Online Banking – Innovative Words http://innovativewords.com/ Sat, 05 Jun 2021 03:15:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://innovativewords.com/wp-content/uploads/2021/04/default.png Online Banking – Innovative Words http://innovativewords.com/ 32 32 ABQ-Based Credit Union to Acquire Northern New Mexico Institution ”Albuquerque Journal https://innovativewords.com/abq-based-credit-union-to-acquire-northern-new-mexico-institution-albuquerque-journal/ https://innovativewords.com/abq-based-credit-union-to-acquire-northern-new-mexico-institution-albuquerque-journal/#respond Fri, 04 Jun 2021 20:17:00 +0000 https://innovativewords.com/abq-based-credit-union-to-acquire-northern-new-mexico-institution-albuquerque-journal/ ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. ………. The Animas Credit Union branch at 2101 E 20th St in Farmington is one of three ACU sites that will soon become branches of Sandia Laboratory Federal Credit Union as a result of a […]]]>


The Animas Credit Union branch at 2101 E 20th St in Farmington is one of three ACU sites that will soon become branches of Sandia Laboratory Federal Credit Union as a result of a merger. (Photo courtesy of SLFCU)

ALBUQUERQUE, NM – A merger between Sandia Laboratory Federal Credit Union and Animas Credit Union is expected to become official on July 1, according to an SLFCU spokeswoman.

The merger, which began last summer, will add three branches to SLFCU and is expected to be completed in summer 2022. The deal was approved by ACU members in April.

“It just gives us great opportunities to continue to expand our footprint or our business model to benefit more consumers in the state,” said SLFCU CEO Robert Chavez.

………………………………………….. ……………. …………..

Two of the new branches will be in Farmington and one in Bloomfield, Chavez said.

“It’s an opportunity to diversify a bit geographically,” he said.

Prior to the merger, SLFCU had no location in northern New Mexico.

Over the next year, the two banks will work to consolidate accounts in the SLFCU system and the old Animas sites will be temporarily named “Animas Credit Union, a division of SLFCU,” spokeswoman Melissa Stock said.

But once the merger is completed next summer, the name will be fully transferred to SLFCU and former ACU members will be able to enjoy all the benefits of the bank.

“The benefits are quite extensive,” Chavez said.

Former ACU members will have access to better loan pricing, higher dividends, lower fees, more ATMs and better technology, Chavez said.

He said some of the biggest benefits relate to lower loan rates for auto loans and more mortgages.

Most member services will be available in July, but Chavez said services such as the online banking tool will not be available until the merger is complete.

Businesses could also benefit.

“(Animas Credit Union has) a relatively small business loan portfolio,” he said. “So we think we can complete that quite significantly in this community.”



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Equity Digital Banking overtakes legacy banks in volume in Q1 2021 – CIO East Africa https://innovativewords.com/equity-digital-banking-overtakes-legacy-banks-in-volume-in-q1-2021-cio-east-africa/ https://innovativewords.com/equity-digital-banking-overtakes-legacy-banks-in-volume-in-q1-2021-cio-east-africa/#respond Fri, 04 Jun 2021 07:23:39 +0000 https://innovativewords.com/equity-digital-banking-overtakes-legacy-banks-in-volume-in-q1-2021-cio-east-africa/ Equity’s business digital transformation model continues to bear fruit through innovation and digitization, enabling a seamless transition from fixed costs to third-party variable cost channels and self-service platforms. According to the results of the first quarter of 2021, EazzyNet, the internet platform, recorded the largest growth with a 235% jump from Ksh 2.9 billion in […]]]>


Equity’s business digital transformation model continues to bear fruit through innovation and digitization, enabling a seamless transition from fixed costs to third-party variable cost channels and self-service platforms.

According to the results of the first quarter of 2021, EazzyNet, the internet platform, recorded the largest growth with a 235% jump from Ksh 2.9 billion in March 2020 to Ksh 9.7 billion in March 2021 while than EazzyApp, recorded a 222% increase in volumes compared to Ksh. 39.3 billion in the first quarter of 2020 to 126.6 billion Ksh in the first quarter of 2021. Equitel volumes also increased by 163% to push the Kshs. 421.8B which was the highest among digital platforms. The other platforms saw growth, with EazzyFx volumes increasing 152% to Ksh 12.2B and EazzyBiz to Ksh 259B, a double-digit growth of 98%.

Commenting on the release of the first quarter 2021 financial results, Group CEO James Mwangi said the bank has benefited from changes in consumer lifestyle that have acted as a positive wind for human adoption of the technology, causing change in the lives and behavior of consumers. She quickly adapted to the changing environment and executed a rapid business transformation that saw 98% of all transactions be digital and 65% of volume in value. “Over the past year, we have witnessed the adoption by our customers of our mobile and Internet technology channels on self-service devices, making our financial services a true service and lifestyle offering 24 hours a day, ”said Dr Mwangi.

Equity has been advancing the digital agenda for over 5 years now and strategizing and innovating around digital products. The plan was to digitize most of its departments, with the exception of corporate functions which have since taken a long time. Digital equity banking continues to overtake traditional banking in terms of the number of transactions and the value of transactions processed daily.

The lender adds that staff jobs have improved, shifting from banking transactions to high-value, non-manual customer engagements. In addition, online banking products and services saw the largest growth after a 34% jump in digital transactions.

At this year’s Think Business Awards, Equity received the award for Best in Mobile Banking, Branch Banking, Internet Banking and Best Global Bank consolidating its position as Kenya’s leading lender, as well as validation of its investment in third-party infrastructures.

CBK’s 2020 Banking Supervision Annual Report notes that there has been a particularly high adoption of digital financial services by consumers to provide a channel for financial transactions with minimal physical contact, which was necessary to mitigate the spread. virus. This has been demonstrated by an increase in the number of transactions carried out on digital platforms in several financial institutions.



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Ally Bank Completely Eliminates Overdraft Fees For All Customers – CBS Dallas / Fort Worth https://innovativewords.com/ally-bank-completely-eliminates-overdraft-fees-for-all-customers-cbs-dallas-fort-worth/ https://innovativewords.com/ally-bank-completely-eliminates-overdraft-fees-for-all-customers-cbs-dallas-fort-worth/#respond Thu, 03 Jun 2021 12:33:00 +0000 https://innovativewords.com/ally-bank-completely-eliminates-overdraft-fees-for-all-customers-cbs-dallas-fort-worth/ NEW YORK (CBSDFW.COM/AP) – There will be no requirements or restrictions for clients as Ally Financial completely ends overdraft fees on all of its banking products. This decision makes Ally the first major American bank to end overdraft fees on all of its activities. This is a major move for Ally, an online-only bank, and […]]]>


NEW YORK (CBSDFW.COM/AP) – There will be no requirements or restrictions for clients as Ally Financial completely ends overdraft fees on all of its banking products. This decision makes Ally the first major American bank to end overdraft fees on all of its activities.

This is a major move for Ally, an online-only bank, and for the industry, which has relied on overdraft fees for decades to boost profits, often to the detriment of poorer Americans who cannot. not afford to pay such fees in the beginning. in law.

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Critics of the practice often cite what they call the $ 38 cup of coffee, where a bank customer uses a debit card to buy coffee, overdrafts and ends up paying a fee of $ 35 on top of that. the $ 3 drink.

In her announcement, Ally specifically cited the impact of overdraft fees on black and Latino households, who are historically poorer than their white counterparts and are more often affected by overdraft fees. It is also a common reason why black and Latino households choose not to be banked, that is, without a bank account, in order to avoid the fees that often accompany these accounts.

“Overdraft fees can be a major cause for anxiety,” said Diane Morais, president of personal and business banking at Ally Bank, in a statement. “It became clear to us that the best way to relieve this anxiety was to eliminate these fees.”

The announcement concerns about 3.6 million checking, savings and money market accounts, the bank said. Although Ally is an online bank, it currently has nearly 70,000 ATMs across the country, including hundreds in Texas.

Ally did not charge a significant overdraft fee. The most Ally charged each client for overdrafting an account was $ 25 per day, instead of per transaction. Morais said about one in 12 Ally Bank customers had an overdraft at some point. Ally doesn’t expect the removal of the overdraft fee to have a major impact on the company’s earnings forecast for the full year.

READ MORE: Groups sound alarm bells as Texas pushes to close dozens of migrant child shelters

Customers who overdraft with Ally will have their transactions approved at the discretion of the bank, with smaller transactions likely to be approved. Customers will have six days to bring the account back to positive territory.

The pressure to end overdraft fees has been building up for years. Politicians such as Rep. Katie Porter, D-Calif., Rep. Maxine Waters, D-Calif. and Senator Elizabeth Warren, D-Mass., have used their positions in Congress to push bank CEOs to reconsider their use of fees. Regulators such as the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency have also pushed banks to come up with solutions to stop charging clients $ 35 for an overdraft.

In response, the industry has moved away from overdraft fees, albeit reluctantly. Big banks like Bank of America and Wells Fargo now both offer products with no overdraft fees, although they have more limited functionality than their other accounts. Many banks suspended overdraft fees early last year when the pandemic hit. Other banks, like regional banking giant PNC, have introduced features into their banking products to help avoid fees in the first place.

However, Ally is the first major US bank to get rid of overdraft fees altogether.

But banks still rely heavily on overdraft fees for their income. The industry raised over $ 12 billion in overdraft fee revenue last year alone, according to an industry study.

NO MORE NEWS: Despite injury, Luka scores 42 points, helps Dallas Mavericks be top game 5 clippers

(© Copyright 2021 CBS Broadcasting Inc. All rights reserved. The Associated Press contributed to this report.)



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SaveBetter Review 2021: An Online Savings Market https://innovativewords.com/savebetter-review-2021-an-online-savings-market/ https://innovativewords.com/savebetter-review-2021-an-online-savings-market/#respond Wed, 02 Jun 2021 16:22:27 +0000 https://innovativewords.com/savebetter-review-2021-an-online-savings-market/ Alternative savings platforms There is no denying that SaveBetter has made it easier for us to choose savings options. But, depending on your savings strategy, this may not be the right tool for you. Carillon If you’re only looking to put your nest egg in one savings account and don’t want to bother with CDs […]]]>


Alternative savings platforms

There is no denying that SaveBetter has made it easier for us to choose savings options. But, depending on your savings strategy, this may not be the right tool for you.

Carillon

If you’re only looking to put your nest egg in one savings account and don’t want to bother with CDs and the like, then it’s easier to stick with the bank where you host your checking account to open a savings account. For those looking for a comparable return, Carillon offers 0.50% APY on savings, only slightly less than 0.51% from SaveBetter.

You can also search our comprehensive list of high interest savings accounts to find the right platform to grow your money.

Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, NA; FDIC members.

Synchronization bank

On the other hand, maybe you are happy with your current savings account or MMDA, and only want to invest in CDs. Synchrony Bank offers CDs with maturities ranging from three months to five years. Rates range from 0.25% to 0.8% APY, and the bank does not require any minimum deposit to fund.

This 0.8% APY is definitely an advantage, especially when compared to the highest rate offered by the SaveBetter Ponce Bank high yield CD which is 0.65%.

You can search other deposit rate certificates to find the right CD to store your money with our best bank CD rate breakdown.

Backup platform Best for
Save Better Ideal for those looking to diversify their savings funds with multiple products without increasing risk.
Carillon Ideal for those looking for a high yield savings account with convenient mobile access.
Synchronization bank Ideal for savers who want to store their money in CDs with no minimum deposit as well as for the most profitable APYs.

Who is SaveBetter for?

SaveBetter is perfect for the savvy saver who takes price comparison seriously. The focus is on diversifying your investment portfolio, but SaveBetter allows it for those who also want multiple diversified and minimal risk savings methods tied to a single account.

The ease of use under one account makes this platform ideal for new savers who are just diving into the arenas of MMDAs, high yield CDs and CDs without penalty.

What others say

While Ken Tumin of DepositAccounts recognizes the convenience of the savings product market, he has several reservations about the future of the new platform. Specifically, Tumin raises concerns that banks will be reluctant to join SaveBetter later due to regulatory issues.

“Deposit Solutions can have a hard time attracting many banks,” Tumin writes. “There is a risk that the FDIC will view deposits acquired through SaveBetter as negotiated deposits. This will be negative for many banks, as traded deposits are treated differently by regulators. “

On the other hand, as the Fed continues to cut interest rates in this pandemic economy, Business Insider’s Lea Nonninger sees a market climate conducive to the excellence of a platform like SaveBetter.

“As it becomes more difficult to find a competitive price, a portal that presents users with more options from a wider range of vendors will be particularly useful. That said, the success of SaveBetter.com depends on the offerings of its partner banks, so Deposit Solutions should now focus on developing its US network.

Our honest recommendation

As someone intrigued by high yield savings products, but also looking for low effort options, I can honestly recommend SaveBetter as a way to boost your savings plan. It’s about low stakes, high security and predictable returns.

When I saw the difference between the MMDA rates offered by Ponce Bank through SaveBetter and compared it to the paltry 0.03% I was making from my money market at Schwab, the financial incentives were clear.

I’m not the type who wants to spend time researching the absolute best interest rates at any given time and opening new accounts at financial institutions so the market format where I can compare offers is definitely a plus for me.

And, I think as more and more banks are integrated, SaveBetter will only become a more beneficial savings portal for depositors. SaveBetter may seem new to American savers, but the brand is owned by Deposit Solutions, which has a strong track record of mediating more than $ 30 billion in deposits in Europe. Due to their familiarity and success in the global fintech space, I have confidence in their ability to innovate in the long term in the U.S. deposits arena.

I have to admit that the lack of an option to manage your account through an app is an annoying surprise. And that may be a perfectly valid reason to steer clear of these savings products and choose a traditional bank that offers mobile access. Maybe it’s because I’m a millennial older, but I can log into my digital account from my laptop to check my savings.

Final result

The easiest financial tip is to start saving as much as you can as often as your income allows. But, many of us end up using the savings products offered by the bank where we already host our checking account, just to avoid the hassle of opening multiple accounts with different financial institutions. Unintentionally, this method probably reduces our savings potential.

SaveBetter can revitalize the deposit accounts industry by innovating the way depositors access savings products. The portal can also boost your savings strategy, unlocking previously untapped high yielding interest returns without the risk of investing in the stock market.

Visit SaveBetter



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How we helped our 95-year-old grandmother learn about technology https://innovativewords.com/how-we-helped-our-95-year-old-grandmother-learn-about-technology/ https://innovativewords.com/how-we-helped-our-95-year-old-grandmother-learn-about-technology/#respond Tue, 01 Jun 2021 17:53:08 +0000 https://innovativewords.com/how-we-helped-our-95-year-old-grandmother-learn-about-technology/ With checks soon to be a thing of the past, more and more Kiwis are banking online. But for those who are perhaps a little less tech savvy, the world of online banking can be daunting. Louisa Brock runs Westpac NZ’s Extra Care program and says people – especially family members – are key to […]]]>


With checks soon to be a thing of the past, more and more Kiwis are banking online.

But for those who are perhaps a little less tech savvy, the world of online banking can be daunting.

Louisa Brock runs Westpac NZ’s Extra Care program and says people – especially family members – are key to helping people feel comfortable going digital.

“My mom Jean, 95, can’t wait to keep up and doesn’t want to be left behind. Momma’s key way of doing his banking was through checks; she used them to pay her bills, pay her annual bowling fees, donate to her favorite charities, give her 13 grandchildren and 20 great grandchildren money for their birthdays, ”explained Brock.

“Mom was so thrilled that we grandchildren were teaching her internet banking and as the family banker it was up to me to help her with online banking lessons.

Brock said it’s important to make the online experience welcoming and user-friendly from the start, creating a relaxed vibe for the future 95-year-old online banker.

“The first thing the family did was go shopping and bring her an iPad. It took a few lessons for mom to feel comfortable with online banking and we also set up her bill recipients like the bocce club and charities which means she can always help. support these charities close to his heart, ”said Brock.

And it’s this kind of experience that Brock and his colleagues at Westpac want everyone to have as they transition to online banking platforms.

Customers can book one-on-one with banking staff at their local branch to browse their options, whether it’s technical training or exploring other ways to do banking, such as telephone banking services or the use of one of Westpac’s specialist services for the blind or hard of hearing.

“While not all families can afford an iPad, any customer with a landline or cell phone can do their banking at their own pace. And if they need help, the patient and helpful Westpac staff are just a phone call away, ”said Brock.

“We are partnering with SeniorNet to offer seminars on how to use our website and app, should anyone wish to return to class.”

Brock’s efforts to help his mom with the task of transitioning to online banking are the perfect example of what must happen when a new generation learns about internet banking.

“Whether it’s a family member, an evening class, or a chat with your local Westpac banking team, the important thing is to treat people like people and guide them through step by step experience, ”said Brock.



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Can a woman divorce her husband without his consent? https://innovativewords.com/can-a-woman-divorce-her-husband-without-his-consent/ https://innovativewords.com/can-a-woman-divorce-her-husband-without-his-consent/#respond Mon, 31 May 2021 21:42:39 +0000 https://innovativewords.com/can-a-woman-divorce-her-husband-without-his-consent/ Divorce is always an unwelcoming event in anyone’s life. No one consciously wants or dreams of it. But due to bad circumstances, reality becomes cruel at some point. Either way, divorce is indeed a complex process. There are so many laws and restrictions. In this article, you will learn about a woman’s right to divorce […]]]>


Divorce is always an unwelcoming event in anyone’s life. No one consciously wants or dreams of it. But due to bad circumstances, reality becomes cruel at some point.

Either way, divorce is indeed a complex process. There are so many laws and restrictions.

In this article, you will learn about a woman’s right to divorce by discussing whether a woman can divorce her husband without his consent or not.

Can a woman divorce her husband without his consent?

Yes, a woman can divorce her husband without his consent, according to Canadian law. Not only that, any spouse which means a husband also owns the right. He can file for divorce and complete the process without any worry from his wife.

But if the divorce process takes place with the consent of both spouses, it would be easy and easy to complete the process quickly.

In other countries around the world, you might not get the same benefits of getting a divorce without your spouse’s consent, like Canada.

Canada applies this law in almost all provinces. So, all over Canada, you will get professional lawyers to handle divorce cases smoothly.

For example, if you live in Manitoba, you can seek help from a divorce lawyer in Winnipeg. They are the most expert in this field.

What does Canadian law say?

Canadian law also offers couples the option of getting married and divorced. If you send the necessary divorce papers to your spouse, you are clear on your side.

Now, if your spouse does not agree with signing these papers, then you can give your own reasons. You no longer have to wait or think about your spouse’s consent.

In addition, to avoid such unexpected situations when processing your divorce, Canadian law offers you alternative options. These include:

Breaking up your marriage

One of the most effective weapons on your side when your husband refuses to consent to divorce is proof of your marriage breakdown.

Because when you file for divorce on your own in court, the court will definitely ask you for valid reasons and evidence why you are waiting for your husband to divorce.

In this case, you must provide sufficient evidence to support your divorce claim.

For example, you can show evidence of physical, verbal, or mental abuse if something like this has happened to you.

If your husband has committed adultery on you, you can also file that evidence in court.

All of this evidence and evidence will help the court decide how much you need this divorce. Then, if your evidence is valid and strong enough, the court may allow you to divorce your husband without his consent and participation.

Do not locate your spouse

If you have filed for divorce in court, unfortunately you cannot locate your husband’s current address or his current domicile.

You have all your papers ready, but you cannot send them to your husband for his sign or consent. What will you do? Won’t you get a divorce then?

Do not worry. Canadian law has the solution for you. Yes, if you are unable to locate your husband, you can still get a divorce. You can request it.

But there is a condition here. In other words, you have to try to find the location of your husband.

And you have to show enough evidence in court that yes, you tried a lot to get your husband’s whereabouts, but you haven’t found it so far.

By looking at your evidence, the court may accept your divorce petition and you will get a divorce without your husband’s consent.

Have a contested divorce

The contested divorce is well known to Canadian citizens. However, you only need this type of divorce when your spouse refuses to divorce you, possibly for several reasons.

If you need a divorce, you can apply on your own and send all the documents through a lawyer to your spouse.

If he does not sign or agree to it, you are not responsible for it. You informed him of your complaints and you obeyed the laws.

That’s enough for you. Now you can continue with your divorce process.

Conclusion

So until, hopefully, you might have put together at least some basic ideas about Canadian laws regarding divorce cases.

And we have tried to answer your question clearly as to whether a woman can divorce her husband without his consent or not. So now you know the reality.

Overall, we suggest that no matter what you do, never leave your divorce case behind. It’s very disturbing.

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How to activate Pradhan Mantri Suraksha Bima Yojana online https://innovativewords.com/how-to-activate-pradhan-mantri-suraksha-bima-yojana-online/ https://innovativewords.com/how-to-activate-pradhan-mantri-suraksha-bima-yojana-online/#respond Mon, 31 May 2021 01:00:00 +0000 https://innovativewords.com/how-to-activate-pradhan-mantri-suraksha-bima-yojana-online/ Accidental death is one of the leading causes of death in India. In order to financially support the injured family, the Indian government provides a social security scheme called Pradhan Mantri Suraksha Bima Yojana (PMSBY). It is essentially an individual accident insurance plan offering protection against death or disability following an accident. Eligibility criteria The […]]]>


Accidental death is one of the leading causes of death in India. In order to financially support the injured family, the Indian government provides a social security scheme called Pradhan Mantri Suraksha Bima Yojana (PMSBY). It is essentially an individual accident insurance plan offering protection against death or disability following an accident.

Eligibility criteria

  • The person must be between 18 and 70 years old.
  • The person must have a savings bank account and must set an automatic debit instruction for the policy premium deduction.

Application

In order to activate this social security scheme, the account holder must first log into the online banking of the bank where they have a savings account and go through the scheme application process accordingly.

Insurance cover

Insurance coverage is for a period of one year from June 1 to May 31. The total sum insured under the scheme is Rs 2 lakh.

Premium payment

The premium payable for the policy is only 12 per year and is automatically debited from the bank account. Each year between May 25 and May 31, the renewal premium will also be deducted from the bank account, unless the account holder has provided a cancellation instruction.

Point to note

  • A person can only benefit from the program through one bank account.
  • If a person joins the plan on or after June 1, insurance coverage begins from the date the premium was debited from the account until May 31 of the following year.

(The content on this page is courtesy of the Center for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava, and Labdhi Mehta.)



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Cheshire banks close at fastest pace in a decade https://innovativewords.com/cheshire-banks-close-at-fastest-pace-in-a-decade/ https://innovativewords.com/cheshire-banks-close-at-fastest-pace-in-a-decade/#respond Sun, 30 May 2021 04:00:00 +0000 https://innovativewords.com/cheshire-banks-close-at-fastest-pace-in-a-decade/ Cheshire banks closed at their fastest pace in a decade before the pandemic – and closings are expected to continue. The number of bank branches opened in Cheshire fell 11% in the year through March 2020, from around 140 to around 125. It was the biggest year-over-year decline since the numbers began in 2010. Overall, […]]]>


Cheshire banks closed at their fastest pace in a decade before the pandemic – and closings are expected to continue.

The number of bank branches opened in Cheshire fell 11% in the year through March 2020, from around 140 to around 125.

It was the biggest year-over-year decline since the numbers began in 2010.

Overall, the number of bank branches rose from closer to 200 that were operating in the county that year.

The number of branches of the construction company in Cheshire has declined more slowly since 2010, from around 50 to around 40.

Figures from the Bureau of National Statistics are rounded to the nearest five.

Halton saw the biggest drop in branch numbers since 2010, from around 20 to around 10.

The numbers are expected to drop further.

Consumer champion Which one? collects information on announced bank closures. According to his research, there were five closures in Cheshire in 2020 and early 2021.

These were the BST branches in Warrington, Orford, in May 2021, Warrington, Penketh and Congleton in October 2020, and Chester in June 2020, and the Co-op branch in Chester in December 2020.

In its analysis of the impact of the shutdown, Co-op said 67% of customers had only visited once or twice in the past year and 60% were signed up for online banking.

Likewise, the TSB said that 82% of customers at its branch in Warrington, Orford, 78% in Warrington, Penketh, 77% in Congleton and 92% at the Chester branch use other branches or other banking facilities. .

From the year through March 2020, the number of UK bank branches fell 10%, the second largest drop in the past decade.

According to the ONS tally, 7,675 branches were open nationwide in March 2020, down from 8,525 the year before.

Since 2010, when the numbers started, the number of branches has almost halved, from 14,855.

The number of branches of the construction company is smaller and more stable.

There were 1,880 in March 2020, the same number as in 2019, and a drop from 2,100 in 2010.

Caroline Abrahams, Charity Director at Age UK, said: “The scale of the bank branch slaughter in recent years means communities across the country are being cut off from their money.

“The rapid move towards online banking over the past few years has caused significant problems for many older customers, especially those with visual impairments and dexterity issues.

“As older people increasingly go online, more than half of people aged 65 and over still do not use Internet banking services. When branch closures coincide with poor local transportation, a lack of ATMs, and mobile black spots, it can become nearly impossible for seniors to manage their money independently.

Some regions may now no longer have a local branch – the Isles of Scilly, Clackmannanshire, North Warwickshire, North East Derbyshire and Bolsover have fewer than three branches (and possibly none).

The number of bank branches and building societies is based on UK business counts carried out by the ONS.

This is a snapshot of the number of local units (in this case, individual branches) open on a specific date in March. In 2020, it was March 13, just before the lockdown restrictions began.

Which? found that while 2020 saw the lowest number of branch closures (368) in several years, as banks put their plans on hold due to the pandemic, the number of closures planned for 2021 is already higher than in 2020.

TSB will close 155 branches this year, while Santander will close 111. HSBC is closing 82, Barclays will close 63 branches by the end of the first quarter, while M&S Bank will close all in-store branches by the end of the year. summer. when he stops offering current accounts.

Gareth Shaw, which one? Head of Money, said: “The branch networks have continued to shrink over the past year, despite the FCA (Financial Conduct Authority) asking companies to reconsider the closures, so it is essential that banks provide their customers with reasonable access to banking services.

“This is why the government urgently needs to implement its draft legislation to protect cash, which will make the financial regulator responsible for the treasury system. As part of these obligations, it should investigate whether people’s access to cash is adversely affected by the branch. closures or restricted opening hours and take action if necessary. “

A growing number of people using online banking – potentially boosted by the pandemic – as well as falling traffic and the cost of running branches (the FCA has set the average cost at £ 590,000 per year) could act as an incentive to cut back more branches.

ONS figures showed that by early 2020, 76% of people had used online banking in the previous three months, up from 73% in 2019.

Do you have something to say about this story? Let us know.

However, this ranges from about 90% of 16-44 year olds to 69% of 55-64 year olds and 49% of 65+ year olds.

Given the impact of the pandemic, HSBC UK said the number of customers using branches has fallen by a third over the past five years.

A spokesperson for UK Finance, the trade association for the UK banking and financial services industry, said: “More and more customers are choosing to use new technology to manage their money when and where they want it. are suitable, especially during the pandemic.

“But technology is not for everyone and bank branches continue to play an important role in the lives of local communities, which means decisions to close them are never taken lightly. The industry has been particularly attentive to supporting the most vulnerable customers with a series of initiatives including dedicated hotlines, cash delivery and third-party access cards for caregivers.

“We are working closely with the Financial Conduct Authority on the implementation of their branch and ATM shutdown or conversion guidelines, building on recent collaborative work that has allowed nine out of ten branches to remain open during locking. “



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How to get a free trial of NordVPN https://innovativewords.com/how-to-get-a-free-trial-of-nordvpn/ https://innovativewords.com/how-to-get-a-free-trial-of-nordvpn/#respond Sat, 29 May 2021 08:00:54 +0000 https://innovativewords.com/how-to-get-a-free-trial-of-nordvpn/ As one of the best VPN services on the market today, NordVPN is an extremely popular and widely recognized brand – for those who want to stay safe online, it will undoubtedly be featured in any cybersecurity research. However, as with any other purchase – be it a car or computer software – it is […]]]>


As one of the best VPN services on the market today, NordVPN is an extremely popular and widely recognized brand – for those who want to stay safe online, it will undoubtedly be featured in any cybersecurity research.

However, as with any other purchase – be it a car or computer software – it is absolutely essential that you take a test drive before purchasing. We all have our own tastes and preferences, and what one person considers best may be far from the best for another.



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Mobile-only banks and traditional banks: what’s the difference? https://innovativewords.com/mobile-only-banks-and-traditional-banks-whats-the-difference/ https://innovativewords.com/mobile-only-banks-and-traditional-banks-whats-the-difference/#respond Fri, 28 May 2021 17:30:00 +0000 https://innovativewords.com/mobile-only-banks-and-traditional-banks-whats-the-difference/ Since 2015, several alternative payment methods have emerged to disrupt the traditional banking and financial services industry. One of the most popular innovations is the rise of exclusively mobile banking. Mobile-only banks allow users to control their money from their phones without relying entirely on geographic boundaries. But many traditional banks offer similar services through […]]]>


Since 2015, several alternative payment methods have emerged to disrupt the traditional banking and financial services industry. One of the most popular innovations is the rise of exclusively mobile banking.

Mobile-only banks allow users to control their money from their phones without relying entirely on geographic boundaries. But many traditional banks offer similar services through online banking, so what’s the difference?

In this article, you’ll learn how mobile-only banking is different from traditional banking, and whether or not you should switch to it.

What is mobile-only banking?

A mobile-only bank is a financial service where you can access your account using your smartphone or tablet. In addition to seeing an overview of your finances, you can also make purchases online and transfer money to other accounts.

Related: The Best Mobile Banking Apps In UK That Are Worth Using

If you have a debit or credit card with the solution, you can also use mobile-only banks to pay for products and services offline, just like you would with a traditional bank.

Now that you have a rough idea of ​​what a mobile-only bank is, let’s explore how their services are similar and different from the solutions you are familiar with.

Create an account

With large Main Street banks, you may need to make an appointment to open an account. You can also apply online by filling out a form. You will also often need to provide verification, such as proof of address and your passport.

To sign up for a mobile-only bank, you’ll almost always need to sign up through the company’s smartphone app. You will usually need to verify your identity; the process will include showing your passport or driver’s license, while you will likely need to show proof of address.

person withdrawing money from an ATM

For some mobile banking services, you’ll also need to record a short video showcasing who you are.

Move money

Traditional banks allow you to deposit money into your account online or, if you have cash or a check, at one of their physical branches. You can also check your account balance by using your card at an ATM and withdrawing money.

Related: Secure Alternatives to Paying by Bank Transfer

With mobile-only banks, you can also check your balance at an ATM and withdraw money if you have a card. However, you cannot deposit money into your offline account. So, to add physical money to your account, you have to do it through your main bank and then transfer the money through the app instead.

Customer service

Traditional banks offer a range of customer support services. You can make an appointment, call them, or use a quick chat online. Additionally, you can contact them on social media and email them.

High street banks also have full frequently asked questions pages, as do mobile-only institutions.

Related: How Banks Are Using Artificial Intelligence And Machine Learning To Better Serve You

Mobile-only banks also offer a variety of customer support options. Your contact will often contact them on social media or use online chat to speak with a team member.

However, the most significant difference from traditional banks is that mobile banks do not have branches on the main streets. Therefore, you cannot schedule an in-person meeting. That said, some mobile-only banks are introducing video chat options (as many physical banks have done in the wake of the COVID-19 pandemic).

Fresh

As people travel more and more and often live in different countries, overseas transaction fees have become a hot topic of discussion. Traditionally, banks charge high percentages for using your card abroad.

Traditional banks often also give a low exchange rate relative to the market median at the time of the transaction.

With mobile-only banks, on the other hand, you will often benefit from a favorable rate when transacting abroad. In many cases, you will also avoid having to pay extra on top of everything you buy with your card.

But when it comes to ATM withdrawals, you might need to pay whenever you withdraw money beyond a specific limit each month.

Many mobile-only banks also offer tiered subscriptions, which allow you to waive ATM fees and other perks. Depending on your physical bank, you may also be able to get an account that you pay for but that offers additional benefits beyond the standard checking account.

Traditional and mobile-only banks offer additional benefits outside of their basic services. For example, some large retail banks are partnering with department stores, cafes and restaurants to offer discounts on certain items.

Mobile-only banks may offer discounts on these products. You can also purchase travel insurance through your account, which makes these options particularly popular for digital nomads.

Savings

With many exclusively mobile banks, you will have access to a master account when you register online. But in many cases, you will need a premium membership to open more than one.

Instead of accounts, many exclusively mobile banks have “jars” instead. These work the same as savings accounts, but whether you can expect to receive interest etc. varies from service to service. So while they can help you save for the holidays, you might not want to use them when putting money aside for a house.

person putting on  money in the piggy bank

Traditional banks usually allow you to open different types of savings accounts to go along with your personal account. These usually have fixed interest rates, and they’ll pay you a little extra cash on top of your savings each year.

To find the best savings account that meets your needs, you’ll need to do some shopping and consider the options available in your area.

Availability

While you can use your card anywhere in the world, some mobile-only banks are only available to residents of one country. For example, Monzo primarily serves residents of the UK. But some, like Revolut, are available in the United States, the European Economic Area (EEA), and a selection of other countries.

person who pays with his bank card in a merchant store

When you open an account with a bank, you can link to an account that is only available in the country you live in. But for large institutions like Santander, residents of several parts of the world can become a client.

If you move abroad, you may be able to transfer your account to your new place of residence. However, you will need to verify this with the individual bank.

Do you prefer mobile-only banking?

Mobile-only banks offer great flexibility in managing your finances. You can perform many of the same functions as a traditional bank, such as paying in stores and invoices.

But at the same time, they are still limited. You can’t get help at a branch if you prefer real interaction, and you’ll often have to meet free withdrawal limits or pay additional fees.

Before canceling your primary bank account, consider using mobile-only banks as a compliment. You can use your primary bank for bills and savings and mobile banking only for leisure purchases.


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