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How Do Banks Make Money?
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If you wonder how banks make money, here’s the answer: They do so by charging money for providing services as well as financial products. Among the ways they profit are by collecting interest on loans and assessing fees for banking services. Here, you’ll learn more about how banks make money, the different kinds of banks […]
How Does a Money Order Work?
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A money order is a secure way to send money to another party without using cash or a personal check. It’s often used when the recipient wants a fast, guaranteed form of payment, or when you don’t have access to a bank account. You pay for the money order up front, which ensures the funds […]
7 Ways to Save Money on Commuting to Work
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Many people are back into the full-time commuting groove again and finding that it can be a major cost. And by cost, it can mean the impact it has on both money and mood. Some people spend 30 minutes commuting each way; others two or three times that. Some get on an express train while […]
Central Banks Defined and Explained
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Unlike the local bank where you may keep your checking account, central banks are responsible for implementing monetary policy and regulating other banks. Some of the main activities of central banks include setting interest rates and controlling the money supply. These are important responsibilities: Central banks aim to promote financial stability within a country or […]
Are All Banks FDIC-Insured?
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The role of the Federal Deposit Insurance Corporation (FDIC) in protecting depositors’ bank accounts is important for everyone to understand. Most banks are insured by the FDIC, but not all. Moreover, there are usually limits on how much can be covered in an individual person’s accounts and what kind of financial products are eligible for […]