Personal Finance Weekend Discussion and Victory Thread for the week of May 15, 2020 |
- Weekend Discussion and Victory Thread for the week of May 15, 2020
- Hertz (car rental) wont stop charging me 6 weeks after I have returned the car.
- Why is Dave Ramsey so against Credit Cards?
- Tax return rejected because my father put me down as a dependent. I've never lived with him since I was 10.
- Removing Myself as an Authorized User
- I was recently scammed out of $2500 dollars from a pet-sitting job, and my bank is closing my account.
- How to get financially independent from toxic parent?
- Dumb question: Why are dividends a good thing?
- What are the best CD rates available right now in U.S.A. (12 month to 24 month)
- Looking into buying a duplex...any thoughts/tips/warning?
- How to "store" my emergency fund?
- Can somebody ELI5 what it means when somebody says they made money from stocks
- Running out of options for Credit Card debt.
- Can't Decide Which HYSA To Choose
- How much "fun money"/"miscellaneous money" do you set aside a month?
- Getting paid 50 hours but working 40?
- Question about car loan
- USAA hardly paying attention to me
- Medical practice charged us $1800 erroneously, hasn't refunded us for two months. Options?
- Brother just let the family know he has major problems with car payments for his lease
- Mom has a financial planner friend and wants me (23) to work with them
- Rebuilding a House with Outstanding Mortgage
- Recent College Grad: First Credit Card and I'm a bit Nervous, please help?
- Will filing for partial unemployment due to reduced salary put any costs onto my already struggling employer?
| Weekend Discussion and Victory Thread for the week of May 15, 2020 Posted: 15 May 2020 02:05 PM PDT If you need help, please check the PF Wiki to see if your question might be answered there.This thread is for personal finance questions, discussions, and sharing your success stories:
A big thank you to the many PFers who take time to answer other people's questions! [link] [comments]  |
| Hertz (car rental) wont stop charging me 6 weeks after I have returned the car. Posted: 15 May 2020 07:08 AM PDT Hey everyone. I am having an issue with Hertz and I am kind of at my wits end about it. Back in the beginning of March I rented a car so that I could visit family in Alabama. Then the Corona lockdowns came. I ended up returning my rental on April 3rd. Because of the lockdowns, there was no one at the store. So I had to drop off the keys. I called the number and they said we were all set. At the beginning of May I started to receive automated calls saying that my rental was overdue etc. For the past 3 weeks they are removing $60 a day from my account. I have spent countless hours on the phone with Hertz trying to get this issue solved. Each time I am told that it is solved, then 3 days later the phone calls come back and I never receive an email with my receipt on it. I dont know what to do. I have called so many numbers and went thru automated message after automated message. This is the last of my money here. Im not working at the moment. and honestly I am staying with friends and family until I can get back on my feet. But it is near impossible with $60 being removed from my account daily. **Edit. Yes everyone the math is correct. I have been kind of locked down in a very... rural part of america lately. And have been very busy with other things before I noticed how bad it was. Thankfully my bank had already taken all of those transactions and "quarantined" them about 3 weeks ago when I first started calling. It still shows as a 'pending' on my stupid phone app statement. So thats been cleared at least. And from what I have gathered from everyones information and a bit of my own sleuthing, is that the locations in the area are all closed 'until further notice'. so perhaps the system is running me thru some automatic response system. But for now, no money has been removed, but it has been quarantined until the paperwork goes through. I have to call my bank next week and set up some other things to get it taken care of. Again, thanks for all the responses and kind words! [link] [comments]  |
| Why is Dave Ramsey so against Credit Cards? Posted: 15 May 2020 04:27 PM PDT I've been watching him recently and I don't really understand why he's so against them. I see no reason to not have one since there's a lot of benefits such as sign up bonuses and cash back. As long as I pay everything off before the billion period ends I won't have to pay any interest and I'll be saving money in the long run. Am I missing something here? [link] [comments]  |
| Posted: 15 May 2020 05:16 PM PDT A few weeks ago, I filed my tax return when I realized that I made over 13k dollars from my internship + my college on-campus jobs. I got an email confirming that I've completed the return and I waited. 1-2 weeks went by and I didn't get any money, nor any email response from them. So I went back to the website where I filed my taxes and I found out that it was rejected (why the fuck didn't they email me this???), and it was because I was put down as a dependent on someone elses' tax return. I found out that my father put me down as his dependent. I have not lived with him since I was 10. I have never stayed at his house for more than 4 hours. Now, I'd be missing out on a 1.5k return and a 1.2k stimulus because of this. He told me that he'll append his tax return to remove me as his dependent, but I read that it will take 16 weeks to complete. And the tax return deadline is on July 15. I have absolutely no way of contacting the IRS. Their phone number isn't accepting any calls. There is no email IRS email address. Can anyone tell me what I can do here? [link] [comments]  |
| Removing Myself as an Authorized User Posted: 15 May 2020 05:29 AM PDT I currently am an authorized user that my mother put me as on her Kohl's Charge card. This card is just about 8 years old, and all my other credit cards are just about 2 years old or less. I'd like to remove myself because I have very ample credit limits, that aren't being used up, but her $1500 credit limit is 100% maxed out. When I called them they said that I have to have her remove me as an authorized user. I'd prefer not to have to ask her to remove me, as it'll likely cause some sort of fight. Is there any way to remove myself? I've had no issues previously when removing myself as an authorized user on other credit cards. [link] [comments]  |
| Posted: 15 May 2020 06:11 PM PDT Hello! I am looking for some advice after falling victim for a pet-sitting scam (Vermont, US). I apologize if this is the wrong place to post. On May 7, I accepted a dog-sitting job. I was super excited since the pay was fairly high ($30/hr), and I love taking care of animals. They emailed me my first week's pay of $450; however, they sent me an additional $2000 to wire to their "pet supplier." I know this should have been a huge red-flag, but I unfortunately gave them the benefit of the doubt (I have had other pet-sitting gigs with similar set-ups, albeit, I met these clients in person). These folks were moving from Canada to our little shire, and had a baby on the way (not an important detail, but it fed into my gullibility). They were hoping to move to our town by mid-May, but because of COVID-19, their move was delayed to the end of May. Hence, they wanted me to receive their pet-supplies, just in case they did not arrive in time. As you can guess, I deposited the check (via my banking app) and wired the money as directed via Zelle. Because the wire worked, I believed that they were trustworthy. I also sent them receipts/screenshots in order to confirm the deposit and the transfer. On May 11, they sent me an additional check for the same amount ($2450), which I stupidly deposited (I believed their story of needing dog pens, like the fool I am). Of course, my bank account was put on hold (meaning I am unable to make withdrawals, deposits, etc) and investigated. At this point, I was mainly worried for my employers, because the hold was causing stress for the "expecting mother", who was instructing me. I really wanted to prove that I was trustworthy, so I assured her that I would keep them updated with the hold and would transfer the funds as soon as they were available. On May 13, the checks were found to be fabricated (it read "the paying bank returned the check unpaid because the item was altered"). Duly, both deposits were rescinded. My bank also charged me a return fee for each check. I now have a balance of negative 2500 dollars. I called the bank to ask how I should proceed, and they told me that they cannot help me in any way. Because of this fradulent activity, they will close my bank account in the next four days. They also need me to pay off the negative balance on my account... which I do not know how to do, since I am unable to make electronic deposits and the closest branch is in another state-- I cannot drive. I am also unable to recover the funds I sent through Zelle (they are not liable for fraudulant activities). Yes-- I know. I am an idiot. I am a fool. And most of all, I am broke, moronic, dimwit who "rationalized" every single glaring red flag that came my way. I am more ashamed and disappointed in myself than I am angry at this point. In fact, before posting here, I found that this scam is quite common. Except unlike all the other pet-sitters who justifably asked if this "job" was a scam beforehand, I fell for it. So I need to ask: is there anything I can do? Is there anything I should do? Should I bring this to a lawyer or private investigator? Can I file for fraud? Are there better questions I can be asking the bank? Or Much to my chagrin, should I accept this as an expensive life lesson? If this helps, here is some of the information we exchanged: I have given them my name, address, age, phone number, receipts/screenshots, and email (gmail). I have their phone number, email, Zelle number, CashApp username, and the email of their "financial clerk" who sent me the checks in the first place. While we initally communicated via email, my "employers" preferred to communicate via text. However, I would not be surprised if these accounts were not linked in any way to their actual person(s). I also have the email of their "niece" who was an alumna of the college at which my mom is employed (my mother is the one who forwarded me this job opportunity). They know that my account is on hold; they MIGHT not know that I have fully realized their scheme. My evidence? It's slim. They have texted me 1-2 times a day asking for updates on the hold. For each of my replies, I have assured them that I would send their funds to them no matter what (I offered to send them back their check by May 21, the day after the hold is lifted (my initial misinterpretation before calling the bank)). They do not know that my account will likely be closed. Maybe they are trying to squeeze a little more out of me? Do I have a chance to reverse this? For now, I am going to call the bank again to see if I can get any more advice/information, since the first person I spoke to was a bit unclear. I would really appreciate any help or advice on this matter. I will happily clarify anything in this message. I tried to be concise with the information for privacy reasons, but I will add more details if necessary. I am also willing to share the emails and text messages if required/permitted. I can also share the list of red flags, which is steadly growing the more I think about what just transpired. Again, thank you so much for any help/advice. I really, really appreciate it. [link] [comments]  |
| How to get financially independent from toxic parent? Posted: 15 May 2020 07:40 PM PDT Hi, So I need advice. I'll make the backstory quick. Essentially, tonight was the last straw for me with my relationship with my mother. My mother has always been a bit neurotic with mood swings (ever since I was a kid). She took a hammer to a laptop that my biological father bought me when I was 11 because that's how angry she was. But for the most part she's nice and l can have a good conversation with her and we can establish a loving relationship. Other times, certain things might set her off and she just gets angry and unreasonable. Tonight was it and I can't handle it. I am tired of trying to please her. Unfortunately, all my financial ties are with her. I have my own debit card with plenty of funds to cut off ties with her but she can see all of my bank activity through a connected account. She also has access to my credit cards (I have zero balance right now). In addition, she still pays for my phone. Also the car I have is tied to my sister's name. I would have to give my sister a bit over 3 grand (which I can afford) to pay it off. I want to do this so my sister can put the car in my name and I have it as a resource. But I am afraid my sister may rat me out to my mom about the fact that I'm trying to escape and get freedom. My sister is older and lives elsewhere. I still live with my mother. I'm not sure if this is the right place to post, but what would be a start or how do I get financial independence from her? Should I do things gradually or everything all at once? [link] [comments]  |
| Dumb question: Why are dividends a good thing? Posted: 15 May 2020 09:42 AM PDT I'm genuinely wondering this. I know they are payments right back to us. But they're payments from the stock we already owned. So if a company issues a $2 dividend on a $50 stock, our stock therefore is now only worth $48. How is this a benefit? Isn't that like buying your kid a toy, lopping off its head and then giving it to your kid? [link] [comments]  |
| What are the best CD rates available right now in U.S.A. (12 month to 24 month) Posted: 15 May 2020 12:36 PM PDT Hi! I was wondering, what are the best CD rates currently available for a 12 month to 24 month duration? I recently had a promotion at Union Bank that was 2.5% for a 12 month period, but after this period went down to .2%. The best I can find right now is 1.40% at Ally Bank for 18 months. Edit: I also found a 15-month promo at Ally for 1.45%, but it appears it is not a fixed APY. Many thanks! [link] [comments]  |
| Looking into buying a duplex...any thoughts/tips/warning? Posted: 15 May 2020 11:33 AM PDT I am looking into purchasing a duplex and in my area, it will be $100k for 20% down. I currently make 75k post tax and generally save 50-55k a year. I currently have just a little over 50k in savings but I definitely would not want to be without emergency cash so I most likely will not purchase until I have 150k in savings. Do you think this is too low of an amount saved? I am planning on living on one side of the duplex with my sister and the other side of the duplex will be rented out. The average for my area seems to be almost break even/small profit. But it would be nice to build equity. Please let me know what you guys think. EDIT: sorry I think I confused a lot of people with how I phrased it. The property is 500k. I need 100k for a 20% Down payment. I am saving 1 years of expenses (25k) because I am an anxious person. And 25k for extra fees for the house. [link] [comments]  |
| How to "store" my emergency fund? Posted: 15 May 2020 10:50 AM PDT So I am getting close to having my 6 month emergency fund fully back to 100% and that is in the range of close to 10k. I have aggressively paid off all my credit cards in the last 6 months and the only debt I have is my car which I only have like 4k left to pay. So I am in good shape financially (finally!) and will continue to save. My question is, how do I "store" my emergency fund? At the moment it is in an Ally account but the savings rate has dropped drastically since I opened the account which is frustrating. (From 1.9% to 1.25%) But it is a very "safe" way to keep my money on hand but not instantly accessible. Is it best in that account or should I put it in an IRA? Or invest it somehow? I've never invested before but I didn't think an emergency fund was a good thing to have in an investment account, even low risk. What would you all recommend to have the safest but most return on my money sitting in an account in case life happens? Edit: Thanks for all the polite, informative, and straightforward responses!! I shall keep my money in my HYSA and hopefully never have to do anything but add to it! [link] [comments]  |
| Can somebody ELI5 what it means when somebody says they made money from stocks Posted: 15 May 2020 06:47 PM PDT Like what I'm trying to understand is let's say somebody buys a stock on Robinhood for $10 and it goes up to $20. Would they have to sell the stock in order to say they made $10 or even if they dont sell it would it still mean they made $10? [link] [comments]  |
| Running out of options for Credit Card debt. Posted: 15 May 2020 01:39 PM PDT Not sure if this is the best place to post but figured I would check. I currently am working as a teacher making $32,000 my main issue is due to some emergencies and poor financial planning I have about $16,000 in Credit Card debt. This is my main focus currently to get it down. I want to do a consolidation loan however one card is over it's credit limit while the other is in the 80% range. This has caused my credit score to drop drastically and the only answers I have been able to get from people are that I should work to settle. In order to do this I would need to stop paying my cards for them to close. While the numbers look great I am very very skeptical and would rather not do this. I just don't know what my options are. I am able to pay it back it would just be a large sum of time and interest. If this is better for another subreddit let me know. All help appreciated. [link] [comments]  |
| Can't Decide Which HYSA To Choose Posted: 15 May 2020 07:55 PM PDT I can't decide between Capital One Performance Savings, HSBC Direct Savings, and Marcus by Goldman Sachs. I've also heard a lot about Ally on this sub but I haven't heard the name before so I'm a bit skeptical Suggestions? For context, I'm a college sophomore looking to open a high yield savings account to start an emergency fund. I currently have checking and savings accounts with a bank but their interest rates are abysmal and I'd like to start an account for long-term savings. My biggest concerns with opening a new account are 1. easy access to the funds 2. customer support/mobile application 3. general ease of use. I am not particularly concerned with the interest rate given the current circumstances and the fact that I won't have a lot of money to save just yet. I do, however, want reliable customer support to answer any questions as I learn to manage my money. I'd appreciate you advice! [link] [comments]  |
| How much "fun money"/"miscellaneous money" do you set aside a month? Posted: 15 May 2020 06:04 PM PDT Working on budgeting, and curious what people budget after all other expenses (bills, food, transportation, rent, etc.) are taken care of. [link] [comments]  |
| Getting paid 50 hours but working 40? Posted: 15 May 2020 07:09 PM PDT Not sure if this is the correct sub for this question but looking for advice. I have been working for this company for almost 5 years. Due to everything going on lately, business had picked up 2 months ago, and working 50 hour weeks was the norm, and all was well. 3 weeks ago the overtime stopped, and I also had to begin to cut my shift back to limited people. This week I was told that for a little bit, there will be no overtime but I, and select other employees, will still be paid for 50 hour weeks. Then, once overtime picks back up I will only be paid for 40 hours, since I am getting it now. I'm wondering if there's some sort of assistance my company is getting and trying to balance out? Is this even legal and what problems could result in this? [link] [comments]  |
| Posted: 15 May 2020 05:32 PM PDT I have a $10,000 car loan. With interest I'll end up paying $12,000. If I decided to put $2000 towards my loan would it subtract from the original amount or the amount with interest? [link] [comments]  |
| USAA hardly paying attention to me Posted: 15 May 2020 05:25 PM PDT Throwaway for reasons I recently made a cash deposit into a PNC ATM for a fairly sizable chunk of money. As you've probably guessed, this is a problem considering I have a USAA account. The ATM gave me an error and spit my card out, but didn't give me cash back. After doing so, I immediately filed a claim through the USAA app with a rep to try and get the money back. Well it turns out this was filed as an INTERNAL claim so obviously it got denied almost immediately. I then called THREE different reps after the denial and was basically told they have no way to contact the PNC bank that I made the deposit at and I would have to handle it with the PNC. I called the PNC and they basically said "well we can't give the money back to you, your financial institution will have to call us and get this settled. I've never heard of an institution refusing to do so." Fast forward a bit and here's the fucking kicker. I got into an argument with a rep on the phone and they said "I'm not going to call PNC do you want to do a 3 way call or something?" And I somehow set up a 3 way call between this random USAA rep and the PNC manager. This went absolutely nowhere and basically the PNC guy and USAA girl just bickered about how USAA doesn't file claims to other banks. Eventually the PNC dude told me if they refused I should file a complaint with the CFPB. After this, the USAA rep somehow transferred me to the Senior VP of disputes who told me yesterday that they would send out an email to PNC to try and get this handled. VP said I should hear something soon. I haven't heard anything back, I left my contact info but I don't have the VP's contact info. Here's the problem, I believe that PNC said USAA had 10 days to credit me the disputed amount and then 90 days to talk with PNC to get it handled, except it has been 5 days and I still haven't been credited. What the hell do I do? [link] [comments]  |
| Medical practice charged us $1800 erroneously, hasn't refunded us for two months. Options? Posted: 15 May 2020 07:24 AM PDT On March 15th, my wife and I were charged by a medical practice for a procedure that was already approved and 100% covered by our medical insurance. (We're in the US.) They charged us $1,800 when they shouldn't have charged us anything. We've been trying to get them to refund us the money for two months now, but they keep waffling. "Oh, we have to follow XYZ internal policy before we can refund you." Absolute nonsense. Half of the money was paid from an FSA account, and half was paid with credit card. Do we have any options to expedite getting our money back? I considered a credit card dispute, but I don't know if that would work. [link] [comments]  |
| Brother just let the family know he has major problems with car payments for his lease Posted: 15 May 2020 09:21 AM PDT My brother who has a leased car over a year ago, was hit hard by the virus. Our family tried helping him but it's hard for all of us. Both of my parents lost their jobs and I have pretty high expenses of my own. Worst issue is, he told us about the issue this week. It's nearly impossible to come up with so much money at once. He is late over three months. I have found on illinois.gov the following; "Beginning March 27, 2020 and continuing for the duration of the Gubernatorial Disaster Proclamation, the provisions of the Uniform Commercial Code, 810 ILCS 5/9-609, regarding the possession or usability of a vehicle, and the provisions of the Illinois Vehicle Code, 625 ILCS 5/3-114, regarding the repossession of vehicles, are suspended." Does that mean car repossessions are suspended until the shelter in place is over? And if so, what is the latest that he would be able to come up with the funds? [link] [comments]  |
| Mom has a financial planner friend and wants me (23) to work with them Posted: 15 May 2020 03:15 PM PDT My mom knows someone in their 20s or 30s that is a financial advisor and my mom wants her to help me as a financial planner. I don't know this person at all. I think this is going to be free - I will not pay her anything if she asks. My mom basically just set me up with her out of the blue. I just got my first full time job and will be making some good money. I do want to plan for retirement while I'm this young (23), and do want to keep some money in a savings account. I know how to set up a savings account already. I don't know how to plan for retirement, so that will be helpful. I'm somewhat concerned about what this woman will want to know about my finances. I won't give her access to how much I'm spending. I'm not comfortable with giving her a lot of info about all of this since i don't know her and will not be paying her any money. I just want resources if she's helping plan out my future. She is also bringing another person I don't know in on a meeting we have next week. This is all just weird to me... [link] [comments]  |
| Rebuilding a House with Outstanding Mortgage Posted: 15 May 2020 08:12 PM PDT I have about 90% of an outstanding mortgage ($550k/630k) on a home that I bought last year. We primarily bought this place for the land that it's on in a rural area. It's a 53 y/o house that is pretty beaten down. We're thinking a bit longer term on renovations, and whether it make sense to start plowing money into remodeling the kitchen/new windows and doors etc or just start over on this place from the ground up. However, I can't find any reliable information on how this interacts with my outstanding mortgage balance. How can I tear down the bank's house and build a new one? I imagine people do this, but any resources you all can point me to would be super helpful. [link] [comments]  |
| Recent College Grad: First Credit Card and I'm a bit Nervous, please help? Posted: 15 May 2020 07:51 PM PDT Hello! A bit of a financial background that you're welcome to skim. I'm 22-years old, just graduated from college (RIP my ceremony), and I've been very anti-credit card my entire life. Both of my parents are not the best with money and have extreme debts tied to their name. My father has claimed bankruptcy before and my mom has expensive taste (they're divorced but have remarried since). I took Dave Ramsey's class in high school as a requirement, and I've been afraid of them ever since. I know my own personal finances and I've never needed to borrow money. I was able to buy my car in cash and saved up/had scholarships to pay for schooling. I have about $10,000 in savings and $2,000 in checking (which as a College student, I'm very grateful for). I'm very frugal and don't like borrowing money when I can just pay for it with a debit card. I think I'm at a bit of disadvantage, however, because I don't have a credit score and have been having a weird time finding an apartment. I thought that not needing a credit card/not having a credit score would be on the end of good/excellent credit ratings, but have found that many companies or landlords don't find that same viewpoint. I've been proud of not needing to borrow money and I'm a bit frustrated that I have to have a score to get things done. I want to rent for a few years before buying a small house, so I know I need a score if I want to be treated seriously. Edit: I'm on unemployment currently as I am a waitress and am unable to go to work during the pandemic. But typically I made about $18-20k a year working part-time in school. I am possibly attending graduate school this Fall, but no stipend/scholarships, so I will be a waitress for the next year or so to help pay for school. Would anyone be willing to explain a credit score to me and what would be the best credit card for my situation? I do travel a bit, so I would like something with travel rewards. I am between a Delta Gold Card or a Chase Sapphire Preferred, but have heard mixed reactions about both. This would most likely be my only form of credit. I have been told by professors to get a personal loan (one specific teacher told me to take out $5,000 and go on vacation) and then pay it off to diversify my portfolio but I don't quite know how that works. Please give me any tips if you have any! Thank you! [link] [comments]  |
| Posted: 15 May 2020 03:41 PM PDT My company cut salaries across the board as a preventative measure due to COVID-19. I recently learned you can file for partial unemployment to make up the difference, but can't find a clear answer on how it works. Would any of the costs of collecting be passed down to my employer? Not trying to be greedy and don't want to screw my company but I recently bought a house and am just wanting to understand this option. If it matters: I work for a Texas-based company from Florida. [link] [comments]  |
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