New Year, New Banking Options

A person holding a sparkler.

Want to start the year off on solid financial footing? Find out more about your options. Ways to manage your money are vastly different than they were even five or ten years ago. Small changes can save you cash here and there, adding up to a big difference for folks who don’t have a lot of extra spending money.

Gig workers and people living paycheck to paycheck have some newer opportunities to give them the flexibility they need, with the safety they require. If you want to explore better options in the new year, helpful qualities to look for are:

  1. Affordability
  2. Convenience
  3. Accessibility
  4. Low or no fees
  5. Low or no penalties
  6. Good customer service

Here are a few things happening in banking today you should know to get started:

What Are the Latest Opportunities in Banking Today?

There are various opportunities available in banking. Banks no longer need to have physical branches as they did in the past. And as some of those branches of big banks close, more and more money is being handled online.

1. Online Only Banks

One of the most recent options for people who have low credit scores or don’t use traditional bank accounts are online banks. But it’s important to do your homework to distinguish which options line up with your financial circumstances.

Find out which online bank options have better interest rates in savings and checking accounts. Those are more likely to help you create what little wealth you can.

2. Mobile Banking

Much like online banking, more people are using their mobile devices to make their financial transactions. Who needs a physical bank when you can capture your remote deposits and sign your name digitally from anywhere? Some other things you can do using your cell phone:

  • Make peer-to-peer payments
  • Pay bills
  • Manage credit or debit cards
  • Access digital lending features

Better Prepaid Debit Card Options: Yes! Debit Online Banking

In some ways, a prepaid debit card can be a stand in for a banking account. More people are using prepaid debit cards to make purchases without going into debt. For example, Yes! Debit offers a lot of attractive features for anyone who wants the convenience of a credit card without the downsides – as well as numerous other benefits.

1. Beneficial Features

Prepaid debit cards are more accessible than accounts at banking institutions. And there are some very useful features that come with Yes! Debit. They include:

  • Getting paid faster with direct deposit
  • Earning cash back offers
  • Overdraft protection
  • “High-yield” savings account options

2. Ease of Use

Yes! Debit can be used most places where credit cards are accepted. Have someone at the nearest Community Financial Service Centers (CFSC) help you load cash onto your card or issue one to you. If you prefer, use an app on your device of choice to manage your account. Load cash when you want.

3. Customer Service Options

One of the most under-appreciated of an option like Yes! Debit is that it provides easy access to in-person customer service – something you won’t get with some of the other alternative banking options. Because CFSC can handle all of your Yes! Debit needs, just stop in to have more cash loaded on when funds are low or to pick up a new card for your teenager. We will answer all your questions. You don’t need an account of any kind. No need for an appointment, either.

Beware of Fraudsters: Find a Trustworthy Service

When it comes to alternative financial options, it’s crucial to choose one that is legitimate. With any banking option, look for an organization that is FDIC-insured – meaning your money is protected by the government. WIth non-traditional alternatives, you’ll need to do a little more research to find out how they keep your money safe and protect you from scammers and other security breaches.

Get Personal Finance Assistance Through CFSC Services in the New Year

No matter which banking option is right for you, it may not do all of the things you need. For everything else, CFSC has your back. We’ll cash your latest paycheck when you need it, set up electronic bill payments, handle your wire transfers, and even take care of various auto-related needs (available at select locations in Illinois and Wisconsin only)!

Kick off the new year with as many financial advantages as possible. Stop by your nearest CFSC location and check out what else we can do for you!

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