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3 days ago | 
usnews.com | John Egan |Sebastian Oliveira |Mark Evitt
Key Takeaways The Federal Deposit Insurance Corp. is an independent federal agency that oversees and regulates U.S. banks while insuring deposits. At FDIC-insured institutions, each depositor is insured for up to $250,000 with deposit accounts like checking, savings and certificates of deposit in the event the bank fails. The FDIC does not insure most investment accounts like stocks, bonds or crypto. The agency also does not cover cases of theft or fraud.
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6 days ago | 
usnews.com | Jessica Merritt |Sebastian Oliveira |Mark Evitt
Key Takeaways You may be able to replace or refund a money order if you act before someone cashes it. If you want to track down and replace a stolen or lost money order you should contact the issuer and submit a request, though it may charge fees. You can prevent a stolen or lost money order by filling it out fully with specific information and creating a digital copy of the information for reference. A money order enables you to send funds securely without a bank account or large sums of cash.
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1 week ago | 
usnews.com | John Egan |Sebastian Oliveira |Mark Evitt
Key Takeaways The U.S. House and Senate voted through a resolution that overturns a proposed rule to cap overdraft fees at $5 for large banks. The president is expected to sign the resolution into law, aligning with the administration's efforts to scale back federal regulation. You can protect yourself from overdraft fees by enrolling in regular direct deposit, monitoring your transactions and setting up alerts for when your balance falls too low.
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2 weeks ago | 
usnews.com | Jessica Merritt |Sebastian Oliveira |Mark Evitt
Key Takeaways Your checking account balance should be enough to cover your bills, account fees and other unexpected expenses. If your balance is too low, you risk overdrafting your account and missing bill payments, which can affect your credit. If you have a high checking balance, you may be missing out on growing your money in a savings or investment account. Having too little money in your checking account can be a problem, but so can having too much.
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3 weeks ago | 
usnews.com | Dawn Papandrea |Mark Evitt |Sebastian Oliveira
Key Takeaways The stand-alone Zelle app is shutting down on April 1. You can still send money through Zelle via your bank's app. There are other apps that let you send payments quickly and these are easy to set up. The Zelle app is shutting down for good on April 1, 2025, marking the end of an era in the payment app world. Zelle has been around since 2017 and had its biggest year in 2024, when it exceeded $1 trillion in annual payments for the first time.
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2 months ago | 
usnews.com | Jessica Merritt |Mark Evitt |Sebastian Oliveira
Key Takeaways The Consumer Financial Protection Bureau abruptly halted operations following directives from the agency's new acting director Russell Vought under the Trump administration. Major CFPB cases are in limbo, including lawsuits against Capital One and Walmart. With fewer regulatory constraints, banks and lenders may adjust their fee structures and lending policies, potentially impacting consumers.
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Oct 30, 2024 | 
usnews.com | John Egan |Mark Evitt |Sebastian Oliveira
Key Takeaways Bank of America and Wells Fargo are two of the biggest banks in the United States by asset size, but have paid federal fines for illegal activity in recent years. Bank of America is a better choice if you are looking for wider ATM access and lower checking account fees. Wells Fargo is a better choice if you are looking for more branch locations and lower savings account fees. It might seem that all big banks are pretty much the same, but that's far from true.
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Oct 25, 2024 | 
money.usnews.com | Antonio Ruiz-Camacho |Ray Frager |Sebastian Oliveira
Key Takeaways You generally can use your credit card to bet on sports, though some states prohibit you from doing so. Sports betting is considered a cash advance, which may limit how and how much you are able to bet on sports. Credit cards use borrowed money, so you'll want to be extra responsible when using one for sports betting. Using a credit card is a safe and convenient way to make nearly any purchase you can think of.
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Aug 16, 2024 | 
usnews.com | Sebastian Oliveira |Mark Evitt |Katy Marquardt
Key Takeaways Credit unions require memberships to join. Eligibility for memberships is usually determined by where you live, work, worship or study. Several credit unions allow anyone to become eligible for membership by donating a small fee to a partner association or foundation. You may find more specialized products and services with credit unions, like high-yield savings accounts and 24/7 customer service. One of the biggest differences between banks and credit unions is how to join.
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Feb 6, 2024 | 
money.usnews.com | Mary Beth Eastman |Ray Frager |Sebastian Oliveira
Key Takeaways If you took out an educational loan for yourself, your spouse or your dependent, you may be able to deduct the interest you paid on your taxes. The amount you can deduct depends on your modified adjusted gross income and is capped at a maximum of $2,500. Your lender should send a Form 1098-E, which you'll use to calculate the interest paid and your total deduction.
