Wells Fargo confirms customers are missing deposits due to a glitch

As of 9:15 p.m. Eastern Time, this issue has been resolved, as detailed in an update to this post. Wells Fargo has confirmed that a large number of customers are reporting missing direct deposits. In my case, I had a pending direct deposit that I promptly withdrew yesterday after I noticed that it hit my account. I was left with a $1 balance. However, when I logged into my account this morning, my balance was -$999.00. At that point, I called Wells Fargo, and even their automated system indicated that my available balance was $1, which …

Frontwave Credit Union offering an 11-month CD with a 6% APY for a limited time

Frontwave Credit Union offering an 11-month CD with a 6% APY for a limited time. You must be an active Frontwave Credit Union member, or become one, to qualify for the rate. Membership is restricted to people who live, work, or worship in the counties of San Diego Riverside, or San Bernardino. You can also join Frontwave Credit Union if you’re an immediate family member of a current Frontwave Credit …

New ACCTVERIFY label used in account verification process

If you see the description “ACCTVERIFY” on a deposit or withdrawal in your account, this means that the party that initiated the transaction is attempting to verify that you are the account owner or have access to the account. You might already be familiar with a very similar version of this process if you’ve ever attempted to link a bank account to another company. For example, you might want to transfer funds between two accounts that you hold at two different financial institutions. When you request to link the accounts, the bank that you’re submitting the request …

Credit cycling and how it can help or hurt you

Credit cycling is the act of using your entire credit limit during a billing cycle and paying it down so that you can continue using the credit card during that same cycle. The benefits of credit cycling Purchase protection Credit cycling is extremely useful if you’ve been issued a credit card with a low credit limit. By paying down your credit card balance, you’re freeing up your credit card limit, which will allow you to enjoy the benefits of using your credit card. You might think that this is pointless. After all, you’re simply using …

Why you should avoid adding a store or retail credit card to your wallet

When you have a poor credit score, it can be tempting to sign up for credit cards at stores that are actually willing to issue credit to you. Some consumers rack up store credit cards because of discounts and promotional rates. However, in most cases, retail credit cards are subpar when compared to traditional general purpose credit cards. Limited use Retail or store credit cards can only be used at specific stores. Although some companies have a family of brands that you can use their store card at, you’re still stuck with a card that you …

Schwab Starter Kit pays $101 to new Schwab customers

According to the Schwab Starter Kit offer terms, the promotion “is intended to help you learn more about investing by making an actual investment.” Schwab will deposit $101 into your account a few days after your $50 opening deposit has posted. According to the offer terms and the email that you’ll receive alerting you that your bonus is on the way, Schwab will place five orders for fractional shares for you. If you prefer to purchase your own stock, make other investments, or keep the $101, you may do so. The terms imply that …

GoodRx facing $1.5 million fine for sharing customers’ sensitive health info

The Federal Trade Commission (FTC) has proposed fining GoodRx $1.5 million for sharing customers’ sensitive health info and using that information to target them for services related to their medical conditions. In addition, the FTC has proposed that GoodRx be prohibited from sharing user health data with applicable third parties for advertising purposes. Though the order has not been approved, GoodRx has agreed to pay a $1.5 million penalty. The allegations against GoodRx (also doing business as HeyDoctor) are detailed in a 27-page complaint filed by the Department of Justice on behalf of the Federal Trade …

The Enzo service outage demonstrates the need for planning and multiple bank accounts

During the last week of February, Enzo customers were left frustrated that they had no access to their funds during Enzo’s app outage. Without any communication from the fintech, some customers were left wondering just how long their accounts would be inaccessible. Some Enzo customers who had either scheduled bill payments through Enzo’s app, or who were planning on logging into the app to schedule payments, scrambled to make alternative payment arrangements to avoid possible late payments. In this case, the adage about not putting your eggs in one basket rings true. It’s important to have …

Are you prepared for you financial institutions’ next service outage?

It’s common for banks and other financial institutions to perform routine maintenance, which can sometimes result in some of their services being inaccessible. Companies usually perform maintenance when they feel customers will be the least impacted. Overnight and weekend maintenance schedules are quite common. Being unable to access financial services during a service outage can result in you losing money if you’re not prepared. As an example, let’s say that you go to your bank’s site with the intention to schedule a bill that’s due in just a few days. It’s the last day for you to …