credits Archives - Page 30 of 170

Apache is functioning normally

November 28, 2023 by Brett Tams

The Bilt World Elite Mastercard® Credit Card is best known for its unique standout feature: the ability to earn rewards with no transaction fee when paying rent. Indeed, the Bilt credit card is a game-changer for renters. Beyond rent, though, how does Bilt compare with a more traditional general-purpose credit card like the Wells Fargo Autograph℠ Card?

Both cards carry no annual fee. They both earn 3 points per $1 spent on dining, offer cell phone protection and certain travel protections, plus charge no foreign transaction fees. But in most other respects, the benefits of these two cards couldn’t be more different.

The Wells Fargo Autograph℠ Card offers a compelling sign-up bonus and introductory APR, while the Bilt World Elite Mastercard® Credit Card offers neither. But the Bilt credit card, along with its most obvious benefit for renters, earns points that can be transferred to various hotel and airline travel partners, giving the potential for outsize value. Currently, the Autograph offers no such transfers.

Let’s dig into the specifics of each card so you can make the right pick for your lifestyle.

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How the cards compare

Bilt World Elite Mastercard® Credit Card

Wells Fargo Autograph℠ Card

Annual fee

Sign-up bonus

Limited Time Offer: Earn 30,000 bonus points when you spend $1,500 in purchases in the first 3 months – that’s a $300 cash redemption value.

Rewards

3 points per $1 spent on dining.
2 points per $1 spent on travel.
1 point per $1 spent on rent (up to 100,000 points annually).
1 point per $1 spent on all other purchases.

3 points per $1 spent on restaurants.
3 points per $1 spent on travel, transit, gas stations and EV charging stations.
3 points per $1 spent on popular streaming services and select phone plans.
1 point per $1 spent on all other purchases.

APR

See Terms.

0% intro APR on Purchases for 12 months from account opening, and then the ongoing APR of 20.24%, 25.24%, or 29.99% Variable APR .

Foreign transaction fee

Still not sure?

Why the Bilt World Elite Mastercard® Credit Card is better for renters and travelers

Pay rent with a credit card

The Bilt World Elite Mastercard® Credit Card‘s standout feature is its ability to earn rewards on rent payments without any transaction fees. That’s a unicorn in the credit card world, as most cards can’t be used directly toward rent payments without such fees. Previously, renters looking to pile up credit card rewards relied on intermediary services like Plastiq, whose high fees cut into any rewards earned.

Though the benefit caps out at 100,000 points per year, this still makes the Bilt World Elite Mastercard® Credit Card the obvious choice for renters looking to get more out of their biggest monthly expense. Even if you don’t live in a property that’s part of the Bilt network, you can still charge rent on the card (with no transaction fees) and they’ll mail a check to your landlord.

Transfer to travel partners

Both cards earn points, but only points earned from the Bilt World Elite Mastercard® Credit Card have the potential for higher value toward travel. Points earned from the Wells Fargo Autograph℠ Card are worth 1 cent each and can be redeemed for travel, gift cards or statement credits — or when checking out online with PayPal.

Bilt Points are also versatile and can be used toward rent, fitness classes, home decor and even a home downpayment, for varying value. But as a card with no annual fee, the Bilt World Elite Mastercard® Credit Card stands out for its ability to transfer points at a 1:1 ratio to a wide range of travel partners. Travelers often find greater value than 1 cent each for their points when they transfer this way.

This is a rare perk among no-fee cards, most of which require pairing with a higher-fee card to transfer points. For example, Chase Freedom Flex℠ cardholders can transfer points to travel partners only if they also carry a higher fee card like the $95-annual-fee Chase Sapphire Preferred® Card.

Plus, Bilt’s list of travel partners is excellent, including American Airlines, United, Hyatt and IHG. In fact, despite American Airlines issuing co-branded credit cards with both Citibank and Barclays, neither issuer allows transfers of its points to the airline. Here’s a look at the full list of available transfers:

Full list of Bilt transfer partners

Aer Lingus (1:1 ratio).
Air Canada (1:1 ratio).
Air France (1:1 ratio).
American Airlines (1:1 ratio).
British Airways (1:1 ratio).
Cathay Pacific (1:1 ratio).
Emirates (1:1 ratio).
Hawaiian Airlines (1:1 ratio).
Hyatt (1:1 ratio).
Iberia Airlines (1:1 ratio).
IHG (1:1 ratio).
Marriott (1:1 ratio).
Turkish Airlines (1:1 ratio).
United (1:1 ratio).
Virgin Atlantic (1:1 ratio).

Bonus points in several categories, with an extra boost on “Rent Day”

Beyond rent payments, the Bilt World Elite Mastercard® Credit Card earns solid rewards on a variety of everyday expenses. That includes 5x points on Lyft rides, 3x points on dining, 2x points on travel and 1x on all other purchases.

But Bilt’s biggest benefit to cardholders comes on the first day of each month, when point values double for all nonrent categories, up to a cap of 10,000 bonus points per month. On that day, Bilt World Elite Mastercard® Credit Card holders earn 6x points on dining, 4x on travel purchases and 2x on everything else.

Why you may prefer the Wells Fargo Autograph℠ Card

Snag a sign-up bonus

Like many more traditional rewards credit cards, the Wells Fargo Autograph℠ Card greets new users with an attractive new cardholder bonus: Limited Time Offer: Earn 30,000 bonus points when you spend $1,500 in purchases in the first 3 months – that’s a $300 cash redemption value.

The Bilt World Elite Mastercard® Credit Card, on the other hand, offers no bonus for new cardholders, meaning it will take longer to rack up the same level of rewards.

Pay over time with 0% introductory APR

The Wells Fargo Autograph℠ Card is also the better pick for cardholders who need to finance purchases over time. Currently, new cardholders will get 0% intro APR on Purchases for 12 months from account opening, and then the ongoing APR of 20.24%, 25.24%, or 29.99% Variable APR .

Since the Bilt World Elite Mastercard® Credit Card doesn’t offer an introductory interest rate, it’s a less attractive choice for cardholders who need some breathing room on interest.

Earn higher rewards on travel, gas stations and streaming services

Both cards earn 3x points at restaurants, but the Wells Fargo Autograph℠ Card wins by a nose on travel purchases, earning 3x points per $1 spent compared with 2x with Bilt.

The Autograph also earns 3x points on certain popular streaming services and phone plans. Bilt’s baseline earnings rate for these categories is just 1 point per $1 spent — but you can bump that up to 2x points per dollar by setting these recurring bills to be charged on the first of every month.

When it comes to fueling your vehicle, though, the Autograph really races ahead on rewards, earning 3x points at gas stations and EV charging stations. For comparison, the Bilt World Elite Mastercard® Credit Card earns a modest 1 point per dollar spent in these categories.

Potential tie-breakers

Still can’t decide which card is right for you? Here are a few minor points of distinction to consider.

Simplicity of earning rewards

A major downside of the Bilt World Elite Mastercard® Credit Card is its transaction requirement. According to the card’s terms, you must complete five transactions per billing period to earn any rewards. That means if you only make four transactions on the card one month, you won’t earn rewards on any of those purchases. There’s no minimum spend per transaction, but this does present an extra hoop to make sure you maximize your rewards.

The Wells Fargo Autograph℠ Card won’t earn you rewards on rent, but it also doesn’t include any such complicated requirements.

Metal vs. plastic

If you have strong preferences about the feel of the card, it’s worth noting that the Bilt World Elite Mastercard® Credit Card comes in a sleek metal design, adding some sophistication to your wallet. The Wells Fargo Autograph℠ Card is plastic, making it a lighter weight to carry.

Which card should you get?

The distinction here is pretty clear. If you’re a renter, the Bilt World Elite Mastercard® Credit Card is the obvious choice. No other card offers comparable rewards on rent payments, and the card’s additional rewards plus travel partners make it a good value on everyday spending as well.

Not a renter? The Wells Fargo Autograph℠ Card will provide more overall value on everyday spending.

Then again, given that both cards carry no annual fee, renters with good credit may choose to pick up one of each. Use the Bilt World Elite Mastercard® Credit Card for rent, Lyft rides and to pick up extra rewards on the first day of each month. For the rest of the month, the Wells Fargo Autograph℠ Card will earn you higher rewards in most categories, along with a strong intro APR and sign-up bonus.

Source: nerdwallet.com

Apache is functioning normally

November 27, 2023 by Brett Tams

You try to set goals and stay on top of your finances. But sometimes life gets in the way and throws you off your game. You forget to pay a bill or accidentally overdraw your checking account — then kick yourself for getting hit with hefty fees.

Without an organized system in place, it’s easy to lose track of what’s coming in and going out every month. People with cluttered finances are more likely to miss payments, continue poor spending habits, and save less. Disorderly bills and budgets are not only stressful but can actually help drive you deeper into debt.

Organizing your money takes a little up-front time and effort but comes with a big payoff: It can help you live within your means, pay bills on time, reach your financial goals, and build wealth over the long term. Keeping track and organizing your finances also gives you a better sense of control over your financial life.

And, it’s not that hard to do, especially if you break the process down into small, manageable steps. What follows are eight effective ways to keep your finances organized and in check.

Whether you’re aiming to save for a big purchase, build an emergency fund, or invest for the future, a structured approach to managing your finances can make a significant difference. The following steps can help you stay on top of your financial life and save you money in the long run.

Having a few clear, realistic financial goals is essential for staying organized. Knowing what you want to accomplish in the next months and years can guide your financial decisions. You can break down goals — like paying down debt, going on vacation, or putting a downpayment on a home — into smaller tasks and set deadlines to track your progress. This strategy can help motivate you to stay focused and disciplined with your finances. For example, brown bagging lunch might not feel like a pain if you have your sights set on a winter getaway to Mexico.

One of the fundamental pillars of financial organization is creating a budget. Having a basic plan for spending and saving can lead to more financial freedom and a life with a lot less stress. Start by assessing how much, on average, is coming in and going out of your checking account each month. If you find that your monthly outflows tend to equal — or exceed — your monthly inflows, you’ll need to rejigger your spending.

There are all different ways to budget — the best approach is simply the one you’ll stick to. One simple framework is the 50/30/20 budget, in which you divide your monthly take-home income into three categories, spending 50% on needs, 30% on wants, and 20% on savings and extra debt payments. Once you have a budget in place, it’s a good idea to periodically check in and make sure you’re sticking to the plan.

There are a number of personal finance apps that are free to use on your phone and make it easy to organize your money. Basic budgeting apps, like Goodbudget, EveryDollar, and PocketGuard, allow you to connect with your financial accounts (including bank accounts, credit cards, and investment accounts), track spending, and categorize expenses so you can see where your money is going. Regularly reviewing your expenses will help you determine if you’re sticking to your budget plan, as well as identify any unnecessary costs and areas where you can cut back.

Automate Bill Payments

One way to make sure you always pay your bills on time is to automate the process. You can do this by setting up automatic payments for recurring bills, such as rent or mortgage, utilities, insurance premiums, and loan repayments. Simply log into each account and authorize the provider to debit your checking account or charge your credit card each month. Alternatively, you can use your bank’s online bill pay service. Just be sure to keep track of the payments you have automated, so you know when to stop them or update credit cards.

5. Put Saving on Autopilot

If you wait until after you pay your bills and do all your spending to move money into savings, you may not have anything left to transfer. Why not pay yourself first? Also known as automating your savings, this organizational step ensures you are always working towards your goals.

Simply set up an automatic transfer for a set amount of money from checking into a savings account each time you get paid. It’s fine to start small — since the transfer happens every month, even small deposits can grow to a significant sum over time. If you want to earn a competitive rate and pay the lowest fees on your savings, consider storing this money in an online savings account. Thanks to reduced overhead, online banks are typically able to offer more favorable returns than national brick-and-mortar banks.

💡 Quick Tip: Want a simple way to save more everyday? When you turn on Roundups, all of your debit card purchases are automatically rounded up to the next dollar and deposited into your online savings account.

6. Manage Mail as Soon as It Arrives

Despite living in a digital world, many important bills and documents likely still arrive in your regular mail. This might include stock statements, property tax bills, homeowners’ insurance bills, and medical bills. As a result, you’ll need a system for managing paper bills and statements. Generally, the most efficient way to deal with mail is to organize it as it comes in. You might create three “in” boxes or files labeled: “to pay,” “to file,” and “requires action.” Set a day and time each month to go through these boxes to make sure nothing gets ignored.

7. Organize Your Online Accounts

You likely have a number of online accounts — including bank and brokerage accounts, service provider accounts, and shopping accounts — each with a unique (a.k.a, hard-to-remember) password. It’s a good idea to make a list of all of your online accounts, including usernames and passwords, and keep it in a notebook stored in a safe place. Even better: Consider using a password manager tool, such as Dashlane, 1Password, or Apple’s built-in Keychain. These tools will start saving the passwords you use to log into your accounts and will automatically insert them into log-in forms. Typically, they will also generate hard-to-guess options when you sign up for new sites (no more “123456”).

Recommended: 11 Tips for Cleaning Up Your Finances

8. Make a Plan to Manage Debt

If you typically pay just the minimum on your high-interest debt, like credit cards, you are likely spending a lot on interest, while never getting ahead on your debt. Coming up with a system to knock down — and eventually eliminate — high-interest consumer debt can help you save money and make it easier to reach your financial goals.

To get a better handle on your debt, you may want to make a list of all your high-interest debts, including amounts owed and interest rate. Then focus your efforts on erasing one debt at a time while still making the minimum payment on all other debts. Where to start? You can use the debt snowball method and start with the smallest balance first, or use the debt avalanche method and pay down the highest interest debt first.

The Takeaway

If it feels like your money is all over the place and you’re living paycheck to paycheck without a plan, don’t get discouraged. You can get your financial act together one step at time.

By implementing some basic systems — like setting goals, creating a budget, automating payments and saving, and using an app that tracks your spending —- you can gain control over your finances and pave the way for a more secure financial future. Remember, financial organization is an ongoing process that requires consistent effort, but the rewards of financial stability and peace of mind are well worth it.

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 up to 4.60% APY on SoFi Checking and Savings.

FAQ

How do I organize my personal household finances?

You can organize your personal finances by setting up a budget and putting some simple systems in place. You might, for example, put all of your regular bills on autopay so you don’t accidentally miss a payment and get hit with late fees. It’s also a good idea to automate savings by setting up a recurring monthly transfer from your checking account into your savings account right after you get paid.

For statements and bills that still come by regular mail, consider setting up an organization station with three in-boxes: “to pay,”“to file,” and “requires action.” Set a day and time each month to go through these boxes to make sure nothing gets ignored.

How do I organize my monthly bills?

Start by making a master list of all of your regular bills, including the provider, billing amount, and due date. To simplify payment (and avoid late payments and fees), consider setting up autopay for each bill. If you prefer to handle payments yourself, set aside a day and time each month that’s dedicated to bill paying. A structured schedule will help you meet all of your deadlines. An alternate approach is to pay each bill as soon as it comes in, then file it away.

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 http://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.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

SOBK1023020

Source: sofi.com

Apache is functioning normally

November 26, 2023 by Brett Tams

Throughout your working career, you pay employment taxes that help fund Social Security, which provides income when you retire. In 2023, nearly 67 million people will receive Social Security benefits, collectively totaling more than $1 trillion.

There are strict rules about when you can claim Social Security benefits. You can start collecting retirement benefits as early as age 62, but if you can delay claiming your benefits, your monthly benefit amount can continue growing until you reach age 70.

Learn more about Social Security benefits, early retirement age, and the advantages and disadvantages of filing for your benefits early and late.

Key Points

• Social Security benefits provide income for retirees, with the amount depending on their earnings and the age at which benefits are claimed.

• The full retirement age (FRA) for Social Security benefits varies based on the year of birth.

• Benefits can be claimed as early as age 62, but the monthly amount is reduced compared to claiming at FRA.

• Delaying benefits past FRA can increase the monthly amount through delayed retirement credits, up to a certain point.

• It’s important to consider shortand long-term financial needs before deciding when to claim Social Security benefits.

What Are Social Security Benefits?

Social Security is a social insurance program created in 1935 to pay workers an income once they retired at age 65 or older. When people talk about Social Security benefits, they’re referring to a monthly payment that replaces a portion of a worker’s pre-retirement income.

The amount you receive depends on how much you earned and paid in Social Security taxes during the 35 highest-earning years of your career. Generally speaking, the higher your income, the bigger your monthly check will be — up to a point. Also important is the age at which you claim benefits. Typically, the later you receive benefits, the higher your monthly check will be.

Note that retirees aren’t the only ones who are eligible for Social Security benefits. People with qualifying disabilities, surviving spouses of workers who have died, and dependent beneficiaries may also qualify for benefits.

Recommended: When Will Social Security Run Out?

At What Age Can You Collect Social Security?

When the Social Security program began, the full retirement age (FRA) was 65, and that’s still what many in the U.S. think of as the average retirement age. However, as life expectancy in the U.S. has increased, the Social Security Administration (SSA) has adjusted the FRA accordingly.

The chart below illustrates FRA by year of birth.

If You Were Born In	Your Full Retirement Age Is
1943-1954	66
1955	66 and 2 months
1956	66 and 4 months
1957	66 and 6 months
1958	66 and 8 months
1959	66 and 10 months
1960 or later	67

Recommended: At What Age Should You File for Social Security?

What Is the Early Retirement Age for Social Security?

You can choose to claim retirement benefits as early as age 62. However, SSA will reduce your benefit by about 0.5% for every month you receive benefits before your FRA. For example, if your full retirement age is 67 and you file for Social Security benefits when you’re 62, you’d receive around 70% of your benefit.

On the other hand, if you wait to claim benefits after your FRA, you’ll accrue delayed retirement credits. This increases your benefit a certain percentage for every month you delay after your FRA. For example, if your full retirement age is 67 and you delay receiving benefits until age 70, you’ll get 124% of your monthly benefits. Note that the benefit increase stops when you turn 70.

Recommended: When Can I Retire? This Formula Will Help You Know

Can You Claim Social Security While You’re Still Working?

When you claim your Social Security benefits, the SSA considers you retired. However, you can continue working after retirement and receiving benefits at the same time, though they may be limited.

If you’re younger than FRA for the entire year, the SSA will deduct $1 from your payment for every $2 you earn above an annual limit. In 2023, that limit is $21,240. In the year you reach full retirement age, the SSA will begin deducting $1 for every $3 you make above a different earnings limit — $56,520 in 2023.

No matter their work history, your spouse has the option to claim Social Security benefits based on your work record. That benefit can be up to 50% of your primary insurance amount, which is the benefit you’d receive at FRA. Your spouse can begin receiving spousal benefits at age 62, but they will receive a reduced benefit.

Pros and Cons of Claiming Social Security Early

The main advantage of filing for Social Security early is that you’ll have access to retirement funds sooner. This can be a boon to individuals who need extra money to get by each month. To help you maximize every last dollar, consider using a spending app to create budgets, track spending, and monitor bills.

The main disadvantage of filing early is that you may permanently reduce your monthly benefit amount. This could be a factor to keep in mind as you determine whether you’re on track for retirement.

So how do you decide when to file for your benefits? Consider your “break-even point.” This is the age at which receiving a delayed higher benefit outweighs claiming benefits earlier.

Here’s an example of how that works. Let’s say your FRA is 67 and your annual benefit is $24,000. If you claim your benefit at age 62, your benefit drops to $16,800 a year. If you delay until age 70, your benefit would be $29,760 a year.

By adding up each year’s worth of benefits and comparing them across different potential retirement ages, you find your break-even point. So in that last example, claiming your benefit at FRA breaks even with early filing at age 78. If you expect to live until this age or longer, you may consider filing for Social Security at full retirement age. Delaying until age 70 breaks even with claiming at FRA at age 82. So if you expect to live until 82 or longer, you may consider delaying your benefits.

Recommended: How Can I Retire Early?

The Takeaway

Social Security is an important source of guaranteed income during retirement and can help ensure you can cover recurring expenses like housing payments and utilities. Your monthly payment amount is determined by how much you’ve earned during your working career and the age at which you claim Social Security benefits. You’re eligible to receive your full benefits when you reach full retirement age (FRA). If you file before then, the monthly payment will be reduced. If you file later, your monthly payment can increase, up to a point. Consider your short- and long-term financial needs carefully before deciding when to claim Social Security.

Whether you’re planning to continue working past your FRA or are preparing for retirement, using a money tracker app can help you manage your overall spending and saving. The SoFi Insights app connects all of your accounts in one convenient dashboard. From there, you can see all of your balances, spending breakdowns, and credit score monitoring, plus you can get other valuable financial insights.

Stay up to date on your finances by seeing exactly how your money comes and goes.

FAQ

Can I take Social Security at age 55?

You cannot claim Social Security benefits at age 55. The earliest you can file for benefits is age 62.

What happens to my Social Security if I retire at 55?

If you retire at 55, you will have to wait seven years, until age 62, before you are eligible to claim early Social Security benefits. Retiring early may also affect the size of your benefit if you are leaving work in your top-earning years.

What is the average Social Security benefit at age 62?

The average monthly Social Security retirement benefit in 2023 is about $1,827 for those filing at full retirement age. Filing early at age 62 would reduce that benefit by 30% to $1,278.90.

Photo credit: iStock/svetikd

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SORL0323015

Source: sofi.com

Apache is functioning normally

November 25, 2023 by Brett Tams

California-based mortgage lender CMG Financial announced the integration of Shamrock Home Loans’ origination team, which will boost its presence in New England.

That’s not the first addition to CMG this year. In March, the company struck a deal to acquire Homebridge Financial Services‘s retail division to grow its retail lending business footprint. CMG makes its services and products available through wholesale and correspondent lending as well.

Shamrock‘s chief growth officer Kurt Noyce and president Rod Correia will lead the team of sales and support professionals, which will remain in their current locations. The group will be branded as Shamrock, Powered by CMG Home Loans.

According to Inside Mortgage Finance (IMF) estimates, CMG was the 16th-largest mortgage lender in the country in the first nine months of 2023, with a $16 billion volume, an increase of 17.5% year over year.

As of Nov. 21, the company had 1,826 loan officers and 401 active branches, per the Nationwide Multistate Licensing System (NMLS). It claims that in 2022, it added a net 5% in personnel while most companies saw a net decrease of 24% in workforce.

Shamrock’s team originated about $300 million so far this year, per the mortgage platform Modex. As of Nov. 21, NMLS showed the lender had eight loan officers and 13 branches.

CMG’s CEO Christopher George, who founded the company in 1993, said in a statement the company creates a home for the “nation’s top talent by investing time, money and resources into their origination businesses.”

Correia highlighted CMG’s products as a reason for Shamrock choosing the company. Its portfolio includes construction to perm, renovation financing, builder programs and home equity line of credits, among others.

Source: housingwire.com

Apache is functioning normally

November 23, 2023 by Brett Tams

For teenagers, life can often be full of confusing changes and unexpected choices. What may have seemed straightforward in childhood is now complex and challenging. Experiences such as developing relationships, contemplating the future, and deciding about education options or career paths are all part of the teenage experience. Even when we think we know what direction to take, our perspectives on these matters can shift quickly. Below are the top 20 truths for today’s young adults to give them some peace and assurance about all the decisions and change.

1. Take Your Time

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One user said, “It’s okay to not resolve something immediately. If someone doesn’t answer your text/WhatsApp/Facebook message, if you need to take some time to think if you want to join in that fun event, if you hear that phone ring and you miss it, If you’re not answering to a social media post, things aren’t going to blow up. Real life requires you to do one thing at a time, well or great, and not a million things.”

Another user replied, “Except important stuff…like finances…pay your bills RIGHT AWAY.”

2. You Will Get Behind Sometimes

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One user shared, “While school has a structure in place to prevent you from falling behind, real life doesn’t offer the same safety net.”

Another user replied, “I will also say that conversely some of the arbitrary deadlines in school don’t apply to the real world. In college, it was kind of teachers being overly lax or strict. In the real world, if something cannot get done, regardless of the time or resources you throw at it, then it won’t get done. Yeah, you may have upset a client, but most of the time, as long as you communicate these issues as soon as possible, clients understand. Of course, it doesn’t always play out that way, but the real world seems to recognize real issues better than school sometimes can.”

3. On Time Is Better Than Perfect

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“It’s better to finish something on time, even if it isn’t perfect, than not to finish it at all,” one user posted.

Another replied, “This is so true. I find this with young grads coming through at work. Smart young people and many/most become good at their jobs… But there seems to be a need for perfection and an expectation they will get the time to achieve it.

“Maybe every generation is like that when young, but I notice it a lot these days. Maybe I’m just getting old. To the list, I would add… you will need to deal with uncertainty. Not everything will be clear and have an excellent tidy answer.”

4. Don’t Always Trust Social Media

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One user shared, “Social media is harmful.”

Another user replied, “Yes, I’ve heard from friends about their teenage siblings falling for TikTok fake news almost as often as I hear baby boomers fall for Facebook fake news lol.”

5. 30 Is Not Old

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One Redditor stated, “30 is not old.”

Another user replied, “This. Too many people in their 30s and 40s act like they’re already practically in their graves.”

6. Expect Your First Job to Be Hard

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One user shared, “That your first job out of college is probably not going to be the cushy WFH jobs you see people have on TikTok. You’re probably going to have to grind for a bit.”

Another commenter added, “Also, you’re probably not going to make 500k doing computer science right after graduating.”

7. Get Advice From Experts

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“Your friends are idiots. They have just as much education as you. Take expert advice on what you want to know,” one user posted.

Another user replied, “I’m an older teen who legit doesn’t understand how you could think otherwise from this. I’ve seen teens say that older folks wouldn’t know what we’re dealing with, but that’s the opposite of the truth. They’ve already lived it and more. They would be the perfect ones to know what’s going on and give us advice. Just because we might not like what they say doesn’t mean they’re wrong. That seems like the most logical conclusion to me.”

8. Influencers Aren’t All That Unique

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One user shared, “When everyone thinks they’re an influencer, no one is an influencer.”

Another user commented, “I’m not in, nor do I pay attention to the numbers in social media posts. How many followers do you need actually to be an actual influencer? You can’t deny that people like Mr. Beast is an influencer out of the sheer amount of views he gets.”

9. You May Need to Compromise on Your Job

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“Very few people get to ‘do what they love for a living.’ Most adults have to compromise between what they want from life and what they want to give up to get it,” one Redditor posted.

10. Adult Life Is Challenging

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One commenter shared, “Unless your parents have money and are willing to support you, life is about to get a whole lot more difficult.”

Another user added, “The problem is not that you ‘can’t’ walk in and get a job. You can, but you should be aware of the fact that you can lose that job as fast as you call it since they do get tons of applications.

“I used to work at some restaurant that just handed out job applications to every teenager who came there. One of the servers was over 18, and she had been working there for a few years. And when she complained about something to the managers, they just told her that she could either stay and not complain or she could just leave.

“They had a lot of people who could replace her, but those managers should understand that this ton of people who could replace that loyal and great server will leave soon enough and won’t be as good as her. I’m pretty sure that everyone who started working there simultaneously didn’t last even a year. Most stayed for a few months, probably not even half a year.”

11. No One Cares About High School

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“No one cares what you did in high school,” one user shared.

Another user commented, “Jokes on you, after two concussions in my early 20s, I can’t even remember what I did in high school!”

Another user replied, “PREACH!”

12. Take Responsibility for Your Mental Health

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One Redditor posted, “That trauma, mental illness, gender identity, sexuality are not justifications for being a bad person. Your mental health may not be your fault, but it is your responsibility.”

Another user added, “Paying rent and buying groceries quickly humbles you. You’re not paying your bills because of your mental health? The landlord will not care.”

13. You Don’t Need Constant Relationships

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“Teen love is a glorified myth from shows and movies. You don’t need to seek relationships constantly. Just live your life,” one user shared.

Another user replied, “Most of my friends laugh in my face when I say that I’m not interested in it yet and say I’m lying, but I just wanna enjoy what’s left of my youth for as long as possible lol.”

14. Be Respectful of Others

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One user posted, “You need to remember that you can’t speak to people IRL the same way you do from your keyboard. You’ll get popped in the mouth.”

Another user commented, “I work with a teenager, and he was going for his license, and the person riding with him told him to go down a certain way. It turns out it was a wrong-way street or something, and he went down it, so he failed. The 16-year-old looked at him and said you’re an a-.

“I was like, you really didn’t say that, did you?! He said well yeah, I did because he was an a-. Kids are gonna have a hard time in the real world. It doesn’t help that he half-a- his job and expects to get paid more.”

15. People Don’t Care That Much

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“People don’t care about you nearly as much as you think. Be a good person, but do what makes you happy without stress because people don’t have you In their minds as soon as you turn the corner!” one user shared.

16. You Need to Adapt

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One Redditor posted, “You need to adapt to the world. Not expect that the world will adapt to you.”

Another user commented, “So much this. The world is not going to change for you. The world is not here to affirm you. You must affirm yourself and adjust your behaviours/develop coping skills to adapt to the world.”

17. School Is Not Useless

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One user shared, “Schools are not as useless as they think; they do have problems, but it’s been proven over time and time that education is one of the few ways to get out of poverty.”

Another user added, “The complaint that courses that you learn in school don’t ever apply. Like most math courses. They are there to teach you how to think; if you find a job that directly has you doing Matrices with linear algebra, good on you. Otherwise, you know how to approach things from different angles.”

18. Let Emotions Just Be Emotions

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“An emotion can be purely just an emotion, not a trigger, not depression and anxiety and not a reason to have a mental health crisis; sometimes it’s okay just to be sad!” one Redditor posted.

19. Don’t Pay Too Much for College

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One user shared his thoughts and posted, “You don’t need an EXPENSIVE college degree. A private school that makes you take out huge loans to afford it is really not necessary at all. It is unlikely to yield better results. Also, living on campus is massively overrated, and if you can continue to live for free at home, it’s usually a great idea.

“State schools are generally far cheaper and usually of very decent quality. Also, look into EVERY potential scholarship (both merit-based and need-based) you might qualify for. Please fill out the FAFSA every single year and do it early.

“If state college isn’t looking super affordable, maybe there are no scholarships you qualify for that would help out. There’s absolutely nothing wrong with going the community college route. Relative to 4-year schools, community colleges can be dirt cheap and often provide way more flexibility if you want to do school and work part-time.

“Then, after two years, if you want to continue your education and finish up at a 4-year school, you generally can. In most cases, the credits should transfer (especially if the community college and state college are part of the same system), and you get yourself a bachelor’s degree and only pay the sticker price for two years instead of 4.

“If you live in a state that hasn’t taken this seriously and hasn’t invested in affordable higher education options, consider moving to a state that has. Establishing residency to get in-state tuition rates may take a year or more, but this can be worth it in many circumstances.

“Where you got your degree matters less and less these days. The stigma of online degrees is even lessening to a large extent, especially since COVID.

“It’s straightforward to get caught in financial traps when it comes to school, but it’s possible to avoid them. You have to plan things out and stick to what’s realistic so that you know you can see through to the end. Don’t compare yourself to others. You’re running your race. You’re on your path.

“The trades can be great for many. But if you’re not the manual labor type, you may be much better off finding a cheap higher education solution rather than trying to fit a square peg into a round hole.”

20. You’re Not the Main Character

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One commenter shared, “You’re not always the main character.”

Another user replied, “You can go a little more in-depth with this, I think. You’re the main character of your own story. You just need to accept the fact that you’ll be an NPC to the vast majority of people you encounter.”

Another user commented, “Enjoy being the quirky NPC in everyone else’s story.”

Do you agree with the challenging truths that were listed above? Share your thoughts!

Source: Reddit.

Image Credit: Shutterstock – Denis Makarenko

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These 7 Celebrities Are Genuinely Good People

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We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble?

These 7 Celebrities are Genuinely Good People

These 10 Activities Are an Immediate Red Flag

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These 10 Activities Are an Immediate Red Flag

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10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth

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Source: financequickfix.com

Apache is functioning normally

November 23, 2023 by Brett Tams

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations.

An ACH transfer is an electronic method of moving money from one bank to another via the Automated Clearing House (ACH). ACH transfers are more convenient because they’re quicker than traditional transfers.

Many people don’t realize it, but ACH, or Automated Clearing House, transfers are part of everyday life. They are how your paychecks are processed through direct deposit, used for debits for routine payments and much more.

Understanding ACH transfers and payments will give you a better understanding of how your money is handled. This is advantageous because it can help you avoid missed payments, late payments, and fees by knowing when you can expect money in your account.

This guide will explain what ACH transfers are and how they work as well as their benefits and drawbacks.

Key takeaways:

Money moved electronically through the Automated Clearing House are known as ACH transfers
ACH transfers are used for direct deposits for paychecks and for government benefit programs
ACH direct payments are for paying bills or sending money through apps like Zelle and Venmo
ACH transfers typically take one to three business days
In some cases, ACH transfers limit the amount you can transfer as well as how often

In This Piece:

What Is an ACH Transfer?

ACH transfers are a form of electronic fund transfers that move money between banks. Electronic funds transfers are when you move money in a non-physical way. For example, when your employer directly deposits money into your bank account rather than giving you a physical check or when you PayPal a friend, these are electronic transfers.

ACH stands for Automated Clearing House, and a clearing house is an establishment that acts as a go-between for banks to finalize a transaction.

ACH transfers can be used for the following:

Bill payments
Direct deposits from employers
Direct deposits from government benefit programs
External funds transfers
Person-to-person payments
Business-to-business payments

You may use ACH payments and transfers regularly without realizing it. Popular payment apps like Zelle, Venmo, and PayPal use the ACH network to send and receive money.

How Does an ACH Transfer Work?

If you want to make an ACH transfer, it’s a simple process as long as you follow these steps:

Step one: Similar to paying with a check or receiving a check, you’ll need the name, account number, routing number, account type, and amount.
Step two: Choose whether you want to do an ACH credit or ACH debit. ACH credits are often safer because your bank account details are hidden.
Step three: Finalize the transfer by linking your accounts and providing the details of the transaction.

If you’re a business owner, you’ll need to set up a way to receive ACH payments from your customers. There are a variety of digital companies that provide this service like Stripe and Plaid.

Types of ACH Transfers

There are two primary types of ACH transfers, and these have become a more convenient way of transferring money than the days of waiting for a check to clear. With the two types of ACH transfers, you no longer have to worry about bounced checks. However, you may still incur fees if you don’t have sufficient funds to cover the transaction.

ACH Direct Deposits

These ACH transfers are used by businesses and government programs to get people money faster. Prior to using the ACH network, you would need to receive a check, take it to the bank, deposit it, and wait for it to clear. ACH direct deposits are a way for you to receive payments, and some of the most common forms include:

Tax refunds
Government program payments
Annuity payments
Paychecks
Employer reimbursements

ACH Direct Payments

The other type of ACH transfer is direct payments, and this is when you’re sending money to someone else. When you use one of the payment apps to loan a friend money or split the dinner bill, you’re using ACH direct payments.

When you make an ACH direct payment, you’ll see the money debited from your bank account, and the receiver will see a credit in theirs. If the app connects to your bank account, debit card, or credit card, you’ll see the funds transferred via the app, but the app will have more details for your own tracking purposes. You can often include a note in these apps to note what the payment was for.

How Long Do ACH Transfers Take?

ACH transfers can take a few hours or up to two to three business days. The National Automated Clearing House Association (NACHA) sets the rules and guidelines for ACH transfers and has the following requirements:

Credit transfers can be processed on the same business day or between one and two business days
Debit transfers must be processed by the following business day

Although banks must adhere to these guidelines for processing payments, it’s at their discretion whether or not they charge for expediting the process. For example, when you’re sending money through PayPal and other services, they may have an option to send the money faster for a fee.

How much Do ACH Transfers Cost?

Depending on the bank or financial institution, there may be a fee for sending money to an account at a different bank using an ACH credit transfer. These are known as “external funds transfers,” and the cost can range from $0-50.

ACH debit transfers are the types of transfers that employers use for direct deposit as well as bill payments. These types of ACH transfers are usually free unless you need to expedite the payment.

External ACH Transfer Fees

As mentioned above, the cost for external transfers can vary between banks. Below, we’ve provided the fees and delivery times from some of the most used banks in America.

Bank	Fee	Approximate delivery time
Axos Bank	$0	3 to 5 business days
Bank of America	$3 from account and $0 to account	3 business days or $10 fee for next day
Capital One 360 Bank	$0	2 business days
Chase	$0	1 to 2 business days
Citibank	$0	3 business days or an option for free next-day delivery
Discover Bank	$0	1 to 4 business days
Navy Federal Credit Union	$0	2 to 3 business days
TD Bank	$0	1 to 3 business days
U.S. Bank	$0 to account and $3 from account	2 to 3 business days and free next-day for incoming transfers
Wells Fargo	$0	3 business days for incoming transfers and 2 business days for outgoing transfers

Each of these delivery times are based on the disclosures and general policies of each financial institution when using their online banking for personal accounts. It’s helpful to remember that delays can occur if there is a holding period or payment is sent after the bank’s cutoff time.

What Are the Pros and Cons of ACH Transfers?

Similar to many financial tools, there are benefits as well as downsides.

There are many reasons ACH transfers are so popular, and here are some of the advantages:

You can use ACH payments to pay bills electronically rather than writing and mailing a check
ACH direct deposits are more secure
NACHA requires that transfers happen within one to two business days
ACH transfers are often free or just a few dollars to expedite

There are also some downsides to keep in mind when using ACH transfers to receive or send payments:

Some banks limit how many transfers you can make or how much money you can move
Penalties may occur with too many transfers using savings accounts governed by Federal Reserve Board Regulation D
Banks have cutoff times for processing ACH transfers, so they may take longer if you miss the cutoff
There are fees if you have insufficient funds in your account

What’s the Difference between ACH Transfers and Wire Transfers?

The primary difference between wire and ACH transfers is that wire transfers are much faster. When wiring money within the same country, the transfer can take a few hours or as quick as a few minutes.

While wire transfers can be much faster, they also cost more. Many ACH transfers don’t have a charge, but a wire transfer may cost $20 or $30. When sending money internationally, the fee might be even more. Wire transfers are usually the better option if you need to move money quickly and can afford the fees.

How to Make ACH Transfers Faster

ACH transfers can take up to three business days, but there are a few ways you can make these transfers faster:

Use payment apps: Apps like Zelle and others link directly with your bank, can send money in real-time and don’t charge additional fees for same-day payment.
Know the cutoff times: Banks have cutoff times for transfers, so you can avoid a payment taking longer than expected by knowing how late you can make these transfers.
Pay the fees for expedited transfers: Some banks have the option to send the money faster for an additional fee. This fee varies by bank.

Can ACH Transfers Hurt My Credit Score?

ACH transactions can’t hurt your credit score directly, but it is possible to acquire fees from your bank. Unpaid bank fees can be sent to collections, and then the derogatory mark can show up on your credit report and hurt your credit score.

One of the best ways to avoid hurting your credit score is to have credit monitoring so you’re notified as soon as there’s a change to your score. Credit.com’s ExtraCredit service provides credit monitoring for a monthly fee so you know when something happens or a potential error was reported. If you’re unsure of your credit health, Credit.com offers a free service as well. You can get your free credit report card here.

Source: credit.com

Apache is functioning normally

November 22, 2023 by Brett Tams

Because check writing is a less popular form of payment these days, it’s easy to get confused about how the whole process works. When someone writes a paper check, there may be a carbon copy attached to the back of each check. These are known as duplicate checks.

But what exactly are duplicate checks? How do you use them, and when do you need them? Keep reading for more insight.

Key Points

• Duplicate checks are carbon copies attached to the back of paper checks, serving as a record of the payment made.

• Duplicate checks contain the same information as the original check, except the signature, and can be used for quick reference.

• Banks or reputable online check printers provide duplicate checks.

• Advantages of duplicate checks include being safer than carrying cash, ease of use, convenience, and the ability to cancel if stolen.

• Alternatives to duplicate checks include online bank accounts, digital copies, and check registers for record-keeping.

What Are Duplicate Checks?

So exactly what are duplicate checks? If you have ordered these, when you get a checkbook from your bank, you’ll see that attached to the back of each check is a thinner piece of paper known as a duplicate check.

When you write on a check to fill it out, your writing copies over to the duplicate check. In this way, the duplicate that is created can act as a record of the payment made, how much was spent, the day the check was written, and to whom the check was given.

The same information found on the duplicate check should appear in the consumer’s online account, but it can be helpful to have duplicate checks on hand to quickly reference.

How Do Duplicate Checks Work?

What is a duplicate check and how does one work? A duplicate check is attached to the bank of a normal check in the form of a thin piece of paper. This acts as a carbon copy of the original check (also known as the single check). All duplicate checks have the same check number printed on them as the original. The pressure from the check writer’s pen transfers what is written on the original check to the duplicate check.

Once you are done writing a check, you only pull the original check out of your checkbook and leave the duplicate check in the checkbook so you can reference it when and if you need to. (The original check goes to the person or business you are paying, so they can deposit it, cash it, or sign it over to someone else.) All of the information included in the payee, amount, date, and memo sections transfer over. The one area of the original check that doesn’t copy over is usually the signature. This is to protect you, the account holder, from identity theft in the event someone steals your checkbook. Basically, a duplicate check mirrors the information and can help you verify the check you just wrote. You can see all the details right there, on the carbon copy.

Are Duplicate Checks Legal?

Yes, duplicate checks are legal and simply serve as a record of a check that the account holder already wrote. Where legal issues arise is if someone were to steal a checkbook and try to use a duplicate check to gather the information they need to commit theft or bank fraud.

Where Can I Get Duplicate Checks?

If you have a checkbook, you may already have duplicate checks on hand. If not, you can order this style of checkbook from the bank or credit union where you have a checking account. It can also be possible to order checks from select reputable online check printers who may charge less than a bank does for checks.

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Single vs Duplicate Checks: What’s the Difference?

Single checks look exactly the same as duplicate checks (although the signature doesn’t transfer over to the duplicate check). The same check number is even on both checks. The main difference between single checks and duplicate checks is the thickness of the paper and that the duplicate check acts as a carbon copy of the single check.

Sometimes, a person may refer to single checks as the kind of checks that don’t have the duplicate behind them. In this case, a single check would be a “regular” check that arrived in a checkbook with no copies involved.

Pros of Duplicate Checks

Once the principle of a duplicate check is understood, you may wonder if these are right for you. Here are a few advantages of using duplicate checks.

Safer than Carrying Cash

While someone can easily steal cash out of a wallet, checks are not as simple to steal. This is especially true if you take steps to manage your checkbook well and keep it in a secure place.

Ease of Use

You don’t have to do anything to create the duplicate check thanks to the carbon copy function. No writing the check number, date, payee, and amount in your check register (unless, of course, you want to do so).

Convenience

The whole point of a duplicate check is to make staying organized and tracking former check payments easier. While most check information is available through online bank accounts, having a paper copy can act as a helpful backup.

Checks Can Be Canceled If Stolen

If you have reason to suspect a check was stolen, you can stop payment on the check before it is cashed. Again, that’s a big advantage over cash; once bills are stolen, they are gone.

Cons of Duplicate Checks

Of course, there are also some disadvantages associated with duplicate checks worth keeping in mind.

Security and Privacy Risk

Because duplicate checks have important information on them about your bank and your spending habits, it’s important not to lose a check and minimize the possibility of your checkbook getting stolen.

Cost More Than Regular Checks

Some banks or check providers charge more for duplicate checks than they do single checks.

Will Not Work Where Places Automatically Print Checks

Duplicate checks may not be easily available from all vendors. Not all check providers can create duplicate checks.

Checks Becoming More Increasingly Uncommon

Checks (including travelers checks) are becoming a less popular form of payment as people shift to online payments, electronic checks, and other options. In many cases, it may not be worth the fuss or ordering and managing a checkbook for the occasional payment.

Alternatives to Duplicate Checks

If you want to keep good records of checks you have written but don’t want to hold onto duplicate checks, you have a few options for how to proceed.

• Log in to an online bank account. Most banks and credit unions give customers an online bank account where you can access information about recent transactions including the information one would find on a duplicate check. A warning: This is not a reliable way to keep track of every check ever written as banks eventually stop sharing old transactions. But it is possible to download these statements and save them electronically.

• Make a digital copy. You can take a picture of or scan each check you write and store them digitally.

• Use a check register. To keep all information about written checks in one place, it’s possible to use a check register. These registers can be on paper or can be digital; they capture the check number, payee, when a check was written and for how much. This process can make it easy to balance, say, your high-yield checking account by copying down check-payment information and subtracting the amounts from your balance.

The Takeaway

What is a duplicate check? In short, a duplicate check is a carbon copy of a single check. Though it can’t be used to make a payment, a duplicate check makes record-keeping easier. When you write a single check, the attached duplicate check creates an automatic copy of the check that you can easily reference. While checks are in many cases losing favor, a duplicate check system can be a bonus for those who do like writing checks, as it can make keeping tabs on your account that much easier.

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FAQ

What is a single check?

A single check is the original check that the account holder writes on and gives to someone they want to make a payment to. What are duplicate checks? They are a thinner piece of paper that may be attached to the back of a single check and can act as a carbon copy of it.

What is the difference between a single and duplicate check?

For the most part, single checks and duplicate checks look the same. The main difference is that a duplicate check is a thinner piece of paper and that the signature doesn’t usually copy over from the single check to the duplicate check.

Can you cash a duplicate check?

No, it’s not possible to cash a duplicate check. Only single checks can be cashed. The duplicate check simply serves as a record of the single check.

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Source: sofi.com

Apache is functioning normally

November 19, 2023 by Brett Tams

Many people figure that paying bank fees is simply an unavoidable part of life. Recent surveys say the average American shells out anywhere from $167 to $288 per year in fees. But take note: Some or even all of those may be avoidable.

This guide will teach you about common bank charges and help you be a smarter consumer who doesn’t have to pay for all of them. From monthly maintenance to returned item fees, find out how you can save.

Understanding Bank Fees

For many financial institutions, fees are a way that banks make money. They can help cover the cost of being in business, and they can also cover situations that require more of their team’s time (say, dealing with an overdrafted account).

However, these charges can become expensive for many customers, and they can eat away at any interest earned. That can foil a customer’s efforts to grow their wealth.

Next, learn about the specific fees that many banks assess and how you can lower or avoid them.

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Monthly Maintenance Fees

If your bank or financial institution charges maintenance fees, you may be so used to watching that money disappear out of your account each month that you’ve simply stopped trying to figure out how to make it stop.

It isn’t unusual for banks to charge about $15 a month in maintenance fees, nearly $180 a year for this fee alone.

If you keep a large enough balance in this account, you can typically avoid paying a monthly maintenance fee at many banks. That’s great for those who have that kind of money, but this is the type of fee that often hits those who don’t have a lot of money in their accounts.

If keeping a larger balance in your account isn’t practical right now, then it can make sense to explore financial institutions that are more likely to not charge this fee. Online vs. traditional banks may not assess these monthly maintenance or account fees. Shop around, and see what’s offered.

ATM Fees

ATM fees come with unique pain points that can be especially frustrating. That’s because you sometimes have to pay a bank or a random ATM just to get your own money! And sometimes you’ll pay ATM fees twice on the same transaction: once in a surcharge by the ATM you’re using and, second, by the bank that issued your card.

To be specific: Out-of-network surcharges currently average $4.73, which is made up of $3.15 by the machine owner and $1.58 by your own bank, aka the issuer of the card you are using.

If you’re trying to budget carefully, this can be painful. To reduce how much you could pay in ATM fees, planning ahead might help. You could research locations of in-network ATMs and only make withdrawals there. Or use an ATM that’s in-network to get cash before you go shopping or out to eat at a cash-only location so you don’t have to use whichever ATM is nearby.

Here’s another idea for avoiding ATM fees: Many grocery stores and some big box stores will let you get cash back when you make purchases there. This could be another way to circumvent ATM fees.

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Overdraft Fees

Banks often have an overdraft program, so if you withdraw more than what’s currently available in your account, the bank won’t “bounce” the check. Instead, it will be paid, but often you will be charged an overdraft or NSF fee, depending upon your bank’s policies. (NSF stands for non-sufficient funds, and you’ll learn more about this charge below.)

Overdraft fees can average around $35 per instance. To avoid being charged, you could decline to sign up for overdraft service (which may lead to bounced checks or declined debit card transactions).

Or you could ask if your bank has a service where, if you overdraft on your checking account, the amount would be covered from your savings account. Note, though, that this kind of transfer may also come with a fee.

What may be most important here is, you may want to be clear about what your bank or financial institution will do in a certain circumstance. Let’s say that you’ve signed up for automatic bill pay at your bank. What will your financial institution do if there aren’t enough funds?

Pay it anyway and charge you an overdraft fee? A little research with your own financial institution could reveal the answer, and if it’s not what you want to hear, you could see if another institution handles the situation in a way that works better for you.

Recommended: Overdraft vs. NSF Fees

Insufficient Funds Fees

Here’s a common bank fee that is somewhat similar to overdraft charges: what are known as insufficient funds, non-sufficient funds, or returned item fees.

If you don’t opt in to have overdraft protection on an account, banks typically decline, or bounce, the transaction if there aren’t enough funds to cover a transaction.

Besides the problems associated with a bounced check (that is, the payee not getting their funds), there is typically a returned item fee, averaging around $30 for each occurrence. And, unfortunately, sometimes a returned item fee can take an account balance to the point where another check may bounce, causing the situation to become increasingly worse.

To avoid this bank fee, you might want to adjust your budget to allow for a cash cushion in your checking account, which can help you avoid this scenario.

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Wire Transfer Fees

There are times when you may need to send a wire transfer to quickly get funds to an account holder in the US or overseas. Wire transfers can smooth this process. But they may not be free: Wire transfer fees usually range from $0 to $50, with typical fees being $15 for incoming domestic and international transfers and $25 for outgoing domestic and $45 for outgoing international transfers.

A few ideas on avoiding these fees, if your financial institution charges them: Ask your bank if they will waive the surcharge; in some cases, they may. Use a payment service like Zelle, or, if you often make and receive international payments, you might look into getting a multicurrency or foreign currency bank account.

Inactivity Fees

If you have a bank account that you don’t use often, you might get charged what’s known as an inactivity fee or a dormancy if it sits untouched for a while. There are varying state laws that specify when a bank must turn dormant funds over to the state, as a form of unclaimed funds. Dormancy fees try to trigger account holders into action so that this handoff of funds to the government doesn’t happen.

Inactivity fees can typically range from $5 to $20, and the amount of time that must elapse before they are assessed will vary.

To avoid these fees, it’s wise to only have as many accounts as you can frequently manage. If you have an account you barely use, it can be a smart move to close it and transfer any funds to an active account.

Foreign Transaction Fees

If you’ll be going abroad, then you will likely need to deal with credit card foreign transaction fees. Credit card companies add these onto transactions processed by or passing through foreign banks; a typical fee is 3% of the transaction amount.

But what about your bank and fees when you travel? Some of them add a similar fee to debit card usage, so it’s wise to check on your financial institution’s policies before you travel. What’s more, banks often charge an additional 1% to 3% on international ATM withdrawals.

To help mitigate or avoid these bank fees (especially if you are a frequent traveler), you could check with your bank to see if it charges these fees. If it does, you might consider opening an account at a financial institution that doesn’t.

Also, perhaps your bank has affiliate banks in regions where you’re traveling, and you could withdraw from those ATMs without paying the additional international fees. You could also ask if your bank reimburses fees that you’ve paid.

As another way to reduce bank fees, you could exchange US dollars to foreign currency before you leave the country, perhaps eliminating the need for ATM withdrawals while traveling. Your bank might do this with no fees. However, then you do risk loss or theft of your funds.

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If you’re looking for a way to lower the bank fees you pay, see what SoFi offers.

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Source: sofi.com

Apache is functioning normally

November 18, 2023 by Brett Tams

Curiously, however, new residential home sales surged in September while existing home sales all but completely froze because owners are reluctant to move and buy another home at a far higher mortgage rate. New-home sales rose 12.3% to an annual rate of 759,000 in September, up from 676,000 in the prior month, the Commerce Department said Wednesday.

Since there are so few existing homes on the market, buyers find themselves having almost no choice but to buy new. Builders, also under pressure from high interest rates, are sweetening the pot, however, by offering discounted mortgages and other incentives. In fact, Devyn Bachman, senior vice president of research with John Burns Research and Consulting, credits these enticements as the “number one” driver for the rising new home sales figure last month.

“‘Incentive’ is just a big fancy word for discount, and what we’re seeing on that front is that it’s what’s creating a competitive advantage for the new-home market,” she tells Fortune. The mortgage rate buydown, the industry term for discounted mortgage rates, is the most “desired and most effective” incentive offered in the new-home market today, she adds.

Independent sellers usually cannot match these types of incentives, typically offered by large builders like Lennar and Toll Brothers, Erin Sykes, chief economist at residential real estate brokerage firm Nest Seekers International, tells Fortune.

Mortgage rate buydowns explained

As high as mortgage rates may seem now, there’s little indication that they’ll drop significantly anytime soon—meaning in the next two to three years. Capital Economics, for example, released a report this week saying not to expect 6%-and-below mortgage rates until the end of 2025.

Mortgage rates hovering around 8% are a stretch for many borrowers, which is why a mortgage rate buydown can be an enticing option for eager prospective homebuyers. There are a few different types of mortgage rate buydowns, Bachman explains, with full-term buydowns and temporary buydowns being the most popular options among builders.

A full-term buydown is the more desirable option for buyers because the builder buys down the mortgage rate for the entire life of the loan. In other words, builders pre-pay the difference in interest between the market mortgage rate and the mortgage rate they’re offering, Bachman says.

Currently, some builders are offering buydowns as low as 5%, mostly in “peripheral, emerging” markets, Sykes says. This includes places like Loxahatchee, Fla., and Boynton Beach, Fla., which are both within 30 minutes of Palm Beach.

During the past week, mortgage rates hovered around 8%, “so when you’re talking about buying into the [5% range] that’s a huge advantage for the new construction market,” Bachman says. For a temporary rate buydown, the builder still buys down the rate, but it’s not for the entire life of the loan. Rather, the builder would pay a lump sum to reduce the mortgage rate for the first one to three years of the loan. After that, buyers would be subject to higher mortgage rates. Many builders that offer these programs have partnerships with certain mortgage companies or have their own mortgage arm.

Other builder incentives

Builders are also offering other incentives, including covering up to tens of thousands of dollars in closing costs, which can be particularly helpful for first-time homebuyers who struggle to save up enough.

“That gets at the heart of the affordability issue that we’re seeing in the marketplace today,” Bachman says. “Like, I just can’t close because I don’t have the cash to do so.”

Builders have also started building more “spec” construction as opposed to “to-be-built” homes. This is important because rate locks can be “incredibly expensive,” Bachman says. Rate locks mean that the mortgage rate between the time of offer on the newly built home won’t change between the offer and the closing. However, a rate lock can cost 0.25% to 0.5% of a mortgage, amounting to potentially thousands of dollars in extra costs for buyers in the form of a cash deposit.

The to-be-built model, in which buyers choose their plot of land and all of the finishes on the home before construction starts, is traditional in homebuilding. The issue is that when it’s finally time to close the deal months down the line, mortgage rates may have risen. Rate locks can prevent this.

However, with spec construction, builders start construction without having a buyer, and once finished (or near finished), they put the home on the market. That gives buyers a better idea of what their mortgage rate will be at the time of purchase.

“Honestly, to remain competitive in today’s new construction landscape, most builders are offering mortgage-rate buyouts paired with other incentives,” Bachman says. “Now, I will caveat this whole thing by saying, if we get to a place where the market starts to kind of halt, this is a riskier business model.”

She continued: “Why? Because the builders are starting homes that there’s not necessarily a contract or a consumer attached to.”

While mortgage rate buydowns and other incentives may be responsible for rising new-home sales today, Dan Green, CEO of first-time homebuyer mortgage company Homebuyer.com, tells Fortune that there are other factors at play—including low existing home inventory. With so few existing homes on the market, buyers have few options but to pursue new construction.

“Incentives and buydowns may be playing a role, but the more likely reason why new construction home sales are surging is that it’s all that buyers can buy,” he says. “It’s too tough to find a home resale.”

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Source: fortune.com

Apache is functioning normally

November 16, 2023 by Brett Tams

In your financial life, overdrafting your bank account is bad enough; no one likes to feel as if they’ve run out of money. But being charged an overdraft fee can dig you even deeper into the hole.

That’s why it can make sense to take some simple steps to avoid overdraft fees. You may be able to get a reprieve by contacting your bank or by linking accounts, among other moves.

In this guide, you’ll learn more about overdrafting and the charges involved, plus smart ideas for how to avoid overdraft fees.

What Is an Overdraft Fee?

If you pay out more than is in your bank account, your bank may go ahead and process the payment you’ve initiated, taking your balance into negative territory. They will likely charge you for this privilege (that is, letting you spend more than you have), and that is an overdraft fee.

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How Much Do Overdraft Fees Cost?

Overdraft fees aren’t cheap. The cost can vary somewhat depending on the bank or financial institution, but they generally run around $35.

It’s important to note that the overdraft fee is generally per overdraft. So if you overdraft your account and don’t realize you overdrafted, you might make multiple purchases and incur a fee on each one.

And these fees can add up quickly. At $35 a pop, just three small purchases could set you back over $100.

Some banks may also charge extended overdraft fees (sometimes called continuous or sustained fees) if your account doesn’t go back into positive territory within a few days.

It’s no wonder that Americans paid $7.7 billion in overdraft and the related non-sufficient funds (NSF) fees each year.

However, a bit of hope: Over the last year or two, some banks are beginning to lower their overdraft fees. For instance, Bank of America reduced their fees to $10, and some financial institutions, often online banks, don’t charge any fees for, say, the first $50 of overdraft.

10 Ways to Avoid Overdraft Fees

Next, consider these ways to avoid overdraft fees. These strategies can keep overdraft fees from accumulating — or ever being charged in the first place.

1. Keep an Eye on Your Balances

How often do you monitor your balance typically? It’s a good idea to make a habit of checking your accounts weekly or even more frequently to make sure your balances aren’t too low.

This can be done quickly online, via mobile app, when you take money out of the ATM, and/or by calling the bank and getting an automated update on your account.

2. Maintain a Cushion

One simple way to avoid overdraft fees is to keep a cash cushion in your checking account. A cushion means you have a little more stashed in your account than you typically spend each month in order to cover unexpected or forgotten charges.

This cash cushion can prevent overdraft. You might even add it as an item on your budget to make sure it gets replenished if you use it up.

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3. Set up Balance Alerts

An easy way to help avoid unexpected overdrafts, plus those high overdraft fees, is to set up some automatic alerts.

• One that is particularly helpful is a low balance alert, which means you will be notified (by text, email, or cell phone notification) whenever your balance falls below a certain amount.

You could then immediately transfer money from savings, or hold off on making any purchases until another paycheck comes in.

• Another useful alert you may be able to set up is the overdraft alert. This means you would be notified whenever you overdraft your account.

This alert won’t help you avoid the initial overdraft fee, but it could stop you from continuing to make payments and incurring more overdraft fees.

4. Opt Out of Overdraft Coverage

It is possible to prevent your bank from using the automatic overdraft. You just need to opt out of overdraft coverage.

Customers typically have to “opt-in” to a bank’s overdraft protection program, which many do without thinking much about it when they open their accounts.

This gives the institution permission to clear a transaction even if there is not enough money to cover it in the account. If you’re unsure about whether you’re enrolled in an overdraft program when you opened your account, you can contact your bank to find out whether you have this coverage or not.

There are pros and cons of overdraft coverage. If you have overdraft coverage, you may want to consider opting out. Without overdraft coverage for debit card purchases and ATM withdrawals, you will not be able to overdraft.

Instead, if you try to withdraw more than you have in the account, your charge will simply be declined — no money will be withdrawn from your account, and no fees will be triggered. This may help some people stay more mindful and accountable about their spending.

Keep in mind, though, that opting out of overdraft coverage programs typically does not protect you from fees charged for bounced checks.

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5. Link to Another Account

Next on the list of how to avoid overdraft fees: Connect your accounts.

Your bank or financial institution might offer an overdraft protection service that is different from overdraft coverage. This service, which typically involves signing a contract to set up, will link your checking account to another account at the same institution.

Then, in the event that there’s not enough cash in your checking account to cover a transaction, the needed money would then be transferred from the linked account to cover it.

It’s important to remember, however, that some savings accounts have a limit of six withdrawals per month. Also, there may be a fee involved for the funds transfer, but these charges are typically lower than overdraft fees.

Another perk of overdraft protection is that it can help you avoid the awkwardness of having your transaction denied.

Recommended: Can You Overdraft Your Savings Account?

6. Be Careful About Where You Use Your Debit Card

Here’s another way to avoid incurring overdraft fees:

• You may want to use something other than your debit card to check into a hotel or rent a car. These companies may put a hold on your card equal to or sometimes greater than the full amount of your bill.

In this case, money wouldn’t actually be withdrawn from your account, but it also wouldn’t be available for you to use. If you use your debit card to make another purchase and don’t realize that the hold is tying up your money, you may put yourself at risk for overdrafting.

If you’re planning to use your debit card to book a hotel or rent a car, you might want to check company policies in advance.

• You may also want to avoid using your debit card to make lots of small purchases. These might be harder to keep track of and could add up quickly, making it more difficult for you to know how much money is flowing out of your account.

If you lose track of your spending, this too could put you more at risk for overdrafting.

7. Use Prepaid Debit Cards

Another tactic for avoiding overdraft fees is to do your spending with prepaid debit cards. These cards are often branded with a credit card logo and can be bought in a variety of sums. They come preloaded with that amount of money, and you spend until the cash value is gone. In this way, overdrafting isn’t a possibility. This might help some people stick to their budget.

8. Schedule Payments Carefully

You might also eyeball when payments are due, and see how that dovetails (or doesn’t) with your paycheck schedule. For instance, you might be more likely to overdraft your account if your credit card payment is due a couple of days before your paycheck hits. If that’s the case, you might try contacting your credit card issuer and see if they could move your due date slightly to better accommodate your cash flow. Many companies will do that.

9. Use Mobile Banking Apps

Here’s one more way to avoid overdraft fees: Use a mobile bank app, which can let you see your balance, pending payments, and spending in one click glance at your mobile device.

This can make it easy to eyeball how your money looks and avoid overspending.

10. Consider a Bank With No Overdraft Fees

Some banks are recognizing what a pain point overdraft fees can be for consumers. You may find that some are lowering their charges, and others are actually providing fee-free overdraft coverage. This may be limited to a certain amount (such as covering the first $50 of an overdraft) and may require the customer to get back to a positive balance within a certain period of time (say, until your next direct deposit hits). It can be wise to shop around for this feature; you may find it more often at online vs. traditional banks.

What to Do If You Overdraft

If you overdraw your account, here are some steps to take:

• The best first step is generally to transfer money into the account right away. You might still be able to prevent an overdraft fee.

You may then want to see if your provider has a daily cutoff time or deadline for adding money to an account to correct a negative balance that same day to avoid fees.

Even if you miss the cutoff, transferring money into the account soon can prevent other fees. That’s because leaving a balance negative for several days can sometimes result in an extended overdraft fee.

• If you are charged an overdraft fee, however, that doesn’t automatically mean you are stuck paying it. It doesn’t hurt to negotiate to try to have the fee reimbursed.

You can try to get overdraft fees waived by calling the bank and politely asking if they will remove the charge—if it’s your first offense, you might prevail. You may also want to ask your bank if it has a formal forgiveness program. Some institutions have policies to waive the first fee charged each year or if a customer is experiencing economic hardship.

The Takeaway

Overdrafting is when you try to spend more money from your checking account than you actually have in that account. Banks will often let your charge go through instead of declining it, but then will charge you an overdraft fee that can be around $35. These fees can add up quickly, especially if you don’t realize you overdrafted your account and continue to make purchases.

But there are a few simple ways to avoid hefty overdraft fees, such as opting out of overdraft coverage, setting up an automatic low-balance alert, linking your accounts, keeping a little cushion in your account, or banking where you get a level of no-fee overdraft coverage.

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Source: sofi.com

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Why the Bilt World Elite Mastercard® Credit Card is better for renters and travelers

Pay rent with a credit card

Transfer to travel partners

Bonus points in several categories, with an extra boost on “Rent Day”

Why you may prefer the Wells Fargo Autograph℠ Card

Snag a sign-up bonus

Pay over time with 0% introductory APR

Earn higher rewards on travel, gas stations and streaming services

Potential tie-breakers

Simplicity of earning rewards

Metal vs. plastic

Which card should you get?

Apache is functioning normally

Related

Apache is functioning normally

In This Piece:

What Is an ACH Transfer?

How Does an ACH Transfer Work?

Types of ACH Transfers

ACH Direct Deposits

ACH Direct Payments

How Long Do ACH Transfers Take?

How much Do ACH Transfers Cost?

External ACH Transfer Fees

What Are the Pros and Cons of ACH Transfers?

What’s the Difference between ACH Transfers and Wire Transfers?

How to Make ACH Transfers Faster

Can ACH Transfers Hurt My Credit Score?

Why the Bilt World Elite Mastercard® Credit Card is better for renters and travelers

Pay rent with a credit card

Transfer to travel partners

Bonus points in several categories, with an extra boost on “Rent Day”

Why you may prefer the Wells Fargo Autograph℠ Card

Snag a sign-up bonus

Pay over time with 0% introductory APR

Earn higher rewards on travel, gas stations and streaming services

Potential tie-breakers

Simplicity of earning rewards

Metal vs. plastic

Which card should you get?

5. Put Saving on Autopilot

6. Manage Mail as Soon as It Arrives

7. Organize Your Online Accounts

8. Make a Plan to Manage Debt

The Takeaway

FAQ

How do I organize my personal household finances?

How do I organize my monthly bills?

What Are Social Security Benefits?

At What Age Can You Collect Social Security?

What Is the Early Retirement Age for Social Security?

Can You Claim Social Security While You’re Still Working?

Pros and Cons of Claiming Social Security Early

The Takeaway

FAQ

Can I take Social Security at age 55?

What happens to my Social Security if I retire at 55?

What is the average Social Security benefit at age 62?

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3. On Time Is Better Than Perfect

4. Don’t Always Trust Social Media

5. 30 Is Not Old

6. Expect Your First Job to Be Hard

7. Get Advice From Experts

8. Influencers Aren’t All That Unique

9. You May Need to Compromise on Your Job

10. Adult Life Is Challenging

11. No One Cares About High School

12. Take Responsibility for Your Mental Health

13. You Don’t Need Constant Relationships

14. Be Respectful of Others

15. People Don’t Care That Much

16. You Need to Adapt

17. School Is Not Useless

18. Let Emotions Just Be Emotions

19. Don’t Pay Too Much for College

20. You’re Not the Main Character

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About the Author

In This Piece:

What Is an ACH Transfer?

How Does an ACH Transfer Work?

Types of ACH Transfers

ACH Direct Deposits

ACH Direct Payments

How Long Do ACH Transfers Take?

How much Do ACH Transfers Cost?

External ACH Transfer Fees

What Are the Pros and Cons of ACH Transfers?

What’s the Difference between ACH Transfers and Wire Transfers?

How to Make ACH Transfers Faster

Can ACH Transfers Hurt My Credit Score?

What Are Duplicate Checks?

How Do Duplicate Checks Work?

Are Duplicate Checks Legal?

Where Can I Get Duplicate Checks?

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Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus. Plus, get up to 4.60% APY on your cash!1

Single vs Duplicate Checks: What’s the Difference?

Pros of Duplicate Checks

Safer than Carrying Cash

Ease of Use

Convenience

Checks Can Be Canceled If Stolen

Cons of Duplicate Checks

Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus. Plus, get up to 4.60% APY on your cash!¹

Open a SoFi Checking and Savings Account with direct deposit and get up to a $250 cash bonus². Plus, get up to 4.60% APY on your cash!¹