The financial benefits of Daylight Saving Time

As spring arrives and the days get longer and warmer, many countries have set their clocks forward by one hour to mark the start of daylight saving time (DST). Though it was first introduced to conserve energy, daylight saving time is associated with several other financial benefits. A study by JPMorgan Chase Institute found that when we switch back to standard time, spending drops between 2.2% and 4.9%. This suggests that when DST is in effect, we tend to spend more money. And, it makes sense. With more daylight, consumers may be more likely to shop and …

How to quickly find a card when using Google Pay

Once you’ve added a payment method to Google Pay, you can easily fill in your credit or debit card details on a website by selecting the saved card. Google will automatically enter all of the card’s information for you. This feature was likely built with the average person in mind, someone with just a few credit and debit cards. Those consumers would have just a few payment methods saved in Google. They can probably look at the list of cards that Google displays and know which one they want to use. But, then there are those …

Negotiate your margin rates and fees with your investment broker

You may think that you’re stuck with your investment brokerage’s advertised margin rates, commissions, and other fees. But, you’re not. Some investment firms allow customers to negotiate certain terms like margin rates and options contract commission rates. The process for requesting special rates is fairly easy and not as intimidating as you may think. You’d simply make the request and answer a few questions about your trading activity. Your account will be reviewed and a decision is made, usually within a few business days. Below are some typical questions that you can be prepared to answer …

Buying a home: What to expect and how to prepare

When thinking of the home buying process, many may envision something as simple as finding a home, placing an offer, and attending a closing. But, buying a home is a complex process that involves many steps, many of which take place before you even find a home. Below, is an overview of the buying process, including the steps that you should take to prepare for your home purchase. Determine your budget Calculate your monthly income and expenses to determine how much you can afford to spend on a mortgage payment while still being able to save for …

Increasing your credit limit on your credit card: hard or soft credit check?

The credit limit that you receive when you’re approved for a credit card is not necessarily the limit that you’ll have for the life of the account. Your credit limit can be increased through a process called a credit limit increase (CLI). Though some credit card companies don’t offer credit limit increases, most do. Companies offering credit limit increases generally have their own policies regarding credit checks. If your credit card company provides an automatic credit limit increase, there should not be a hard credit check since you didn’t personally request the increase or authorize any …

Plynk, Fidelity’s investment app for beginners

Plynk is a mobile investment app owned by Fidelity. Don’t expect any frills with Plynk. It’s a basic app that lets users buy whole or fractional shares, mutual funds, and crypto. The simplicity of the app may be intentional as Plynk’s About page says that the mission of the app’s creators was “to build an app that’s easy to use, understand and enjoy.” The brains behind the app call it “a new investing app for beginners that uncomplicates the complicated to deliver a more intuitive investing experience.” At first glance, Plynk offers what appears to be …

An overview of the Silicon Valley Bank collapse

Silicon Valley Bank (SVB) was a bank that provided banking services to many technology companies. It recently experienced a bank run, which is when a large number of customers withdraw their deposits simultaneously. The SVB bank run was likely due to Silicon Valley Bank customers’ fears of a collapse. These fears resulted in a liquidity crisis as the bank didn’t have enough cash reserves to honor customer requests to withdraw their funds. As a result, California regulators intervened and closed down the bank, placing it under the control of the US Federal Deposit Insurance Corporation (FDIC). The …

No, your funds at a fintech are not 100% safe just because the fintech partners with an FDIC-insured bank

Fintech, neobank, challenger bank, financial technology company. These are all terms that you may have heard or read in reference to a company that offers banking services, but is not legally classified as a bank. More importantly, these fintechs (which we’ll refer to the collective as) are usually not insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC’s deposit insurance program safeguards up to $250,000 of your funds in the event that your bank fails. Not surprisingly, some consumers are nervous and apprehensive about keeping funds on deposit with companies that aren’t insured by the …

Why you should consider switching financial institutions at least once a year

This article has been in draft form for some time. With the Wells Fargo missing direct deposits fiasco, it seems like the perfect time to finally complete it and publish it. This will be a brief overview detailing the reasons that you should re-evaluate your banking relationship/s at least once a year. Accompanied are tips on selecting the financial institution that’s right for you. Credit unions versus banks Let’s first make the distinction between banks and credit unions. Both credit unions and banks offer the same core banking services, like checking and savings accounts, Certificate of Deposits …