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☆ Credit card debt among retirees jumps — 'It's alarming,' researcher says
▼ + stars: | 2024-11-11 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Retirees' debt was rising before the pandemicRising debt levels were a problem for older Americans even before pandemic-era inflation. The typical family with heads age 75 and older had $1,700 of credit card debt in 2022, EBRI said in the August report. Those with heads age 65 to 74 had $3,500 of credit card debt, it said. Meanwhile, any spending cuts should be applied to reduce credit card debt, McClanahan explains. Boost income Retirees can also consider going back to work at least part time to earn more income, McClanahan said.

Persons: Bridget Bearden, Bearden, it's, EBRI, Louis, Carolyn McClanahan, She's, McClanahan, Cardholders, Cook, Ted Jenkin, Winnie Sun Organizations: Research Institute, Social Security, Senior Citizens League, Reserve Bank of St, Federal Reserve, U.S . Federal Reserve, Federal Reserve Bank of St, Planning Partners, CNBC's, CNBC, Facebook, Craigslist, Sun Group Wealth Partners Locations: Louis, Jacksonville , Florida, Irvine , California

☆ Buy these 39 quality stocks with rising earnings in a market with intriguing but imperfect parallels to the highly volatile fall of 2016
▼ + stars: | 2024-11-03 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Here are 39 quality economically sensitive stocks to buy, according to Morgan Stanley. Economically sensitive stocks, including financials and industrials, took off in anticipation of that result and caught fire after it became official. Several parts of the stock market seem to be preparing for another Trump presidency, according to Morgan Stanley. "Markets generally welcomed a reflationary playbook in 2016," Wilson wrote. AdvertisementRegardless of who's in office, Morgan Stanley outlined a list of 39 economically sensitive stocks that should do well.

Persons: Donald Trump, Morgan Stanley, —, Trump, Kamala Harris, It's, Harris, Mike Wilson, Wilson, that's, it's Organizations: Service, Trump, Consumer, Federal Reserve Bank of St, Louis Locations: Financials

☆ GDP report: America’s economy is at a historic point ahead of presidential election
▼ + stars: | 2024-10-30 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —The US economy seems to have pulled off a remarkable and historic achievement. American shoppers continued to fuel economic growth in the third quarter with their spending, according to the report. That marked the biggest contributor to GDP growth in the third quarter by far. Government spending at both the federal and state level also contributed to third-quarter economic growth. Wednesday’s GDP report showed that the US economy remains on solid footing.

Persons: That’s, ”, James Bullard, Louis, Joe Biden, Harris Organizations: Washington CNN, Gross, Commerce Department, Federal, CNN, Federal Reserve Bank of St, Fed, White, Biden

☆ Why education level has become the best predictor for how someone will vote
▼ + stars: | 2024-10-14 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +5 min

The education gap grows“The biggest single, best predictor of how someone’s going to vote in American politics now is education level. The real swing votersTo the extent that traditional swing voters are persuadable in this election, Sosnik argued they might be people like political independents or Nikki Haley Republicans. But there’s a second group of swing voters Sosnik argued is even more important. For Trump, these are non-college-educated White voters in general, particularly men, who “if they vote, you know they’re going to vote for Trump,” he said. Young voters, who are less reliable to cast ballots, also fall into this second type of swing voters, Sosnik said.

Persons: Roe, Wade, Donald Trump, Kamala Harris, Doug Sosnik, Bill Clinton’s, ” Sosnik, David Chalian, Sosnik, “, “ that’s, ”, Louis, Joe Biden, Trump, Harris, Nikki Haley Republicans, there’s, That’s Organizations: Washington CNN —, Rural, Democrats, Democratic, CNN, Democratic Party, Republican Party, Federal Reserve Bank of St, White, Lumina, Trump, Young, “ Republicans, Republican Locations: Pennsylvania, Michigan, Wisconsin, Georgia, North Carolina, Arizona, Nevada, Utah

☆ Dollar holds on to 7-week highs as traders consider U.S. rates outlook
▼ + stars: | 2024-10-08 | by ( ) www.cnbc.com time to read: +3 min

The dollar clung to seven-week highs against major currencies on Tuesday as investors ponder the outlook for U.S. rates after a strong jobs report last week dashed bets for large rate cuts, while escalating tensions in Middle East dented risk sentiment. Traders have drastically shifted their monetary easing expectations from the Federal Reserve this year. That has kept the dollar on the front foot and surging to a multi-week high against the euro, sterling and the yen. The New Zealand dollar was 0.3% higher at $0.6144 ahead of the monetary policy decision on Wednesday. A majority of economists in a Reuters poll last week said the Reserve Bank of New Zealand will cut interest rate by 50 basis points.

Persons: Kieran Williams, Louis, Alberto Musalem, Shigeru Ishiba Organizations: Federal Reserve, Asia FX, InTouch, Reserve Bank of St, Treasury, Bank of, New Zealand, Reserve Bank of New Locations: Middle East, Asia, China, Bank of Japan, Reserve Bank of New Zealand

☆ Boeing machinists on picket lines prepare for lengthy strike: 'I can last as long as it takes'
▼ + stars: | 2024-09-21 | by ( Leslie Josephs | ) www.cnbc.com time to read: +7 min

Matt Mills Mcknight | ReutersRENTON, Wash. — Cash-strapped Boeing is facing mounting costs from an ongoing machinist strike as workers push for higher pay. The financial cost of the strike on Boeing depends on how long it lasts, though ratings agencies have warned that the company could face a downgrade if it drags on too long. Boeing 737 Max planes sit at the airport in Renton, Washington. Boeing Machinists union members count votes to accept or reject a proposed contract between Boeing and union leaders and whether or not to strike if the contract is rejected, at the Aerospace Machinists Union Hall in Seattle, Washington, on September 12, 2024. Boeing's most recent offer included 25% general wage increases over a four-year deal and was endorsed by the machinists union, the International Association of Machinists and Aerospace Workers District 751.

Persons: Matt Mills Mcknight, Cash, Boeing machinists, Boeing hasn't, Kelly Ortberg, Leslie Josephs, Louis, Jake Meyer, Meyer, Ron Epstein, Jason Redmond, today's, Ortberg, Biden, Pete Buttigieg, CNBC's Organizations: Boeing, Reuters, CNBC, Max, state's, Financial Management, Federal Reserve Bank of St, Bank of America, Aerospace Machinists, Hall, AFP, Getty, International Association of Machinists, Aerospace Workers, Workers Locations: Renton , Washington , U.S, Reuters RENTON, Wash, Seattle, Pacific Northwest, Renton , Washington, Renton, machinists, Washington, South Carolina, Seattle , Washington, Pacific, Oregon

☆ 3 couples who recently got mortgage interest rates under 3% share how they did it
▼ + stars: | 2024-09-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +10 min

Read previewOver the past few years, US mortgage rates have fluctuated wildly, leaving both homebuyers and sellers scrambling. AdvertisementThis can lead to significantly lower interest rates, making monthly mortgage payments more affordable and saving thousands over the life of the loan. The Federal Open Market Committee, which oversees US monetary policy, is expected to cut interest rates at its meeting this week. This could lead to further declines in mortgage rates in the coming months. Here are the stories of three homebuying couples who secured mortgage rates below 3% since March 2023 using assumable mortgages.

Persons: —, Louis, Freddie Mac, aren't, Grace Lucchese, Mickey Ricard, Boston —, Lucchese, Ricard, Riccard, Brian Sankey, Fort Knox, Sankey, Brian Sankey Sankey, wouldn't, Amy Yzaguirre, Yzaguirre, I've Organizations: Service, Federal, Fed, Federal Reserve Bank of St, Business, Federal Housing Administration, Department of Veterans Affairs, Market Committee, Boston, Lucchese, assumable Veterans Affairs, Veterans Affairs, Army, Toyota Tacoma Locations: Lucchese's, Sudbury , Massachusetts, Boston, couple's Massachusetts, Elizabethtown , Kentucky, Fort, Elizabethtown, Oregon, Idaho, Tigard, Portland, Sherwood

☆ 'Rush' hour isn’t what it used to be. Working 10-to-4 is the new 9-to-5, commuting data shows
▼ + stars: | 2024-09-03 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Afternoon commuters sit in traffic on southbound Interstate 5 near downtown San Diego on March 12, 2024. Kevin Carter | Getty Images"Rush" hour isn't what it used to be. Ridership sank during the pandemic, Federal Reserve Bank of St. Louis data shows, and never fully recovered. The result is a surge in traffic congestion throughout the peak midday and evening hours, according to Pishue. "Pre-Covid, the morning rush hour would be a peak and then the evening peak would be much larger," he said, describing two apexes with a valley in between.

Persons: Kevin Carter, Bob Pishue, Louis, Gallup Organizations: INRIX Inc, Midday, Federal Reserve Bank of St Locations: San Diego

☆ Here's what usually happens to stocks when the Fed cuts rates
▼ + stars: | 2024-07-31 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Any September decision to lower the Fed's target range would be the first time interest rates have fallen since the hiking cycle began in March 2022. However, stocks fell soon after the rate cut in 2001 and 2007 by 13.5% and 20.6%, respectively, due to the dotcom crash and the global financial crisis. The current tightening episode is the seventh in the past 40 years. Historically, the Fed has cut rates because the U.S. economy was heading into a recession or experiencing a notable growth slowdown. While nominal rates peaked at 11.5% at the end of the 1983-84 episode, the current target range of 5.25%-5.50% is the highest this millennium.

Persons: Kevin Kliesen, Louis Organizations: CNBC, CNBC Pro, Federal Reserve, Federal Reserve Bank of St Locations: U.S

☆ Rush hour isn't what it used to be: Working 10-to-4 is the new 9-to-5, traffic data shows
▼ + stars: | 2024-07-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

As more commuters settle into flexible working arrangements, the traditional American 9-to-5 has shifted to 10-to-4, according to the 2023 Global Traffic Scorecard released in June by INRIX Inc., a traffic-data analysis firm. Its analysis shows fewer early morning trips and a higher volume of midday trips compared to pre-pandemic traffic patterns. Ridership sank during the pandemic, Federal Reserve Bank of St. Louis data shows, and never fully recovered. The result is a surge in traffic congestion throughout the peak midday and evening hours, according to Pishue. "Pre-Covid, the morning rush hour would be a peak and then the evening peak would be much larger," he said, describing two apexes with a valley in between.

Persons: Kevin Carter, Bob Pishue, Louis, Gallup Organizations: Getty Images, INRIX Inc, Federal Reserve Bank of St Locations: San Diego, San Diego , California

☆ The salaries you'd need to afford iconic TV and movie homes from 'Full House', 'The Godfather' and more
▼ + stars: | 2024-07-21 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

This year, the Chicago-area house from "Home Alone" and the iconic "Full House" townhouse in San Francisco hit the market with asking prices in the millions. In June, CardRates.com examined 25 iconic houses featured on screen. Using Zillow's estimated home values and Bankrate's mortgage calculator, the report determined the monthly mortgage rates and the annual income required to afford each property. The mortgage rates were determined assuming a 20% down payment, a 30-year fixed loan, and the current interest rate as of June 2024, according to the Federal Reserve Bank of St. Louis. Some of the properties in CardRates.com's report are currently on the market and the amounts indicated are the current list prices.

Persons: you've, CardRates.com, Louis . Organizations: Federal Reserve Bank of St Locations: Chicago, San Francisco

Index funds are a type of investment vehicle aiming to match the returns of a specific market index. "Index funds generally benefit an investor by providing diversification and relatively low fees compared to actively managed funds. Decide which index funds to invest inNow it's time to decide which index funds you want to invest in. "In this scenario, the investor would research the universe of index funds available and purchase the funds they'd like to own." Index fund investing FAQsHow do I buy an index fund on my own?

Persons: Warren Buffett, Julian Schubach, Louis, Ameritrade, Charles Schwab, you've, Schwab Organizations: Independence, Nasdaq, Nasdaq Stock Market Dow, NYSE, New York Stock Exchange, U.S, Federal Reserve Bank of St, Market, Fidelity, Vanguard, Chevron Locations: Chevron

☆ The fertility crisis is here and it will permanently alter the economy
▼ + stars: | 2024-06-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

In the 1960s, there were six people of working age for every retired person, according to the World Economic Forum. “What you’re seeing is increased spending on programs like Medicare and Social Security as the baby boomers are aging into those programs. And then of course, fewer workers relative to the number of people who are receiving Social Security and Medicare benefits,” said Dahl. Social Security payments still provide about 90% of income for more than a quarter of older adults in the United States, according to Social Security Agency surveys. But without intervention, the Social Security trust fund will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.

Persons: it’s, Louis, Simona Paravani, ”, Elon Musk, Kimberly, Clark, Mark Schneider, he’s, Emmanuel Macron, Donald Trump, Molly Dahl, Dahl, Eric Schmidt, ” Schmidt, Goldman Sachs, Stefano Scarpetta, Li Qiang, Juliana Liu, Joyce Jiang, Li, China’s, Xi Jinping, Biden, Max Prosecutors, haven’t, Max, Read Organizations: London CNN, Organisation for Economic Co, Development, Economic, Federal Reserve Bank of St, BlackRock, Disease Control, Congressional Budget Office, CBO, Social Security, Social, Social Security Agency, Google, Summit, Federal Reserve Bank of Richmond, OECD, ” Companies, West Chinese, CNN, EV, Prosecutors, Boeing, Max, US Justice Department, Alaska Air, Justice Department, Federal Aviation Administration Locations: Chad, Niger, Somalia, Samoa, Tonga, Tajikistan, United States, London, China, Beijing, Dalian, Canada, Beijing’s “

☆ American households have seen their purchasing power increase
▼ + stars: | 2024-06-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

"Real" earnings measure the net growth in workers' wages after inflation. The trend of growth in annual real earnings has persisted since May 2023, according to BLS data. That marks a reversal from April 2021 to April 2023, when inflation spiked and eclipsed growth in the average worker's paycheck. That month, the average worker saw their pay growth spike to about 6% annually. "This is good news for consumers," since it generally equates to an increase in their well-being over time, he added.

Persons: It's, Chris Tilly, Maximiliano Dvorkin, Louis, Dvorkin Organizations: Getty, U.S . Bureau of Labor Statistics, Finance, University of California, Federal Reserve Bank of St, BLS Locations: U.S, Los Angeles

☆ ALICEs, DINKs, HENRYs, and More: a Complete Guide
▼ + stars: | 2024-06-17 | by ( Erin Snodgrass | Jacob Zinkula | ) www.businessinsider.com time to read: +17 min

But the terms' recent popularity suggests people want to understand how they fit into the broader economy beyond standard measurements. But that, too, is uncertain: She said she was "dangerously close" to losing the aid because her income is too high. ALICEs tend to be older or younger workers, and while they're represented across racial groups, they're more likely to be Black or Hispanic. HIFI: High Income, Financially InsecureHIFI is the latest acronym to join the club. In a 2021 Medium post, Erica Dhawan defined "geriatric millennials" as millennials born in the early 1980s.

Persons: ALICE, HENRY, Kory, Anthony Klotz, Kantenga, DINK, They've, they've, Eric Anicich, Henry, Alice, haven't, Sarah, she's, — there's, they're, Carrie, Gen Zers, Brenton, Mirlanda, Neiman Marcus, Katie Notopoulos, Paige Connell, Connell, Chrissy Arsenault, Arsenault, Jimmy Simpson, who've, Rich, Christopher Stroup, Stroup, HIFIs, Erica Dhawan, Dwahan, Louis, —, Jewel Benjamin, Benjamin, micromanaging, Erin Snodgrass, Jacob Zinkula Organizations: FIRE, Business, LinkedIn, Texas, USC Marshall School of Business, : Asset, SNAP, Los Angeles Times, DINKs, Public School, Financial Independence, Sherwood News, Federal Reserve Bank of St, Federal Reserve, University of Michigan Health, Social, Social Security Locations: POLK, City, Dallas, Boston, Massachusetts, Colorado, Santa Monica , California, millennials, Georgia

Generating income with dividend stocks Dividend stocks have long been a staple of income investors' portfolios. Municipal bonds offer income that's free of federal tax, however. These names trade on exchanges like stocks, and they can offer dividend yields upward of 6%. Options strategies to create income Derivative income funds , such as the JPMorgan Equity Premium Income ETF (JEPI), gathered some $22 billion in 2023, according to Morningstar. Further, consider comparison shopping, as all "derivative income" funds have their own quirks and differences in strategies could affect their risk/return profile.

Persons: Janus Henderson, Walt Disney's, Amber Milam, Jefferies, It's, Savita Subramanian, Subramanian, Russell, Louis, Morningstar, Mike Mulach, Rick Rieder, he'd, Kathleen McNamara, there's, –, Bill Gross, JEPI, Cash, Ashton Lawrence Organizations: Federal Reserve, Meta, Mobile, Bank of America, IBM, . Investment, Fitch, Credit, nab, ICE, Federal Reserve Bank of St, Louis Fed, UBS, UBS Wealth Management, York Life Investments, –, JPMorgan, Mariner Wealth Advisors Locations: U.S, Greenville , South Carolina

☆ ‘Not all debt needs to be paid off as soon as possible,’ says CFP—what to focus on first
▼ + stars: | 2024-05-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

A little over 40% of Americans would consider themselves financially successful if they were able to clear their debt, according to a recent Bankrate survey. That number includes mortgage debt, car loans, student loan debt and credit card debt. "Not all debt needs to be paid off as soon as possible," she tells CNBC Make It. For each debt, include the name of your lender, your outstanding balance, the minimum payment, any due dates and the interest rate. And the interest rate for federal student loans ranges from 5.5% to 8.05%, per the Department of Education.

Persons: isn't, Avani Ramnani, Francis, Ramnani, Matt Schulz, Louis Organizations: New York Federal Reserve, Francis Financial, CNBC, Federal Reserve Bank of St, of Education

The 2024 list is out — and the best cities to live in are mostly in the South and the Midwest. AdvertisementThis year's top spots include a few cities consistently ranked among the best places to live, including booming Boise, Idaho, sandstone-hued Colorado Springs, and the southern banking hub of Charlotte, North Carolina. In addition to the availability of jobs and housing, US News & World Report places a strong emphasis on the overall standard of living in each area. AdvertisementAccording to US News & World Report, here are the 15 best places to live in the US. In these spots, residents are pretty satisfied with their lives, homes are relatively affordable, and there are plenty of jobs.

Persons: —, Louis, glamor Organizations: Service, Business, Federal Reserve Bank of St, US News Locations: United States, Boise , Idaho, Colorado, Charlotte , North Carolina, Austin , Texas, Carolina, Greenville, Charleston , South Carolina, Naples , Florida, Naples

☆ Tuition now costs a whopping $90,000 a year or more at some US universities
▼ + stars: | 2024-04-01 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

Some American universities estimate their total cost of attendance will exceed $90,000 next year. Tuition and fees at universities have continued to climb, even when adjusted for inflation. The result may be a generation of students wondering if college is worth it. AdvertisementThe price of getting a degree has continued to climb at American universities, with the cost of some schools reaching a new threshold. Out-of-state and in-state tuition and fees at public universities have risen by about 38% and 56%, adjusted for inflation, over the same period.

Persons: —, Gen, Ana Hernández Kent, Louis Organizations: Service, New York University, Tufts, University of Pennsylvania, Yale, NYU, Board, U.S . News, for Higher, of Education, Universities, Institute for Higher Education, Institute for Economic Equity, Federal Reserve Bank of St Locations: U.S

☆ A degree now costs more than $90,000 a year at some US universities, showing how wildly expensive education is getting
▼ + stars: | 2024-03-30 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe price of getting a degree has continued to climb at American universities, with the cost of some schools reaching a new threshold. This story is available exclusively to Business Insider subscribers. Out-of-state and in-state tuition and fees at public universities have risen about 38% and 56%, respectively, inflation-adjusted over the same period. In a Business Insider and YouGov survey conducted last year, 46% of Gen Z respondents said they don't think college is worth the cost.

Persons: —, Gen, Ana Hernández Kent, Louis Organizations: Service, New York University, Tufts, University of Pennsylvania, Yale, Business, NYU, Board, U.S News, of Higher, of Education, Universities, Institute of Higher, Institute for Economic Equity, Federal Reserve Bank of St

NEW YORK (AP) — It may not be too “appeeling,” but the price tags of some bananas are rising by a few cents. Trader Joe's recently upped the price for a single banana to 23 cents, a 4-cent — or 21% — increase from the grocer's previous going rate for the fruit that had remained unchanged for over 20 years. In contrast to other foods more heavily impacted by inflation, bananas have stayed relatively affordable over time — with average global prices never exceeding more than about 80 cents per pound (0.45 kilograms). Still, banana prices have seen some jumps in recent years. In the U.S., the cost of a pound of bananas averaged at about 63 cents last month.

Persons: Joe's, “, we’ve, Louis, ” Neil Saunders, Saunders Organizations: Federal Reserve Bank of St, United Nations, Food, Agriculture Organization Locations: Monrovia , California, U.S, —

☆ Wall Street's favorite recession gauge has been flashing for 16 months, but the other key ingredient of a downturn is nowhere to be seen
▼ + stars: | 2024-02-28 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

A key recession signal has been flashing for 16 months, but the other half of a downturn is missing. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The firm pointed out that the spread between the 10-year and three-month treasury yields has been inverted for 16 months. Advertisement10-year minus 3-month Treasury yields from 1982 Federal Reserve Bank of St. LouisThat said, the inverted curve only accounts for 50% of a solid recession call. Meanwhile, Morgan Stanley's chief economist, Ellen Zentner, warned that a "hard landing" downturn is guaranteed as the impact of Fed rate hikes still hasn't been felt fully throughout the economy.

Persons: —, Louis That, Jamie Dimon, Morgan Stanley's, Ellen Zentner Organizations: Service, DataTrek Research, Treasury, Reserve Bank of St, Fed, JPMorgan Locations: downturns, Kuwait

The most common measure of inflation, the CPI is expected to have fallen to 2.9% annually from 3.4% while the core CPI, excluding food and energy costs, is forecast to have declined to a 3.7% rate from 3.9% in December. Year-end revisions to 2023 CPI data, released last Friday, showed inflation was actually slightly lower on a monthly basis in December than earlier estimated. “But ‘generally’ doesn’t necessarily mean linear or consistent – there could very well be bumps ahead.”“Core inflation today is being primarily driven by shelter and wage-sensitive core services,” Lin added. Headier growth could mean prices will take longer to revert back to the 2% annual inflation target set by the Federal Reserve. The day also brings the first reading on consumer sentiment for February from the University of Michigan’s key index.

Persons: ”, BeiChen Lin, ” Lin, Jerome Powell, David Andolfatto, Louis, “, Bill Adams, Waran Organizations: Russell Investments, Economic, Federal Reserve Bank, Atlanta’s, Federal Reserve, Research, Miami Herbert Business School, University of Miami, Federal Reserve Bank of St, University of, Comerica Bank, “ Locations: U.S

☆ What broke the American Dream for Millennials
▼ + stars: | 2024-01-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +11 min

For their nine-month-old son, Miles, Rachael and Garrett agree: They’re not going to push him to pursue the same path. “This is the American Dream,” Rachael says. The nest egg mythA common refrain Millennials heard from their Boomer parents is that buying is always better than renting. Luke Sharrett/Bloomberg/Getty ImagesCentral to the pitch of the American Dream is a house. “I don’t think anyone could have foreseen house prices going up 20% or 30% in a three-year period,” Garrett says.

Persons: Pennsylvania CNN — Rachael Gambino, Garrett Mazzeo, —, Miles, Rachael, Garrett, They’re, ’ ”, ” Rachael, Kristen Gambino, Rachael Gambino, Deborah Brunswick, John General, America it’s, Brendan Duke, Baby, Millennials, gumming, Obama, ”, Louis, Boomer, Luke Sharrett, they’d, ” Garrett, they’re, homeownership, We’re, “ we’re, That’s, Duke, ” Duke, “, Camerota, Matthew Friedman Organizations: Pennsylvania CNN, “, CNN, Center for American Progress, of Education, America, Federal Reserve Bank of St, Bloomberg, Getty, Federal Reserve Bank of Philadelphia, Workers, Center, American Progress ’ Locations: Lansdale, Pennsylvania, America, United States, Attom, financials

☆ The Biden administration wants to save Americans $3.5 billion a year by making sure banks aren't profiting too much off of overdraft fees
▼ + stars: | 2024-01-17 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Trying to buy something without enough money in your checking account can lead to a hefty surprise overdraft fee . If the Biden administration gets its way, those fees, which produce major profits for banks, could soon shrink substantially. Consumers are hit with overdraft fees when they withdraw more money from their accounts than what they have in it. Overdraft fees often come as a surprise for consumers, and many may have had credit available to cover a purchase without going into the red on their checking accounts. "These overdraft loans will simply have to play by the rules."

Persons: Biden, Rohit Chopra, Chopra, Louis Organizations: Service, Consumer Financial, Bureau, Federal Reserve Bank of St, Federal Trade Commission

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