $49 million asking price? Quite a lot, as we’re about to see.

The Admirals Cove mansion features nearly 20,000 square feet of living space, a million-dollar movie theater crafted by an associate of film legend George Lucas, an air-conditioned 22+ car, state-of-the-art garage with indoor parking for a tour bus, a trophy room, a million-dollar winding pool with swim-up bar, two Jacuzzis, a waterfall, a dock for a 160ft. mega yacht, and other amenities.

Remodeled and expanded in 2023

Photo credit: Pelican Pix Photography / Waterfront Properties

The 2016-built house has just undergone a $12 million+ renovation meant to both remodel and expand the property, completed in 2023.

The renovation was carried out by the same award-winning team at Turtle Beach Construction that built the home, ensuring the same quality level and craftsmanship were maintained.

Grand, two-story living room

Photo credit: Pelican Pix Photography / Waterfront Properties

The interiors are nothing short of spectacular, reflecting the price point with lavish furnishings and finishes.

Standout spaces include the grand, two-story living room with a floor-to-ceiling fireplace, an opulent dual staircase with iron railings, and the apartment-sized primary suite.

Sports lounge room with 5 TVs

Photo credit: Pelican Pix Photography / Waterfront Properties

The house was clearly built with entertainment in mind, featuring entertainment areas galore.

Among them is a sports lounge room with 5 TVs for the ultimate game day experience, but there’s also a custom bar and movie theater built during Johnny Gray’s ownership by an associate of legendary director George Lucas.

Arcade room with golf simulator

Photo credit: Pelican Pix Photography / Waterfront Properties

The entertainment-ready space that caught our eye was the arcade and game room, fitted with everything one might need for a good time, including a shuffleboard and golf simulator.

The palatial primary suite overlooks the resort-style backyard

Photo credit: Pelican Pix Photography / Waterfront Properties

The massive primary suite is almost like a retreat in itself, with its generous proportions, adjacent rooms, two bathrooms, private terrace, and seating area overlooking the extensive backyard.

And has separate bathrooms & walk-in closets for the lady and gentleman of the house

Photo credit: Pelican Pix Photography / Waterfront Properties

Not only does the primary suite come with two closets, but it also comes with two large baths, each specifically tailored to meet specific needs.

See also: This record-breaking $40M house is the most expensive home ever sold on Miami Beach’s Palm Island

“Her” bathroom has a hair salon and boutique-style closet

Photo credit: Pelican Pix Photography / Waterfront Properties

The two bathrooms and adjacent closets have starkly different designs, with “her” amenities boasting a clean, crisp white design.

The bathroom has a water room with a large infinity-edge soaker bathtub with underwater LED lighting, a large steam shower, and a stylish hair salon with a wash station that opens up to a boutique-style closet with a hidden washer and dryer.

“His” bathroom opens up to “a closet fit for a king”

Photo credit: Pelican Pix Photography / Waterfront Properties

As for “his” bathroom, it has a sophisticated, wood-toned design with a custom glass tile and marble shower, opening to a closet fit for a king, as well as a hidden washer and dryer.

The pool alone cost more than $1.5M

Photo credit: Pelican Pix Photography / Waterfront Properties

The expansive waterfront pool, which cost more than $1.5 million to build, features not one but two hot tubs, a pedestrian bridge that crosses the pool with cascading waterfalls, fire bowls, a swim-up bar, and drop-down TV.

But the entire outdoor area is resort-level

Photo credit: Pelican Pix Photography / Waterfront Properties

All the outdoor areas enjoy 180-degree views of the Intracoastal and across to a park and beautiful white sandy beach preserve that will not be built on. Several loggia seating areas provide shade and comfort all year long.

And features two outdoor kitchens

Photo credit: Pelican Pix Photography / Waterfront Properties

In case future owners would like to take full advantage of the sprawling outdoor space and its enviable waterfront location, there are two outdoor kitchens to accommodate events of all sizes.

It even has a showroom garage

Photo credit: Pelican Pix Photography / Waterfront Properties

Paying tribute to its race car former owner, the house has a showroom-level garage that can fit a 45′ motorcoach and 22+ cars. The space has marble flooring, an air compressor system, three double-car lifts, storage and workspaces, a restroom, and even a laundry room for when things get messy.

Located in Jupiter’s ritzy Admiral’s Cove community

Photo credit: Pelican Pix Photography / Waterfront Properties

The potentially record-breaking property at 176 Spyglass Ln is part of the exclusive Admirals Cove, one of Jupiter’s premier communities featuring a luxury lifestyle centered around high-end boating, yachting, and 45 holes of pro-style golf.

Jupiter has been increasingly attracting star power in recent years. High-profile residents include golf legend Tiger Woods, retired NBA star Michael Jordan, and Donald Trump Jr. and girlfriend Kimberly Guilfoyle. So we’re looking forward to seeing who will move in next, especially with Jupiter’s finest mansion now on the market.

More stories

A Jupiter, FL house across the waterway from Tiger Woods’ place sells for $15.4M

26 Jaw-dropping Miami-area mansions that will make you want to move to Florida

Mar-a-Lago neighboring mansion undergoing a massive renovation eyes $40 million sale

Source: fancypantshomes.com

Apache is functioning normally

August 8, 2024 by Brett Tams

Savings accounts sometimes have withdrawal limits, such as no more than six outgoing transactions per month. That’s because savings accounts are fundamentally different from checking accounts, which are designed for everyday spending.

Because money in a savings account is meant to primarily stay put and be added to, it earns interest. Checking accounts, on the other hand, generally offer no interest or a nominal interest rate, as it’s constantly flowing in and out. Due to this distinction, there are sometimes withdrawal limits on savings accounts.

Here, you’ll learn more about savings withdrawal limits, why they exist, when they are applied, and how you might be able to avoid them.

Key Points

• Savings accounts typically impose withdrawal limits to distinguish them from checking accounts, which are intended for regular transactions and spending.

• Regulation D historically limited convenient transactions from savings accounts to six per month, though this enforcement was lifted in 2020, allowing banks more flexibility.

• Many banks still impose withdrawal limits despite the change, potentially resulting in fees or account conversions if exceeded, emphasizing the importance of checking individual bank policies.

• Only certain transactions, like electronic transfers and debit card purchases, count toward the withdrawal limit, while in-person withdrawals and ATM transactions do not.

• To avoid exceeding withdrawal limits, use checking accounts for frequent transactions and consider making larger transfers to checking when anticipating more withdrawals.

How Many Times Can You Withdraw From Savings?

“How many times can I withdraw from savings?” is a common question. To help maintain the distinction between checking and savings accounts (and encourage people to save money), bank accounts traditionally come with savings account withdrawal limits. A federal rule called Regulation D used to limit certain types of transfers and withdrawals — known as “convenient transactions” — from a savings deposit account to no more than six a month.

That changed in April 2020, when the Federal Reserve removed the requirement that banks enforce the limit. However, many banks and credit unions have kept restrictions in place. They may charge a fee, transition your account to a checking account, or close it if you go over that amount.

💡 Quick Tip: Typically, checking accounts don’t earn interest. However, some accounts do, and online banks are more likely than brick-and-mortar banks to offer you the best rates.

Earn up to 4.60% APY with a high-yield savings account from SoFi.

Open a SoFi Checking and Savings account and earn up to 4.60% APY – with no minimum balance and no account fees.

Why Is There a Savings Withdrawal Limit?

Savings account withdrawal limits stem from Regulation D, mentioned above, which is a federal regulatory rule that sets standards for how banks and credit unions oversee savings deposits. But why are these guardrails in place? Some points to know:

• One of the main reasons Regulation D exists is to ensure that banks and credit unions have the necessary amount of cash on hand to always cover customer withdrawals.

• When you deposit any amount of money in your bank account, the bank uses most of that money for other things, such as consumer loans, credit lines, and home mortgages. (They most likely loan that money at a higher rate than the interest rate they pay you, the savings account depositor. That’s one of the ways banks make money.)

• Banking institutions, however, face a legal requirement to have cash available to service customers. Withdrawal limitations help protect both banks and consumers.

• One of the other motivations for Regulation D is to encourage consumers to see their transactional accounts and savings accounts as separate.

• A savings account ideally encourages long-term savings, whereas checking accounts enable short-term spending. In some cases, these limitations can help motivate consumers to prioritize saving overspending.

Recent Changes in Savings Account Withdrawal Rules

Because of the financial strain caused by the coronavirus pandemic, the Federal Reserve altered the rules regarding Regulation D in April 2020. Currently, depository institutions have the ability to suspend enforcement of the six transfer limit.

Regulation D

As you’ve learned, in the past, Regulation D was in place and enforceable in order to limit the number of transactions flowing out of savings accounts. This encouraged bank customers to keep money in savings accounts, hopefully save for their goals, and allow banks to use the funds on deposit, confident that the money wouldn’t constantly be flowing in and out.

Now, however, financial institutions can allow their customers to make an unlimited amount of convenient withdrawals and transfers from their savings accounts. The word “can” is important here.

Just because banks aren’t required to follow the six transaction limit anymore, however, doesn’t mean they won’t continue to penalize the account holder for going over that limit.

Many banks still enforce caps on the number of convenient transactions customers can make from their savings accounts.

It can be well worth your while to check in with your financial institution and find out what policies are in place regarding savings withdrawal limits.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

Which Transactions Apply to the Cash Withdrawal Limit?

Only “convenient transactions” count towards the monthly withdrawal and transaction limits that consumers face when managing their savings account. But what exactly are convenient transactions?

Regulation D sees these types of transactions as convenient transfers:

• Overdraft transfers

• Automated clearing house (ACH) transfers, such as bill-pay

• Electronic funds transfers (EFTs)

• Transfers made by writing a check to a third party

• Debit card transactions

• Transfers or wire transfers made by phone, fax, computer, or mobile device.

Which Transactions Don’t Count Toward the Withdrawal Limit?

While the six transaction limit per month can sound fairly strict, it does not mean account holders can’t access their savings accounts more than six times a month.

Whatever type of savings account you have, there are less-convenient transfers you can make that do not count towards the monthly limit. These include:

• Withdrawals or transfers made in-person at the bank.

• Transfers and withdrawals made at the ATM.

• A withdrawal made by asking the bank to send you a check.

Recommended: ATM Withdrawal Limits

Convenient Transactions

As mentioned above, Regulation D defines convenient transfers to include such transactions as:

• Transfers, whether by check, electronic funds transfer, overdraft, or other means.

• ACH transfers

• Payments made with your debit card.

What If I Go Over The Savings Withdrawal Limit?

The penalty for exceeding the cap set by your bank for savings transactions will depend on your institution.

You may be charged a fee, and even if your financial institution charges a low (or no) fee for exceeding the cap on transactions per month, you may still want to watch how many withdrawals or transfers you make.

The reason: If there are excessive withdrawals from a savings account, financial institutions have the right to convert the savings account into a checking account or even close the account.

Savings Withdrawal Limit Fees

If you are charged a fee for too many convenient transactions, it might be called a “withdrawal limit fee” or “excessive use fee.” These fees tend to run anywhere from $1 to $15 per transaction.

In some cases, you might ask your bank and see if they would waive the fee.

3 Tips to Avoid Hitting Withdrawal Limits

If your financial institution does have withdrawal limits, here are a couple of ways to avoid fees.

Use Your Checking Account

One simple way to avoid overstepping savings account withdrawal limits, is to use your checking account for most of your transactions.

It can be easy to get your accounts mixed up when you are banking online or in an app. By learning which account is which as you transfer funds, you can minimize use of your savings account.

Do a Single Large Transfer to Checking

If you think you will need to use your savings account to make more than six (or whatever your bank’s current transaction limit is) in a given month, consider making one substantial transfer from savings to checking at the beginning of the month.

You can then arrange to have your withdrawals or automatic bill payments taken right out of checking.

Try Work-Arounds If You Get Close to Your Limit

If you are already at your limit, you can avoid penalties by visiting the bank in person or using the ATM to initiate withdrawals or transfers from your savings account. (You may want to make sure, however, that you’re not triggering any out-of-network ATM charges.)
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.

Opening a Bank Account with SoFi

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

How much can you withdraw from your savings account?

Individual banks set limits about withdrawals, both the number and the amount, often according to method (such as ATM withdrawals). Check with yours to learn the specifics.

Why can you only withdraw 6 times from savings?

Regulation D set the number of convenient transactions out of a savings account at six to encourage people to save and to leave their funds in the account, earning interest. The bank, in turn, could count on having a significant amount of those funds to use in their business activities.

Can banks stop you from withdrawing money?

Your bank account can be frozen, which will stop you from withdrawing money. Your bank may do this if they think illegal activity is occurring, or if a creditor or the government requests it.

SOBK0523015

Source: sofi.com