Latest news with #NavyFederalCreditUnion
Miami Herald
23-05-2025
- Miami Herald
Former Miami corrections officer sentenced for COVID loan program fraud
A former federal corrections officer from Miami-Dade County has been sentenced to four months in prison and ordered to pay over $75,000 in restitution after pleading guilty to wire fraud schemes involving pandemic relief programs. Angelo Stephen, 33, was sentenced Thursday in federal court after pleading guilty in March before Chief U.S. District Judge Cecila M. Altonaga. In addition to the prison term, Stephen was sentenced to three years of supervised release and a $100 special assessment. Stephen worked as a correctional officer at the Federal Correctional Institute in Miami. He is jailed at the Federal Detention Center in Miami. MORE: Ex-Miami cop pleads guilty to ripping off COVID loan program. He faces decades in prison Prosecutors say that while serving in that role, he orchestrated a series of fraudulent schemes to siphon federal COVID-19 relief funds and exploit individual bank accounts. He faced a possible maximum sentence of up to 20 years in prison. PPP fraud and bank takeovers Stephen admitted to submitting a false application for an Economic Injury Disaster Loan in August 2020, falsely claiming to own an event planning and entertainment business with 10 employees and over $62,000 in revenue, according to federal court records. Based on the claims, the Small Business Administration issued him $20,000 in disaster relief funds, which were deposited into his account at Navy Federal Credit Union, according to court documents. MORE: First Broward deputy sent to prison for COVID loan fraud that put $31,000 in her pocket In 2021, the federal government says Stephen submitted two fraudulent Paycheck Protection Program loan applications using the Womply online portal. He claimed to be a sole proprietor operating under the name 'Angelo Stephen,' falsifying tax documents and reporting an inflated gross income of $106,554 for 2020. The applications led to the disbursement of an additional $41,666 in federal funds. Beyond pandemic-related fraud, the Department of Justice say Stephen also engaged in unauthorized access to personal financial accounts. In March 2023, federal prosecutors say he and his accomplices orchestrated a wire transfer of $20,000 from the Wells Fargo account of an unsuspecting victim in Virginia into a newly opened Chase Bank account under Stephen's control. He quickly drained the account through Zelle payments and large cash withdrawals. In July 2023, Stephen exploited another victim — this time in Panama — by redirecting blank checks from the victim's Guardians Credit Union account to an address under his control. He then cashed one of the checks for $8,500 at a Guardian's branch in Palm Beach County, falsely labeling the transaction as payment for remodeling services. The Department of Justice and Small Business Administration's Office of Inspector General investigated Stephen. Miami Herald staff writer Jay Weaver contributed to this report.
CNET
21-05-2025
- Business
- CNET
How Much Money Can You Transfer With Zelle? All the Limits for Top Banks
Getty Images/Zooey Liao/CNET If you have a bank account, there's a decent chance you have access to Zelle. More than 2,200 banks and credit unions are part of the Zelle network, which allows you to send money to others with just an email address or phone number -- no account or routing numbers required. These banks and credit unions impose different restrictions on how much you can transfer with Zelle. Read on to learn more about some of the common limits you'll find at well-known financial institutions. Zelle transfer limits for top banks Bank Daily limit Monthly limit Bank of America $3,500/10 transactions $20,000 BMO $750 $5,000 Capital One $3,000 Not publicly listed Chase $500 – $15,000 Not publicly listed Citibank $500 – $5,000 (based on account type and how long the account has been open) $2,500 – $20,000 (based on account type and how long the account has been open) Discover $600 Not publicly listed First Citizens Bank $1,000 $3,500 Navy Federal Credit Union $3,000 for standard service ($1,500 for instant) $3,000 Quontic $500 per transaction; $1,000 per day Not publicly listed Wells Fargo $3,500 $20,000 Zelle transfer limits as of May 16, 2025. There's also a big change for Zelle in 2025: If your bank or credit union doesn't offer it, you're out of luck. While Zelle used to have its own app, that's no longer the case. The standalone app shut down in April. And even if your financial institution is part of the Zelle network, don't be shocked if you encounter some issues sending money to someone you don't know. Chase recently updated its policy to reserve the right to block Zelle transactions if the bank believes it may be a scam. CNET's partners offer APY's above national averages See the Best Savings Rates Zelle limits for small businesses If you run a small business, Zelle can help you pay and get paid quickly. In 2024, small businesses sent and received about $283 billion on the platform, doing everything from paying employees to covering their monthly rent. In most cases, banks offer higher send limits for small-business users but be sure to read the fine print before you start using the service. At Truist, for example, small-business customers pay a 1% transaction fee for receiving money via Zelle with a maximum fee of $15. But some of the best banks for business checking accounts are still Zelle holdouts. Axos and LendingClub, for example, don't offer Zelle integrations. Many banks don't list their small-business limits for Zelle, as these limits can be dynamic to allow businesses to send large sums of money. To offer an idea of the typical limit range, consider these top banks: Bank Daily limit Monthly limit Bank of America $15,000 $60,000 Chase $1,000 - $15,000 (depending on account tier) Not publicly listed Citibank $1,000 for accounts open less than 30 days or with recent changes; $5,000 for accounts open longer $4,000 for accounts open less than 30 days or with recent changes; $40,000 for accounts open longer First Citizens Bank $1,500 $5,000 Zelle transfer limits as of May 16, 2025. How banks set Zelle limits While it can be frustrating to make multiple transfers if you have a large amount to send, Zelle's limits provide a layer of protection for you and your bank. Because most Zelle transactions can't be canceled, the limits help lessen the financial loss if your account is compromised or you send money to the wrong person. Most banks and credit unions set Zelle limits based on daily, weekly and monthly dollar amounts. Some banks also impose a transaction limit. Your bank may also consider your account and your history with recipients, too. For example, if you regularly send money to a roommate for your rent, your bank may eventually increase the limit for this recipient. Chase says it uses risk factors to determine a consumer's daily Zelle limit for each recipient, which is automatically displayed when you set a payment. How to know your Zelle transfer limit If your bank supports Zelle payments -- and most do -- you can find your transfer limit on your bank's website or app. Here's how: Log into your online banking platform or open your mobile banking app. You'll typically see an option to 'pay' or 'pay or transfer.' Zelle should be one of your options. You can find your limits within the Zelle section. Alternatively, when you enter a recipient's name and contact information, you should see a notification for how much you can send them in one day. You can also check out the terms page for Zelle on your bank's website. How to manage Zelle transfer limits The best way to work around your Zelle transfer limits is to split your payments over multiple days. For example, if you need to send someone $7,000 and your daily limit is only $1,000, ask the recipient if you can send them $1,000 a day for seven days. Bear in mind that you may hit your monthly limit by doing this, depending on the bank. You may need to consider using other payment services if that's the case. Can you increase your Zelle transfer limit? Some banks increase your Zelle transfer limit after your transaction history shows a pattern of transfers to the same person. This kind of adjustment is typically done on an individual basis -- you won't get a bigger limit for everyone on your contact list. However, it never hurts to ask your bank or credit union for an increase. You can also potentially increase your Zelle transfer limits by establishing yourself as a high-end customer with some banks, including Citibank and Truist. Both offer higher daily and monthly Zelle limits to people who have bigger deposit balances or take advantage of more services at the bank. Some banks don't offer any wiggle room. For example, U.S. Bank -- which doesn't publicly disclose any of its Zelle limits -- says on its website that it doesn't increase limits for customers because of safety and security reasons. Alternatives to Zelle If Zelle's limits are too restrictive for your money management needs, there are other payment apps you can use to send cash. Venmo: If you complete the identity verification process, Venmo's weekly send limit can be as high as $60,000. If you complete the identity verification process, Venmo's weekly send limit can be as high as $60,000. PayPal: With a verified account, there's no limit to the total amount of money you can send on PayPal. For individual transactions, the limit varies between $10,000 and $60,000. With a verified account, there's no limit to the total amount of money you can send on PayPal. For individual transactions, the limit varies between $10,000 and $60,000. Apple Pay: Apple Pay users can send up to $10,000 in one transaction but you can only send $10,000 in total over a seven-day period. Apple Pay users can send up to $10,000 in one transaction but you can only send $10,000 in total over a seven-day period. Cash App: Unverified users can only send $1,000 in a 30-day period, but the company offers higher limits -- which aren't publicly disclosed -- after verifying your name, date of birth and Social Security number. And finally, you can use bank wire transfers, which tend to cost between $25 and $35, or ACH transfers, which are typically free and can take about three days to process. You could also write a check, which generally takes about two business days to clear. While these options may cost more time or money, they're good for sending sizable chunks of cash. The bottom line As more banks and credit unions join the Zelle network, it's getting easier to send money to anyone by simply entering their email address or phone number. However, how much you can send depends on where you bank. And no matter what service you're planning to use to send cash digitally, make sure you're steering clear of these scams. FAQs Can I send $5,000 through Zelle? Many banks have daily sending limits below $5,000. You may be able to split up a $5,000 payment into smaller transactions on multiple days to adhere to these limits. What are the drawbacks to sending money via Zelle? If you need to send a large amount of money in one transaction, Zelle may not be the best fit. Some banks impose daily send limits of $1,000 or less. Additionally, you're out of luck if you need to send money internationally. Zelle only works with bank accounts based in the US. Does Zelle charge a fee? No, Zelle doesn't charge a fee to send money. The company does advise people to verify that the bank or credit union they use won't charge any of their own fees. Banks and credit unions don't typically add fees for Zelle payments, though. Does Zelle do instant transfer? Zelle payments can typically be processed within minutes. But the daily sending limits for instant transfers may be lower than regular transfers, depending on the bank. Also, some Zelle transactions may take longer if the recipient hasn't enrolled in the service yet.
Yahoo
16-05-2025
- Business
- Yahoo
Tariff Deals Aren't Easing Consumer Concerns Yet
The Michigan Consumer Sentiment Survey showed a surprising decline in May as tariff-related worries continued to sour public opinion around the economy. The latest survey provided preliminary results for May, and reflects the period after President Donald Trump paused tariffs on some nations in April. However, the results only covered two days after the U.S. and China announced a trade deal earlier this sentiment fell for the fifth straight month, and President Donald Trump's decision to reverse some tariffs has not improved the public mood. The Michigan Consumer Sentiment Survey declined again in May to 50.8, the second-lowest sentiment reading in the survey's history. The report's closely followed inflation projections showed consumers expected prices to rise by 7.3% over the next year. It's the highest inflation expectation since 1981. Economists expected a slight rebound in sentiment this month amid optimism about trade negotiations and the first agreements being reached. Consumer sentiment has plunged so far this year on worries that import taxes would raise prices. While the preliminary readings for May capture the period after Trump issued a 90-day pause on many tariffs on April 9, the survey only covers two days after the White House announced a tariffs agreement with China on May 12. 'Many survey measures showed some signs of improvement following the temporary reduction of China tariffs, but these initial upticks were too small to alter the overall picture—consumers continue to express somber views about the economy,' wrote Michigan Survey of Consumers Director Joanne Hsu. Sentiment surveys have shown that consumers are worrying about the direction of the economy in the face of higher U.S. tariffs. But so far, the 'soft data' fears expressed by consumers haven't shown up in the 'hard data' of retail sales and other economic measurements. 'If you took them at face value Americans would be crashing the economy by spending next to nothing, but retail sales rose last month, though slightly,' wrote Navy Federal Credit Union Corporate Economist Robert Frick. 'What this does tell us is consumers are so on edge that a contraction in the labor market or in incomes could easily shock consumer spending and push us into recession.' Read the original article on Investopedia Sign in to access your portfolio
Business Wire
15-05-2025
- Business
- Business Wire
Navy Federal Unveils Member Savings Milestones, Highlighting Value of Membership and Commitment to Members' Financial Wellbeing
VIENNA, Va.--(BUSINESS WIRE)-- Navy Federal Credit Union 's recently released 2024 Member Giveback Study highlights value of membership by banking with the not-for-profit, member owned credit union. Members earned and saved a total of $4.32 billion in 2024 by banking with the credit union. With earnings and savings of $461 per year, members could earn and save $332 on better interest rates, as well as $129 in lower fees and discounts. Navy Federal reinvests surplus funds back to its members in the form of reduced loan rates, low fees, enhanced digital technology and expanded service—reaffirming its strong commitment to driving value for the military and Veteran community. Share The Member Giveback Study considers internal market analyses comparing Navy Federal products with industry national averages, discounts, incentives and other savings. Beyond yearly earnings and savings, the credit union offers market-leading certificates and an average credit card APR that's 7.25% lower than the industry average—up from 6.81% in 2023. 'Our sound financial position and close alignment with our members' values allows us to focus on what matters most: supporting the military and Veteran community,' said Mehdi Dinia, vice president of membership at Navy Federal. 'We continually look for ways to expand our impact on Active Duty Servicemembers, Veterans and their families—providing them with the essential tools and resources wherever they are in their financial journey.' As a not-for-profit, Navy Federal reinvests surplus funds back to its members in the form of reduced loan rates, low fees, enhanced digital technology and expanded service—reaffirming its strong commitment to driving value for the military and Veteran community. For example, in 2024, Navy Federal opened 12 new branches (4 times the number opened in 2023), upgraded mobile banking and launched new technology and payment solutions to help members manage their finances more efficiently. Last year, the credit union also announced a comprehensive series of investments committing roughly $450 million in annual givebacks to Navy Federal's 14 million members. This program adds to the more than $4 billion already given back to members annually in the form of dividends, enhanced services and reduced fees. Specifically, Navy Federal introduced new partnerships designed to extend support of all branches of the military, Veterans and their families, such as a $9 million investment to the USO and a multi-year, collective partnership with the Bob Woodruff Foundation, Navy-Marine Corps Relief Society, Air Force Aid Society, Coast Guard Mutual Assistance and Army Emergency Relief. To learn more about the value of membership with Navy Federal, visit Additionally, to read more highlights about Navy Federal's giveback efforts and financial performance, check out the 2024 Annual Report. Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving more than 14 million members globally and is the world's largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 25,000 and has a global network of more than 365 branches. For more information about Navy Federal Credit Union, visit Navy Federal is insured by NCUA. Equal Opportunity Employer.
Yahoo
13-05-2025
- Business
- Yahoo
Inflation Slows and Egg Prices Crack Lower in April
The cost of living may still feel high for many Americans, but April delivered some welcome relief at the breakfast table. According to new data from the U.S. Bureau of Labor Statistics, egg prices dropped a staggering 12.7% last month—the sharpest monthly decline among all food categories. The broader picture on inflation is also improving. The consumer price index (CPI) rose just 0.2% for April, pushing the annual inflation rate down to 2.3%, which is its lowest level since February 2021. While the core CPI (excluding food and energy) also increased by 0.2%, the year-over-year reading held steady at 2.8%. Still, nothing dropped quite like eggs. Though prices remain up 49.3% compared to last year, reflecting the volatile swings the market has seen since 2022, this latest drop shows signs that supply chains and production levels may be stabilizing. 'Good news on inflation, and we need it,' Robert Frick, corporate economist at Navy Federal Credit Union, told CNBC. He added that upcoming tariff changes could still impact prices across multiple categories, but for now, the relief is real. Other highlights in the April CPI report: food prices overall dipped 0.1%, used vehicle prices fell for the second straight month, and apparel saw a 0.2% decline. Energy prices rebounded with a 0.7% uptick after falling in March. Shelter costs, long a driver of inflation, continued to climb at a 0.3% pace, making up more than half of April's inflation rise. As for what's next, all eyes remain on the United States' evolving tariff strategy. With the president dialing back the most aggressive plans for now, markets are recalibrating their expectations for potential Fed rate cuts later in the year. Grocery prices showed some relief in April, with eggs leading the way—a 12.7% drop that marked the biggest decline of any food item. Good news, especially for people making omelets.
