Best Apps to Find Free ATMs Near College Campuses

When you’re at college, chances are you need some cash from time to time. While schools all have automated teller machines on campus, they may come with hefty surcharges for withdrawals.

When you use an ATM, your bank may charge a fee if the machine is not in its network, and in such cases the owner of the ATM may slap on still another fee. Even if some banks don’t impose this sort of charge, the ATM operator probably will. Usually the cost runs around $2 per transaction, depending on the owner and location.

To avoid racking up fees every time you need a quick $20, consult your smartphone. There are several apps you can download to help find surcharge-free ATMs on or near your campus.

You’ll want to first look for apps offered by your bank. Many, including JPMorgan Chase and Wells Fargo, offer geo-locators to help you find ATMs that are free for depositors in branches or at stand-alone locations. If those are out of range or inconvenient, try these free apps to find surcharge-free ATMs closer to campus.

Allpoint

The Allpoint mobile app enables you to find more than 43,000 surcharge-free ATMs in the U.S., and another 12,000 around the world. You can search according to where you are, or by city and state or ZIP code. The application will deliver a list or a Google Maps view of the closest locations. When you select one, you can get step-by-step directions or connect to your preferred mobile navigation app to guide you to the machine.

One out of 12 ATMs in the U.S. are in Allpoint’s network, the company says. However, you must be a cardholder of a participating financial institution to get surcharge-free access to these machines. You can check with your bank, or email info@allpointnetwork.com to find out if it’s in the network before using the search app, which is available from the iTunes App Store, Google Play and Windows Store.

MoneyPass

The MoneyPass mobile app includes a locator to help you find one of more than 24,000 surcharge-free ATMs nationwide. It can search by address, ZIP code or your location. The app will connect you to a Google map as well as a list of nearby MoneyPass machines, giving you options to choose from, and then it’ll direct you to your chosen location.

In order to gain surcharge-free access, your financial institution must be part of the MoneyPass ATM Network, which includes over 1,600 organizations. The company says more than 75 million cards will work, charge-free. Typically you’ll have a MoneyPass logo on your plastic to indicate that the issuing bank participates. If it’s not there, contact your branch to find out if you can withdraw surcharge-free at MoneyPass ATMs.

The network’s mobile app can be found at the iTunes App Store or Google Play.

CO-OP network

The CO-OP mobile app lists about 30,000 surcharge-free cash machines for participating credit union members. As with other ATM finder apps, you search using your current location or a given address to find locations on a Google map, as well as a list of cashpoints in the CO-OP credit union network. When you select a location you’ll receive navigation directions to get to the machine. Find out if your institution is part of CO-OP with the CO-OP ATM search tool, which is available at the iTunes App Store or Google Play.

MasterCard Nearby

MasterCard Nearby enables users to find 2 million ATMs worldwide, as well as retailers that offer cash back with a purchase. You can pinpoint your own bank’s cash machines or set a filter to find those without surcharges. The app searches automatically using your current location, but you can also look for a specific address. Much like the other finder apps, this one gives you a Google map as well as a list of nearby machines. Pick one and connect to your navigation app of choice.

MasterCard Nearby can be found at the iTunes App Store, Google Play and Windows Store.

So when your last Friday class ends, it’ll be easy to pick up some of your cash, without paying extra for it.

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ATM image via Shutterstock.

Source Article :http://bit.ly/1mVTh9g

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Apple Pay Bank Partners Push Digital Wallet Despite Fee

Between email blasts, full-page magazine ads and website banners, big banks are promoting Apple’s Apple Pay to their customers and highlighting their cooperation with the technology giant on its mobile wallet since the service was introduced Sept. 9.

Yet those institutions will end up paying when their customers use the new system.

So why are the largest banks and card companies going to so much trouble? For one thing, the first debit or credit card you snap a photo of to add to your iPhone automatically will become the default payment option for Apple Pay when the mobile service begins in October. Card companies and financial institutions want to capitalize on that feature to build volume in transactions, which also bring them money.

“By virtue of our early participation in Apple Pay, maybe we’ll be able to pick up some more people who currently have their MasterCard as secondary in their wallet and we would like them to make it primary,” says James Anderson, head of mobile and emerging payments at MasterCard, based in Purchase, New York.

Painless for consumers

Aside from the innovative touch-to-pay experience that will let users forgo their wallets, consumers won’t likely feel much of a difference in the way they interact with their banks and card companies.

“Whether you charge your credit card or debit card to a piece of plastic or use it through Apple Pay, the costs to the consumer are identical,” says Gavin Michael, head of digital for consumer banking at JPMorgan Chase in New York.

Other banks take a similar approach.

“Wells Fargo does not charge a fee for its customers to use Apple Pay,” says spokeswoman Natalie M. Brown.

Banks charged

Banks will foot the bill for using Apple Pay by giving Apple a percentage of every transaction made through the system, according to Bloomberg News. It remains to be seen whether banks will pass on any of that cost to merchants and consumers. Merchants normally pay banks and card issuers a small percentage of each transaction charged on a credit card or made with a debit card, though that usually has no effect on consumers or what they pay.

Apple has made deals with the largest U.S. financial institutions, including Bank of America, Capital One Bank, Chase, Citigroup and Wells Fargo. These organizations account for 83% of the credit card purchase volume in the U.S., according to Apple. Customers of community banks or credit unions will likely be able to use Apple Pay too, but most of those institutions haven’t announced any plans to participate.

“If [merchants] buy into this type of payment system and we have a demand from our members to offer this, then we will,” Steven Page, online product marketing manager for 1^st United Services Credit Union in Pleasanton, California, said by email.

Smaller banks face barriers

However, cost and accessibility are two barriers keeping smaller financial institutions from offering links to the new service right away.

“It is a very expensive option to take, costing 15 basis points [0.15%] per transaction to use the Apple Pay option,” Page says, referring to the amount Apple collects.

First Data, a credit card processor often used by smaller banks, has said it will participate in Apple Pay, which means those banks can offer the service to depositors. However, other institutions are unsure how to provide it to customers.

“There’s not a help line for banks,” says Jill Castilla, president and chief executive of Citizens Bank of Edmond in Oklahoma. “There’s not an invitation out there for how to get involved and how to connect with Apple.”

Still, she says her community bank is just as eager as its mega counterparts to offer Apple Pay to depositors.

“As long as it’s safe and sound, and if it becomes accessible to community banks, we would be one of the first ones to embrace it,” Castilla says.

So now you know why your bank has been shouting out about Apple Pay.

Card image via Shutterstock

Source Article :http://bit.ly/1vabxM2

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Apple Pay Bank Partners Push Digital Wallet Despite Fee

Between email blasts, full-page magazine ads and website banners, big banks are promoting Apple’s Apple Pay to their customers and highlighting their cooperation with the technology giant on its mobile wallet since the service was introduced Sept. 9.

Yet those institutions will end up paying when their customers use the new system.

So why are the largest banks and card companies going to so much trouble? For one thing, the first debit or credit card you snap a photo of to add to your iPhone automatically will become the default payment option for Apple Pay when the mobile service begins in October. Card companies and financial institutions want to capitalize on that feature to build volume in transactions, which also bring them money.

“By virtue of our early participation in Apple Pay, maybe we’ll be able to pick up some more people who currently have their MasterCard as secondary in their wallet and we would like them to make it primary,” says James Anderson, head of mobile and emerging payments at MasterCard, based in Purchase, New York.

Painless for consumers

Aside from the innovative touch-to-pay experience that will let users forgo their wallets, consumers won’t likely feel much of a difference in the way they interact with their banks and card companies.

“Whether you charge your credit card or debit card to a piece of plastic or use it through Apple Pay, the costs to the consumer are identical,” says Gavin Michael, head of digital for consumer banking at JPMorgan Chase in New York.

Other banks take a similar approach.

“Wells Fargo does not charge a fee for its customers to use Apple Pay,” says spokeswoman Natalie M. Brown.

Banks charged

Banks will foot the bill for using Apple Pay by giving Apple a percentage of every transaction made through the system, according to Bloomberg News. It remains to be seen whether banks will pass on any of that cost to merchants and consumers. Merchants normally pay banks and card issuers a small percentage of each transaction charged on a credit card or made with a debit card, though that usually has no effect on consumers or what they pay.

Apple has made deals with the largest U.S. financial institutions, including Bank of America, Capital One Bank, Chase, Citigroup and Wells Fargo. These organizations account for 83% of the credit card purchase volume in the U.S., according to Apple. Customers of community banks or credit unions will likely be able to use Apple Pay too, but most of those institutions haven’t announced any plans to participate.

“If [merchants] buy into this type of payment system and we have a demand from our members to offer this, then we will,” Steven Page, online product marketing manager for 1^st United Services Credit Union in Pleasanton, California, said by email.

Smaller banks face barriers

However, cost and accessibility are two barriers keeping smaller financial institutions from offering links to the new service right away.

“It is a very expensive option to take, costing 15 basis points [0.15%] per transaction to use the Apple Pay option,” Page says, referring to the amount Apple collects.

First Data, a credit card processor often used by smaller banks, has said it will participate in Apple Pay, which means those banks can offer the service to depositors. However, other institutions are unsure how to provide it to customers.

“There’s not a help line for banks,” says Jill Castilla, president and chief executive of Citizens Bank of Edmond in Oklahoma. “There’s not an invitation out there for how to get involved and how to connect with Apple.”

Still, she says her community bank is just as eager as its mega counterparts to offer Apple Pay to depositors.

“As long as it’s safe and sound, and if it becomes accessible to community banks, we would be one of the first ones to embrace it,” Castilla says.

So now you know why your bank has been shouting out about Apple Pay.

Card image via Shutterstock

Source Article http://ift.tt/1y39EC7

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Have You Outgrown Your Credit Card? 5 Questions to Ask Yourself

Like it or not, modern life has left many of us in a constant state of flux. While it’s natural to consider how these shifts will impact your life in the big picture, it’s also important to think about the everyday implications of a significant change.

For instance, we all invest a lot of time in making financial decisions, but as our lives evolve, it’s essential to revisit those choices and re-evaluate. There’s a strong possibility that over the years you’ve outgrown your credit card – and don’t even realize it. Not sure if this is true? Ask yourself the five questions below to find out!

1. Have I moved?

Moving to a new area is a great time to take a look at your regular credit card and decide if it’s still the best one for you. Here’s why: Relocating sometimes means substantial changes to your usual routines. As a result, where you spend your day-to-day dollars could change, too. Of course, you want to use a credit card that provides primo rewards on the spending you’re already doing, so it might be time to switch cards.

For instance, if you moved from a suburban area to the big city and sold your car, you’ll want a credit card that rewards you for spending on cab fare as opposed to gas. For insight into how your swiping might have changed because of your move, analyze your monthly billing statement – it will give you a clue about which rewards programs you should look for.

2. Did I get a new job?

If you’re a recent college graduate and just got your first salaried job, it’s time to upgrade from your student credit card.

With your new income and the good credit you’ve built up from using plastic responsibly as a student (right?), you should be able to qualify for a card with favorable terms and a decent rewards program. This is an important step on the road to an excellent credit score; demonstrating that you can qualify for new credit, and then using it prudently, will keep your score climbing over time.

3. Has my credit substantially improved?

Going through a tough financial period sometimes leaves your credit score in less-than-ideal shape. If you found yourself in this situation and opted for a secured credit card to help rebuild your score, you made a smart move. Assuming this plan was effective and your credit has substantially improved, it’s probably time to advance to an unsecured (regular) credit card.

You can accomplish this in one of two ways: asking the issuer of your secured card to convert your account to an unsecured version, or applying for a different card of your choice. Either way, this will help you grow your score even further and give you the opportunity to use a card that will provide better rewards.

4. Have I had a significant lifestyle change, such as getting married or having children?

Like moving, other big life events can have an effect on where you’re spending the bulk of your cash. As a swinging single, a credit card that offers big rewards on entertainment and travel was probably just the ticket. But getting married might mean slowing down a bit, so opting for a card that will give bonus points or cash-back on dining out could be a better fit.

Ditto if you’ve recently become a parent – your grocery spending is probably increasing while your restaurant and entertainment spending could be decreasing. Again, the key is to find a card that will give you something valuable in return for the swiping you’re most likely to do.

5. Did I recently pay off lingering credit card debt?

Taking advantage of a 0% balance transfer offer to consolidate and pay off credit card debt is a great idea. After all, you’ll save money on interest and simplify your finances.

But once the debt is paid off, you might want to think about using a different card for your daily spending. Some popular balance transfer credit cards don’t offer rewards programs at all, which isn’t ideal. Plus, it’s likely that your 0% period is up, so there’s no real benefit to holding onto the card. Shop around for a different one, so you can use the best plastic for your new, debt-free life.

The takeaway: As your life changes, it’s likely that your credit card needs do, too. Ask yourself the five questions above when deciding whether or not it’s time to update the contents of your wallet!

This article originally appeared on U.S. News. Fish bowl image via Shutterstock

Source Article http://ift.tt/1y39EC7

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Have You Outgrown Your Credit Card? 5 Questions to Ask Yourself

Like it or not, modern life has left many of us in a constant state of flux. While it’s natural to consider how these shifts will impact your life in the big picture, it’s also important to think about the everyday implications of a significant change.

For instance, we all invest a lot of time in making financial decisions, but as our lives evolve, it’s essential to revisit those choices and re-evaluate. There’s a strong possibility that over the years you’ve outgrown your credit card – and don’t even realize it. Not sure if this is true? Ask yourself the five questions below to find out!

1. Have I moved?

Moving to a new area is a great time to take a look at your regular credit card and decide if it’s still the best one for you. Here’s why: Relocating sometimes means substantial changes to your usual routines. As a result, where you spend your day-to-day dollars could change, too. Of course, you want to use a credit card that provides primo rewards on the spending you’re already doing, so it might be time to switch cards.

For instance, if you moved from a suburban area to the big city and sold your car, you’ll want a credit card that rewards you for spending on cab fare as opposed to gas. For insight into how your swiping might have changed because of your move, analyze your monthly billing statement – it will give you a clue about which rewards programs you should look for.

2. Did I get a new job?

If you’re a recent college graduate and just got your first salaried job, it’s time to upgrade from your student credit card.

With your new income and the good credit you’ve built up from using plastic responsibly as a student (right?), you should be able to qualify for a card with favorable terms and a decent rewards program. This is an important step on the road to an excellent credit score; demonstrating that you can qualify for new credit, and then using it prudently, will keep your score climbing over time.

3. Has my credit substantially improved?

Going through a tough financial period sometimes leaves your credit score in less-than-ideal shape. If you found yourself in this situation and opted for a secured credit card to help rebuild your score, you made a smart move. Assuming this plan was effective and your credit has substantially improved, it’s probably time to advance to an unsecured (regular) credit card.

You can accomplish this in one of two ways: asking the issuer of your secured card to convert your account to an unsecured version, or applying for a different card of your choice. Either way, this will help you grow your score even further and give you the opportunity to use a card that will provide better rewards.

4. Have I had a significant lifestyle change, such as getting married or having children?

Like moving, other big life events can have an effect on where you’re spending the bulk of your cash. As a swinging single, a credit card that offers big rewards on entertainment and travel was probably just the ticket. But getting married might mean slowing down a bit, so opting for a card that will give bonus points or cash-back on dining out could be a better fit.

Ditto if you’ve recently become a parent – your grocery spending is probably increasing while your restaurant and entertainment spending could be decreasing. Again, the key is to find a card that will give you something valuable in return for the swiping you’re most likely to do.

5. Did I recently pay off lingering credit card debt?

Taking advantage of a 0% balance transfer offer to consolidate and pay off credit card debt is a great idea. After all, you’ll save money on interest and simplify your finances.

But once the debt is paid off, you might want to think about using a different card for your daily spending. Some popular balance transfer credit cards don’t offer rewards programs at all, which isn’t ideal. Plus, it’s likely that your 0% period is up, so there’s no real benefit to holding onto the card. Shop around for a different one, so you can use the best plastic for your new, debt-free life.

The takeaway: As your life changes, it’s likely that your credit card needs do, too. Ask yourself the five questions above when deciding whether or not it’s time to update the contents of your wallet!

This article originally appeared on U.S. News. Fish bowl image via Shutterstock

Source Article :http://bit.ly/XVTWvc

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College Students Should Know About These Bank Services

For college students, money management can be daunting. Freshmen may just be looking to open their first bank accounts. Seniors, casting an eye toward what comes next, may focus on trying to save money. For them, and others in between, here’s some guidance to navigate the ins and outs of banking while still on campus.

Choosing a bank

In an ideal world, there’s a bank or credit union with branches close both to home and campus. Since this isn’t always the case, there are a few things to consider if you’re torn between sticking with your hometown bank and switching to one near school.

If you open an account at a bank or credit union with offices closer to school, you’ll have access to in-person services and potentially on-campus ATMs with no-fee withdrawals. Having a branch to visit when you need help can spare you the headache of dealing with remote customer service representatives when issues arise. You may also receive sign-up bonuses and perks that you wouldn’t get otherwise. It’s also less critical to share a bank with your parents these days, as online and mobile apps make funds transfers easier.

Banks versus credit unions

Students choosing a new financial institution should look into how credit unions may beat big banks. In a study across more than 80 universities, NerdWallet found that 88% of the time, credit unions were a better choice than big banks when considering fees, accessibility and perks.

The survey found that more university credit unions had branches on campus and offered more surcharge-free ATMs nearby than banks. In addition, credit unions charged less for out-of-network ATM transactions.

Checking choices

Most college students with checking accounts chose banks and credit unions that offer student accounts specifically aimed at helping young adults establish good money-managing practices. You need to consider a series of factors when determining what kind of checking you’ll need, including:

• Account type: If the bank or credit union you’re interested in doesn’t offer student checking, find out what kind of basic, affordable accounts are available.


• Accessibility: What’s the location of the bank or credit union that caught your eye? If you want in-person service, then you need a branch that’s close to school. Or, if you want easy access to your money without paying fees or surcharges, then a bank with an ATM on campus may be just the ticket.


• Minimums and fees: Both credit unions and banks often offer free checking to students. But even the ones that charge a monthly fee typically provide easy ways to have it waived, such as maintaining a relatively low minimum balance or signing up for online statements. You’ll want to review the list of fees to uncover hidden charges and look at overdraft and bounced-check costs before choosing an account.


• Overdraft protection: If you’re planning to open an account for savings as well as one for checking, you may opt for a link between them to handle overdrafts just in case you swipe your card one too many times. Be careful though — while overdraft protection means that your card or check won’t be rejected, it can cost nearly $30 per transaction.


• Mobile services: Most banks and credit unions support mobile apps, so you don’t have to visit a brick-and-mortar location or an ATM, other than to pick up cash. These services can also help with paying bills, keeping track of deposits and pending purchases and monitoring balances to avoid overdrafts.

To compare banking options at your college, use our student checking comparison tool.

Avoiding ATM surcharges

Using an ATM on campus may be convenient, but it’s not always best. When you use an ATM that’s out of your network, your bank or credit union may charge a fee and the ATM operator could impose its own fee, too. Even if your bank waives its fee, you can still be nicked for an average of about $2 per transaction.

When you’re choosing a checking provider, find out which ones have ATMs on or near campus. You also may want to check out what kind of ATM fee reimbursement deals may be offered. If you already have an established account, several apps such as those offered by Allpoint , CO-OP Credit Union and MoneyPass can help locate surcharge-free ATMs in the area.

Savings accounts

No matter what your goal, savings accounts can help you reach it. Many banks and credit unions offer student-oriented or other basic savings accounts with low minimum balances that can connect with checking accounts to help students manage transfers. For those just starting out, a basic savings account with an annual percentage yield of 0.01% on all balances is typical. You may want to find one that lets you create multiple buckets tied to specific goals, be it spring break, a big-ticket purchase or a post-graduation nest egg.

Finding low-cost banking services while in school doesn’t need to be difficult, as long as you do some homework. Trust us: Getting it right will be worth the trouble.

College students image via Shutterstock.

Source Article http://ift.tt/1y39EC7

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College Students Should Know About These Bank Services

For college students, money management can be daunting. Freshmen may just be looking to open their first bank accounts. Seniors, casting an eye toward what comes next, may focus on trying to save money. For them, and others in between, here’s some guidance to navigate the ins and outs of banking while still on campus.

Choosing a bank

In an ideal world, there’s a bank or credit union with branches close both to home and campus. Since this isn’t always the case, there are a few things to consider if you’re torn between sticking with your hometown bank and switching to one near school.

If you open an account at a bank or credit union with offices closer to school, you’ll have access to in-person services and potentially on-campus ATMs with no-fee withdrawals. Having a branch to visit when you need help can spare you the headache of dealing with remote customer service representatives when issues arise. You may also receive sign-up bonuses and perks that you wouldn’t get otherwise. It’s also less critical to share a bank with your parents these days, as online and mobile apps make funds transfers easier.

Banks versus credit unions

Students choosing a new financial institution should look into how credit unions may beat big banks. In a study across more than 80 universities, NerdWallet found that 88% of the time, credit unions were a better choice than big banks when considering fees, accessibility and perks.

The survey found that more university credit unions had branches on campus and offered more surcharge-free ATMs nearby than banks. In addition, credit unions charged less for out-of-network ATM transactions.

Checking choices

Most college students with checking accounts chose banks and credit unions that offer student accounts specifically aimed at helping young adults establish good money-managing practices. You need to consider a series of factors when determining what kind of checking you’ll need, including:

• Account type: If the bank or credit union you’re interested in doesn’t offer student checking, find out what kind of basic, affordable accounts are available.


• Accessibility: What’s the location of the bank or credit union that caught your eye? If you want in-person service, then you need a branch that’s close to school. Or, if you want easy access to your money without paying fees or surcharges, then a bank with an ATM on campus may be just the ticket.


• Minimums and fees: Both credit unions and banks often offer free checking to students. But even the ones that charge a monthly fee typically provide easy ways to have it waived, such as maintaining a relatively low minimum balance or signing up for online statements. You’ll want to review the list of fees to uncover hidden charges and look at overdraft and bounced-check costs before choosing an account.


• Overdraft protection: If you’re planning to open an account for savings as well as one for checking, you may opt for a link between them to handle overdrafts just in case you swipe your card one too many times. Be careful though — while overdraft protection means that your card or check won’t be rejected, it can cost nearly $30 per transaction.


• Mobile services: Most banks and credit unions support mobile apps, so you don’t have to visit a brick-and-mortar location or an ATM, other than to pick up cash. These services can also help with paying bills, keeping track of deposits and pending purchases and monitoring balances to avoid overdrafts.

To compare banking options at your college, use our student checking comparison tool.

Avoiding ATM surcharges

Using an ATM on campus may be convenient, but it’s not always best. When you use an ATM that’s out of your network, your bank or credit union may charge a fee and the ATM operator could impose its own fee, too. Even if your bank waives its fee, you can still be nicked for an average of about $2 per transaction.

When you’re choosing a checking provider, find out which ones have ATMs on or near campus. You also may want to check out what kind of ATM fee reimbursement deals may be offered. If you already have an established account, several apps such as those offered by Allpoint , CO-OP Credit Union and MoneyPass can help locate surcharge-free ATMs in the area.

Savings accounts

No matter what your goal, savings accounts can help you reach it. Many banks and credit unions offer student-oriented or other basic savings accounts with low minimum balances that can connect with checking accounts to help students manage transfers. For those just starting out, a basic savings account with an annual percentage yield of 0.01% on all balances is typical. You may want to find one that lets you create multiple buckets tied to specific goals, be it spring break, a big-ticket purchase or a post-graduation nest egg.

Finding low-cost banking services while in school doesn’t need to be difficult, as long as you do some homework. Trust us: Getting it right will be worth the trouble.

College students image via Shutterstock.

Source Article :http://bit.ly/1mKwRYy

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