Apache is functioning normally

May 17, 2024 by Brett Tams

From 2010 to 2024, the reverse mortgage industry sought to allow remote reverse mortgage counseling in the state of Massachusetts, citing an insufficient number of actual counselors and logistical challenges for senior clients.

But as time dragged on and state lawmakers seemed unwilling to seriously entertain the proposal, the ravages of the COVID-19 coronavirus pandemic helped to change the dynamics of the situation.

RMD has been covering the situation for much of that time period, including the exacerbation of the pandemic and the urgency it created for the business in the state, up through the various efforts to pass a law allowing for a permanent exception that would permit remote counseling.

Early days

In late April 2010, the Massachusetts State Senate introduced legislation requiring in-person reverse mortgage counseling.

Sponsored by the Senate’s Joint Committee on Housing and Urban Development, the law prohibited the origination of a reverse mortgage unless the borrower “affirmatively opts in writing for the reverse mortgage and has received certification from a counselor with a third party organization,” and in person, on the suitability of the loan.

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George Downey, regional SVP at The Federal Savings Bank in Braintree, Mass.

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George Downey

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George Downey

The bill ultimately passed on May 4 of that year under unanimous consent. Sponsored primarily by then-Sen. Susan Tucker (D), she told outlet ItemLive that the situation for reverse mortgages in the state amounted to a “Wild West” for seniors.

She recounted that “she’d heard story after story of sad people selling annuities and convincing people to take on reverse mortgages at a huge commission,” according to RMD’s reporting on the law’s passage by publication founder John Yedinak.

In subsequent interviews, George Downey — a leading reverse mortgage professional in the state and longtime advocate for relaxing the strict in-person counseling requirement — explained to RMD that the legislation came about from good intentions: A community activist sought to ensure that more seniors would be protected from potentially being “duped” into getting a loan they may not need.

’Logistically difficult’

Industry reactions at the time were swift. Originators were concerned about how the law would limit business, and a communications representative for the Massachusetts Bankers Association highlighted issues that people in the state would later say came to fruition. “The proposed change would be logistically difficult,” Yedinak reported in May 2010.

“Especially for people in rural areas, and for those with limited mobility, [the rep] said in-person counseling could be a challenge. And he said the organizations that do the counseling would have to ramp up their staffing to handle more in-person contact.”

In August 2010, the restriction was tightened further to apply to anyone meeting the label of a “low-income senior.” At the time, the National Reverse Mortgage Lenders Association (NRMLA) told RMD that of the 3,600 counseling sessions in Massachusetts in 2009, “approximately 130 of those being face-to-face, equaling a 96 percent opt-out rate for face-to-face counseling,” RMD reported. “Based on a recent ‘mystery shopping’ experiment, the association found only eight agency-approved face-to-face counselors in the entire state.”

That number would dwindle further in the following decade to roughly five. While industry advocates were successful in delaying the requirement to 2014, that would not improve the trajectory of available counselors.

COVID-19 changes the dynamics

After an attempt to delay the implementation of the rule to 2016 failed, the rule went into full effect in 2014. Stories of business challenges immediately followed.

“[W]e have this mandated face-to-face counseling but there are many seniors not able to get the counseling, and so we continue to fight the fight,” Downey told RMD in 2015.

While former Massachusetts Rep. Paul Brodeur (D) had introduced legislation to roll back the in-person requirement shortly after its passage, legislation to that effect never materialized. At that point, Brodeur handed the issue off to his successor in the state’s 32nd Middlesex, Rep. Kate Lipper-Garabedian (D), who took office in 2019.

As the requirement persisted into early 2020, the onslaught of the COVID-19 pandemic — and its ability to cause more serious illness for seniors — would directly clash with a slew of mandates that restricted in-person business from taking place. The combination of the in-person reverse mortgage counseling requirement and the mandates restricting in-person business effectively stalled any reverse mortgage business in the state.

“Of course, everything was shut down,” Downey said in an interview with RMD. “People were working remotely and the mandate for in-person counseling was effectively neutralized, because people were not able to go out and to do it.”

Legislative action relaxing the in-person requirement on a temporary basis came swiftly, but it still wasn’t quite enough to do away entirely with the requirement that created logistical challenges for seniors in getting to their counseling appointments. It would still be four years before a permanent solution was placed onto the books.

Road to a permanent fix

Paul Brodeur was elected mayor of Melrose, Massachusetts — situated in the Greater Boston metropolitan area — in November 2019. Prior to that point, he had filed versions of a bill relaxing the in-person requirement in each of the two-year legislative sessions between 2010 and 2018. He handed the issue of a permanent legislative fix for the in-person requirement to his successor, Lipper-Garabedian.

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Massachusetts Rep. Kate Lipper-Garabedian (D), who helped pass the bill permanently allowing remote reverse mortgage counseling in her state.

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Massachusetts Rep. Kate Lipper-Garabedian (D)

” data-medium-file=”https://www.housingwire.com/wp-content/uploads/2024/05/katelippergarabedian_mass.jpg?w=300″ data-large-file=”https://www.housingwire.com/wp-content/uploads/2024/05/katelippergarabedian_mass.jpg?w=500″ src=”https://www.housingwire.com/wp-content/uploads/2024/05/katelippergarabedian_mass.jpg?w=500″ alt=”Massachusetts Rep. Kate Lipper-Garabedian (D), who helped pass the bill permanently allowing remote reverse mortgage counseling in her state.” class=”wp-image-459652″ srcset=”https://www.housingwire.com/wp-content/uploads/2024/05/katelippergarabedian_mass.jpg 500w, https://www.housingwire.com/wp-content/uploads/2024/05/katelippergarabedian_mass.jpg?resize=150,150 150w, https://www.housingwire.com/wp-content/uploads/2024/05/katelippergarabedian_mass.jpg?resize=300,300 300w” sizes=”(max-width: 500px) 100vw, 500px”>

Massachusetts Rep. Kate Lipper-Garabedian (D)

She filed a bill seeking a permanent fix in 2020, but over the next few years, temporary relief was favored over a permanent solution. The process was long, involving meetings between industry stakeholders within the state, legislators and trade groups — including NRMLA and the Massachusetts Mortgage Bankers Association (MMBA).

“What the pandemic did was approve the concept,” said Brett Kirkpatrick of The Federal Savings Bank, another key advocate for the permanent legislation. “Which means the sky didn’t fall when seniors were only counseling by telephone; it still worked. We had accumulated a track record and the counseling agencies were instrumental.”

These agencies surveyed their clients about their own preferences, which proved to be a major contributor to getting permanent changes over the finish line last month, Downey and Kirkpatrick said.

Not only can clients more easily attend their counseling sessions, but family members — often a reverse mortgage borrower’s most trusted advisers — could also attend them, no matter where in the world they might be, and thereby strengthening a consumer protection argument.

Passage relaxes the requirement

After a series of temporary extensions for years following the onset of the pandemic — which saw their expirations again threaten the existence of reverse mortgage business within the state multiple times — the final extension expired at the end of March 2024. This served as the catalyst for a final sprint to get some kind of permanent fix codified in legislation.

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Brett Kirkpatrick, HECM VP at The Federal Savings Bank in Braintree, Mass.

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Brett Kirkpatrick

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Brett Kirkpatrick

“For the last three months, we’ve been full-court press in trying to get this, and it finally worked,” Kirkpatrick said. “Thanks to Kate and other representatives, we were able to get [the permanent fix] attached to a budget bill. A budget bill is always the vehicle of choice because that’s a must-pass.”

The legislation including the language to relax the in-person requirement passed in the final days of April and was soon signed into law by Gov. Maura Healey (D). It included a retroactive provision allowing for remote counseling in the period between the expiration of the last extension and the beginning of permission for remote counseling sessions.

Downey and Kirkpatrick expressed gratitude to all of the involved parties that helped make it possible, including NRMLA, MMBA, the Division of Banks and members of the Massachusetts Legislature, including Lipper-Garabedian.

To get such legislative and lobbying work done, “the stars have to align,” Kirkpatrick said. “You have to have the person, the moment, and you have to be there and strike when the iron is hot.”

Apache is functioning normally

May 17, 2024 by Brett Tams

Sure, you could store all the cash you’re likely to need in the near future in a checking account and call it a day. But that would mean missing out on the many benefits of having a savings account.

While savings accounts don’t offer the returns you could potentially get in the market, they pay interest (generally a lot more than you can earn in a checking account), while still keeping your money safe and accessible. This makes them ideal for housing your emergency funds and money you’re saving for shorter-term goals, like buying a car or going on vacation.

Here’s a closer look at the perks of having a savings account and why this type of account likely deserves a place in your financial toolkit.

What Savings Accounts Are

A savings account is a type of deposit account at a bank, credit union, or other financial institution where you can safely store your money and earn interest. Savings accounts at banks insured by the Federal Deposit Insurance Corporation (FDIC) are typically covered up to $250,000 per depositor. Co-owners of joint accounts at the same bank are typically each insured up to $250,000. Credit unions offer similar insurance through the National Credit Union Administration (NCUA).

Unlike a checking account, which is set up for everyday money management, a savings account is designed to store money you don’t need right away, separate from everyday spending cash. These accounts typically don’t come with checks and debit cards, and some banks may limit you to a certain number of withdrawals per month.

Because savings accounts offer safety, liquidity, and interest, they can be a great place for setting aside money for shorter-term goals, such as:

• An emergency savings fund

• A down payment on a house

• A wedding

• A vacation

• A new car

• A large purchase

• Home renovations

Dive deeper: How Do Savings Accounts Work?

6 Benefits of Savings Accounts

Here’s a look at some of the main advantages of a savings account.

1. You Earn Interest on Your Deposits

Savings accounts earn interest, expressed as an annual percentage yield (APY). That means you’ll earn money just for keeping your funds in the bank, making it a low-risk way to build wealth. Not every savings account offers the same interest rate, however. While the current national average savings yield is 0.57 percent, top-yielding savings accounts are currently earning APYs above 5% percent.

To see how that translates into actual dollars, let’s say you currently have $5,000 sitting in your checking account you don’t need right away, and you transfer it to a 5% APY high-yield savings account. Even if you don’t add any additional money to the account, you could increase your balance in one year to $5,250, just by letting the initial deposit sit in your new savings account.

Recommended: What Are High-Yield Savings Accounts?

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2. Your Money Is Insured

Savings accounts are typically insured by the FDIC or NCUA, depending on where the account is held. That means your money is protected against major losses (up to $250,000) in the event that the bank or credit union goes out of business. You would either be paid that money directly or, more likely, a new account would be opened for you at another bank with the same balance as before. This makes a savings account safer than keeping your money in a sock drawer or under the mattress, where it is susceptible to theft or loss.

3. It’s Low Risk

Savings accounts don’t offer high returns compared to what you could potentially make in an investment account over the long term. However, these accounts won’t let you down either. With many investments, you can lose money over the course or days, weeks, months, and even years. The balance on a savings account, on the other hand, will typically continue to go up over time (unless, of course, you make a withdrawal).

If you have money you plan to use within the next couple of years that you can’t afford to lose, a savings account can be the perfect place to store it.

4. It Doesn’t Require a Large Initial Investment

Savings accounts are easy to open and typically do not require you to make a big initial deposit. In fact, many online-only savings accounts allow you to open an account with $0, so you can start saving from scratch. Savings accounts at traditional brick-and-mortar banks may require deposits of $25 to $100 to open a new account. By contrast, many investments (such as real estate and mutual funds) often require a significant amount of money as an initial investment, sometimes as much as several thousand dollars.

Keep in mind, though, that some savings accounts do offer higher interest rates and low (or no fees) if your balance stays above a certain minimum threshold or you meet other criteria.

5. You Can Separate Money for Different Goals

If you’re saving for a particular goal, like buying a car or putting a downpayment on a home, it can be helpful to keep that money in a separate savings account. This helps to ensure that you don’t blow the money on something else, like groceries or clothing.

If you have several things you’re saving for, you might even want to open multiple savings accounts, such as one for emergency savings, one for a new car, and one for a vacation. Separating money can help you visualize progress toward each goal. Some savings accounts let you organize your savings into separate buckets or “vaults” so you can save toward multiple goals within one account.

6. Easy Access When You Need It

Savings accounts are relatively liquid, meaning you can access your money when you need it by transferring it into your checking account or withdrawing it at an ATM or through a teller at a local branch. That’s not true for many investments, which may take a few days to convert to cash. Some investment products, such as real estate properties, can potentially take months or years to sell off.

That makes a savings account an ideal spot for your emergency fund. When an unexpected expense comes up, you can access your funds immediately — and avoid running up expensive credit card debt — in order to cover it.

That said, the money is not quite as accessible as the money in a checking account. Savings accounts typically don’t come with checks and debit cards, and some banks limit the number of withdrawals you can make to six or nine per month. However, you might see these limitations as benefits, since they encourage saving rather than spending.

Recommended: Can You Write Checks From a Savings Account?

Is a Savings Account Right for You?

Savings accounts offer numerous benefits, including insurance on your deposits, higher APYs than checking accounts, and liquidity. Plus, you generally don’t need a large (or sometimes any) initial deposit to get started.

However, the interest you earn on a savings account may not always keep up with inflation, which means your balance could become less valuable over time. As a result, a savings account is generally not the best place to put the money you are saving for a long-term goal, such as retirement or your child’s college education. You might earn a better return if you invest that money in the market.

If you’re interested in opening a savings account, it’s a good idea to research your options and compare APYs, minimum deposits, balance requirements, and any fees. And if you have a savings account but aren’t satisfied with the perks, there’s likely a better fit for you offering the full benefits of a savings account.

Recommended: Perks of Long-Term Savings Accounts

Opening a Savings Account With SoFi

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQs

What is the benefit of a savings account?

The primary benefit of a savings account is that it allows you to grow your money over time (by earning interest), while still keeping it safe and accessible.

What are the advantages and disadvantages of a savings account?

Advantages of savings account include:

• Earning Interest Savings accounts accrue interest on deposited funds, helping your money grow over time.

• Safety and security Funds in savings accounts are typically insured by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), providing protection against loss.

• Liquidity Savings accounts offer easy access to your funds, making them ideal for emergency savings.

Disadvantages of savings accounts include:

• Lower interest rates While savings accounts offer interest earnings, the rates are often lower compared to other investment options.

• Inflation risk Inflation may erode the purchasing power of your savings over time, especially if the interest earned does not keep pace with inflation rates.

• Fees and minimum balance requirements Some savings accounts may have fees or minimum balance requirements, potentially reducing the overall return on your savings.

How is a savings account most useful?

Savings accounts can be most useful for storing your emergency funds and money you plan to spend in the next few months or years, since they pay interest while keeping your funds safe and accessible. However, returns on savings accounts are often lower than what you could potentially earn by investing in the market over time. That makes these accounts less useful for long-term savings goals like retirement or a child’s future college education.

Photo credit: iStock/PeopleImages

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 deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government 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, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

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.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2023 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.

The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

May 17, 2024 by Brett Tams

Located in the foothills of the Blue Ridge Mountains, Greenville offers a mix of Southern charm, outdoor adventures, and a dynamic cultural scene. With its exciting downtown, complete with a stunning waterfall park right in the heart of the city, Greenville offers a unique blend of natural beauty and urban convenience. From biking on the Swamp Rabbit Trail to exploring the arts at the Greenville County Museum of Art, there’s always something new and exciting to discover. This has many people wondering, “Should I move to Greenville?” Join us as we explore the pros and cons of living in Greenville to help you deicide if this enchanting city is the right place for you. Let’s go.

Greenville at a Glance

Walk Score: 43 | Bike Score: 39 | Transit Score: 19

Median Sale Price: $435,000 | Average Rent for 1-Bedroom Apartment: $1,300

Greenville neighborhoods | Houses for rent in Greenville | Apartments for rent in Greenville | Homes for sale in Greenville

Pro: Thriving downtown area

Greenville’s downtown is a hub of activity, characterized by vibrant streetscapes, diverse culinary scene, and cultural attractions. Main Street in downtown Greenville is lined with charming boutiques, art galleries, and restaurants, providing residents with endless opportunities for shopping, dining, and entertainment. Additionally, the Peace Center for the Performing Arts hosts a variety of live performances, including Broadway shows, concerts, and dance performances. The bustling downtown area also hosts community events and festivals throughout the year, further enhancing the appeal of Greenville’s urban core.

Con: Hot and humid summers

Summers in Greenville can be oppressively hot and humid. Temperatures often soar, making outdoor activities less enjoyable during these months. Additionally, the high humidity levels can lead to an increase in mold and mildew, which requires homeowners to take extra care in maintaining their properties. The combination of heat and humidity can make air conditioning a necessity rather than a luxury for some residents, especially for those not accustomed to such conditions.

Pro: Access to outdoor activities

The city’s location offers easy access to outdoor activities. The nearby Blue Ridge Mountains provide opportunities for hiking, biking, and camping. Meanwhile, lakes and rivers in the area offer boating, fishing, and water sports. Additionally, locals have access to Falls Park on the Reedy – a natural oasis in the heart of the city. The park features the stunning Liberty Bridge, which offers views of the waterfalls. It’s a perfect spot for picnics, walks, and outdoor activities. The park’s beauty and accessibility make it a cherished spot among residents.

Con: High pollen count

Spring in Greenville brings a high pollen count, which can affect those with allergies. The abundance of trees and green spaces, while beautiful, can make this season uncomfortable for sufferers. It’s a significant consideration for people moving to the area or those spending a lot of time outdoors.

Pro: Exciting culinary scene

Greenville’s culinary scene is diverse and thriving, with an emphasis on farm-to-table dining. Restaurants offer a variety of cuisines, from traditional Southern to international flavors. Local favorites include Soby’s New South Cuisine, which serves Southern-inspired dishes, and the food trucks at Gather GVL, an outdoor food court. The annual Euphoria festival further showcases the city’s food culture, drawing chefs and foodies from across the country.

Con: Limited public transportation options

With a Transit Score of 19, many locals find Greenville’s public transportation system limited. The bus service has restricted routes and schedules which can be inconvenient and challenging for those without a car. This limitation affects daily commutes and accessibility to certain parts of the city, highlighting a need for improved transportation options.

Pro: Affordable cost of living

One of the standout advantages is Greenville’s cost of living, which is approximately 9% lower than the national average. This affordability is evident across various expenses, including housing, groceries, utilities, and healthcare. The overall lower cost of living in Greenville means that residents can enjoy a higher quality of life without the financial stress often associated with larger metropolitan areas. This financial advantage allows for more disposable income to be spent on other things like leisure activities, savings, or investments.

Con: Limited nightlife options

While Greenville offers a variety of dining and cultural options, its nightlife scene is relatively subdued compared to larger cities. There are a few bars and clubs, but the city lacks a vibrant late-night culture. This can be a drawback for those looking for an active nightlife.

Pro: Flourishing arts scene

The city boasts a lively arts scene. Art galleries and studios dot the West Greenville area, showcasing local talent. Greenville’s commitment to the arts is evident in its public sculptures and murals, enriching the city’s cultural landscape. Art enthusiasts also appreciate the Greenville County Museum of Art, which features an impressive collection of American art, particularly Southern art. Additionally, the city supports local artists with numerous galleries and events like First Fridays, where art galleries open their doors to the public.

Con: Noise pollution

As the city grows, so does the level of noise pollution. Downtown areas and neighborhoods near major roads can be particularly noisy. This can affect the quality of life for some residents, especially those seeking a quieter living environment.

Greenville is known for its strong sense of community, with events that cater to all interests. The Fall for Greenville festival is a popular event featuring local food, music, and entertainment. Other notable events include Artisphere, an arts and culture festival, and the weekly TD Saturday Market, which offers fresh produce and local goods.

Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.

Source: rent.com

Apache is functioning normally

May 16, 2024 by Brett Tams

Initial jobless claims dropped by 10,000 in the week ending May 11, according to the latest data from the U.S. Department of Labor.

In the prior week, the Department of Labor reported that initial jobless claims had jumped to an eight-month high — reportedly due to a spike in claims in New York during that week stemming from spring breaks across schools. During public school breaks some workers, like bus drivers and cafeteria workers, can apply for unemployment benefits.

The weekly jobless claims, or initial claims, are the number of unemployment insurance claims filed in the past week. They provide an indicator of the strength — or weakness — of the labor market. Claims remained steady throughout 2023, but recent data shows some of the lowest levels of initial claims since September 2022.

Jobless claims declined to 222,000 for the week ending May 11, according to the report released on May 16. Last week’s level was revised up to 232,000. The claims came in above what economists had estimated (220,000).

The new four-week moving average — a measurement of the number of people who filed for unemployment insurance for the first time over the last four weeks — was 217,750, which is 2,500 higher than the previous week’s average of 215,250.

What’s the insured unemployment rate?

Not all types of unemployment are included as part of the insured unemployment rate. It only includes “covered unemployment,” as in people who receive unemployment benefits. Those who quit their jobs, for example, aren’t included in the insured unemployment rate because they aren’t eligible for unemployment benefits.

The advance seasonally adjusted insured unemployment rate — the rate of continuous covered unemployment claims divided by covered employment — was 1.2% for the week ending May 4. The rate is unchanged from the unrevised rate for the previous week.

How are state labor markets doing?

States with the highest insured unemployment rates, week ending April 27:

New Jersey: 2.4%
California: 2.3%
Massachusetts: 1.8%
Rhode Island: 1.8%
Illinois: 1.7%
New York: 1.7%
Alaska: 1.6%
Nevada: 1.6%
Washington: 1.6%
Connecticut: 1.5%
Minnesota: 1.5%

States with the largest increases in initial jobless claims, week ending May 4:

New York: +10,171
California: +3,595
Indiana: +2,367
Illinois: +1,836
Texas: +1,253

States with the largest decreases in initial jobless claims, week ending May 4:

Iowa: -1,177
New Hampshire: -435
Connecticut: -334
Louisiana: -213
Kentucky: -208

(Photo by Mario Tama/Getty Images News via Getty Images)

Source: nerdwallet.com

Apache is functioning normally

May 16, 2024 by Brett Tams

It’s a familiar scenario to most of us: You’re purchasing something at a counter or checking out after a service. Suddenly, you freeze. Wait, you think, do people tip for this? If so, how much? And should you tip in cash or with a credit or debit card? Did you even budget enough for an appropriate tip?

With a little research—starting with this comprehensive guide to tipping—you can avoid any potential social gaffes and master the art of showing your appreciation, whether you’re at a salon or a café. Here’s everything you need to know to give gratuities gracefully.

When to tip

The line between tippable and non-tippable service is blurring. California-based etiquette expert Elaine Swann says, “We’re seeing more requests for tips in places we never did before.”

For example, increasingly, there’s an option to add a tip at a retail counter. Swann says, “If you couldn’t find what you were looking for and someone helped you, if they went out of their way and were very gracious, then sure, show your appreciation. But other than that, you don’t have to tip in a retail store.”

However, you’re expected to tip in plenty of places, and the rules for each scenario vary. Let’s break it down by industry.

Tipping at restaurants

For generations, the standard restaurant tip was always “15% for good service, 20% for great,” Swann says. Now, she observes, the minimum is closer to 15% to 18%, and 20% to 25% for exemplary service.

But Swann cautions to inquire where exactly your gratuity is going. “Often, a restaurant will add an 18% gratuity for large groups. But is that tip going to the server? If you’re unsure, ask management what the fee is for—that way, you can make a more informed decision about how much to tip your server.”

Finally, the consensus is that you don’t need to tip at a fast-casual restaurant (where you order at a counter versus having table service). But if you feel you’ve received exemplary service, it’s appreciated. One notable exception is the coffee shop, where a $1 or $2 tip per drink is standard.

How much to tip food delivery

Tipping for food delivery should be treated like good service at a restaurant: You tip a minimum of 18% to 20%. If you’re ordering a lot, the weather is bad, or the driver is coming a far distance, consider adding a few extra percentage points. And make no mistake: The “delivery fee” on your bill goes to the company, not your delivery person, so don’t lower your tip based on that fee.

How much to tip at bars

The standard at a traditional establishment, where you order and receive your drink directly from the bartender, is about $1 per beer and $2 per cocktail. However, if you’re at an upscale cocktail bar and your mixologist has gone to great lengths, you should tip 20% of the final tab at the end of your visit.

How to tip your movers

Moving can be more expensive than you think, so make sure you factor 20% of your total moving costs as a tip for your movers. If you have, for example, a collection of grand pianos or bowling balls, add a little more for their trouble.

Your moving crew will typically be managed by a leader who handles the paperwork and primarily communicates with you. It’s acceptable to give them the entire tip at the end of the move and explain that it should be shared with the full crew.

Tipping for cabs and ride-shares

The bottom line, Swann says, is that since cab rides customarily conclude with a tip, ride-share trips should, too. Include a tip in the app used to schedule the car service; if you’re wondering how much to tip your ride-share driver, the standard is about 15%.

How to tip a valet

When tipping the valet who parks and retrieves your car, the standard tip is between $3 and $5, depending on the level of service.

Tipping at hotels

Hotels arefull of potential tipping situations, from the person who brings your bags to your room to the housekeeper who keeps it clean. But typical practices break down like this:

Luggage attendants

If you have loads of luggage, stick with $1 or $2 per luggage item. But if you only have a couple of things, tip $5 to make the elevator ride worth their while.

Room service

What’s the best practice when ordering that steak and eggs or late-night hot fudge sundae to your room? Pretend you’re at a restaurant and tip the standard 15% to -20% if there’s not already a room service charge added to the bill.

Housekeeper or hotel maid

Tip the hotel maid between $1 and $5 per day, but don’t wait until the end of your stay, as the staff might change daily. Include a small note with the tip each day to signal the tip is for that day’s service.

Salons and spas

How much to tip your hairstylist

The minimum tip is 15%, but the standard is closer to 20%. Include everyone involved. Tip your hair washer $2 to $5 and give 20% to anyone providing additional services. (For example, tip your hair colorist 20% of that service cost).

How much to tip at the nail salon

The same goes for tipping at the nail salon. Tip between 15% and 20% for each service (or more if the service is exceptional). For example, if you have a separate nail technician and esthetician, tip them separately based on the cost of the service provided.

If you have a regular relationship with your stylist or other personal services provider, a holiday gift is a good idea—generally a gift certificate or cash that’s equal to the cost of one session.

Do you tip a babysitter?

Tipping a babysitter or nanny each time isn’t necessary, but an end-of-the-year gift is a nice gesture. For nannies, the standard is roughly one or two weeks’ pay; for babysitters, it’s about the cost of one evening of babysitting.

Tips at weddings

Factor in the cost of tipping when planning your wedding finances. With so many different services involved in your special day, make sure you’ve budgeted for all of them:

Caterers/reception staff

Tip caterers and reception staff 15% to 20% of the total cost of your food bill, or $5 to $10 per guest, unless gratuity is already included in your contract.

Wedding planner

The standard tip for a wedding planner is less defined, but it tends to fall between 10% and 20% of the wedding cost—or a generous gift, which many newlyweds opt to do.

DJ or band members

Most people offer between $50 and $150 per DJ or between $25 and $35 to each wedding band member.

Makeup artist

The standard 15-25% is the norm for any makeup artists providing services to the bridal party.

Tips you don’t have to give

Swann clarifies that professional service providers—financial advisors, doctors, lawyers, teachers, veterinarians, therapists, or life coaches—should not be offered tips.

Similarly, some workers cannot accept tips. Delivery drivers are discouraged from doing so (so they aren’t targeted for cash), and mail carriers are forbidden from receiving monetary gifts of more than $20, per the USPS. However, Swann says, “a small gift, rather than money, is always appreciated.”

Handling common tipping dilemmas

Knowing when to tip is often complicated by various factors—but there are ways to simplify these scenarios. Here’s how to handle a few common tipping troubles:

Splitting the check

Swann says, “When you sit down at the table, simply say out loud to the group, ‘Are we splitting the check evenly, or are we all paying for ourselves?’” Addressing the problem directly makes the situation more manageable.

You received bad service

If your server treated you poorly, Swann says it’s okay for your “tip to reflect that level of service.” However, “You should always tip a restaurant server, and never less than 10%,” Swann says. “But if you give less than the standard amount, make sure the bad service was truly the fault of the server and not, for example, the chef, busser, or management.”

You don’t have cash on you

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Knowledge is power

Tipping can be a headache if you’re not sure what the situation requires or if you’re uncertain about what’s typically offered. But armed with this extensive guide to tipping, you’ll know the proper protocol, including when to tip, how much, and to whom.

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Articles may contain information from third parties. The inclusion of such information does not imply an affiliation with the bank or bank sponsorship, endorsement, or verification regarding the third party or information.

Source: discover.com

Apache is functioning normally

May 16, 2024 by Brett Tams

Los Angeles is known for its eclectic mix of architectural styles, but every so often, a property comes along that truly captures the imagination.

Recently listed for $3.3 million, a rare storybook house in Pacific Palisades offers a unique blend of fantasy and historical charm. Originally built in 1930, the home is a whimsical mix of storybook architecture infused with Spanish, Art Deco, and old-world farmhouse elements.

Step through the gated entry, and you’ll find yourself in a fairy tale setting, complete with a turret, archways, and stained glass windows.

The house is also a treasure trove of salvaged items and artistic touches. With doors from the old Los Angeles Athletic Club, a bar and headboard from Hearst’s collection at San Simeon, and even a backyard fence made from old railway ties, every detail of this home tells a story.

And since pictures are worth a thousand words, let’s take a closer look at this fairytale-esque home — now listed for $3.3 million with Compass’ Dan Urbach.