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Apache is functioning normally

August 30, 2024 by Brett Tams

A money order is essentially a paper check that you prepay, so it can’t bounce like a check can. Money orders guarantee the payment will go through which can give a payment some much-needed validity.

If someone hasn’t bought a money order before, they may not know how the process works. Keep reading to learn what a money order is and how to fill out a money order, step by step.

What Is a Money Order?

Unlike a check, a money order isn’t linked to the payer’s checking account. Instead, the money order is paid for upfront with cash. The payer must buy the money order and this can be done at select financial institutions or the U.S. Postal Services.

Some people request payments be made by money order because the money order can’t bounce like a check paid from your checking account could. If the money order is real and valid, then the funds are guaranteed because the payment was made at the time of purchase.

Money orders may be viewed as a bit old-fashioned, but they’re still around for a reason — they’re reliable.

Recommended: What Is a Cashier’s Check?

What Is Needed to Fill Out a Money Order?

Not sure what information you’ll need to fill out a money order? Generally, payers should have the following information on hand when they’re ready to buy a money order.

• Payee’s name (must be spelled the same as the name on their ID)

• Payee’s address

• Your name and address

• Memo information (payment reason, account number, etc.) is optional

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5 Steps to Filling Out a Money Order

When you’re ready to fill out a money order, you can purchase one at locations such as:

• Banks and credit unions

• Post offices

• Grocery and convenience stores

• Walmart and other mass retailers

• Check-cashing companies

When you buy one (whether paying in cash, with a debit card, or possibly buying a money order with a credit card), you’ll need to provide the payment amount for the money order, and then follow these steps to fill it out:

Step 1. Add the Payer’s Name and Address

Write the name of the individual or business that the payment is going to. It’s vital that the payee’s name is spelled correctly, because when they go to cash a money order (they have a few options for where they can cash their money order), they will have to show their ID to confirm they’re who the money order is for.

Step 2. Write Your Name and Address

The payer then typically needs to write down their name and address in the purchaser section of the money order. Again, this is a step that requires care; write clearly and accurately.

Step 3. Add an Optional Memo

If the payer wishes, they can add additional info in the memo such as what the money is going to be used for or their account number (this is more common when paying bills).

Step 4. Sign the Money Order

To make a money order official, the payer has to sign it.

Step 5. Keep the Receipt

It’s important to hold onto the receipt for a money order until the payer confirms that the payee received and cashed or deposited the money order. This is a crucial step that shouldn’t be skipped. If for some reason the money order is lost, stolen, or involved in a form of fraud, then having the receipt is necessary in order to cancel the money order.

How Long Does It Take for a Money Order to Go Through?

It can take from a few hours to two weeks for a money order to go through. If you make funds available and the payee goes to a pickup location, the process might only take a couple of hours. If a person cashes a money order and transfers it to a bank account, it could take a couple of days. Or it might take longer if mailed and then cashed. (Payment forms such as a wire transfer can be faster, but that requires the payer to have a bank account.) If someone sends a payment via money order and it hasn’t been cashed or deposited within two weeks, then it may be time to cancel the money order.

Typically, money orders only take a few days to arrive via mail, but holidays and weekends can cause delays. The recipient also has to take the steps necessary to deposit or cash the money order. Though they are typically good indefinitely, they could potentially start losing value after an extended period of time due to service charges.

Recommended: How to Transfer Money from One Bank to Another

Importance of Filling Out a Money Order Correctly

It’s vital to fill out a money order correctly, as it’s not possible to change the details on a money order after completing it. It’s especially important to correctly write the name of the recipient since the name on the money order needs to match the name on their ID in order to cash it.

It’s also important to fill out a money order as soon as possible when you buy it. If you purchase a money order and it gets lost or stolen before you fill it out, the person who obtains it could fill it out to themselves and cash it.

How Much Does It Cost to Send a Money Order?

How much it costs to send a money order depends on where the money order is purchased. It usually only costs $1 to $5, and how much it costs can also depend on the value of the money order. For example, if you obtain a money order at a U.S. Post Office at the time of publication, the fee will be $2.35 if the value is up to $500 and $3.40 if the value is between $500.01 and $1,000, the maximum amount available.

Sending a money order internationally can also increase costs.

Recommended: ACH vs Wire Transfers: Which Should You Use?

The Takeaway

Money orders can offer an affordable and convenient way to send someone a guaranteed payment — unlike a check which can bounce. Filling out a money order typically involves writing the payee’s and payer’s name and address, adding a memo if desired, and signing the money order; keeping the receipt is an important step, too.

Money orders aren’t the only way to send payments, though. Your banking partner probably has several other possibilities available to you.

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

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

What can you use a money order for?

Money orders can be used to make a variety of different types of payments. They can come in handy for making purchases when someone can’t write a check because they don’t have a checking account. A good use of a money order can be paying rent, since the landlord knows the payment is guaranteed, but many different vendors accept money orders, and it can be a convenient way to make international payments.

What are some alternatives to money orders?

If someone doesn’t want to buy a money order, they have a few alternative payment options available to them like a cashier’s check, which is guaranteed by the financial institution issuing it. Other options include wire transfers and digital payment services.

How long does it take to fill out a money order?

It generally only takes a few minutes to fill out a money order. To make the process go faster, it’s a good idea to know the exact spelling of the recipient’s name to add to the money order, as well as their address. Having the right amount of cash on hand to purchase the money order can also make the transaction go swiftly.

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SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.50% 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 members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

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 4.50% 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 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

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Source: sofi.com

Apache is functioning normally

August 28, 2024 by Brett Tams

Sticking to a budget can be challenging, but one of the best ways to succeed is to find a system that works for you. Following a method that meets your needs and preferences can go a long way towards getting your spending and saving on track.

One Japanese budgeting method that’s gaining a lot of attention these days is the kakeibo (pronounced kah-keh-boh) method. Essentially, this budgeting method involves keeping a journal of all incoming and outgoing money to encourage a more mindful approach to spending.

Let’s take a closer look at how this unique Japanese money management method works, including:

• What does kakeibo mean?

• How does the kakeibo method work?

• What are the kakeibo categories?

• How can you properly use kakeibo to budget better?

What Is the Kakeibo Method?

Kakeibo translates to “household financial ledger” and is a very simple budgeting method. All you have to do to embrace the kakeibo method is keep a journal and log all of your incoming earnings and all of your outgoing expenses. By keeping this journal, you, the spender, will become more mindful of each purchase you make. This can help you focus more on your goals than on impulse purchases.

At its most basic, the kakeibo method could be thought of as “slow budgeting,” meaning it slows down the pace of managing your finances. In a world of apps and websites, it may suit those who want to unplug a bit and let the details of a budgeting program really sink in by working with pencil and paper, although there are digital tools that can make kakeibo work for those who love one-click convenience.

How Does Kakeibo Work?

The kakeibo method works by creating a kind of detailed line item budget at the beginning of each month based on your projected income and spending, while keeping savings goals in mind. As you spend money throughout the month, you will keep a diary or journal of sorts where you track every single penny you spend.

At the end of the month, you can review your journal to see the progress you’ve made on your savings goals and if you stuck to your original targets. This reflection period can also help you adjust your monthly budget or behaviors as needed in the upcoming month.

History of Kakeibo

Kakeibo was invented in 1904 by Hani Motoko, who is often referred to as Japan’s first female journalist. She designed this system as a way to make a budget for beginners. Specifically, she was creating a budget system for homemakers to keep track of their household spending. The concept she designed is simple and gives people control over their budgets while helping them become more aware of their spending habits.

Properly Using Kakeibo

There are four important questions you can ask yourself in order to use this Japanese budgeting method properly.

How Much Money Do You Have to Spend?

First, it’s important to write down how much income you expect to come in. If you are a W2 employee, you can simply look at past paychecks to figure out how much you bring into your bank account after taxes in a month If you are self-employed or work variable hours, you can look at multiple months of past income to get a general idea of how much you earn.

How Much Would You Like to Save?

An important part of any budget that’s easy to forget is adding savings goals as a fixed expense. You can ask yourself how much you want to save each month and add it into your budget so you don’t accidentally spend that money.

If you’re wondering how much money to save each month, financial experts typically recommend 20% should go towards funding your savings goals. This is part of the popular 50/30/20 budget rule, which you’ll learn more about below.

How Much Money Are You Spending?

While it can be hard to nail down exactly what you spend in a month, you can start with the “needs” in life. What are the basic expenses of living? These include the essentials you need to survive, such as:

• Housing

• Food

• Basic clothing

• Utilities

• Healthcare

• Transportation for work and school

• Debt payments

As you watch your budget, kakeibo encourages you to see how your discretionary spending is evolving. For instance, you may realize that during the pandemic, you signed up for a variety of streaming services which you forgot about. You might opt to unsubscribe for one or more of them.

However, it also (as you will see from how expenses are categorized, below) encourages you to think about how to use your dollars to make your life more enjoyable.

How Can You Improve Next Month?

Any budget is a work in progress. A key element of the kakeibo method is journaling spending to encourage mindfulness. At the end of the month, you can look back at your spending to see where you can improve.

In this way, you become more intentional with your money. By getting granular with your understanding of your spending, you will better realize the impact of unplanned, impulsive or compulsive spending. And you will hopefully be better able to rein it in.

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Kakeibo’s Category System

The kakeibo method involves tracking spending in four different budget categories. Here’s how they stack up:

1. General

This category consists of essentials that you can’t cut from your budget like food, utilities, healthcare, rent, and transportation. Now, while it’s true these expenses can’t be cut entirely because they are necessities, they could be decreased if needed. You could look for ways to decrease your heating bill in winter, or even move to a smaller home or one in a less expensive neighborhood.

Recommended: How Much Should I Spend on Rent?

2. Wants

Wants are purchases someone enjoys like travel, clothing, and dining out, but that aren’t essentials. Sometimes, it’s easy to blur the lines between needs vs. wants and believe that discretionary expenses are musts. A few examples:

• Thinking you need your fancy takeout latte every morning when you really could have made a cup of joe at home for a fraction of the price.

• Saying you “had” to take an Uber when, if you’d woken up a bit earlier, you could have used public transportation.

• Insisting that you “must” buy new clothes every fall, even though you might have a closet full of wearable garments.

It can be helpful to do a little soul-searching as you categorize your spending to make sure you properly identify your purchases.

3. Culture

This unique budgeting method carves out space for cultural activities. These could include:

• Museum admission or membership

• Tickets to a concert, play, or dance performance

• Books

• Admission to a local garden or zoo

Thanks to this category, the kakeibo budgeting method can get you thinking about spending towards quality of life and valuable experiences, rather than just material goods.

4. Unexpected Extras

This category includes purchases that aren’t recurring and may come as a surprise. Some examples are:

• Birthday or holiday gifts

• Car repairs

• Unexpected medical bills

These kakeibo categories can help you get a clearer understanding of where your money is going. This can, in turn, make it easier to adjust spending habits and meet savings goals. While it can feel a bit tedious to write down every single purchase, doing so can help make spending become much more mindful.

How Kakeibo Is Different From Other Budgeting Methods

Each budgeting method puts its own spin on money management. The kakeibo method is different from other types of budgets because it focuses more on creating better spending habits than strictly sticking to a budget.

By making you aware of your spending in detail, you become better attuned to your money and more aware of how impulse spending can derail your budget.

Benefits of Kakeibo

Having a budget that illuminates your financial situation and helps you avoid overspending can be a key step in financial self-care. Kakeibo has helped many people with this. Some of the specific benefits associated with this method include:

• Makes spending more mindful

• Simplifies budgeting into four distinct categories

• Encourages realistic savings goals

• Emphasizes making slow but steady progress

• Celebrates small achievements.

Disadvantages of Kakeibo

There are also some disadvantages associated with kakeibo that some budgeters may find discouraging.

• Can be time-intensive

• Detailed record-keeping is required, which can be tedious to some people

• May not provide enough structure to motivate some

Who Is Kakeibo Suited for?

The kakeibo method is best suited for someone who wants a simple budgeting method, who needs to make their spending habits more mindful, and who wants to work towards savings goals.

It may also be best for people who don’t get impatient with record-keeping, as it does involve very detailed tracking of expenses.

Alternatives to Kakeibo

If you feel the kakeibo method isn’t the right budgeting system for you, consider one of these budgeting systems instead:

• Envelope budgeting method. This technique relies on budgeting out purchases for the month in cash envelopes labeled with each intended spending category. So you’d distribute your income into envelopes marked with things like food, clothing, etc. When you’ve spent the money allocated in a given envelope, that’s it; no more is available.

• The 50/30/20 rule. With this type of budget (briefly mentioned above), 50% of expenses go toward necessities, 30% goes toward lifestyle spending, and 20% goes toward saving for financial goals. There’s also a similar budgeting principle called the 70/20/10 rule for those who have higher living expenses.

• Zero-based budget. This budgeting method requires budgeting out every single dollar of income that comes in during a month. This doesn’t mean someone has to spend all of that money; it’s possible to allocate money towards a savings goal.

Banking With SoFi

The kakeibo method is a simple budgeting technique that can help consumers break bad spending habits and become more mindful with their money. It may not work for everyone, but it may be worth a try if you’re ready to devote time and energy towards spending less and saving more.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

How do you do kakeibo?

The kakeibo budgeting method is fairly simple. All you have to do is write down all of the money you have coming in each month (income) and, as you spend it, record where it goes. This method involves tracking spending in four different spending categories: general, wants, culture, and unexpected extras.

Is there an app for kakeibo?

While it’s possible to manage a kakeibo budget with good old-fashioned paper and pen, some people might want to record their spending digitally. There are a variety of apps on the market designed to help people manage their kakeibo budget.

How do you make a kakeibo journal?

All you need to do to create a kakeibo journal is to grab an empty notebook you have on hand or buy an inexpensive one. There’s no need to get fancy here; a blank or lined notebook does the trick.

Photo credit: iStock/mphillips007

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBNK-Q324-040

Source: sofi.com

Apache is functioning normally

August 27, 2024 by Brett Tams

Spending money is typically fun, while saving money is hard — all that temptation to buy cool new things or try the latest restaurant. Which is why we can all use a little extra motivation to stash away some cash, and a savings club can play a role in that process.

Basically, savings clubs are a type of bank account in which the account holder contributes to the account over time to meet a specific goal. It can be a valuable option vs. breaking out your plastic and running up credit card debt.

What Is a Savings Club?

So, what is a savings club? A basic savings club definition is that it’s a bank account that the account holder uses to hold funds to meet a specific savings goal. For example, some people set up what are known as “Christmas clubs” in which they make regular contributions throughout the year to save for holiday gifts, travel, decor, and parties. By saving gradually in advance, they may be able to avoid the wallop of that major end-of-year credit-card bill.

Usually, savings clubs accounts that can be opened at a bank or credit union. They can be a good idea in terms of where to put short-term savings, as they typically earn interest. Often these savings clubs have other incentives attached to them to encourage account holders to follow through on their savings goals. There can also be penalties associated with savings clubs — such as forfeiting earned interest for withdrawing funds from the account early — to help motivate people to keep saving.

Recommended: How Much Money Should I Save a Month?

How Do Savings Clubs Work?

Usually, savings clubs create a schedule the depositor can follow to make regular deposits of a certain amount. So, say you open a savings club account to gather cash for a vacation next summer. If you want to save $1,200 over one year, the club would guide you through depositing $100 a month to meet that goal. Typically, the end date associated with a savings club aligns with your goal, whether that’s heading to Hawaii, getting married, or celebrating the holidays.

Deposits for savings clubs can be drawn from the account holder’s paycheck, which can make it easier to steadily progress towards meeting a savings goal. Automatic savings transfers can be a real helping hand because you don’t see the money in your checking, as if it’s available to be spent.

Some savings clubs allow multiple people to contribute to it — similar to another type of savings account, the joint account — so they can work together towards a savings goal. While usually only couples share a bank account, friends, or family members can choose to contribute to a savings club together to save up for a group vacation, present, or family reunion. Or some financial institutions will allow parents to help a child open a holiday savings account. In all cases, this can be a good strategy, since savings club accounts may offer higher interest than a typical savings account, though there can be penalties for early withdrawal.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.50% APY on your cash!

Benefits of a Savings Club

There are quite a few benefits attached to savings clubs, including:

• Saving on a schedule towards a specific goal

• Offering saving incentives

• Creating discipline in a savings routine

• Teaching children about financial literacy and the value of saving

• Paying higher interest rates than typical savings accounts

Recommended: How Do You Calculate Interest on a Savings Account?

Drawbacks of a Savings Club

There are also some downsides associated with savings clubs worth being aware of:

• Withdrawing funds early can lead to penalties

• Not contributing on schedule can lead to penalties

• Some savings clubs can be banking scams if not hosted by a financial institution such as a bank or credit union (beware “money board” and “circle game” schemes)

• Investing money elsewhere may lead to more growth

Savings Club vs Savings Account: What’s the Difference?

There are many reasons why you would put money in a savings account, and savings clubs offer a specific financial product to serve a specific goal. Let’s look at some differences between these two account types.

Savings Clubs Can Offer Higher Interest Than a Traditional Savings Account

One of the reasons savings clubs can be so motivating is because they often offer a higher interest rate than traditional savings accounts do. Knowing your money can grow faster can be an exciting prospect.

Savings Clubs Have Penalties for Premature Withdrawal

There are no penalties when someone withdraws money from a standard savings account. Nor is there a set period of time they have to keep their money in the account.

With a savings club, however, there can be penalties (such as losing the interest accrued) for actions such as withdrawing funds before the predetermined end date or for not making a contribution according to the savings club schedule. These penalties can be an incentive to save, but they can also create a challenging savings environment.

Savings Clubs Often Require a Minimum Deposit and Term Lengths

While basic savings accounts don’t usually have strict requirements attached to them, savings clubs often have minimum deposit requirements. These requirements may be as low as $1 or can be much higher. Savings clubs can also come with predetermined term lengths — usually six months to a year — and may require automatic weekly or bi-weekly deposits. Some people don’t like feeling “locked in” in this way.

Recommended: How Do Savings Accounts Work?

Starting a Savings Club

In most cases, you’ll start a savings club that’s hosted at a bank or credit union, review the terms, make an initial deposit, and continue funding the account.

Some people may choose to set up social savings clubs with friends and/or relatives by taking the following steps.

• Define a savings goal for the club

• Find people to join the savings club

• Create savings club rules and structure

• Commit to the planned schedule and follow through

Where the funds are actually kept can be decided by the group; an interest-bearing savings account will offer the nice perk of having your money earn money.

Banking With SoFi

Savings clubs can offer a motivating way to stockpile cash, thanks to their usually higher interest rates (compared to traditional savings accounts) and their structured schedule.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.50% APY on SoFi Checking and Savings.

FAQ

Why would someone join a savings club?

Savings clubs can help you efficiently save towards a specific short-term goal, like accumulating money for the holidays or for a vacation. Benefits of saving this way include a motivating format and often a higher interest rate vs. traditional savings accounts do. Also, the potential penalties associated with not sticking to the schedule can also motivate people to save.

Should I have a savings club or savings account?

Whether or not you should have a savings club vs. a standard savings account depends on your personal goals and preferences. If you benefit from having a savings schedule and are offered a good interest rate, it may be a great fit. If, on the other hand, you want the ability to withdraw funds from your account penalty-free, it may not be the right move.

Can I use a savings club for long-term savings?

Savings clubs are usually designed to meet short-term goals, not long-term savings goals. They typically last for six months to a year. Those looking for long-term growth may find that investing money elsewhere can lead to more growth than a savings club can offer.

Photo credit: iStock/MicroStockHub

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

SOBNK-Q324-039

Source: sofi.com

Apache is functioning normally

August 26, 2024 by Brett Tams

I recently came across a simple game on Freecash that said I could make around $300 for playing, so I decided to give it a try. Since I’ve always been curious about whether making money playing games is truly possible (and have wondered how long it takes), I wanted to fully test it out for…

And guess what? It worked!

I earned $302.80 playing Bingo on Freecash on my phone. It took about a week, and I’ve already received the full payment.

What’s even better is that this opportunity isn’t limited to just one game; there are plenty of other games on the Freecash website that have the same potential.

While I’ve already written a detailed Freecash review, I wanted to share this quick update because I wanted to test the gaming side of Freecash myself.

If you’re someone who already enjoys playing games on your phone or if you’re on the lookout for a new side hustle, this is definitely worth checking out. It was surprisingly easy, though it did take a bit of time to make real money playing games.

Click here to sign up for Freecash.

How I Made $302.80 Playing Games on Freecash in Just One Week

Below you will learn all about how I made money playing a game on my phone and what you need to know.

How to get started making money playing games on Freecash

To start making extra money on Freecash, you need to create an account. I signed up by visiting the Freecash website and clicking the “Sign Up” button. I used my email address, but you can also sign up using Google.

Once you have an account, you need to log in. After logging in, you’ll find a dashboard with many game options. I started by choosing a game that seemed fun and easy.

Here’s how to get started making money playing games on Freecash.

Sign up – Create an account on Freecash by clicking here.
Log in – Access your new dashboard.
Choose games – Pick games that interest you.
Get paid – After you reach a certain level, amount of time played, etc. (the reward you get can vary from game to game), you can get paid.

When you first sign up, you’ll only see a few game offers (these are typically their most popular games or best rewards offers). But as you start using them, more will become available. I talked to Freecash about it, and they explained that the offers you see depend on your device, where you are, and other details. You’ll see 1 to 5 offers at first. After you try one, more offers will open up. These first offers change often, based on which ones pay more and how many people are clicking on them.

For me, the game I played was actually the first game offered on a new account (I tested it by creating a brand new account, and the exact game I played and the same rewards were listed).

I enjoyed making extra cash by playing games on my phone. It was a fun way to spend my free time and earn money.

Recommended reading: 23 Best Game Apps To Win Real Money

Proof that I made money playing games on Freecash. The $0.05 amounts were rewards for playing 2 minutes each day. The larger amounts like $40, $70, and $150 were for reaching certain levels.

How much money can you make playing games on Freecash?

The amount of money will vary. Different games have different rewards amounts. And, whether you are playing on your phone or your desktop will change the rewards amount as well.

For example, the Bingo game I was playing was paying around $174 if I played via desktop but a little over $300 if I played on my phone.

Click here to sign up for Freecash.

How long do you have to play games on Freecash?

I spent around 1 to 2 hours a day for around one week in order to make $302 on Freecash.

I think I probably could have sped this up if I would have read the directions of the game, though, as toward the end I finally learned some little tricks that helped me go through the levels faster.

What games can you play to earn money on Freecash?

The games will vary and so will the reward amounts. There are currently 416 games I can play on Freecash and make money with.

There are many popular games that you may already be playing, such as:

Bingo
The Price Is Right
Pool
Solitaire
Scrabble
Yatzy
Word Crush
Blackjack
Crossword
Monopoly

And more.

Did you have to spend money in order to win money in the game app?

No, many of the games (maybe all? or most?) are free to sign up for and give you free daily credits. For me, this was plenty in order to reach each reward. The game I played (and I’m assuming others) had options to buy things, but I did not have to do that.

At one point, I did get an offer from Freecash to spend money in the app.

The offer was: Spend $3 in the app and get $5 back. That was free money, so I decided, “Why not?” – They sent me the money, so that was easy.

Here’s how some other games work:

Free-to-play options – Many game apps that pay real money are free to download and play.
In-app purchases – Some games offer in-app purchases to speed up progress or get special items. I avoided these and still managed to win cash.
Ads – Some of these apps use ads as a way to keep the game free.
Tournaments and competitions – Some games have tournaments that might have entry fees, but there are also free ones.

Why does Freecash pay you to play games?

They pay you to play games for many reasons:

To test out the game apps
So that you will possibly spend money in the app
To get advertising/marketing toward the games

Here’s more info on this:

Freecash pays users to play games because it benefits both the company and the game developers.

First, game developers want more people to try their games. By paying people to play, developers get more users to download and engage with their games. It helps them get more downloads and better reviews.

Second, Freecash partners with these developers. When I play and complete a task in a game, Freecash gets paid by the developers. Then, Freecash shares a part of that payment with me.

Playing games isn’t just for fun; it’s a big business too. Advertisers and developers are willing to spend money to get more people hooked on their products.

What other ways can you make money with Freecash?

Besides playing games on my phone, Freecash offers several other ways to make money.

Surveys – One of the easiest ways to earn is by taking surveys. These can be on topics like shopping habits or favorite brands. Each completed survey adds money to your account.
Online tasks – You can also make money by completing different online tasks. These tasks can include signing up for new websites, watching videos, or even trying out new apps.
Offers – There are special offers where you can earn by signing up for free trials or services.
Referral program – You can refer friends to join Freecash. When they sign up using your referral link, you earn a percentage of what they make.
Daily rewards – Freecash also has daily rewards and bonuses. For example, they have a leaderboard. A couple of the days, I was actually in the top 100 due to the amount that I earned from playing games. I earned a few extra points this way.

These methods make it easy to earn extra cash on Freecash. Each option provides flexibility, so you can choose what works best for you.

Frequently Asked Questions

Here are some common questions people ask about making money by playing games on Freecash.

Can you really make money on Freecash?

Yes, you can make money playing games on Freecash. I made $302.80 using Freecash. This app has many different tasks and games that pay you for your time.

Does Freecash pay for playing games?

Yes, Freecash pays you to play games. You earn points for completing game tasks, which can be redeemed for cash or gift cards.

Can you make money from free games?

Yes, many free games pay rewards or points that you can turn into money. Always read the terms and conditions to know how payouts work.

What are some real apps that pay you to play games on your phone?

Some real apps I have used include Freecash, KashKick, Swagbucks, and InboxDollars. These apps have legit ways to make extra cash by playing games.

Can you actually make cash by playing games on your iPhone or Android?

Absolutely, you can make money playing games on your iPhone or Android. Both iPhone and Android have many different apps where you can receive money by playing games. Always make sure the app is trustworthy before investing your time, though.

How I Really Made Money Playing Games on Freecash – Summary

I hope you enjoyed this article on how I really made money playing games on Freecash.

Making $302.80 by playing games on my phone on Freecash was both fun and rewarding.

I was very surprised by how easy it was to make money playing games on Freecash, and I still can’t believe I made $302 in just one week of playing such an easy game too – Bingo.

Click here to sign up for Freecash.

Have you ever tried making money playing games on your phone? What was the result?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

August 25, 2024 by Brett Tams

Many Reddit users report receiving $10.xx checks for money owed to them as being American Express Business cardholders. Apparently there were $10 wireless credits not paid out and these are being sent out with interest. Some people got $20.xx check or $30.xx checking, presumably for some months combined. Some got even a dozen or more of these checks. It’s been sent even to people who are not aware of any missing credits, so keep an eye out and don’t throw out the mail too quickly.

Source: doctorofcredit.com

Apache is functioning normally

August 24, 2024 by Brett Tams

The Public Service Loan Forgiveness (PSLF) Buyback program lets you earn forgiveness credits for months you didn’t pay due to forbearance or deferment, which can help you get loan forgiveness faster. You must make a payment equal to what you would’ve owed on an income-driven repayment (IDR) plan at the time of your missed bills to get credit, but you should wait until the IDR account adjustment program is over before considering the Buyback program.

For example, if you spent three months in deferment in 2015, and your monthly bill at the time was $100, you could owe $300 through the buyback.

Without the buyback, you typically don’t earn PSLF credit for months your student loans were in forbearance and deferment. (One key exception: if you worked a qualifying public service job during the three-year pandemic payment pause, you still earned forgiveness credit toward PSLF, even if you didn’t make payments.)

The Education Department introduced the PSLF Buyback in the fall of 2023. It applies to missed payments as far back as October 2007, when PSLF was established.

In mid-August, the department also advised borrowers who reach PSLF’s 10-year threshold during the ongoing SAVE lawsuit forbearance to use the PSLF Buyback.

PSLF Buyback requirements

The PSLF Buyback has strict qualification requirements. You may be eligible for the PSLF Buyback if all of the following are true:

You have an outstanding balance on your federal Direct student loans.
You worked a public service job for at least 10 years.
You held a qualifying public service job during the months when you didn’t get PSLF credit due to periods of forbearance or deferment.
Buying back these months will complete your total of 120 qualifying PSLF payments.

To check if you still have an outstanding loan balance, log into your studentaid.gov account. On your main dashboard, you’ll see a “My Aid” section, which says how much you may still owe.

Next, check if you have past forbearance or deferment periods eligible for the buyback. In the top right corner of the “My Aid” section, select the blue “View Details” button. Scroll down to the “Loan Breakdown” section, select ‘View Loans,” then “View Loan Details.” Under “Loan Status,” select “View loan status history.”

You should also confirm that you’ve reported all periods of public service employment by using the government’s PSLF Help Tool.

How do I apply for the PSLF Buyback?

You must submit an online PSLF reconsideration form. Include the this exact wording in your request:

“I have at least 120 months of approved qualifying employment, and I am seeking PSLF or TEPSLF discharge through PSLF buyback. Please assess my eligibility for PSLF buyback.”

If you don’t include that statement, your submission won’t be processed as a PSLF Buyback request.

Next, the Education Department will evaluate your buyback eligibility. If the department approves, it will email you a buyback agreement. This agreement will include the amount you must pay and instructions for how to submit your payment. Your payment is due in full within 90 days of receiving the email from the Education Department.

You must continue to make any monthly payments that are due while your application is pending. You can get a refund for overpayments if your buyback is approved.

How will my PSLF Buyback payment amount be calculated?

The Education Department will calculate your buyback bill based on what you may have owed at the time of your forbearance or deferment.

If you were on an IDR plan immediately before or after your missed payment period, you’ll pay an amount equal to the smaller of those two monthly bills.

If you were not on an IDR plan immediately before or after your missed payment period, your buyback bill will reflect the smallest possible student loan bill you could’ve had at the time, based on your income and family size back then:

For most borrowers in this situation, your payment may be based on the most affordable IDR plan available at the time.
If the standard 10-year repayment plan would’ve given you a smaller bill than an IDR plan at the time, you’ll pay the standard plan amount.
If you had little or no income at the time and would’ve qualified for a $0 payment under an IDR plan, you won’t owe anything to get buyback credit. The forgiveness will be automatically processed when you receive the buyback agreement.

The government may request past tax records to calculate your payment.

PSLF credit during the SAVE forbearance: Use buyback instead of making optional payments

You won’t automatically earn PSLF credit during the forbearance this time — even if you continue to make optional payments. It’s not clear if you’ll automatically get this credit retroactively, either. The Education Department has not guaranteed that after the forbearance period ends, it will go back and count any optional payments you made toward PSLF.

However, the PSLF Buyback is one of two possible workarounds you can use to retroactively get PSLF credit during the SAVE forbearance, according to the latest Education Department guidance.

You must meet the typical PSLF Buyback requirements. The buyback is a good option for borrowers who recently hit their 120 months of eligible employment, or those who will do so during the ongoing forbearance. You must submit a buyback request and make an extra payment of at least the amount you would have owed under an IDR plan during the months you want to buy back.

Your second option: switch to one of the other three IDR plans. Lawsuits are not blocking PAYE, Income-Based Repayment and Income-Contingent Repayment, so enrolled borrowers can still earn PSLF credit. However, the online IDR application is closed as of mid-August, so you’ll need to submit a paper application to your servicer. Prepare to wait months before you’re moved to the new IDR plan — application processing is also temporarily on hold.

Wait until the IDR account adjustment is over

Don’t jump on the PSLF Buyback train until the IDR account adjustment hits your account. The IDR account adjustment program is giving millions of borrowers forgiveness credit for previous periods of forbearance and deferment, in an effort to fix long-standing flaws in the IDR forgiveness system. The adjustment is scheduled to wrap up by Sept. 1, according to the latest Education Department guidance.

Source: nerdwallet.com

Apache is functioning normally

August 20, 2024 by Brett Tams

You may think of a bank as simply a safe place to put your money. But banks do a lot more than accept deposits. They also extend loans, facilitate payments, exchange currency, set monetary policy, and provide a range of other financial services to individuals, businesses, and governments. Here are key things to know about banks, including how they work, how they make money, and the different products and services they offer.

What Is a Bank?

By definition, a bank is an institution that accepts deposits in checking and savings accounts and makes loans. In serving both functions, banks act as intermediaries between depositors (who essentially lend money to the bank) and borrowers (to whom the bank lends money). The money the bank pays to depositors and charges on loans is called interest.

Banks also offer a range of other financial products and services, including:

• Credit cards

• Investment accounts

• Wealth management services

• Individual retirement accounts (IRAs)

• High-yield savings accounts

• Certificates of deposit (CDs)

• Money market accounts

• Currency exchange

• Safe deposit boxes

Banks also facilitate payments — from employers to employees, buyers to sellers, and taxpayers to the government — and play a major role in the nation’s economy. There are also many different types of banks, including retail banks, corporate banks, and central banks.

How Do Banks Make Money?

Banks typically generate revenue through a variety of channels. These include:

• Interest on loans: Banks lend money to individuals and businesses at higher interest rates than what they pay on deposits, earning the interest rate spread.

• Fees: Banks may charge fees for various services, including account maintenance, overdrafts, wire transfers, and out-of-network ATM usage.

• Investment income: Banks may invest in securities, bonds, and other financial instruments, earning returns on these investments.

• Interchange fees: When customers use their debit or credit cards, banks earn fees from merchants processing the transactions.

Get up to $300 when you bank with SoFi.

Open a SoFi Checking and Savings Account with direct deposit and get up to a $300 cash bonus. Plus, get up to 4.60% APY on your cash!

A Brief History of Banks

The concept of banking dates back to ancient civilizations, when temples were used as safe places to store valuable items and grain, and priests would lend these resources to local farmers and merchants. The temples were also responsible for keeping records of these transactions, laying the groundwork for bookkeeping.

The first modern banks emerged in Renaissance Italy, with institutions like the Medici Bank setting the standard for banking operations. Over centuries, banks evolved, expanding their products and services and adopting technological advancements to meet the growing demands of consumers and businesses. Today, banks are integral to the global economy.

Modern Bank Products for Consumers

Modern banks offer a variety of products tailored to meet the financial needs of consumers. Common banking products include:

Loans

Banks provide various types of consumer loans, such as mortgages, personal loans, and auto loans. These loans help individuals finance large purchases and manage their cash flow.

Savings and Checking Accounts

Savings and checking accounts are fundamental banking products. A savings account is designed to hold cash you don’t need right away and allow you to earn interest and grow your money over time.

Checking accounts are set up to offer easy access to funds for everyday transactions. They come with checks and typically a debit card that can be used for purchases or to withdraw funds at an ATM. Checking accounts generally earn little or no interest, though some banks now offer high-yield checking accounts.

Mortgages

Banks offer mortgage loans to help individuals purchase homes. These long-term loans typically come with fixed or variable interest rates and generally require you to use the property being purchased as collateral for the loan. Mortgage terms are typically 15, 20, or 30 years.

Investing Accounts

Many banks offer investment accounts, including IRAs and taxable brokerage accounts. These accounts enable customers to invest in stocks, bonds, mutual funds, and other financial instruments designed for long-term growth.

Credit Cards

Credit cards provide consumers with a revolving line of credit, allowing them to make purchases and pay for them over time. Banks earn interest and fees from credit card users, making it a significant revenue source.

Certificates of Deposit (CDs)

CDs are time deposits that offer a fixed interest rate for a specified term. You agree to leave your money in the account for a set period of time (which generally range from three months to five years). In return, these accounts typically pay a higher interest rate than a standard savings account.

Money Market Accounts

A money market account is a hybrid account that offers competitive interest on your balance, along with the conveniences of a checking account, such as a debit card and checks. However, you may be limited to a certain number of withdrawals per month. Some money market accounts also have minimum balance requirements.

Useful Bank Features

In addition to products, banks offer various services to help customers manage their money. Here are some features you may want to look out for when exploring different bank options.

Customer Support

Banks typically offer customer support through various channels, including phone, email, online chat, and in-person assistance. Whether you need assistance with your checking account or help choose between two banking products, a customer service rep can generally point you in the right direction.

Credit Score Checkers

Many banks offer tools that allow customers to monitor their credit scores for free. This service allows you to stay informed about your credit health and, if necessary, take steps to build your scores. Having strong credit can help you unlock credit cards, mortgages, and other types of loans with attractive rates and terms.

ATMs

Whether you open an account at a traditional brick-and-mortar institution or an online-only bank, you’ll typically have access to a wide network of fee-free automated teller machines (ATMs). This allows you to withdraw cash or make deposits without needing to visit a branch during business hours.

Online/Mobile Banking

Online banking and mobile banking apps allow you to monitor your accounts, transfer money, pay bills, and deposit checks from your computer or mobile device.

Financial Planning Tools

Many banks offer financial planning tools that help customers budget, save, and invest wisely. These tools can include calculators, goal-setting features, and personalized financial advice.

Bank Regulations

While banks are typically privately owned entities that must answer to their shareholders, banking is a highly regulated industry. Regulatory bodies, such as the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC), oversee banks’ operations, ensuring they adhere to laws and maintain sufficient capital reserves. This is to minimize disruptions and ensure the U.S. banking system runs smoothly.

The majority of U.S. banks are also insured by the FDIC. This covers deposit accounts up to $250,000 per insured bank, per depositor. Co-owners of joint accounts at the same bank are typically each insured up to $250,000. The agency’s BankFind site can help you identify FDIC-insured banks throughout the country.

Types of Banks

There are several different types of banks, each serving different purposes and customer bases. The large global banks often operate separate arms or divisions for each of these categories.

Retail Banks

Retail banks focus on individual consumers, rather than businesses or other banks. They provide personal banking services, such as checking and savings accounts, personal loans, mortgages, auto loans, short-term loans like overdraft protection, and credit cards. They may also offer access to investment products, such as mutual funds and IRAs.

While some retail banks offer in-person services through brick-and-mortar locations, others operate exclusively online. Due to lower overhead costs, online banks tend to offer higher yields on savings accounts and charge lower (or no) fees.

Recommended: What Is Neobanking and How Does it Work?

Corporate Banks

Corporate banks (also known as commercial banks) cater to large businesses and corporations. They also serve government agencies and institutions like colleges and universities. Along with business checking and savings accounts, these banks offer business loans and lines of credit, letters of credit, payment processing, foreign exchange transactions, and more for their clients.

Investment Banks

Investment banks serve as intermediaries in large, complex financial transactions. They specialize in initial public offerings (IPOs), raising capital, facilitating mergers and acquisitions, and providing advisory services to corporations and governments. Unlike retail banks, they do not take deposits from or provide loans to the general public.

Central Banks

Central banks manage a nation’s monetary policy, regulate the banking industry, and act as a lender of last resort. The central bank in the U.S. is the Federal Reserve (a.k.a, “the Fed”). The Fed sets the federal funds rates, which impacts everything from the annual percentage yields (APYs) you earn on savings accounts to the interest rates you pay on credit card balances and loans. Unlike the banks types listed above, central banks do not deal directly with the public.

Pros and Cons of Banks

Retail and commercial banks offer myriad benefits, but they also have some downsides. Here’s a look at how the pros and cons stack up.

Pros	Cons
Safe and secure	Potential fees for various services
Easy access to funds	Lower interest rates on deposits
Wide range of services	Potentially complex fee structures
Highly regulated	Potential for poor customer service

Pros

• Safety: Banks provide a secure place to store money, reducing the risk of theft or loss. Deposits in most banks are federally insured (up to certain limits), which means that even if the bank were to fail, customers will still recover their funds, up to the insured limit.

• Convenient access to funds: Banks offer easy access to funds through a network of branches, ATMs, and digital banking platforms.

• One-stop shop: Banks provide a variety of financial services beyond basic checking and savings accounts, allowing you to manage all aspects of your finances under one roof.

• Regulatory protection: Banks are heavily regulated by government agencies. These regulations protect consumers from fraud, ensure the safety of deposits, and promote ethical banking practices.

Cons

• Fees: Banks often charge fees for their services, including fees for account maintenance, overdrafts, and wire transfers.

• Low interest rates: Many banks offer relatively low interest rates on savings accounts and other deposit accounts. These rates often fail to keep pace with inflation, which can diminish the purchasing power of your savings over time.

• Complex fee structures: The complexity of bank fees can create confusion for customers and result in unexpected expenses.

• Potential for poor customer service: Large banks may offer impersonal or poor customer service due to their size and scale.

Banks vs Credit Unions

While banks and credit unions offer similar financial services, there are key differences between them. Here’s a closer look:

Ownership

Banks,typically, are owned by shareholders and operate for profit. Credit unions, by contrast, are owned by their members and operate on a not-for-profit basis. The main goal of a credit union is to benefit its members.

Fees and Interest Rates

Credit unions often offer lower fees and better interest rates on loans and savings accounts compared to traditional banks, as they are not driven by maximizing profits.

Membership

Banks are open to the general public. Credit unions require membership, which may be based on specific criteria such as employment, geographic location, or affiliation with a particular organization.

Customer Service

Credit unions tend to provide more personalized customer service due to their smaller size and member-focused approach. While small banks can also offer personalized customer service, larger banks may lack the personal touch.

Getting Started Banking With SoFi

A bank is an excellent resource to help manage your money. You can deposit funds for safekeeping, manage everyday spending, and invest for the future. Understanding the products, services, and perks offered by different banks can help you find the institution for your needs.

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

FAQ

How do banks make money?

Banks primarily make money by lending out deposits at higher interest rates than they pay to depositors, earning the interest rate spread. They also earn money from the fees they charge for account maintenance, overdrafts, and transactions. Additionally, banks may invest in securities and earn returns.

Why do they call it a bank?

The term “bank” is thought to originate from the Italian word “banca,” which means bench or counter. In medieval times, moneylenders conducted their business on benches in marketplaces, and the term evolved to represent financial institutions.

What is a bank, simply put?

Simply put, a bank is a financial institution that accepts deposits and makes loans. Banks also play a key role in a nation’s economy, facilitating the management and movement of money for individuals, businesses, and governments.

Photo credit: iStock/Pgiam

SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

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

*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

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Source: sofi.com

Apache is functioning normally

August 17, 2024 by Brett Tams

Virgin Red — the rewards program for the Virgin Atlantic airline, Virgin Hotels and Virgin Voyages cruises — is launching a new credit card. The Virgin Red Rewards Mastercard, issued by Synchrony, isn’t open for applications yet. For now, you can join the waitlist and be notified when the card becomes available in fall 2024.

The Virgin Red Rewards Mastercard will charge a $99 annual fee, but will charge no foreign transaction fees.

Benefits of the Virgin Red Rewards Mastercard

Rewards

Image courtesy of Virgin Red

The Virgin Red Rewards Mastercard will offer a welcome bonus of 40,000 Virgin Points when you spend $3,000 in the first 90 days.

Cardholders will also earn:

3 Virgin Points per $1 spent on Virgin Atlantic, Virgin Hotels and Virgin Voyages purchases.
1 Virgin Point per $1 spent on anything else.

Travel perks

If you spend $15,000 per year on the Virgin Red Rewards Mastercard, you can select one “exclusive Virgin perk,” such as:

A voucher for a companion seat or seat upgrade on a Virgin Atlantic flight.
A free night or suite upgrade at a participating Virgin Hotel.
Up to a $300 bar tab on a Virgin Voyages cruise.
A “Blue Extra Perks Package” with Virgin Voyages, which includes laundry service, access to an exclusive cocktail party and daily coffee credits.

You can select a second perk once you spend $30,000 in a year, and if you reach that spending threshold, you can choose the same perk twice if you’d prefer.

There are also a number of ways to earn extra points. Get 5,000 Virgin Points each year when renewing your card. If you add authorized users, you’ll get 2,500 points per person (up to four people).

You’ll earn 25 Flying Club Tier Points after $2,500 in eligible purchases, with a maximum earning of 50 Tier Points per month. Flying Club Tier Points will move you up to higher status levels with Virgin Atlantic.

Also, you can get a third night free after booking two nights at a participating Virgin Hotel once per year.

How to redeem Virgin Points

Redeem Virgin Points for flights, hotel stays and cruises through the Virgin brand. You can also use points for experiences like bike or kayak tours, wine tastings, movie tickets and more.

Source: nerdwallet.com

Apache is functioning normally

August 17, 2024 by Brett Tams

When electioneering, the best pledges are catchy enough to get stuck in a voter’s head. During this election, “no tax on tips” seems to be the phrase fitting that bill.

Both presidential candidates are embracing the promise to exempt workers from paying taxes on their tips. But the problem with no-tax-on-tips proposals, experts say, is that they’re clearly a bid for votes rather than a substantive solution to address the fundamental needs of tipped workers.

“This wouldn’t help very many workers, and it could actually be very harmful to millions more, with the real benefits of this policy change going to employers and the wealthy at the expense of working people,” says David Cooper, researcher from EPI Action, a nonpartisan research and advocacy organization.

How a no-tax-on-tips promise entered the election

On June 9, former President Donald Trump made a promise to end taxes on tips in front of service workers in Las Vegas. Last weekend, in Las Vegas, Vice President Kamala Harris made a similar pledge. It’s no coincidence that both candidates made the announcement in Las Vegas — leisure and hospitality is the dominant industry in the metro area, Bureau of Labor Statistics data shows.

On Monday, White House press secretary Karine Jean-Pierre said that President Joe Biden also supports eliminating taxes on tips for service and hospital workers, as well as raising the minimum wage.

The policy is undeniably appealing for tipped workers and the unions that represent them. After all, who doesn’t want a tax break when they can get it? Experts say the message to voters may be effective, but the policy is less likely to be.

“I’d say, thumbs down to the policy proposal; it’s bad tax policy,” says Kyle Pomerleau, a senior fellow studying federal tax policy and reform at American Enterprise Institute, a right-leaning think tank.

How do tips factor into wages?

Tipped workers are some of the most visible workers: They’re taking your coffee order, cutting your hair, serving your meals in restaurants, delivering your groceries and ridesharing you around town. And yet, the Budget Lab at Yale University estimates there are only about 4 million workers in tipped positions in 2023 — about 2.5% of the entire U.S. workforce.

The most typical tipped work is in the service and hospitality industry. Tipped workers also tend to be younger than the rest of the working population — 20 to 34 years old, according to Yale Budget Lab.

In order to qualify as a tipped worker, you must earn more than $20 per month in tips. In tipped positions, workers must receive a subminimum wage, also known as a cash wage, of $2.13 per hour. A subminimum wage is combined with tips in order for workers to earn at least the federal minimum wage of $7.25 per hour. If an employee earns a subminimum wage plus tips less than $7.25 per hour, an employer must make up the difference.

There’s also something called tip pooling that’s often done in restaurants; it’s where the front of the house (servers and bartenders) share their tips with each other, as well as with the back of the house (such as cooks and dishwashers). In this scenario, all employees who receive pooled tips — including the workers who earn the tips — must make at least the federal minimum wage, according to the Department of Labor.

It’s unclear how often restaurants properly adhere to wage rules because tipping is notoriously underreported. Although, that’s less of an issue now since most people pay electronically and don’t leave cash tips as often anymore, says Howard Gleckman, senior fellow in the Urban-Brookings Tax Policy Center at the Urban Institute.

How do taxes on tips work?

Median weekly wages, including tips, are $538 among tipped workers, compared to a median of $1,000 among non-tipped workers, according to 2023 estimates by Yale Budget Lab. Many tipped workers earn so little they already aren’t required to pay federal income taxes; Yale Budget Lab estimates this is the case for about 37% of tipped workers.

It’s likely only a small sliver of the tipped worker population would get the tax advantage that Trump and Harris propose — and that’s without knowing what specific income limits would be set by either candidate’s plan.

“Think about somebody who is a server at ‘Bob’s Diner’ — it has a $9.95 special and [the server] is going to get two bucks,” says Gleckman. “If you’re a server at some fancy downtown steakhouse where dinner is $200, you’re going to get 40 bucks, right? So for those higher income servers, this [policy] can make some difference. But for most people, it won’t really matter at all.”

There’s another important distinction about tips and taxes: Even when workers don’t have a federal income tax obligation, workers and their employers must pay federal payroll taxes, which fund Social Security and Medicare programs. That also means they must continue to report tips, even if federal taxes on tips are eliminated; also, the proposals would not affect state income tax requirements.

Neither Trump or Harris has specified whether their proposals would apply only to the federal income tax. But if the No Tax on Tips Act, introduced by Sen. Ted Cruz (R-Texas), is any indication, the exemption would likely only apply to federal income taxes.

How much would no-tax-on-tips save a typical tipped worker?

Tip earnings are hard to characterize since the amount varies drastically based on the type of service that workers provide, as well as local minimum wage laws. But the Tax Foundation offers an example: Say a server earns $19,000 per year in wages plus $15,000 in tipped income. Their adjusted gross income is $34,000. They take a standard deduction of $14,600, which leaves them with $19,400 in taxable income. Under this example they owe $2,096 in federal income taxes.

With a no-tax-on-tips policy in effect, their adjusted gross income is $19,000 since the $15,000 income in tips isn’t considered taxable. They take a standard deduction of $14,600, which leaves them with $4,400 in taxable income. Under this example, their tax liability is $440. It’s the difference of $1,656 from the previous example.

As the Tax Foundation points out, a cashier who makes the same $34,000 — without tips — would have the same $2,096 federal tax liability in either scenario, and so would be paying vastly more in taxes than the server under a no-tax-on-tips policy.

Experts say no taxes on tips is bad policy

Suffice to say, tax and wage experts are unimpressed with the no-tax-on-tips proposal.

Here are some reasons why experts say exempting tips from taxes could have negative repercussions, depending on how the policy is structured.

Social programs and other tax benefits could be impacted

If a no-tax-on-tips proposal includes an exemption for the payroll tax in addition to the income tax, it could impact both worker eligibility for Social Security and Medicaid, as well as the solvency of the program itself, says Cooper.

This scenario isn’t necessarily likely. Even though Trump has not specified if his proposal would apply to both the federal income tax and the payroll tax, Cruz’s No Tax on Tips Act applies the exemption only to the federal income tax. It’s difficult to see Harris applying the exemption to the payroll tax.

But depending on how the law is written, no-tax-on-tips could make it more difficult for workers to get other tax benefits like the earned income tax credit or the child tax credit, experts say.

“If you’re a household with children, those credits phase-in with earned income, meaning that they are larger the more income you earn, up to a certain point,” says Pomerleau. “But if you were to structure this tax exemption as an exemption from adjusted gross income, it would directly interact with the earned income tax credit in the child tax credit and reduce those benefits for households.”

No matter what, says Pomerleau, no-tax-on-tips would add tax complexity for a population of tax filers that, generally, do not have access to accountants to help them through the process. That could result in more workers not filing taxes or not being able to access the benefits they are eligible for.

High earners could find a loophole

A tax exemption on tips leaves open the possibility of exploiting the system. Some in high-income positions like lawyers, for example, could restructure how their earnings are reported to avoid paying taxes on a portion of their income.

“You could envision a lot of scenarios where this would be really grossly abused by highly paid individuals,” says Cooper.

The Harris campaign told The Washington Post that, under her plan, the tax exemption would only apply to workers who earn below a certain threshold in select industries. This would prevent high earners in nontraditional tipping positions from gaming the system. There is currently no bill from Democrats in Congress that matches Harris’ plan.

Trump’s proposal and the No Tax on Tips Act from congressional Republicans doesn’t narrow industry eligibility or impose income limitations.

It could reduce employers’ need to raise wages

The tax benefit presents a double whammy benefit to owners: a tax benefit that appeals to workers and an opportunity to save money by shifting the pay burden from owners to consumers.

“It’s a win-win for restaurant owners, hotel owners, like, for example, Donald Trump,” says Gleckman. “But it’s much more ambiguous and much riskier for tip workers, particularly low-income workers.”

Cooper says this policy won’t incentivize employers to raise raises for workers because there’s a tax benefit inherent to the job. But it could incentivize businesses to reclassify certain positions as tipped occupations.

“The tipping system, as it currently exists, is rife with wage theft and discrimination,” says Cooper. “It opens up workers to abuse from customers and colleagues because they feel like they have to tolerate bad behavior, lest they put their kids at risk. So this [policy] would grow a system that is problematic in a lot of ways and spread it to more occupations. That’s not something that we should be incentivizing.”

The deficit would increase, although not substantially

Tax cuts lead to a decline in revenue, which could, over time, exacerbate the federal deficit; it’s currently about $1.52 trillion, according to the U.S. Treasury. The Committee for a Responsible Federal Budget estimates the cost of exempting tips from federal income tax would be $100 to $200 billion over a decade. If tips are also exempted from payroll taxes, the total could run to $250 billion.

If the policy makes tips exempt from the payroll tax, it would have broader repercussions for Social Security and Medicaid programs, experts say.

“These programs are already facing a fiscal shortfall and will need to be dealt with, in as little as ten years,” says Pomerleau. “If they were to remove $38 billion, potentially from the face of Social Security and Medicare, I would accelerate this problem.”

It could exacerbate tipping backlash

As the CRFB notes, what’s not included in its calculations are changes in tipping behavior, which could result in consumers giving less than they do now if they perceive tipped workers as getting an unfair tax advantage.

A backlash to tipping culture has already resulted in 7% lower tipping among service-sector workers from November 2022 to November 2023, according to a payroll analysis by Gusto, a payroll provider.

It could fuel worker resentment

On the flip side, excluding certain tipped jobs by field or income could stir the pot among workers and the unions that represent them.

Cooper says, “Why would we be giving preferential income tax treatment to this very small subset of workers when there are lots of other hard working, low-paid workers — people providing daycare, childcare, eldercare — that this would do nothing for?”

Gleckman says the policy violates a “cardinal rule of good tax policy,” which is to tax people making the same income at the same level. “I’m not sure I quite understand why a low wage worker somehow should enjoy more benefits than a low wage worker of another kind who’s getting the same income,” says Gleckman. “If you really care for a bunch of low wage workers, there are plenty of other things you could do.”

Unions and businesses groups support no-tax-on-tips

Despite criticism of the no-tax-on-tips proposal, it would benefit workers who are eligible. Adding limitations by industry and income could prevent the exemption from being a regressive one.

Shortly after Harris’ announcement, Culinary Union Local 226 in Nevada endorsed Harris for president and lauded the proposal without acknowledging Trump’s. The union, along with the Bartenders Union Local 165, represents 60,000 workers in Las Vegas and Reno. The Culinary Union argues that the tax exemption could help millions of workers that earn a subminimum wage.

“The fact that many companies pay tipped workers across the country $2.13 an hour is outrageous and ending taxes on tips for service and hospitality workers would significantly help millions of workers provide for their families, including in Nevada,” the union wrote in its press release endorsing Harris.

Businesses that employ tipped workers also support the plan. At least, Cruz’s plan, which would not limit the exemption by industry and income. Two of the biggest associations for the top tipped industries — the National Restaurant Association and the Professional Beauty Association — both endorsed Cruz’s proposal.

“Tipped employees are a critical part of the restaurant industry, and anything that strengthens their economic condition is a positive for them,” said Sean Kennedy, executive vice president of public affairs for the National Restaurant Association in a press release announcing Cruz’s bill. “The ‘No Tax on Tips Act’ would provide immediate tax relief for more than 2.2 million restaurant employees and their families, putting more money in their pockets at a time when we’re all feeling the squeeze of higher prices.”

Ending the subminimum wage would pack a bigger punch

During the campaign rally in Las Vegas last weekend, when Harris made her promise to end tax on tips, she also said she would raise the minimum wage. What she didn’t promise to do is eliminate the subminimum wage, which would have a bigger impact on tipped workers.

“Why not do something like raise the minimum wage if you really want to improve outcomes for tipped workers in the United States?” says Cooper.

The federal minimum wage for all workers has been $7.25 per hour since 2009. However, 30 states plus the District of Columbia have set minimum wages above that amount. Again, the federal subminimum wage is $2.13 per hour. Right now, 36 states have set minimum wages for tipped workers below the federal minimum wage of $7.25 per hour.

The tipped workers who earn the most, nationwide, are in Los Angeles ($16.78 per hour); Seattle ($17.25 per hour); and New York City, where tipped workers earn $15 per hour with the exception of delivery workers, who earn a minimum of $17.96 per hour.

Other places have eliminated the subminimum wage practice altogether. So far six states have banned subminimum wages for tipped workers, including Alaska, California, Minnesota, Montana, Oregon and Washington.

“It is outrageous that over a million workers in this country are not guaranteed a fair minimum wage in 2024,” the Culinary Union 226 wrote in a release endorsing Harris’ proposal. “Employers across the nation need to take responsibility for paying a real minimum wage and Congress must ensure it.”

Beyond raising the minimum wage, there are other levers that could be pulled to help low wage workers, experts say. That includes expanding income supports like the child tax credit, the earned income tax credit or Medicaid.

Source: nerdwallet.com

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August 12, 2024 by Brett Tams

Qatar Airways offers two branded credit cards for U.S. consumers. Launched by the airline in May 2024 in partnership with financial technology company Cardless and issued by First Electronic Bank, the cards offer sign-up bonuses, rewards on purchases and an accelerated path to status in Qatar Airways Privilege Club (the airline’s frequent flyer program) and the Oneworld alliance (of which the airline is a member).

One card is more feature-rich than the other, and the difference is evident in an annual fee that rivals what you’d pay for the best premium travel rewards credit cards. For that price, other cards may have more to offer, especially if you’d prefer more flexibility with your rewards.

Here are five things to know about the Qatar Airways credit cards.

1. There are two Qatar Airways credit cards

You can choose between the Qatar Airways Privilege Club Visa Signature Credit Card, with a $99 annual fee, and the Qatar Airways Privilege Club Visa Infinite Credit Card, with a $499 annual fee.

Here’s how the cards compare:

	Qatar Airways Privilege Club Visa Infinite Credit Card	Qatar Airways Privilege Club Visa Signature Credit Card
Annual fee
Sign-up bonus	Earn up to 50,000 Avios, including 25,000 Avios after the first transaction and 25,000 Avios after spending $5,000 in the first 90 days.	Earn up to 40,000 Avios, including 20,000 Avios after the first transaction and 20,000 Avios after spending $3,000 in the first 90 days.
Loyalty program points	Earn 150 Qpoints after spending $5,000 in the first 90 days. Earn 2 Qpoints for every 1,500 Avios earned.	Earn 2 Qpoints for every 2,000 Avios earned.
Earnings rates	5 Avios per $1 spent on Qatar Airways. 3 Avios per $1 spent at restaurants. 1 Avios per $1 spent on all other qualifying purchases.	4 Avios per $1 spent on Qatar Airways. 2 Avios per $1 spent at restaurants. 1 Avios per $1 spent on all other qualifying purchases.
Other perks

2. The cards earn Avios

The cards earn rewards in the form of “Avios,” which you can use to book award travel on Qatar Airways. Avios are also the rewards currency for several other airlines, including British Airways, Iberia, Aer Lingus and Finnair; you can transfer Avios among those airlines’ frequent flyer programs, although the value you get per point will differ.

Because Qatar Airways is part of the Oneworld alliance, you can also redeem Avios toward flights on partner airlines such as American Airlines, Alaska Airlines, Qantas and more.

3. You get an accelerated path to status

With the Qatar Airways Privilege Club Visa Signature Credit Card, you automatically get Silver status in Qatar Airways’ Privilege Club for the first year you have the card. This grants you a 25% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; a 20% discount on the cost of seat selection; an allowance for extra baggage; and lounge access. You’ll also get Ruby status in the Oneworld alliance, which gets you business class priority check-in, preferred seating and priority on waitlists and standby.

The Qatar Airways Privilege Club Visa Infinite Credit Card grants you Privilege Club Gold status for the first year, which comes with a 75% bonus on rewards earnings for eligible flights; priority standby, check-in and boarding; preferred seats; an allowance for even heavier extra baggage; lounge access; credits you can redeem for upgrades; a “meet and assist” service; and a discount on online redemptions. You’ll also get Sapphire status on Oneworld, which provides the benefits of Ruby plus access to business class lounges, priority boarding, a free extra checked bag and priority baggage handling.

Note that the automatic elite status lasts for only the first year. To keep (or increase) your status, you need to earn “Qpoints,” which you can do by flying Qatar Airways or any Oneworld member airline. Using the Qatar Airways credit cards can also earn Qpoints — you get 2 Qpoints for every 1,500 to 2,000 Avios you earn with credit card spending, depending on the card.

4. One card’s annual fee is extra pricey

The “Infinite” version charges a sky-high $499 annual fee, which is certainly something to take into consideration when considering these two cards. For the extra cost, you get a larger sign-up bonus, higher ongoing rewards rates, a higher rate at which you earn Qpoints, a higher status tier and Visa Infinite benefits.

5. Other premium travel cards may be a better option

If you’re considering the more expensive Qatar Airways Privilege Club Visa Infinite Credit Card, note that other premium travel cards allow you to transfer points to airline partners, which includes some of the Avios airlines mentioned above.

With the Chase Sapphire Reserve®, which has a $550 annual fee, you can transfer Chase Ultimate Rewards points to airlines including British Airways, Aer Lingus and Iberia. Plus, you get a $300 annual travel credit, a statement credit toward TSA PreCheck or Global entry, airport lounge access and more.

Full list of Chase transfer partners

Aer Lingus (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
British Airways (1:1 ratio).
Emirates (1:1 ratio).
Iberia (1:1 ratio).
JetBlue (1:1 ratio).
Singapore (1:1 ratio).
Southwest (1:1 ratio).
United (1:1 ratio).
Virgin Atlantic (1:1 ratio).

Hyatt (1:1 ratio).
InterContinental Hotels Group (1:1 ratio).
Marriott (1:1 ratio).

The Capital One Venture X Rewards Credit Card includes both British Airways and Finnair among its transfer partners. The $395 annual fee can be effectively wiped out by the card’s many perks — a $300 annual travel credit for bookings made through Capital One Travel, a statement credit toward TSA PreCheck or Global Entry, airport lounge access and a 10,000-mile anniversary bonus.

Full list of Capital One transfer partners

Aeromexico (1:1 ratio).
Air Canada (1:1 ratio).
Air France-KLM (1:1 ratio).
Avianca (1:1 ratio).
British Airways (1:1 ratio).
Cathay Pacific (1:1 ratio).
Emirates (1:1 ratio).
Etihad (1:1 ratio).
EVA (2:1.5 ratio).
Finnair (1:1 ratio).
Qantas (1:1 ratio).
Singapore Airlines (1:1 ratio).
TAP Air Portugal (1:1 ratio).
Turkish Airlines (1:1 ratio).

Accor (2:1 ratio).
Choice Privileges Hotels (1:1 ratio).
Wyndham Rewards (1:1 ratio).

Source: nerdwallet.com

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PSLF Buyback requirements

How do I apply for the PSLF Buyback?

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PSLF credit during the SAVE forbearance: Use buyback instead of making optional payments

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Benefits of the Virgin Red Rewards Mastercard

Rewards

Travel perks

How to redeem Virgin Points

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1. There are two Qatar Airways credit cards

2. The cards earn Avios

3. You get an accelerated path to status

4. One card’s annual fee is extra pricey

5. Other premium travel cards may be a better option