30:["$","$L31",null,{"category":"$32","relatedArticles":[{"id":"cG9zdDoyNDQ2ODg=","databaseId":244688,"postId":244688,"author":{"node":{"id":"dXNlcjoz","databaseId":3,"userId":3,"avatar":{"url":"https://secure.gravatar.com/avatar/47938df052bf0a5283bd6b77ab786737?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"SmartAsset employs a team of writers and editors with years of experience in the editorial, news and personal finance industries. Some staff members also hold the Certified Educator in Personal Finance (CEPF®) designation from the Institute for Financial Literacy.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Michael","fullName":"SmartAsset Team","lastName":"Carvin","name":"SmartAsset Team","postCount":{"pageInfo":{"offsetPagination":{"total":1623,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"mcarvin","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQyMg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19422,"categoryId":19422,"link":"https://smartasset.com/banking-basics/articles","name":"Banking Basics","postCount":{"pageInfo":{"offsetPagination":{"total":95,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"banking-basics","ancestors":{"nodes":[{"name":"Checking Account","slug":"checking-account","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Checking Account","id":"dGVybTo0NzIx","slug":"checking-account","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$33","date":"2024-04-26T18:20:03","excerpt":"

When considering where to keep your financial assets, the choice between regional and national banks is a significant one. Regional banks are typically smaller in scale, offer a more localized banking experience and may even charge lower fees. They are often deeply embedded within the communities they serve, which can translate into a more personalized […]

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Patrick studied English at the University of New Hampshire and currently holds the Certified Educator in Personal Finance (CEPF) designation. \r\n\r\nPrior to joining SmartAsset, Patrick was a senior writer at MagnifyMoney, where he covered investing. His career began in journalism and included 11+ years at The Jersey Journal, where he covered sports and news as an editor. His work has appeared on Yahoo Finance, MSN, NJ.com, and The Star-Ledger. 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A financial advisor can help you manage your assets and set financial goals. Find a fiduciary advisor today.

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What’s the Difference Between Regional vs. National Banks?

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The banking landscape is characterized by a diverse institutions, each serving different needs and markets.

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Regional banks are mid-sized institutions with total assets ranging from $10 billion to $100 billion. This makes them larger than community banks, which typically have less than $10 billion assets. While regional banks have historically been confined to providing services within a specific geographic area – a single state or several states – they can have a larger geographic footprint.

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On the other hand, national banks boast a widespread presence across the country, operating on a much larger scale. They are usually much larger in terms of assets and branch networks, and they offer a comprehensive suite of services designed to meet the needs of a diverse customer base from various regions of the nation.

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While the Federal Reserve uses specific asset ranges to classify an institution as either a regional or community bank, national banks are large commercial institutions that are chartered by the Office of the Comptroller of the Currency.

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Examples of Regional Banks

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Each of the following institutions had between $10 billion and $100 billion in total assets, making them regional banks:

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Townebank: Founded in 1999, Townebank operates 50 branches throughout Virginia and North Carolina.
Fulton Bank National Assn: Fulton Bank, which traces its roots back to 1882, operates in Pennsylvania, New Jersey, Maryland, Delaware and Virginia.
Frost Bank: Based in San Antonio, Texas, Frost Bank is a regional institution in Texas originally founded in 1868.
Valley Bank: Despite being classified as regional bank, Valley Bank operates in both the Northeast and Southeast, with branch locations in New Jersey, New York, Florida and Alabama.

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Examples of National Banks

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Each of the following institutions holds a charter from the Office of the Comptroller of the Currency:

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JPMorgan Chase
Bank of America
Wells Fargo
Citibank
U.S. Bank

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While national banks aren’t classified based on their asset levels, each of these banks has over $1 trillion in total assets.

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Benefits of Regional Banks vs. National Banks

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General advantages of regional banks include personalized service, potentially lower fees and a better understanding of local markets. These institutions are known for their commitment to the communities they serve, often reflected in the specialized services they provide.

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1. More Personalized Customer Service

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Regional banks often prioritize personalized customer relationships, setting them apart from their national counterparts. They typically employ relationship banking models, where bank representatives are encouraged to develop long-term relationships with customers. This approach involves understanding a customer’s financial history and preferences, which can lead to more customized service and advice. While regional banks often focus on personalized service, it’s important to recognize that the level of service can vary from bank to bank.

The community involvement of regional banks extends beyond the financial services they offer. Many regional banks actively sponsor local events such as charity runs, school financial literacy programs and community festivals. This involvement not only enhances their community presence but also fosters a sense of trust and loyalty among local residents.

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2. Potentially Lower Fees

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One of the tangible benefits of banking with regional institutions is the potential for lower fees. Regional banks may charge lower average fees for services like account maintenance, ATM usage, and overdrafts compared to national banks.

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The impact of lower fees at regional banks can be particularly significant for consumers who maintain lower account balances or require more specialized banking services. For an individual with a modest checking account balance, the difference in monthly maintenance fees between a regional and a national bank could translate into considerable annual savings.

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Small business owners, who may frequently deposit cash or require other specialized services, might find that regional banks offer more cost-effective solutions. These savings can be crucial for customers who are looking to maximize their financial resources and minimize unnecessary expenditures. To better understand the potential savings, consider using a comparison chart or calculator to estimate how choosing a regional bank could affect your finances.

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3. Better Understanding of Local Markets

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Regional banks are often more attuned to local market conditions and economic factors, which can be a significant advantage for customers. These institutions may adjust their services and products in response to local economic trends, such as offering lower mortgage rates in areas experiencing a housing boom or providing flexible loan terms during a local economic downturn.

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This deep local expertise allows regional banks to offer financial products and services that are better suited to the needs of the local population and businesses. For example, a regional bank in a coastal area might specialize in boat loans or fishing industry financing, while a bank in a wine-producing region could offer vineyard financing and grape harvest insurance products.

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This responsiveness demonstrates a commitment to the financial health of the community and an understanding that one-size-fits-all banking does not always serve the best interests of local customers. However, while regional banks may have a better understanding of local markets, this does not always result in better financial outcomes for every customer.

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Are Regional Banks as Safe as National Banks?

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The safety of financial institutions is a paramount concern for depositors, who often wonder whether their funds are more secure in a national bank compared to a regional one. This concern is not unfounded, as the stability of a bank can significantly impact the security of deposits.

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Look no further than the banking crisis of March 2023 when Silicon Valley Bank collapsed on the heels of steep interest rate increases. Signature Bank, another regional institution, followed suit days later when regulators forced its closure. Then in May, First Republic Bank, a regional institution in San Francisco, went under in what is the second-largest banking collapse in U.S. history. In total, five banks with nearly $550 billion in assets collapsed in 2023, according to American Banker.

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That’s not to say regional bank customers aren’t protected in what remain rare cases of bank failures. Federal Deposit Insurance Corporation (FDIC) coverage serves as a critical safety net for depositors, regardless of whether they choose a regional or national bank. Both types of institutions offer the same level of FDIC insurance coverage, which insures deposits up to $250,000 per depositor, per insured bank, for each account ownership category.

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It’s important for depositors to understand that the FDIC insurance limit of $250,000 applies to each depositor, within each insured bank, for each account ownership category. For example, an individual could have up to $250,000 insured in a single account and another $250,000 in a joint account at the same insured bank, effectively ensuring $500,000 at that institution. Moreover, if the same individual has deposits at another insured bank, those would also be covered up to $250,000 per ownership category.

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This multi-tiered approach to coverage ensures that both regional and national banks provide the same level of protection, making them equally safe in terms of insurance coverage. This uniformity in insurance coverage is a cornerstone of the banking system, designed to maintain public confidence and financial stability.

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Choosing a Regional Bank vs. National Bank

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Unlike larger national banks, regional banks often pride themselves on their ability to offer a more intimate banking experience. Customers at regional banks might find that bank representatives recognize them by name, transforming visits to the branch into more personable encounters.

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However, potential clients should note that this is not a guarantee, and the level of personal recognition can vary from bank to bank. Moreover, regional banks may provide customized loan options that are specifically designed to fit individual financial situations, such as flexible repayment terms for local entrepreneurs that align with their business’s cash flow patterns. While this level of personalization can be a significant advantage, it’s essential to understand that loan conditions are subject to approval and may not always be more favorable than those offered by national banks.

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On the other hand, national banks might offer benefits that regional banks do not, such as a wider range of financial products, more extensive ATM and branch networks, or advanced online banking technology. These features can be particularly important for those who travel frequently or require a broad array of financial services.

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National banks can also have robust customer service programs and personal banking options, challenging the notion that only regional banks provide personalized service.

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Bottom Line

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Regional banks shine with their tailored customer relationships, local market expertise and active community engagement, offering a banking experience that resonates with those who value a closer-knit financial partnership. National banks, on the other hand, may appeal more to those seeking convenience, extensive networks, and a wide array of services, particularly for customers with diverse banking needs or those who travel frequently.

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Financial Planning Tips

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Photo credit: ©iStock.com/Milan Markovic, ©iStock.com/SDI Productions, ©iStock.com/focusstock

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A health savings account (HSA) can be a useful way to cover medical expenses with pre-tax dollars. And knowing which treatments count as qualified medical expenses will help you maximize your savings. One common question that account holders have is whether an HSA can be used for a massage. While HSAs cover many healthcare services, […]

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A financial advisor can help you create a financial plan that includes HSAs and other tax-advantaged accounts.

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Health Savings Account Basics

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An HSA is a tax-advantaged savings account designed to help individuals with high-deductible health plans (HDHPs) pay for medical expenses. You can contribute money to your HSA pre-tax, which reduces your taxable income. The funds can be used to cover qualified medical expenses such as doctor’s visits, prescription medications and certain treatments.

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HSAs are also known for their triple tax advantage: contributions are tax-deductible, the funds grow tax-free and withdrawals are tax-free if used for eligible healthcare costs.

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Eligibility for an HSA is tied to having an HDHP, which typically has higher deductibles but lower premiums. The 2024 contribution limit for an HSA is $4,150 for individuals and $8,300 for families. If you are over 55, you can also make an additional catch-up contribution of $1,000.

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When weighing the pros and cons of an HSA, one of the key benefits is that the funds never expire, so you can continue saving for medical expenses even into retirement.

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HSAs offer flexibility, as the funds roll over year to year, allowing you to build up savings for future healthcare needs. However, you must understand what counts as a qualified medical expense to avoid penalties or taxes when using your HSA.

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Can You Use Your HSA for a Massage?

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Whether you can use your HSA for a massage depends on why the massage is being performed.

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Generally, HSAs cover treatments that are considered medically necessary, and massages are no exception. If a doctor prescribes massage therapy to treat a specific medical condition–such as chronic pain, injury recovery or other ailments–then the cost of the massage may be a qualified medical expense. In these cases, you will need documentation from your healthcare provider to show that the massage is part of a prescribed treatment plan.

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But, if the massage is for relaxation or general well-being, it is not considered a qualified medical expense, and you cannot use HSA funds to cover it. Massages for stress relief or spa treatments, even if they improve your overall health, do not meet the criteria for HSA reimbursement. This is why you should keep detailed records for any massage therapy you claim as an HSA expense to demonstrate that it is supported by a medical diagnosis and prescription.

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If you are uncertain whether your specific situation qualifies, it is a good idea to consult with your HSA provider or review IRS guidelines on qualified medical expenses.

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HSA Qualified Expenses

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HSAs can offer broad coverage for a variety of medical expenses, provided that they are deemed necessary for the diagnosis, treatment or prevention of disease. Understanding what counts as a qualified medical expense can help you maximize your HSA benefits and avoid penalties for ineligible expenses. Here are five examples of qualified HSA expenses:

","$53","

While HSAs cover a wide range of healthcare needs, expenses such as cosmetic procedures, gym memberships or non-prescribed vitamins and supplements are generally not eligible.

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Bottom Line

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HSAs provide a tax-advantaged way to pay for medical expenses, but understanding which services qualify is key to using your account effectively. Massages may be covered if they are prescribed by a doctor to treat a medical condition, but massages for relaxation or general wellness do not qualify. If you are unsure whether a service is eligible, you may want to consult your HSA provider and keep thorough records of any treatments prescribed by a healthcare professional.

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Health Savings Tips

","$54","

Photo credit: ©iStock.com/urbazon, ©iStock.com/Drs Producoes, ©iStock.com/LSOphoto

"],"experts":null,"link":"/checking-account/can-you-use-a-health-savings-account-for-massage","modifiedIso":"2024-10-22T17:47:28.000Z","published":{"datetime":"2024-10-22","readable":"October 22, 2024","readableExtended":"October 22, 2024, 5:47pm ET"},"publishedIso":"2024-10-22T17:47:27.000Z","shareInfo":{"title":"Can You Use Your HSA for a Massage?","origin":"/checking-account/can-you-use-a-health-savings-account-for-massage"},"isNewsArticle":true},{"id":"cG9zdDoxNzQ4Nzk=","databaseId":174879,"postId":174879,"author":{"node":{"id":"dXNlcjoyOA==","databaseId":28,"userId":28,"avatar":{"url":"https://secure.gravatar.com/avatar/c2129e3c852ac8063af4562fe9605e22?s=96&d=mm&r=g","size":96,"__typename":"Avatar"},"description":"Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She's worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children. Rebecca also holds the Certified Educator in Personal Finance (CEPF®) designation.","additionalMeta":{"expertise":null,"__typename":"User_Additionalmeta"},"email":null,"firstName":"Rebecca","fullName":"Rebecca Lake, CEPF®","lastName":"Lake, CEPF®","name":"Rebecca Lake, CEPF®","postCount":{"pageInfo":{"offsetPagination":{"total":1293,"__typename":"OffsetPaginationPageInfo"},"__typename":"UserToPostConnectionPageInfo"},"__typename":"UserToPostConnection"},"slug":"rlake","__typename":"User"},"__typename":"NodeWithAuthorToUserConnectionEdge"},"categories":{"nodes":[{"id":"dGVybToxOTQyMg==","children":{"nodes":[],"__typename":"CategoryToCategoryConnection"},"databaseId":19422,"categoryId":19422,"link":"https://smartasset.com/banking-basics/articles","name":"Banking Basics","postCount":{"pageInfo":{"offsetPagination":{"total":95,"__typename":"OffsetPaginationPageInfo"},"__typename":"CategoryToPostConnectionPageInfo"},"__typename":"CategoryToPostConnection"},"slug":"banking-basics","ancestors":{"nodes":[{"name":"Checking Account","slug":"checking-account","__typename":"Category"}],"__typename":"CategoryToAncestorsCategoryConnection"},"parent":{"node":{"name":"Checking Account","id":"dGVybTo0NzIx","slug":"checking-account","__typename":"Category"},"__typename":"CategoryToParentCategoryConnectionEdge"},"__typename":"Category"}],"__typename":"PostToCategoryConnection"},"content":"$55","date":"2022-10-26T15:11:09","excerpt":"

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A cashier’s check is a type of official check that’s drawn on the bank’s funds, rather than your own. You might obtain a cashier’s check if you need to pay for something and can’t or don’t want to use another payment method. But what happens if you lose a cashier’s check? Are you out of money? A lost cashier’s check can be a headache but there are some steps you can take to recover those funds. If you’re looking for help with all of your financial needs, consider working with a financial advisor who can help you navigate through your unique situations.

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How Does a Cashier’s Check Work?

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When you write a personal check, the person or entity you write the check out to can then deposit it or cash it. The amount of the check is deducted from your bank account. Cashier’s checks, on the other hand, work a little differently. When you buy a cashier’s check at your bank, the bank deducts the money from your account and uses it to fund the check. But instead of cutting the check from your account, the bank issues the check from its own account.

","

Using a cashier’s check may be preferable or necessary in situations where substantial amounts of money are changing hands. For example, you might use a cashier’s check to pay if you’re buying a car. Or you might use a cashier’s check to cover the down payment and closing costs on a home that you’re buying.

","

Cashier’s checks are an attractive form of payment because they’re essentially guaranteed funds. The bank has taken the money from your account to cover the check. As such, the person or entity receiving the check has the reassurance that the cashier’s check won’t bounce.

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What Happens to a Lost Cashier’s Check?

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A cashier’s check is considered to be lost when you can’t find it. Banks may treat lost cashier’s checks and stolen cashier’s checks differently. If you purchase a cashier’s check and then lose it, there are a few potential remedies. The first thing you can do is report the lost check to the bank and request a stop payment.

","

A stop payment prevents the check from being cashed. The issuing bank may allow a stop payment on a cashier’s check if you can demonstrate that a lost cashier’s check was in fact stolen or there was some type of fraud involved in the transaction. However, you need to wait 90 days or longer before you can request a stop payment, which could still allow time for someone to cash a lost cashier’s check.

","

Your bank may ask you to file a declaration of loss for the cashier’s check. Essentially, you’ll have to state that you’ve lost the check and have no hope of recovering it. Filing this declaration allows you to make a claim for the lost funds. But again, you may be subject to a 90-day waiting period before the money can be released back to you.

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What if you lose a cashier’s check that someone else gave to you? You sell your car, for instance, and the buyer gives you a cashier’s check to cover the amount, but you misplace it.

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In that case, you could try asking the person who gave you the check to replace it. However, they’re not obligated to do so if a lost check is the result of your own actions. If the person who gave you the check is not willing to replace the check for you, the next step is getting an indemnity bond.

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What Is an Indemnity Bond for a Lost Cashier’s Check?

","

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An indemnity bond is a type of surety bond that creates a binding agreement between two parties. The principal in an indemnity bond is the entity that has a financial responsibility to the second party, known as the obligee.

","

If you lose a cashier’s check that you purchased or that someone else gave to you, the issuing bank might require you to purchase an indemnity bond in order to replace it. The bond effectively protects the bank against any monetary loss if someone finds the lost cashier’s check and cashes it after they’ve already replaced it for you.

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Indemnity bonds are sold through insurance and surety companies. You’ll need to apply to get an indemnity bond and you may be required to agree to a credit check and background check. If approved for the bond, you’ll need to pay a premium which may be anywhere from 1% to 5% of the bond amount in order for it to be issued.

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Keep in mind that you may still be waiting some time for a lost cashier’s check to be restored to you even if you go the extra step of obtaining an indemnity bond. It can take anywhere from 30 to 90 days, or in some cases longer, for the bank to replace a lost cashier’s check once the bond has been issued.

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Can You Cancel an Unused Cashier’s Check?

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It’s possible that you might purchase a cashier’s check only to realize later that you no longer need it. In that case, the check itself is not lost but you might be wondering if the money you used to purchase it is gone for good.

","

In that case, you could contact the bank to find out what you can do to get the money for the cashier’s check deposited back into your bank account. You may need to return the check to the bank in person before the bank will agree to return the funds.

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Keep in mind that the bank may not refund any fees you paid to purchase a cashier’s check. Depending on the bank that may be just a few dollars but at some financial institutions, cashier’s check fees can be $30 or more.

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The Bottom Line

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When dealing with cashier’s checks, it’s important to know when they’re a suitable choice for payment. While cashier’s checks are a safe, secure way to pay they can create unnecessary headaches if you end up losing one. Knowing what to do when a cashier’s check goes missing can help you minimize your financial losses. Your options almost always involve contacting a bank to cancel the cashier’s check. Keep in mind that the bank isn’t likely to refund any fees paid to create the original cashier’s check.

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Banking Tips

","$62","

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A savings account is the most basic sort of bank account. And it is appropriate for almost anyone interested in being smart about managing their money. If you are trying to accumulate funds to reach a short- or long-range goal and want to keep your money safe, earning interest and readily available, you are a good candidate for a savings account. Savings accounts do have limitations, however. The interest they pay won’t keep up with inflation, as a rule. And fees may further erode the purchasing power of your dollars.

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Talk to a financial advisor who can help expand your savings.

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Savings Account Basics

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A savings account is often the first financial account someone opens. Savings accounts are available from many financial institutions of different varieties. And they’re easy to open, with a minimum of paperwork and hassle. Most have low or no minimums and they pay varying interest rates that will change with the prevailing interest rate trends.

","

Interest rates paid by savings accounts will generally be less than the rate of inflation, however. This means your money will, over time, lose purchasing power as prices for goods and services rise faster than the interest it accumulates. In order to beat inflation, you will need to put money into investments such as stocks.

","

A savings account is a place for money that you don’t plan to spend out of soon. And you want to keep your savings account readily available. Keep in mind, savings accounts may have limits on the number of monthly withdrawals. So they aren’t good replacements for checking accounts or money market accounts. However, they do have deposit insurance through the Federal Deposit Insurance Corporation (FDIC), so you can rest assured there is no chance you’ll lose money.

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Access to Your Savings Account

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You can get access to your money any time by transfer or withdrawal. And, unlike certificates of deposit (CD), there’s no penalty for withdrawing early. But by putting money in a savings account you separate it from funds in a checking account. That creates a psychological barrier that can help prevent you from spending it.

","

Many financial institutions allow you to set up automatic transfers into your savings account on a regular basis. This can help you build up the size of your account without having to take action to initiate the transfer. You could also link your savings account to your checking account as a way to provide overdraft protection.

","

Best Uses for Savings Accounts

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You can benefit from having a savings account if you have almost any type of short- or medium-term financial goal. For instance, nearly everyone is advised to build up an emergency fund amounting to at least three months of living expenses. An emergency fund gives you a backstop in case you lose your job, become ill and unable to work for a time or experience an unexpected expense like a major car repair.

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A savings account provides just the sort of safety, liquidity and convenience a rainy-day fund calls for, with the added benefit of earning interest. Other short-term savings goals a savings account can help with include saving for a vacation, making a down payment on a new car, or paying for a significant consumer goods purchase like a new refrigerator or television.

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Long-Term Goals With Your Savings Account

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Savings accounts can also help with long-term goals. For instance, it may take several years to save up enough for a down payment on a home purchase. Putting money into a savings account lets it build up safely while earning interest.

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Once you have enough for the down payment, you can access the money easily just as soon as you find the perfect house and are ready to apply for a loan. Other long-term savings goals that a savings account is good for include paying for college or funding a home renovation or upgrade.

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While savings accounts are very useful, they aren’t the best choices for every savings goal. Financial objectives that are more than 10 years off are generally better addressed with investments that offer the opportunity for more return than a savings account. Saving for retirement, for example, is usually a job for a diversified portfolio of investments such as mutual funds, exchange-traded funds, stocks and bonds.

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Bottom Line

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A savings account is a financial tool that fits the needs of anyone who wants to manage their money. The combination of safety, liquidity and interest makes a savings account appropriate for both short- and long-term goals. That includes emergency funds and major purchases.

","

However, the interest a savings account earns will keep up with inflation. So they aren’t ideal for goals such as saving for retirement. Also, banks may limit transactions on savings accounts, so most people will want a checking account as well to pay bills.

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Savings Account Tips

","$71","

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