On Wednesday, the FHFA closed the comment period for the proposal, which was opened in April. In their letter, Republicans called the 30-day period “insufficient.”
If the product is approved as proposed, it will have terms of up to 20 years, be manually underwritten and remain in Freddie Mac’s portfolio for six to nine months until second mortgage non-TBA-guaranteed securities are created.
Republicans on the Senate Banking Committee, along with 23 members of the House Financial Services Committee, signed the letter sent to FHFA Director Sandra Thompson that indicated “political purposes” for creating the new product.
“We are deeply concerned that the proposal is a thinly veiled attempt by the Biden administration to offset the effects of excessive fiscal spending and tight monetary policy as the November election approaches,” the letter states.
“The sole purpose of the FHFA’s conservatorship of the GSEs is to restore their soundness and solvency so they can fulfill their statutory missions — under no circumstances should the FHFA’s ultimate authority as a conservator be exploited for political purposes. The GSEs are already the largest mortgage guarantors in the country; expanding their roles as consumer loan guarantors is a significant step in the wrong direction.”
An FHFA spokesperson told HousingWire that the letter had been received and the agency “will respond appropriately.”
According to the letter, second mortgages are consumer loans that finance spending and consumption, counteracting the effects of tighter monetary policy and worsening inflation for Americans.
Strategists at Bank of America estimate the product could unlock $850 billion in origination volume.
Freddie Mac’s head of single-family acquisitions, Sonu Mittal, told HousingWire this week that the product “will provide borrowers an alternative to the cash-out refi.”
“The thing I keep trying to tell folks is that this is not HELOC; this is not piggyback where you can do first and second, and this is not open to all first-lien mortgages in the country. It’s only if you have a Freddie Mac first mortgage. So, when you start slicing it with all those different cuts, it’s a different sizing or opportunity that exists.”
Members of Congress are also concerned that the proposed Freddie Mac product will crowd out private capital while expanding the GSE into other credit markets. Groups such as the Mortgage Bankers Association (MBA), the U.S. Mortgage Insurers (USMI) and the Housing Policy Council (HPC) highlighted the same concerns in comments to the FHFA.
“The proposed product will primarily help homeowners who possess meaningful equity in their homes and have already gained from the 68.9% increase in home prices since the pandemic,” the letter states.
“It offers no benefit to renters or homeowners who lack meaningful equity, such as first-time homebuyers. In fact, the proposal is likely to adversely affect these Americans through its broader inflationary impact on the economy, as well as by exacerbating the rate lock-in effect, the adverse effects of which were reported on by the FHFA earlier this year.”
The Priority Pass airport lounge program allows members access to over 1,500 airport lounges and restaurants worldwide. Two of those Priority Pass locations are at Harry Reid International Airport in Las Vegas.
The airport has two separate terminal buildings, Terminal 1 and Terminal 3. There’s one Priority Pass lounge in each terminal, and you can move between the two terminals post-security by tram if you want.
The Club, which runs nearly two dozen airports around the U.S. (as well as a few in the U.K.) operates both lounges.
Whether you’ve got a flight delay, a long layover or just need to kill time before your flight, these two Priority Pass lounges in Las Vegas can be a nice place to hang out. There, you’ll find complimentary refreshments and a comfier seat than you’d likely find in the general terminal.
Here’s a guide to those two LAS Priority Pass lounges.
Where to find LAS Priority Pass lounges
The Club LAS, Terminal 1 (near Gate D33): This lounge is located after security on Level 2 of Terminal 1 near Gate D33.
You can also get to this lounge from Terminal 3, though you’ll have to first hop on the Red Line train. Budget 15-20 minutes of commute time (one-way) if you’re coming from Terminal 3.
The Club LAS, Terminal 3 (across from Gate E2): This lounge is located after security in Terminal 3 by Gate E2.
Just as you’d ride the Red Line train to get from Terminal 3 to Terminal 1, you’d board the same train in the opposite direction to get to this lounge from Terminal 1. Again, account for that same commute time.
What to expect inside the LAS Priority Pass lounges
Since The Club runs both Priority Pass lounges, expect similar quality furnishings, snacks and other amenities. Here’s a look inside the Terminal 1 version of the lounge:
Food
Food at The Club is a mix of self-service buffet and made-to-order dishes. All the food inside is complimentary.
To order, you scan a QR code at your table or counter seat, which takes you to a website where you can choose from a variety of menu items. Choose as many dishes as you want — and order as many times as you want.
Portion sizes are relatively small, so count on ordering at least a few plates if you’re seeking a full meal. Menu items include chicken tacos, soup, breaded cauliflower and a protein bowl.
Besides the made-to-order items, you can access a self-service buffet anytime.
There, you’ll find tea and an espresso maker that whips up coffee beverages, including lattes and mochas.
There’s also a salad bar and fruit.
Seating
The seating is varied, providing options for your lounge activity of choice — whether that’s snoozing, dining or getting work done. One room, which is separated from the food, features couches and chairs with footrests that might accommodate a more comfortable nap.
Counter seating makes it possible to get work done. There are a good number of power outlets. Plus, Wi-Fi is free.
There’s a good amount of seating, but this lounge can sometimes get packed. Occasionally, there’s even a waitlist to get in.
Accessing Priority Pass lounges in Las Vegas
You could theoretically get in to both Las Vegas Priority Pass locations in a single day, and you could bring a friend. Here’s what you need to know about admission and guest policies.
How to get in to the LAS Priority Pass lounges
Many people access these two lounges by purchasing Priority Pass membership, which typically costs from $99 to $469 a year. That said, you can score complimentary membership through many premium travel credit cards.
10 complimentary Priority Pass lounge visits per year. Enrollment required.
Terms apply.
Eight free Priority Pass lounge visits per year.
Learn more
Both LAS Priority Pass lounges are located airside (past the security checkpoint); you’ll need your membership, a same-day boarding pass and a valid ID to get past security and in to a lounge.
Can I bring a friend?
Children under age two are admitted free. For everyone else, the ability to bring a guest depends on the terms of your Priority Pass membership.
Membership: If you purchased membership through Priority Pass, you’ll typically need to pay $35 to bring a guest with you.
Card perks: If you have membership through a credit card, you might be able to bring a guest or two for free. For example, Chase Sapphire Reserve® members can bring up to two guests for free. Check the terms of your credit card so see if guests are included.
Day passes: Anyone can purchase a day pass for either of the two lounges, which typically costs $50. With a day pass, you can enter up to three hours before your scheduled flight departure.
Other Las Vegas airport lounges to know
The Club LAS lounges aren’t the only lounges at the Las Vegas airport. And in fact, they’re far from the best.
But The Club lounges rank among the easiest to get in to — especially if you have a credit card that offers Priority Pass.
Travel credit cards can offer all sorts of value, ranging from the ability to earn bonus points to travel insurance coverage for purchases made on the card. And given the complimentary food and drinks you can nosh on at Priority Pass lounges like these, premium travel credit cards can make waiting in airports just a little bit better.
To view rates and fees of The Platinum Card® from American Express, see this page.
To view rates and fees of the Marriott Bonvoy Brilliant® American Express® Card, see this page.
To view rates and fees of the Hilton Honors American Express Card, see this page.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
Government-backed purchase share also continued rising, reaching 27% of all purchase transactions due to an increased mix of low-down-payment FHA loans. “Fraud risk was up slightly quarter-over-quarter, but relatively flat year-over-year. This continues a trend we have witnessed over the past several quarters, despite the high level of purchase loans relative to refinances,” CoreLogic said … [Read more…]
WASHINGTON, D.C. (May 16, 2024)– The delinquency rate for mortgage loans on one-to-four-unit residential properties increased to a seasonally adjusted rate of 3.94 percent of all loans outstanding at the end of the first quarter of 2024, according to the Mortgage Bankers Association’s (MBA) National Delinquency Survey.
The delinquency rate was up 6 basis points from the fourth quarter of 2023 and up 38 basis points from one year ago. The percentage of loans on which foreclosure actions were started in the first quarter remained unchanged at 0.14 percent.
“Overall mortgage delinquencies increased slightly in the first quarter of 2024, but not across all three of the major loan types. Delinquencies declined for FHA loans, were relatively flat for conventional loans, and increased for VA loans,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis. “Notably, all three loan types saw an increase in delinquencies compared to one year ago. Higher unemployment, lower personal savings, increases in property taxes and insurance, and a run-up in credit card debt and delinquency contributed to conditions that would make it tougher for some homeowners to make their mortgage payments.”
Added Walsh, “At the end of 2023, the Department of Veterans Affairs encouraged mortgage servicers to implement a foreclosure moratorium until the end of May 2024. With this pause came an increase in VA loans that remained delinquent, but not in foreclosure inventory.”
The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.
Key findings of MBA’s First Quarter of 2024 National Delinquency Survey:
Compared to last quarter, the seasonally adjusted mortgage delinquency rate increased for all loans outstanding. By stage, the 30-day delinquency rate increased 15 basis points to 2.25 percent, the 60-day delinquency rate decreased 6 basis points to 0.67 percent, and the 90-day delinquency bucket decreased 3 basis points to 1.02 percent.
By loan type, the total delinquency rate for conventional loans increased 1 basis point to 2.62 percent over the previous quarter. The FHA delinquency rate decreased 42 basis points to 10.39 percent, and the VA delinquency rate increased by 59 basis points to 4.66 percent.
On a year-over-year basis, total mortgage delinquencies increased for all loans outstanding. The delinquency rate increased by 18 basis points for conventional loans, increased 112 basis points for FHA loans, and increased 68 basis points for VA loans from the previous year.
The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The percentage of loans in the foreclosure process at the end of the first quarter was 0.46 percent, down one basis point from the fourth quarter of 2023 and 11 basis points from one year ago.
The non-seasonally adjusted seriously delinquent rate, the percentage of loans that are 90 days or more past due or in the process of foreclosure, was 1.44 percent. It decreased by 8 basis points from last quarter and decreased by 29 basis points from last year. The seriously delinquent rate decreased 6 basis points for conventional loans, decreased 24 basis points for FHA loans, and remained unchanged for VA loans from the previous quarter. Compared to a year ago, the seriously delinquent rate decreased by 21 basis points for conventional loans, decreased 83 basis points for FHA loans, and decreased 25 basis points for VA loans.
The states with the largest year-over-year increases in their overall delinquency rate were: Louisiana (96 basis points), South Dakota (96 basis points), New Mexico (71 basis points), Texas (66 basis points), Georgia (56 basis points), and North Dakota (56 basis points).
For the purposes of the survey, MBA asks servicers to report loans in forbearance as delinquent if the payment was not made based on the original terms of the mortgage.
NOTE:For non-seasonally-adjusted (NSA) supplemental information on the performance of servicing portfolios by investor type, loans in forbearance by investor type, and the status of post-forbearance workouts, as well as servicer call volume metrics, please refer to MBA’s Monthly Loan Monitoring Survey at www.mba.org/lms. April results will be released on Monday, May 20, 2024.
All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes.
Do you like shopping at Target? Starting today until Memorial Day on May 27, Target has everything you need at a special price. Save big and take advantage of all the shopping deals, with discounts ranging from 50% off indoor and outdoor furniture accessories, 30% off kitchen and dining items, 20% off home decor items and so much more to cover all your home essentials.
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Whether you’re looking for kitchen dining items or outdoor furniture to add to your patio for this summer, you’ll find it all at Target for a special price.
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Target’s Memorial Day sale features discounts on top brands such as Threshold, Costway, Ninja, Westinghouse and more. Check out some of our picks below:
If you’re looking to enhance your patio for the summer, consider adding this 2-piece Mackworth Rope Outdoor Chairs set. The steel chairs feature weather-resistant properties, meaning they can withstand various weather conditions without any damage. This is a great way to relax and enjoy the outdoors in style.
Target
Threshold Esker Recycled Resin Outdoor Patio Loveseat
$420
$600
30% off
Share special moments with your loved ones in the comfort of your home and add this Esker Recycled Resin Outdoor Patio Loveseat to your list. It’s stylish, sturdy and can support up to 500 pounds. This outdoor furniture is a great standalone piece, but also works well if you choose to mix and match it with other pieces like the one above.
Target
Costway 7-Piece Patio Rattan Dining Set
$458.99
$1,089.99
58% off
If you’re looking for an outdoor dining set, consider this 7-piece Costway set with cushioned chairs and a wooden tabletop. According to the brand, you can also stack up the chairs to save space. It’s easy to clean, and its simple assembly, breathable surface and weather-resistant features make it a must-have. Go get it now and upgrade your entire outdoor vibe with this one-of-a-kind set.
Target
Ninja Foodi 8-in-1 XL Pro Air Dry Oven
$179.99
$229.99
22% off
Make quick meals with this Ninja XL Pro Air Oven. With its two-level cooking air oven, you can air fry, bake, roast, broil, toast and more.
For those in search of cute room decor pieces, consider this Oversized Threshold Pillow. Its 100% cotton shell and plush polyester filling make it a versatile comfort item that can easily move from your bed to your couch. It’s currently 30% off.
Target
Threshold Designed With Studio McGee: Vernon Upholstered Barrel Accent Chair
$256
$320
20% off
Elevate your living room decor with this Threshold Barrel Accent Chair designed with the brand Studio McGee. Interior designer and stylist Shea McGee and her husband have been working together behind this brand since 2014, focusing on eye-catching minimalist pieces like this barrel chair. This chair comes in six different colors from natural linen to tan striped.
For those searching for a bathroom storage organizer, consider this Costway Floor Cabinet. This versatile organizer is perfect to store a variety of items from your room to your bathroom. With its 54% discount, you’ll be saving up to $76. Save space and money with this simple and stylish item.
Target
Kate and Laurel All Things Decor: 23” x 35” Preble Decorative Scallop Wall Mirror
$127.99
$159.99
20% off
Add this 23” x 35” Decorative Scallop Wall Mirror to enhance your bathroom or living room space. This vintage-looking piece comes in gold and white. You can hang it vertically or horizontally.
Target
Westinghouse 32” 720p LED Roku Smart TV
$109.99
$199.99
45% off
Go snag this high-definition Roku Smart TV for just $109.99. With Roku TV, America’s No. 1 streaming platform, you’ll have access to Hulu, Prime Video, Peacock, Apple TV+, ESPN+, Prime Video, Netflix, Disney+ and more.
For more product recommendations, check out this roundup of clothing essentials, must-have summer jean shorts, and other stylish accessories to add to your shopping list.
Thinking about spending your college years in Virginia? You’re making the right call. This state is home to some of the most beloved college towns in the country.
From tech majors to aspiring artists, there’s a place for all in Virginia. Whether you’re an undergrad on the hunt for your first apartment in Richmond or a career academic looking for the perfect house in Charlottesville, you’ll find what you’re looking for in Virginia.
Let’s take a closer look at Virginia’s top college towns and uncover what makes each one stand out. From campus life to strong community ties, you’ll see why Virginia is the place to be for your college journey and beyond.
Charlottesville is home to the University of Virginia, renowned for its business, law, and medicine programs. The McIntire School of Commerce offers a top-tier undergraduate business program, consistently ranked among the best in the nation. The UVA School of Law is one of the oldest and most prestigious law schools in the country. The School of Medicine is also highly respected, particularly for its research in cancer, cardiovascular, and neurosciences.
The bond between the university and Charlottesville is evident throughout the town. The Downtown Mall, one of the longest pedestrian malls in the country, is a favorite spot for students and locals alike. Local businesses often collaborate with the university, offering internships and job placements that provide students with valuable real-world experience.
Apartments near University of Virginia | Houses for rent near University of Virginia
Blacksburg is where you’ll find Virginia Tech, famous for its engineering and computer science programs. The College of Engineering is one of the largest in the country, with programs that include aerospace, civil, and electrical engineering. The Department of Computer Science is known for its cutting-edge research in artificial intelligence, cybersecurity, and data analytics. Students also flock to the School of Architecture, known for its innovative approaches and strong emphasis on practical experience.
Virginia Tech and Blacksburg share a deep connection that enhances the college experience. The Virginia Tech Corporate Research Center hosts over 180 research, technology, and support companies, offering internships and co-op opportunities. The Moss Arts Center, a sizable venue, hosts performances that enrich the community culture.
Apartments near Virginia Tech | Houses for rent near Virginia Tech
Williamsburg is home to the College of William & Mary, known for its excellent programs in history, law, and business. The history program is particularly strong, leveraging the town’s rich colonial heritage for immersive learning experiences. William & Mary Law School, the oldest law school in the United States, offers students a rigorous and prestigious education. The Raymond A. Mason School of Business is highly rated for its undergraduate and MBA programs, emphasizing leadership and ethical business practices.
The college’s relationship with Williamsburg is a rare mix of academia and history. Colonial Williamsburg, a living history museum, offers students opportunities for internships and volunteer work, providing a deeper understanding of American history. The annual An Occasion for the Arts festival, sponsored by the college, brings together artists, musicians, and performers.
Apartments near William & Mary | Houses for rent near William & Mary
James Madison University (JMU) is known for its strong business and health sciences programs. The College of Business is nationally recognized, with standout programs in finance, marketing, and management. The Department of Health Sciences offers popular programs in nursing, dietetics, and athletic training. Students are also drawn by the School of Media Arts and Design, which provides hands-on learning in digital media, journalism, and graphic design.
The relationship between JMU and Harrisonburg is solid. The Gilliam Center for Entrepreneurship supports local startups, offering students real-world business experience. The collaboration with Sentara RMH Medical Center provides health sciences students with clinical placements and research opportunities. Additionally, the annual Harrisonburg International Festival, supported by JMU, celebrates the town’s commitment to fostering the next generation of artists.
Apartments near James Madison University | Houses for rent near James Madison University
Virginia Commonwealth University (VCU) is known for its arts and health programs. The School of the Arts is one of the most esteemed in the nation, offering programs in visual and performing arts. The VCU Medical Center is a leading healthcare facility, providing top-notch education and training in medicine, nursing, and dentistry. The College of Humanities and Sciences also stands out for its diverse range of programs, from psychology to forensic science.
VCU and Richmond are deeply intertwined, especially in the arts and healthcare industries. The Institute for Contemporary Art at VCU is a vector for modern art, where students can showcase their work and even meet with renowned artists. The medical school’s partnerships with local hospitals and clinics offer students extensive clinical experience. Additionally, the annual French Film Festival, hosted by VCU, attracts filmmakers and enthusiasts from around the world.
Fairfax is home to George Mason University, known for its programs in public policy, economics, and computer science. The Schar School of Policy and Government offers top-ranked programs in public administration and international relations. The Department of Economics is noted for its research in experimental and behavioral economics. The Volgenau School of Engineering is highly respected, especially for its cybersecurity and data analytics programs.
George Mason University and Fairfax benefit from a synergistic relationship. The university’s proximity to Washington, D.C., provides students with internship and job opportunities in government agencies and nonprofits. The Center for the Arts on campus hosts performances and exhibitions. The Mason Enterprise Center supports local entrepreneurs, offering resources and mentorship to students and community members.
Apartments near George Mason University | Houses for rent near George Mason University
Old Dominion University is known for its engineering and maritime programs. The Batten College of Engineering and Technology has programs in mechanical, electrical, and civil engineering. The Strome College of Business is also popular, with strong programs in management, marketing, and finance. Students interested in marine science can take advantage of the unique opportunities provided by the university’s coastal location.
Old Dominion University and Norfolk have a strong connection, especially with the maritime industry. The university’s partnerships with local shipyards and maritime companies provide students with hands-on experience and job opportunities. The International Maritime, Port, and Logistics Institute offers specialized training and research opportunities in marine science and technology.
Apartments near Old Dominion University | Houses for rent near Old Dominion University
Lexington is home to Washington and Lee University, known for its strong law and business programs. The School of Law is excellent, offering a rigorous curriculum and extensive clinical training. The Williams School of Commerce, Economics, and Politics is renowned for its programs in accounting, business administration, and economics. Students appreciate the small class sizes and personalized attention from faculty.
The university and the town of Lexington enjoy a close-knit relationship. Local businesses frequently hire students for internships and part-time jobs, providing valuable work experience. The Shepherd Poverty Program connects students with community service opportunities, addressing local issues.
Apartments near Washington and Lee | Houses for rent near Washington and Lee
Methodology
College towns are qualified as towns or cities with at least one college or university and fewer than 350,000 people according to U.S. Census data. Average rental data from Rent.com in May 2024.
This is not a comprehensive list of all of the towns and cities in the state meeting those requirements.
The Federal Housing Administration is tightening its data breach reporting requirements for mortgage lenders.
Effective immediately, lenders must report any cybersecurity attacks within 12 hours of detection to the Department of Housing and Urban Development, FHA wrote May 23 in a mortgagee letter.
Cybersecurity incidents include those that actually or potentially jeopardize “the confidentiality, integrity, or availability of information,” the FHA wrote. Making all events – big or small – fall into that purview.
Lenders must report the date and cause of a cyber incident and its impact on personally identifiable information.
Once notified of an incident, HUD will contact the impacted institution “to determine the appropriate mitigation steps based on the nature of the incident.”
These requirements are part of the Department of Housing and Urban Development’s commitment to security and integrity of its systems and technology supporting FHA operations, the housing agency said.
“HUD issued this mortgagee letter to reinforce with program participants the importance of quickly reporting to HUD, addressing, and tracking cyber-security incidents in light of the nationwide increase in incidents in recent years,” a HUD spokesperson wrote in an email Thursday.
The announcement comes during a time of increased data breach activity.
In recent months, numerous megalenders have had their systems hit. In some cases, the attacks have been carried out by way of third-party vendors.
Loandepot, Mr. Cooper, Academy Mortgage and Planet Home Lending are among mortgage shops impacted by such incidents. Title companies have also been hit, including First American and Fidelity National Financial.
All in all, millions of customers have had their personal identifiable information stolen and some litigation has sprouted because of it.
Most recently, Planet Home Lending moved to settle a consolidated class action pegged against it for allegedly failing to protect the PII of customers during a hack in late 2023.
On May 13, a Connecticut federal judge issued a preliminary order approving a $2.42 million settlement between the plaintiffs and PHL. Over 200,000 Planet Home Lending customers had their data and PII leaked to the web.
Fannie Mae and Freddie Mac also have breach reporting requirements, though they are far less stringent for now. Fannie requires lenders to report within 72 hours if a potential hack has taken place, while Freddie requires lenders to report within 48 hours of detection.
Inside: Learn $75000 a year is how much an hour. Plus find a 75k salary budget to live the lifestyle you want.
You want to know to look into this… 75k salary is a good hourly wage when you think about it.
When you get a job and you are making about $16 an hour, making over $75,000 a year seems like it would provide amazing opportunities for you. Right?
The median household income was $70,084 in 2021 not much different from the previous year (source). Think of it as a bell curve with $70 at the top; the median means half of the population makes less than that and half makes more money.
The average income in the U.S. is $55,350 for a 40-hour workweek; that is an increase of 1.1% from the previous year (source). That means if you take everyone’s income and divide the money out evenly between all of the people.
Obviously, $75k is above the average and median incomes; yet, most people feel like they can barely make ends meet with this higher than average salary.
But, the question remains… can you truly live off 75,000 per year in today’s society? The question you want to ask all of your friends is $75000 per year is a good salary.
In this post, we are going to dive into everything that you need to know about a $75000 salary including hourly pay and a sample budget on how to spend and save your money.
These key facts will help you with money management and learn how much per hour $75k is as well as what you make per month, weekly, and biweekly.
Just like with any paycheck, it seems like money quickly goes out of your account to cover all of your bills and expenses, and you are left with a very small amount remaining. You may be disappointed that you were not able to reach your financial goals and you are left wondering…
Can I make a living on this salary?
$75000 a year is How Much an Hour?
When jumping from an hourly job to a salary for the first time, it is helpful to know how much is 75k a year hourly. That way you can decide whether or not the job is worthwhile for you.
75000 salary / 2080 hours = $36.06 per hour
$75000 a year is $36.06 per hour
Let’s breakdown how that 75000 salary to hourly number is calculated.
For our calculations to figure out how much is 75K salary hourly, we used the average five working days of 40 hours a week.
Typically, the average work week is 40 hours and you can work 52 weeks a year. Take 40 hours times 52 weeks and that equals 2,080 working hours. Then, divide the yearly salary of $75000 by 2,080 working hours and the result is $36.06 per hour.
Just above $36 an hour.
That number is the gross hourly income before taxes, insurance, 401K, or anything else is taken out. Net income is how much you deposit into your bank account.
You must check with your employer on how they plan to pay you. For those on salary, typically companies pay on a monthly, semi-monthly, biweekly, or weekly basis.
What If I Increased My Salary?
Just an interesting note… if you were to increase your annual salary by $9K, it would increase your hourly wage by $4.32 per hour.
To break it down – 84k a year is how much an hour = $40.38
That is a huge difference in what you are able to afford! Every dollar adds up to over $40 an hour.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
How Much is $75K salary Per Month?
On average, the monthly amount would be $6,250.00.
Annual Salary of $75,000 ÷ 12 months = $6,250.00 per month
This is how much you make a month if you get paid 75000 a year.
$75k a year is how much a week?
This is a great number to know! How much do I make each week? When I roll out of bed and do my job of $75k salary a year, how much can I expect to make at the end of the week for my effort?
Once again, the assumption is 40 hours worked.
Annual Salary of$75000/52 weeks = $1,442 per week.
$75000 a year is how much biweekly?
For this calculation, take the average weekly pay of $1,442 and double it.
This depends on how many hours you work in a day. For this example, we are going to use an eight-hour work day.
8 hours x 52 weeks = 260 working days
Annual Salary of$75000 / 260 working days = $288 per day
If you work a 10 hour day on 208 days throughout the year, you make $360 per day.
$75000 Salary is…
$75000 Salary – Full Time
Total Income
Yearly Salary (52 weeks)
$75,000
Monthly Salary
$6,250
Weekly Wage (40 Hours)
$1,442
Bi-Weekly Salary (80 Hours)
$2,884
Daily Wage (8 Hours)
$288
Daily Wage (10 Hours)
$360
Hourly Wage
$36.06
Net Estimated Monthly Income
$4,772
Net Estimated Hourly Income
$27.53
**These are assumptions based on simple scenarios.
75k A Year Is How Much An Hour After Taxes
Income taxes is one of the biggest culprits of reducing your take-home pay as well as FICA and Social Security. This is a true fact across the board with a salary range of up to $160,200.
When you start getting into a higher salary range, the more you make, the more money that you have to pay in taxes.
Every single tax situation is different.
On the basic level, let’s assume a 12% federal tax rate and 4% state rate. Plus a percentage is taken out for Social Security and Medicare (FICA) of 7.65%.
So, how much an hour is 75000 a year after taxes?
Gross Annual Salary: $75,000
Federal Taxes of 12%: $9,000
State Taxes of 4%: $3,000
Social Security and Medicare of 7.65%: $5,737
$75k Per Year After Taxes is $57,262.
This would be your net annual salary after taxes.
Hourly Wage After Taxes
To turn that back into an hourly wage, the assumption is working 2,080 hours.
$57262 ÷ 2,080 hours = $27.53 per hour
After estimated taxes and FICA, you are netting $57,262 per year, which is $17,737 per year less than what you expect.
***This is a very high-level example and can vary greatly depending on your personal situation and potential deductions. Therefore, here is a great tool to help you figure out how much your net paycheck would be.***
Taxes Based On Your State
In addition, if you live in a heavily taxed state like California or New York, then you have to pay way more money than somebody who lives in a no-tax state like Texas or Florida. This is the debate of HCOL vs LCOL.
Thus, your yearly gross $75000 income can range from $51,262 to $60,262 depending on your state income taxes.
That is why it is important to realize the impact income taxes can have on your take home pay. It is one of those things that you should acknowledge and obviously, you need to pay taxes. But, it can also put a huge dent in your ability to live the lifestyle you want on a $75,000 income.
How Much Is 75K A Year Hourly Salary Calculator
More than likely, your salary is not a flat 75k, here is a tool to convert salary to hourly calculator.
This is great when looking for the best jobs for moms.
Every person reading this post has a different upbringing and a different belief system about money. Therefore, what would be a lavish lifestyle to one person, maybe a frugal lifestyle to another person? And there’s no wrong or right, it is what works best for you.
One of the biggest factors to consider is your cost of living.
In another post, we detailed the differences between living in an HCOL vs LCOL vs MCOL area. When you live in big cities, trying to maintain your lifestyle of $75,000 a year is going to be much more difficult because your basic expenses, housing, transportation, food, and clothing are going to be much more expensive than you would find in a lower-cost area.
To stretch your dollar further in the high cost of living area, you would have to probably live a very frugal lifestyle and prioritize where you want to spend money and where you do not. Whereas, if you live in a low cost of living area, you can live a much more lavish lifestyle because the cost of living is less. Thus, you have more fun spending left in your account each month.
As we noted earlier in the post, $75,000 a year is above the median income by $15000 that you would find in the United States. Thus, you are able to live an above-average lifestyle here in America.
What a $75,000 lifestyle will buy you:
If you are debt free and utilize smart money management skills, then you are able to enjoy the lifestyle you want.
When A $75,000 Salary Will Hold you Back:
However, if you are riddled with debt or unable to break the paycheck to paycheck cycle, then living off of 75k a year is going to be pretty darn difficult.
There are two factors that will keep holding you back:
You must pay off debt and cut all fun spending until that happens.
Break the paycheck to paycheck cycle.
Live a lifestyle that you can afford.
It is possible to get ahead with money!
It just comes with proper money management skills and a desire to have less stress around money. That is a winning combination regardless of your income level.
$75K a year Budget – Example
As always, here at Money Bliss, we focus on covering our basic expenses plus saving and giving first, and then our goal is to eliminate debt. The rest of the money leftover is left for fun spending.
If you want to know how to manage 75k salary the best, then this is a prime example for you to compare your spending.
You can compare your budget to the ideal household budget percentages.
recommended budget percentages based on $75000 a year salary:
Category
Ideal Percentages
Sample Monthly Budget
Giving
10%
$500
Savings
15-25%
$1000
Housing
20-30%
$1500
Utilities
4-7%
$250
Groceries
5-12%
$472
Clothing
1-4%
$47
Transportation
4-10%
$313
Medical
5-12%
$344
Life Insurance
1%
$19
Education
1-4%
$47
Personal
2-7%
$94
Recreation / Entertainment
3-8%
$188
Debts
0% – Goal
$0
Government Tax (including Income Taxes, Social Security & Medicare)
15-25%
$1478
Total Gross Income
$6,250
**In this budget, prioritization was given to savings, basic expenses and no debt.
Is $75,000 a year a Good Salary?
As we stated earlier if you are able to make $75,000 a year, that is a good salary. You are making more money than the average American and slightly less on the bell curve on the median income.
You shouldn’t be questioning yourself if 75000 a good salary.
However, too many times people get stuck in the lifestyle trap of trying to keep up with the Joneses, and their lifestyle desires get out of hand compared to their salary. And what they thought used to be a great salary actually is not making ends meet at this time.
This $75k salary would be considered a middle-upper class salary. This salary is something that you can live on very comfortably.
Check: Are you in the middle class?
In fact, this income level in the United States has enough buying power to put you in the top 91 percentile globally for per person income (source).
The question you need to ask yourself with your 75k salary is:
Am I maxed at the top of my career?
Is there more income potential?
What obstacles do I face if I want to try to increase my income?
In the future years and with possible inflation, some expensive cities 75,000 a year is not a good salary because the cost of living is so high, whereas these are some of the cities that you can make a comfortable living at 75,000 per year.
If you are looking for a career change, you want to find jobs paying six figures.
Is 75k a good salary for a Single Person?
Simply put, yes.
You can stretch your salary much further because you are only worried about your own expenses. A single person will spend much less than if you need to provide for someone else.
Your living expenses and ideal budget are much less. Thus, you can live extremely comfortably on $75000 per year.
And… most of us probably regret how much money wasted when we were single. Oh well, lesson learned.
Is 75k a good salary for a family?
Many of the same principles apply above on whether $75000 is a good salary. The main difference with a family, you have more people to provide for than when you are single or have just one other person in your household.
The costs of raising children are high and will steeply cut into your income. As you can tell this is a huge dent in your income, specifically $12,980 annually per child.
That means that amount of money is coming out of the income that you earned.
So, the question really remains is can you provide a good life for your family making $75,000 a year? This is the hardest part because each family has different choices, priorities, and values.
More or less, it comes down to two things:
The location where you live in.
Your lifestyle choices.
You can live comfortably as a family on this salary, but you will not be able to afford everything you want.
Many times when raising a family, it is helpful to have a dual-income household. That way you are able to provide the necessary expenses if both parties were making 75,000 per year, then the combined income for the household would be $150,000. Thus making your combined salary a very good income.
Learn how much money a family of 4 needs in each state.
Can you Live on $75000 Per Year?
As we outlined earlier in the post, $75,000 a year:
$36.06 Per Hour
$288-360 Per Day (depending on length of day worked)
$1442 Per Week
$2884 Per Biweekly
$6250 Per Month
Next up is making $80000 a year.
Like anything else in life, you get to decide how to spend, save and give your money.
That is the difference for each person on whether or not you can live a middle-class lifestyle depends on many potential factors. If you live in California or New Jersey you are gonna have a tougher time than Oklahoma or even Texas.
In addition, if you are early in your career, starting out around 50,000 a year, that is a great place to be getting your career. However, if you have been in your career for over 20 years and still making $75K, then you probably need to look at asking for pay increases, pick up a second job, or find a different career path.
Regardless of the wage that you make, if you are not able to live the lifestyle that you want, then you have to find ways to make it work for you. Everybody has choices to make.
But one of the things that can help you the most is to stick to zero based budgeting to make sure you stay on track.
Learn exactly how much do I make per year…
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
ACH return codes are generated when an ACH (Automated Clearing House) payment fails to process and therefore gets returned. ACH payments, which essentially transfer funds between financial institutions, can be a huge convenience. They allow you to set up automatic monthly bill pay and receive direct deposit of one’s paycheck, for instance. There are, however, likely to be times when a transaction doesn’t work as expected, perhaps due to incorrect coding or insufficient funds. ACH return codes indicate exactly what went wrong.
Here, you’ll learn about what ACH return codes are and what steps you can take to help complete this kind of banking transaction, especially if you are managing a business that relies upon them.
What Are ACH Return Codes?
First, know that ACH refers to the Automated Clearing House, a U.S. financial network that provides electronic transfers among banks and credit unions. If you receive your paycheck by direct deposit or set up bill pay from your checking account, you are using the ACH system. It’s considered a fast, secure, and simple way to move money.
ACH returns occur when an ACH payment can’t be completed.
There are a few reasons why these transactions aren’t successful, including:
• The originator (the entity who requested payment) provided inaccurate or incomplete payment information or data.
• The originator isn’t authorized to debit the client’s account with an ACH payment.
• There aren’t sufficient funds to complete the transaction.
The ACH return code alerts the parties involved so they know there’s an issue, whether a recurring automatic bill pay suddenly stopped or a one-time payment could not go through. The specific reason can then help the situation be remedied so the payment can hopefully be sent again properly.
Here’s an example to clarify this concept: Perhaps your wifi provider is authorized to withdraw payment monthly from your checking account. If the Originating Depository Financial Institution (ODFI; the wifi provider’s bank) or the Receiving Depository Financial Institution (RDFI; the entity receiving the payment request; aka your bank) isn’t able to transfer funds, a return code will be generated to explain exactly why the transaction wasn’t completed.
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How ACH Returns Work
If an ACH payment can’t be completed, as mentioned above, a specific return code will be generated. The person or business originating the payment request can then work to resolve the issue.
A few details to note about how ACH returns work:
• If an ACH return occurs due to insufficient funds, the consumer may be on the hook for an ACH return charge. It’s similar to when a check bounces; the end user pays a small fee; in this case, usually $2 to $5.
• Timing-wise, most ACH returns only take about two banking days, though a few of these ACH codes involve transactions that can take up to 60 days to process.
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Common ACH Return Codes
There are 85 distinct ACH return codes. Here, you’ll learn about some of the most common ones. These return codes are typically received by the entity requesting payment and their bank.
Code: R01 Meaning: Insufficient funds (the account’s available balance isn’t sufficient to cover the funds transfer, similar to being in overdraft) What to do: The entity requesting payment can attempt the transaction again as a new transaction within 30 days of the original authorization date (up to two times), or contact the customer for an alternate payment method.
Code: R02 Meaning: Account closed (a once-active account has been closed). What to do: The entity requesting payment can ask the customer to correct their account information or provide a different bank account or form of payment to complete the transaction.
Code: R03 Meaning: No account exists or unable to locate account (even though the account number structure is valid, it doesn’t pass the check digit validation). What to do: The request’s originator should contact the customer to confirm their routing number, bank account number, and the name on the bank account. If this information differs from what was originally entered, they can submit a new payment with these new details. Or request another form of payment.
Code: R04 Meaning: Invalid account number. What to do: The entity requesting payment should check the account number, and retry the transaction. Or obtain the correct bank account number and submit a new payment with that account number.
Code: R05 Meaning: This transaction should have been processed as a consumer, not corporate, transaction. What to do: The request’s originator should check that you have used the right codes. They can contact the customer and ask for a new form of payment. In some cases, they may need to file an appeal with Nacha (the non-profit organization that manages the ACH network) for this kind of returned transaction.
Code: R06 Meaning: Returned at ODFI’s request (ODFI requested that the RDFI return the ACH entry), often because the transaction is believed to be fraudulent. What to do: The entity seeking payment should contact the ODFI to understand why the transaction was rejected, and then, depending on the response, resubmit or alter the request.
Code: R07 Meaning: The previous authorization for an ACH transaction was revoked by the customer. What to do: The originator of the request should suspend recurring payment schedules entered for this specific bank account to prevent additional transactions from being returned. Then they need to address the issue with the customer, and try to resolve the issue by getting a new form of payment or asking to debit a different bank account.
Code: R08 Meaning: The customer has issued a stop payment on the item. What to do: The entity requesting funds should contact the customer to resolve the issue, and then re-enter the returned transaction again with proper authorization from the customer. Or request a new form of payment.
Code: R09 Meaning: Due to uncollected funds, the originator can’t access enough money to cover the transaction. What to do: The originator should try the transaction again, and re-enter it as a new one within 30 days of the original authorization date (up to two times in 60 days).
Code: R10 Meaning: The customer advised this transaction is not authorized or is improper in some way. What to do: The entity requesting payment should check the details and authorization on the transaction to determine if an error was made. They can connect with the customer to determine why this code was triggered. If the details can be rectified, they can resubmit the transaction per ACH guidelines.
Code: R11 Meaning: An electronic check deposit was not executed correctly. What to do: The originator of the request can correct the underlying error and resubmit the corrected electronic deposit within 60 calendar days.
Code: R12 Meaning: The branch where the account is held was sold to another DFI (development financial institution). What to do: The entity making the request should obtain the customer’s new routing and bank account information, and submit a new transaction.
Recommended: What is Liquid Net Worth
More ACH Return Codes
The following ACH return codes are less common than those mentioned previously, but still occur and are worth knowing. Here’s a look at what makes these codes tick:
Code: R13 Meaning: Invalid routing number provided. What to do: The request’s originator should get the correct routing number from the customer to use when resubmitting the request.
Code: R14 Meaning: The account was being managed by someone who is now deceased or can no longer continue overseeing the account (such as an account held for a minor or an incapacitated person). What to do: This is handled on a case-by-case basis; the request’s originator might try to contact the beneficiary or new representative for the account.
Code: R15 Meaning: Beneficiary or account holder is deceased. What to do: No further action can typically be taken.
Code: R16 Meaning: Account is frozen and funds are unavailable. What to do: The entity making the request should obtain a new payment form.
Code: R17 Meaning: Known as a “file record edit criteria” code, this indicates that there is a discrepancy in the file code, and the transaction cannot be processed. What to do: The fields causing the processing error need to be identified (typically by the originator of the request) in the addenda record information field of the return to complete the transaction.
Code: R20 Meaning: The receiving account is not a transaction account (aka, it’s an account against which transactions are prohibited or limited). What to do: The entity making the request can contact the customer, and request either the authorization to charge a different bank account or a new form of payment.
Code: R21 Meaning: The ACH file contains an invalid or incorrect company identification number. What to do: The originator of the request should double-check their information, or contact the company to obtain the correct information.
Code: R22 Meaning: The individual ID number is invalid. What to do: The entity making the request should check their information and resubmit, or contact the customer to obtain the correct information.
Code: R23 Meaning: The account holder or their bank is refusing to accept the transaction. What to do: The originator of the request can work with the customer to clear up the issue, or ask them to contact their bank to resolve it.
Code: R24 Meaning: Duplicate entry. What to do: If the transaction is indeed a duplicate, there’s nothing else to do. If it isn’t, the entity making the request can contact their customer or their customer’s bank to resolve the error.
Code: R29 Meaning: The customer has notified their bank that the requesting entity is not authorized to conduct this transaction. What to do: The originator of the request should suspend recurring payment schedules, and then address the issue with the customer. For instance, they could request new payment information from the customer or ask them to contact their bank to authorize the payment.
Code: R31 Meaning: This indicates that the receiving bank is requesting to return a certain kind of ACH transaction (a CCD, or cash concentration disbursement, and CTX, or corporate trade exchange, only). What to do: The entity making the request can reach out to their customer to resolve this issue or request a different form of payment.
Code: R33 Meaning: There is an issue with a transaction involving a converted check (known as XCK), such as when a damaged paper check is converted to an electronic version. What to do: The originator of the request should contact their customer for another payment form.
Recommended: Average Savings by Age
The Takeaway
ACH return codes express the reason why an electronic Automated Clearing House payment could not be completed. Knowing what each code represents can help determine what the next steps should be to keep payments flowing smoothly or get refunds completed.
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FAQ
What causes an ACH return?
ACH returns occur when an Automated Clearing House payment can’t be completed, perhaps due to inaccurate or incomplete information or insufficient funds. When this happens, an ACH return code is generated, providing a reason for the return.
What is ACH return fee?
When ACH returns occur, especially due to insufficient funds, a fee can be charged. It’s similar to how a bounced check incurs a fee. The amount is generally around $2 to $5.
How long does an ACH refund take?
Typically, an ACH refund takes about five to 10 banking days to occur, though some situations can take longer to resolve..
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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
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It’s day 6 of the increasingly famous 11-day weekend (1 normal weekend plus the 3 day Memorial Day weekend and the 5 days in between without any big ticket market movers on the calendar). There was no way to know for sure that this week would be as flat and uninspired as it has been, but here on Thursday morning, we have yet to see any other indication. This morning’s Jobless Claims data was one of the only scheduled reports this week. It typically doesn’t move the needle and today is no exception. Yields were mostly flat overnight with a bit of volatility in sympathy to European bond market volatility, but the domestic session is underway at almost perfectly unchanged levels.