This streamlined approach makes life a lot more convenient, and your wallet a lot thinner (literally, not figuratively!). Visa is also including easy integration of cards into digital wallets with just a simple tap. 

Here’s a quick breakdown of 3 benefits of Visa’s new consolidated card:

1. A more streamlined experience

Wallets worldwide just got seriously simplified. Gone are the days of juggling between credit cards and debit cards from the same bank and trying to remember which number is for which account. Visa’s update allows you to link all Visa accounts to a single card, making transactions more convenient and life a little easier. Whether you’re making a purchase or withdrawing cash, you can do it all on a single card.

2. Beyond-easy digital integration

In today’s digital age, convenience is key. Visa’s new feature lets you add your card to mobile wallets with a simple tap on your smartphone. No more having to type in numbers for all your Visa credit cards or scan card details. Just tap and pay securely, whether you’re using Apple Pay, Google Pay, or any other digital wallet you happen to be using.

3. Beefed-up security

As always, Visa ensures that your financial information remains safe and secure with every transaction, thanks to state-of-the-art encryption and fraud detection systems to protect your data from unauthorized access. And having just one card means it’ll be easier for you to review a single statement, so you can quickly see and dispute anything that looks out of line, and more easily avoid online banking fraud. That stack of statements is history!  

Ready to be a part of the future of banking? Download the MoneyLion app and find the ideal Visa card offer for your life. 

Online banking fraud occurs when unauthorized individuals gain access to your bank account and use it for fraudulent activities. Becoming a victim of online banking fraud can be financially damaging, opening the door to a plummeting credit score and identity theft. 

Check out some common types of online banking fraud and learn how to avoid online banking fraud here.

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The most common types of online banking scams 

Online banking scams come in various forms, such as phishing emails, fake websites, and social engineering tactics. Most of these scams display themselves as a matter of urgency, prompting victims to take immediate action without thinking through the consequences. Here’s an overview of the common banking scams you might see. 

1. Social media impersonation 

In this type of scam, fraudsters create fake social media accounts, impersonating legitimate companies. They then use these accounts to deceive unsuspecting victims into providing their personal or bank details.

MoneyLion will never reach out via social media to request personal login information through these channels. Our official social media account also has a blue verified checkmark. This checkmark helps confirm the legitimacy of our accounts, so beware of any other account name without the checkmark.

2. Phishing scams

Perhaps the most popular form of online banking fraud is phishing. Fraudsters can use email, text messages, or phone calls to trick victims into providing personal information. Phishing scams often contain urgent requests to update account information or verify a transaction. For example, you might get a message that appears to be from your bank stating that payment was declined or someone tried to use your social security number to open a new account. 

3. Imposter scams

In other instances, the scammer may pose as a trusted person, such as a bank representative or government official, to trick victims into providing personal or financial information. In these cases, they may email you or call you over the phone urgently asking you to verify information. 

4. False winnings or special offer

Online banking scammers may also contact victims via email, phone, or social media, informing them that they have won a prize or special offer. The victim is then asked to provide personal and bank information to claim the prize. 

MoneyLion offers promos, bonuses, or sweepstakes from time to time. Always verify that you’re communicating with MoneyLion through an official channel. If you’re skeptical, you can always reach out to MoneyLion support to validate that winning is accurate. We have contact information at the bottom right of our main page at moneylion.com. 

5. TAC / OTP scams

Transaction authorisation code (TAC) or one-time password (OTP) is a unique code sent to your mobile device for authentication purposes. Scammers may call claiming they accidentally registered an account with your phone number and requesting that you give them the TAC or OTP that was just sent. They may say they need your help accessing their bank or another account. Don’t give them the TCP or OTP! In many cases, they already have your password and attempt to access your bank account through a two-step verification process. 

Avoiding these scams involves similar best practices used for avoiding other scams. For example:

• Don’t answer calls or reply to unknown numbers, or don’t give out personal information without first contacting your financial institution directly. 
• Don’t share your TAC number with anyone, keep these codes confidential.
• Ignore any OTPs you receive that you did not request.
• If the caller seems urgent or pressing, that’s more reason to exercise caution. A sense of urgency is one tactic scammers use to pressure you into action. 
• If you fall for one of these scams and give out an OTP, contact your bank immediately to block your account and change your password. 

9 online banking fraud prevention tips

Cybercriminals are becoming more sophisticated in their tactics and can easily trick unsuspecting victims into giving away their personal and financial information. Fraudsters can target anyone, so follow these tips to help protect yourself.

1. Verify who you’re speaking with

MoneyLion will never ask for account login information via phone calls, text messages, or emails. Even if the person claiming seems legitimate, it’s always best to contact MoneyLion directly to confirm requests for your login information.

2. Never share passwords or log-in credentials

Keep your password confidential and never share it with anyone, including your close friends or relatives. If you suspect that your password at MoneyLion has been compromised, change it immediately and notify us.

3. Be suspicious of urgent requests

If you receive a message that says something like “You need to make a payment now or risk foreclosure,” take a moment to pause and verify the request. Don’t let scammers take advantage of you by rushing you into a decision.

4. Create strong passwords

Creating strong passwords will also help protect you from fraud. If allowed, your passwords should be a minimum of 12 characters and include a mix of uppercase and lowercase letters, numbers, and symbols.

5. Enable two-factor authentication or biometrics 

Two-factor authentication is an extra layer of security that requires you to confirm your identity. MoneyLion will request two-factor authentication in certain circumstances to help protect your account. 

6. Use public Wi-Fi with caution 

Hackers can easily set up fake Wi-Fi networks, so only connect to networks you trust when accessing your online banking account. Better yet, use a VPN to protect your data if you have to access banking information from public Wi-Fi. 

7. Don’t open links in emails or texts

Sometimes, fraudsters will send you an email or text that looks like it’s from your financial institution. The message might say there’s a problem with your account or ask you to click on a link to update your information. If you get one of these messages, don’t click on the link. Instead, go to your bank website or app and log in to your account to update any information needed.

8. Install anti-virus and spyware protection

Scammers might install malware on your computer without your knowledge. Antivirus software scans your computer for malicious software and, if found, can help remove it.

9. Monitor your account regularly

Keeping track of your account can help identify unauthorized transactions. It will make it easier to detect fraud immediately when it occurs and take necessary action. 

Safeguarding your finances in the digital age

Online banking fraud is a growing concern, and anyone can be a victim. Scammers constantly evolve their tactics, making it more difficult for even the most vigilant of us to avoid falling victim. Recovering lost assets can be a time-consuming and frustrating process, and in some cases, it may not be possible at all. 

If something feels off from MoneyLion, you can always reach out to the MoneyLion support team to verify if it’s a legitimate request or message, and you can report fraud directly to the FTC. You can learn more about protecting your accounts from online fraud and the difference between a fraud alert and a credit freeze. Keep educating yourself with MoneyLion’s resources! To get started, find the financial literacy terms you need to know. 

FAQ

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Why it’s important to protect your data online

Data protection seems mundane, but it can save you from major headaches and hours on the phone to other outcomes, which, in extreme cases, may be financial ruin. Hackers often use victims’ financial information to take out loans, seize assets, and apply for government benefits. Some hackers use victims’ personal IDs to commit illegal activities while hiding their true identities. This approach allows hackers to temporarily evade liability and pin the blame on the identity theft victim. 

However, most instances of identity theft don’t elevate to those extreme levels. More likely, you’ll find an unauthorized charge on your credit card. But the risk is always present, and why take that risk in the first place? You don’t have to commit hours daily to protect your personal information online. A clear system will help ensure you can protect your information without monitoring it. 

7 strategies for how to protect your personal information online

It’s your responsibility to keep your personal data safe online. These strategies to protect your account from online fraud can help you use online apps and websites while reducing your identity theft risk. 

1. Install anti-virus software on your computer

Antivirus software monitors your device for incoming or existing viruses and works to block them. This type of software protects your computer in one or more ways. Some antivirus software scans programs and files as they enter your device and compares them to known viruses. Others scan programs already on your device to locate any suspicious behavior. The best antivirus software does both.

Since viruses can corrupt your files or access personal information, preventing issues is usually a better strategy than damage control after an attack. Choosing a well-reputed, highly-rated antivirus software can help avert problems down the road. 

2. Change your passwords periodically

Companies try to keep their customers’ information safe, but data breaches can still happen, with everything from small businesses to major hospitals falling prey. In 2022, credit card numbers, Social Security numbers, and personal social media information were leaked in large-scale breaches, and in 2023, over 8 billion records were breached. You can’t do much about those data breaches now; it’s too late because the companies involved left their platforms vulnerable, and hackers have been able to exploit the slightest vulnerabilities.

During these breaches, hackers steal information like usernames and passwords. If you use the same username and password for all your online accounts, a hacker can do a lot of damage if they access other accounts. For instance, if your Facebook email and password are the same ones you use for your bank account, a savvy hacker can access your bank account and make unauthorized transactions.

Changing your passwords periodically and using different passwords on each website will help mitigate this risk. Using unique, strong passwords protects you from systematic risks. One password breach won’t give a cybercriminal the keys to all of your online accounts. Changing your password every one to three months reduces each account’s risk. Likewise, if a hacker obtains one of your passwords, periodic password changes can quickly make that information out of date. Find more tips to protect your account from online fraud here. 

3. Update your devices

Software updates may seem inconvenient, but they serve an essential security function. While you have to wait several minutes before you can use your device again, and it doesn’t look or function much differently, updates often fix patches and vulnerabilities that hackers can exploit for personal gain. Updating laptops and smartphones when new software becomes available can protect your personal data from unethical hackers.

4. Use two-factor authentication

If you received a text message containing a six-digit code or a confirmation link via email, you use two-factor authentication. Two-factor authentication forces you to perform an extra step before logging into your account. This extra step, however, is an extra layer of protection, which means a hacker will need more than your username and password to access your online accounts. You should enable two-factor authentication for any website that lets you use it, from Gmail accounts to Facebook to work-related websites. 

5. Don’t put too much on social media

Social media lets you connect with family and friends. Some people use these platforms to pursue career opportunities or build an online following. But if you put too much information on your accounts, hackers could use it against you. If you post about your vacation, it tips criminals off that you aren’t home. 

Posting details like your location, birthday, and other specific personal information can also make you susceptible. Hackers can use this information for everything from stalking to applying for loans under your name and for other malicious reasons.

6. Use unconventional answers to security questions

Some websites present security questions that you must answer correctly to access your account, reset a password, or perform a similar task. Hackers can access important information by correctly answering these security questions. Because many of these questions are basic, a hacker may find the answer on your social media profile.

For instance, if the security question asks for your dog’s name, a hacker can search your social media accounts for posts about your dog. Hackers have many routes to obtain information that can help them answer basic security questions, but you can throw them a curveball. Instead of having the security answer be your dog’s name, you can opt for a security answer like “Soccer” or “Apple Tree.” Those two responses aren’t typical names for a dog and are the types of answers a hacker would never guess. 

Likewise, if there are more unusual questions that only those closest to would know – choose those. For example, some websites ask what you wanted to be as a child, your favorite artist, or your favorite pizza topping. 

7. Use a VPN

A virtual private network (VPN) protects your online data if you use public Wi-Fi. VPNs use data encryption to prevent others from knowing your internet traffic and mask your IP address. Not even your internet service provider can see what websites you visit online. Internet service providers can sell your information anonymously, so keeping them off your personal history and data can make your information safer.

Creating strong security habits

Companies invest considerable money to keep your information safe. Despite their best efforts, some breaches happen and you should be prepared. Protecting personal information requires proactive steps and can impact how much of your data stays safe and how much of it gets stolen. Using the same passwords for everything, relying on public Wi-Fi, and not installing antivirus software makes you more vulnerable. 

Protecting your personal information on the web and taking a proactive approach is important for your peace of mind and your long-term financial protection. Learn more about how to avoid online banking fraud, or consider implementing biometric authentication. 

FAQ

You can open multiple accounts without restriction. But while searching around for the best account options, you may find some banks advertise perks and affordable costs but may lack other benefits like rewards, investing options, and credit-building opportunities. Although having more than one bank account is possible, it might not always be necessary. 

MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money. 

Why would you need multiple accounts?

You might figure that keeping all your money in one account works, or you might find yourself with many bank accounts. Here are some reasons

Better budget management

Keeping your money in separate accounts is a great way to help you budget. If you’re saving up for a big expense like a house or a car, putting money aside in a savings account helps you mentally process that money as off-limits for regular use. Plus, you can set up an automatic transfer each month from your checking to your savings account to help you budget more effectively.

Separation of personal and business expenses

If you run a business, having separate personal and business accounts is critical. You can’t use a business account for personal expenses, and separating the accounts keeps you from accidentally making that mistake.  

Increased security and flexibility

Keeping money at home exposes it to risk of loss from theft or disasters like fire or flood. Money in the bank is insured up to $250,000 per account type. You also gain the flexibility to move money around between accounts, make online payments, and keep track of your finances with alerts and online statements. 

Optimization of interest rates and fees

Many bank accounts come with different costs, like a monthly service fee, wire transfer fees, and more. If you have money tied up in a bank with high fees, you may want to open a new account with a bank that doesn’t charge as much.

To maximize the interest rate paid on your account, you can also open a high yield savings account that pays more interest than the national average. 

Different types of bank accounts to consider

Although the money is all yours, you may want to create specific accounts intended for specific purposes. Consider the different varieties of bank accounts that may interest you.

Checking accounts

Having separate checking accounts might help set aside money for different types of purchases, like everyday spending and your rent or house payments. Although your checking account may earn little to no interest, the money is available for use anytime. 

Savings accounts 

If you’re saving for different purposes, you may want to open separate accounts for each of your goals. Different savings accounts could be dedicated to purposes like emergency funds, travel expenses, or big purchases like a new car or home renovation. You can direct deposit funds from your paycheck to reach savings goals faster. 

Investment accounts

Investment accounts allow you to take more risks with your money than a checking or savings account to help build wealth. Accounts may offer access to different investments, and you can also use accounts to achieve various goals. 

What to consider before opening multiple bank accounts

You shouldn’t open bank accounts willy-nilly. First, take a step back and evaluate a few things.

Understand your financial goals and needs

Before you open a new bank account, consider why you’re doing so. Evaluate your finances, including what you’re spending your money on each month. Then, consider your financial goals. Having multiple accounts helps you to keep your immediate needs and your hopes for the future separate, so you don’t draw from one to aid the other.

Evaluate fees and charges associated with multiple accounts

Since different banks charge different fees for their usage and for certain transfers, you shouldn’t open an account with the first bank you find. Do some research first to see what banks are offering the best solutions for your specific financial goals.

Manage your account balance and minimum requirements

New accounts don’t come without a commitment. Another thing to keep in mind is that if you open multiple bank accounts, that comes with a plan to keep a certain amount of money within that account. Many banks have requirements for the minimum amount of money you can have in them without being penalized. Not all do, however. Research what accounts will work best for you before opening a new one.

Maintain proper record-keeping and monitoring

Having separate accounts is a method for budgeting effectively. If one account is specifically dedicated to bills, another to investments, and another to savings, you’ll have a more accurate view of how your finances are divided up.

Make sure that you have easy access to bank transactions and alerts so that you can monitor inflows and outflows. If tax authorities come knocking and need to see records, you’ll be ready.

Benefits of Owning Bank Accounts

Bank accounts offer different solutions and you may find yourself with more than one bank account. Find an institution with convenient account access, quality customer service, and low fees.

Virtual banking, saving, budgeting, and investing are just a few of MoneyLion’s army of finance tools. But, let’s not forget the process of finding an affordable loan. Among all your banking needs, MoneyLion offers cash advances based on your recurring qualifying deposits called  Instacash^SM. Also, if you join MoneyLion WOW membership you will get access to a Credit Builder Loan and other benefits. No more comparing interest rates or excessive terms – just fair and honest banking. 

FAQ 

Read on to learn the various methods and steps to seamlessly deposit your cash into your online bank account, ensuring that you can take full advantage of the benefits offered by online banking while maintaining control of your physical money.

Unsure of where to deposit your hard-earned cash? MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money. 

Why deposit cash into an online bank?

Whether you’re looking to build an emergency fund, save cash gifts, or manage your day-to-day finances, depositing cash into an online bank provides a convenient, safe, and cost-effective solution. Here are some of the main reasons why you’ll want to deposit cash into an online bank.

1. Accessibility

Online banks are accessible from anywhere there is an internet connection. This means you can deposit cash regardless of your physical location, eliminating the need to find a local branch or ATM of a traditional bank.

2. Safety

Keeping large amounts of cash at home poses security risks. Depositing cash into an online bank enhances your financial security by reducing the risk of theft or loss. Your funds are protected by advanced security measures, including encryption and multi-factor authentication. Like traditional banks, most online banks are FDIC-insured. This means you have up to $250,000 in protection per bank, per account ownership type. 

3. Quick and efficient

Online banks often offer streamlined deposit processes. This efficiency is a time-saver compared to traditional banks, where you might have to stand in long queues.

4. Lower fees

Many online banks have fewer overhead costs than brick-and-mortar institutions, allowing them to offer lower fees or even fee-free banking options. This can save you money over time, making online banking an economical choice.

How to deposit cash into an online bank

Depositing cash into an online bank is simple and convenient, and these steps can be applied regardless of your chosen online bank.

Step 1: Find a participating store

First, locate a nearby store or retailer that partners with your online bank for cash deposits. Many popular chains like Walmart, Walgreens, or 7-Eleven offer this service.

Step 2: Visit the store

Go to the store’s customer service or financial services counter. Inform the cashier that you’d like to deposit cash into your online bank account. They will assist you in completing the transaction.

Step 3: Provide necessary information

You’ll need to provide specific information, such as your online bank’s name, your account number, and sometimes a barcode or reference number generated by your online bank’s mobile app or website.

Step 4: Hand over the cash

Give the cashier the cash you wish to deposit. They will count it, process the transaction, and provide you with a receipt as proof of your deposit.

Step 5: Check your online bank account

After a short processing time, typically within a few hours or the next business day, check your online bank account to ensure that the deposit has been credited correctly.

Other alternatives for depositing cash into an online bank

There are alternative methods for depositing cash, such as reloadable prepaid debit cards, money orders, ATMs or physical branches, depending on your convenience and preferences. Each option has pros and cons to consider.

1. Reloadable prepaid debit card

Another option to deposit cash into your online bank account is by obtaining a reloadable prepaid debit card. Here’s how.

Step 1: Get a reloadable prepaid debit card: Purchase a reloadable prepaid debit card from a store or an online provider. Ensure that the card allows cash loading.

Step 2: Link the card to your online bank: Follow the instructions provided with the card to link it to your online bank account. This often involves entering your bank account details in the card’s online portal.

Step 3: Load cash onto the card: Visit a participating store or ATM that accepts cash deposits onto prepaid cards. Load the desired amount of cash onto your prepaid card.

Step 4: Transfer funds: Once the cash is on your prepaid card, initiate a transfer from the card to your online bank account through the card provider’s website or app.

Step 5: Check your online bank account: After the transfer, monitor your online bank account to verify that the funds have been successfully deposited.

2. Money order method 

Step 1: Purchase a money order: Money orders are available for purchase at the post office or various retail stores. Be prepared to pay a small fee for the money order, with the fee amount dependent on the money order’s value.

Step 2: Obtain the bank’s deposit address: Contact your online bank to obtain the specific mailing address it requires for cash deposits using money orders.

Step 3: Mail the money order: Once you have the money order, mail it to the provided address. Ensure that you include all necessary details, such as your account information and any reference numbers or instructions your bank requires.

Step 4: Allow for processing time: Keep in mind that this method incurs some cost and may take time as you’ll need to wait for the mailed money order to reach your bank and for the deposit to be processed. However, if you only have infrequent cash deposits to make, this approach can be a viable solution.

3. ATMs

Some online banks have partnerships with traditional banks or ATM networks that allow cash deposits at select ATMs. To use this method, find a compatible ATM, follow the on-screen instructions, and insert your cash. The advantage is immediate access to your cash, but do consider ATM fees and the limited availability of deposit-enabled ATMs.

4. Physical branches 

While online banks lack physical branches, some have arrangements with traditional banks that accept cash deposits on their behalf. Visit one of these partnering branches, provide your account details, and deposit your cash. This method offers in-person assistance but may require locating a participating branch and could involve fees.

What to do after depositing cash into an online bank

Once you’ve successfully deposited cash into your online bank account, it’s important to take a few subsequent steps to ensure smooth financial management and security.

1. Keep a record of the transaction

After making a cash deposit, retain any receipts or confirmation numbers provided by your online bank. These documents serve as crucial proof of the deposit and can be invaluable in case of discrepancies or issues that may arise. Keeping an organized record of your financial transactions helps maintain clarity and accountability.

2. Allow for processing time

Cash deposits into an online bank may require more time to process compared to electronic transfers or check deposits. Processing times can vary depending on the bank’s policies and procedures, so exercise patience and keep this in mind when planning your finances.

3. Monitor your account

Regularly monitoring your online bank account is a key step after making a cash deposit. This ensures that the deposit has been correctly credited to your account. By staying on top of your account, you can quickly spot errors or discrepancies and address them immediately.

4. Keep personal information secure

Protecting your personal information and account details is important. Be cautious about sharing this information with anyone and never disclose your login credentials. Ensuring the security of your online banking account helps prevent unauthorized access and safeguards your funds from potential threats.

Making Cash Deposits Work for You

While cash deposits might not be the forte of online banks, it’s entirely possible to work around this limitation. The attractive interest rates and minimal fees that online banks offer can often outweigh the inconvenience of cash deposits. By following the four methods, you can confidently manage your finances, enjoy the benefits of online banking, and watch your savings grow.

FAQ 

Nowadays, many renters find that their application asks a few intrusive financial questions. And you might have one in return: Just why is my rental application asking for a bank account number?

We’ve put together this guide to help you get some answers. Here’s what you should know about why that happens and what you can do when it does. 

PRO TIP! Building your credit is easier than you think. It starts with knowing and understanding your score, creating goals, and then monitoring your credit as you take steps to build it.

Can rental applications ask for my bank account number?

Yes, rental applications can ask for bank statements, account numbers or other information that verifies your income. Landlords use this information to establish your ability to manage your finances and pay your rent on time. 

For some renters, landlords having direct access to your bank account numbers is cause for concern. After all, that’s sensitive information. 

Bear in mind that if a landlord becomes your landlord, they’ll have to access some of your account information if you pay your rent via ACH, paper check or debit card. 

Here’s what else to know.  

Why do apartments ask for bank statements and account numbers?

Apartment managers and landlords use your banking details to verify your income and the validity of your account. Having your details on hand just simplifies the process. 

Landlords and property managers may also request bank account details to set up automatic payments online. Doing so early simplifies the rental experience. Enrolling in automatic payments could help you avoid late fees and potential check theft.  

More commonly, a landlord or apartment will ask for bank statements or tax statements instead. As with your account number, they can use this documentation to prove your income, expenses and rent-worthiness. But instead of handing over access to your account, you give potential landlords or apartment managers a secure glimpse of what’s inside. 

 Other documents that rental applications ask for

Aside from various bank account details, rental applications may require other information to establish your identity and financial security. Other documents and information that are handy to have on hand include:

• Pay stubs
• Tax returns
• Contact information
• Driver’s license or other ID numbers
• Employment information
• Residential history, including evictions
• Social Security number

Remember that if you intend to rent with a roommate or co-signer, they may also be required to provide the same information. 

Should I give my landlord my bank account number?

While the landlord has the right to ask for your banking details, you also have the right to refuse. But as a prospective tenant, that might put you in a tricky situation. 

On one hand, you don’t have to make financial moves that make you uncomfortable. That includes putting your sensitive banking information on a rental application.

On the other hand, refusing to hand out your bank details could jeopardize your approval odds.  

Alternatives to bank statements for apartments

If you’re uncomfortable handing out your bank account number on an application, many landlords work with alternatives. For instance, they may accept:

• W-2 forms. Employers file W-2 forms with the IRS to show how much they’ve paid each employee. W-2 forms are a reliable way to verify your income without handing over sensitive bank details. 
• 1099-MISC forms. These tax forms file nonpayroll income data with the IRS. Many self-employed individuals, like freelancers and sole proprietors, use 1099-MISC forms instead of W-2s. 
• Pay stubs. Some landlords accept pay stubs instead of bank statements or IRS tax forms. But because they’re easier to fake, landlords may prefer more concrete proof.  

Why might a rental application be rejected?

Even if you hand over your bank account data, you’re not guaranteed to be approved for an apartment. Landlords and property managers can deny rental applications for a range of reasons like:

• Income that’s not equal to at least two to three times the proposed monthly rent
• Poor rental histories, such as a history of evictions or failure to pay on time
• References that give poor reviews or no references at all
• Poor credit histories, which may indicate poor financial management

You can address these issues for better chances of approval. For example, to improve your credit history, you can review and monitor your credit reports, identify any errors or discrepancies, and then take proactive steps such as paying bills on time and reducing debt.

PRO TIP! Building your credit is easier than you think. It starts with knowing and understanding your score, creating goals, and then monitoring your credit as you take steps to build it.

Don’t make financial moves you’re uncomfortable with

Renting an apartment or house is a big — and potentially costly — move, and protecting yourself is important. 

Sure, prospective landlords have the right to ask for financial data — even sensitive data like your bank account information or bank statements. But that doesn’t mean you have to provide it without further investigation or even at all. 

If you’re uncomfortable providing access to your financial accounts, ask your landlord about alternative proof such as copies of your bank statement or tax records. If that fails, you can reevaluate your position or move onto the next application.

FAQ

If you’re curious about your financial situation, credit monitoring can help, and building your credit is easier than you think. It starts with knowing and understanding your score, creating goals, and then monitoring your credit as you take steps to build it.

Why money management is important for teens

Financial literacy for teens helps teenagers learn about budgeting, saving, and making smart decisions with money. These skills create a strong base for responsible financial behavior as the teen grows into adulthood. A financially responsible teen can effectively manage their income, avoid unnecessary debt, and achieve future financial stability.

How to teach money management to teens

As a concerned adult, your peace of mind relies on knowing that your teenager is prepared to handle their finances in the future. But where do you start? Teaching personal finance for teens starts with finding the best way to approach it. Here are some helpful teen and money tips to educate a young adult about personal finance.

Understanding basic financial concepts

Many financial concepts may appear straightforward at first, but they have a lasting impact on future finances. Ideas like budgeting, saving, and investing can assist teens in managing their income, ensuring they live within their means and avoid unnecessary debt. With the right strategies, they will be better equipped to handle their financial responsibilities and make decisions that align with their goals and aspirations.

Creating a budget

Creating a budget empowers teens to have more control over their money. The process begins by determining how much income they receive from part-time jobs, allowances, and other sources. Then, ask them to list all their monthly expenses, such as transportation, food, and personal expenses. Once they have a clear understanding of their financial situation, encourage them to set aside a portion of their income for savings. They can use a notebook, spreadsheet, or budgeting app to keep track of their expenses. Regularly reviewing their spending will help them identify areas where they can reduce costs and save more efficiently.

Saving money

Life can be unpredictable, and having a savings account can help teens handle emergencies, like car repairs, without going into debt. Additionally, teenagers often have long-term goals such as pursuing higher education, buying a car, or moving out. Saving money from an early age can be a stepping stone to achieving these goals as they can effectively plan for their future without requiring extra help.

One way to save is by opening a savings account designed for teens. Teens should opt for accounts with few or no fees and reasonable interest rates. The best way to save is by setting realistic targets. The teen should first determine what they want to save for, track the progress, and celebrate each milestone they reach. 

Earning money

Teens have various opportunities to earn extra income. One option is to offer services like babysitting, pet sitting, or lawn mowing in the neighborhood. Another great idea is to turn their hobby into a money-making opportunity. For example, if your teenager enjoys art, you could help them sell their artwork online or offer art lessons. While it may be tempting to spend all the money they earn, developing a habit of saving will help secure their financial future.

Credit cards and loans

Credit cards and loans can provide financial help in tough financial situations and assist in building a credit history. However, if used irresponsibly, they can lead to financial difficulties. If the teen is eligible for loans and credit cards, ensure that they only apply for them when they truly need the money. Irresponsible credit use can result in problems, such as a damaged credit score. Having a poor credit score reduces their chances of obtaining affordable financing in the future. Credit scores may also impact their employment opportunities and housing options.

Managing impulse spending

Overspending on unnecessary items can rapidly deplete a teenager’s financial resources, leaving them with less money to save. Rather than succumbing to the temptation of overspending, the teen should prioritize building up their savings fund. A simple yet effective way to prevent overspending is by creating and sticking to a budget. A budget helps in tracking income and expenses, ensuring that spending remains within reasonable limits. Developing responsible spending habits early on can impact their financial well-being in the long run.

Investing in the future

When teenagers start saving at an early age, they can leverage the power of compounding, which allows their interest to grow over time. The compounding effect can lead to significant returns on their savings. Saving as a teen lays a solid financial foundation for their retirement years and educational endeavors.

Empowering Teenagers through Financial Education

Teaching teens about money empowers them to take charge of their financial future. It may require discipline and dedication, but the benefits are worth it. When carefully implemented, financial management for teenagers can lay the groundwork for a secure and prosperous financial life.

FAQ

From interest rates and compound growth to concepts like diversification and inflation, this article covers the essential financial literacy words and terms you should know. Dive in and decode the language of money.

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What is financial literacy?

Financial literacy means having the skills and knowledge to manage your money effectively. It helps you make smart decisions about saving, spending, investing, and avoiding unnecessary debt.

When you understand basic financial terms like budget, interest rate, and investments, you can take control of your finances and avoid costly mistakes and scams. This leads to greater financial stability and freedom. With financial literacy, you can make informed choices that support your money goals and create a better financial future for yourself.

20 financial literacy terms to know

Becoming financially literate requires you to understand basic terms. Here are 20 financial literacy terms to know:

1. Budget

A budget is a financial plan that spells out how much you earn or can earn and how much you should spend within a given period. It involves tracking your sources of income and allocating funds for spending under categories such as housing, food, transportation, and savings. 

For instance, setting a weekly budget of $150 for groceries ensures you set aside a specific amount for this expense and helps you avoid overspending.

2. Credit score

A credit score is a numerical representation of a person’s creditworthiness based on credit history. It indicates the likelihood of borrowers repaying debts on time, making it a valuable tool for lenders to assess the risk of lending money and determine loan eligibility and interest rates. A more favorable credit history, gives you a higher credit score, leading to optimal borrowing terms.

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3. Interest rate

Interest rate is the percentage of the principal a lender charges a borrower for borrowing money or earned by an investor on an investment. It’s essentially the cost of borrowing money or the return on invested funds. 

4. Compound interest

Compound interest is the interest calculated not only on the initial principal amount but also on the accumulated interest from previous periods. It has a considerable impact on long-term savings or debt. 

Say you have $100,000 in a savings account with an annual interest rate of 2%, compounded yearly. After the first year, you would earn $2,000 in interest (2% of $100,000), resulting in a total balance of $102,000. In the second year, rather than earning interest only on the initial $100,000, you earn interest on the new balance of $102,000.

5. Assets

Assets are anything of value that can be owned by an individual or entity. They come in various forms: cash, stocks, bonds, real estate properties, vehicles, and other possessions. Assets contribute to your net worth and can be used to generate income or measure financial stability.

6. Liabilities

Liabilities are debts or financial obligations an individual or entity owes to others. They cover loans, taxes owed, mortgages, and other outstanding payments. 

7. Net worth

Net worth describes the sum of your assets less your liabilities. It’s a measure of financial health and represents the amount of money you’ll be left with if you pay all your debts and sell all your assets. A positive net worth indicates that your assets exceed your liabilities, while a negative net worth suggests the opposite.

8. Inflation

Inflation is the rate at which prices of essential goods and services rise over time. It reduces the purchasing power of money as the same amount buys fewer goods and services. 

9. Investment

Investing involves allocating money with the expectation of earning income. It typically entails buying financial assets, such as stocks, bonds, real estate, or mutual funds, to generate returns over time through dividends, interest, or capital appreciation.

You may opt to create a stand-alone investment account where you pick and choose the different financial assets to include. However, making an educated decision often requires a ton of research and even years of experience. Instead, many investors will opt for a managed account. 

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10. Diversification

Diversification is the strategy of spreading investments across different asset classes or sectors to reduce risk. By diversifying a portfolio, you minimize the potential negative impact of a single investment — gains in others may offset losses in one investment.

11. Risk tolerance

Risk tolerance refers to the degree of willingness and ability to tolerate potential losses when making investment decisions. It measures how much risk a person is comfortable accepting in the quest for profit. Risk tolerance depends on age, financial goals, time horizon, and personal circumstances. 

12. Dividends

Dividends are payments companies make to shareholders as their share of profits. Shareholders can choose to receive dividends as additional shares or cash. 

13. Capital gains

Capital gains are the profits gained from selling a security or asset at a higher price than the purchase price. For example, if you purchased the stock of Company XYZ for $1,000 and later sold it for $1,500, the $500 difference would be a capital gain.

14. Mutual fund

A mutual fund is an investment option where several investors pool their money to purchase a diversified portfolio of stocks, bonds, or other assets. Professional fund managers oversee the fund’s investments and make decisions on behalf of the investors, seeking to maximize returns while minimizing risk.

15. 401(k) or retirement plan

A 401(k) or retirement plan is a tax-advantaged savings account employers provide to help employees save for retirement. Employees contribute a portion of their pre-tax income, often with employers matching their contributions. The funds are invested for potential growth in stocks, bonds, mutual funds, and other investments until retirement.

16. Roth IRA

A Roth IRA is a retirement savings account that allows individuals to contribute after-tax income. Qualified withdrawals from a Roth IRA, including earnings, are tax-free. It provides potential tax advantages by allowing tax-free growth and tax-free withdrawals in retirement, making it an attractive option for long-term retirement savings.

17. Stock market

The stock market is where publicly traded company shares are bought and sold. It provides a platform for investors to participate in the ownership of companies by purchasing stocks, which represent ownership in a portion of the company’s assets and earnings.

18. Risk management

Risk management involves identifying, evaluating, and mitigating potential risks to protect one’s financial well-being. It involves implementing strategies such as insurance coverage, emergency funds, diversification, and other risk-reducing measures to minimize the impact of unforeseen events or losses.

19. Debt-to-income ratio

Debt-to-income ratio is a financial metric that compares your monthly debt payments to monthly income. Lenders use it to appraise your ability to manage additional debt. For example, with a monthly income of $10,000 and total monthly debt payments are $2,000, your debt-to-income ratio would be 20% ($2,000 / $10,000).

20. Emergency fund

An emergency fund is a reserved amount specifically designated to cover unexpected expenses or financial emergencies. It’s a safety net, providing a financial cushion to avoid relying on credit or accumulating debt when faced with unforeseen circumstances such as job loss, medical emergencies, or significant repairs.

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4 tips for learning new financial literacy terms

Learning is a life-long endeavor, and new concepts and terms appear as the financial landscape evolves. Here are tips to keep abreast of new financial literacy terms.

1. Use online resources

Websites, blogs, and educational platforms offer articles, tutorials, and videos that explain financial terms in a user-friendly manner, often for free. Explore these resources to supplement your understanding and gain practical insights.

2. Enroll in a financial education course

Many educational institutions, community organizations, and online platforms offer courses designed to improve financial literacy. These courses provide structured learning, interactive activities, and expert guidance to help you grasp complex financial concepts and terminologies.

3. Read financial news and books

Stay on top of financial matters by regularly reading news articles and books. Financial news sources report on current events, market trends, and economic concepts, exposing you to various financial terms in their real-life context. Similarly, books written by financial experts can offer in-depth explanations and case studies that deepen your understanding.

4. Consult with a financial adviser

Consider consulting an adviser if you have specific questions or need personalized guidance. A professional adviser can explain financial terms relevant to your situation and offer tailored advice. 

Financial literacy: decoding the jargon

Understanding the personal finance terms listed here will help you progress toward your financial goal. To further expand your financial knowledge, you can leverage online resources, enroll in relevant courses, and seek guidance from financial advisers. Decoding the jargon of the finance world can empower you to seize control of your financial well-being. 

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FAQ

We’ve compiled this guide on how to transfer Apple Cash to a bank account and debit card so you’ll be in the know at every step of the way. 

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What is Apple Cash? 

Apple Cash is a feature in the Apple Wallet mobile application that enables iOS and iPadOS users to conveniently send money to individuals who also possess an Apple Wallet. You can send money through iMessage or the Apple Wallet.  

What’s the difference between Apple Cash and Apple Pay?

Apple Pay is a service that allows you to make payments in-store or online using your mobile phone. You can link your credit cards and debit cards to Apple Pay for use as a digital wallet.   

Apple Cash is one of your payment options in Apple Pay. It is a digital debit card that lets you send and receive money.

Apple Cash is primarily used for person-to-person payments and transferring funds. Apple Pay, on the other hand, is used for making purchases at participating merchants.

How to transfer Apple Cash to a bank account

To transfer money to your bank account, you’ll have to set up the account and add it to your profile within Wallet. Then, complete the following steps:

• Open the Wallet App
• Tap Apple Cash card
• Tap “More”
• Tap “Transfer to Bank”
• Enter the amount you’d like to transfer, then hit “Next”
• Tap “1-3 Business Days”
• Tap “Transfer”
• Use Face ID, Touch ID, or your passcode to confirm the transfer.  

How to transfer Apple Cash to a debit card

To transfer money to a debit card, you’ll need to add an eligible card to your Wallet app. You can add either a Mastercard or Visa debit card. Then, follow these steps to have money transferred to your card within 30 minutes:

• Open the Wallet App
• Tap Apple Cash card
• Tap “More”
• Tap “Transfer to Bank”
• Enter the amount you’d like to transfer, then hit “Next”
• Tap “Instant Transfer”
• Tap “Transfer”
• Choose the card to which you’d like to add money
• Enter the billing information for that card

How to troubleshoot Apple Cash transfer problems

As with any online service, occasionally you’re going to run into some minor issues. Troubleshooting to figure out what’s going on will help ensure your money gets where it needs to go.

Delays are commonly encountered

Instant transfers should take up to 30 minutes if you’re moving money onto a card, or one to three business days if you’re transferring money to a bank account. If you check your bank statement and don’t see your money within that time frame, contact Apple Support. Keep in mind, a bank holiday may affect your transfer time.

Transfer limits exist

Apple Cash allows you to transfer up to $10,000 at once to your bank account and up to $20,000 in total over the course of a seven-day period. 

Only transfers to US bank accounts are permitted

Apple Pay has geographical transfer limits, too. You can only transfer money to a bank account in the United States. 

Update your Apple Wallet and iOS

Delaying updates on your phone puts you at greater risk of personal information being hacked, so it’s important to update both Apple Wallet and iOS before making a transfer from Apple Cash to your bank account or debit card.

Make sure your cards and bank account information are up to date in Apple Wallet. To update iOS, plug your device in to charge, connect to Wi-Fi, then go to Settings. From there, hit General, then tap Software Update. If there’s one available, hit Install or Download and Install. 

Ensure your debit card is compatible with Apple Cash

Apple Cash is only compatible with Mastercard and Visa debit cards. If you’re having an issue when trying to load in a different type of card, that may be why.

Connect to a stable internet connection

Having a stable internet connection will help ensure you don’t encounter any issues or errors while trying to transfer. It’s a good idea to be on a private connection while making transfers, rather than a public one such as free Wi-Fi in a coffee shop.

Double-check the entered banking information

Before you hit transfer, double-check to ensure the bank account number or debit card information you’ve entered for the transfer is correct.

Get help from Apple Support

You can browse through a variety of troubleshooting articles and try to fix things yourself. You also can get direct help from Apple in a number of ways. You can talk with an Apple Advisor over the phone or through an online chat platform. You can also go in person to a Genius Bar to get help with your devices.

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Get money, send money with Apple Cash

Apple Cash is an easy way to send, receive, and spend money. You can use it as you would a debit card, using it for payments or sending money to a bank account. You can also transfer money directly to others.

FAQ

How do hackers get into online banks?

Hackers use various methods, but their strategies revolve around stealing your personal information. Some hackers buy your information from recent data breaches and hope that you use the same login credentials for your online bank account. 

Other hackers use malware that gets into your computer and makes your information more vulnerable. A keylogger is one type of malware that lets a hacker see everything you type, including your usernames and passwords. Clicking on a suspicious link or downloading a sketchy app can make your device vulnerable to malware. 

7 ways to protect your bank account

It doesn’t take a lot to help keep your bank account safe from hackers. You can help keep your bank account safe with these strategies.

1. Check the link before logging into your bank account

Some hackers attempt to get your information through phishing emails. Usually, the hacker sends you to a fake website that looks like your bank’s website. Once you enter your username and password into the site, the hacker has that information. You can avoid this problem by checking the website URL and email address to ensure they aren’t sketchy. 

Hackers use a similar approach for apps. They create fake mobile banking apps that look legitimate and ask for login credentials. You can spot fake apps by checking the number of downloads and reviews.

2. Change your password every 1 to 3 months

Data leaks are a common occurrence. Hotel chains, social networks, and retailers are some of the entities that have experienced breaches in the past. The information obtained from each breach varies, but it’s possible that your username and password combinations are floating around the dark web. Some hackers pay for this information and hope that you use the same password for every account.

Changing your password across your important accounts (not just your bank account) every 1 to 3 months can help keep hackers away. If the hacker obtains a previous username and password combination, it will get outdated quickly if you periodically change your password. It’s also a good idea to use special symbols in your password to make it more difficult to guess.

3. Monitor your financial activity

Sometimes, hackers get into your account despite your best efforts and make purchases with your debit or credit card. Under this scenario, you can freeze your cards and contact your bank for the next steps. Consumers should review their bank accounts at least once a week to see if suspicious transactions have taken place, but it is better to monitor this information several times each week.

4. Set up two-factor authentication

Many online banks let you enable two-factor authentication to add an extra layer of protection to your account. A hacker will need more than your username and password to gain access to your account. While it takes extra time for you to log in, two-factor authentication can protect the wealth you have built over the years.

5. Use a virtual private network (VPN)

VPNs let you hide your IP address and web search history when using a public Wi-Fi network. Public Wi-Fi networks without data encryption can be security risks, but a VPN keeps your personal information safe. 

6. Install ad blockers

Some hackers target victims with malware ads. These ads can be hard to avoid at times and easy to click on, especially with a mobile device. Your computer can become infected with malware if you click on one of these ads. Ad blockers give you a more pleasant online experience with fewer ads. While ad blockers are enticing enough for that reason alone, they also help with cybersecurity.

7. Work with a reputable online bank

You can do your best to keep your online banking safe from hackers, but the online bank also has to help. Before committing to an online bank, check how the bank protects people from hackers. It’s common for top banks to use data encryption and other protective measures to keep your bank account safe. Banks with multiple breaches may not be reliable, especially if they have not made changes to their cybersecurity protocols.

Prioritize Online Banking Security

It takes time to save money and build your retirement funds. Many years of hard work and discipline can get you to the finish line. However, a single cyberattack can deplete your savings. The best thing you can do is protect your bank account and follow the best practices. Staying on top of your online accounts will minimize the likelihood of becoming a victim of a cyberattack.

FAQ