My Take on Your Money

Any views or opinions represented in this blog are personal and belong solely to each post author and do not represent those of people, institutions or organizations that WiseWage, or the post author, may or may not be associated with in professional or personal capacity, unless explicitly stated.
Person making a choice to bank with an app instead of using a bank branch
Bank branch closures by TD North in 2019 and 2020
Far more branches were closed than were opened in 2019. However, a few banks appear to still believe in bank branches.
person leaving a prison cell who is prepared to re-enter successfully
Countries on the OFAC, SDN and FATF Lists

A handy go-to guide for determining if concerns about money laundering and terrorism financing can prevent you from doing business with a company or individual in certain countries.

Adam Rust
OFAC Stop Money Laundering
Images of the three most popular prepaid debit card loading products
tax preparer working on a tax return
PNC branch bank closures - sign saying goodbye
branch closures
A List of Wells Fargo Bank Branch Closures

The new American banking desert is here to stay. The national banks are closing approximately one thousand bank branches every year. The banking desert is upon us. Come to this page to see a running list of new Wells Fargo bank branch closures.

Adam Rust
A neon goodbye sign. Wells Fargo closing bank branches.
Bank branch closing, neon sign saying "goodbye"
A video showing how to send money from one Varo Money debit card bank account to another Varo Money debit card bank account
consumer using search engine to purchase from a small business
Piggy bank sinking into the ocean when branch closes
Image of a check cashing store
prisoner being released from handcuffs
NetSpend Ace Flare Account Overdraft Terms
Many paying child support funds
comparison shopping
2019 Cost Comparison of the Most Popular Prepaid Debit Cards

A detailed review of the costs associated with using some of the most well-known prepaid debit cards. We frame the question for a person who might use a prepaid debit card to do most of his or her banking. When necessary, our customer uses check cashers and money loading services. We also provide a few alternatives that offer more value.

Adam Rust
person paying a lot to use a prepaid debit card
Varo Money bank account debit card
two people who are receiving a bonus to signup for a checking account
early direct deposit of pay
Banks with Early Direct Deposit of Pay in 2020

We keep a running list of the banks that will let you access your pay early with a direct deposit. Our list includes early pay services offered by digital banks, military-oriented credit unions, neo-banks, credit unions, and prepaid debit cards.

Adam Rust
Early direct deposit of pay is a new feature, offered for the moment by a select group of banks. It's usually free. It's a great option for people who want to have access to their wages as soon as possible.
National Banks Closing More than One Thousand Branches in US in 2019

Banks continue to reduce the size of their branch footprints. I've collected data from 2019 that shows that more than one thousand branch locations will be shuttered. Interestingly enough, many of the casualities will be the branches inside the local grocery store. I list the number of closings and openings for each state.

Adam Rust
Most bank closures take place in rural counties.
comparison shopping
The Best Smartphone Banking Apps

We're seeing bank branches disappear at the same time that a number of new financial institutions have brought some wonderful bank accounts to the AppStore.

Adam Rust
smartphone banking
Personal Finance
Daily ATM Withdrawal Limits

We have assembled a list of the daily limits on the amount of money that can be withdrawn from a bank account at twenty-two different banks. We have included some of the largest retail banks as well as an assortment of online banks.

Adam Rust
Man making an ATM withdrawal
public policy
Ferguson Relied on Fines and Fees: It Hurt Its Finances

Wall Street didn't trust Ferguson's use of fines and fees to pay its debts. Ferguson's poor thinking underscores an inescapable truth – you can run, but you can’t hide. Racism is not based on logic. It is rooted in poor reasoning by people who let fear cloud their thinking.

Adam Rust
Hands Up Ferguson
Rainy Day Saving
Five Steps to Start Saving Money

In this video blog, we can discuss some of the lessons learned by top economists on how to start saving money.

Adam Rust
saving money tips
poor person using lifeline smartphone
Will Facebook’s Libra Help the Unbanked?

Facebook claims that its new Libra cryptocurrency will empower more people into the banking system. Perhaps that is true overseas, but it's not likely in the United States.

Adam Rust
Facebook Libra
Person using mobile app instead of branch bank
comparison shopping
The Best Cash Back Debit Cards for Summer 2019

Although there used to be more debit cards with real cash back rewards programs, there are still a few out there. Check out our ratings for seven well-known cash back debit cards.

Adam Rust
Man carrying bag of cash earned from debit card cashback rewards
person opening a bank safe deposit box
Person holding cash and a debit card
Person managing payroll, asking whether to use a payroll card but wondering about mandating use of direct deposit
The Right Bank Account for Mom-and-Pop Landlords

If you are side-hustling as a landlord, you need to make sure you get a bank account that lets you manage your money as easily as possible. I will review what things you need to be able to do and then show you why a digital smartphone-first account is probably the right choice.

Adam Rust
landlord managing money for rental units
best debit cards video blog
chexsystems bank account
best payroll software for small businesses
The Best High-Yield Savings Accounts November 2019

Our list of the best online savings accounts available to consumers as of October 31th, 2019. We are publishing the day after the Federal Reserve lowered its funds rate to 1.5 percent.

Adam Rust
person choosing high yield savings account
couple switching to a debit card from a NetSpend Prepaid Card
faster payments challenges opportunities
credit scoring
Alternative Credit Scoring Models: Pros and Cons

The next frontier in underwriting is here. Companies are collecting all kinds of data to improve the value of their credit scoring algorithms. The promise is great, but there are reasons for concern as well.

Adam Rust
credit scoring with alternative data sharing
Child support funds can be taken from a bank account
worker seeking early access to his paycheck
public policy
Finding the Right Balance with Fintech Innovation

The virtue of fintech starts with its ability to reduce friction. The best innovations solve problems that needed to be fixed. Nonetheless, we need to be very mindful about getting it right.

Adam Rust
fintech data privacy
saving money for retirement
tax filer fills out 1040
money tree from automatic savings
purchase cushion on netspend cards
About WiseWage and this blog:
This blog is authored by Adam Rust. He has worked to defend consumers against harmful financial practices since 2005. He has written extensively about overdraft fees, payday lending, credit insurance, student loans, prepaid debit cards, high-cost installment loans, and subprime mortgage lending. He serves on the Board of the US Faster Payments Council.
Rust is Director of Research at Reinvestment Partners in Durham, North Carolina. He is the author of BankTalk. He is the author of "This is My Home: Challenges and Opportunities of Manufactured Housing" and has testified to Congress on how to redress some of the problems with manufactured housing.