This is a long read, but worth it. Some takeaways:
-Don’t use “buy now pay later.” The fine print isn’t what it seems.
-The fine print on medical financing, store credit cards, and contactless payment is also not what it seems.
-Payday loans are still predatory, even when offered by your employer
-Rewards programs are an income stream for the companies that run them. The points systems are manipulated so that the house always wins. They depend on people leaving money in rewards accounts and not in interest-bearing traditional bank accounts.
-Electronic payment apps like VenMo are not banks. You don’t earn interest. Your money is not protected.
-Your financial information is not private if your money is not kept in a regulated bank.
-None of this is regulated by the FDIC. Your money is not protected if it is held by a non-bank doing banking business. Our economy is not protected from the collapse of financial institutions that are not banks.
-The Biden administration was making progress in increasing accountability for non-banks operating as predatory financial services providers. The current administration is reversing those protections to favor corporations.
PEOPLE! DO NOT LEAVE YOUR MONEY IN VENMO OR APPLE PAY OR ANY OF THIS SHIT. FOR THE LOVE OF GOD GO FIND A REAL BANK OR A CREDIT UNION.
If Venmo were to close tomorrow all your money would vanish. There’s no insurance or guarantee on any of these things. I know banks aren’t great but legit banks will have the “FDIC insured” logo on their doors and websites, which means if my bank goes under tomorrow I still get my money back. Also I guarantee you there is a credit union somewhere in your town, go find it.
You can leave some money in Venmo or Apple pay or whatever, but NOT ALL OF IT for the love of God.
FYI this is what the logo looks like and Apple Cash is FDIC insured.
No, it’s misleading. Go to Green Dot’s T&Cs, search for “FDIC,” and you’ll come across this:
your funds are insured up to $250,000 by the FDIC in the event Green Dot Bank fails
In the event Green Dot Bank fails. Meaning the only time your money is protected is if Green Dot goes under. Not if Apple goes under (unlikely, granted). Or if Apple changes its terms (entirely possible). Or if you got scammed. Or if Apple freezes your account because they think you’re the one scamming. Or any of the other countless mishaps your money could suffer. Green Dot is insured, but Apple Cash is not.
This is the disclaimer (highlighted) you see before you set up Apple Cash:
I really need my followers, especially younger ones, to read this.
And DO NOT get store credit cards, they are money sucks and difficult to cancel.
As someone who’s worked in the industry for a decade now, here’s a quick rundown (US specific,) of what your schools and parents didn’t teach you:
For the love of god get an account at a federally insured institution. Look for FDIC (banks) or NCUA (credit unions) insured and regulated financial institution. They are legally required to have this status publicly available and accessible so it’s not hard to find.
The FDIC and/or NCUA will insure your accounts up to $250,000 PER AUTHORIZED SIGNER and per account type. These are factors to max your coverage to even higher than $250k but the key point is that if something happens to your bank or accounts there, that first $250k of your money is secured anyway.
Banks are for profit. Credit Unions are exactly what it sounds like: unions. They are not for profit and member owned.
Bigger institutions have more money and resources at their disposal; they have the fancier apps, 24/7 phone banking and more locations. But watch out! They are no different than any other large corporation you’ve heard of when it comes to ethics. Smaller institutions have more limitations, and lesser size is not an indicator of morality, but it’s something to consider when choosing where to keep your money.
These institutions, regardless of what kind you choose, will offer interest bearing accounts. Money Market Savings and Time Accounts (also called Certificates of Deposit,) are popular choices to put the money you already have to work for you. You can earn money just for having your money in an interest bearing account type.
All financial institutions charge fees of one sort or another. They are offering products and services, after all. Nothing is free! They will also disclose options to avoid paying those fees, usually based around meeting specific criteria such as minimum balances or direct deposits.
Take this information and do your own research so that you can make an informed decision. Now you know what to look for! Don’t be taken advantage of!
Due to powerful tides, this teeming reef has become a series of shallow tide pools. An Epaulette shark is caught on the reef in the deadly Australian sun. Not to fear, this little shark has evolved ways to survive out of water. By shutting down its organs one by one, it can cope without oxygen sixty times longer than a human. And, if necessary, it can switch to survival tactic number two; it can use its fins as a pair of rudimentary legs to make its way back to the nearest tide pool, and the cool ocean water. This is the only shark that can walk its way out of trouble.
im emotional about food , music , human connection , the way the streetlights were orange in 2009. whatever
Fun fact, street lights should be orange again!! The blue lights we are currently using is incredibly attractive to insects and cause them to fly around it till they die from exhaustion, collisions, predators, etc.
We are in the midst of an insect apocalypse that is already having far reaching effects on bird populations and the food web as a whole. Changing the lights we use is just one way we can begin to slow the course of—and perhaps begin to reverse—this calamity.
one thing you can do today is switch your outdoor lights to these yellow LED bulbs—
On New Year’s Eve in Los Angeles, while many were celebrating, Keith Porter, Jr was shot and murdered by an off duty ICE agent who failed to identify himself before proceeding to take Keith’s life.
Statements from ICE/DHS labeled this overzealous, bloodthirsty pig a “hero” and described Keith Porter as an “active shooter”, which is far from the truth. Allegedly, Keith fired a couple rounds from a rifle into the air as a way to ring in the new year. While certainly not a safe or recommended activity (if this allegation is actually true), it is not an action that warrants his extrajudicial murder. It is worth noting that many residents of the apartment complex he was slain in only describe hearing the 3-4 shots fired by the off duty ICE officer, and witnesses state that the officer did not identify himself before he began firing his weapon.
This happened very close to where I live. Close enough that I heard the gunshots that killed him. Keith was my neighbor and a loving, hardworking father of two girls. He was loved by his community. They now have to move through the world without him, taken far too soon from this earth by what they call a “good guy with a gun”. I will not let him be forgotten. I will not let the media and the DHS/ICE twist the narrative to make this incident sound like anything but another black man being murdered on the spot without the benefit of the doubt. He was given no chance to speak for himself and now he is dead.
Do not let him die in vain. Rest in Power Keith Porter, Jr.
ALT