Finance

Beginning in September 2024, major financial institutions in the United States, including Bank of America, Wells Fargo, JP Morgan Chase, and Citibank, will no longer accept certain $50 bills. This decision follows the Federal Reserve’s initiative to update currency circulation with modern designs and enhanced security features, while phasing out older, less secure notes. Why Are Some $50 Bills Being Phased Out? The Federal Reserve's announcement is part of a broader effort to improve the overall security and reliability of U.S. currency. Specifically, some older $50 bills that are worn out, damaged, or mutilated will no longer be accepted by banks and ATMs. The change is aimed at reducing the risk of counterfeit notes and ensuring that the money in circulation is up-to-date and well-...

Walmart, Sam’s Club, and Costco have launched a refund program for consumers who purchased tuna from the brands StarKist and Lion Capital between June 2011 and December 2016. This refund is the result of a court ruling that found these companies guilty of engaging in illegal price-fixing practices, inflating the cost of tuna products sold during that period. Why Are Refunds Being Offered? The U.S. Department of Justice's Antitrust Division conducted a thorough investigation starting in 2015, which uncovered that both StarKist and Lion Capital had colluded to fix tuna prices at artificially high levels. This illegal activity violated U.S. competition laws, which are designed to protect consumers from unfair market practices. The price-fixing scheme affected millions of consumers acros...

The Supplemental Nutrition Assistance Program (SNAP), formerly known as Food Stamps, is set to provide additional financial relief to approximately 14,000 more residents, thanks to new guidelines. These changes, aimed at addressing growing economic inequalities and rising living costs, are particularly crucial for states like Hawaii, where the cost of living is notably high. Under the updated rules, more families will qualify for SNAP benefits, which provide up to $3,200 annually. The revisions to Broad-Based Categorical Eligibility (BBCE) give states the flexibility to eliminate asset limits and raise income thresholds, allowing even households with savings or slightly higher incomes to qualify. This expansion is a significant step in reducing food insecurity for working-class families...

The Alaska Permanent Fund Dividend (PFD) program is offering a $3,200 stimulus check to its residents this year, providing much-needed relief for many families. The PFD, established to distribute oil and mineral wealth to Alaskans, serves as an important financial boost, especially during challenging economic times. Who is Eligible for the Stimulus? To qualify for the PFD stimulus check, individuals must be permanent residents of Alaska, meaning they have lived in the state for the entire previous calendar year. Temporary residents or newcomers do not qualify, as the program aims to reward those contributing to the local community and economy long-term. Additionally, those with a criminal record are ineligible for the stimulus check, ensuring that the funds are directed towards la...

Starting October 1, 2024, CalFresh recipients in California will see a slight increase in their Supplemental Nutrition Assistance Program (SNAP) benefits due to the 2025 Cost-of-Living Adjustment (COLA). Though the increase is modest, it aims to help low-income families as grocery prices rise. What is CalFresh? CalFresh is California’s version of the federal SNAP program, providing financial assistance to low-income households to purchase nutritious food. The program is designed to alleviate hunger and improve the health of residents who qualify for assistance. 2025 COLA Increase: What to Expect The 2025 COLA will bring minor increases to CalFresh benefits. For instance, a single-person household will see their benefits rise from $291 to $292. Similarly, a family of four will r...

Starting October 1, 2024, Supplemental Nutrition Assistance Program (SNAP) benefits are set to increase to help low-income households cope with rising grocery prices. Although these increases are modest, they come at a time when inflation continues to push food costs higher. New Maximum SNAP Benefits For households in the 48 contiguous states and Washington D.C., the new maximum monthly benefits are as follows: 1-person household: $292 2-person household: $536 3-person household: $768 4-person household: $975 5-person household: $1,158 6-person household: $1,390 7-person household: $1,536 8-person household: $1,756 For each additional person, an extra $220 is added to the monthly allotment. Last year’s increases were slightly higher due to more severe inf...

As inflation continues to drive up the cost of groceries, SNAP benefits are set to increase slightly beginning October 1, 2024. The Supplemental Nutrition Assistance Program (SNAP), formerly known as the Food Stamp Program, provides financial assistance for low-income families to help cover grocery costs. This year's increase in SNAP benefits will offer some relief, although it is modest compared to previous years. New Maximum SNAP Benefit Amounts Starting October 1, 2024, the new maximum SNAP allotments for households in the 48 contiguous states and Washington D.C. will be as follows: 1 person: $292 2 people: $536 3 people: $768 4 people: $975 5 people: $1,158 6 people: $1,390 7 people: $1,536 8 people: $1,756 For each additional person, the household wi...

The 2025 Cost of Living Adjustment (COLA) is set to increase Supplemental Nutrition Assistance Program (SNAP) benefits for millions of Americans. This adjustment, which occurs annually, is aimed at helping low-income households keep up with inflation and rising living costs, especially in essential areas like food, housing, and utilities. With inflation impacting the price of goods, the COLA ensures that SNAP benefits are more reflective of current economic conditions. Updated SNAP Benefit Levels for 2025 Starting in 2025, households receiving SNAP benefits will see their monthly payments increase to the following maximum amounts, depending on household size: 1 person: Up to $304 2 people: Up to $558 3 people: Up to $799 4 people: Up to $1,015 5 people: Up to $1,205 ...

In Texas, recipients of the Supplemental Nutrition Assistance Program (SNAP) are set to receive their final payments for September. While many have already accessed their benefits, the remaining disbursements will be processed from September 26 through September 28, depending on the recipient’s Eligibility Determination Group (EDG). Texas SNAP Payment Schedule for September The U.S. Department of Agriculture (USDA) has confirmed that the last round of SNAP benefits will be issued to Electronic Benefit Transfer (EBT) cards based on the final digits of a recipient's EDG number. For example, beneficiaries with EDG numbers ending in 35-38 and 89-92 can expect their payments on September 26, while others with different EDG endings will receive theirs on September 27 or 28. The dist...