$489 million in relief to victims of illegal internet payday loans approved by Virginia court

It was announced on May 13th that $489 million in relief will be given to victims of illegal internet payday loans approved by Virginia court. The federal court gave preliminary approval to a class-action settlement that would provide $489 million of relief to victims of illegal internet loans. Consumers who were charged 600% in interest will not need to submit a claim form and will receive a notice via email or U.S mail to address this issue that has been a concern since 2019. A predatory hotline has been set up at (866) is 830-4501 to advocate for better laws to protect borrowers.

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How to switch Banks in 5 steps. Hate the service – or the interest rate- that you are getting at your bank? Here’s how to find a better institution.

1. Review your options
2. Ask your bank for a switch kit (help to guide you through the process)
3. Open a new account
4. Update billing information
5. Close the old account

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12 Ways to Avoid Paying Bank Fees:

Bank fees can drain your reserves, but you can avoid them. Check out cheaper alternatives and ways of minimizing this aggravating cost.

1. Shop for an online bank
2. Shop for a credit union of community bank
3. Use electronic features (opt out of paper statements)
4. Sign up for direct deposit
5. Look for a volume discount (setting up multiple accounts sometimes helps)
6. Maintain a minimum balance
7. Get cash at the grocery store to avoid ATM fees
8. Use only network ATMs
9. Subscribe to email and text alerts (when your account dips below a certain level)
10. Cancel overdraft protection can cause fees to spiral out of control. So, decline the option
11. Track your money closely
12. Be willing to switch banks and shop for banking services that suit your needs.

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The 10 Most Supportive States for Black-Owned Businesses. African-Americans account for 13% of the U.S. population, yet only 7% of U.S. businesses are Black-owned. Recent events have led to a nationwide push to support Black-owned businesses, so we wanted to find out which states support a thriving environment for Black-owned businesses. However, businesses don’t grow in a vacuum. Having a college degree can be beneficial, but not absolutely necessary. Here are the states and their rankings of the number of Black-owned businesses in the U.S.

10. Florida

9. North Carolina

8. Massachusetts

7.New Jersey

6.Texas

5. Virginia

4. California (tie) w/ Virginia

3. New York

2. Georgia

1. Maryland is the state with the most Black-owned businesses

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Use FINRA’s fund analyzer. Just a 1 percent annual fee on investments can cost you thousands by the time you retire. Visit finra.org to check the fees in your mutual funds and compare the costs.

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Buy fractional shares of stock. Stocks like Amazon can cost around $2,500 per share, but firms such as Fidelity and no-commission apps like Robinhood and M1 Finance let you buy fractional shares. You could invest $250 (10 percent) or even $25 (1 percent) and still get the same growth.

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…As well as no foreign-transaction fees. Currency conversion or cash-withdrawal fees can be shockingly high. Travelers should get a credit card that doesn’t charge you a fee for swiping overseas. Navy Federal Credit Union allows debt overseas without conversion fees – you will pay ATM fees.

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Check your credit card for additional benefits… Some cards offer surprising rewards, like credits for TSA PreCheck, roadside assistance, free museum entry and complimentary subscriptions to premium offerings from Lyft and DoorDash.

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Airless baggage! For less that $30, you can buy a set of zip-up compression bags that allow you to squeeze more clothes into your carry-on and bypass costly checked baggage.

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Watch TV a la carte. Consider canceling cable or streamings subscriptions (Netflix, Hulu, etc.) and buy only what you need. For instance, if you pay for full cable but mostly watch HBO, drop cable and pay separately for HBO. With so many of them free, you might find you were paying hundreds per year for little-used services.

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