Financial Institution – Sznurki http://www.sznurki.net/ Wed, 08 Jun 2022 17:21:41 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.sznurki.net/wp-content/uploads/2021/04/sznurki-icon-150x150.png Financial Institution – Sznurki http://www.sznurki.net/ 32 32 Definition and how to determine if it is right for you https://www.sznurki.net/definition-and-how-to-determine-if-it-is-right-for-you/ Wed, 08 Jun 2022 17:21:41 +0000 https://www.sznurki.net/definition-and-how-to-determine-if-it-is-right-for-you/
  • Step-up CDs are only available at select banks and credit unions, and often for limited times.
  • If you open a progressive CD, you will lock in a deposit for a term, but the interest rate may increase.
  • As banks are increasing CD rates right now, you might want to consider other options first.

If you explore different savings account options, you might come across progressive CDs. Available at select financial institutions, progressive CDs offer a unique twist on the traditional CD.

What is a progressive CD?

A progressive CD is a type of certificate of deposit (CD) where a financial institution will increase the interest rate at least once before the end of its term.

Here are some of the most common features to note among most step-up CDs:

  • Minimum opening deposit: The minimum amount needed to open a step-up CD will usually be between $1,000 and $2,500. Keep in mind that for comparison, a traditional savings account will generally require a lower initial deposit of $100 or less.
  • Liquidity: Once you have deposited money on a CD, the money will need to be kept in the account for the duration. So you usually won’t be able to deposit any money until the term reaches maturity.
  • Availability and conditions: Step-up CDs are generally not available at financial institutions. Most financial institutions that offer a Step-Up CD also offer time-limited options.
  • Early withdrawal penalties: If you withdraw money before the end of a CD, you will have to pay a penalty. The CD penalty is usually a portion of the interest earned.
  • Interest rate: Progressive CDs have a blended interest rate. This means that the interest rate will increase after some time.

Progressive CD vs Accelerated CD

A bump-up CD is another type of certificate of deposit where the interest rate can increase over time. Although these accounts are similar, they are not necessarily the same.

A step-up CD can sometimes offer a guaranteed increase in its rate on a specific date – banks will notify you of rate changes before you even open an account.

In comparison, an increase CD – also known as a rate increase CD – will only allow you to request a rate increase if the financial institution raises its rates on its CDs before the end of your term.

Is now a good time to consider opening a step-up CD?

Although CD prices have been slowly increasing over the past few months, you’ll want to pay attention to more than just new prices before making your decision.

Brittany Davis, AFC, associate financial planner at Brunch and Budget, says the minimum opening deposits and


liquidity

could play an important role in determining if any type of CD is the best option for you right now.

“Are you ok with parting with your money? Because as I’ve looked at some of the rates, sometimes it’s not worth the money for the interest that gets paid. You could almost get a savings account yield while having easier access to your money,” says Davis.

Particularly with progressive CDs, Davis suggests considering alternatives such as savings bonds first.

“It depends on how long you plan to hold your money and how long this interest rate hike will last. Is it worth it? Could you invest in something else? compare to Series I bonds?” says Davis.

Banks and credit unions with progressive CDs

The following national banks and


credit unions

all have step-up CDs. You can also check out our banking reviews to learn more about each financial institution.

  • American bank: US Bank has a 28-month progressive CD that increases every seven months.
  • TD Bank: TD Bank offers 3 and 5 year progressive CDs. Interest rates increase once a year.
  • VyStar Credit Union: Vystar Credit Union has an 18 month progressive CD. You can increase your rate once during the term.
  • Wings Financial Credit Union: Wings Financial Credit Union has a 5-year progressive CD. Interest rates increase once over the 5 year term.

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CaixaBank launches the FXNow online platform in Morocco https://www.sznurki.net/caixabank-launches-the-fxnow-online-platform-in-morocco/ Mon, 06 Jun 2022 18:20:23 +0000 https://www.sznurki.net/caixabank-launches-the-fxnow-online-platform-in-morocco/

The platform offers advanced technical analysis tools to determine the best time to make a trade, as well as a news section gathering the most relevant information on market events.

The Spanish financial institution CaixaBank has announced the launch of an online platform that allows customers to exchange currencies in real time, without intermediaries, in Morocco.

The online platform, FXNow, has been adapted to the Moroccan market, ensuring compliance with local regulatory requirements and allowing trading of different currencies.

FXNow was designed to prioritize user-friendliness, user-friendly and convenient interface, agility with two-click execution and easy registration, through which users can sign documents online.

CaixaBank claims to be the only Spanish bank in Morocco to combine international transfers made through online banking with online exchange rate management services.

FXNow has thus gone international a year and a half after its launch in Spain and more than 15,000 transactions executed since October 2020, for a total of 3 billion euros in volume. The bank plans to expand further and launch FXNow in other countries where the bank operates.

The platform offers advanced technical analysis tools to determine the best time to make a trade, as well as a news section gathering the most relevant information on market events.

CaixaBank has had a banking license in Morocco since 2009, where it has three branches in the cities of Casablanca, Tangier and Agadir. According to ICEX data, around 60% of the 800 Spanish companies operating in the country are clients of a local branch of CaixaBank.

CaixaBank has launched OpenWealth, an independent, global advisory service for the bank’s Ultra High Net Worth Individuals (UHNWI) clients.

The wholly-owned subsidiary of the CaixaBank Group will offer this service, a “Multifamily Office” offer, only to customers with assets of more than 50 million euros.

Clients with significant assets will be offered a bespoke service that selects the best service providers for each need, then conducts in-depth analysis and due diligence on all available options in the market.

The launch aims to be a pioneering model in the Spanish banking sector as OpenWealth will operate completely independently. This means that companies outside the CaixaBank group will also be able to provide advisory, discretionary portfolio management, RTO and custody services.

The goal is to meet client needs – from the process of strategic asset allocation and providing consolidated information to sourcing domestic and international suppliers when specific services are required.

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Bad selling and bad buying of programs https://www.sznurki.net/bad-selling-and-bad-buying-of-programs/ Sat, 04 Jun 2022 19:30:00 +0000 https://www.sznurki.net/bad-selling-and-bad-buying-of-programs/

However, amid this insurance boom, all is not well with bank customers. If customer feedback is taken into account, mis-selling of insurance policies is rampant.

Even the wrong purchase of financial products also proves to be a cause of inconvenience for customers. Lots of stories galore telling tales of mis-selling of financial products, especially insurance policies, to gullible customers by bank officials at the counter. Those who cannot afford the insurance premium are obliged to purchase the insurance cover.

There are many cases where banks have forced borrowers to get insurance coverage and most of the times the insurance premium is deducted from their loan accounts. Even though customers are resentful of this practice, counter staff hardly give up on such practices.

In other words, loan disbursement has been held hostage to insurance products, with some banks forcing customers to take out specific insurance policies.

Some banks have even made it “compulsory” for borrowers to take out insurance cover before loan disbursement. Precisely what we find are cases where borrowers are wringing their hands to get them to take out specific insurance policies. Some of them are more expensive and useless.

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How Adopting Agile Technology Can Give UCs an Edge https://www.sznurki.net/how-adopting-agile-technology-can-give-ucs-an-edge/ Fri, 03 Jun 2022 08:03:07 +0000 https://www.sznurki.net/how-adopting-agile-technology-can-give-ucs-an-edge/

PSCU - Credit Union Tracker - June 2022 - Find out how UCs can meet member demands for more sophisticated products such as digital wallets and real-time paymentsCredit unions (CUs) in the United States have shown resilience throughout the pandemic, continuing to modestly expand their membership base and enjoying strong popularity. Industry research shows that 24% of US consumers choose UCs as their primary financial institution (FI), more than community banks or digital-only banks.

PSCU - Credit Union Tracker - June 2022 - Find out how UCs can meet member demands for more sophisticated products such as digital wallets and real-time paymentsHowever, the retail banking landscape is only getting tougher. Digital-first consumers expect more advanced and seamless digital banking experiences, and want access to technologies like instant loan approvals and real-time payments. National banks and deep-pocketed FinTechs are innovating relentlessly, and it can be harder for smaller players to keep up.

In the June edition of Credit Union Tracker®, PYMNTS explores the state of digital retail banking from the perspective of UCs and their members, with a focus on what UCs need to do to keep their members happy and stay ahead of the competition.

Around the credit union space

UCs have a reputation for delivering higher customer satisfaction than for-profit retail banks, and new research from PYMNTS sheds light on the underlying dynamics. The survey found that 39% of CU members identify trust in their CU as the top reason for satisfaction with their FI, compared to just 22% of non-CU members. However, UC members were half as likely as non-UC members to cite ease of use of online banking as their top satisfaction factor, one of several data points indicating that CUs have room to meet the expectations of their members in terms of digital products. and services.

PSCU - Credit Union Tracker - June 2022 - Find out how UCs can meet member demands for more sophisticated products such as digital wallets and real-time paymentsPSCU is innovating on multiple fronts to extend digital offerings to its members. CU partnered with Amount to deliver new credit card products, then expand to instant digital loan approvals, among other recent digital innovation efforts. PSCU has also just launched a cryptocurrency microsite that provides education and information about digital currencies, opening the door to potential crypto-related services. US federal regulations prohibit UCs from holding cryptocurrency in government-insured accounts, but the National Credit Union Administration has determined that UCs can offer crypto products as long as they comply with relevant federal regulations.

To learn more about these and other stories, visit Tracker’s News & Trends section.

Ent Credit Union on the Need for Agile Systems

A UC’s core digital infrastructure and processes are quickly becoming obsolete in light of rapid developments in the retail banking space. Continuing to develop and modify older systems keeps a CU running, but it gradually accumulates technical debt that makes it harder and less efficient to deliver new digital tools that members want. In this month’s feature, Tanan Miles, Senior Vice President of Electronic Banking for Ent Credit Union, explains the importance of adopting agile systems based on cloud platforms, with built-in A/B testing. new features and other processes that help the CU respond with agility to market changes.

PYMNTS Intelligence: where UCs stand on digital and what their members want

PSCU - Credit Union Tracker - June 2022 - Find out how UCs can meet member demands for more sophisticated products such as digital wallets and real-time paymentsUCs largely benefit from higher average customer satisfaction among retail banking customers than traditional banks and digital-only alternatives such as neobanks. A recent survey found that consumers rate UCs three times more favorably than large national banks when it comes to putting customers ahead of profitability – but far more consumers choose the latter as their top FI. One of the reasons for this gap may be that UCs lag behind in digital innovation. For example, PYMNTS data shows that only 23% of UC leaders believe that real-time payments allow UCs to meet potential demand from their members. CUs must prioritize innovations such as instant digital cards to retain members in an increasingly digital retail banking market.

To learn more, visit the Tracker’s PYMNTS intelligence.

About Tracking

The Credit Union Tracker®a PYMNTS and PSCU collaboration, examines the latest developments in the UC space, focusing on the state of digital innovation by UC and the preferences of UC members.

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$25 million gift from Shoman family advances Brown’s goal of necessitated international admission https://www.sznurki.net/25-million-gift-from-shoman-family-advances-browns-goal-of-necessitated-international-admission/ Wed, 01 Jun 2022 18:05:59 +0000 https://www.sznurki.net/25-million-gift-from-shoman-family-advances-browns-goal-of-necessitated-international-admission/

PROVIDENCE, RI [Brown University] — A generous $25 million gift from Brown University alumni and siblings Aysha and Omar Shoman will provide major financial assistance to Brown’s international undergraduate students and expand the University’s ability to attract and to educate the most outstanding international students from all socio-economic groups.

The Shomans donation — the largest individual donation for international financial aid in Brown’s history — will also advance the University’s path to becoming only the sixth school in the United States to implement first-class admissions. need-blind cycle for international students. Although Brown has ignored the needs of domestic students since 2003, the University currently has a “needs-conscious” policy that considers a student’s financial need in admissions decisions for international undergraduate students.

The University is working to aggressively increase its financial aid budget in an effort to become completely blind to the needs of international students for the class of 2029 (which will begin at Brown in the fall of 2025). The donation from the Shomans — who both earned Bachelor’s degrees from Brown as international students — marks major progress toward the $120 million fundraising goal that will move to blind admissions.

University President Christina H. Paxson said an increasingly diverse population of international students will bring distinct experiences and perspectives to the Brown community, helping students prepare for a life and a successful careers in a global company.

“I am regularly inspired by the drive, intellectual curiosity and accomplishments of our international students, and the world and our nation desperately need the contributions they can make,” Paxson said. “We want to be able to admit outstanding international students to Brown, regardless of their financial resources, and the generosity of Aysha and Omar Shoman will allow us to do this for many students for generations to come.”

Sergio Gonzalez, senior vice president for advancement, said Shomans’ commitment will inspire others as the university strives to secure need-blind international admissions.

“As we meet with our alumni and friends and talk to them about this initiative, we see strong interest and support for building an inclusive community where the most outstanding students from around the world can consider Brown regardless their financial situation,” Gonzalez said. . “The Shomans’ donation is groundbreaking and paves the way for the University’s goal of becoming blind to the needs of international students.”

The gift is part of BrownTogether, the most ambitious fundraising campaign in the University’s history, which has raised $3.27 billion to date to support priorities ranging from scholarships to residential and campus life initiatives, to research on pressing societal issues. Through the momentum of the Shomans Principal Gift, the University has to date raised more than $61 million in international financial assistance from Brown alumni and relatives.

A deep commitment to education

For Omar and Aysha Shoman, supporting education has deep family roots.

“My grandfather dropped out of school when he was 6 years old,” said Omar Shoman. “In 1911, when he came to New York, he learned to read and write on the boat from Palestine. He had only 20 dollars in his pocket when he arrived in the United States. He started as a door-to-door salesman and then started his own business.

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Tether had some of its reserves at Obscure Bahamas Bank https://www.sznurki.net/tether-had-some-of-its-reserves-at-obscure-bahamas-bank/ Mon, 30 May 2022 16:05:41 +0000 https://www.sznurki.net/tether-had-some-of-its-reserves-at-obscure-bahamas-bank/
Alex Dovbnya

Tether held part of its reserves in a small bank in the Bahamas

Controversial stablecoin issuer Tether has relied on an obscure Bahamian bank to store some of its reserves, according to a recent report by the Financial Times.

Capital Union, a Nassau-based banking institution, dove into cryptocurrency research last year. Last month, the bank selected Chainalysis, a leading blockchain sleuth, as its compliance partner to ensure compliance and detect risky transactions.

Tether has not confirmed whether or not it holds reserves with the tiny Bahamian bank.

Tether, which has faced numerous insolvency charges in the past, remains mum on where it holds its bank deposits.

Last year, the Commodity Futures Trading Commission fined Tether $41 million for lying about its stablecoin reserves. He had failed to properly disclose that the flagship stablecoin was partially backed by non-fiat assets.

Earlier this month, the company announced that it had reduced its exposure to risky commercial paper to just 17% while increasing its holding in US government bonds to 13%.

The company’s reserves also include crypto and precious metals, according to its quarterly reports.

Tether is no stranger to criticism, but the stablecoin came under greater scrutiny earlier this month after decoupling slightly from its peg following Tether’s collapse. Even though it managed to restore its peg relatively quickly, it provided more ammunition for naysayers who accuse the biggest cryptocurrency of being insolvent.

The market capitalization of USDT currently stands at $72 billion.

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Luxury vacation rental platform Swish now accepts Bitcoin thanks to a partnership with NordikCoin https://www.sznurki.net/luxury-vacation-rental-platform-swish-now-accepts-bitcoin-thanks-to-a-partnership-with-nordikcoin/ Sat, 28 May 2022 13:46:00 +0000 https://www.sznurki.net/luxury-vacation-rental-platform-swish-now-accepts-bitcoin-thanks-to-a-partnership-with-nordikcoin/

Luxury vacation rental platform Swish is partnering with licensed Estonian cryptocurrency exchange NordikCoin to offer Bitcoin as a recognized payment option.

Swish leads the premium travel industry in accepting bitcoin payments

Swish leads the premium travel industry in accepting bitcoin payments

MARBELLA, Spain, May 28, 2022 (GLOBE NEWSWIRE) — Swish (https://swishmarbella.com) is a Marbella-based luxury rental platform that offers an exclusive collection of high-end homes. Swish’s mission is to open the doors of the most beautiful homes, allowing the world traveler to experience countless love stories, without commitment. Swish has now partnered with licensed Estonian cryptocurrency exchange NordikCoin (https://nordikcoin.com) to offer Bitcoin as a valid payment option for its customers. NordikCoin is operated by OmniMatrix OÜ, fully licensed as a crypto exchange in Estonia since 2019. The new collaboration will allow sun worshipers to pay for their luxury vacation rentals using Bitcoin.

The customer booking a luxury rental on the Swish platform is offered an amount in Bitcoin, in which case the rate is locked until the transaction is completed. As a regulated financial institution with strict licensing requirements, NordikCoin will oversee the transaction, ensuring it meets the highest KYC and AML standards. This also acts as a backup measure for the customer.

“We are pleased to set a new standard in the luxury vacation rental market,” said Karen Ayat Issa, CEO of Swish Marbella.

“We believe Bitcoin can have a transformative effect on global commerce, especially in the high-end market. At Swish, a typical lease is between EUR 10,000 and EUR 100,000 per week. days to clear and create significant transaction costs for our customers. Bitcoin serves a clear purpose here, providing fast and transparent international payments. Plus, with the recent influx of Bitcoin millionaires, it’s an opportunity interesting market for us.

David De Marco, CEO of NordikCoin’s parent company, OmniMatrix, is also excited about the deal: “We are delighted to work with a company like Swish. They are the best at what they do; they offer luxury to a global audience. We are truly impressed with what they have managed to build in such a short time and look forward to opening up the Bitcoin market together for high-end international travelers.”

The Swish-NordikCoin deal officially begins on June 1 and is available to all new and current Swish customers.

Press contacts:

Karen Ayat Issa
Co-founder and CEO
karen@swishmarbella.com

Related images

Image 1: Swish leads the premium travel industry in accepting bitcoin payments

Swish leads the premium travel industry in accepting bitcoin payments

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CFPB Sends Letters to CEOs of Major Credit Card Issuers Regarding Payment Provision Practices | Ballard Spahr LLP https://www.sznurki.net/cfpb-sends-letters-to-ceos-of-major-credit-card-issuers-regarding-payment-provision-practices-ballard-spahr-llp/ Thu, 26 May 2022 17:35:59 +0000 https://www.sznurki.net/cfpb-sends-letters-to-ceos-of-major-credit-card-issuers-regarding-payment-provision-practices-ballard-spahr-llp/

The CFPB sent letters to the CEOs of five major credit card issuers regarding their companies’ payment provision practices.

In the letters, the CFPB cites a 2020 report in which it provided data showing a decline in the share of commercial lines of credit cards containing actual payment data since 2012. The CFPB states in the letters that based on readily available credit report information, the CFPB understands that each of the companies to whom a letter has been sent currently does not regularly or consistently report actual payment amount information to credit reporting agencies nationwide. He says that without this information, lenders may find it more difficult to assess credit and provide consumers with the most advantageous credit offers. Further, according to the CFPB, consumers’ reasonable expectation of receiving credit at a competitive price based on their ability to pay is undermined by the “suppression” of actual payment information. The letters include a series of questions regarding the companies’ practices in providing real payment data, including why the companies do or do not provide real payment data.

In its 2020 report, the CFPB noted the FCRA’s requirements regarding the provision of accurate information and for providers to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of information. provided. Although the CFPB did not directly suggest that the FCRA require financial institutions that provide consumer reporting agencies to include actual payment data, in our blog post on the report, we suggested that this might presage a careful review by CFPB examiners of a financial institution‘s procurement practices. actual payment data. The new letters to CEOs indicate that the CFPB remains focused on this issue.

The CFPB might have treated the issue of providing payment as a supervisory issue or by using its authority under CFPA Section 1022 to send Market Surveillance Orders (like last october request information from the six major technology platforms). By requesting payment providing information to card issuers through the use of a public letter, Director Chopra demonstrates his stated intention to use all available CFPB tools.

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FinTech ZoodPay acquires Tez Financial Services https://www.sznurki.net/fintech-zoodpay-acquires-tez-financial-services/ Mon, 23 May 2022 22:33:24 +0000 https://www.sznurki.net/fintech-zoodpay-acquires-tez-financial-services/

ZoodPay, a Swiss buy now, pay later (BNPL) service provider that focuses on customers in the Middle East and Central Asia, has bought Tez Financial Services, based in Karachi, Pakistan, Magnitt reported on Monday 23 may.

The FinTech company made the acquisition to serve Pakistani residents who lack access to formal credit by leveraging its digital lending ecosystem.

ZoodPay offers an app that shoppers and merchants can use in the company’s online mall.

Tez calls itself “Pakistan’s first digital financial institution“. The company is licensed in Pakistan as a “non-banking financial company” and said it operates in more than 160 cities. Tez also offers tools for users to engage in short-term investments.

Humza Hussain and Naureen Hyat, the founders of Tez, said they created the company to provide access to financial services through customers’ phones.

According to Crunchbase, ZoodPay raised $48 million in venture capital in three rounds between 2019 and November 2021. Investors include Sturgeon Capital, Zain Ventures, and French Partners. Tez raised $1.1 million.

Read more: ZoodPay, Network International Collab on BNPL Solutions in Jordan

In March, ZoodPay announced a new partnership with Network International to offer BNPL services.

The strategic collaboration has enabled ZoodPay to offer BNPL options to thousands of merchant partners through the partnership to enable Jordanians to purchase products and pay in instalments. At the time, Zoodpay already offered the option on ZoodMall, its own marketplace, with online partners.

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NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORED CARDS – APRIL 2022

On: Shoppers who have store cards use them for 87% of all eligible purchases – but that doesn’t mean retailers should start buy now, pay later (BNPL) options at checkout. The Truth About BNPL and Store Cards, a collaboration between PYMNTS and PayPal, surveys 2,161 consumers to find out why providing both BNPL and Store Cards is key to helping merchants maximize conversion.

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Huron Plainman | Redfield native inducted into HOF credit union https://www.sznurki.net/huron-plainman-redfield-native-inducted-into-hof-credit-union/ Sun, 22 May 2022 00:42:59 +0000 https://www.sznurki.net/huron-plainman-redfield-native-inducted-into-hof-credit-union/

RAPID CITY – Two credit union professionals – one with roots in the Heartland – were inducted into the Dakota Credit Union Association (DakCU) Hall of Fame at the awards banquet held on May 11. The Hall of Fame honor is a lifetime achievement, and the most prestigious of all DakCU awards.

Darrell Dickhaut has worked in the credit union industry for over 25 years. A native of Redfield, Dickhaut is a military veteran who served at Walter Reed Army Medical Center in Washington, DC during the Vietnam War. He became director of Turtle Creek FCU ​​in 1991 and spent the next two years addressing issues that had plagued the small financial institution, including crippling delinquency. In 1997 he oversaw the construction of a new building on Main Street in Redfield, and another addition was completed in 2001. He also served on the board of the SD Credit Union League for ten years; completed CUNA School of Management in 1997; and was a top ten fundraiser for CULAC.

In 2012, Turtle Creek FCU ​​merged into Dakotaland FCU with the support of the board and staff. Since retiring in 2015, Darrell still resides in Redfield, but now spends his days fishing, hunting and chasing his grandchildren. He and his wife Barb spend some of the coldest months in Arizona.

Dan Cumbee, former Dakotaland FCU CEO, said, “Darrell is most deserving of a Hall of Fame induction. His commitment to the credit union movement and his accomplishments over the years are extraordinary. His low-key leadership style left a lasting impression and earned the respect and admiration of many.

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