When the Dow Jones Industrial Average suffers triple digit drops, what should you do? If you’re inclined to check your 401(k) or other investment account balances, think again. You may feel an irresistible urge to look at where you are financially. Don’t. Dan Ariely, chief behavioral economist at personal finance app Qapital and professor of behavioral economics at Duke University, said that is opposite of what you want to do. “Volatility is inherently frightening,” Ariely said. “Being frightened means that we are paralyzed, we think about it too much. “It influences our well-being, and it doesn’t necessarily lead to good decisions,” he added. How your reality gets distorted Checking numbers, too, often can make it more difficult to accurately interpret trends, according to Ariely. Take weight loss, for example. If people look at their weight in precise measurements with decimals — say 162.3 pounds — they tend to create … [Read more...] about When the market tanks, what should you do?
Chase Bank announced on Thursday it will forgive all outstanding debt for Canadian customers who had either of its two VISA cards. The move was a business decision to ease the bank's exit as it wound down the credit cards, which it retired last year after 13 years of operation, Maria Martinez, vice president of communications for Chase Card Services, told NBC News. “Chase made the decision to exit the Canadian credit card market. As part of that exit, all credit card accounts were closed on or before March 2018,” she said in a statement. Initially customers were told to continue to make payments on the accounts after the credit card operations ceased. But this week Canadian who held the Amazon.ca Rewards Visa and the Marriott Premier Rewards Visa saw their balances go to zero. The bank did not immediately respond to a request for comment about how many customers were impacted or how much debt it wrote off. Douglas Turner of Coe Hill, Ontario, told the Canadian Broadcasting … [Read more...] about Chase cancels Canadian customers’ credit card debts
The Federal Reserve on Monday announced plans to develop a new real-time payment system that will let consumers clear paychecks, bill payments, and money transfers much faster. When the new "FedNow Service" is launched, the standard "three day wait" for a check to clear could become a thing of the past for both households on a tight budget or small businesses who need to pay vendors and make payroll. "Everyone deserves the same ability to make and receive payments immediately and securely," Fed governor Lael Brainard said in a speech at the Federal Reserve Bank of Kansas City Monday. "Immediate access to funds could be especially important for households on fixed incomes or living paycheck to paycheck, when waiting days for the funds to be available to pay a bill can mean overdraft fees or late fees that can compound," she said. According to a recent CareerBuilder survey, 80% of Americans live paycheck to paycheck. The central bank’s new payment clearing initiative plans to … [Read more...] about ‘Three day wait’ for checks to clear could speed up
The Federal Reserve’s decision to cut interest rates by 25 basis points for the first time in over a decade marked a dramatic shift in monetary policy that will be felt by Americans across the board. For consumers, Wednesday's rate cut could mean a reprieve in escalating borrowing costs, which can impact your mortgage, home equity loan, credit card, student loan, and car payment. At the same time, savings account rates may fall. Here’s a breakdown of what may happen to your loans and savings: Credit cards: The interest you pay may go down Most credit cards come with a variable rate, which means there’s a direct connection to the Fed’s benchmark rate. With a rate cut, the prime rate lowers too, and credit cards likely will follow suit. For cardholders, that means they could see that reduction in their annual percentage yield, or APR, within a billing cycle or two. On the heels of the previous rate hikes, credit card rates now stand at a record high of 17.85 … [Read more...] about Here’s what that Fed rate cut means for you
If you’re a Taco Bell super fan looking to stay at the Mexican fast food chain’s limited-time hotel, you’re already too late. All available rooms were snatched up just two minutes into taking reservations. The chain started taking reservations at 1 p.m. ET Thursday for the roughly 70 rooms at its Palm Springs hotel. Less than a minute after bookings went live, the website was already overwhelmed by the demand. Some users attempting to book a room received a message saying the website was experiencing “higher than normal traffic” and to “keep your crossed fingers on that refresh button.” “Taco Bell fans are truly one of a kind and today was one of the best expressions of that fandom yet,” Taco Bell’s Chief Global Brand Officer Marisa Thalberg said in a statement. Rooms started at $169 per night, with no minimum required stay. The Bell, which is taking over the V Palm Springs Hotel, will open its doors August 8 and close August … [Read more...] about Reservations for Taco Bell’s hotel sell out in 2 minutes