personalfinance
A Minnesota woman came forward to complain how several car insurance companies have refused to provide her coverage, citing her car's specific make and model as the reason. Both State Farm and Progressive denied coverage for Erin Walters's 2019 blue Hyundai due to high theft rates associated with the model. This model's lack of an immobilisation system makes it a prime target for thieves. A loyal State Farm customer of five years, Walters was surprised to be denied renewal for her policy last week. "I was shocked that State Farm was denying me," she told WCCO News. Minnesota Woman Denied Insur...
IBTimes
California's largest insurer, State Farm, recently notified California's Department of Insurance to allow them to hike home insurance rates for millions of residents, or they will drop coverage of many insured. The request comes amid the state's ongoing insurance crisis as coverage costs increase. Several insurers, such as Allstate, Farmers Direct, and State Farm, havelimited coverage or stopped conducting business entirely in the Golden State, citing the growing risks of climate disasters. In turn, over 50% of all Californians believe they have been affected by climbing property prices or dro...
IBTimes
In an era marked by economic instability and rising living costs, the perception of financial security varies significantly among different generations in the United States. According to recent data from Bankrate, the amount of money Americans believe they need to feel financially secure or wealthy differs widely across age groups, reflecting their varied economic experiences and expectations. Despite these financial targets, a significant number of Americans across all generations feel they are far from achieving them. Bankrate's annual Financial Freedom Survey reveals that only 6% of America...
IBTimes
Have you seen a loose card reader on an ATM or discolouration between the machine's body and the card reader? According to the FBI, scammers increasingly use card skimming devices to collect credit or debit card data from the magnetic stripe when a card is swiped, costing consumers and banks almost $1 billion annually. Card skimming devices blend in easily when fixed inside or over card slots of ATMs, gas pumps, and payment terminals in stores, making them difficult to spot. Scammers also use phishing tactics like installing hidden cameras nearby or placing an artificial keypad over the origin...
IBTimes
While many of us might feel secure holding substantial funds in our primary bank accounts, a bank insider warns that having over $3,000 in your chequing account might not be as safe as you think. This advice sheds light on potential risks and offers a fresh perspective on how to better manage your money to ensure both security and financial growth. In a report, GOBankingRates consulted Rachael P., a veteran bank teller with a wealth of experience in customer banking practices and she shed light on how to be smart about having a banking account. Having witnessed firsthand the drawbacks of keepi...
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Amazon founder Jeff Bezos will sell 25 million company shares worth nearly $5 billion, according to a July 2, after-market hours regulatory filing with the US Securities and Exchange Commission. The stock price reached a record high of $200.20 on the same day. In February, Bezos sold almost $8.5 billion worth of Amazon shares. The stock price jumped 80% last year and over 31% year-to-date to hover around $197.50 after hours on July 3. This year's upswing was fueled by the e-commerce giant's 13% year-over-year (YoY) net sales growth to $143.3 billion for Q1 ended March 31. Around $25 billion of...
IBTimes
In recent discussions on financial strategies and socioeconomic behavior, a surprising trend has emerged: affluent individuals filing for bankruptcy more frequently than those in dire financial need. This phenomenon has sparked widespread debate, challenging conventional notions of who actually utilizes bankruptcy as a financial lifeline. Traditionally viewed as a last resort for those facing insurmountable debt, bankruptcy is increasingly being used as a strategic tool by the wealthy to reset their finances. This step allows companies to rise from the ashes of bad financial decisions and it's...
IBTimes
In a letter obtained by Axios, sixteen Nobel Prize-winning economists have warned that the re-election of Donald Trump could reignite inflation due to his "fiscally irresponsible budgets." The economists expressed deep concerns about the potential risks to the US economy should Trump win the November election. The Nobel laureates emphasised that although their views on specific economic policies vary, they unanimously agree that President Joe Biden's economic agenda is "vastly superior to Donald Trump's" plans. Despite inflation cooling since April, it remains above the US Federal Reserve's 2%...
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Jeanne, a resident of Sandusky, Ohio, recently won $15 million through an Ohio Lottery 50th Anniversary scratch-off ticket. However, she ultimately took home only $5.4 million after taxes and her chosen payout option. Jeanne had a choice: receive $600,000 annually for 25 years, totalling $15 million, or opt for an immediate cash payout of $7.5 million. She chose the latter. After accounting for 28% in state and federal taxes, her winnings were reduced to $5.4 million. "I was speechless," Jeanne told WHIO staff. "What I kept thinking is I'm just going to wake up. It's not real." Earlier this ye...
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A man about to celebrate his 40th birthday with a dream getaway found himself in an unusual debacle online. What was meant to be a romantic birthday trip turned into a solo adventure after his girlfriend couldn't afford her plane tickets. Now, his friends and family are divided over his decision not to cover her expenses, prompting him to seek opinions on Reddit's AITA (Am I The A**hole) forum. Cancelled Plans: A Reddit Post Explains the SituationOn the forum, the Reddit user (u/AudDMurphy), a 39-year-old man, explained his predicament. He had never been on a proper holiday and wanted a memora...
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