What You Don’t Know Can Hurt You

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Now that the presidential debates are over, most of us have turned our attention to early voting and election day. But in the year 2020 you have to learn to walk and chew gum at the same time. In other words, keep one eye on the elections and one eye on your money. There are financial changes taking place and what you don’t know can hurt you. Did you know?

Mortgages

Starting on December 1st, 2020, Freddie Mac and Fannie Mae will add a 0.5% surcharge on refinanced mortgages. Loans with balances of $125,000.00 or less will be exempt from the surcharge. Did you know?

Colleges

Some colleges are charging an extra fee to cover the cost of testing and screening students for Covid-19. Additional surcharges are also being assessed for Covid-19 cleaning. Did you know?

Airline Change fees

The major airlines have agreed to permanently waive the change fee penalty of $200.00 for domestic flights. However, you may still pay a change fee for tickets in basic economy. Furthermore, change fees remain applicable to international flights. Did you know?

Bank Withdrawals & Transfer Limits Removed

Why were you limited to six monthly transactions from your savings or money market deposit account without incurring any fees? You were limited because the Federal Reserve required banks to impose those restrictions. However, the Federal Reserve has now removed those restrictions and therefore you should not have to pay fees for transaction limits on your account in theory. However, some banks are still charging customers fees if they exceed certain monthly transaction limits. Did you know you could change your bank and eliminate transaction limit fees?

Social Security Account

If you do not have an online social security account, setting one up is a good idea even though you are years away from retirement. Setting up an account will prevent identity thieves from creating a fraudulent account in your name. Also, it will allow you to check your earnings history against your tax return forms or W-2 to make sure there are no gaps in your records that could reduce your benefits. Did you know?

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