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New Fintech App Combines all Financial Tasks into One Place: Interview with Jena Gruenebaum, Director of Client Advocacy at Marygold & Co

ByAngela Scott-Briggs

Posted on June 27, 2023

How many different apps do you use to manage your finances? The odds are you have an entire folder on your smartphone dedicated to banking, saving and investing, but what if you could do all that on one app? Find out more in this TechBullion interview with Jena Gruenebaum from Marygold & Co; a financial technology company which recently announced the launch of its banking and financial services app, offering streamlined and tailored solutions for money management.

Please introduce yourself to us, tell us more about your journey so far in the fintech industry and your mission at Marygold & Co?

My name is Jena Gruenebaum, and I am the director of client advocacy at Marygold & Co. I joined the company about nine months ago after spending a decade at prominent investment firms. While I am forever grateful for what each stop of my career offered in terms of learning and development, I was ready to put my efforts behind a company that was nimble and forward-thinking, with the goal of delivering the best client experience from day one — and that’s what I found in Marygold & Co.

Marygold & Co - Financial Technology Company

Could you tell us about your new fintech solution, banking and financial services app plus debit card, what problems is solving, who is it for and how does it work?

The Marygold & Co. app empowers clients to bring all of their financial transactions together into one place — organizing what could otherwise be an entire folder of apps and spreadsheets into one simple and easy-to-use platform. Our unique solution addresses a myriad of common problems, from lacking convenience and accessibility to time-consuming transactions, poor financial literacy and generic, cookie-cutter services not personalized to help individual users. 

To sign up, simply download the app and provide some identifying information — it’s as easy as that! While awaiting the arrival of our debit card in the mail, clients can explore the app, including an ever-growing library of content aimed at boosting financial literacy. We have something to offer clients at every stage in life, but hope to resonate with younger savers who have the opportunity to set themselves up for long-term success. We have found that these savers often lack the proper tools and resources to achieve their goals. Marygold & Co. exists to address that gap.

What trends inspired the development of this new fintech app, could you give us a market overview of the banking and financial services sector and why your new solution is a must have at this point?

We want to bring clients an experience that redefines how they think about banking. Right now, there is an entire marketplace of apps that are great for certain aspects of a person’s financial life — payments between friends, staying on top of bills, investing, saving, etc., but we want Marygold & Co. to be the platform that conveniently brings everything together in one location. With the increased demand for convenience, artificial intelligence and other digital banking trends driving innovation and change, our unique banking and financial services app truly simplifies and organizes every aspect of how clients interact with their money. 

Taking a closer look at the Unlimited Money Pool investing features, how does this work and could you elaborate on the need for diversified portfolios on the app?

Money Pools are individual investment accounts designed to help clients meet short- and long-term savings goals. For example, if a client wants to purchase a home in five years, they can open an account and start contributing today. Upon opening, they will receive a recommended investment portfolio — one with risk aligned with their stated time horizon. 

As the client continues to save and contribute, they have the opportunity for their money to grow in the market. The portfolio risk automatically reduces so their savings are better protected as the date for their home purchase approaches. At Marygold and Co., we offer clients the opportunity to open unlimited individual Money Pools without additional fees — so they can start saving for all their dreams.

What inspired the convenient “PayAnyone™“ capability on your app, how does it work and what makes this special?

As the name suggests, we want our clients to be able to pay anyone with a U.S. bank account, whether they are a Marygold & Co. client or not. When sending money to another Marygold app user, the app sends a push notification, and the funds are dispersed. Others without the Marygold app, will receive a text or email with instructions to accept the funds. After entering their bank account information, the app facilitates the execution of the transaction. PayAnyone™ is our unique approach to giving our clients the simplicity and ease of keeping all their transactions within one app, regardless of where their friends and family choose to bank. 

The entire thrust behind Marygold & Co. is to simplify financial lives — and while other apps provide similar services, they require that the other person also have the same app. Our team knows PayAnyone™ is a better way forward.

How safe is your app, tell us more about your advanced security features, and how they empower clients to take control of their account security?

The Marygold & Co. app has a built-in mobile application protection suite (MAPS) to identify suspicious behavior and protect confidential client data and payment controls within the app. Clients experience a safe and secure app session using this new MAPS layer, which doesn’t impact any app performance issues. The app also provides security controls to handle different types of transactions (e.g., contactless, e-commerce, point-of-sale and international.) For lost or stolen cards, clients can freeze their debit cards with a simple toggle within the app. 

With digital transformation, came the innovation in contactless payment, could you give us more insights into the contactless technology and how it works with the Marygold & Co. debit card?

Contactless “tap-and-pay” payments have exploded from one in every three to every other transaction in the last few years (thanks to COVID-19!). Secure, encrypted tap-to-pay technology facilitates a smoother and faster checkout experience at retail stores. Our Marygold & Co. debit card is contactless-enabled by default and globally accepted at all point-of-sale storefronts, which means all transactions support card-present (face-to-face) payments. With contactless payment technology embedded in our debit cards, key fobs and wearables, Marygold & Co. ensures a fast and convenient way for daily purchases. 

What customizable savings and funding accounts are available on the Marygold & Co. debit card, how do they work and what are the benefits?

In addition to investment Money Pools, we offer two additional cash options. First are cash Money Pools, which act like a traditional savings account but are still unlimited in nature, allowing clients to bucket their emergency reserves and short-term savings in a way that makes sense for them. Second are Spend Now accounts, which act as traditional checking accounts. Debit card transactions, PayAnyone™, bill pay and other transactions are executed within Spend Now. By offering three fee-free options, clients can bucket their money in a way that makes sense for their financial goals.

What is the user response for the new debit card so far, and use cases or success stories you would like to share with us?

While our product and engineering teams were hard at work developing the app, our operations team amassed over 10,000 people for our waitlist. Having just debuted, many of those folks are now active users. Thus far, the response to the card design, delivery experience and functionality has been very positive. We look forward to continuously improving by analyzing data and feedback over the coming months.

What are you currently working on and what are your future plans for this fintech app, any available opportunities for investors and partnerships at Marygold & Co.?

As a full-service financial company, we will never stop adding to the tools and services that help our clients simplify their financial lives!   We are very proud of our current product but are excited to offer retirement vehicles, budgeting tools and other in-demand features soon. Our goal is to never stop evolving on our path to make managing money the easiest part of our lives.

For more information, visit https://marygoldandco.com/

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Denver fintech’s app that doubles as financial advisor notches waitlist of 10K

Sub-savings accounts and investment options set this app apart from the rest, executive says.

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How to Protect Your Money

So many of us are focused on how we can make the maximum amount of money possible. While this is important, learning how to protect your money is equally as critical. There are many different threats and risks out there that you need to be aware of, such as fraud, identity theft, stolen bank cards, and hackers. Thankfully, there are a variety of measures you can take to help protect your money.

protecting your money

Potential Risks

  • Fraud: Fraud is a major risk that you need to be aware of. Fraud simply means somebody attempting to deceive you or someone else for either personal or financial gain. An example of this are the spam calls that all of us have been getting about your car’s extended warranty expiring. In this example, the scammer is attempting to deceive you into giving them your credit card or bank account information to then steal your money. 
  • Identity Theft: Identity theft, although it is a form of fraud, is an extremely dangerous risk to your money. Identity theft is where somebody attempts to steal your identity, usually by obtaining your social security number and other important personal information. In some cases they even use digital synthetic identities that are so realistic most fraud detection services are fooled. They then use your identity to open up new credit cards or bank accounts, among other things. The risk of this is that, as the account is tied to your identity, any debt can potentially be your responsibility and severely impact your credit score.
  • Stolen Bank Cards: Most people, at least once in their life, have checked their bank accounts to see a bunch of charges they didn’t make. Usually, this happens through somebody illegally obtaining your debit or credit card, whether it’s through theft or you simply misplacing your wallet.
  • Hacking: Another common risk you need to be aware of when learning how to protect your money is a hacker gaining access to your bank accounts. This can happen either through hacking the bank directly (which is extremely difficult, as banks and other financial institutions have a ton of safeguards in place) or by hacking either your phone, app, or username and password.

Best Practices: How to Protect Your Money

Now that we’ve shared a few common risks that you should be aware of, we’d like to give you a few basic, simple best practices that will help you protect your money. You might already be aware of some of these, but they are all important when thinking about how to protect your money.

Check Your Accounts Often

One of the easiest things you can do to protect your money is to check your checking, savings, and credit card accounts daily.  Although it might sound a little extreme, taking the 5 minutes to briefly check your accounts allows you to stay on top of any potentially fraudulent transactions. 

monitor credit score

Monitor your Credit

There are many sources available to monitor your credit and even get notified if your credit is being checked or a new account is being opened in your name.

Lock your credit file when you are not applying for new credit. This can be a simple way to protect your identity and restrict fraudsters from impersonating you even if they gained access to your personal data. In order to lock your credit file, you will need to contact each of the following three credit bureaus: Experian, Equifax, and TransUnion. 

Do Research on Your Bank

One of the most important steps you can take in learning how to protect your money is to thoroughly research your current and/or future banks. You will want to make sure your bank is FDIC-insured, which protects your money up to $250,000 per account. Another crucial thing to research is whether or not your bank has good customer service. Lastly, you’ll want to learn about any potential missteps that your bank has had in the past, such as the Wells Fargo scandal a decade ago, where employees were fraudulently opening new accounts without customer awareness.

Don’t Share Your Bank Info With Anyone

This seems like a no-brainer, but it’s actually one of the most common ways to have your identity or money stolen. Unless you are calling your bank directly, under no circumstances should you share your bank account information with anybody, even if they seem legitimate. 

two factor authentication

Use Strong Passwords & Multi-factor Authentication (MFA)

Strong passwords and MFA can help prevent unauthorized access to your accounts. By having long, complex passwords that you change frequently, you reduce the risk of somebody or a computer program guessing your password. Multi-factor authentication is another way to keep your accounts safe. MFA uses 2+ checks to confirm your identity, such as entering a password and then inputting a numerical code texted to your phone number. 

Be Sure You’re Using Secure Devices & Networks

You should only log in to your financial information from a secure, personal device and secure (password-protected) wifi network. It’s much easier for hackers to gain access to your data if you are using an unsecured, public device or wifi network. In a perfect world, you’d have a dedicated computer to access your finances, but this obviously is not realistic for most.

Protect Your Money w/ Marygold & Co.

Marygold & Co. is a new financial services app that’s dedicated to helping organize your financial life and reach your financial goals.

Not only is it revolutionizing budgeting and expense tracking through a new feature called Money Pools, but Marygold & Co. is extremely concerned with safety and security. That’s why we employ state-of-the-art technology like biometrics with facial authentication to determine if a government-issued identification is authentic and a selfie of a live person matches the picture on the ID.  This is highly effective because fraudsters don’t like to have their real picture taken and faking a real face is not an easy task. 

Other security measures like multifactor authentication and fingerprint credentials offer additional layers of protection once an account is opened.

You shouldn’t entrust your hard-earned money to just anybody, and Marygold & Co. will not only help protect your money but it gives you all the tools needed to push towards your financial goals.

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Financial Spring Cleaning

Spring is the season for cleaning and that shouldn’t just end at home. Your finances should go through a little spring cleaning themselves. Having an organized financial life can help you better understand the flow of your money. Tracking your income, how you spend it, and how much of it you save can give you the information you need to set financial goals for yourself.

So, while you’re decluttering your closet, remodeling your back patio, consider some financial spring cleaning, as well.

Here are some ways to organize your finances this spring (or anytime, really):

financial spring cleaning

Review and Establish a Budget

To ensure your finances are in order and that they remain that way, it’s best to set up a balanced and realistic budget, if you don’t have one already. Review your monthly income and expenses then establish what your financial goals are. You could be saving for a long-term investment like a down payment on a home or you could be saving for a new gaming system or a getaway.

Whether it’s a long-term or short-term goal, budgeting is essential to making sure those goals are achieved. Organize your budget on a simple spreadsheet and review it often to ensure you are on track.

Having a budget will make it easier for you to reach your savings goals because it’ll help you determine how much money you can spend and how much you need to put away. You don’t need to plan out the rest of the year perfectly but instead start by creating a monthly budget, then track your finances for that month. Once you get into the habit, you’ll find yourself becoming a budgeting expert.

organize your finances

Set up a Money Pool/Automated Savings

One way to keep yourself organized financially is to set up automated savings, or an interest-earning Money Pool, like the one we offer at Marygold & Co.

Having a Money Pool allows you to separate and categorize your finances all within one account, making it easy for customers to track multiple savings goals at once.

Each individual can customize their automated savings to best align with their goals and current financial standing.

You can choose to contribute to your savings goals on a bi-weekly or monthly basis, and the amount you deposit is up to your discretion as well.

Automating your savings will help prioritize your goals and will reduce the temptation to overspend. You don’t even have to worry about making those regular deposits, it’s all done for you!

Pay Off Outstanding Payments

Look over any outstanding payments, if you have the means to pay them off, then do so. If not, this is the time to work out a way to pay your debts off.

Is there anything laying around your house you could sell? Are there extra shifts you could pick up at work?

Find opportunities that’ll help you earn that extra income to help you pay off your debts.

If you are unable to pay everything off right away, setting up a debt repayment plan can help you stay on track. While you may not pay everything off in one go, at least you have taken steps to reduce that debt and eventually eliminate it.

Make sure you include your debt payment plan in your budget.

This will help you stay on top of your payments by ensuring there is money available in your checking account to contribute to this payment plan.

Automatic Billing and Investments

Having your bills automated can help you ensure that they are always paid on time and that you’re not rummaging around for extra cash to meet your phone bill payment at the end of the month.

The best part about automatic billing is you don’t even have to think about it, it is automatic after all.

Additionally, you can even set up automatic deposits to your IRA or 401k investments. Automating deposits into these accounts will ensure you’re continually investing your funds.

The advantages of investing your money include reducing your taxable income for the year.

control your spending

Analyze Your Spending Habits

Analyzing your spending habits will help you point out your spending habits, bad and good. When looking over your spending habits, you might find some patterns that are preventing you from achieving your financial goals.

An important step while spring cleaning your finances is to look over your spending habits and find areas where you can save.

Are there any unnecessary monthly subscriptions billed to your credit card?

Are there unnecessary transactions you can eliminate?

These are important questions to ask yourself when analyzing your spending habits. Find areas in your daily life where you can save. Maybe pack a lunch instead of ordering out every day, you’ll definitely see big rewards from the small changes you make in your daily habits.

If you lack financial discipline, the Marygold & Co. app can help. The customizable security dashboard allows customers to limit where the card can be used.

Accounts can also be turned on or off – which can also remove the temptation to unnecessarily spend.

Clean Up and Shred Old Paperwork

It’s easy for those paper bills and bank statements to pile up on the corner of your table.

Marygold & Co. can help you keep your finances organized. The best part about the Marygold & Co. app is that you won’t have to worry about paper – checks, receipts, pay stubs, etc.

Take the time to shred and discard any old paperwork. Make sure you dispose of these documents properly as they contain very sensitive information including personal information and bank statements. We recommend using a shredder to ensure these documents are properly destroyed.

Marygold & Co. Makes It Easy

Marygold & Co. can help you sort your finances and keep them organized throughout the year through an innovative new app launching this spring.

The FDIC-insured fintech app offers customers interest-earning savings accounts and allows them to send, receive, spend and save securely through their mobile device.

Control and organize your finances easily with Marygold & Co.

Your finances will never have to go through a spring cleaning again – instead, you can keep them clean and organized.

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Investing vs Speculating

“We engage in the folly of short-term speculation and eschew the wisdom of long-term investing.  We ignore the real diamonds of simplicity, seeking instead the illusory rhinestones of complexity.”

– John C. Bogle, Enough: True Measures of Money, Business and Life

The idea of investing to achieve our goals CAN BE very straightforward.

Focus on the long-term, diversify, and do not use products with high fee structures.

The world of investing does not need to be complex and stressful. However, there are some investment firms that seem to do a pretty good job of making it seem so complex that most of us could not figure it out on our own, and this is just simply not true.

Long-term investing can and should be easy to understand.

investing vs speculating

Trading Options

I’ve had several people talk to me about trading options recently.

Perhaps because of recent congressional hearings or perhaps because now even the more conservative retail investment firms are running TV commercials talking about trading “iron condors”.

My opinion is, for the large majority of retail investors, options involve more risk than upside and should be avoided.

Ask yourself, “Who is on the other side of that trade? For me to win my bet, who has to lose?”

Then perhaps ask if you feel you have better information than the large Wall Street firms?

wall street buildings

“Wall Street investment banks are like Las Vegas casinos: They set the odds. The customer who plays zero-sum games against them may win from time to time but never systematically, and never so spectacularly that he bankrupts the casino.”

– Michael Lewis, The Big Short: Inside The Doomsday Machine

It is important to understand the difference between investing vs speculating.

Do you understand the investment you are considering, and why it is going higher or lower?

Do you have experience in the industry and know who is taking the other side?

We have numerous media outlets that now focus on short-term trading, which is fine, as long as we understand that this is speculation, not investing.

investing vs speculation

Investing should not be stressful! 

We should feel good about putting our money to work for us. And if we have a long-term approach it doesn’t take a lot of work on our part. As long as we understand our goals and match our investment strategy to meet those goals, it becomes a straightforward endeavor.

And stay away from get-rich-quick schemes and short-term speculation that is difficult to understand. Knowing the difference between investing vs speculating is empowering.

In the profound words of John C. Bogle…

“The obvious conclusion: investors win; speculators lose.”

– John C. Bogle, Enough: True Measures of Money, Business and Life

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Are Mobile Banking Apps Safe?

Switching to online banking has its obvious perks, most notably, having complete access to the bank and features without having to physically go into your local brick-and-mortar. However, mobile banking apps still have some consumers worried about the security threats that come with using the Internet. This brings us to the question– are mobile banking apps safe?

identity verification security

The Future of Mobile Banking

In today’s digital era, people globally are adjusting to the accessibility that fintech and mobile banking apps offer. Fintech, more formally referred to as financial technology, is an innovative economic industry banded together by companies whose main objective is to make financial services more efficient. Marygold & Co., a fintech service, offers a banking app that allows anyone in the United States to send, receive, save, and spend money directly from their smartphones.

Fintech companies are experiencing rapid customer growth, competing directly with big banks and credit unions. Other digital payment services like Marygold & Co., Venmo, and Paypal have made transferring funds over the internet swift and easy, surpassing traditional person-to-person payment methods. These online payment methods have eliminated geographical obstacles to participating in a global marketplace, making transactions everywhere more efficient.

Additionally, mobile and self-service banking has allowed customers to quickly transfer funds, check account balances, and deposit checks, directly from their smartphones.

How Safe is Online Banking?

Despite favoring the convenience of online banking, there still seems to be a certain degree of distrust with customers switching to online banking because of the ongoing threat of cyber-attacks. Due to this continuous risk, fintech companies are continuously improving security systems to prevent such occurrences.

Through secure servers, firewalls, and strong encryption, online banking is considerably safer than banking in person. 

Online Security Risks

Mobile malware, app assurance, data protection, and identity management are other security measures taken by financial institutions to ensure your money stays guarded and accessible. Online banking is generally safer than other consumer activities online, which includes many types of shopping. Therefore the security risks from online banking won’t differ too much from the risks associated with other internet activity consumers are choosing to partake in.

mobile security

Advanced Security Technology

The innovative and customizable Marygold & Co. app continuously employs rigorous encryption standards to protect your money and identity – ensuring your mobile banking experience is not only convenient but safe too. Marygold & Co. knows how important security is, which is why they have added extra security features like liveness checks, to ensure you are who you say you are. More personalized services can be provided through API (application programming interface) technology that can cater to an array of needs and preferences. This innovative app provides customizable security controls, giving the customer full control and security of their mobile banking.

EMV Technology

All Marygold & Co. customers will receive their Mastercard© Debit Card fully equipped with an EMV chip as an extra layer of security. EMV chips are specifically encrypted to stop fraudulent transactions at the point-of-purchase, proving to be effective in reducing physical card counterfeit in regions where chip cards have outdated magstripe technology. Most banking cards have the EMV chip embedded in them.

NFC Technology

On top of the magstripe technology and the EMV chip, Marygold & Co. incorporates a third level of security and embeds all Mastercard© bank cards with NFC chips (Near Field Communication). This NFC chip is the highest form of security available. These chips support tap and pay transactions that don’t require signatures or PIN numbers. An NFC chip is an innovative card chip technology that provides a secure method for businesses and customers to exchange and store credit card and debit card data. On top of embedding your card with an NFC chip, Marygold & Co. provides wearables items, such as bracelets and keychains, with the embedded NFC chip as well. Simply tap your item near the card reader and boom, transaction made.

Turn Card On & Off

One of the cutting-edge security features offered to Marygold & Co. customers is the ability to toggle a card on and off. If you’ve ever misplaced your bank card, you’re aware of the panic that overwhelms you at that moment. “What if someone finds my card and spends all my money?” is probably a thought that has crossed your mind. Thankfully, this innovative security feature allows you to disable your card through the app, preventing unauthorized purchases from being made on your account while you try to locate your card. Nothing is worse than ordering a new card and then finding your old one in between couch cushions.

Member FDIC

Additionally, all accounts with Marygold & Co. are FDIC insured, meaning your funds are federally protected against bank failure or theft. You can rest easy knowing your funds are insured and safeguarded with a government-backed guarantee.

Online Security Tips

Although there are advanced technologies in place to protect you and your money, it’s essential to remain vigilant when using technology to manage your finances. Using secure connections and avoiding public wi-fi are extra ways to protect your account. Weak passwords can also make your account vulnerable to cyber-attacks; therefore, it’s crucial to stick to a challenging password but also something you will remember.

mobil banking security verification

Account Monitoring

Online banking offers you 24/7 access, so frequently logging into your account may also make your account better at deterring any security threats. App users can easily access their recent purchases and transactions on their mobile devices and can enable transaction notifications, helping them track the movement of money in real life. Regular monitoring can help detect any changes or suspicious activity quickly. If you happen to catch any suspicious activity, make sure to contact your bank immediately.

Customizable Security Dashboard

Ultimately, online banking can give you a single view of all your finances while controlling and tracking all transactions in one place. Advanced technologies are making it easier for customers everywhere to stay safe while banking, but like with anything on the internet, individuals must remain careful.

Marygold & Co. holds the highest security standards to provide you with all the advantages fintech technology has to offer. This convenient and trailblazing app will give you access to your bank from the comfort of your home and an array of customizable security features, providing you with a banking experience that caters specifically to you.

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Customized Security

The Appeal of Online Finance

Simplifying your financial life on an app offers unique opportunities that a physical branch can not match. 

At any time, any day, any device, and anywhere in the world, you can access your account balances, transaction history, transfer funds, pay bills, receive customized notifications and set up automatic savings and security tools. 

future of online banking

As technology advances, the convenience of online banking helps clients save both time and money.

In fact, many of us celebrate not having to drive to a physical location to retrieve money or deal with transactions. According to a 2019 American Bankers Association survey, 73% of Americans access their bank accounts online or through a mobile app. The future of online banking will continue to evolve and it’s important to know what that means for security and usability for banking customers, including features like turning your debit card on and off.

Why Security is Critical to Online Banking

The future of online banking relies tremendously on the security measures implemented. First and most importantly, financial institutions must manifest and maintain trust for their clients to ensure their finances and assets are secure. Secondly, online banking must be a user-friendly experience with everyday accessibility from anywhere. 

As technology grows, fraud and data breaches are becoming more commonplace, and thus advanced security for online banking is imperative. The number of new malware variants posed for mobile increased 54 percent in 2017, according to Symantec’s Internet Security Threat Report 2018. In order to protect our most valuable assets, reliable security is of vital importance.

Lost, Stolen, and Compromised Cards

It is easy to believe you’ll never be a casualty of identity theft or credit card fraud as the prevalence of this type of crime seems to be a rare occurrence. In actuality, fraud is a growing worldwide problem, especially within the United States. With losses to credit card fraud topping $24 billion dollars in 2018 alone. Almost 40% of that reported card fraud occurred in America. And between 2017 and 2018, card fraud increased by nearly 20%.

According to credit reporting firm Experian, between 2017-2018, identity theft made up 15% of card fraud, new account fraud increased by 35%, and takeover of existing account fraud increased nearly 25%.

Because of the open nature of the Internet, online banking is inherently subject to virus attacks, unauthorized access, identity theft, and fraudulent transactions.

Cardholders need security measures that will thwart fraudulent actions.

online security

Locking Debit Cards with On and Off Switch

Not long ago, cardholders whose card was either lost, stolen, or compromised, had to spend a great deal of time contacting the bank in order to have their card frozen for future transactions.  Now having the ability to lock and unlock your card immediately on your mobile phone provides peace of mind and convenient security when you want it.

Instead of dealing with the hassle of going into the bank to cancel a card, order a new one, and then wait for the teller to issue you a temporary card or make a cash withdrawal, Marygold & Co. introduces the convenient option to simply control transactions from your debit card with a lock/unlock switch. Essentially, this feature grants you the ability to  “freeze” your card until you’re able to straighten your debit card mishap or when you don’t plan to use it. Nothing is worse than canceling your card and then finding it on the car floor.

Know Your Customer

Traditional brick-and-mortar banks require you to apply for an account in person, checking your identification and confirming you are you when opening an account. 

Online banking solutions typically leverage basic Know Your Customer (KYC) required information including name, address, social security number, date of birth, email, phone, and other specific data to confirm a new customer’s identity when opening an account.  Unfortunately, more and more of that information has become compromised and for sale on the Dark Web.  

To protect potential victims from having an account fraudulently opened in their name, additional authentication methods are highly recommended for opening online banking accounts.

Marygold & Co. introduces advanced technology that verifies your government-issued identification and the picture matches your selfie taken in the onboarding process.  This technology uses liveness checks and a biometric comparison to make sure you are you before opening an account.

Assuming All Is Well and Not Setting Up Security Measures 

You’d be surprised how many people let days, weeks, even months pass by without seeing the activity on their traditional savings and/or checking accounts. App-led financial accounts can keep nefarious activity at bay by sending you a text about all activity instantaneously. When your finances are top of mind without thinking twice, you are able to monitor your accounts more closely, be aware of suspect transactions occurring and immediately inform your financial institution of suspect transactions. If you don’t have security alerts set up on your phone or email, identity thieves are able to use your information 75% longer.

Having Predictable and/or Unchanging Passwords

It’s easy to use the same password forever and for everything. It’s comfortable to use that password for several cards or services. But, it won’t seem like such a good idea when identity thieves can easily access all your cards and accounts after discovering the password used unlocks access to all of the accounts. Don’t use the same password. Change your passwords often. Write down the new ones and store them in a safe place.

customized security

Marygold & Co.’s Customized Security

Marygold & Co. is offering an innovative online banking experience with customized security at the forefront of their services – the future of online banking.

What is ‘Customized Security’?

As the name suggests, this provides security uniquely tailored to the needs and preferences of the individual clients. 

The Marygold & Co. Mastercard® Debit Card and mobile app offer clients a safer, more user-responsive alternative to traditional banking. The FDIC-insured card allows users to take complete command of their finances.

In response to cardholder’s mounting concerns about fraudulent activity and identity theft, Marygold & Co. gives users more control over how their card is being used than ever before. With an easy-to-use toggle in the mobile app, users can easily switch their card on or off, set restrictions on where exactly the card will be used and spending limits.

Customized Security Features

  • Debit card on/off capability 
  • Sleep mode
  • States/merchants/merchant categories/countries on/off switch
  • Spending limits tied to time and/or places
  • Text notifications when the card is used
  • Two-factor and biometric fingerprint login protection

The Future of Online Banking

These scenarios demonstrate the ease of Marygold & Co’s customized security. 

No plans in the near future to leave your typical surroundings?  From the Marygold & Co. banking app, you can simply restrict card usage to a specific geographic area in order to prevent fraud. 

Planning to take that trip to Europe now?  Open up the limits, or even bound usage to only the location of your intended travel within the Marygold & Co. app. No phone call needed!

Lost track of your card and are not sure whether it is lost or misplaced? Thanks to Marygold & Co’s customized security, you can easily disable your card with the debit card on/off switch in the app while you search for your card. 

The different scenarios the Marygold & Co. Mastercard® Debit Card offers are almost unlimited, which is why security is now customized to a client’s specific need.  We want to give you as much power and control over your financial life as you want, including what types of things you allow and how strong your security should be. That’s why Marygold & Co. offers customized security right in the app!

Marygold & Co. is paving the way for a more user-friendly and customizable security experience than any other online banking app. We invite you to join the waitlist for Marygold & Co. today to take control of your financial security. 

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Organizing Your Financial Life

The end of the year and/or beginning of the next year is usually a time when finances and money seem to be top-of-mind. Often when we think about money, we think about how to best manage it and stay organized. As you take this time to figure out your goals, organizing your financial life is a goal you may want to consider if you haven’t already.

Organizing Your Financial Life

Why Organize Your Finances?

Financial planning helps you understand how much money you have coming in, where and how you are spending it, and how much you have left for savings. With this knowledge, you can then set short and long-term financial goals.

Financial planning helps you prepare for emergencies. With basic budgeting and setting priorities, you can sleep better because you have considered contingencies. Financial planning nurtures prudent spending and careful investing in your future.

Ways to Better Organize Your Finances

Ramsey offers these suggestions.

It is shocking to note that over half of earners do not have a budget. They frequently run out of money before their next paycheck without a clue of how that happened. Setting up a budget should be a priority as soon as you start to earn money. It is not wise to delay doing this.

Fortunately, there are several easy apps and software programs (as well as tips) to help you do this.

  • Check out these popular budgeting tools for first-time budget organizers.
  • Set aside some time for budgeting. An effective budget behavior is to block a day and time (monthly) for budgeting.
  • Calculate what to spend on such items as rent, groceries, loans, transportation, work clothes, and leisure. Figure out how much you can set aside for long-term and short-term savings.
  • Try to pay your bills online. Almost forty percent of wage earners do this. Pick a time in the middle and at the end of each month to look after bill paying. It also helps to manage those days of the month and try to space them out or consolidate them, depending on your preference.
  • Get into the habit of collecting and organizing your receipts. Keep records of them so they are part of your budget.
  • If keeping receipts doesn’t sound feasible, you can use a financial services app like Marygold & Co. to keep track of your transactions taking place in the account.
  • Create categories for your budget. These will help you get organized and stay within your guidelines.
  • Designate a portion of your earnings transferred to savings. When you get paid, pay yourself first. A good aim is ten to twenty percent earmarked for savings. When the money is automatically deducted from your account, it makes saving a lot simpler and more secure. Out of sight, out of mind.
  • Get rid of those credit cards. People who use credit cards instead of cash or debit cards spend at least 35% more. Instead, use cash or your debit card. This avoids both overspending and interest on unpaid credit card bills.
  • Couples should combine expenses and an account for paying bills. Combine your incomes and do your bill paying, vacation saving, and investing.  Working as a team improves money management and communication about financial decisions.
organize your financial life

General Tips for Wise Financial Organizing

If you are new to a financial organization, Investopedia.com offers these practical tips for getting started:

  • Learn self-control. Spontaneous purchases are one of the major reasons for personal debt. Unless a purchase is essential, hold off until you’ve saved enough to buy it. Many times this delay gives you time to rethink the wisdom of owning the item.
  • People who find themselves out of money before their next paycheck (or living paycheck-to-paycheck) often have no idea where their money went. That’s one of the biggest reasons to set up and stick to a budget.
  • Find a time-honored financial software that is user-friendly. Learn how to manage various parts of your financial life. These areas should include budgeting, debt tracking, setting savings goals, and investment coaching.
  • Check with your financial institution to see if they have free apps or software to help you manage your money.
  • Learn how to use spreadsheets like Excel to manipulate and perform calculations on your financial data.
  • Look for opportunities to learn and research more about financial planning from sources like YouTube, free seminars, webinars, and podcasts.
  • Explore all features of financial apps or software from paying bills, tracking the value of your assets, and computing your total net worth to invest.
  • Set up an emergency fund. This should be separate from savings and general expenses. Things happen. Appliances need to be replaced. Your car breaks down. Your business downsizes and you’re out of work. Advisors suggest your emergency account should have enough to pay expenses for three to six months. If you put this in a high-interest account, it will earn money while it sits there.
  • The time to start saving for retirement is when you get your first paycheck. Set aside a little each month in an account earmarked for retirement. That way, you will not be part of almost 35% of Americans who cannot afford to retire.

How Has Technology Made Organizing Your Financial Life Easier?

Technology has changed the way individuals organize their personal finances. Business Insider notes several innovations. These include free apps offered by some banking institutions, user-friendly software, and expense trackers.

What are the advantages of using technology in organizing your personal finances? Finance software and apps allow you to increase your efficiency in money management. Using technological aids, you can learn new and improved ways to set and meet short and long-term goals.

Some of the newest finance software teaches you to set up a budget and track your spending. Other software and online courses assist with setting up a portfolio and making wise investment choices.

how to organize your financial life

Key Feature of Marygold & Co.

One of the most important aspects of organizing your finances is to establish specific, money-saving priorities and goals.

Marygold & Co. offers an innovative way to empower clients to reach their financial goals through the apps Money Pool savings options.

What is a Money Pool Savings Account?

Essentially, a Money Pool is a prioritized goal-specific savings account. Marygold & Co. Money Pools provide a complete and transparent view of your progress towards each goal; short and long term. Money Pools allow you to clearly define your goals, set timelines, and track your progress. Say you want to save for a down payment on a house: you simply create your custom Money Pool within the app, set the amount, time frame, and automatically divide a portion of your pay into your ‘Pool’. These interest-earning accounts help you achieve your financial goals faster.

Coming Soon in 2021!  Money Pools will be structured around the specific timeframe and target amount of the associated goal.  As a Registered Investment Advisor, Marygold & Co. Advisory Services will offer unlimited Money Pools comprised of highly liquid Exchange Traded Funds.

Marygold & Co. lets you create customized, individual accounts for your unique and personal goals all in one place, marrying high tech with high touch solutions.

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