These numbers show how a career as a financial advisor can offer good financial stability with unlimited earning potential. However, in such a competitive market, it’s important for today’s financial experts to find ways to stand out from the competition. We’ll review how finance SEO can help bring your financial services company more organic traffic.

 We’ll also review how Google treats the financial service industry and what that means for the content on your website. 

It’s important to keep these industry standards in mind for SEO success while learning how to position your firm as an authoritative leader. This guide will cover a few tips on how to optimize your site’s SEO, including for local search.

What is Financial Services SEO?

Search engine optimization (SEO) can help financial service providers increase their client base. The financial services industry is more competitive than ever, making it even more important to stand out in the market. 

A comprehensive SEO strategy does that by ranking your financial services website at the top of the search engine results pages for those seeking your services. 

An SEO campaign that includes on- and off-page elements and in-depth keyword research can significantly increase your search rankings. Finance or home loan company SEO is one of the best ways to position your brand as an industry leader while also generating more organic traffic to your website.

Why is SEO Important for the Financial Services Industry? 

Financial services SEO helps your website get seen by the website traffic that’s most likely to become clients. SEO for financial services offers the following benefits.

Increased Website Traffic

SEO strategies aim to increase your search engine rankings, which brings you more traffic. More website traffic puts your financial content and contact information in front of highly relevant potential clients.

More Client Conversions

More targeted traffic leads to more client conversions. When you match search intent and bring relevant traffic to your website, you’re more likely to convert them into a client.

Better Brand Awareness

More search traffic also boosts brand awareness, helping to establish your company as trustworthy. Reputable websites also, in turn, rank higher, and when traffic eventually requires your services, they’re more likely to contact you. Whether a financial advisor or real estate professional, SEO can boost brand awareness.

What Are Challenges For Finance Websites to Rank on Search Engines?

The financial industry is extremely competitive, making ranking high for finance-related keywords a requirement in today’s digital times. However, a digital marketing strategy that implements SEO isn’t without challenges. Here are some of the most common challenges:

• Increasing competition: Finance is an extremely competitive online landscape, with new players entering the market regularly.
• More local SEO competition: More financial planning businesses are learning of the benefits of SEO, meaning more competitive search terms and a need for high-quality content are needed.
• Industry knowledge: Outsourcing financial SEO isn’t always easy because of the industry knowledge necessary for creating trustworthy web pages or content.
• Content quality requirements: Google has strict requirements for content in the financial industry, making expert SEO knowledge important.

SEO Strategy For Finance Websites

Financial services companies can benefit from a comprehensive SEO strategy that’s catered to them and their goals. We have compiled a list of effective SEO strategies for financial professionals.

Perform a Site Audit 

Every financial services SEO strategy should begin with a site audit. An SEO audit includes a deep dive into your website’s on- and off-page factors, which helps identify areas of improvement. Complete a site audit on your financial services website with the following steps:

• Input your website into a site audit tool, like SEMRush or Moz.
• Make a list of quick improvements, including site speed or crawl errors.
• Identify existing keyword rankings
• Take note of keyword gaps.
• Assess website content and note any areas of improvement.
• Create a checklist with a timeline for all SEO strategies.

Do a Competitor Analysis 

After identifying what your website does well compared to any areas of improvement, it’s also necessary to consider your competitors. Identifying your biggest competitors in the industry can help discover new keywords and help maximize your budget by finding out what works and what doesn’t. Complete a competitor analysis with the following steps:

• Identify your industry competitors.
• Review each competitor’s strategy and existing rankings.
• Compare competitor rankings to your own.
• Analyze their on-page content.
• Complete a backlink review.
• Make a list of keyword and backlink gaps.

Find Effective Keywords

Before you can optimize your website for the most relevant keywords, you’ll first have to identify which keywords your target audience is searching for and which are most likely to increase traffic. Find effective keywords through keyword research with the following steps:

• Choose a keyword research tool (good options include Google Keyword Planner, Ahrefs, SEMRush, or Moz Keyword Explorer.)
• Identify your target audience and market.
• Explore commonly used keywords in the financial industry using tools like Answer The Public or Google Trends.
• Compare competitor rankings to your own.
• Review search volume for top-ranking search results in your industry.
• Identify which local keywords are searched most related to your industry.

Understand YLYM

‘Your Life Your Money’ refers to a category of industries in which Google requires stricter content quality. Financial advice falls into ‘YLYM,’ which means Google has higher standards for your website and content. Google has more stringent requirements for ‘YLYM’ content because topics like personal finance and investment strategies impact a user’s financial stability and situation.

Financial literacy statistics show a large population of people of all ages, genders, and demographics who can benefit from financial services. However, Google requires that you demonstrate your expertise before attempting to do so.

Establish EEAT

Experience, expertise, authoritativeness, and trustworthiness (EEAT) are additional Google guidelines that demonstrate first-hand experience and knowledge. ‘YLYM’ industries should uphold Google’s EEAT standards to rank high in search results.

Maintain standard EEAT protocols for your website with the following steps:

• Publish only high-quality, expert-level content.
• Be transparent, including the author and credentials.
• Use only credible resources when inputting internal or external links.
• Build authoritative backlinks.

Publish Financial Educational Content on Your Blog 

High-quality, industry-leading educational content is important for a few reasons. For one, a financial blog is an excellent way to achieve high rankings through optimized keywords for financial services. Additionally, a blog allows you to create trust with potential clients. Further your SEO efforts with high-quality financial content with the following steps:

• Research your target audience, including the content they’re most likely to read.
• Hire highly qualified writers.
• Leverage industry relationships for trustworthy, valuable external links.
• Uphold a high standard of quality for all new and existing pages.
• Create an in-depth “About Me” page that outlines your experience.
• Publish unique, in-depth content (i.e., a financial services guide or other in-depth educational content.)

Make Sure Your Site Is Mobile Friendly 

Mobile search leads the industry with more mobile users searching the internet than any other type. SEO for financial services should include a well-optimized website that’s mobile-friendly. Key pages should be easily accessible on a smartphone or tablet, including content, images, and contact us forms.

Build a Strong Link Profile

Establishing trust is crucial in the financial industry, whether from potential clients or Google search bots. An effective method financial services providers can use to build trust is through building a strong link profile. Backlinks are links that lead traffic from one website to another. 

When you secure link placements on high-value, trustworthy websites, they transfer some of that trust to your own website. Build a strong link profile with the following steps:

• Make a list of trustworthy websites.
• Create publish-worthy content.
• Conduct research that leads to others linking back to you.
• Reclaim unlinked mentions.
• Offer to update outdated content on another website in exchange for a link.
• Submit industry consultation to journalists.

Ensure Best On-Site SEO Practices 

On-site SEO involves optimizing web pages and content for search bots and targeted traffic. Optimize your on-site factors with the following steps:

• Create internal links that direct traffic from one page to another relevant one within your website.
• Optimize each page with headers, a title tag, image optimization, and meta descriptions.
• Focus on a good mix of short and long-tail keywords.
• Apply schema markup to your financial website using local business structured data.

Focus On Technical SEO

Technical SEO involves the optimization of your website’s technical components, ensuring it’s easy to browse and interact with. Finance companies can improve the technical factors of their website with the following steps:

• Check your website speed using tools like Google PageSpeed.
• Use XML sitemaps to tell Google what pages to browse and index.
• Review your Google Analytics account and Google Search Console for site errors.
• Fix redirect errors or broken links.
• Ensure HTTPS for increased website security.
• Find and replace duplicate content.
• Ensure optimized URL structure.

Improve Your Local SEO

Local SEO techniques are especially important for businesses attempting to reach local traffic, including those in the financial services sector. Local SEO strategy focuses on bringing you organic traffic from those in your target market. A few great ways to increase your local SEO efforts include:

• Optimize your Google Business Profile.
• Identify local SEO keywords.
• Collaborate with other local area businesses for shared online marketing initiatives.
• Submit citations to online financial directories.
• Keep an active social media page.
• Ensure your business name, address, and phone number are consistent across all online listings.

Measure and Improve

Monitoring and measuring your keywords and ranking factors helps financial companies know what’s working and what’s not. Using data, you can adjust your SEO for financial services to better meet your goals while still maximizing your budget.

Continue monitoring your rankings and keyword gaps. Keep a close watch on your direct industry competitors to ensure you’re keeping your SEO strategy competitive.

SEO has the potential to boost organic traffic and help financial advisors sign more clients. However, it’s important to note that SEO requires good research and data analytics, especially in the financial sector. High-quality content that helps readers is also especially important since finance falls into Google’s higher standard categories.

With the right optimization strategy, though, you can boost your online traffic and encourage highly relevant users to learn from you, eventually becoming one of your clients.

Leveraging the Power of Search Engines

The majority of financial services clients today are seeking information via search engines. If you want your financial services business to appear at the top of the local search results, SEO is a must. Using a variety of techniques and publishing valuable content are just a few of the best ways to achieve higher rankings and turn increased traffic into clients.

The post SEO for Finance Websites appeared first on Balancing Everything.

With over 4,844 FDIC-insured commercial banks in the US, you may be surprised that none has locations in all fifty states. However, that shouldn’t stop you from banking with any top ones nationwide. These banks still have a broad reach when you include their online services.

If you plan on opening a new account, there are things you need to consider before making that initial deposit. One is the bank’s number of branches, which you’ll learn in this article.

Knowing how these banks measure up is always best before picking one.

Key Takeaways

• JPMorgan Chase has branches in all 48 states and has more branches in the US than any other bank.
• Bank of America is one of the best options for those who value ease of access over higher interest rates.
• In terms of branch count, Wells Fargo is the largest in the country.
• Local banks offer lower fees, relationship-based banking, and personalized products and services.
• If you want to keep your money safe while still having easy access to your funds, you may want to try opening a checking account.

5 Banks with Locations in Nearly Every State

The banking system is one of the most vital features of a successful economy. In the US, multiple banks offer a wide range of services. 

The following banks have locations in more than a third of all the states.

Each bank’s broad reach and services are attractive.  Here’s a closer look at the location and the services:

Chase Bank

As one of the banks in the world, Chase has established over 5,300 branches across 47 states and one in Washington, DC. Alaska and Hawaii are the only states where this bank isn’t physically present. 

Its most considerable number of branches are scattered across the following states: 

• California
• New York
• Texas
• Florida
• Illinois

Chase is also the best bank for frequent overdrafts. This happens when your bank allows you to transact from your account despite insufficient funds.

An overdraft fee is a way to offset the risk financial institutions take by allowing clients to spend money they currently don’t have. If you still wonder why banks charge overdraft fees instead of deducting the money lacking from the next deposit, find out here: Why Do Banks Charge Overdraft Fees?

Bank of America

With 38 US and Washington DC locations, Bank of America has over 4,000 branches. It has the most ATMs nationwide: approximately 16,000 of them. It also has the most business in California, with over 800 branches. 

Aside from California, it also has East Coast and Texas locations. Today, this bank is the third largest in the country by branch count. 

Bank of America is best for those who value ease of access over higher interest rates. It’s also an established bank with many deposit and lending products. 

Bank of America started as “Bank of Italy.” It all began when Amadeo Giannini founded the Bank of Italy in San Francisco in 1904. Initially built to serve working-class citizens in the area, the bank grew drastically and became Bank of America in 1930.

Wells Fargo

Classified as a commercial bank, Wells Fargo is the largest in the country by branch count. It operates almost 4,599 branches scattered across 37 states. It has the most branches in these states: 

• California
• Texas
• Florida
• New Jersey
• North Carolina

No wonder MoneyRates, a reputable financial wealth website, voted this bank the best for its extensive network.

Wells Fargo wasn’t a bank first. Founded in 1852, the company initially provided delivery services to people in California during the Gold Rush. They bought what remained of the Pony Express, which set off between Missouri and California.

PNC Bank

Present in 28 states and Washington D.C., this bank has more than 2,629 branches. PNC has the most branches in these states:

• Florida
• Ohio
• New Jersey
• Pennsylvania
• Texas

MoneyRates rate this bank as the best one for checking accounts, namely its PNC Bank Standard Checking.

One of the most critical steps in managing your money is deciding where to keep it. A checking account lets you deposit and withdraw money easily to purchase or pay bills.

US Bank

US Bank is present in 26 states with over 3,067 branches. It also boasts over 4,700 ATMs. You can find most of its branches in the following states:

• California
• Illinois
• Ohio
• Missouri
• Washington

It is one of the best-known banks in the West and Midwest, and both iPhone and Android users highly rate its mobile banking via its mobile app.

Helpful Article:  Check out this article to glimpse how big the mobile banking app market is in 2023:  Mobile Banking Statistics in 2023: Are Physical Wallets Now Obsolete?

Local vs. National Bank

Though no bank is present in all fifty states, the ones above are more than enough to serve you. You might wonder if it’s better to bank with a national bank than a small, local one.

In the last part of this article, you’ll learn the differences between the two types to help you pick the best choice for your business.

Local Bank

If you plan on starting a business, big or small, opening with a small local bank might be the best idea. 

Here are a few benefits of banking locally:

• Lower Fees: Local banks offer free accounts and lower fees. 
• Personalized Attention: Local banks typically take time to give clients individualized attention.
• Higher Ethical Standards: Policies of local banks and employee behavior directly affect the local community.
• Local Decision Making: By serving a smaller region, local banks can customize their services and products to align with the need of their community.
• Local Connections: Local banks are vital for networking opportunities, providing access to contracts that boost the local economy and grow businesses.
• Collaborative Lending Process: Community banks team up to offer small business administration loans for working capital, debt refinancing, real state purchases, and more.

In 2016, JPMorgan Chase’s CEO, Jamie Dimon, also wrote about the same thing surrounding community banking:

National Bank

Megabanks are typically more accessible because they have more ATMs. Some banking products they offer are the following:

• Savings Accounts
• Checking Accounts
• Money Market Accounts
• Credit Cards
• Personal Loans
• Mortgages

Although they significantly offer higher fees, they ensure financial stability and supervise the financial system. Other than that, they also:

• increase the productive capital of the country by adding to the artificial capital in the credit of the Bank.
• quicken circulation from the preceding cause from the inception of banknotes as money.
• assist industry and trade.
• facilitate the payment of taxes

Choosing one over the two depends on what you need from your bank. Otherwise, you may want to check out credit unions, which offer lower fees than banks.

The global market capitalization of the banking industry grew by €7.3 trillion during the first quarter of 2021.

Bottom Line

Not being physically present in all fifty states has never hindered the services these banks provide to their customers. Knowing your goals, lifestyle, and preferences is crucial to know which bank will be the best for you. 

If you’re frequently traveling to a different state, know if communicating with a teller face-to-face is something you can’t do without. Otherwise, mobile banking, especially with Cash App, can do wonders for your banking needs.

FAQs on Banks with Most Locations in the US 

What other banks have many locations?

Truist Bank and Regions have locations in 15 states, while T.D. Bank is present in 16. You can also choose Bank of the West or First Citizens Bank in 19 states. 

Can I bank without going to a local branch?

You might be okay not going to a local branch if you can do all your banking online. Ensure your bank has a robust online presence and excellent customer service via phone or chat.  

What are the best national banks?

It depends on what you’re looking for. While some people may prioritize a bank’s vast network of branches and ATMs, others choose banks depending on the interest rates and fees.

List of Sources:

• Market Place
• Money Crashers
• List of All Banks in US
• Bankrate
• Crediful
• Investopedia
• Moneyrates
• Moneymylife
• Sapling
• Bankbound
• Founders Archives
• Forbes Advisor

The post Banks With Branches in All 50 States: A Full List appeared first on Balancing Everything.

Increasing Internet and smartphone users is also crucial to mobile banking’s growth. The latest data by Statista reveals that over 7.1 billion people have mobile phones. With this rise in smartphone users comes a surge in the number of mobile banking subscribers as well. 

The following sections outline the statistics that will tell you how formidable this industry is and continues to be. 

Editor’s Choice

• 6  out of 10 mobile users choose finance apps over websites.
• The Far East and China have over 928.9 million active digital bank users.
• Nearly 95% believe their banks will protect the online banking platform and their data.
• Digital banking app downloads in 2022 surged 54%, exceeding 26 million.
• 70% of millennials use mobile banking apps actively for various tasks.
• The global mobile banking market is estimated to reach $1.36 billion by 2028.
• Open Banking users will reach 40 million by the end of 2023.
• 38% of users want fingerprint scanning as part of their apps’ authentication feature.

2024 Mobile Banking Statistics

The global mobile banking market is projected to grow at a significant compound annual growth rate (CAGR) from 2021 to 2028. The market expansion is attributed to the growing adoption of mobile banking services. However, there’s a lot more to it.

Keep reading to understand better how mobile banking has gained the trust of millions of people globally.

Mobile Banking Market Size

Allied Market Research reports that analysts expect global mobile banking to reach $1,824.7 million in 2026, with a CAGR of 12.2% from 2019 to 2026. One element that fuels this growth is the increase in demand for self-service.

Not only will this piece of technology allow you to pay bills anytime, anywhere, but also::

• Access the bank 24/7
• Strengthen security
• Track expenses
• Gain clarity about where one’s financial data is going
• Save money easily

These are only some of the mobile banking market growth drivers. You’ll learn more about the numbers it entails in the following section:

1. In 2030, the mobile banking market is expected to reach $3.47 billion in revenue.

(Market Research Future, Globe News Wire) 

The global mobile banking market is set to undertake an exceptional growth journey and shift from 2023 to 2030. Such change is not surprising, considering the increasing smartphone penetration that fuels the mobile banking market.

Here are some key market players profiled in the global banking market report:

• Capital Banking Solutions (US)
• Strands Inc. (US)
• Ebanq B.V (Netherlands)
• Fisa System (US)
• Nymbus Inc. (US)
• Temenos Group AG (Switzerland)
• Apex Software Ltd. (Kenya)
• Temenos Group AG (Switzerland)
• Neptune Software PLC (UK)
• Dais Software Company

2. 6 out of 10 mobile users choose finance apps over websites.

(Think with Google)

As technology evolves, more people than ever depend on finance and banking apps in their daily lives. App developers have also taken extra steps to enhance their security and privacy policies to combat the ever-present cybersecurity threats.

With the increased trust of customers in these mobile apps, Google discovered that many prefer using them over other mobile websites. One of the primary reasons for this is that mobile apps offer 24/7 access to users. As such, customers no longer need to connect with their bank directly to make essential transactions.

Fun fact: The latest trend in mobile was combining mobile banking with the ATM. The world’s largest banks announced plans to roll out card-free ATMs by mid-2016, letting users conduct smartphone transactions.

Global Mobile Banking Statistics

Due to the birth of new financial technology, banks are modernizing their mobile banking apps to deliver top-tier customer experience. In the global mobile banking market, the leading countries are:

• US
• Mexico
• Canada
• Japan
• China
• Korea
• UK
• Germany
• India
• Australia

Check out the statistics below to see how regions like these expanded their mobile banking market:

3. The Far East and China have the highest mobile banking penetration rate, with over 928.9 million users.

(Statista, Adjust)

As Southeast Asia develops digital transformation strategies, analysts expect the mobile banking market to reach 974.3 million users in 2024. The region’s average yearly finance app installs have expanded by 32% compared to 2022 and 2023 YTD.

As Adjust’s Vice President, April Tayson, adds:

4. Nearly 95% believe their banks will protect the online banking platform and their data.

(Enterprise Apps Today)

Most consumers in the US are happy with the security measures their banks uphold to protect their money and data. 

Customers have complete trust in their banks as the FDC ensures up to $250,000 of their money is saved in their bank accounts. This policy shows that banks will pay their customers money in case of a security breach in the bank.

5. Digital banking app downloads in 2022 surged 54%, exceeding 26 million.

(Market Research Future, World Bank)

The COVID-19 pandemic has significantly influenced the large increase in digital payments. According to World Bank, over 76% of adults worldwide have an account with the following:

• bank 
• other financial institution
• mobile banking app

In World Bank’s President words, David Malpass:

6. 70% of millennials use mobile banking apps actively for various tasks.

(CNBC, Chase Media Center)

Mobile banking has changed how we manage our finances. However, not all generations have adopted mobile banking in the same way. 

7. Around 39% of consumers utilize banking apps as their primary online banking platform.

(Enterprise Apps Today)

Mobile banking apps are at the forefront of the mobile banking trend, and nearly 39% of account holders use them as their primary banking method. These apps offer a convenient user experience. Companies fully support an end-to-end customer experience, helping their consumers do the following:

• Basic and advanced transactions
• Setting up personalized alerts
• Customization of the app’s range of services
• Quick International fund transfers
• Receipt of paperless bills
• Other services

Not only are these banking apps at the forefront, but they are crucial in boosting the industry’s growth.

8. 32% of the UK’s population made in-store payments in 2023.

(Cyber Crew UK)

During the pandemic, contactless payments in the UK grew by 12% to 9.6 billion payments. The report emphasizes firm growth in using mobile phones and smartwatches to settle payments. 

With more people working from home, there’s a constant increase in remote banking as well, providing a convenient way for people to manage their finances.

Fun fact: Only 24% of women in London had a digital bank account in 2021. As more women prefer not to open an account in digital-only banks, this gender disproportion possibly stays strong among all the digital banking trends.

Mobile Banking Trends and Statistics: Present and Future

More accessible and safer AI-powered mobile banking and open banking are just some of the few elements shaping and will shape the landscape of the mobile banking market. 

Here are more compelling trends and statistics to watch out for:

9. The global mobile banking market is estimated to reach almost $1.36 billion by 2028.

(Globe News Wire)

The rising number of unique mobile phone users is boosting the growth of the global mobile banking industry. Rising technological advancements is also driving its tremendous growth. 

The number of unique mobile phone users is increasing by 1.8% yearly. There are 5.44 billion unique mobile device users as of January 2023, and close to 1 million new smartphones are coming into use every day. 

Banks are also shifting their priority to transactions users can do when they are mobile since the number of mobile banking subscribers is also increasing. 

10. By the end of 2023, banks are projected to save $447 billion by AI app usage. 

(Business Insider, appinventiv)

The savings include how mobile banking apps use artificial intelligence. We can see this in FinTech as the industry grew from $128 billion in 2018 to $310 billion in 2022. 

The benefits AI-powered banking apps provide are the following:

• Better fraud detection
• Financial planning
• Automated transactions
• High-level security
• Better customer services
• Personalized reminders
• Reduced operational costs

Banks cannot deny artificial intelligence’s crucial role in making mobile banking more efficient. According to Accenture, AI can help banks to reduce costs by up to 25%.

To learn more, watch JPMorgan Chase’s Sameena Shah talk about “How AI is Powering the Future of Financial Services”:

11. Users of Open Banking will reach 40 million by the end of 2023.

(Finance Magnets, Light it Global)

Open banking is where financial institutions allow third-party providers to access customer data via open Application Programming Interfaces or APIs. This mechanism enables customers to access various financial services through a single platform because it allows banks to collaborate with fintech firms.

Open banking was the next logical step the financial sector had to take once digital banking became a norm. Allowing access to consumers’ financial info has always been seen as a way to satisfy the client and minimize multi-banking complications.

The 40 million consumers who will use this capacity this year is tremendous because it is more than double the number of users in 2021, which was 18 million.

12. 38% of users want fingerprint scanning as part of their apps’ authentication feature.

(Light It Global)

A survey by Business Insider shows this item as the fourth most wanted feature among users. Mobile banking services always have to come with the most secure safeguards both banks and technology companies can offer, and fingerprint scanning is part of many safeguards being used now.

Another authentication feature is face scanning, and 17% of surveyed users prefer it as a method of logging in, while 15% would like the eye scan log-in. On the other hand, 5% would like to be able to control the app through voice commands.

All of these recent statistics show how bright mobile banking’s future is.

Did You Know?  Biometrics can be traced back to ancient times when fingerprints and handprints were applied as seals and signatures. The use of biometrics as a tool for identification and security purposes started in the late 19th century with the work of Alphonse Bertillon.

Bottom Line

Technology is fast-evolving. The above statistics show that the right blend of innovative technologies, the COVID-19 pandemic, and the proliferation of smartphones drew more customers to shift from traditional to mobile banking. The mobile banking industry has nowhere to go but up in the coming years. 

FAQs on Mobile Banking

What is the purpose of mobile banking app?

A mobile banking app allows you to check your balances, view transactions, send and transfer money, and manage your finances without the need to visit the branch or ATM. 

What is the disadvantage of mobile banking apps?

Although it rarely happens, as long as we’re connected to the Internet, there will always be potential security risks and tech issues. 

What are the top US banks with mobile apps?

Citibank, Wells Fargo, USAA, NFCU, and Bank of America are the top national banks with mobile apps. 

What are the most current trends in mobile banking?

The mobile banking features that are the most in-demand in 2023 are biometric authentication, open banking boost, digital-only banks, blockchain, machine learning and AI, and regulatory technology. 

What is CAGR?

CAGR, or Compound Annual Growth Rate, is the rate of return (RoR) required for an investment to grow from its beginning to its ending balance, assuming investors reinvested the profits at the end of each period of the investment’s life span.  

Sources

• Statista
• Allied Market Research
• Market Research Future
• Global News Wire
• Think with Google
• Statista
• Adjust
• Enterprise Apps Today
• Market Research Future
• World Bank
• CNBC
• Chase Media Center
• Cyber Crew UK
• Globe News Wire
• Business Insider
• Appinventiv
• Finance Magnets
• Light It Global

The post 12 Fascinating Mobile Banking Statistics and Trends appeared first on Balancing Everything.

The banking industry incurred the most cybercrime cost in 2018 at $18.3 million, and a good part of it resulted from hacking. Contrary to popular belief, hackers don’t only target large companies but users’ digital banking accounts as well. 

These criminals are ruthless and can target anyone. Learn about the recent statistics in this article to help you protect yourself from online banking hacking and other related threats. 

Editor’s Choice

• 42% of internet users don’t think their accounts are worth hacking.
• Bank transfer or payment frauds accounted for $756 million worth of losses in 2021.
• $3.1 billion was the accumulated reported loss of Americans due to cybercrimes.
• 20% of Account Takeovers resulted in financial loss.
• 43% of bank executives believe their banks are vulnerable to cyberattacks.
• Financial businesses are the targets of 25% of all malware attacks.
• Email is used in 96% of phishing attacks.
• FBI recorded 241,342 victims filing phishing complaints.
• The average amount lost per phishing attack is $136.

Online Banking Statistics

Banking plays a vital role in almost every household.  It allows people to manage their money, buy their wants and needs, and save for the future. However, technology is ever-evolving, and here comes online banking.

The succeeding sections will give you an informed insight into this growing popular way of managing finances and the cyber threats that come with it.

Online Banking Consumer Statistics

The transition from traditional in-branch services to online banking did not happen instantaneously. The banking industry spent decades preparing even before Internet access became the norm. 

Here are statistics about online banking consumers:

1. In 2022, 80% of millennials in the US used online banking services.

(PwC, Chase Media Center)

Age-related differences in the use of digital banking services are significant, with millennials using them more frequently (80%)  than baby boomers  (48.5%).

The most recent Chase Media Center study revealed that Millennials and Gen Z use mobile banking apps, like CashApp, for creating savings goals. In their study’s data, such age groups typically complete multiple tasks with the app. 

2. 20% of adults do online banking while connected to a public WIFI.

(PewResearchCenter)

Due to its lack of security, a hacker may be able to get into a public Wi-Fi network and put viruses and malware on your device. However, 54% of internet users say they connect to a public WIFI connection.

3. 42% of internet users don’t think their accounts are worth hacking.

(LastPass)

People underestimate how valuable their information is. This type of mindset is the reason why 111.7 million Americans are hacked annually. 

Even though you’re confident about being the last person to get hacked, cybercriminals have many other ways to make you pay.

Pro Tip Secure your browser, and consider limiting what and how you share content online.

4. 75% of American worry about cybercrime.

(Statista)

In 2022, 75% of Americans worried about hackers stealing their personal, credit card, or financial information. 73% were concerned about identity theft.

Note:  You should care about these issues, considering that cybercrime was and still is one of the most reported crimes globally. You can reduce the risk to yourself, your family, and your workplace by learning some basic terminology. Familiarize yourself with this helpful infographic from the UK’s National Cybersecurity Centre:

Online Banking Fraud Statistics

American consumers lose more than $80 billion annually due to insurance fraud.  Similarly, bank fraud is a severe problem affecting individuals worldwide. The most common committed fraud online is the following:

• Credit card fraud
• Identity theft
• Embezzlement

Read these digital banking fraud statistics to wise up and take some precautions against bank fraud:

5. 14% say someone has tried to open credit lines or take out loans in their name. 

(Pew Research Center)

About 14% of Americans say that someone has tried to open credit accounts or get loans in their name, and 6% claimed that someone had tried to impersonate them to claim their tax refunds.

Fun Fact: Higher earners generally get better chances of opening credit accounts and loan approvals. Banks are more confident that the rich can repay the debt.

6. Bank transfer or payment frauds accounted for $756 million worth of losses in 2021.

(Statista)

This incident was a 72% increase from dollars lost in 2019, which was $439 million. 

Note: What are bank transfer or payment frauds? These are financial scams affecting individuals and businesses. Typically, these happen when money is deposited into a bank account held by a cybercriminal. To trick victims into wiring money,  these criminals impersonate a real person or use a trade name without authorization.

 Here are several types of bank transfer scams:

• Fake supplier fraud
• Bank account scams
• Fake president fraud
• Phishing
• Internal fraud

Pro Tip:  To protect yourself from these frauds, only open accounts with banks with trusted security features.

7. $3.1 billion was the accumulated reported loss of Americans (aged 60 and above) due to cyber crimes.

(FBI)

Seniors and older people are frequently the victims of identity theft, fraud, and other cybercrimes. Hackers and scammers find them more appealing because they have more wealth and better credit.

Here’s the reported loss due to cybercrime by age:

• Under 20: $210 million
• 20-29: $383.1 million
• 30-39: $1.3 billion
• 40-49: $1.6 billion
• 50-59: $1.9 billion

8. IC3 reported a $6.9 billion loss in the United States due to cybercrime in 2021. 

(FBI, Sophos Cyber Security, CSO)

The recorded loss shows an increase over the previous year’s figure of $4.2 billion in 2020. Since 2017, this figure has continuously climbed upwards to $1.4 billion.

In 2018, the same report revealed 301,580 complaints regarding cybercrimes, accounting for $1.4 billion. The most consistent growth was phishing and other types of credential-based attacks. This expanded from 25,000 incidents in 2017 to nearly 324,000 in 2021.

Cyber security expert, Scott Schober, said:

Account Takeover (ATO) Statistics 

Account takeover is a kind of identity theft and fraud when a hacker accesses a user’s login information. By posing as the victim, hackers can:

• update account information
• send phishing emails
• take financial information
• gain access to other accounts.

If you ever plan on investing in solutions to combat cybercrimes like account takeover, see its 2023 statistics below:

9. In 2021, 32% of ATOs were bank accounts.

(Security.org)

Of the accounts taken over, banking accounts were 32%. Social media accounts comprised 51% of account takeovers, while email and messaging platforms comprised 26%.

Here’s the breakdown:

10. Almost 1 in 4 Americans are account takeover fraud victims.

(Veriff)

22% of adults in the US have had their accounts taken over, which adds up to over 24 million households.

Hackers would usually make the following changes:

• Change the personal information
• Request a new card
• Add an authorized user
• Change the password

11. 20% of Account Takeovers resulted in financial loss.

(Security.org)

The average amount due to unauthorized access to financial accounts is almost $12,000. 

An account breach can severely damage a business’s reputation. Customers are big on keeping their data safe. Hearing about account takeover fraud on the news could discourage them from opening an account with that business.

Pro Tip:  Being reactive is the key to safeguarding your business from account takeover. It means establishing measures to detect and block fraudsters before they can perform a breach.

12. Account takeover fraud is recognized by 74% of people as a potential hazard.

(Veriff)

According to research, 74% of people know that account takeover fraud poses a threat, and 18% are unaware of what it entails. Another 9% are unsure if they have even heard of it.

13. 93% of banking fraud occurs online.

(Feedzai)

Financial institutions must examine and strengthen their ability to detect, prevent, and mitigate fraud because 93% of banking fraud occurs online, and 83% of all card fraud happens online.

Warning:  Documents like bank statements, check stubs, tax-related papers, and credit card applications have enough data to set you up for identity theft if the wrong person gets their hands on the information. Do NOT throw papers like this in your trash bin. Shred them instead.

Cyberattacks on Banks and Financial Institutions

Cyberattacks and data breach incidents remain a major threat to banks and financial institutions. In 2019, Boston Global Wealth reported that financial institutions are more likely to be targeted by cyberattacks.

Listed below are statistics showing why banks are gaining heavy-handed attention from criminals:

14. 43% of bank executives believe their banks are vulnerable to cyberattacks.

(KMPG)

43% acknowledged that their bank might be ill-equipped to protect a client’s data, privacy, and assets against cyberattacks. Meanwhile, only 48% claimed to invest in improving cybersecurity.

15. 3 out of 4 financial security leaders encountered one or more ransomware attacks in 2022.

(Insider Intelligence)

74% of financial security leaders reported being victims of one or more ransomware attacks, with 63% paying the ransom.

Did You Know?  Many ransomware attacks exist, and one of the biggest ones is WannaCry. In 2017, it spread like an epidemic and held hostage the files and data of over 250,000 Microsoft Windows users across 150 countries, causing a $4 billion loss.

16. 92% of ATMs are vulnerable to hackers.

(Positive Technologies)

The lack of hard drive encryption exposes 92% of ATMs to various attacks. A hacker can link to an ATM, deactivate security mechanisms, and control the cash dispenser.

Researchers also found that 85% of ATMs need better security against network attacks like spoofing the procession center.

17. $1 billion was lost from 100 banks in over 30 countries due to cyber theft in the past two years.

(Proofpoint)

A hacking group called “Carbanak Cybergang” is thought to be behind the attacks. To avoid suspicion, the gang confined the heist at each bank to $10 million.

Most compromised banks were Russian, but 30 other nations, including Japan, Europe, and the US, were affected.

Did You Know?  Carbanak leader was arrested in Spain in 2018. Europol reported that the arrest resulted from a solid investigation with the help of different authorities. The attackers initially planned to target over 100 financial institutions across 40 countries.

18. Banks and other financial businesses are the targets of 25% of all malware attacks.

(Forbes)

More malware attacks hit banks and other financial services companies than any other industry. Compromised credit cards increased by 212%, credential leaks by 129%, and malicious software by 102%.

Phishing Statistics

Phishing is a growing threat and becoming more widespread every year. With nearly 145 billion spam emails sent daily in 2021, it is the most common form of cybercrime.

In this last section, you’ll learn the examination of phishing data on the global economy:

19. Email is used in 96% of phishing attacks.

(Verizon)

Email is the primary method of delivery for 96% of phishing attacks. Just 1% are committed by phone, while another 3% happen on malicious websites.

Pro Tip:  An anti-phishing add-on on your browser would be wise. Most browsers, if not all, enable you to install add-ons that spot the signs of a malicious website. They are also typically free.

20. 97% of people are unable to identify a sophisticated phishing email.

(BusinessWire)

Only 3% of the roughly 19,000 survey participants from 144 countries could correctly identify every example, and 80% of participants got at least one of the phishing emails wrong.

Pro Tip:  Phishing emails are usually from the public domain. For example, an email address that reads ‘paypalsupport@gmail.com.’ At first glance, it seems legitimate.  However, you should take note that the essential part of the email address is what comes after the @ symbol. It indicates the org from which the email has been sent.  If the email is from ‘@gmail.com’ or a different public domain, you can be certain it comes from a personal account.

21. FBI recorded 241,342 victims filing phishing complaints.

(FBI)

With 241,342 victims filing complaints, phishing was the most common cybercrime reported to the FBI in 2020.

Here are the top five reported crime types for 2020:

22. 26% of Americans have been exposed to email phishing attempts.

(AICPA) 

Three in five (60%) of US adults report that they or a family member have been victimized by a scheme, including:

• Fraudulent IRS letter, email, or telephone: 34%
• Credit card number theft: 28%
• Phishing emails: 28%
• Fraudulent disaster relief solicitation: 18%
• Opening new credit: 11%
• Pyramid scheme: 10%
• Tax refund claim: 6%

23. The average amount lost per phishing attack is $136.

(SurfShark, GetAstra)

Phishing victims lost $136 on average, totaling $44.2 million taken by cyber criminals through phishing attacks in 2021. According to GetAstra, statistics also suggest that over 1.2% of emails are malicious. It is equivalent to 3.4 billion phishing emails daily.

24. 45% of users were exposed to phishing links on their mobile devices.

(Security)

Attackers often use phishing links to send malware to a device that can stay on the device for a long time and continue to steal data.

Wrap-up

Online banking is a convenient and safe way to store money. However, the statistics in this blog show that you should be cautious due to the prevalence of online bank fraud and growing cybercrime in the banking industry.

Consider establishing a more secure way to access your bank accounts online using secure passwords and network connections.

FAQs on Account Takeover Fraud

How do I recognize phishing emails?

Phishing emails are almost impossible to recognize. However, some visual signs might help, such as poor grammar, unusual sense of urgency, instruction to send money, etc. 

What do I do if my bank account has been hacked?

Contact your bank or card issuer. If funds have been withdrawn, they will secure your account and prevent further withdrawals.  

Can I get my money back after getting hacked?

Yes, your bank must refund any money taken from you due to fraud and identity theft. 

Sources:

• Juniper Research
• Astra Security
• Accenture
• PWC
• Chase Media Center
• Pew Research Center
• Last Pass
• Zippia
• Statista
• Pew Research Center
• Statista
• FBI
• Sophos Cyber Security
• CSO
• Security.org
• Veriff
• Feedzai
• BCG
• KMPG
• Insider Intelligence
• Positive Technologies
• NCR
• Proof Point
• 2-spyware
• Forbes
• Verizon
• BusinessWire
• FBI
• AICPA
• SurfShark

The post 2024 Online Banking Hacking Statistics appeared first on Balancing Everything.

If you’re familiar with the real estate market and want to kick your investing strategy up a notch, then the BRRRR method might be just what you’re looking for. Standing for Buy, Rehab, Rent, Refinance, and Repeat, this proven strategy allows you to grow your portfolio while offering a high-quality property for your renters. The boosted value of the property means that you can command greater rents than you could in its original state, and you can use each property as a launchpad for your next investment. Let’s take a look at the steps necessary to get started with this well-respected and highly successful method of real estate investment.

Step one: Set your investment criteria

In order to streamline your search, you need to have a strategy in place, or you’ll simply be picking at random and may not select the most promising investment. Factors you should consider are the timeline and sum of your desired return on investment, the monthly cash flow you need, the general location you’re going to search, and what type of real estate property you will be considering.

Step two: Get financing

For the BRRRR method, you’re looking at distressed properties, which means that you may not be able to secure a conventional loan through a bank. This gives you several other options: a DSCR loan through a private lender, a home line of credit, or covering the cost yourself. You should roll the cost of repairs into this, as doing so will both ensure you have the cash on hand to start right away and that you don’t go massively over budget with rehabilitating.

Step three: find, research, and purchase a property

This part of the BRRRR method, as you might expect, is the most complicated and involves the most work. Just as when purchasing any real estate, you need to identify possible candidates, perform due diligence, make an offer, and finally close the deal with the seller.

Step four: renovate the property

Before you begin to rent the property, you have to bring it up to an acceptable market standard, which includes fixing any code violations, installing or updating appliances, and adding amenities that will attract renters. Try to choose investments that cannot be damaged by tenants, then use low-cost but serviceable items for things like cabinets and doors.

Step five: find tenants

It’s essential that you perform due diligence on your tenants and that you charge a fair market price. Being a good landlord can be time-consuming, so you might consider hiring a property management company and subtracting this from your monthly profits, which is a common strategy for those who regularly use the BRRRR method.

Step six: refinance the property

After you’ve built up some equity and have a steady revenue with renters, it’s time to move on to the next step of the process, which is refinancing so that you can prepare for your next acquisition. Work with a mortgage broker or lender to get the property appraised at its new market value, then get a cash-out refinance mortgage to give you the funds for another property. Both the rental income and the appreciation will help you qualify for better terms than your initial investment, meaning that you save in the long run.

Step seven: repeat the process

With cash in hand, you can now start over by buying a new property, taking the same steps as you did for this first one. Over time, you can build up a sizable portfolio of profit-generating profits; should you need to downsize, you can sell off one of the properties while still maintaining the income from the others.

As with any investment, the BRRRR method is not without its risks

It’s important to note that this method of investing requires a great deal of research and risk: it’s a hands-on strategy that can pay off big, but it’s vulnerable to economic downturns and issues with the individual properties you choose to invest in. You should try this strategy when you have a bit of cushion rather than starting on a shoestring budget; it’s also best if you familiarize yourself with the real estate industry first so that you can identify promising properties and negotiate with sellers to get a good deal. Overall, this is a highly effective blueprint for the right investor, one which has been utilized by thousands of highly successful businessmen. With research and careful consideration, you can develop a hearty portfolio that will continue to generate income for years.

The post How to Invest in Real Estate With the BRRRR Method (Step-by-Step Guide) appeared first on Balancing Everything.

In this article, you will learn more about how users can maximize Cash App: one of the most popular peer-to-peer payment services in the market today.

Cash App’s Banking Partners

In collaboration with Sutton Bank and Lincoln Savings Bank, Cash App facilitates its users’ transactions through them. Depending on your location, it uses the routing numbers of one of these two banks.

Sutton Bank

Sutton Bank is a Financial institution in Ohio, United States. It is one of the country’s oldest banks that enables Cash App to offer prepaid debit cards.

This bank also makes the Cash App Visa prepaid card possible. This allows users to buy and withdraw money, as long as the account has enough funds. It is a virtual card but there’s an option to avail of the physical card. It’s similar to the virtual option as it contains a 16-digit account number. 

The card’s credit limit depends on how much money is available in your Cash App account. You are not allowed to exceed the funds through individual or series transactions. 

Suppose you want to check your transaction history for the prepaid card. In that case, you’ll need to use your Cash App account. Sutton Bank is not responsible for providing you with these details. 

Lincoln Savings Bank

Lincoln Savings Bank was founded in 1902 and is based in Iowa. Although the bank primarily serves customers through its physical branches, it also provides many online services. Cash App uses this bank for its direct deposit feature. 

Cash App and Lincoln Savings Bank began their partnership in 2018. This allows the mobile application to expand its banking service offerings. Without a banking partner, there wouldn’t be a Cash App as it doesn’t have a banking license.

You do not need to create an account with Lincoln Savings Bank to use Cash App to receive direct payment deposits. Through the app, you will be instantly issued a bank account. The app will also provide the routing information needed for direct deposit.

For direct deposits, here are the details:

• Lincoln Savings Bank
• 508 Main, PO Box E
• Reinbeck, IA 50669
• Member FDIC

Cash App Direct Deposit Account & Routing Numbers

Enable Direct Deposits to regularly and automatically deposit your paycheck to your Cash App using your account and routing number or by getting a direct deposit form.

To use your account and routing number:

• Tap the Money tab on your Cash App home screen
• Tap the routing and account number below your balance
• Use the options to copy your account and routing numbers
• Provide the account and routing number when prompted for a bank account during direct deposit setup

To get a direct deposit form:

• Tap the Money tab on your Cash App home screen
• Tap Direct Deposit
• Select Get Direct Deposit Form
• Fill out your employer information, the amount you would like to be deposited from each paycheck, and provide your signature
• Select Email Form and enter the recipient address before tapping send

Your completed direct deposit form can be viewed at any time by tapping “Get Direct Deposit Form” from the “Money tab” and selecting “View Previous Form.”

With the cash App direct transfer, you can get up to $25,000 every direct deposit and up to $50,000 in 24 hours.

Bottom Line

Linking your bank account to different third-party finance apps does make some wonders: hassle-free payment, more convenience when transferring funds, and in some cases, some banks waive monthly maintenance fees when you connect to another account. So might as well give it a try.

FAQs

Can I use Cash App Pay in my country?

Yes, you can. But only if you reside in the United States or the United Kingdom. The payment app only allows you to transfer money from one US or UK bank account to another, meaning both the sender and the recipient must have US or UK bank accounts.

Does Lincoln Savings Bank own Cash App?

No. Lincoln Savings Bank only provides banking services to the app’s users. Cash App is owned by Block Inc, formerly known as Square Inc.

Why is Cash App not considered a bank account?

Because it is not a deposit account at a chartered financial institution, Cash App is not considered a typical bank account. It is instead a payment software that allows users to save money, transmit payments, and access extra financial services such as the Cash Card.

Does Cash App Have a Debit Card?

The Cash Card is the Cash App’s debit card. It functions similarly to any other bank-issued debit card and is accepted everywhere Visa is accepted.

Is there any limit to how much I can send and receive on my account?

Cash App allows you to transfer up to $250 in each seven-day period and receive up to $1,000 in any thirty-day period. You can raise these restrictions by validating your identification with your full name, date of birth, and the last four digits of your Social Security Number.

Sources:

• Bankrate 
• ZDNET
• INSIDER
• TOP MOBILE BANKS
• FindABetterBank
• Cash App
• The Healthy Journal
• SuttonBank
• MARKET REALIST

The post What Bank Does Cash App Use? appeared first on Balancing Everything.

Not all credit unions are made equal so you must know which ones have a broad reach in the country. In this article, we’ve compiled the top-rated ones, which are: 

• Alliant Credit Union
• Pentagon Federal Credit Union
• Consumers Credit Union
• Navy Federal Credit Union
• First Tech Federal Credit Union

These credit unions are excellent according to their scope and other unique strengths. Let’s discover them here. 

Nationwide Reach of the Best Credit Unions and Their Features

These credit unions are available nationwide and some even have branches in major cities. With a broad reach, these institutions also offer better rewards, rates, and returns, so it’s a matter of choosing which ones will fit your needs.

Alliant Credit Union

Alliant has a wide scope with an extensive network of over 80,000 ATMs nationwide. It offers its customers both above-average rates and broad membership criteria. The two latter qualities are what other credit unions can only dream of having because they only provide one of the two. Alliant has high-yield rates for both checking and savings accounts.

Although Alliant has no physical branches, its mobile and online presence is strong. Members can use the app to do the following:

• deposit checks
• make payments
• manage accounts
• use the built-in budgeting tool to set financial goals

Its standout products include a 2.5% cashback on its Alliant Cashback Visa® Signature Credit Card and the Alliant Credit Union High-Rate Checking, a no-fee checking account. Many reviewers cite this credit union as the best credit union overall.

Consumers Credit Union (CCU)

The Consumers Credit Union also has a broad reach with 11 branches across Illinois. Members can access over 5,000 shared branches and 30,000 co-op ATMs in the country. 

CCU is known for its checking account with high rates. It can go up to 5.00% APY or annual percentage yield (the actual rate of return earned in one year, with compounded interest). You can be a member of CCU by paying a one-time fee of $5 to its sponsor, the Consumers Cooperative Association. 

CCU offers a range of the following:

• checking and savings accounts
• mortgages
• personal and auto loans
• credit cards

One of their special offers is the Consumers Credit Union Rewards Checking Account. They offer an APY of 100 times more than the national average of 0.04%.

Pentagon Federal Credit Union (PenFed)

PenFed has a vast reach. As a member, you have access to more than 85,000 ATMs nationwide. It has 48 branches in 15 states. Its mobile app also has a robust online presence, which draws in solid user ratings. Its phone support is commendable since you can contact them well into the evenings, Eastern time, and even on weekends.

Formerly exclusive to military personnel and their families, PenFed is now open to everyone. They offer competitive rates for the following:

• online savings accounts
• checking accounts
• money market certificates, which is its version of certificates of deposit 

This credit union also provides a good APY on their premium savings account. They are known to be the best regarding rewards credit cards.

First Tech Federal Credit Union

Based in San Jose, California, First Tech has a nationwide reach with 39 branches in 8 states and even Puerto Rico. You can join the Community History Museum (CHM) or Financial Fitness Association (FFA) to become a member, and you will get your first year free.

First Tech has some of the best low-interest credit cards out there. It offers the Platinum Mastercard® from First Tech Federal Credit Union and the Choice Rewards World Mastercard® from First Tech Federal Credit Union, with variable APR ranging from 11.49% to 18.00%. Though these rates are low, paying off your credit card bills on time is best to avoid interest charges.  

Aside from excellent credit card offers, First Tech also offers the following:

• individual retirement accounts or IRAs
• checking and savings accounts
• mortgages
• personal and student refinance loans
• auto loans

Navy Federal Credit Union (NFCU)

Rounding up the list of credit unions with a nationwide reach is the Navy Federal Credit Union. NFCU is ready to serve you with 341 branches in 31 states and through a reliable mobile and online presence. It’s important to have ties to any of the following to become a member:

• The Army
• Marine Corps
• Navy
• Air Force
• Coast Guard
• National Guard
• Space Force
• Department of Defense

NFCU is one of the best credit unions out there because of its products with fewer fees and better rates. Members save an average of $352 per year. 

Its credit card products received the highest overall satisfaction score because of its terms, benefits, services, and rewards. A Visa Signature® Flagship Rewards Credit Card holder can enjoy a 9.99% to 18.00% variable APR and other attractive perks.

Across the board, these institutions want you to become their members, so there’s no fuss about some basic requirements: $0 monthly maintenance fees and relatively low minimum deposit requirements.

The Bottom Line

The right credit union for you depends on whether they offer what you need. You’ve seen the nationwide reach of each one above. See if they serve your locality. If they do, you won’t have to go far. Then review the reach and membership requirements of many others and their financial products to help you decide.

FAQs 

Although these credit unions have a broad reach, is it safe to use them?

Doing business with credit unions is safe because the National Credit Union Administration or NCUA oversees them. The NCUA insures up to $250,000 of your funds. It’s the same amount the FDIC insures in traditional banks.

Do credit unions offer different products from traditional banks?

Credit unions often provide the same financial products as traditional banks, such as checking accounts, high-yield savings accounts, credit cards, mortgages, personal and auto loans, and more.  

Why should I use a credit union instead of a traditional bank?

Sometimes traditional banks charge you tons of fees, but having an account with the best credit unions can help you avoid that. The latter typically offer lower monthly costs, better interest rates, and improved customer service. 

Sources:

• nerdwallet
• nerdwallet
• nerdwallet
• nerdwallet
• WELL KEPT WALLET
• CNBC Select
• Investopedia
• THE COLLEGE INVESTOR

The post The 5 Credit Unions With The Widest Reach  appeared first on Balancing Everything.

If you are looking for the safest banks in the U.S. to deposit your money, then this article is for you. Here you’ll gain insight into the safety features of the following banks: 

• U.S. Bank
• Bank of America
• JPMorgan Chase
• PNC Bank
• Citibank
• Wells Fargo
• Capital One 

7 Banks And Their Security Features

These seven banks share some tight security features with each other and a few have their own unique safeguards. Let’s start with the largest bank on the list.

JPMorgan Chase

Chase has been in the banking game for the longest time. Founded 224 years ago in September 1799, it has $3.7 trillion in assets as of 2022, over 4,700 branches, and more than 16,000 ATMs. 

Security features include:

• Transaction alerts for suspicious activity
• Two-factor authentication.
• Controlled access to your information by third-party websites

Publication giant, Global Finance, ranked Chase in the top 10 safest banks in the country in 2022. They have put up better safeguards after a massive data breach affecting 76 million households in 2014. Included in these safeguards are a $250 million yearly investment in cybersecurity and the employment of 1,000 personnel to oversee its systems.

Bank of America

This bank is the second-largest in assets worth over $3 trillion. It has over 3,800 branches and 16,000 ATMs. Its Advantage Plus Banking has several security features including:

• Fraud monitoring
• Total Security Monitoring®
• Online and Mobile Security Guarantee

With Total Security Monitoring, Bank of America provides you with account custom alerts, debit card controls, and safe mobile deposits. With online and mobile security, you are never liable for unauthorized transactions as long as you report them immediately.

Wells Fargo

Wells Fargo has headquarters in San Francisco and New York City with a vast banking system. It operates well over 4,900 branches and 12,000 ATMs. As of 2022, it has $1.9 trillion in assets. 

Like Chase, Wells Fargo has a standard yet solid two-factor authentication and transaction alerts. They also allow you to:

• Turn your cards and digital numbers on and off
• View recurring payments
• Control third-party access to financial statements

One feature unique to Wells Fargo is the biometric sign-on and voice verification, which are very secure ways to confirm your identity. 

Citibank

Despite having formed only in 1998 after a merger between Citicorp and Traveler’s Group, the multinational investment and financial services bank, Citigroup is one of the big four banks in the country. Citibank is its consumer-facing bank.

With over 70,000 ATMs, more than 700 branches nationwide, and even more abroad, Citigroup has $2.381 trillion in assets in 2022.

Just like other banks, its security is reliable. They offer these features:

• Customer liability protection
• Account alerts
• Turn cards on/off
• Have two-factor authentication
• Data encryption

PNC Bank

PNC is another bank with a long history starting in 1852. Its headquarters are in Pittsburgh, PA, operating over 2,600 branches and 9,000 ATMs. Its assets are at $559 billion.

Like other banks, it uses data encryption to safeguard your banking information. Other safeguards are:

• Security questions
• Two-factor authentication
• Customer reporting of suspicious activity

PNC also offers a variety of resources for safe banking practices.

U.S. Bank

Also referred to as U.S. Bancorp, it provides a set of identity authentication features many customers rely on: 

• One-time passcodes
• Biometrics
• Visual patterns

Just like other banks, they use data encryption. They also allow you to report suspicious activity and provide valuable resources to prevent fraud. U.S. Bank is the fifth-largest in the country, with over 2,000 branches, more than 4,800 ATMs, and a record $601 billion in assets. 

Capital One

A newer bank formed in 1994, Capital One has grown significantly, with $455.2 billion in assets as of 2022. Because it is an online-only bank, it only operates 299 physical branches. Yet, one should be aware of its online system. You can safely do a lot using its mobile app. And there are more than 70,000 ATMs ready to serve you.

Capital One’s security features include the following:

• Account alerts and monitoring
• Turning your card on and off
• Two-factor authentication
• Setting up virtual cards to avoid using your real numbers online

These security details will help you choose which bank to flock to. 

Another two critical parameters are whether or not the FDIC insures your bank and if they refund your money when there’s a breach.

FDIC-insured and Money-Back Guarantee  

The FDIC will protect your money in case something happens to the bank. Your deposits of up to $250,000 are safe.

Next, check if the bank will refund your money if someone accesses your account without your consent and if they will return it immediately. Here’s how each bank performs using those standards.

Bank	FDIC-insured	Money Guaranteed Against Unauthorized Access	Next Day Cash Reimbursement
U.S. Bank
Bank of America
JPMorgan Chase
PNC Bank
Citibank
Wells Fargo
Capital One

Your money will be insured if you store it in any of the banks listed, but Bank of America and Chase are the only ones that will reimburse your money overnight when you promptly report unauthorized access. 

Another factor to consider is the size of the bank. Larger banks are generally more secure because they are older and have more experience dealing with financial crises and other difficulties. When compared to smaller ones, the government is more likely to assist them in times of need.

Also, larger banks have more resources, sources of income, significant reserves, and options when recovering from a loss. As such, you can rely on the “big four” banks: Chase, Bank of America, Wells Fargo, and Citibank. But it’s also safe to bank with the others on the list.

Final Thoughts

Overall, data on bank safety is not widely available in the country. Bank personnel will be suspicious if you ask them a lot of questions. The parameters we’ve used here could help you decide on the bank for you. Still, take some time to see what other customers are saying about the bank you have in mind. Sites like Better Business Bureau, Trustpilot, and others can help you. 

FAQs 

Are national banks safer than local/smaller banks?

It’s not a general rule that national or bigger banks are safer. Regardless of size, if your bank has a formidable security system, it determines how secure it is. 

What other security features does my bank offer?

One neat technology you will commonly see now is the EMV chips on debit and credit cards. These little gold or silver chips are safer than the black magnetic strips at the back of cards.  

What else should I consider when choosing the safest bank for me?

Consider a bank’s customer service. Banks that are easy to contact at any time of the day are a good sign that they can take good care of you and your finances. 

Sources:

• NOMAD CAPITALIST
• usbank
• PennState
• Fair Shake
• CreditDonkey
• CreditDonkey
• the ascent
• mybanktracker
• mybanktracker
• The Guardian

The post The 7 Safest Banks in the U.S. appeared first on Balancing Everything.

In this article, you’ll discover how Venmo appears on a bank statement and what to do with unknown transactions. 

What Do Venmo Transactions Look Like in A Bank Statement?

Venmo allows you to pay and request money from people you know. You won’t have a hard time seeing which transactions are Venmo ones in your bank statement, but note that not all will appear in it. 

If you use your Venmo account, which includes a transaction via your bank account, that will usually show up on your bank statement. But if you only used the app without using your linked bank account, it will not reflect on your bank statement.

The bank will label “Venmo” only those transfers or payments you made within the app which dealt with your bank account. They won’t include the names involved in the transaction since it needs to uphold the security and privacy of your Venmo transactions. 

Here’s a sample scenario to understand which transactions will reflect on your bank: 

Scenario: You buy coffee and pastries worth $10:

a) You want to pay for it using your Venmo wallet, but it only has $7.

b) You transfer cash from your bank account to your Venmo. 

c) Then you pay for what you bought using your Venmo wallet. 

d) You will see this transaction in your bank statement later on.

This process is straightforward and will appear in your bank statement since your bank is involved in the transaction. If you have $10 in your Venmo wallet, you can quickly pay using the app, and your bank will not record it since it is not involved.

There’s another scenario where a Venmo transaction will show up in your bank statement even if you don’t have an account with Venmo at all. Let’s see it below. 

Steps To Determine Unknown Venmo Transactions

Following the steps below will help you resolve these unanticipated transactions.

1. Verify Transactions

Verify that the transaction isn’t from any of the individuals below:

• a family member
• a close friend
• other members of the household

They might have had permission to use your financial accounts to transact via Venmo.

2. Contact Your Bank

If you’re sure the transaction is unauthorized, most likely, someone has opened an account in Venmo using your personal and financial information. There are a few things that you can do: 

• Change your online banking and financial services passwords

• File a dispute
• Request a new card number or bank account number

Your bank usually provides these services to you.

3. Allow Your Bank To Guide You

Have your bank walk you through the dispute process so that you won’t find it hard to get your funds back. Just make sure to understand what is going on and what your bank and Venmo will require of you. The steps are:

• The bank will file a claim with Venmo for the amount you lost
• They will reimburse you for your loss

Please work closely with your bank; they are your best contact in this situation. It’s the only way to secure your financial information.

Final Thoughts

Some complexities can involve monitoring and managing your Venmo activities, especially if you detect unauthorized activity. But overall, how those activities will appear on your bank statement will be pretty straightforward if your money and personal information are safe and secure.

FAQs 

Can I know who used my information on Venmo?

Unfortunately, Venmo won’t be able to reach that far to see who made the breach. Due to their privacy policy, they can only provide information related to your account. 

How Can I See My Transactions on Venmo?

It’s easy to see this list by looking for the transaction history or statement on the Venmo app. Then select the single-person icon and go to the “You” tab. You’ll see your whole history there, which you can download as a CSV file.

On the other hand, if you are using the website, sign in using your email address and password. You can view your transactions by selecting “Statement” under the menu below your profile picture. 

I Want To File A Case Against The Person Who Used My Information. How Can I Do That?

To pursue further action on a user who did not have the authority to use your information, you can file a police report and have law enforcement contact Venmo. Once Venmo receives the vital documentation, they will cooperate through the appropriate channels and follow through on the necessary actions.

Sources:

• VenmoGuide
• Venmo
• FRUGAL REALITY
• BANK CIF NUMBER

The post How Does Venmo Appear on Bank Statements? appeared first on Balancing Everything.

In this article, let’s look at the biggest banking institutions in the world that are ranked based on their total assets.

Industrial & Commercial Bank of China (ICBC): The World’s Largest Bank

• Revenue: $208.1B
• Net Income: $55.34B
• Market Cap: $173.9B

The largest bank in the world is ICBC, a Beijing-based financial institution. It was established on January 1, 1998. Industrial & Commercial Bank of China has developed into the top large listed bank in the world, possessing an excellent customer base, an overall business structure, strong innovation capabilities, and market competitiveness.

With a total asset of $5.54 trillion, the Industrial & Commercial Bank of China bagged first place in the world’s largest bank. This financial institution gives assistance to the following services: 

• Credit Cards
• Loans
• Business Financing
• Money management services for businesses and high-net-worth individuals

ICBC earned a revenue of $208 billion in 2022. This is $81.21 billion higher than the second largest bank, which is China Construction Bank.

Who Comes Next: Five Largest Banks After ICBC

Over the years, banks outside of the west have grown and have impacted the global economy. Here are the current largest banks in the world after ICBC:

China Construction Bank

• Revenue: $126.79B
• Net Income: $48.49B
• Market Cap: $148.5B

State-owned bank, China Construction Bank ranked second with a total asset of $4.76 trillion. With a comprehensive range of financial services, this bank provides three principal business segments: corporate banking, personal banking, and treasury operations.

The bank offers a range of financial products and services to corporations, government offices, and financial institutions, which consists of:

• Trade Financing
• Corporate Loans
• Agency Services
• Deposit-taking and Wealth Management Services
• Financial Consulting and Advisory Services
• Cash Management Services
• Custody Services and Guarantee Services
• Remittance and Settlement Services.

It represents inter-bank money market transactions, repurchase and resale transactions, investments in debt securities, and trade of derivatives and foreign currency.

This financial institution intends to strengthen its relationship with its corporate customers by focusing on industry leaders in strategic industries such as power, telecommunications, oil and gas, and infrastructures.

Agricultural Bank of China

Revenue: $202B

Net Income: $31.12B

Market Cap: $104.85B

Founded on July 10, 1951, and based in Beijing, China, the Agricultural Bank of China is the world’s third-largest bank by assets, having $4.6 trillion as its total asset and $202 billion as its total revenue.

ABC commits to vigorously developing green finance and firmly supporting sustainable development. It aims to have a critical step toward achieving the goals of “peak carbon dioxide emissions and carbon neutrality.” Thus, building modernization in the harmonious coexistence of humans and nature with the power of finance.

To be more specific, it is a bank that offers:

• Personal Banking
• Business Banking
• Investment Banking
• Cash
• Wealth Management
• Custody Payment
• Settlement Services
• Foreign Exchange Trading
• Financial Market Solutions
• Private Banking
• E-banking Products and Services
• Agro-business Banking

This financial institution also helps with things like deposits, financing, credit facilities, payments, settlements, cash management, trading, and investing. In addition to retail and commercial banking, ABC provides a full suite of financial services tailored specifically to the needs of the agricultural industry.

Bank of China

Revenue: $83.27B

Net Income: $22.64B

Market Cap: $125.71B

Bank of China has a total asset of $4.21 trillion among the largest China-based banks. It has been the sole bank specializing in foreign exchange transactions.

As China’s most globalized and integrated bank, it has a global service network with institutions across the Chinese mainland and 57 countries and regions.

It exhibits its high experience in hosting and undertaking large-scale events as it has been a banking partner of the following:

• 2008 Beijing Olympic Games
• Paralympic Games
• 2022 Beijing Winter Olympic Games
• Winter Paralympic Games
• Canton Fair and Shanghai Fair

As for its business segments, the Bank of China provides aid in personal banking, corporate banking, and bank cards.

This bank is also at the forefront of the Chinese government’s efforts to internationalize the yuan. Economically, it broadens the market in which they can engage by eliminating the need to convert currencies and suffer the associated transaction expenses. Companies can borrow in overseas markets without being exposed to exchange rate risk, perhaps allowing them to find cheaper capital.

JPMorgan Chase & Co.

Revenue: $123.42B

Net Income: $37.07B

Market Cap: $381.6B

With a history that traces its roots to New York City in 1799, JPMorgan Chase & Co. is in fifth place with a total asset of $3.74 trillion.

It is a leader in investment banking, commercial banking, financial transaction processing, and asset management. It serves millions of customers, predominantly in the U.S. and many of the world’s most prominent corporate, institutional, and government clients globally.

Its investment banking portfolio comprises banking solutions for a broad range of corporations, institutions, and governments, including mergers and acquisitions, capital raising, and risk management.

This financial organization provides financing, leasing, dealer floorplan, commercial banking, and treasury services. They also offer strategies across all asset classes, including equity, fixed income, alternatives, money market, ETFs, and multi-asset solutions.

The company aims to close the racial wealth gap and promote economic inclusion in the United States. Thus, more prospects for homeownership, more access to affordable housing, small business growth, and improved financial health for Black, Hispanic, and Latino populations across the country.

Mitsubishi UFJ Financial Group, Inc. (MUFG)

Revenue: $45.25B

Net Income: $10.06B

Market Cap: $81.57B

Settled in Tokyo, Japan, in April 2001, Mitsubishi UFJ Financial Group, Inc. is ranked sixth with a total asset of $2.98 trillion.

Serving major Japanese corporations seeking to expand globally, this business group provides loans, settlements, forex, and other services to help customers grow in their corporate value.

Mitsubishi UFJ Financial Group, Inc. provides various financial products and services to help clients reach their goals: transaction banking, loan syndication, structured finance, working capital solutions, and other services.

This financial institution provides cash management, trade finance, and ISO 20022 adoption and migration services for cross-border payments. It also provides syndication loans, cross-border syndicated loans, and samurai loans as services.

This business group has extensive networks in the United States and Southeast Asia. It also provides financial services to local SMEs and people in other countries through its partner banks, such as:

• MUFG Union Bank in the United States
• Krungsri (Bank of Ayudhya) in Thailand
• Bank Danamon in Indonesia

Bottom Line

ICBC rose to the top because of its aggressive strategies and large market reach. It has about 5 million corporate customers and 443 million individual customers. The bank also extensively expands to a wider horizon with 17,000 domestic and 399 overseas branches.

But despite the ranks, these banks provide a fundamental role in the world economy: make the money flow where it’s needed as it helps every company hire people, invest, and create an impact on economic development.

Sources:

• forbes
• INSIDER MONKEY
• UN environment programme finance initiative
• FORTUNE
• S&P Global
• China Construction Bank
• statista
• YCHARTS
• YCHARTS
• BANK OF CHINA
• statista
• Bankrate
• YCHARTS
• macrotrends
• macrotrends
• Global Ranking
• macrotrends
• macrotrends
• YCHARTS
• MUFG
• MUFG
• China Construction Bank
• NIKKEI Asia

The post Top 6 Largest Banks in the World appeared first on Balancing Everything.