MoneyTips Can your checking account affect your credit score? It's possible, but only in certain circumstances that you should avoid. Your credit score is calculated using information from your credit report, which is a history of all of your credit-based transactions. Checking accounts are funded by your deposits – there's no borrowing of money involved. Normal daily activities like writing checks and transferring funds aren't reported to credit reporting agencies and don't show up on your credit report. When you open a new checking account, banks can ask for a hard credit pull as part of your evaluation. Hard credit pulls will cause a small temporary drop in your credit score. However, most banks use soft credit pulls that do not affect your credit score at all. So how can checking account activity affect your credit score? Generally, there's only one way to damage your credit report with a checking account. You have to allow your checking account to be used for borrowing, and … [Read more...] about How Checks Affect Your Credit Score
Opening new checking account
May 7 (UPI) -- Amazon Go opened a new store in New York City that will accept cash, the 12th location in the United States and the first that doesn't require an app and credit card to make purchases. The 1,300-square-foot store opened on the second floor of the Brookfield Place mall in New York. There's still no cash register but shoppers can use paper money or coins with the help of an employee, who checks them out using a mobile device. As usual, Amazon Go customers can still walk in and check out using the app as long as its connected to a credit card. Cameron James, who oversees Amazon Go, said the way the stores accept cash could change in the future. "This is how we're starting," Janes said. "We're going to learn from customers on what works and what doesn't work and then iterate and improve over time." Amazon Go was a criticized for requiring customers to use credit cards and bank accounts, which could be discriminatory to lower income customers. Philadelphia and the state of … [Read more...] about Amazon Go opens New York City store that accepts cash
Breaking News Emails Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings. SUBSCRIBE Aug. 31, 2017, 2:50 PM GMT / Updated Aug. 31, 2017, 2:50 PM GMT By It turns out the Wells Fargo stage coach was even more off the rails than anyone thought. The bank announced Thursday that a newly expanded investigative review period flagged a total of 3.5 million potentially unauthorized accounts, up from the 2.1 million previously identified. Wells Fargo said it was earmarking an additional $2.8 million to pay back customers harmed by the scheme. Last year the bank paid a $185 million fine for opening up accounts using phony information or without customer approval, and its now former CEO John Stumpf was hauled to testify before Congress. Several other bank executives also resigned in the scandal's wake. Wells Fargo Potential Unauthorized Accounts Grows to 3.5 Million Aug. 31, 2017 01:40 Former bank employees have … [Read more...] about There are a million more potential unauthorized Wells Fargo accounts
Image source: Getty Images. Anyone who’s ever started a business has experienced the never-ending to-do list of logistical errands you need to complete in order to get properly set up. You might be tempted to rush through the beginning stages and get to doing what it is your business actually does, but having the proper set-up for your business will save you plenty of headaches -- and money -- in the long-run. Continue Reading Below A big part of that set-up is deciding how to manage your business finances, and one of the most common questions is whether or not to get a business checking account. Here’s our take on business checking accounts, including when you need one and when you don’t. How business checking accounts work Business checking accounts are meant to help business owners separate their finances. They work similarly to personal checking accounts but there are some key differences. Whether or not you legally need to have a business checking account … [Read more...] about Do You Really Need That Business Checking Account?
House Democrats launched a sweeping investigation Monday into whether President Trump and administration officials have obstructed justice, abused their power or acted corruptly, a massive undertaking that could lay the groundwork for impeaching the president. The investigation will probe nearly every major controversy that has shadowed Trump since he took office, including suspicious Russian contacts, efforts to impede the special counsel's office and hush money payments involving the National Enquirer. Also under scrutiny is whether Trump has violated the Constitution’s emoluments clause because he profits from his private company, which continues to do business with foreign governments. Democratic leaders such as House Speaker Nancy Pelosi (D-San Francisco) have been trying to tamp down talk of impeaching Trump. The announcement reflects their strategy of opening wide-ranging investigations that increase pressure on the president and perhaps fuel a push to remove him … [Read more...] about House Democrats open new inquiry that could lay the groundwork for impeachment