Financial education news and updates from the Washington State Department of Financial Institutions.
When Something Goes Wrong: Knowing Where to Turn
Not very long ago, most people had a fairly short list of financial relationships. They might have had a checking account, a credit card, and a utility company to pay each month. Today, many of us move money through banks, credit unions, payment apps, online retailers, subscription services, money…
How We Pay Matters
Every generation has found a way to make paying someone a little easier. But as we’ll see here, easier is not always better. There was a time when nearly every transaction happened with cash. If you didn't have enough in your wallet, the purchase waited. Checks made it possible to pay without…
What Credit Is and Isn't
When Marcus found an apartment he could afford, he thought the hardest part was over. He had a steady job, enough money saved for the security deposit, and good references from previous landlords. Then the property manager asked for permission to check his credit. Marcus hesitated. "I've never…
A Fee for All Seasons
We might think paying $3 here or $5 there doesn’t add up, but small fees can quietly drain hundreds of dollars a year. Luis didn’t notice it at first. He uses a prepaid card to manage his money. It feels straightforward: load cash, pay bills, withdraw when needed. But each time he adds money,…
Are Your Funds Insured?
Your money may look safe in an account—but what if the company holding it suddenly went out of business? A few years ago, Anna had about $800 in her credit union account. She didn’t think much about where the money was held. It was just where her paycheck went and where her bills came from.…
Who Makes Sure My Money Is Safe?
Derek signed up for a new online payment platform, thinking it was just like his bank. When something went wrong, he discovered the company was not licensed or registered, and there was no insurance if he lost his money. Learning who regulates financial services can save us a lot of stress and…
Where Does Your Money Live?
How would you feel about getting your entire paycheck in cash every time you got paid? For most workers in the past, and still some workers today, this was the norm. Payday meant receiving an envelope filled with bills, which went straight into a wallet, a kitchen drawer, or maybe a small box at…
National Consumer Protection Week: Fraud Prevention Starts With a Pause
This March 1-7 is National Consumer Protection Week, and we’d like to take this opportunity to remind us all to slow down and verify before we act. Fraud does not always look dramatic or complicated. It often looks ordinary. A text from a delivery company. A call from someone claiming to be your…
ALICE and the Dollars You Take Home
What’s in a job? For some, it may be fulfilling a dream that is a long time coming. For others, it may be a way to get out and do something. For many of us, however, our job is where we go to trade our labor for money, and if we’re lucky, other benefits like health insurance and retirement benefits…
Are Your Money Habits Aligned With Your Values?
We hear a lot about falling behind. Behind on savings. Behind on homeownership. Behind on retirement. Behind on whatever milestone seems to be trending this week. In a culture that measures progress and success in square footage, salaries, handbags, and curated vacation photos, it can begin to feel…