In the battle to retain more drivers, Lyft has announced a new effort to help its freelance workers better manage their finances. The ride-hail (and soon-to-be publicly traded) company unveiled a broad set of new economic incentives for drivers, including no-fee bank accounts, debit cards, vehicle maintenance, and deals on rental cars. Lyft will also be opening a series of brick-and-mortar repair centers across the country where drivers can get discounts on maintenance and car washes. It’s a way for Lyft to help drivers save money without actually increasing fares (which could drive down demand) or decreasing the percentage of each payment Lyft takes for itself (which would reduce its revenue). And like most driver-focused announcements from ride-hail companies, it’s intended to encourage drivers to quit app-switching and just pick a side. “Our primary aim,” said Jon McNeill, Lyft’s chief operating officer, “is to increase [driver] pay and for us to … [Read more...] about Lyft wants to give free bank accounts and debit cards to drivers
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The old saying "If it sounds too good to be true, it probably is," still applies in today's online and mobile banking world. New high-yield accounts are being introduced on the internet and in the mobile world that offer around 1.5 percent on checking accounts (vs. the national average of 0.2 percent) or more than 2 percent on savings accounts (vs. the national average of 0.3 percent). But they're often not the great deals they first appear to be once you understand the details. Keeping an eye out for these four red flags can help you identify potential issues before you decide to give one of these accounts a try.The high-yield account isn't from a bankThe first red flag is if the financial company offering a high-yield account isn't a bank or credit union, but that doesn't mean the offer is a scam. It may be an investment account that a brokerage company is offering, which shouldn't be confused with a deposit account. Deposit accounts, such as a checking or savings accounts, are … [Read more...] about 4 red flags about high-yield bank accounts
CRIMINALS are targeting teenagers on apps like Instagram and Snapchat for money laundering, a new report reveals. These online "money mules" are used to clean up dirty money – and are being hooked in by tempting and widespread social media posts. Scammers offer Instagram and Snapchat users "instant cash" if they hand over bank details. And while cash will inevitably flow through the bank account of a "mule", they'll end up with nothing to show for it – and in some cases, face an investigation by authorities. An investigation by Sky News found that fraudsters are "operating with impunity" on popular social networks. And it revealed that under 25s are six times more likely to fall victim to fraudsters on social media than over 50s – which is why criminals target youngsters in particular. The report also revealed that some victims end up with their own bank accounts being cleaned out – or used for financial transactions. Sky spoke to victim Rochelle, who was 15 … [Read more...] about Dangerous Instagram and Snapchat ‘instant cash’ scam turns you into a ‘money launderer’ for crooks – and could see your bank account FROZEN
Martin Lewis, founder of moneysavingexpert.com Archant You can get paid to switch your bank account to a new provider for no hassle – so what’s stopping you? Martin Lewis of Moneysavingexpert says a banking price war means it could be worth switching accounts to earn some extra cash before Christmas. Photo: Getty Images/iStockphotoFree cash in time for Christmas.There are laws against bribery. Luckily they don’t apply to banks wanting to bung you free money in return for your custom. There’s a banking price war on which means you can earn up to £200 for switching account. So take a bribe, and get some extra cash in the kitty before Christmas. And don’t just do this for the money. I get more complaints about banks than any other sector apart from energy, yet people loyally stick with the perpetrators for years. If that’s you, start switching. Many of the accounts that pay have decent service too.Switching is easy, they do it all for you. Before … [Read more...] about Martin Lewis of MoneySavingExpert: Get some extra cash in the Christmas kitty by switching bank accounts
Artificial intelligence (AI) is seemingly everywhere these days, from Siri on an iPhone to calling an Uber or watching that video recommended on Netflix based on predictive algorithms. While AI hasn’t quite taken over just yet, it’s clear that it will become even more deeply embedded in our lives. The banking industry, as much as any other, has the potential to proactively harness AI technology to transform itself, or use it to just keep up or get left behind.With the market changing rapidly not only due to advanced digital technologies, but also emerging competition from fintechs and more knowledgeable, demanding customers, banks are faced with a number of challenges. To maintain market share and profitability in an industry where competing products and services are frequently very similar to their own, banks need to focus on what improves the customer experience to distinguish them from their peers and proactively service their customers. How they adopt and utilise AI is … [Read more...] about The AI revolution is underway – what does the future look like for banks?