Mr. Cuomo recorded $ 118,000 in expenses related to his work on the book, according to a letter from a partner of PricewaterhouseCoopers, the accounting firm, which reviewed the finances of his book contract. The expenses included “legal and publishing fees,” according to the letter, published by Mr. Cuomo’s assistants.

Crown’s announcement that he would not be releasing the paperback edition raised questions about whether the publisher, a division of Penguin Random House, would pay the governor’s advance in full.

This question could not be answered by the release of the tax returns, which only included the payments Mr. Cuomo received in 2020.

“In accordance with a long-standing policy, PRH does not comment on contractual or financial agreements with third parties, including authors,” said David Drake, president of Crown, referring to Penguin Random House.

Even before Mr. Cuomo was embroiled in multiple scandals, his book was a commercial disappointment, especially for a title that had garnered such an astronomical lead. Publishers argued over the book at an auction, which pushed the price up, according to publishing industry executives who spoke on condition of anonymity because they were not authorized to discuss private negotiations.

Sales of “American Crisis” have been anemic, with only about 50,000 hardcover copies sold, according to NPD BookScan – not enough for Crown to recoup its investment.

“There is no doubt that they lost their shirts and that Cuomo was the beneficiary of what can only be called a bad business decision,” said Mike Shatzkin, founder and CEO of Idea Logical, a firm publishing consulting.

MoneyLion, an 8-year-old New York neobank, wants to become a destination for all of its clients’ financial needs, including banking, loans and investments.

It’s a strategy that resembles competing proposals from other fintechs, but founder and CEO Dee Choubey said what sets MoneyLion apart is its approach to serving clients across the spectrum of financial needs, from the times. “excess” – including banking, cash management and e-commerce. features – when needed, with offers like its Instacash cash advance product, as well as personal and builder loans.

“We’re building a data-driven ‘super app’ for hard-working Americans,” Choubey said. “80% of Americans oscillate between periods of excess and periods of need, and it is never constant for them. Our ability to use our proprietary technology stack, our data advantage, and our intimate knowledge of our user base to create products for these inflection points really sets us apart. “

MoneyLion started out as a personal finance and lending platform. A few years after starting its operations, it added digital banking and investing. He plans to roll out the crypto this year, and a “Buy now, pay later “ the offer is in beta. The company announcement in February that it will go public through a merger with special purpose acquisition company Fusion Acquisition Corp. in a $ 2.4 billion deal. MoneyLion also acquired financial planning technology company Wealth Technologies in March, a move that Choubey says will help improve its ability to deliver personalized information.

“[Their technology] allows us to take details about the consumer including age, income, retirement date, spending capabilities and provide very personalized advice term by term, ”said Choubey. The company will continue to integrate its capabilities into the MoneyLion platform.

Subscription service menu

MoneyLion is positioned as a financial services response to Costco or Amazon. But customers can choose to subscribe à la carte products.

The RoarMoney checking account, offered in partnership with MetaBank, is billed at $ 1 per month, while MoneyLion’s robo-advisor, which he calls Managed Investing, costs $ 1 per month. Instacash, or MoneyLion’s cash advance product, has no monthly fees, but users pay $ 3.99 to $ 4.99 for instant access to funds. Meanwhile, MoneyLion’s Credit Builder Plus subscription offer, at $ 19.99 per month, includes access to builder loans (annual percentage rates range from 5.99% to 29.99%). %), banking and investment.

“Once we have integrated the consumer, once we have obtained their pay [direct deposit], at each different inflection point, they will need different products, ”said Choubey.

The company added a product market this year, which includes offerings from Nationwide Insurance, and Choubey said the company is open to adding non-financial products.

“From a non-financial product perspective, you know, our ultimate vision is that MoneyLion is a daily destination, and this daily destination is a mix, of course, of financial transactions, but also of how to live a better life.” , said Choubey.

Membership and cash advance products

As MoneyLion seeks to reach a wide range of customers, its loan offerings have gone under regulator control. The company disclosed in a June regulation deposit civil inquiries over three consecutive years – from 2019 to 2021 – regarding its membership model and compliance with the Military Loans Act. The company has also received investigative subpoenas from the Securities and Exchange Commission regarding a subsidiary, Invest in America Credit Fund 1 LLC, through which MoneyLion’s credit and payday loan products are funded. MoneyLion’s loan products are also the subject of investigation and investigation by financial supervisors in the states of California, Minnesota, and Colorado.

Choubey said the company is cooperating with regulators and is on a “very solid footing” with them.

“We operate in a highly regulated environment,” he said. “There are a lot of regulatory bodies that we report to and as we innovate and create new products they will often have questions. It is no different from any regulated institution. “

Since MoneyLion’s Credit Builders Membership Program takes a monthly fee in addition to the loan’s APRs, some analysts argue this could mean a heavier fee load for consumers compared to similar offerings in the market. .

“Many banks, credit unions and some fintech startups offer credit construction loans for total costs as low as $ 60 on a $ 1,000 12 month loan, or about 15% of total costs for a similar credit loan from MoneyLion’s, ”said Jason Mikula, a fintech consultant.

Meanwhile, offering Instacash cash advances also presents potential challenges, including costs consumers could accumulate in the form of voluntary tips, instant transfer fees, and the risk that automated refunds could incur fees. insufficient funds or overdraft, Mikula said. (SilverLion, according to its website, said the company plans Instacash repayments based on its analysis of the customer’s cash flow patterns. Customers can also choose to receive funds within 24-48 hours without paying any additional fees.)

Choubey said customers have the option to recoup the full monthly subscription fee based on frequent engagement with the app.

“It’s been one of our hallmarks for a long time – the way we use engagement to educate and reduce the cost of financial products,” he said.

Choubey said Instacash is designed to meet the evolving needs of customers with volatile revenues.

“There are several delivery models [earned-wage access] and the conversations we have with regulators are actually very thoughtful and productive, ”he said.

Silver Lion reported its net turnover increased by 98% during the year 2021 first quarter, reaching $ 33.2 million, up from $ 16.8 million a year earlier. Choubey said the company generates income from transaction fees (including subscriptions), interest on loans (which accounts for 5% of the company’s revenue), “advice and affiliates” and exchanges. MoneyLion said it has 1.8 million customers.

The path to differentiation

Faced with the competition, MoneyLion sees its marketplace model as a differentiator.

“Our overall vision is to be a daily destination,” said Choubey. “We truly transcend financial transactions to transactions of life [and that] allows us over time to move from a single product platform to an aggregator. “

Stephen Greer, senior analyst at Celent, suggests that MoneyLion, like many neobanks, is on the right track to diversify its revenue streams beyond interchange fees.

“[That’s] pretty important because they’re looking for deposit accounts that have a low enough margin and cheap enough, “he said.” I wonder, with some of these neobanks, when do they hit a limit and do they then have to become a bank to really start growing. “

He noted that MoneyLion, like many banks and fintech startups, likely aims to play an advisory role to its clients as a tool to increase portfolio share. But standing out in a sea of ​​low-cost competition can still be a challenge for the company as it evolves, Mikula said.

“As a non-banking fintech, [MoneyLion] partners with MetaBank to offer some of its products, limiting its ability to differentiate itself, ”he said. “MoneyLion has little competitive advantage over other ‘neo-bank’ products, and its cash and credit advance products are arguably worse for consumers – less transparent, more expensive – than similar features of Chime or Varo. . “

Rewards credit cards

In some cases, having an emergency fund doesn’t always negate the need – or usefulness – of an emergency credit card. Credit cards are much more practical in an emergency than trying to withdraw money from a savings account. If you already have an emergency fund and just want a credit card on hand for peace of mind, a rewards credit card may be a good option.

READ MORE: Best credit cards with rewards

Since emergencies are rarely inexpensive, any means of recovering a little can be worthwhile. For example, some of the best cash back cards offer 2% cash back on purchases. It might lessen the impact of an expensive car repair or an unexpected medical bill a bit.

You can also find rewards cards with additional benefits that can come in handy in an emergency. A credit card concierge can help you find important services, like auto repair shops, when you’re away from home. You can also take advantage of your existing points or miles to save money on last-minute trips or car rentals.

RELATED: How do credit card points work?

Medical credit cards

You can find a few credit cards specifically designed to help people pay for their medical bills. These cards often have low interest rates and no annual fees. Some may even have special financing offers that allow you to make payments over time. Just watch out for deferred interest (see deferred interest section below).

READ MORE: Best Medical Credit Cards

Some medical credit cards will require you to have good credit. However, others may have more flexible credit requirements. This can make them useful alternatives for people with fair or even bad credit.

READ MORE: Credit cards for bad credit

Keep in mind that medical credit cards are generally only usable for medical expenses. This makes them of limited use as general emergency credit cards. You may also want to explore low interest credit cards as a versatile alternative.

READ MORE: Best Low Interest Credit Cards

Things to consider when using a credit card in an emergency

Credit cards are handy in an emergency, but they are not without drawbacks. Here are some things to consider before using your credit card to fund emergency expenses.

Your credit limit

Your card’s credit limit is a big concern when covering big emergency bills. On the one hand, you must ask yourself if the credit limit of your card is sufficient for current expenses. Although some high limit credit cards may have limits of $10,000 or more, these are the exception and not the rule.

LEARN MORE: What happens if you go over your credit limit?

Not only can going over your credit limit cause problems, but even getting close your limit can have negative consequences. In effect, this will increase your credit utilization rate. This is the ratio of your credit card balance to available credit. A high usage rate can cause your credit score to drop. In some cases, this may even cause your issuer to reduce your credit limit.

LEARN MORE: What is a credit utilization ratio?

If you need a higher credit card limit, you may have options. For example, you can request a higher credit limit from your issuer. This may require a credit check and meet basic credit history and income requirements.

LEARN MORE: How to increase your credit limit

Deferred interest

While we’ve talked about the benefits of introductory APR offers above, there is another type of zero rate offer you may come across: deferred interest offers. Although they may seem similar at first glance, financing offers that use deferred interest can be expensive if you’re not careful.

LEARN MORE: What is deferred interest?

With a regular introductory APR offer, you are not charged interest for the duration of the introductory period. Once that ends, your remaining balance starts earning interest at the standard rate.

LEARN MORE: How does credit card interest work?

Despite the so-called Great Resignation, wages have not risen as dramatically as some economists had predicted. About 41% of workers recently surveyed by Willis Towers Watson say they live paycheck to paycheck, while the Bureau of Economic Advisers reports that personal savings rates hit a seven-year low in April – reflecting the dire financial situation many workers find themselves in.

Tate Hackert, the president of Calgary-based ZayZoon, says inflexible pay schedules are a major contributor to inequity. That’s one of the reasons he founded ZayZoon, he says — so workers can access payment when bills come due rather than on a set schedule.

To grow the business, ZayZoon today closed a $12.5 million funding round co-led by Carpe Diem Investments and Alpenglow Capital with participation from InterGen Capital, Prairie Merchant Corporation and several angel investors. . Along with a $13 million loan from ATB Financial, the proceeds bring ZayZoon’s total equity raised to date to $25 million.

“Saving every penny I earned, when I was 16, I provided mortgage financing to a family friend in exchange for interest payments,” Hackert told TechCrunch in an interview by E-mail. “The same patterns emerged – people with relatively [good] incomes that needed a small capital for a small period of time just to get by… I sought to create a product that could help employees in their most vulnerable moments, while remaining socially responsible and true to a mission of improving their overall financial health.”

ZayZoon’s platform allows small and medium-sized businesses to implement what is known as an Earned Wage Access (EWA) program. EWA allows employees to access a portion of their accrued salary before the end of their pay cycle. Workers always receive their full salary at the end of each cycle. However, the advances made are subtracted from the direct deposit account.

ZayZoon self-funds advance wage demands to mitigate risk on the employer’s side. The service is free for businesses, but ZayZoon charges workers a $5 fee to choose how much of their salary they want to access (up to $200). Companies can choose – but are not required – to subsidize the benefit.

Funding applications are disbursed “in minutes” to employee accounts, or workers can sign up for a ZayZoon-branded Visa card that acts as a prepaid debit card. Whether or not they decide to go the prepaid route, workers can link ZayZoon to their bank accounts for spending information in addition to overdraft alerts and minimum account balance fees.

“Employers assume that implementing an EWA program takes immense effort, but ZayZoon can fully activate a business in less than an hour, with the majority taking less than a few minutes,” Hackert said. “Over 3,000 companies offer ZayZoon to their workforce today…Depending on industry and employee demographics, it’s typical for a company that deploys ZayZoon that 25% to 45% of its workforce regularly accesses ZayZoon .”

ZayZoon says franchisees Sonic, McDonald’s, Domino’s and Hilton are among its customers.

ZayZoon is part of a massive industry, of course, with research firm Aite-Novarica Group estimating that EWA vendors moved about $9.5 billion in salary in 2020. Refyne in India raised $82 million to do so in January, while platforms like Branch, DailyPay, and Even have secured hundreds of millions of dollars for their EWA services.

But despite VC money and endorsements from big brands like Uber, Lyft and Walmart, EWA is under increased scrutiny from regulators, including the US Consumer Financial Protection Bureau (CFPB) and the California Department of Financial Protection and Innovation. For example, in New Jersey, recently enacted rules require EWA providers to confirm a client’s earned income before sending them an advance and obtain employee consent before obtaining worker information. with employers.

Some consumer groups argue that EWA programs should be classified as loans under the U.S. Truth in Lending Act, which includes protections such as requiring lenders to give notice before raising certain fees. The groups argue that some EWA programs can force users into overdraft while charging interest through fees.

A fee of $5 per pay period may not seem like much, but it can add up, especially for a low-income worker, and the consequences can be disastrous. According to a 2020 study, just $100 less in savings can make families more likely to seek predatory loans and forego utility bill payments. it is estimated that one in five families in the United States has less than two weeks of liquid savings.

Hackert is working to steer ZayZoon away from “predatory” EWA programs, positioning it instead as a welcome alternative to late bill payments, overdraft fees, and payday loans. Users are not legally obligated to repay ZayZoon and ZayZoon will not take any action to collect payments, but non-paying users will be restricted from accessing the service in the future. At the same time, Hackert suggests that ZayZoon can protect companies – especially small independent businesses – employees who would otherwise steal from the cash register to make ends meet.

“ZayZoon is special in the competitive landscape because we specifically cater to small and medium-sized businesses,” Hackert said. “ZayZoon has specifically sought to serve the underserved…Financial stress is a major contributor to lost productivity and health issues.”

However, it is unclear whether EWA programs are a net positive for business. Using Walmart as an example, the retail giant had high hopes of boosting retention by giving employees early access to earned wages. Instead, it found that employees using the Early Access Salary service tended to quit more quickly.

It’s not just companies that might have grievances. Some workers might object to how ZayZoon shares their personal information. For example, the company has a partnership with Prizeout to run ZayZoon Boost, an optional service that pays out salaries in the form of gas, grocery, and retail gift cards. ZayZoon advertises Boost as a way to earn gift cards worth more than salary advance payments. But in its privacy policy, ZayZoon specifies that users participating in Boost agree to transfer personal and financial information to Prizeout, including their name, date of birth, gender and address.

Beyond Boost, ZayZoon reserves the right to use any user data to conduct research, contests, surveys and sweepstakes and use it for marketing and promotions. Hackert notes that workers can email ZayZoon customer support to request deletion of their data, but there is no in-app mechanism to facilitate this task.

“Companies care about ZayZoon because we dramatically improve their employee well-being, productivity, retention, and recruitment efforts,” Hackert said. “ZayZoon is actively seeking to collaborate on [regulatory] efforts and supports well-considered regulation, because ambiguity is never a good thing. There are market entrants who unfortunately take advantage of this ambiguity at the expense of the consumer – by charging high fees, operating in a non-transparent manner and enforcing the confidentiality of a consumer’s data.

With proceeds from the seed round and debt, ZayZoon plans to invest in general product development and market expansion. Asked if ZayZoon plans to hire in light of the global economic downturn, Hackert said yes, saying he aims to grow the workforce from 60 employees to 85 by the end of the year. the year.

Sometimes you need to cash a check when your bank is closed. Or, maybe you don’t have a physical bank and don’t want to wait for mobile deposit to make your funds available.

Check cashing services will cash your check, depending on the type of check and its amount. And since many of these types of locations are open 24/7, you can cash that tax refund or veteran’s benefit check at 2 a.m. on Sunday morning if you want. wish.

Here’s what you need to know before you go.

Check cashing requirements

In general, you must bring with you some form of identification, such as a driver’s license, passport, resident alien ID card, military ID card, tribal or reserve ID card or a state-issued ID. You should also bring the check and your social security or tax ID number.

Most locations will only cash certain types of checks that they can verify immediately, such as government checks, bank or cashier’s checks, or money orders. Some establishments cash personal checks, but they may hold the funds for several days before releasing them to you, just to make sure the check clears.

Make sure you know how much you will pay in fees. In some cases, the amount of the check is what determines the fee; in others it is the check type. That $1,200 tax refund check may even cost less to cash than a $100 personal check, simply because there’s less chance of it bouncing. So if you’re shopping around for price, be sure to look at the price of the exact check you want to cash.

Places to cash checks after hours

Here are some places you can go if you need to cash a check after hours.

Payomatic

Payomatic is a chain of check cashing stores in New York. There are 129 stores in the five boroughs, but only some of them are open 24 hours a day.

When you bring a valid ID to a Payomatic location, you can cash a paycheck, government check including tax refunds, insurance paycheck, union check, money order and more Again. Payomatic does not cash personal checks.

Payomatic takes 2.27% of the amount of the check. So a check for $100 would cost $2.27 to cash. If you have a $2,000 tax refund, you will pay $45.40 to collect it.

Please 24/7

PLS has offices in 12 states: Arizona, California, Illinois, Indiana, Kentucky, Massachusetts, New York, North Carolina, Ohio, Oklahoma, Texas and Wisconsin. Many sites, but not all, are open 24 hours a day. PLS will cash paychecks, government checks, business checks and more, even if they are out of state. They will also cash personal checks.

The fee for cashing a paycheck, government benefit check or money order under $1,000 is 1% of the amount of the check plus $1. So a check for $100 would cost you $2 to cash. For checks over $1,000 or for other types of checks such as personal checks, the amount will vary depending on the type and amount of the check.

PLS also offers free money orders, utility and other bill payment service, Western Union money transfers and direct deposit. For direct deposit, your employer pays PLS and you can go there and withdraw your funds in cash.

Fast payment

Speedy Cash will cash benefit checks, cashiers checks, bank drafts, paychecks, student loan checks, unemployment checks, personal checks and more. Some checks require a hold before giving you the money, so you may have to wait for your money if it’s not a government check or paycheck.

Speedy Cash is present in 14 states: Arizona, Arkansas, California, Colorado, Georgia, Kansas, Kentucky, Mississippi, Missouri, Nevada, Oklahoma, Oregon, Tennessee and Texas. Some of their locations are open 24 hours a day, but not all of them.

At Speedy Cash, you’ll pay 2% to 2.50% of the check amount to cash a payroll or government check, with a minimum charge of $2. Other types of checks may incur higher fees.

In addition to check cashing services, Speedy Cash branches may offer payday loans, installment loans, title loans, personal lines of credit, money orders and MoneyGram money transfers.

Community Financial Services Center

The Community Financial Services Center has 200 locations nationwide that offer check cashing, money transfers, electronic bill payments, prepaid debit cards, foreign currency exchange, ATMs and more Again. Many sites are open 24/7.

CFSC will cash payroll checks, government checks including tax refunds, settlement checks, checks made payable to your company, and certain other types of checks. The fees they charge depend on the type of check and the state you are in.

walmart

Check cashing services are available at most Walmart stores. If the store is open 24/7, the check cashing service is also available 24/7. Walmart cashes preprinted checks, payroll and government checks, cashier’s checks, two-part personal checks and more.

Walmart charges a maximum fee of $4 to cash checks up to $1,000 and a maximum fee of $8 for checks over $1,000.

You can also deposit money to your bank debit card at a Walmart store, either at a cash register, at the MoneyCenter, or at a customer service center. You can deposit funds if your debit card is issued by one of 15,000 financial institutions in the United States. A $3.74 fee applies to deposit up to $1,000. The minimum deposit is $20.

Walmart also offers prepaid debit cards, MoneyGram, Western Union and Walmart2Walmart money transfers and more.

Kroger

Kroger Money Services offers check cashing at over 2,000 stores, as well as bill payment, debit card cashing, money orders, prepaid cards and more.

Fees for cashing checks at Kroger vary by store location and check amount, but at most stores you can cash a $100 check for $4.00 if you have a Kroger loyalty card . If you don’t, it will cost you $4.50. A check for $2,500 can be cashed for $7.00 with a Kroger card or $7.50 without. There is a $5,000 limit on checks.

Information is accurate as of August 22, 2022.

Editorial note: This content is not provided by any entity covered by this article. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by any entity named in this article.

What Kelly Clarkson is casually doing right now: hosting her own TV show that people can’t get enough of, raising money from her many hit singles and, oh yeah, designing a full line of furniture that I may or may not have spent my last paycheck. So yes, she is rich. Like, I could probably subsist on just 1/100th of his salary from The voice only.

So today we’re breaking down Kelly’s mammoth net worth, including how much money she’s made from her digital singles sales, touring and real estate portfolio, plus how her fortune has been affected. through her divorce from Brandon Blackstock.

^Me @ my student loans.

She earns $14 million per season from The voice

According Celebrity Net WorthKelly’s The Voice the salary is $560,000 per episode or about $14 million per season. But how much did she earn total for the reality contest? That would be around $53 million, not counting last year. I am. Mute.

Meanwhile, We Weekly just reported that his total monthly salary for both The voice and The Kelly Clarkson Show is $1.9 million – and a source says she’s renegotiating her talk show contract and “wants a substantial raise”.

Kelly Clarkson’s Digital Unique Sales Surpass $11 Million

In other words, a lot of people streamed “Miss Independent!” Celebrity Net Worth claims that between singles/albums sales and its Voice salary, Kelly has earned $100 million over his entire career, but keep in mind that’s before taxes!

Sound 2019 Meaning of Life Tour $17.5 million in revenue

Obviously, Kelly didn’t keep everything this money, but still. Her talent is what filled the seats, so let’s assume she has a pretty big chunk of it. Note: if you have an hour and 34 minutes free (it’s cool, same thing), feel free to watch one of his full tours below.

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PS So far, Kelly has made a total career income of around $60.5 million (and counting!).

She launched a home collection

Kelly – as Wayfair’s first-ever celebrity brand ambassador, NBD – released her own collection called Kelly Clarkson Home last year. It’s too early to tell how profitable the collection is, but it’s definitely classy.

She has some acting credits

Although she is quoted as literally hating the experience of filming 2003 From Justin to Kelly—no, seriously, she legitimately admitted that she”[talked] to many lawyers and could not get out of the film “- the singer definitely collected dollars from the film. Also on his list of acting credits? His roles on Phineas and Ferb, The star, Ugly Dolls, and Trolls World Tour. While there are no details on *exactly* how much money Kelly raised for each gig, it’s safe to say it’s probably a pretty penny considering Trolls World Tour nearly $50 million alone.

She’s about to make millions from her homes

According the explosion, Kelly and her ex Brandon listed their Tennessee home in the months before they filed for divorce, and they’ll likely pocket around $6.95 million (a huge profit considering Kelly bought the house for just under of $3 million in 2012). She also listed another home in Encino for nearly $9 million. So, yeah…if her mansions sell, she could be looking at a $16 million salary.

So… what’s up with Kelly’s prenup?

Here is the basic offer: according to the explosionKelly and Brandon did have a marriage contract, which they signed just five days before their wedding. But even so, it has been reported by People that Kelly will have to pay her ex a “one-time payment of just over $1.3 million, plus monthly child support of $45,601.” But that’s not all! She is *also* charged with an additional monthly spousal support payment. TL; DR: Kelly is paying her ex around $115,000 a month, but only until January 31, 2024.

What is Kelly Clarkson’s net worth?

According Celebrity Net Worth, Kelly Clarkson is sitting on a very casual and well-deserved $45 million. (Amazing!) But keep in mind that could go up if she successfully renegotiates her talk show salary!

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According to Citizens Advice, more than two in five recent Buy Now, Pay Later (BNPL) customers ended up borrowing money to make their repayments.

People were asked how they paid off BNPL purchases in the last 12 months. Some 42% had used some form of borrowing, such as a credit card, bank overdraft, borrowing from friends or family, personal loan, payday loan or guarantor loan. In the 18 to 34 age group, just over half (51%) had taken out some form of borrowing.

BNPL can be a way to spread the cost of purchases affordably, without having to pay interest. But the convenience of these services has raised fears that people will be overburdened, with some having to turn to other fee-based borrowing methods to repay the money.

The UK government plans to change the law to bring some forms of unregulated BNPL products into the Financial Conduct Authority (FCA) regulations. Swedish fintech Klarna recently announced that it will report the use of BNPL products to UK credit reference agencies from June in order to protect customers and provide the industry with greater visibility of BNPL use, helping thereby improving affordability assessments.

Opinium surveyed over 2,200 people across the UK in March who had used BNPL in the previous 12 months. Millie Harris, debt adviser at Citizens Advice East Devon, said: “Most of the people I talk to who use buy now pay later are living off overdrafts and credit cards so use them for repayments. It is simply relying on one debt to pay off another.

Dame Clare Moriarty, chief executive of Citizens Advice, said: “Buyers are piling on more borrowing and getting into increasingly desperate situations from which it can seem impossible to escape. The spiral of debt from buy now pay later to credit cards, loans and even payday lenders shows that this is not a risk free alternative. Buy now, pay later is part of the credit industry and urgently needs to be regulated as such.

A spokesperson for BNPL Clearpay said: “Globally, 90% of Clearpay transactions are made with a debit card and 95% of installments are paid on time, demonstrating that our customers are using their own money to pay their bills. purchases and that they understand how our refunds are set up.

“Clearpay has always been in favor of fit-for-purpose BNPL regulation that protects the consumer. We look forward to HM Treasury’s decision on this and will continue to work closely with regulators and industry. »

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As crypto-Twitter cascaded doomsday memes about the bankruptcy of cryptocurrency exchange FTX and the steep drop in the price of bitcoin, one account remained particularly quiet on the subject.

Unlike previous crashes, El Salvador’s President Nayib Bukele, who made bitcoin legal tender a year ago, did not urge his followers to “buy the dip.” The laser eyes, popular among cryptocurrency traders, have long since been removed from his Twitter profile.

The day FTX declared insolvency, it announced that the country would sign a free trade agreement with China. Its vice president, Felix Ulloa, said China had offered to buy the country’s $21 billion in foreign debt as part of the deal.

The Central American country of 6.5 million people is in dire financial straits. In January, he must pay 667 million euros ($688 million) for amortization of the Eurobond. Earlier this year, Bukele promised that his country would issue bitcoin-denominated bonds to pay off the national debt and predicted that the price of bitcoin would reach $100,000.

But the so-called “volcanic bonds” never emerged and today the price of bitcoin is hovering around $16,000. The top tracker of the president’s opaque business estimate that he spent over $107 million on 2,381 bitcoins. Today, that investment is worth just over $40 million.

“If Bukele dreamed of being able to create a different and innovative political economy, against the advice of the IMF, that dream failed,” said Salvadoran economist Luis Membraño. “There are no easy alternatives, no shortcuts.”

The bitcoin losses are relatively insignificant compared to the overall debt, but the president’s determination to defy IMF advice to reverse his bitcoin policy has spooked international markets. When ratings agency Moody’s announced the country’s credit downgrade in January, Bukele tweeted, “Breaking: El Salvador DGAF,” an acronym for “don’t give a fuck.” Now Fitch says some form of default is likely in January.

With rising inflation, a looming recession and deteriorating fiscal situation, El Salvador cannot turn on the printing press because the country adopted the US dollar as its national currency in 2001. Instead, the government dipped into its reserves to cover its budgetary hole. If the situation deteriorates, the country could eventually be forced to abandon the dollar, according to Memberño.

However, accepting debt financing from China would mean a permanent break with the United States and bring the country closer to China, Russia and Turkey, Memberño said. “It would represent a total realignment of Salvadoran foreign policy,” he said.

That funding wouldn’t come cheap, according to Evan Ellis, senior associate at the Washington DC-based Center for Strategic & International Studies. “China is acting like a payday lender, they are making a lot of money from these deals,” he said. “But they often find a way to tie loans to long-term business and strategic benefits that pave the way for Chinese companies.”

Since El Salvador ended ties with Taiwan in 2018, China has agreed to build a stadium and library in the country, but plans to convert the port of La Unión into a logistics hub have stalled. .

Closer ties with China could also suit Bukele’s ambition. He has drawn criticism from the United States and Europe for seeking re-election in 2024 in violation of the country’s constitution.

“When populist governments, left or right, come to power, China acts like a non-judgmental underwriter,” Ellis said. “China can give Bukele the financial independence to be authoritarian and flout the constitution.”

With an approval rating of around 90%, Bukele remains Latin America’s most popular president, based on a tough law-and-order approach and regular attacks on the old political elite.

When Salvadorans elected him in 2019, after decades of corruption from mainstream parties and spiraling gang crime, many felt they were in the last-ditch saloon.

But as a bitcoin player, Bukele didn’t know when to hold them or when to bend them. Closer ties with China would represent yet another roll of the dice.

NEW YORK, May 4, 2021 / PRNewswire / – In an effort to bring the benefits of real-time payments to all Americans, especially those in communities served by Minority-Owned Depository Institutions (MDIs), the financial technology leader FIS and The Clearing House jointly fund the integration fees for MDIs joining the RTP® network, the real-time payment network operated by The Clearing House, via FIS.

“Minority-owned banks and credit unions play a crucial role in serving their communities and local small businesses, and real-time payments can help solve many cash flow issues for customers,” said Jim aramanda, President and CEO, The Clearing House. “The demand for faster payments has never been higher, and all Americans deserve the benefits of real-time payments over the RTP network.”

Minority-owned banks and credit unions are key contributors to their local economies and often provide a trusted financial service option for many individuals and small businesses. Without minority-owned financial institutions, many consumers and small businesses in these communities could be exposed to predatory lending practices, such as payday loans with exorbitant interest rates or check-cashing services that charge high fees.

“FIS is delighted to build on our successful partnership with The Clearing House to promote large-scale financial empowerment in our communities,” said Kelly beatty, responsible for payment solutions at FIS. “By working with TCH, we are delivering new, more cost-effective real-time payment solutions to MDIs and their customers, in line with our commitment to increase financial access to all communities. ”

FIS’s simplified approach to MDI integration is made possible by the FIS Open Payment Framework (OPF). Through the OPF, FIS provides a full turnkey service to US financial institutions to cost-effectively connect to The Clearing House’s RTP® network as well as RealNet , the new software-as-a-service platform. (SaaS) cloud-based FIS. which will enable account-to-account (A2A) transactions on real-time payment networks around the world.

Real-time payments over the RTP network provide consumers and small businesses with the ability to send and receive payments 24 hours a day, 7 days a week, with immediate confirmation of receipt of payment. These features help the customer to control their payments and could significantly reduce the reliance on check cashing services or the reliance on slower payment methods that can result in late fees and penalties. Small businesses served by MDIs on the RTP network will have the ability to receive payments immediately, allowing them to pay workers or purchase inventory or supplies on the same day.

The RTP network, developed by The Clearing House, enables financial institutions of all sizes and businesses to implement innovative, value-added use cases for faster payments. The RTP network provides the banking industry with a modern platform for 24/7 real-time domestic payments, with rich data capabilities and immediate payment confirmation. The network enables instant settlement and availability, so funds can be used or withdrawn for cash within seconds.

The real-time payment capabilities of the RTP network reach around 60% of demand deposit accounts in the United States, and more and more financial institutions are joining the network every week. Additionally, FIs that own 70% of US DDAs have technical access to the RTP network, often through core banking technology providers such as FIS. The RTP network offers a flat rate structure for all depository institutions regardless of size, does not include volume discounts or has minimum volume requirements, and does not charge operator fees. to receive payments.

About the clearing house
The clearinghouse operates US-based payment networks that clear and settle over 2,000 billion dollars every day by wire transfer, ACH, check image and real-time payments. It is the most experienced payments company in the country, with a long history of delivering secure and reliable systems, payments innovation and strategic thought leadership to financial institutions. More recently, The Clearing House revolutionized the payments infrastructure in the United States with the RTP® network, which supports immediate payment clearing and settlement, as well as the ability to exchange associated payment information through the same secure channel. These RTP capabilities enable all financial institutions to deliver safer, faster and smarter digital transaction services to their corporate and retail customers. Learn more at www.theclearinghouse.org.

SOURCE The Exchange Room

Related links

https://www.theclearinghouse.org/