Dear Liz: You’ve recently written about Zelle and other payment apps. I had a neighbor pay an amount to the wrong phone number. Uh-oh. When I needed to pay someone recently, I asked them to request the amount using my phone number on Zelle. In this way, granting their request would assure that my payment would […]
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This week’s money news
This week’s top story: What impacts bank account rates Mid-2024? In other news: 7 tips to prepare your house for hurricane season, weekly mortgage rates trend lower, and PAYE. What Impacts Bank Account Rates Mid-2024? The Fed rate and banks’ competition for consumer deposits play key roles. 7 Tips to Prepare Your House for Hurricane Season […]
Q&A: My kids grew up. Will their credit scores go down?
Dear Liz: Many years ago I took out a credit card to pay for my two children’s college expenses. They were authorized users for miscellaneous expenses. They no longer use or even have access to the cards. Now they are both in stable, well-paying jobs. I would like to keep the card but remove the authorized […]
Q&A: What’s ‘substantial’ in the eyes of Uncle Sam?
Dear Liz: I am retired and subject to both the windfall elimination provision and the government pension offset. In a recent column you indicated someone wouldn’t be subject to the windfall elimination provision if they had 30 years of “substantial earnings” in a job where Social Security tax was withheld. I contributed to Social Security for […]
Q&A: I’ve got a 457(b), not a 401(k). Are they insured the same?
Dear Liz: As an employee of a public agency that offers a 457(b) account, it would be helpful to know if these accounts are insured in a manner similar to a 401(k). Answer: Employer-provided, tax-deferred 457(b) accounts are quite similar to 401(k)s. Both allow employees to make pretax contributions to a retirement account that can be invested […]
Q&A: Should I be afraid of payment apps?
Dear Liz: I pay rent via check (yes, I am aware of the risks). My landlord would prefer that I use Zelle, which has drawbacks. People have had their bank accounts drained. Also, I heard that peer-to-peer money transfer apps should only be used by friends and family, not for business, and not for large sums […]