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In our weekly Fine Print Alert newsletter we call out any good news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.
FINE PRINT ALERT
Hurrah! Cash deposits are possible for Internet-only banking…
Capital One 360 customers can rejoice. It’s now possible to deposit cash into your Internet-only bank account.
The bank recently announced that by year’s end, all Capital One ATMs that accept cash deposits will allow Capital One 360 customers to deposit cash into their Internet-only accounts. Customers will also be given same-day access to their cash deposits.
Hopefully, this means other Internet-only banks will be offering similar options in the not-so-distant future. Currently, the inability to deposit cash is the more-or-less the only major issue with Internet-only banking.
Thanks to Yahoo! Finance reporter Mandi Woodruff for sharing the news on Twitter.
— Mandi Woodruff (@mandiwoodruff) October 20, 2014
Naughty, naughty Ocwen….
Just when you thought Ocwen, a mortgage servicing company, couldn’t get any worse, we find out they’ve been backdating foreclosure letters to borrowers!
There are restrictions on how much time a borrower has to appeal a letter. When Ocwen backdates the letter, they make it impossible for an individual to appeal. That speeds up the foreclosure process for Ocwen. And it is evil.
If you have a mortgage with Ocwen and are experiencing issues, you should complain directly to the CFPB at www.consumerfinance.gov.
If you are eligible for a claim from Ocwen, make sure you file. We have a guide on how to file here.
And in good news…PenFed Promise Visa gets an A+
This week, we announced our first A+ Transparency Score. At MagnifyMoney, we want to reward simple, transparent products. So, we designed the Magnify Transparency Score.
The PenFed Promise Visa has stood out above the rest thanks to:
- A single, flat, low APR of 9.99% on purchases. You know the interest rate before applying. Most banks provide a very wide range of available interest rates, and you only know your rate after you apply. PenFed Promise discloses the APR up front.
- There is no foreign transaction fee
- There is no annual fee
- There is no late fee, returned payment fee or risk-based re-pricing
- Terms and conditions fit on one page!
Congrats to PenFed! We love when a credit union gives big banks a run for their money.
Find out more details about the Promise Visa and how it stacks up to competitors here.
Great reads from around the web
- Parents pay the price for children’s student debt – “When Steven and Paula Bonney took out $115,000 in loans a decade ago to put their two daughters through school, it was more than they ever thought they’d have to borrow. But they expected to be debt-free at this point in their lives. Now, in their early 60s, any dreams they had of retirement are buried deep under a mound of debt.” – Yahoo Finance’s Jeanie Ahn shares the story.
- Apple Pay’s double trouble – “Some users, including CNN’s Samuel Burke, have been getting charged twice for transactions made through Apple Pay.” – CNN Money
- Experts: Do You Need a Budget? – “There aren’t many financial words that make me cringe more than this one: budget. Nobody wants a budget. It is restraining, and is something most avoid like the plague. But do you need a budget to become wealthy? Well, the experts weigh in on this along with their reasons why, as well as how to create a budget that works.” – Austin Netzley of YoPro Wealth interviews various experts about the need for a budget.
- Vanishing Options, Overreacting, and other Stock Market Observations – “Well, the recent volatility in the markets here in the U.S. have garnered some attention in the news lately. After surging forward for much of the year, aside from a few pullbacks here and there, the market had some down days last week. It’s almost as if a game of musical chairs was being played, and the music suddenly stopped. The bull market party was seemingly over – or, at least on hiatus until yet another one-day rally.” The “Squirrelers” of Squirrelers make some great observations about people’s reactions to the stock market.
- Is Your Teen Ready for a Checking Account? – “A checking account can teach them how to use ATM cards, debit cards, and even checks responsibly while they are still under your direct supervision (as opposed to when they go off to college and aren’t…)” – Jackie Beck of MoneyCrush tackles the important factors involved in deciding if your teen is ready for a checking account.
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