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☆ What to do if your Wells Fargo deposit is missing
▼ + stars: | 2023-08-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +3 min

Los Angeles CNN —Wells Fargo is once again cleaning up trouble with its customers’ bank accounts, and there are several steps you can take if you’ve been affected. Wells Fargo confirmed on Friday that the issue, which began on Thursday, is still ongoing. This isn’t the first time money has temporarily disappeared from some customer accounts at Wells Fargo. Still, if you’ve noticed missing funds from a Wells Fargo account or any bank account, you should contact your bank directly, according to the US Office of the Comptroller of the Currency. For those with a linked savings account at Wells Fargo, McBride advises transferring money from that account to cover any payments in the short term.

Persons: Wells, you’ve, Wells Fargo, ”, Greg McBride, McBride, ” McBride, “ Don’t Organizations: Los Angeles CNN, CNN, Bankrate, Consumer Financial, Bureau, OCC Locations: Wells Fargo, Wells

☆ If you want to know where the economy is headed, don't watch the Fed. Track this interest rate instead. Anything above 4% is bad.
▼ + stars: | 2023-08-03 | by ( Alistair Barr | ) www.businessinsider.com time to read: +4 min

I watch the 10-year Treasury yield every weekday morning. If the 10-year Treasury bond yield stays around 4.1%, the cost of these mortgages could rise in coming days and set new 20-year highs. The 10-year Treasury bond yield is a common way to do this discounting. If the 10-year Treasury yield is 4%, that $10 billion is suddenly worth a whole lot less in today's money. This is often why tech stocks fall when the 10-year Treasury bond yield spikes.

Persons: that's, it's, United States FRED, Louis Organizations: Treasury, Service, Federal Reserve, Auto, Federal Reserve Bank of St, Stock, Nasdaq Locations: Wall, Silicon, United States

☆ 36% of Americans have more debt than emergency savings—how to save money and pay off loans simultaneously
▼ + stars: | 2023-08-02 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +5 min

That's according to a recent Bankrate study, which finds that 36% of American consumers have more credit card debt than emergency savings. "We have seen credit card debt rising really ever since inflation started to exert pressure on household budgets in 2022," McBride says. This year's gap between savings and credit card debt (36%) is the highest in 13 years, up substantially from 22% in 2022, he adds. If you're struggling to choose whether to focus on minimizing credit card debt or begin building up your emergency savings, McBride suggests aiming to balance both. When tackling credit card debt, there are two well-known strategies you can use: the snowball method and the avalanche method.

Persons: Bankrate, Greg McBride, McBride, you've, that's Organizations: CNBC

☆ 'The most important financial decision' of your life—what you need to know about mortgages
▼ + stars: | 2023-08-01 | by ( Ryan Ermey | ) www.cnbc.com time to read: +8 min

News about mortgage rates comes out daily. But for most would-be homebuyers, up-to-the-minute financial information might not feel as important as the bigger-picture questions: How do mortgages work? "Borrowing to purchase property is probably the most important financial decision that most people are ever going to make in their life," she says. The average 30-year mortgage rate was above 10% for most of the 80s, cresting in 1981 at 18.39%. "One can never truly predict the future, but I don't see mortgage rates returning back to the 3% range in the remainder of my lifetime," he says.

Persons: Will, Mary O'Sullivan, Read, Jeff Ostrowski, Z homebuyers, Lawrence Yun, that's, Freddie Mac, you've, O'Sullivan Organizations: Nationwide Mortgage Brokers, Federal Reserve, Fed, cresting, National Association of Realtors, CNBC, PMI, Federal Housing Administration, Financial, Urban Institute

☆ Why so many Americans feel trapped in their homes by their low-rate mortgages
▼ + stars: | 2023-08-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Saul Loeb | AFP | Getty ImagesThe recent spike in mortgage rates has created a so-called golden handcuff effect. For homeowners, a low mortgage rate is similar. Nearly 82% of home shoppers said they felt "locked-in" by their existing low-rate mortgage, according to a recent survey by Realtor.com. Between 1978 and 1981, mortgage rates similarly doubled from around 9% to more than 18%, compelling more homeowners to hold on to their homes. Mortgage rates may not return to sub-3% levels again anytime soon — if ever.

Persons: Bob, Terri Wood, Bob Wood Bob Wood, Terri, It's, Wood, Tomas Philipson, Philipson, Saul Loeb, he'd, Zillow, Greg McBride, Sam Khater, Freddie Mac's, Jacob Channel Organizations: University of Chicago, White House Council, Economic Advisers, AFP, Getty, Jacob Channel Locations: Mobile , Alabama, Tennessee, Arlington , Virginia, Bankrate.com, LendingTree

☆ The 5 best — and worst — states to retire in 2023, ranked
▼ + stars: | 2023-07-31 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +1 min

A study by Bankrate analyzed the best — and worst — US states to retire in. Iowa ranked as the best state to retire in thanks to its high affordability and low levels of crime. Alaska ranked as the worst state to retire in due to its weather and high crime rate. Bankrate recently released its report on the best states to retire in for 2023. Keep reading to see whether your state made the top-five best states to retire in — or the worst.

Persons: Bankrate Organizations: Iowa, Service Locations: Alaska, Wall, Silicon, Florida, —

☆ The death of hobbies
▼ + stars: | 2023-07-31 | by ( Eve Upton-Clark | ) www.businessinsider.com time to read: +12 min

Research has found that hobbies can reduce stress, result in less severe disease outcomes, and even lead to a longer life. Baker believes that the replacement of hobbies with hustles stems from the way work changed when the pandemic sent everyone home. "If you're already on all the time, then why not try to get some money from that hobby," Baker said. But, she added, "One con is that you just don't have hobbies anymore because you've monetized them." And studies show that without hobbies, people are more likely to feel burned out and more stressed.

Persons: Tommy Wylde, Wylde, it's, I've, " Wylde, Wylde —, —, Erik Baker, Audrey Tang, Bankrate, Zers, Baker, Millennials, Gen Zers, Gen Xers, Grace Jicha Torres, Torres, Slack, you'll, Tang, he's, Eve Upton, Clark Organizations: eBay, Harvard, Bank of England Locations: Silicon Valley

☆ 3 places people say they never tip amid 'tipflation': ‘It’s out of control’
▼ + stars: | 2023-07-27 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

Many also feel added pressure to tip amid the rise of automatic tipping prompts on self-service kiosks and apps, NerdWallet's consumer budgeting report found. Amid the "tipflation" debate, where are consumers tipping the least, or skipping gratuity altogether? To find out, CNBC Make It asked three New Yorkers which services they never tip on — and what etiquette experts recommend in each scenario. If it's fast food or you're grabbing a pre-packaged item from a shelf, Farley says you don't need to tip. An etiquette expert's take: When you're paying for a taxi or rideshare, you're paying the price of convenience, and your tip should reflect that, says Farley.

Persons: Saad Kabir, Thomas Farley, Mister Manners, Farley, Haley Truchan Organizations: CNBC, New York City Public Schools Locations: U.S, New York, Manhattan

☆ Businesses are scrambling for tips right now because they don't want to raise wages in case of a recession
▼ + stars: | 2023-07-26 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Firms don't want to raise wages because they're worried about a recession, so you pay workers instead. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. And now, businesses are trying to avoid making the larger wages those tips have augmented their responsibility, as the economy cools. Jonathan Morduch — a professor of public policy and economics at New York University — told the Wall Street Journal that as businesses prepare for a potential recession, "they don't want to lock into higher wages." "Businesses are happy to let workers earn more from tips, especially when there's no pressure to raise the tipped minimum," Morduch told the Wall Street Journal.

Persons: you've, they're, It's, Scheherezade Rehman, Jonathan Morduch —, New York University —, Andy Kiersz, Jacob Zinkula, Laurence Kotlikoff, what's, Morduch Organizations: Service, George Washington University, Wall Street, New York University, Boston University Locations: Wall, Silicon

☆ Interest rates just went up again: What the latest Fed move means for you
▼ + stars: | 2023-07-26 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

And the Fed’s preferred inflation measure — the core Personal Consumption Expenditures Index — inched down to 4.6% in its latest reading. Credit cards remain very expensiveWhen Fed rates go up, so do credit card rates. So it’s not surprising that card rates in the past year have been trending at around 20-year highs. As of July 19, the average credit card interest rate is 20.44%, down slightly from the 20.58% recorded the week before, according to Bankrate.com. Second-quarter data from the Fed shows the average rate for them is 22.16%.

Persons: ”, Greg McBride, Michele Raneri, you’ll, it’s, Matt Schulz, Cardholders, Freddie Mac, they’d, McBride, Anna Bahney Organizations: New, New York CNN, Federal Reserve, Consumer, JPMorgan Chase, Bank of America, Fed, LendingTree Locations: New York

☆ 15 years of low interest rates reshaped the U.S. economy. Here's what's changing as rates stay higher for longer
▼ + stars: | 2023-07-26 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +2 min

The United States is entering a new economic era as the Federal Reserve hikes its benchmark interest rate. As interest rates climb, economists say financial conditions are headed back to being more normal. Government bonds, Treasury securities and savings accounts all return very little yield when interest rates are low. At the same time, low interest rates increase the value of stocks, homes and Wall Street firms that make money by taking on debt. "Barring a catastrophe, I don't think we'll see lower interest rates any time soon," said Mark Hamrick, Washington bureau chief at Bankrate.com.

Persons: Roger Ferguson, we'd, Gregory Daco, Mark Hamrick Organizations: Federal, Federal Reserve, Wall Street Locations: States, America, EY, Washington, Bankrate.com, U.S

☆ The Fed’s expected rate hike is about to sweeten yields on these investments
▼ + stars: | 2023-07-26 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

The Federal Reserve is widely expected to boost interest rates by another quarter percentage point Wednesday afternoon – and that's terrific news for fixed income investors hoping to grab a little more yield. Since March 2022, the central bank has raised rates 10 times – with July's expected hike marking the 11 th increase – to cool inflation. Consider that during the week of March 11, 2022, the rate on the 2-year Treasury note was 1.75%, according to Refinitiv. Investors who wish to squeeze a little more interest income from their cash holdings have opted for Treasury bills, with the 6-month bill yielding 5.5%. By buying multiple notes of different maturities, investors can "ladder" these Treasurys and reinvest the proceeds from maturing bonds into longer-dated issues.

Persons: Greg McBride, maturities, tradeoffs, McBride, SLM —, Sallie Mae —, Nick Wells Organizations: Federal Reserve, Investors, Treasury, Bank of Locations: Bank of Indiana, Treasurys

☆ Federal Reserve Meeting Fed Expected to Resume Rate Increases
▼ + stars: | 2023-07-26 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +7 min

The Federal Reserve has already raised its benchmark rate, the federal funds rate, to a range of 5 to 5.25 percent to rein in inflation, which is showing signs of slowing. The average credit card rate was 20.44 percent as of July 19, according to Bankrate.com, up from around 16 percent in March last year, when the Fed began its series of rate increases. The average rate on new car loans in June was 7.2 percent, up slightly from the start of the year, according to Edmunds.com. The average rate for an identical loan was 5 percent the same week in 2022. But yields on money market funds offered by brokerage firms are even more alluring because they have tracked the federal funds rate more closely.

Persons: ”, Anna N’Jie, Bankrate.com, Matt Schulz, Jonathan Smoke, that’s, —, Freddie Mac, Ken Tumin, DepositAccounts.com Organizations: Federal Reserve, Federal, Fed, Re, LendingTree, Cox Automotive, Treasury, Savings Vehicles Savers, Consumers, DepositAccounts.com Locations: Chicago

☆ The 'bougie broke' guide for living the high life started out as a joke. But it's getting embraced on TikTok — and it says a lot about the world we live in.
▼ + stars: | 2023-07-25 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

The Sunday Times released a comical guide on mastering the 'Bougie Broke' lifestyle. Originating from TikTok, "bougie broke" caught on as a humorous yet critical response to the cost of living crisis. However, not everyone is ridiculing the trend — "bougie broke" is getting a far warmer reception on TikTok. Another user, Home Decor Decorator, commented on a video of cheap finds from Walmart and Target, "Bougie broke is my favorite kind 👌🏽👌🏽. The "bougie broke" trend originated from TikTok, where users bemoaned about how broke they were while pursuing a luxury lifestyle.

Persons: bougie, Sophia Money, Coutts, Bougie, Tim e, ul Organizations: Sunday Times, Service, Walmart, Target Locations: TikTok, Wall, Silicon

☆ To feel 'comfortable,' Americans think they need a $233,000 salary and nearly $1.3 million for retirement. Here's what experts say
▼ + stars: | 2023-07-24 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

To feel financially secure or comfortable, Americans say, they would need to earn $233,000 on average, a recent Bankrate survey found. "Inflation is the main reason why Americans feel like they need to earn so much more than they already are just to feel comfortable," said Sarah Foster, analyst at Bankrate. Meanwhile, to retire comfortably, Americans have another big number in mind — $1.27 million — according to recent research from Northwestern Mutual. Sarah Foster analyst at BankrateWhile inflation may make saving for retirement feel more strenuous, it's important not to give up altogether, she said. Live within your meansBudgeting always requires a trade-off, according to Patel — how much you're spending versus how much you're saving.

Persons: Sarah Foster, Alap Patel, they're, it's, Foster, Patel Organizations: Eyecrave, CPI, Bankrate, Northwestern Mutual Locations: Chicago

☆ Here's the salary Americans say they need to be happy — it's over $100,000 in 17 states
▼ + stars: | 2023-07-23 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: 1 min

Money can't literally buy happiness. Americans say it would take a lot of money — upwards of $230,000 a year — to feel secure, and even more — $483,000 — to feel rich, according to a recent Bankrate survey. A salary of $94,696, on average, would make Americans happy, according to a new survey of over 1,200 people from Moneyzine.com. Earning a salary smaller than six figures isn't enough for everyone, though, especially in states with higher costs of living. In 17 states, the average salary needed to feel happy is over $100,000.

Organizations: Moneyzine.com

☆ Another interest rate hike is likely coming from the Federal Reserve: Here are 5 ways it could affect you
▼ + stars: | 2023-07-21 | by ( Jessica Dickler | ) www.cnbc.com time to read: +5 min

"Rising interest rates can sometimes feel like a double-edged sword," said Kelly LaVigne, vice president of consumer insights at Allianz Life. As the federal funds rate rises, the prime rate does, as well, and credit card rates follow suit. The average credit card rate is now more than 20% — an all-time high, while balances are higher and nearly half of credit card holders carry credit card debt from month to month, according to a Bankrate report. Student loans Federal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. For now, anyone with existing federal education debt will benefit from rates at 0% until student loan payments restart in October.

Persons: Stefani Reynolds, they've, Kelly LaVigne, Brett House, WalletHub, Freddie Mac, Edmunds, Ivan Drury Organizations: Eccles Federal Reserve, Bloomberg, Getty, Reserve, Fed, WalletHub, Allianz Life, Columbia Business School, Treasury, Istock Locations: Washington, Edmunds

☆ Just 65% of Americans always tip at restaurants—etiquette experts on what we get wrong about tipping
▼ + stars: | 2023-07-14 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Sure, there are some people — barbers, cab drivers — who etiquette experts say should always get a tip, and others — doctors, lawyers — who they say should never get one . He and other etiquette experts are here to help. With that in mind, here's what etiquette pros recommend you tip, in order of who Americans tip most often to the least. BaristasEtiquette experts say tipping at coffee shops is discretionary. 5 times it’s OK not to tip, according to etiquette experts

Persons: —, Read, Thomas Farley, Manners, Daniel Post Senning, Emily Post's, Farley, Elaine Swann, Dianne Gottsman, Swann, Warren Buffett Organizations: Swann School of Protocol, Protocol, of Texas, takeout

☆ This map shows how much you need to make to be in the top 1% in every state
▼ + stars: | 2023-07-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

You need to make over $650,000 to be considered in the top 1%, according to new data. Most states had a higher income floor this year than last year, though New York stayed stagnant. New data released Thursday from financial information company SmartAsset broke down how much money people need to make to be among the top 1% of highest earners in each state. This map shows how much you need to make in each state to break into this elite demographic. A news release from the Bureau of Labor Statistics on Wednesday further revealed real average hourly earnings rose by 0.2% month over month in June.

Persons: SmartAsset, Jaclyn DeJohn, SmartAsset's, Charles Schwab Organizations: Service, IRS, of Labor Statistics, Congressional, Office, Bloomberg, Bureau of Labor Statistics, Logica Research Locations: Connecticut , Massachusetts, California, New York, Wall, Silicon, Connecticut, West Virginia, Massachusetts, Northeast

☆ The No. 1 place where Americans forget to tip but should ‘always’ leave at least $3, from an etiquette expert
▼ + stars: | 2023-07-13 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

But there's one important place they're often forgetting to pay gratuity altogether amid the "tipflation" debate, according to one etiquette expert: hotels. Hotel housekeepers are often stiffed on gratuities — but it's a service you should "always tip on," Diane Gottsman, founder of The Protocol School in Texas and a nationally-recognized etiquette expert, tells CNBC Make It. Plus, like many service workers, some hotel housekeepers might rely on gratuities to help make ends meet, Gottsman points out. 5 times it's OK not to tip, according to etiquette expertsDo you always need to tip 20%? Here's how much an etiquette expert says to leave at restaurants, hotels and more

Persons: Diane Gottsman, Gottsman, They're Organizations: Protocol, CNBC, housekeepers, Bureau of Labor Statistics, American Hotel Association Locations: Texas, …, U.S

☆ Where to invest $10,000 right now if you want to generate the most income, without a ton of risk
▼ + stars: | 2023-07-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

Meanwhile, preferred securities can see yields around 7%. The Fed's rate hikes also sweetened yields on money market funds and certificates of deposit . Yet what is the best avenue for someone who is looking to generate the most income on a $10,000 investment — without taking on a lot of risk? The ICE BofA Fixed Rate Preferred Securities index, which tracks the performance of fixed-rate preferred securities, has a yield to maturity of 7.1%. "Right now you can't do better … than just owning short- to intermediate term high-grade fixed income," he said.

Persons: There's, Tom Graff, Mitch Goldberg, Goldberg, laddering, you'll, Ian Weinburg, Weinberg, Tim Ghriskey, Snyder, haven't, Ghriskey, Bonds, he'd, Graff Organizations: Treasury, Federal Reserve, Federal, CNBC Pro, Family Wealth, Pension Management, Ingalls, ICE, Securities, Citigroup, XIII, Index, SEC Locations: Baltimore, Melville , N.Y, Woodbury , N.Y, New York, Treasurys, preferreds

☆ Here's the inflation breakdown for June, in one chart
▼ + stars: | 2023-07-12 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The CPI is a key barometer of inflation, measuring prices of anything from fruits and vegetables to haircuts and concert tickets. Hourly earnings increased 0.2%, on average, from May to June after accounting for inflation, according to BLS data. 'Encouraging' inflation signals moving forwardThe inflation slowdown has been broad-based, Zandi said. watch nowGrocery price inflation is also down significantly from its peak around 14% last summer, which had been the highest rate since 1979. Economists say it's a near certainty that housing prices will continue to fall through the second half of the year.

Persons: Michael M, Mark Zandi, Zandi, we're, Mark Hamrick, Andrew Hunter, Ben Bernanke, Olivier Blanchard, Stephanie Roth, Roth Organizations: Lincoln Market, Santiago, Getty, U.S . Bureau of Labor Statistics, Moody's, BLS, Capital Economics, Finance, U.S . Federal Reserve, Peterson Institute for International Economics, Morgan Private Bank Locations: Brooklyn , New York, U.S, Ukraine

☆ Federal watchdog cracks down on Bank of America but 'junk fees' aren't going anywhere, expert says — it's a 'game of whack-a-mole'
▼ + stars: | 2023-07-11 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Junk fees are additional, often hidden, charges that can come from a range of lenders. Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees. Ted Rossman senior industry analyst at Bankrate"Overdraft fees are a good example of a 'game of whack-a-mole' when it comes to fees," Rossman said. "The Consumer Financial Protection Bureau took a big step by banning surprise overdraft fees," she said. The average overdraft fee costs $29.80, Bankrate's research found, while the average nonsufficient funds fee is $26.58.

Persons: Ted Rossman, Rossman, surcharges, Bankrate, Joe Biden, Biden, Nadine Chabrier Organizations: Center, Financial

☆ Here's how much money Americans say they would need to earn to feel rich
▼ + stars: | 2023-07-11 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

You can feel rich on almost any income. You may feel rich in relationships if you have very strong ties, or rich in experiences if you spend a lot of time traveling and trying new things. Americans say they would need to earn $483,000, on average, to feel rich or achieve financial freedom, according to a recent Bankrate survey. The other generations say these salaries qualify as rich: Millennials: $444,000Gen X: $575,000Boomers: $521,000 Members of Gen X would need the biggest salary to feel rich, Bankrate found. A $500,000 salary would make those who currently earn less than $100,000 a year feel rich.

Persons: it's, It's, X, they've, Gen, Gen Xers, Folks, Bankrate Organizations: Labor Department, South Locations: Northeastern, Midwest, West

☆ Here's the salary Americans say they need to feel financially secure
▼ + stars: | 2023-07-09 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

To feel comfortable or financially secure, Americans need a salary of roughly $233,000 a year on average, Bankrate found. Although 1 in 3 Americans say low pay is the reason they don't feel secure, other factors are adding to the anxiety. Why Americans don't feel financially secureThe biggest contributors to Americans' financial insecurities may be things outside of their control. Other factors include the economic environment, which 48% of survey respondents cited, and rising interest rates, cited by 36% of respondents. As for retirement savings, 60% of Americans say they don't have a retirement-specific savings account, according to a recent NerdWallet survey.

Persons: Bankrate, Sarah Foster, Bankrate's, Foster, That's, wouldn't Organizations: Federal Locations: U.S

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