Training services – Shox Box http://shox-box.com/ Tue, 04 Jan 2022 11:43:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://shox-box.com/wp-content/uploads/2021/06/icon-2021-06-29T183654.200-150x150.png Training services – Shox Box http://shox-box.com/ 32 32 How to deal with your financial problems during the pandemic https://shox-box.com/how-to-deal-with-your-financial-problems-during-the-pandemic/ Tue, 04 Jan 2022 11:43:30 +0000 https://shox-box.com/how-to-deal-with-your-financial-problems-during-the-pandemic/ How to deal with financial problems in times of crisis 1) Understand and accept the current state of affairs So you’ve saved some money and while it’s not a lot, it’s enough to get you by during the pandemic. That’s great! But you need to understand that no matter how much money you have or […]]]>

So you’ve saved some money and while it’s not a lot, it’s enough to get you by during the pandemic. That’s great! But you need to understand that no matter how much money you have or will have in savings, this pandemic is going to force everyone to cut back. If your family needs to cut spending by 30% or more, you should give it a go.

This is probably one of the most important aspects of dealing with financial problems during a pandemic, but people often ignore it because it is not the most fun. A lot of us are having a hard time, but that’s why it’s important to remember that everyone is in the same boat! We are all going to have to do what we can to keep our families safe.

Financial problems, if not treated in the right way, can worsen during a pandemic. It’s never too early to prepare, and payday loans give you the ability to manage your finances well before something bad happens. A payday loan (also known as a payday advance, payday loan, or payday advance) is a small, unsecured loan with a short term, “whether or not the loan repayments are tied to a borrower’s salary.” Loans are also sometimes referred to as “cash advances,” although this term can also refer to cash provided against a pre-established line of credit, such as a credit card.

Interest rates are quite low, much lower than credit cards, but the borrower is expected to pay off the loan in full on their next payday or within a year.

Finding pro bono financial planners is something you should do before it is too late. It’s true that during a pandemic, access to medical care is the biggest problem, but what about your finances?

You need to be financially stable and able to take care of yourself and your family if you want to survive the pandemic – let alone if you want to survive for a long time. Finding a pro bono financial planner can help you cope with your financial problems during the pandemic, and also give you some peace of mind beforehand.

If you are unable to pay your bills for an extended period of time, it will be in the best interest of the business to work out a solution with you so that they can get at least part of the payment rather than none. If that isn’t possible, find other ways to reduce the amount owed or written off entirely.

If your car is repossessed, you can try to negotiate another option. One idea is to keep the car and trade it in for a smaller model that will be cheaper to insure and maintain. In the event of a foreclosure, you need to be prepared for the bank to take your house. If this happens, think carefully about your options and try to come to a deal with them so that they don’t sell the house right away.

Although the idea of ​​saving money seems very difficult, it is much easier if you know what to do. With just a little planning ahead, you may be able to find ways to save money during the pandemic so that your family can survive.

It’s not just about being prepared in advance; it’s also about anticipating and planning what you can do during the pandemic itself.

Remember, this is something that will affect everyone, no matter how much money they make or don’t earn. We all need to come together and solve these financial problems because we are all in the same boat.

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NCC Establishes New International Mobile Termination Rate for Voice Services https://shox-box.com/ncc-establishes-new-international-mobile-termination-rate-for-voice-services/ Mon, 20 Dec 2021 08:00:00 +0000 https://shox-box.com/ncc-establishes-new-international-mobile-termination-rate-for-voice-services/ the Nigerian Communications Commission (NCC) determined the new International Termination Rate (ITR) for voice services paid by foreign telecommunications operators for the termination of international calls on local networks in Nigeria at $0.045. The new rate is contained in the “International Mobile Termination Rate Determination” published by the Board on November 25, 2021. The rate […]]]>

the Nigerian Communications Commission (NCC) determined the new International Termination Rate (ITR) for voice services paid by foreign telecommunications operators for the termination of international calls on local networks in Nigeria at $0.045.

The new rate is contained in the “International Mobile Termination Rate Determination” published by the Board on November 25, 2021. The rate of $0.045 is the floor price for ITR services and will come into effect on January 1, 2022. The rate must be paid in US dollars to allow Nigerian operators to receive an increasing rate in naira terms to account for the devaluation.

No licensee shall charge and/or receive an effective rate per minute that is less than the determined ITR floor rate. As such, payment discounts, volume discounts and any other concessions that have the effect of bringing the effective ITR below the determined rate will be considered a breach of the redetermination and will result in sanctions in accordance with Nigerian Communications (Disclosure Process). application, etc.) Regulations, 2019.

The ITR Floor is the minimum that can be charged. Operators will be free to negotiate a tariff above the floor and this will be left entirely to commercial negotiation between operators and international carriers/partners.

However, while the ITR only relates to the cost of bringing traffic to Nigeria, Nigerian operators will continue to pay the mobile regulated termination rate (MTR), the local termination rate between them.

The MTR of N3.90 for generic 2G/3G/4G operators and N4.70 for new entrant LTE (Long Term Evolution) operators, determined in 2018, will continue to apply to local call terminations until that a new tariff be determined by the Commission in accordance with its powers as set out in the Nigerian Communications Act (NCA), 2003.

The current regime of interconnection tariffs was continued by the Commission’s mobile termination (voice) tariff published on 1 June 2018. In the decision, it was stated that the ITR of N24.40 determined in 2016 will continue to apply until a new decision is made. do.

The naira-denominated ITR has had multiple negative impacts on local operators, which have been further exacerbated by episodes of naira devaluation that ultimately shifted Nigeria from a net receiver of international minutes to a net payer.

The Commission also observed that operators continue to face a series of challenges occasioned by the denomination of ITR in Naira, which necessitates a study based on the costs of ITR. In view of the above and in accordance with its statutory mandate to periodically review regulatory policies, the Commission has engaged Messrs’ Payday Advance and Support Services Limited to undertake a cost-based study of which voice MTR is best suited to the Nigerian telecommunications industry.

Commenting, the Executive Vice President (EVC) of the NCC, Prof. Umar Garba Danbatta, said arriving at the new MTR of $0.045, “the Commission carefully considered the information provided by stakeholders and decided on the parameters and regulatory measures in the light of relevant information such as international experience , the results of the cost model, the state of competition in the sector and the Nigerian macro-economic environment.

He added that the process of obtaining the ITR had been conducted in a transparent manner with a view to providing maximum clarity to all parties without compromising the confidentiality of commercially sensitive information. “We are confident that the outcome of the review will make a significant contribution to the development of the telecommunications sector in Nigeria and will benefit subscribers, operators and the country as a whole,” he said.

The EVC, on behalf of the NCC Board and Management, expressed the Commission’s gratitude to all operators and industry stakeholders, who submitted information relating to the regulation of electricity tariffs. interconnection and costing models and to the consultant, for their participation in the study process leading to the determination.

Sign:

Dr Ikechukwu Adinde
Director, Public Affairs,
December 20, 2021

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A Fintech fox in the regulatory henhouse https://shox-box.com/a-fintech-fox-in-the-regulatory-henhouse/ https://shox-box.com/a-fintech-fox-in-the-regulatory-henhouse/#respond Tue, 07 Sep 2021 09:09:25 +0000 https://shox-box.com/a-fintech-fox-in-the-regulatory-henhouse/ The revolving door project, a Perspective partner, scrutinizes the executive power and the presidential power. Follow them on therevolvingdoorproject.org. One of the first key decisions of the new governor of New York, Kathy Hochul, was to appoint Adrienne Harris as the head of the state’s Department of Financial Services (DFS), which is responsible for regulating […]]]>

The revolving door project, a Perspective partner, scrutinizes the executive power and the presidential power. Follow them on therevolvingdoorproject.org.

One of the first key decisions of the new governor of New York, Kathy Hochul, was to appoint Adrienne Harris as the head of the state’s Department of Financial Services (DFS), which is responsible for regulating the activities of nearly 1,800 insurance companies with cumulative assets of $ 5.5 trillion and over 1,400 banking and financial institutions with assets of over $ 2.9 trillion.

If confirmed, Harris would be tasked with ensuring prudent financial conduct, strong consumer protection and anti-fraud measures in New York City. But given its role as the financial center of the country and the world, its actions will have a significant impact on regulation and enforcement across the country and around the world.

The problem is Harris’ own regulatory philosophy. Apparently Harris just doesn’t understand why regulators have to be so skeptical of the industry all the time, which makes sense, coming from a fintech executive who has championed the industry on both sides of the door. rotating.

DFS has not always had this philosophy. Benjamin Lawsky (the first superintendent of the DFS) strengthened the department’s criminal division and built an agency of 1,400 employees, armed with powerful New York financial laws like the Martin law. Lawsky threatens to revoke the banking license of Standard Chartered Bank in New York after a federal investigation uncovered money laundering. This state-level review in turn pushed Federal regulators to impose tougher penalties, such as the record fine of $ 1.9 billion against HSBC for similar violations. When led by committed fighters, DFS can be a major boon in the fight against financialization.

Compare Lawsky’s track record with Harris’s own view of what financial regulation should look like. “The way we tend to regulate financial services, and most industries in the United States, is – and I’ve always had a little problem with that – it’s kind of like the no-no list.” Harris said last year in an interview with the Ross School of Business at the University of Michigan. “It’s like, ‘Go ahead, free market, but here’s the no-no’s list,’ and then when somebody comes up with a new no-no, you’re like ‘OK, we’ll add that to the no’s list. -no .’ Instead of what I always thought was a better approach, which is “What results are you looking to achieve?” »Is it financial inclusion? Financial health? Consumer protection? It doesn’t matter what it is. And how do you work towards the affirmative outcome that you want?

Find out more about the revolving door project

This seems to irritate Harris in particular when it comes to fintech. “We’re so used to thinking about financial services in a predatory sense. Then they [regulators] come to fintech and then they’re like, “Okay, where are the hidden charges? Where’s the filthy stuff? Instead of approaching it, once again, with this affirmative state of mind ”, Harris said.

At first glance, it is obviously important that regulators know the underlying purpose of their framework. But a lot of people would say that regulators who set ‘no-no’s’ and look for ‘hidden fees’ or ‘disgusting things’ mean they are do their job, which is not to take industry players at their word. Rather, regulators are supposed to think first about the public who could be harmed if the industry is not forthright, which, of course, rarely is.

The “no-no’s” are there first and foremost because there really is no other way to impose compliance on a regulated entity without articulating what it can and cannot do. In addition, many forms of “financial innovation” are genuine new ways of exploiting the public, either through hidden usurious interest rates or through new ways of allowing gambling with other people’s money. The ‘no-no’s’ are there to prevent financial abuse, a need that only government can meet.

Case in point: fintech companies, some of which were cited by Harris herself. She told Ross School that “frankly I’m not sure I understand why” so-called payday advance apps like Brigit and Earnin are controversial because they “help people access their earned wages, but not yet paid, ”as an alternative to payday loans. Except Earnin was subpoenaed by DFS– the same agency Harris may soon be leading – for its “tip” policy, in which users who don’t tip the company have their Earnin withdrawals capped at $ 100. It might not be an interest rate for a payday loan, but for a low-wage worker who can’t get more than $ 100 unless he takes the bar, it’s is a distinction without difference. For her part, Brigit makes money from a subscription fee of $ 9.99 per month and caps loans at $ 250. Unless a user is very regularly in danger of overdrafting, it may not be worth the cost of $ 120 per year.

Apparently Harris just doesn’t understand why regulators have to be so skeptical of the industry all the time.

Notably, Harris was an advisor to Brigit at the time she made the remarks, and was a limited partner to one of her venture capital backers, NYCA Partners. During the Trump years, Harris also partnered with Homie, a company that buys and sells homes in lightly regulated Utah; States Title, a machine learning product for real estate agents; Carver Edison, which makes products for buying and selling stocks; and BOND.AI, which claims to have created an “empathy engine” for marketing financial products to consumers. Her too joins the Brunswick Group, a Washington-based lobbying and public relations firm, in March. Companies that seek his advice to help “sustain” their operations through his “regulatory intelligence” and “policy expertise” may also request a direct consultation on its site.

Harris probably got most of these jobs through his role as the Obama administration’s fintech policy maker. His work resulted in a white paper titled “A framework for fintech», Which is less a framework than an ode to public-private collaboration. The word “innovation” occurs 51 times.

The section of the paper on the potential systemic risks of FinTech includes a paragraph, in which Harris signals regulators to collaborate on oversight while assuring readers that “FinTech is only a small part of the industry right now. broader financial services ”. To avoid algorithmic bias, Harris writes that government should simply “partner with the private sector” and “assess innovations that have the potential to mitigate bias,” but not actually regulate or ban harmful practices.

This is all important, as Harris now inherits several regulatory regimes that run counter to his own beliefs about the purpose of regulation.

During his tenure as DFS Superintendent, Lawsky developed one of the first virtual currency regulatory frameworks, BitLicense of New York. BitLicense conditions address consumer protection, anti-money laundering and fraud, cybersecurity, capital requirements and audit requirements. The muscular licensing regime has been widely criticized by various crypto firms, and only 25 companies have received licenses since its introduction in 2015.

Linda Lacewell, one of Lawsky’s successors, moved relax some of the licensing requirements in an effort to encourage more crypto companies to operate in the state. Nevertheless, Lacewell’s DFS disputed the national banking regulator under Trump’s “authority to grant SPNB charters to non-depository FinTech companies.” This case has been brought up, but the fact that it was brought so recently underscores the stakes for fintech to have a friend or skeptic running DFS.

As Harris potentially takes office after intensive work with fintech startups, the key question is how his enthusiasm for the space can influence his development and enforcement.

Early reactions to his appointment show industry players are excited to see a like-minded person take on the regulatory role. “No one knows the future of financial services better than Adrienne and her hiring is a real competitive advantage for NY” wrote Matt Homer, Harris’ former colleague at NYCA Partners who leads their crypto strategy. Trump-era fintech regulator Daniel Gorfine called Harris “an excellent choice“and Alex Zerden, appointed to the Treasury during Obama’s time, agreed that it was a”smart choice. ” The two Gorfin and Zerden are now leading “consultations” (read: shadow lobby shops) for fintech and crypto firms. It seems Harris is truly a bipartisan candidate; the profiteers of the revolving doors of the Democratic and Republican teams support it.

They may have, in Harris’ words, an “assertive mindset,” but that shouldn’t be shared by hard-working New Yorkers who hope they don’t get ripped off. And the implications for the rest of the world are even less optimistic, as the global financial industry hub grows one of fintech’s darlings.

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The Ida Report, like Katrina before, exposes the human tragedy of those who remain https://shox-box.com/the-ida-report-like-katrina-before-exposes-the-human-tragedy-of-those-who-remain/ https://shox-box.com/the-ida-report-like-katrina-before-exposes-the-human-tragedy-of-those-who-remain/#respond Thu, 02 Sep 2021 11:42:32 +0000 https://shox-box.com/the-ida-report-like-katrina-before-exposes-the-human-tragedy-of-those-who-remain/ ROBERT OWENS felt defeated and helpless on Sunday as he waited in the Louisiana capital for one of the strongest hurricanes to ever hit the United States to make landfall. The 27-year-old had spent days anxiously watching long lines of cars evacuate from Baton Rouge to safer places out of state as Hurricane Ida approached. […]]]>

ROBERT OWENS felt defeated and helpless on Sunday as he waited in the Louisiana capital for one of the strongest hurricanes to ever hit the United States to make landfall.

The 27-year-old had spent days anxiously watching long lines of cars evacuate from Baton Rouge to safer places out of state as Hurricane Ida approached.

He had hoped that he and his wife, his mother-in-law, his roommate and four pets would be among them. But leaving would have required money to buy gasoline and a hotel room, which they did not have.

In desperation, Owens went to ACE Cash Express on Saturday and submitted documents for a payday loan. He was turned down, told he didn’t have enough credit history.

On Sunday, it was clear they would weather the storm at home in his family’s duplex apartment.

“Our bank account is empty – we cannot afford to leave,” he said.

Owens said the majority of residents in his low-income neighborhood are in the same situation. They wanted to leave to protect their families but had no choice but to stay.

“A lot of us here in my neighborhood just have to squat and wait, not knowing how much it will get worse. It’s a terrifying feeling, ”he said.

“Over there, people who have funds to lean on can get out of here, but there are a lot of low-income people who don’t have a savings account to fall into,” he said. he continued. “We are being left behind.”

At 9 p.m. Sunday evening, Owens said his family and everyone else in his neighborhood had lost power. The sky was lighting up green because of transformers exploding all around them, he said.

Several trees had collapsed on neighboring properties, but it was too dark to see the extent of the damage. Owens said they were trying to use a flashlight to watch the street, but were concerned about compromising their safety.

“Never in my life have I encountered something so major,” he said as giant gusts shook the windows of his house.

More than a million customers in Louisiana lost power overnight Sunday through Monday, according to PowerOutage.US, which tracks outages across the country.

Owens said there were a few times it looked like the roof of his duplex might come off. He said his wife was packing a bag of clothes and essentials, just in case.

“We will take shelter in the car if we lose the house,” he said. The family all share his wife’s Toyota Avalon, a vehicle “not large enough” to house four people, three dogs and a cat.

Earlier today, Owens said he was hastily placing towels under leaky windows in his duplex and charging electronics.

He tried to go to Dollar General and Dollar Tree to get food, but they were closed.

Her family has lights stuck around the walls of the house. They planned to hide in the laundry room or kitchen when the storm hit – places without windows.

“There is a general feeling of fear of not knowing what the consequences of this will be,” he said. “This is the most worrying thing. Like, what are we going to do if it gets really bad? Will we still be alive? Will a tree fall on us?

Owens said his stepmother was on disability. Her roommates both work for Apple iOS technical support. His wife works to plan blood donations. All of them depend on the Internet to work from home, and if it goes dark, they won’t be able to make any money.

“We could be out of work, and the rent, electricity, water, all of those bills will still have to be paid,” he said. “We’re a little worried about losing our utilities or even our house – if it’s still standing – because we won’t have money for more bills.”

He said it was hard to feel so vulnerable, like his family was being left behind.

“The fact that we are not middle class or above, it kind of comes down to biting us over and over again, in so many different directions and ways – a simple payday advance is part of that,” a- he declared. “It’s like we have to pay to be poor, even though we try not to be poor.”

This article was published on Peoplesworld.org.

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The importance of AI fraud detection in banking https://shox-box.com/the-importance-of-ai-fraud-detection-in-banking/ https://shox-box.com/the-importance-of-ai-fraud-detection-in-banking/#respond Wed, 01 Sep 2021 09:16:34 +0000 https://shox-box.com/the-importance-of-ai-fraud-detection-in-banking/ Perspectives of the Banking CIO | Friday 03 September 2021 Machine learning is used to prevent transactional fraud before it happens. This not only protects customers from fraud, but also minimizes or eliminates friction for customers whose transactions have been detected incorrectly. Frémont, California: Banks and financial organizations are naturally prone to fraud and scams, […]]]>

Perspectives of the Banking CIO | Friday 03 September 2021

Machine learning is used to prevent transactional fraud before it happens. This not only protects customers from fraud, but also minimizes or eliminates friction for customers whose transactions have been detected incorrectly.

Frémont, California: Banks and financial organizations are naturally prone to fraud and scams, so detecting illegal activity is not an option. As the use of digital banking apps and online shopping increases, steps must be taken to detect and prevent fraud. One of the issues facing financial institutions is that fraud can take many forms. Many banks receive a large number of false positives per day, which are usually reviewed manually. However, in doing so, banks risk hindering customers who are attempting to make legitimate transactions.

Machine learning is used to prevent transactional fraud before it happens. This not only protects customers from fraud, but also minimizes or eliminates friction for customers whose transactions have been detected incorrectly. Simple apps only ask for a few personal details, such as payday advances, credit cards, and set up a direct deposit account. This facilitates application fraud. If a thief obtains sensitive information such as a social security number, they can complete an application and cause significant harm to the victim.

Mortgage fraud is perpetrated not only by professional cybercriminals, but also by industry insiders such as bank agents, brokers, appraisers and other associated professionals. These crimes are usually carried out for financial gain, in which a person takes advantage of the mortgage financing process to steal money from homeowners or lenders. By detecting fraudulent activity early in the process, AI can help fight and defeat app fraud. Algorithms can look for links between credit card and loan applications and monitor newly opened accounts to prevent financial harm before it happens.

While money laundering isn’t always easy to spot, AI’s ability to track spending and depositing patterns over time can alert employees to suspicious activity and prevent payments from being finalized. Additionally, algorithms can use a variety of data sources to uncover deviations from usual patterns, including origins of transactions, final destination, and more. The goal is that AI can help ensure payments are made voluntarily and reduce the number of false positives that traditional fraud detection approaches can produce.

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No money or gas to run from Ida: “We can’t afford to leave” https://shox-box.com/no-money-or-gas-to-run-from-ida-we-cant-afford-to-leave/ https://shox-box.com/no-money-or-gas-to-run-from-ida-we-cant-afford-to-leave/#respond Mon, 30 Aug 2021 11:21:40 +0000 https://shox-box.com/no-money-or-gas-to-run-from-ida-we-cant-afford-to-leave/ Associated press, Lea Willingham Posted: Aug 30, 2021 / 6:21 AM CDT | Update: Aug 30, 2021 / 9:16 AM CDT An abandoned vehicle is half-submerged in a ditch next to a nearly flooded freeway as outer bands from Hurricane Ida arrive Sunday, August 29, 2021 in Bay Saint Louis, Mississippi (AP Photo / Steve […]]]>

An abandoned vehicle is half-submerged in a ditch next to a nearly flooded freeway as outer bands from Hurricane Ida arrive Sunday, August 29, 2021 in Bay Saint Louis, Mississippi (AP Photo / Steve Helber)

BATON ROUGE, Louisiana (AP) – Robert Owens felt defeated and helpless on Sunday as he waited in the Louisiana capital for one of the strongest hurricanes to ever hit the United States to make landfall.

The 27-year-old had spent days anxiously watching long lines of cars evacuate from Baton Rouge to safer places out of state as Hurricane Ida approached. He had hoped that he and his wife, his mother-in-law, his roommate and four pets would be among them. But leaving would have required money to buy gasoline and a hotel room, which they did not have.

In desperation, Owens went to ACE Cash Express on Saturday and submitted documents for a payday loan. He was turned down, told he didn’t have enough credit history.

On Sunday, it was clear they would weather the storm at home in his family’s duplex apartment.

“Our bank account is empty – we cannot afford to leave,” he said.

Owens said the majority of residents in his low-income neighborhood are in the same situation. They want to leave to protect families, but have no choice but to stay.

“A lot of us here in my neighborhood just have to squat and wait, not knowing how much it will get worse. It’s a terrifying feeling, ”he said.

“Over there, people who have funds to lean on can get out of here, but there are a lot of low-income people who don’t have a savings account to fall into,” he said. he continued. “We are being left behind.”

At 9 p.m. Sunday, Owens said his family and everyone else in his neighborhood had lost power. The sky was lighting up green because of transformers exploding all around them, he said.

Several trees had collapsed on neighboring properties, but it was too dark to see the full extent of the damage. Owens said they were trying to use a flashlight to watch the street, but were concerned about compromising their safety.

“Never in my life have I encountered something so major,” he said as giant gusts shook the windows of his house.

More than a million customers in Louisiana lost power overnight Sunday through Monday, according to PowerOutage.US, which tracks outages across the country.

Owens said there were a few times it looked like the roof of his duplex might come off. He said his wife was packing a bag of clothes and essentials, just in case.

“We will take shelter in the car if we lose the house,” he said. The family all share his wife’s Toyota Avalon, a vehicle “not large enough” to house four people, three dogs and a cat.

Earlier today, Owens said he was hastily placing towels under leaky windows in his duplex and charging electronics. He tried to go to Dollar General and Dollar Tree to get food, but they were closed. Her family has lights stuck around the walls of the house. They planned to hide in the laundry room or kitchen when the storm hit – places without windows.

“There is a general feeling of fear of not knowing what the consequences of this will be,” he said. “This is the most worrying thing. Like, what are we going to do if it gets really bad? Will we still be alive? Will a tree fall on us?

Owens said his stepmother was on disability. Her roommates both work for Apple iOS technical support. His wife works to plan blood donations. All of them depend on the Internet to work from home, and if it goes dark, they won’t be able to make any money.

“We could be out of work, and the rent, electricity, water, all those bills will still have to be paid,” he said. “We’re a little worried about losing our utilities or even our house – if it’s still standing – because we won’t have money for more bills.”

He said it was hard to feel so vulnerable, like his family was being left behind.

“The fact that we are not middle class or above, it kind of comes down to biting us over and over again, in so many different directions and ways – a simple payday advance is part of that,” a- he declared. “It’s like we have to pay to be poor, even though we try not to be poor.”

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How to give employees a payday advance https://shox-box.com/how-to-give-employees-a-payday-advance/ https://shox-box.com/how-to-give-employees-a-payday-advance/#respond Wed, 25 Aug 2021 19:59:14 +0000 https://shox-box.com/how-to-give-employees-a-payday-advance/ Employees can request a payday advance for financial stress or life events. Providing employees with a payday advance during times of financial stress can boost employee morale and reduce turnover. Avoid payroll advance issues with the tips in this guide. This article is for employers who want to know how to provide payroll advances to […]]]>
  • Employees can request a payday advance for financial stress or life events.
  • Providing employees with a payday advance during times of financial stress can boost employee morale and reduce turnover.
  • Avoid payroll advance issues with the tips in this guide.
  • This article is for employers who want to know how to provide payroll advances to their employees.

When employees have a financial emergency or can’t make ends meet, they have limited options for quick cash. Very few people look to the family; most are looking for high interest payday loans, credit cards or personal loans. According to Pew Charitable Trusts, 12 million Americans use payday loans. The average annual borrower charges a total of $ 3,000 per year while paying over $ 500 in interest.

Employers have the option of helping employees avoid stressful financial emergencies by offering them payday advances. A payday advance offers a discreet way to benefit your employee while keeping them productive. It can also discourage the employee from choosing a high interest rate loan that puts more debt into it.

Editor’s Note: Looking for the right payroll software for your business? Complete the questionnaire below to have our supplier partners contact you regarding your needs.

What is a payday advance?

A payday advance is a financial agreement between an employer and an employee. The employee receives money from the employer in the form of a short term loan. The loan is repaid to the employer using future wages earned. The terms of the agreement may vary but must be known and accepted by the employer and the employee.

How does a payday advance work?

A payday advance always begins with an employee submitting a written request. Having each request for a salary advance in writing constitutes a paper trail and can also be useful in the event of a problem with the employee (refusal of reimbursement, dismissal, etc.).

Once an employee submits the written request to be processed through payroll, both parties (employer and employee) must sign the agreement. The written request must include a payment plan so that you can receive your money on time.

If you use the best payroll software, you can quickly process a payroll advance separately. However, if you manually complete the payroll, you will need to process a separate check or electronic deposit. You will also need to note the additional payment in your payroll register so that your books reflect the payroll advance.

Employee loan vs payday advance

a employee loan is a sum of money that the employee predetermines. The employer must approve the amount and the employee uses future paychecks to repay the loan in agreed installments.

However, the employer is not guaranteed to recover the loan money. If the employee defaults or frequently makes late payments, you will need to consider the impact on your sources of income.

A payday advance offers the employee the salary he has earned, usually a few days before payday. A payday advance is less risky for the employer because the employee has already acquired the money.

Pros and Cons of Offering Payday Advances to Employees

Payday advances have advantages and disadvantages for the employee and the employer. The main benefit for the employee is a reduction in financial stress. Removing that stress can help employees stay productive, take fewer sick days, and avoid asking for financial help from a payday loan company that charges up to 600% for cash fast. In addition, the employer can benefit from a more focused employee, which translates into higher earnings with little effort on the part of the employer.

However, payday advances carry risks for both the employer and the employee. For example, an employer will see an increase in administrative paperwork and compliance with minimum wage requirements, overtime laws, and the Federal Truth in Loan Act. Additionally, your business must be able financially to offer the employee the payday advance, which may not be possible depending on your business’s cash flow and relationship with creditors.

Employees can also become dependent on payday advances, leading to an “advanced paycheck to paycheck” lifestyle that is not healthy for the employee or employer. Limiting the number of payroll advances an employee can have per year helps control this benefit and avoid confusion regarding payday advance policies. Additionally, payday advance policies can describe situations in which payday advances may be reduced or unavailable, such as an economic downturn, time off, or where workers’ compensation is involved.

Did you know? While you may be tempted to ask the employee why they need the payday advance, asking for specific personal data can be discriminatory.

How To Avoid Problems With Payday Advances

Before offering a payday advance through your business, you must have policies in place. The policy should include the following factors to reference when a problem arises.

1. Determine how the payroll advance process works.

There should be a clear and discreet way for an employee to request a payday advance. For example, an employee can complete a form and, if the advance is approved, the employer and employee sign the document. The form would include all of the terms, including fees, interest, the agreed repayment term, and any business specific terms. If the employee does not meet his end of the payday advance, he could face disciplinary action, termination or legal consequences.

2. Define who is eligible for the payday advance.

Specifying eligibility helps you streamline who can get a payday advance and who can’t. Eligibility guidelines are especially useful if your funds are limited or if a particular segment of your workforce has burned you down in the past. For example, you can offer payroll advances to full-time but not part-time employees, or specify that the employee must complete a particular period of work with your company to show their commitment before you consider them for an advance. on salary.

3. Set loan minimums and maximums.

Place a cap on the dollar amount of payday advance each employee can receive under your policy. Caps will help you get your money back and help the employee be financially responsible.

4. Keep all terms in writing.

Include all aspects of payday advances in written policies. Ideally, the same policy should be used with each employee and include all terms. The employee must be aware of these conditions, and the employer and employee must agree on the amounts of deductions and on the start and end of deductions. Both parties must sign the agreement, with a copy placed in the employee’s file.

adviceAdvice: You should not impose the payday advance until your employee has made their first repayment. Next, calculate the payroll rebate amount for future pay periods.

5. Integrate payroll deduction into your payroll software.

Keeping up with changes in payroll taxes, deductions, and compliances is often more than a business can handle. Save time and money by investing in one of our highly recommended all-in-one payroll solutions. Check out our ADP review or our Paychex review to learn more about online payroll software that can help you manage cash advances and more.

6. Define the payroll advance frequency.

Failure to add the frequency of payday advances to your policy could confuse employees and even lead to legal action. Most companies limit their employees to a payday advance once every six months or twice a year.

Key to take awayTo remember : Add a clause that prevents employees from receiving a payday advance if they have not repaid a previous one. Too much leniency on this policy could result in a significant loss of cash for your business.

7. Provide financial education.

After writing a payroll advance policy, consider providing employees with additional resources. For example, when an employee requests a payday advance, you can offer them financial advice or offer them free online financial courses to help them improve their situation in the long run.

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Judge “deeply troubled” by company offer to buy Flint water leases https://shox-box.com/judge-deeply-troubled-by-company-offer-to-buy-flint-water-leases/ https://shox-box.com/judge-deeply-troubled-by-company-offer-to-buy-flint-water-leases/#respond Wed, 25 Aug 2021 07:00:00 +0000 https://shox-box.com/judge-deeply-troubled-by-company-offer-to-buy-flint-water-leases/ FLINT, MI – New York company offers some sort of payday advance to those with Flint water crisis claims, and federal judge says she is “deeply troubled” by the development . MC Law Funding is soliciting residents who have signed up to file claims under the proposed $ 641 million water crisis settlement, offering to […]]]>

FLINT, MI – New York company offers some sort of payday advance to those with Flint water crisis claims, and federal judge says she is “deeply troubled” by the development .

MC Law Funding is soliciting residents who have signed up to file claims under the proposed $ 641 million water crisis settlement, offering to pay them now in exchange for the right to their claims against the state of Michigan, the City of Flint, the McLaren Regional Medical Center, and Rowe Professional Services.

U.S. District Court Judge Judith Levy and Special Petty Officer Deborah Greenspan said Wednesday, August 25 that the regulations themselves prohibit payments to third parties and suggested that residents of Flint could deceive themselves even if the company was allowed to conclude transactions.

Levy, who has yet to give final approval to the settlement, heard Greenspan’s report on MC Law’s solicitations at a status conference on Wednesday, August 25.

“Here is my concern. I am deeply disturbed by this part of your report, ”Levy told Greenspan, whom she appointed as a special master to develop and implement the water crisis resolution program. “Before being appointed a judge, I was in contact with organizations like MC Law Funding, (which) were trying to solicit or work with… victims in the cases I was carrying.

“My experience in these cases – and it was not MC Law – was that the entities were paying pennies on the dollar of what might be a claim, and the individual forfeited his right to full recovery if he s ‘was engaging with them, “Levy mentioned.

MLive-The Flint Journal was unable to immediately reach a representative from MC Law for comment on Thursday, August 26.

The company says on its website that it “provides money to customers through a partnership in your case.”

“We provide you with the funds to pay your legal fees, medical bills or whatever you need. You get peace of mind and a partner in your legal action, ”the website says.

MC Law says it funds a variety of legal claims, including those related to traffic accidents, slips and falls, and civil rights. A section of the website is dedicated to Flint’s water claims and includes an online payment application.

“These types of deals are meant to generate a profit for the company providing the upfront payment,” said Greenspan. “I know there is a … app for people to learn about selling their receivables, which is basically what it (is).”

Greenspan said the settlement itself prohibits payment to a third party and “contains other provisions protecting settlement funds from surrender and modification to protect those funds.”

The proposed settlement, nearly 80 percent of which would be paid to children who were under the age of 18 when they were first exposed to the water from the Flint River, also contains strict controls over claims filed on behalf of minors.

The sale of these claims “appears to be in violation of these protective provisions,” according to Greenspan, who said the claims administrator “is prohibited from issuing payments directly to anyone other than the approved claimant” or his lawyer.

Michigan Attorney General Dana Nessel said in a statement to the Journal that residents should ignore solicitations that offer to prepay them less than what they are entitled to collect.

“To see a company view this historic settlement as a business opportunity is deeply troubling, but not surprising,” says Nessel’s statement. “We anticipated this and prepared accordingly by ensuring that the settlement agreement itself contains provisions prohibiting payments to these types of companies.

“It is also relevant to point out that Michigan law provides protections for minors that could prohibit or significantly limit the sale of a minor’s debt. I urge anyone who files a complaint to ignore these types of ads. They will only inflict more hardship while being disguised as additional support. “

Levy granted preliminary approval for the water by-law in January and conducted a fairness hearing before deciding whether or not to grant final approval. She said she wondered if the regulations meet the minimum requirements of being fair, adequate and reasonable.

More than 85,500 people have signed up to file claims for a portion of the $ 641 million, but legal authorities have said about 35,000 of those records appear to be or could be duplicates or were filed after the deadline. March 29.

Learn more about MLive:

Youngest victims of Flint’s water crisis to receive 80% of historic $ 600 million settlement

Judge gives preliminary approval to settle $ 641 million Flint water crisis

More than half of Flint residents have signed up for part of the water crisis settlement

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Most Viewed / SNAP: Biggest and Permanent Benefit Increase in Food Stamp History | New https://shox-box.com/most-viewed-snap-biggest-and-permanent-benefit-increase-in-food-stamp-history-new/ https://shox-box.com/most-viewed-snap-biggest-and-permanent-benefit-increase-in-food-stamp-history-new/#respond Tue, 24 Aug 2021 01:58:30 +0000 https://shox-box.com/most-viewed-snap-biggest-and-permanent-benefit-increase-in-food-stamp-history-new/ This fall, individuals and families in Columbia County, Oregon and the country who depend on food stamp assistance will see what the Biden administration calls a significant and permanent increase in benefits. This would be the largest increase in the history of the food stamp system, which now operates as the Supplemental Nutritional Assistance Program […]]]>

This fall, individuals and families in Columbia County, Oregon and the country who depend on food stamp assistance will see what the Biden administration calls a significant and permanent increase in benefits.

This would be the largest increase in the history of the food stamp system, which now operates as the Supplemental Nutritional Assistance Program (SNAP).






This change will increase the SNAP benefits distributed in Oregon by $ 337 million. For SNAP households, this change will on average be about $ 36 more to purchase food per person.




Oregon Department of Human Services (ODHS) press secretary Jake Sunderland said the Biden administration made the announcement on Monday, August 16, and his department is still reviewing the changes and what they would mean for SNAP in Oregon.

“According to the federal government, this change will increase SNAP benefits distributed in Oregon by $ 337 million,” Sunderland said. “For SNAP households, this change will on average be about $ 36 more to buy food per person – or about $ 1.20 per day.”

The change in benefits comes into effect on October 1.

Currently, due to the COVID-19 pandemic, most SNAP households are temporarily receiving the maximum benefit amount for their household size, according to Sunderland.

“This is called emergency allocations and we have been providing these emergency allocations since March 2020,” he said.

SNAP benefit amounts vary depending on household size, income and other factors. SNAP benefits range from $ 0 per month (while receiving other services such as employment and training services) to the maximum benefit amount for household size.

Sunderland said COVID-19 has had an incredible impact on Oregon’s economy and on hunger and food insecurity in Oregon, citing a December 2020 OSU study that estimates rates of hunger and food insecurity more than doubled in 2020 and there are an estimated 1 million Oregonians suffering from hunger and food insecurity.

From January 2020 to January 2021, the number of people receiving SNAP in Columbia County increased by more than 1,500 people, a 21% increase.

The current and new maximum amounts are in the attached table.






Benefit allocation table




Households with incomes of 185% of the federal poverty line or below are eligible for SNAP benefits.

“This means that a family of 4 earning $ 49,000 per year is eligible for the SNAP program,” Sunderland said. “It’s surprising to a lot of people. You can have one parent making $ 23 an hour, while the other stays home with their two kids to save on child care, and still struggles with hunger and food insecurity. “

SNAP provides nutritional assistance benefits to children and families, the elderly, the disabled, the unemployed and working families.

SNAP helps supplement the monthly food budgets of low-income families to purchase the food they need to stay healthy and allow them to spend more of their disposable income on essential living expenses.

ODHS staff determine candidate eligibility based on guidelines established by the United States Department of Agriculture (USDA). The main objectives of the program are to reduce hunger and malnutrition and to improve the nutrition and health of eligible households.

If you need help, here are some important resources:

  • You can request food, cash, and medical help online at: ONE.Oregon.gov
  • Learn about government programs and community resources for seniors and people with disabilities: Aging and Disability Resource Connection of Oregon at 1-855-673-2372 or www.adrcoforegon.org.
  • Dial 2-1-1 or text your postal code to 898-211, www.211info.org For help with resources in your community
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Cape Cod escapes worst of Tropical Storm Henri https://shox-box.com/cape-cod-escapes-worst-of-tropical-storm-henri/ https://shox-box.com/cape-cod-escapes-worst-of-tropical-storm-henri/#respond Sun, 22 Aug 2021 19:56:04 +0000 https://shox-box.com/cape-cod-escapes-worst-of-tropical-storm-henri/ Cape Town had prepared for the worst before Tropical Storm Henri made landfall on Sunday morning. A few days ago it looked like the area was going to take a direct hit from Henri. As of 8 p.m. Saturday, the Coast Guard set the Hurricane ZULU condition for all ports throughout the Southeastern New England […]]]>
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