Whether you’re on a rideshare shift or a delivery route, there are times when you need cash in your hand. Finding places to get cash isn’t a problem. There are ATMs almost everywhere, from banks to convenience stores to airports to gas stations.
Since it’s not the best idea to carry large amounts of cash with you, you probably visit the ATM often to get $10 or $20 at a time. Unless you’re at your own bank, you typically discover that ATM withdrawals are going to cost you. Sometimes you can get charged as much as $3 per transaction… ouch.
If you’re thinking there must be a better way to bank, you’re right.
In this post, we’ll cover the benefits of branching out from your bank and exploring alternatives that may surprise you. Here’s what we’ll cover:
- What a cash card can do for drivers
- Evaluate the services you need
- How to choose the right financial services company
- A company with a conscience
What a cash card can do for drivers
Let’s remember: A driver’s cash card is more than just a prerequisite for using an ATM. Drivers have the option to use cash cards for multiple purposes, and consolidate financial activity in one place.
When it’s connected to your driving and delivery apps, your cash card becomes a link to the account where you keep all your earnings. It can also become an easy way to keep track of your work-related expenses. When tax time comes, keeping all your transactions (deposits and withdrawals) on one card can speed the process of keeping your financial records straight.
A cash card also provides security for drivers. The ability to make purchases with a card rather than cash reduces the risk of losing cash or getting it stolen. And, of course, it provides a record of all your fuel and maintenance costs.
Evaluate the services you need
Getting a cash card is only part of the picture, though. Banks offer a smorgasbord of features and services that you may or may not want or need.
Before you wind up paying high fees and hidden costs associated with many banks’ services, read the fine print. You might be agreeing to pay a monthly fee for having a checking account, or paying a per-transaction cost for activity at the ATM. You also might not need three separate accounts: one for checking, one for short-term savings, and one for long-term savings.
On the other hand, if you don’t get enough from your financial services company, you could end up lacking features you care about, or even protection of your assets. No matter how well a financial services company seems to cut costs, unless it is FDIC insured, you could suffer greatly if there is some kind of loss.
Also, if your institution offers you a credit card, be sure you’re not committing to an interest rate that’s far higher than the one you could get from another source. Really, unless you’re in need of having your own personal banker, there are many financial firms that could serve you without all the bells and whistles you’ll ultimately wind up paying for.
How to choose the right financial services company
The right financial services company for you depends on your personal and professional needs. Here are some services from which you’ll benefit and may want to consider:
- Low or no transaction fees: Although transaction fees might be small, they can add up. Don’t let them drain your account.
- FDIC insurance: This is a must. If the financial system has problems, you won’t lose your money.
- Cash back on purchases: This is a great perk. Imagine, getting an oil change or buying a new set of tires, and getting money back when you use your card for those purchases.
- Reasonable interest rates: These go two ways, of course. If you’re thinking about your savings account, you’ll want a rate that allows it to accrue some value over time. If you get a credit card, car loan, or mortgage through your institution, you’ll want to keep a close eye on the rates you’re offered.
- Easy access to account information: Great online services (including app-based) that make monitoring and managing your account easy. Phone service, in case you want to talk to a live person, is a nice plus.
- Portability: Because you’re on the move so much, you’ll want to carry your bank information with you. For drivers, app-based services would be especially important.
- Advanced financial options: You may feel comfortable knowing that you can get good rates on a long-term savings account or a retirement account. Room to grow is always a good feature to have in a financial company.
- Compassionate company culture: Most banks are bent on making the biggest profit possible. While that’s understandable, it’s still unpleasant to deal with companies that aren’t known for caring about the environment or their communities. See how your chosen institution measures up.
A company with a conscience
With all this in mind, Gridwise is excited to announce our partnership with Aspiration, a new kind of financial services company. Aspiration is cutting-edge, app-based, and oriented toward a business model that reflects conscience as well as ambition.
Aspiration’s divestment policy ensures that your deposited money will not be used as collateral for fossil fuel financing. Aspiration’s investment policy ensures that your transaction fees are invested in socially responsible ventures that support the environment. Also, the company gives you the opportunity to contribute to charities in ways that help you make a difference. You can donate to causes that help eradicate poverty, promote community development, finance education and health, and foster human rights and the environment.
Aspiration even lets YOU choose the amount you’ll pay for your account fee—and if you’re having hard times, you won’t have to pay one at all. These are just some of the advantages of signing up with Aspiration.
Now, here’s that deal we know is going to make you happy.
Drivers in the Gridwise community who sign up with Aspiration will get even more! Here are the contents of this special package just for Gridwise users:
Gridwise users receive
- Receive 10% back (up to $50) when you make at least $500 in purchases on your card;
- Get unlimited fee-free withdrawals at more than 55,000 ATMs nationwide;
- Earn up to 1.00% variable APY interest on your savings;
- Achieve peace of mind with FDIC-insured deposits (visit fdic.gov for more information);
- Keep more of your money with no hidden fees.
As you can see, Aspiration has a lot to offer, and as a member of the Gridwise community, you’ll get even more. Visit the Aspiration website to sign up, and get the best no-fee cash card, solid financial services, and the privilege of keeping your money with a company that has a conscience. Put the Aspiration + Gridwise deal to work for you now. You’ll be helping yourself, and helping to make the world a little better.