Banking Fincap Fridays
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Banking Fincap Fridays
A Bank Run is No Fun
Can you explain what happened to Silicon Valley Bank in March of 2023? It was a bank run! But what does that mean? What's the impact of this type of event, and how should you respond? Find out in this week's episode.
Apple Makes Bank
With the announcement of a brand new savings account from Apple, many people are wondering if the lines are blurring between technology and finance. What's the public response to this announcement? Find out in this episode!
Banned From Banks
Many unbanked people had to wait several months longer than banked people for stimulus checks via mail. Some people have a hard time opening bank accounts because of their poor record with ChexSystems.
Bye Bye Banks?
Younger customers have started to switch over to using online financial services instead of the more traditional banks. This is due to the speed and savings one can get through these online services compared to banks.
Competition Drives Change
Overdraft, the fee-based service that enables consumers to make debit transactions in excess of their available account balances, has attracted significant attention. In 2022, more banks are getting rid of it!
Disappearing Dollars
Many people are talking about having a cashless society in the future, where you can only pay using a cashless transaction. While this may seem like a good idea there are many reasons why completely banning cash is a bad idea.
Do We Have Your Interest Yet?
In December 2018, the Fed raised the interest rate to 2.5%. This will affect consumers as it will increase the interest rates people pay for things like student loans.
Early Payday
The advancement of technology has led to more and more people expecting to experience immediate gratification when making purchases. Now, this immediacy has expanded to getting your paycheck early.
Fraud Attacks on Payment Apps
In 2022, politicians began requesting data from peer to peer payment apps and banks who own payment services, like Zelle. Scams on these platforms is on the rise and now the question is: Should regulation be on the rise too?
Interest on Savings Goes Up and Down
Why does interest on savings go up and down? Banks may pay higher rates on savings accounts during market conditions such as increased competition, higher Fed rates, economic growth, high loan demand, and inflation!
It's Saving Season
The holidays are right around the corner and for many people that can bring anxiety and financial stress. By planning and saving early using creative strategies, people can avoid racking up debt to buy gifts, food and more!
Get S.M.A.R.T.
One system for setting goals for yourself is S.M.A.R.T. Using this system you can make specific goals making it much more likely you will achieve them.
Getting Paid or Getting Played
In the past, the majority of people either picked up a check or set up direct deposit in order to get paid. Recently a new way to get paid called a payroll card has been gaining traction. Even though they may seem more convenient there are many things to watch out for before accepting these payroll cards.
Prices on the Rise
Inflation hits another 40-year high in early 2022. It's bad! Most people feel it in their day to day spending but they don't know what's happening and why. What is inflation and how do we get it under control?
Pay The Price
Inflation is when the buying power of your dollar decreases. A healthy rate is around 2% per year but many things you pay for on a daily basis have surpassed that and increased their prices much more than 2% from year to year.
Pay Day But No Paycheck
Near the start of 2019 the government shut down for 5 weeks, the longest in history. This event showed how most Americans live paycheck to paycheck and how not having an emergency fund can really hurt people.
Stacking Unused Gift Cards
Companies don't get access to money on store gift cards until someone uses them. However, after a certain period of time, they can claim this money as breakage income, and access it anyway.
That's Gross!
It's important to check your paystub, as over 50% of workers in the US have had an issue with it at some point in their career. Look for any deductions and work benefits to make sure everything is right.
The Money Talk
Many topics are considered inappropriate to have public conversations about, like money. Without having conversations about money, many people continue to make mistakes that they could easily have avoided.
The $1 Billion Merger
Two Black owned banks, one on each coast of the country, are merging to form the largest Black owned bank in the nation. This comes as major news because there are not many Black owned financial institutions remaining.
The $10 Million Deposit
In the summer of 2020, a deposit of $10 million was made by a major corporation at a Black-led credit union in Mississippi. The deposit was made in response to the demand for racial equity surrounding #BlackLivesMatter.
