Adventure series – Urban Art Adventures http://www.urbanartadventures.com/ Wed, 21 Sep 2022 13:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.urbanartadventures.com/wp-content/uploads/2021/11/icon-17.png Adventure series – Urban Art Adventures http://www.urbanartadventures.com/ 32 32 DailyPay Announces Fee-Free Earned Salary Access Option https://www.urbanartadventures.com/dailypay-announces-fee-free-earned-salary-access-option/ Wed, 21 Sep 2022 13:00:00 +0000 https://www.urbanartadventures.com/dailypay-announces-fee-free-earned-salary-access-option/ NEW YORK, September 21, 2022 /PRNewswire/ — Continuing its mission to create a new financial system that works for everyone, DailyPay announces a new no-fee transfer option (1-3 business days). Millions of American workers nationwide will now have a no-cost transfer option so they can pay bills, spend, save, or invest at their own pace. […]]]>

NEW YORK, September 21, 2022 /PRNewswire/ — Continuing its mission to create a new financial system that works for everyone, DailyPay announces a new no-fee transfer option (1-3 business days). Millions of American workers nationwide will now have a no-cost transfer option so they can pay bills, spend, save, or invest at their own pace. This announcement comes after the recent introduction of DailyPay Friday by DailyPay™, a general purpose reloadable app and card that allows DailyPay users access to instant EWA for free if they upgrade their direct deposit to Friday.

DailyPay logo (PRNewsfoto/DailyPay)

In partnership with major U.S. employers, DailyPay works with businesses to bring financial tools to their workforce by providing employees, many of whom are often unbanked or underbanked, with access to Pay Balance, payment at demand and a much-needed financial lifeline and cash flow. the solution. This service has provided much-needed financial support to workers during the pandemic and may be particularly relevant in providing financial flexibility to so many struggling with high inflation. In fact, 75% of hourly workers have struggled to pay their expenses this year, according to a recent Harris Poll commissioned by DailyPay and Funding Our Future. DailyPay will be rolling out its new one to three business day fee-free transfer option to its user base over the coming weeks.

“It’s all about choice and access,” said Matthew Koko, Vice President, Public Policy, DailyPay. “Our users now have the option of paying a small ATM-like fee for an immediate transfer or a no-fee option for a transfer within one to three business days. We have also recently rolled out Friday, a new reloadable general purpose (GPR) prepaid card and app, which allow users to instantly receive transfers at no cost. These measures align with our mission to provide millions of Americans with access to their paychecks and the ability to take control of their finances on their own schedule.”

Using on-demand pay can provide workers with a more optimal way to make ends meet. A study by the Aite-Novarica Group commissioned by DailyPay shows that workers who previously depended on payday loans, overdraft fees, borrowing from friends and late fees can save several hundred dollars a year in reduced interest on loans, overdraft fees and late fees when using DailyPay.

The study also reveals that 95% of DailyPay users who previously relied on payday loans either stopped using payday loans or reduced their usage after DailyPay. Additionally, 97% of those who said they had overdrafted their bank account before using DailyPay said they rarely or never incurred overdraft fees (79%) or less overdraft fees (18%) after using DailyPay. Reducing the need to rely on payday loans, payday advances, or personal loans from family and friends allows workers to improve their credit, accumulate savings, and feel more financially capable and independent. New research in 2022 by the Mercator Advisory Group confirmed similar results on the financial well-being of workers.

About Daily Pay

DailyPay, Inc., powered by its cutting-edge technology platform, is on a mission to create a new financial system for everyone. DailyPay offers the industry-leading on-demand payment solution with modern, insight-driven compensation strategies that help leading U.S. employers activate their workforces and build stronger relationships with their employees so that they feel more engaged, work harder and stay longer. With its vast data network, proprietary funding model and connections to over 6,000 banking system endpoints, DailyPay ensures that money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay is headquartered in New York Citywith operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.

Media Contacts
David Schwarz
E-mail: david.schwarz@dailypay.com

Gabriella Lourie
E-mail: gabriella.lourie@dailypay.com

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How Employers Can Embrace FinTech for Financial Well-Being https://www.urbanartadventures.com/how-employers-can-embrace-fintech-for-financial-well-being/ Fri, 16 Sep 2022 12:18:30 +0000 https://www.urbanartadventures.com/how-employers-can-embrace-fintech-for-financial-well-being/ By Aries PalaniappanFounder and CEO, Earnin Almost two-thirds of the American population lives from salary to salary, even among those earning six figures. These employees often rely on payday loans, cash advances, credit cards, and overdraft extensions to make ends meet while waiting for the rigid two- or four-week payday. This pay cycle is obsolete. […]]]>

By Aries PalaniappanFounder and CEO, Earnin

Almost two-thirds of the American population lives from salary to salary, even among those earning six figures. These employees often rely on payday loans, cash advances, credit cards, and overdraft extensions to make ends meet while waiting for the rigid two- or four-week payday. This pay cycle is obsolete. It was created during the industrial revolution. Before this period, people were paid every day. During the industrial revolution, industrialists were more powerful than workers and decided to switch to a batch payment system because it was more efficient for them. The workers had no choice. If the job was more powerful, they would have been paid 2 weeks before going to work. To put this in today’s context, imagine Google telling you that your search results will be shared with you in two weeks, or waiting two weeks to watch your favorite Netflix movie?

Today, the financial burden on individuals and households continues to worsen with inflation and stagnating wages. To keep up and stay competitive in a tight job market, companies need to take a closer look at the most valuable employee benefits today. Employees need to feel empowered, and one way to do that is to give them access to their earnings as they are earned, removing the cash flow timing barriers from standard payment cycles. .

Employee satisfaction has a direct impact on a company’s bottom line and helps establish a positive corporate culture. In 2019, John Hancock estimated that the cost of financial stress per employee per year was $1,918 in lost productivity and absenteeism. That number is now at $2,412. This has a direct impact on business, as financially stressed employees are 77% more likely to leave for another employer and spend 2-5 hours a week managing their personal finances at work, which also has an impact on the productivity. When employers provide a solid foundation and the right resources to improve financial health, employees can focus on pursuing larger goals and objectives that improve their organization.

As employers seek to adopt solutions that support employees and their holistic well-being, those who address the challenges associated with the speed of money will increase employee satisfaction, motivation and productivity, and experience better retention. and better recruitment.

Living Paycheck to Paycheck: It’s More Than You Expected

An unexpected financial challenge, like a flat tire or a health emergency, can make cash flow especially tight. That’s why financial wellness solutions are vital for those who live paycheck to paycheck. People get paid every two to four weeks, but bills, subscriptions and emergencies don’t wait for payday. This reality means that when workers do not have access to income, they are forced to turn to payday loans or pay high bank charges, such as overdrafts and insufficient funds. In addition to expenses, people may have to miss more work because they can’t afford child care that week or car repairs. The cycle continues.

This financial stress can weigh on them and directly impact their work. Employee financial stress is costing employers $4.7 billion per week in lost productivity. Financial wellness should be a top priority for businesses, especially those recruiting and retaining large populations of hourly workers who may need additional support and resources to achieve their financial goals when their access to pay is limited to the two-week window.

A report from JD Power explored how inflation caused stress among Americans and therefore led them to seek increased frequency of payment. The report found that 51% of workers would consider changing jobs simply for more frequent payments, including 76% of hotel and restaurant workers. Living paycheck to paycheck comes with unique challenges that can be overcome if employees have access to compensation as it is earned.

The role of FinTech solutions for financial well-being

Fintech solutions that address Earned Wage Access (EWA) free workers from rigid payment cycles, allowing workers to access their money as they earn it. EWA allows workers to access and save the money they have earned without mandatory fees or recourse. More companies are choosing EWA solutions because they improve benefits and increase retention, especially in the age of the great resignation.

During the pandemic, a industry study discovered the impact early access to pay has had on people, finding that 92% of employees felt the services had helped them achieve at least one of their financial goals in 2020. Additionally, 88% of respondents believed that having access to salaries as they earned them during the pandemic was essential to their financial well-being.

Employees want to know that their overall well-being, including their financial well-being, is a priority for their employers. This is especially true since few other aspects of life happen every two weeks. The world no longer works in this cycle because demand and streaming are now the norm.

The path to financial empowerment

Employers have found that access to financial support can lead to significant improvement in employee retention. Additionally, employees facing less financial stress are more productive and able to have a positive impact on employers, individuals and the economy in general.

To help address this issue, companies should determine and offer competitive salaries based on market changes in the cost of living due to COVID-19. Next, it is essential that the fintech solutions offered by employers are affordable, easy to access and offer employees more choices adapted to their needs. This can be extremely helpful in supporting those who need it most. The offer of EWA can be beneficial for both the employee and the employer, as the employee is paid right after work and the employer guarantees job satisfaction, which improves productivity.

In addition to extending financial support, HR managers should offer financial resources related to budgeting and savings. To manage the pay gap, employees need access to tools that create personalized financial plans and manage expenses, savings and more. Technological tools to track income and expenses will also be helpful in improving an individual’s financial health.

As more companies struggle to hire and retain employees in a competitive job market, new benefits offerings are a way for companies to stand out from competition. Offers that allow employees to control their finances while meeting their unique financial needs can be beneficial in achieving their goals.

About the Author
Ram Palaniappan is the founder and CEO of To win. He is a critically acclaimed fintech entrepreneur whose mission is to create products that make money work better for everyone. Earnin aims to free people from the traditional payment cycle and give them control of their money, from the moment they earn it.

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Michigan spent $2.5 million to be a rocket hub. Critics say it only produced hype https://www.urbanartadventures.com/michigan-spent-2-5-million-to-be-a-rocket-hub-critics-say-it-only-produced-hype/ Wed, 14 Sep 2022 20:45:55 +0000 https://www.urbanartadventures.com/michigan-spent-2-5-million-to-be-a-rocket-hub-critics-say-it-only-produced-hype/ “It’s truly remarkable that someone is considering putting a heavy industrial facility [like a launch pad] on the coastline of the largest body of fresh water in the world,” said Dennis Ferraro, who lives about 3 miles from the selected site and leads the opposition group Citizens for a Safe & Clean Lake Superior. “It’s […]]]>

“It’s truly remarkable that someone is considering putting a heavy industrial facility [like a launch pad] on the coastline of the largest body of fresh water in the world,” said Dennis Ferraro, who lives about 3 miles from the selected site and leads the opposition group Citizens for a Safe & Clean Lake Superior.

“It’s just a horrible idea. Ecologically, it is a disaster.

In Chippewa County, officials were thrilled after the Michigan Launch Initiative selected the base as its command site in January 2021. However, Brown’s group has yet to file the necessary permits with the Federal Aviation Administration to the project.

“I think everyone turned around, like we did, and said, ‘What have we won?

“There is no structure there. There is no money for that.

At Oscoda, airport officials are agitated and awaiting answers after Brown’s group suggested the former Air Force base as the site in 2020.

Airport board member Kevin Boyat said he still remains hopeful, but officials can’t get answers from Brown.

The board sent a letter months ago, he said, giving Brown 45 days to respond. He heard nothing back, Boyat said.

“It’s like ordering a new car and waiting six years [for it],” he said. “When you ordered it, you were excited.”

“It took so long and we can’t get any information from Gavin,” Boyat said.

Brown said he has complied with all state requests for information and remains confident about the state’s space outlook. He also played down environmental concerns, saying any vertical launch at Marquette would use “green energy,” some of which has yet to be developed.

But he also said no final decision has been made on when to apply for a spaceport license from the Federal Aviation Administration. This will come after a final decision as to whether it makes economic sense to proceed.

“It will start when it makes sense to start,” said Brown, who is also executive director of the Michigan Aerospace Manufacturers Association, which is an integral part of the space project.

Like all non-profit organizations, it is required to public tax declarations, on request. A Bridge search of publicly available records shows that only his 2010, 2011 and 2019 are currently available.

Bridge asked Brown and his accountant for copies of other tax returns on several occasions. Brown said he would provide them, including again in a midday email on Wednesday, September 14. At the time of publication, they were not provided by the publication.

Existing tax records show that 88% of his total revenue of $1.5 million in 2019 came from state grants.

“There was something wrong”

The turmoil comes amid what is otherwise an exciting time for space exploration.

As NASA prepares to back to the moon and the space industry approached 500 billion dollars last year, Michigan is entering the race to be a hub for launches into low Earth orbit.

It has an inherent advantage due to its location, more than halfway up the North Pole from the equator, which allows launches into “polar” orbits coveted by some commercial satellite companies.

Lawmakers funded the space effort through the belated approval of a budget that provided money for former Gov. Snyder’s pet projects in the final days of his administration.

Governor Gretchen Whitmer initially refused to honor funding for the space effort, citing a lack of details.

But after lawmakers agreed to the changes, his administration funded the project, and the quasi-government Michigan Economic Development Corp. oversaw the grant to “assess the feasibility of a low orbit launch site in Michigan”.

The Michigan Launch Initiative was scheduled to complete work in January 2021 but received two extensions. At the same time, its grant increased from $2 million to nearly $2.5 million.

The grant surprised Kirk Profit, a former lawmaker turned lobbyist.

He said the funds were raised shortly after Brown requested a $2 million investment from Kalitta Air to fly rockets into the stratosphere in its cargo planes at Willow Run and Oscoda airports.

Profit was Kalitta Air’s lobbyist at the time and said he and the company could find little on Brown’s background.

“We checked it. We finally shelved it,” Profit said recently. “There was something wrong.”

Conflicting studies

Michigan is forging ahead, though some critics say the state is lagging far behind others in the race to build infrastructure for the booming space industry.

One of the primary sources of criticism from critics is a report commissioned by Brown’s group.

The IQM Research Institute article noted that since Brown floated the idea of ​​the Michigan launches, the economics of the commercial space industry have changed dramatically.

The report, written by former air force brigadier general Michael Dudzik, who commanded all of the branch’s space forces, says the cost of putting satellites in space was dropping dramatically, from $7,000 a pound to less than $1,000. And a few big players – including Elon Musk’s SpaceX – dominated the market.

Just one more dozen spaceports in 10 states have received FAA licenses in recent years, and most have not staged a single launch.

In its 2021 report, IQM reported that there had been just 16 polar-orbiting launches — like the ones Michigan could host — at three U.S. spaceports in the previous three years.

In fact, with other locations dominating the market, IQM’s report concluded that so few new businesses would surround the launch sites that even if there was one launch per week, “annual revenue generated… would have the same revenue impact in the state equal to the annual revenue of two additional fast food chains.

“He was just selling the concept, but he was separated from the fundamental facts,” Dudzik told Bridge.

Brown criticized the finding during an interview with Bridge, saying it unfairly characterized the value of the food and beverage industry.

Dudzik’s report went “beyond the scope” of what it was asked to investigate, he added.

“No business case has been made,” he said.

Brown’s nonprofit website, however, includes a study that explores the “Business case” for launches.

The four-page study from August 2021 concludes that the sites could attract 30 aerospace companies and deliver $13.2 billion in economic impact over the next 10 years, a “potential return of 40 times the investment in terms of economic impact for the State of Michigan”.

The reasons for optimism

Even with the turmoil, many remain optimistic that Michigan could capitalize on the space industry.

The IQM report concluded that Michigan could still benefit without committing tens or hundreds of millions of dollars to launch facilities, as has happened in other states, including New Mexico, Colorado and Georgia.

Michigan has great advantages, with or without launch sites, said Greg Autry, director of the Thunderbird Initiative for Space Leadership, Policy and Business at Arizona State University.

He said Michigan’s manufacturing heritage makes it uniquely positioned to build rockets and their components. But focusing on launch sites before identifying a rocket builder is “kind of putting the chicken before the egg,” he added.

Michigan’s space efforts are “half-hearted,” Autry said, because they lack vigorous collaboration between government and the private sector.

The Colorado Space Coalition includes state government leaders as well as representatives from academia and the private sector. Although its launch site was not used, the coalition is actively working to develop the state’s aerospace industry.

If Michigan adopted Colorado’s model and got everyone around the table, “you’d move Colorado in the blink of an eye,” Autry said.

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These loans should be avoided..? Do you know why? https://www.urbanartadventures.com/these-loans-should-be-avoided-do-you-know-why/ Sat, 10 Sep 2022 12:03:01 +0000 https://www.urbanartadventures.com/these-loans-should-be-avoided-do-you-know-why/ These loans should be avoided..!? Do you know why? Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do […]]]>
These loans should be avoided..!? Do you know why?

Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do we say to avoid only certain loans? What is the reason for this? Let’s see.
Payday loan:
It is impossible to avoid borrowing during the current period, but it is very important to avoid payday loans. In particular, these loans are taken by small entrepreneurs, small traders and those who have shops in the daily market as individuals. You have to buy it in the morning and pay in the evening. Interest on these types of loans can be very high. It should therefore be avoided.
Car title loan:
A car title loan is usually a high interest loan. You can donate your vehicle and get it back within a month with interest first. Usually the interest on these loans is high. The vehicle may be sold if payment is not made within the time limit.
Advance on credit card:
In order not to use credit cards unnecessarily, some people take credit card advances. After that, interest may continue to accrue as interest. The interest rate is very high. If you don’t pay it on time, the penalty is very high.Casino loan:
Such loans are very rare in India. However, these loans are loans that should be avoided. These loans are used to promote sports in foreign countries.
Pawnbroker:
Many people can have this experience. Usually we get such loans by pawning our jewelry. Failure to pay this debt on time may result in your property being auctioned off. This includes restricted loans of a lower amount for more expensive real estate in rural areas.

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Pay-as-you-go helps American workers pay their bills more easily, save money and avoid the cycle of debt, according to new research from the Mercator Advisory Group https://www.urbanartadventures.com/pay-as-you-go-helps-american-workers-pay-their-bills-more-easily-save-money-and-avoid-the-cycle-of-debt-according-to-new-research-from-the-mercator-advisory-group/ Thu, 08 Sep 2022 15:03:00 +0000 https://www.urbanartadventures.com/pay-as-you-go-helps-american-workers-pay-their-bills-more-easily-save-money-and-avoid-the-cycle-of-debt-according-to-new-research-from-the-mercator-advisory-group/ The financial wellness advantage can be critical, especially in times of high inflation, high gas prices and financial hardship. Nearly eight in 10 respondents say DailyPay helps them avoid expensive or predatory alternatives NEW YORK, September 8, 2022 /PRNewswire/ — Amid continued inflation and the high cost of everyday items, millions of American workers are […]]]>

The financial wellness advantage can be critical, especially in times of high inflation, high gas prices and financial hardship.

Nearly eight in 10 respondents say DailyPay helps them avoid expensive or predatory alternatives

NEW YORK, September 8, 2022 /PRNewswire/ — Amid continued inflation and the high cost of everyday items, millions of American workers are using essential financial benefits offered by their employers to pay their bills. A new report from Mercator Advisory Group (commissioned by DailyPay) reveals that nearly eight in 10 survey respondents (77%) said DailyPay’s on-demand payment benefit helps them save money by avoiding other more expensive alternatives to manage expenses.

DailyPay logo (PRNewsfoto/DailyPay)

Some studies showing up to 77% of Americans carrying some form of debt, inflation can be financially crippling. For many of the approx. 58% of Americans, living paycheck to paycheck, according to a recent report by LendingClub, help from their employers is needed to survive these seemingly insurmountable financial challenges. Pay-as-you-go benefits can help employees better manage their cash flow and avoid a cycle of debt. More than 90% of respondents to the Mercator study reported an improvement or elimination of the use of traditional financial alternatives such as overdraft fees, payday loans and late fees.

“On-demand compensation solutions have highlighted the benefits these flexible compensation options offer workers to avoid costly forms of financing and help make ends meet,” said Sarah Cave, Director of Debit Advisory Services, Mercator Advisory Group. “With this study, we can now quantify the level of savings that workers achieve by decreasing or completely avoiding the use of payday loans, overdraft fees and biller late fees.”

The ability to access earned compensation can be the difference between making a payment on time or incurring high fees. More than half (53%) of respondents to the Mercator study indicated that using pay-as-you-go helped them avoid late fees to billers.

The price of groceries increased by 12.2% in the last year. Unsurprisingly, 78% of respondents in the Mercator survey say grocery bills are the area in which they have used pay-on-demand support the most, followed by utilities (64%), and transportation and automobile insurance (54%).

“This study confirms that pay-as-you-go can be an effective solution to the overdraft and predatory debt crisis,” said Matthew Koko, Vice President, Public Policy, DailyPay. “With access to on-demand compensation, workers report a significantly increased ability to take control of their financial future,

For more information on Mercator’s report, including survey methodology, click here.

About Daily Pay

DailyPay, powered by its cutting-edge technology platform, is on a mission to create a new financial system for everyone. DailyPay offers the industry-leading on-demand payment solution with modern, insight-driven compensation strategies that help leading U.S. employers activate their workforces and build stronger relationships with their employees so that they feel more engaged, work harder and stay longer. With its extensive data network, proprietary funding model and connections to over 6,000 banking system endpoints, DailyPay ensures money is always in the right place at the right time for employers. DailyPay is headquartered in New York Citywith operations based in Minneapolis. For more information, visit www.dailypay.com/press.

Media Contact
David Schwarz
david.schwarz@dailypay.com

Gabriella Lourie
gabriella.lourie@dailypay.com

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Michigan man owed $25,000 in pandemic unemployment, class action claims https://www.urbanartadventures.com/michigan-man-owed-25000-in-pandemic-unemployment-class-action-claims/ Tue, 06 Sep 2022 20:18:00 +0000 https://www.urbanartadventures.com/michigan-man-owed-25000-in-pandemic-unemployment-class-action-claims/ DETROIT — Paul Kreps waited months for pandemic unemployment benefits. But the checks totaling $25,000 never arrived. Michigan’s Unemployment Insurance agency approved Kreps, 31, for benefits when COVID-19 restrictions forced him to shut down his Monroe pest control business in April 2020. But more than two years later , he still has not seen a […]]]>

DETROIT — Paul Kreps waited months for pandemic unemployment benefits.

But the checks totaling $25,000 never arrived.

Michigan’s Unemployment Insurance agency approved Kreps, 31, for benefits when COVID-19 restrictions forced him to shut down his Monroe pest control business in April 2020. But more than two years later , he still has not seen a penny.

“It upset me,” he said. “Because we are here, we lose everything we have. They say they send me money, but I can’t get it. My children are hungry, we have no food, we are literally starving because we have no income.

Kreps is now one of five people suing Michigan’s unemployment agency.

Related: Unemployment waivers relieve thousands of people. More Michiganders are still waiting.

A class action lawsuit filed in federal court by David Blanchard of Ann Arbor-based Blanchard & Walker in late August claims the agency froze payments for thousands of workers during the pandemic while not allowing workers to appeal . Blanchard is also behind another class action lawsuit alleging that the unemployment agency unlawfully requested reimbursement of benefits.

“It stands up for those left behind in this pandemic who were eligible, otherwise qualified, and who still cannot be paid,” Blanchard said.

The unemployment agency responded to a request for comment highlighting Director Julia Dale’s recent efforts to “improve access to unemployment benefits for skilled workers who have lost their jobs through no fault of their own.” The agency announced last month that it had received a $6.8 million grant to help underserved communities.

Payments halted for thousands of workers, lawsuit says

The central claim of the 53-page complaint is that Michigan workers have been denied due process.

It alleges that five plaintiffs were entitled to unemployment benefits, but the state agency violated this “well-established right” by cutting off benefits or revoking eligibility without providing an appeal process. Workers then left “without a lifeline” were placed in “financially difficult situations” as Michigan unemployment hit nearly 23% in April 2020.

“Why are you doing this, people? Michigan’s unemployed poor are being treated like this,” Blanchard said.

Related: Michigan unemployment agency illegally demanded reimbursement, class action claims

Kreps qualified for $362 a week from the state and additional help from the federal pandemic unemployment assistance program. But his MiWAM account, the online unemployment system, shows that each of the 44 weekly payments has been frozen by a “stop payment indicator”.

“I sent them all my information: my social security card, my birth certificate, my marriage license. And I couldn’t hear anymore. I called them every week and they said I still had to certify,” he said.

A screenshot of Paul Kreps’ MiWAM account shows that dozens of unemployment payments have been halted by a ‘stop payment indicator’. A class action lawsuit filed against the Michigan Unemployment Insurance Agency in federal court on August 26, 2022 claims Kreps owes $25,000 in benefits. (Photo provided by Blanchard & Walker)

The lawsuit says Michigan’s employment agency slapped tags like ‘stop payment flag’ or ‘benefit payment review’ on thousands of eligible applications, causing some to wait months while “many were never paid at all”.

Kreps, unemployed for the first time in his life, lived for almost a year without income or unemployment assistance.

During this time, he paid the bare minimum on utilities. Her parents took out a second mortgage to prevent the family of four from losing their home. And the dangling promise of benefits has taken its toll on Kreps, his wife of 11 years and their two children.

“We lost pretty much everything we had,” he said. “I couldn’t find a job even though I tried, but no one was hiring because it was a pandemic. We literally lost everything. We were lucky to have my parents who took out this second mortgage to help us out, but without them we would have been homeless.

Related: Michigan unemployment agency ordered to stop collections for some workers

An October 2020 policy prompted the agency to “arbitrarily freeze benefit payments” without explaining why, according to the complaint.

As a result, workers struggled to pay rent and mortgages, took out high-interest payday loans, and borrowed from retirement accounts — all of which the lawsuit said had an “impact disparate on communities of color, mothers and caregivers, and other disadvantaged populations.”

“It’s fine if you need to review it, if you have the ability to review it,” Blanchard said. “But instead it put people under scrutiny and froze their accounts knowing the agency doesn’t have the resources to actually look into it. Just a recipe for disaster, just absolute purgatory and a financial ruin for people.

Embroiderer, cooking demonstrator and teenage worker

Besides Kreps, four other workers are named in the lawsuit.

He claims they are all Michigan workers who never received payments, were denied benefits when appealed, did not get their benefits back after re-determination, or received an overpayment notice. demanding a refund.

“It’s illegal,” Blanchard said. “It’s well established. There is precedent that you cannot arbitrarily deprive people of benefits without a hearing.

Claimant Robin Shipe faced ‘utter confusion’ when he tried to get unemployment benefits.

As the owner of a printing and embroidery business, Shipe was declared eligible for aid until the agency froze her account and reversed its decision. She appealed twice, but the lawsuit claims “the agency removed Shipe’s appeal” and issued a third new ruling in May 2022. She then appealed a third time a month later.

“To date, Shipe has never received pandemic relief benefits,” the lawsuit states.

Related: Michigan wipes out $431 million in pandemic unemployment overpayments

For Zachary Brazil, whose job is not specified in the lawsuit, and a teenage worker identified as IF, their benefits would have been frozen.

The lawsuit says Brazil’s payments were blocked after a few weeks by a stop-payment indicator and that “most benefits remain frozen” despite its pleas.

For IF, who worked part-time for a center of activities, the employment agency went back and forth on her request.

After first receiving approval for $160 a week in April 2020, the agency reviewed IF’s account in January 2021, found her eligible a month later, and then found her retroactively. ineligible for all payments. It wasn’t cleared up until July of this year, when the Unemployment Insurance Appeals Board issued a final decision.

Diana Boudrie was fired in April 2020 from a company that held cooking demonstrations at Costco stores. After receiving benefits for 19 weeks, her eligibility was canceled in November 2020.

Even though the lawsuit says Boudrie later filed a timely protest, the agency still demanded repayment of $9,440 under threat of collection activity.

And after?

Kreps, who got a job in June 2021 as a truck driver, hopes the state will eventually pay him the $25,000. The money will go directly to paying off his parents, and he’s also optimistic the lawsuit will spur change at the unemployment agency.

“My biggest hope is that they will look into this and give all these people what they deserve,” he said. “And for the state to realize that something is wrong here.”

The lawsuit seeks class status, an injunction, damages for plaintiffs and the creation of a “common fund” to reimburse people who “prematurely” repaid their benefits.

If granted, a court order would require the UIA of Michigan to promptly pay benefits, stop freezing benefits without due process, establish a procedure for recovering overpayments, and remove all termination flags. of payment until the appeals can be considered.

Related: Who benefits from the cessation of unemployment levies? The Michigan agency asks the judge

Blanchard says the lawsuit also brings to light longstanding issues at Michigan’s unemployment agency.

“It’s absolutely no secret that the system is broken,” he said. “The computer system and the data management system never worked. It has only crumbled in recent years. The agency never had the resources it needed throughout this pandemic.

Among other reforms, Dale recently began replacing the agency’s “decade-old computer system,” according to a statement from Michigan’s UIA.

After being inundated with claims at the start of the COVID-19 pandemic, the unemployment agency has paid nearly $40 billion to 3.48 million people since March 2020. their account99.8% of eligible claimants were paid at least once, which means around 7,000 were not.

Rolling out pandemic unemployment benefits to so many people, however, has been fraught with pitfalls, including sudden changes in agency leadership to billions of frauds and a mistake that led to nearly 700,000 people are declared retroactively ineligible for aid.

Since the first lawsuit was filed in January, Blanchard’s law firm has heard from 6,500 job seekers.

“The response has been overwhelming. People need help and can’t get it,” he said. our legal system when so many people can be affected by a breach.”

Learn more about MLive:

Michigan clears another $53 million in pandemic unemployment overpayments

Workers falsely accused of unemployment fraud can sue state, Michigan Supreme Court rules

Michigan can waive more unemployment bills under new federal guidelines

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Payday Loan Scams Consumers Should Be Aware Of: Fake Loans, Stolen Information, Fraud https://www.urbanartadventures.com/payday-loan-scams-consumers-should-be-aware-of-fake-loans-stolen-information-fraud/ Sun, 04 Sep 2022 20:49:06 +0000 https://www.urbanartadventures.com/payday-loan-scams-consumers-should-be-aware-of-fake-loans-stolen-information-fraud/ Payday loans in the US are a hugely predatory industry, and now the landscape is getting worse as scammers pose as popular lenders try to scam people. A new report from the Better Business Bureau on these scammers highlighted the story of Shirleywho “received a call from a woman who said her name was”Lawrence Green.Lauren […]]]>

Payday loans in the US are a hugely predatory industry, and now the landscape is getting worse as scammers pose as popular lenders try to scam people.

A new report from the Better Business Bureau on these scammers highlighted the story of Shirleywho “received a call from a woman who said her name was”Lawrence Green.Lauren told Shirley that she “qualified for a $5,000 loan from the West Point lenders” but that shehad to do was pay $535 as a feebefore the money is deposited into their account. Then Green again said that “another $535 was needed because his credit wasn’t good enough.” However, once Shirley handed over the $1,070, Lauren disappeared with Shirley’s money, and when she went to search, she discovered that the company was fake and that her information had been stolen.

To be fowarding something…

Many scammers use names close to major payday lenders to work on the notoriety of some of these companies. The BBB has warned that fraudsters posing as debt collectors can also use the same tactics to “make their threats more serious”.

How many payday lender scams have been reported this year?

While the total number of scam attempts reported to the BBB has gone down, the amount that has been taken from those defrauded has increased over the years:

  • 2019 – Reports: 1,151 | Losses: $856
  • 2020 – Reports: 741 | Losses: $900
  • 2021 – Reports: 760 | Losses: $765
  • 2022 – Reports: 403 | Losses: $1,000.

These figures should be taken with caution since the BBB estimates that only about ten percent of fraud cases of this nature are reported to the organization – meaning that the extent of the problem is much bigger than these numbers represent.

The feds should take notice of people’s willingness to engage in the scam, as many have reported falling for the trap because “they were already in debt due to payday loans.” After being scammed, some victims also reported: “months behind on rents and other bills, due to the financial consequences of these scams.”

A general warning for those interested in a payday loan

Payday lenders are one of the least regulated aspects of financial services. The BBB reported that their scam trackers show “that despite efforts across the country to limit the power of payday loan companies, many Americans are still trappedin debt cycles after taking out any of these loans. These agencies use complicated formulas to hide high interest rates applied to loans of up to more than four hundred percent. BBB researchers shared the story of Wanda, a senior in Georgia who took out a $1,000 payday loan to build her credit.

Buried behind all the fees and paperwork, his real interest rate was almost 450%. She quickly regretted the decisionreads the report, noting that these companies often take advantage of older people. “They bill you every two weeks, and that’s about $400.00 to $600.00 per month to repay such a small amountt,” Wanda said, addressing the report’s authors.

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Here’s how the Hartford Public Library and its partners plan to help the city’s most vulnerable populations – Hartford Courant https://www.urbanartadventures.com/heres-how-the-hartford-public-library-and-its-partners-plan-to-help-the-citys-most-vulnerable-populations-hartford-courant/ Fri, 02 Sep 2022 18:22:32 +0000 https://www.urbanartadventures.com/heres-how-the-hartford-public-library-and-its-partners-plan-to-help-the-citys-most-vulnerable-populations-hartford-courant/ Hartford — Payday loans, pawnshops, check cashing services and other services that come with high costs, interest rates and fees often lead to the paradox that it is expensive to ‘to be poor. Those living in poverty or near the poverty line are often unbanked or underbanked, which can leave them vulnerable to other scams […]]]>

Hartford — Payday loans, pawnshops, check cashing services and other services that come with high costs, interest rates and fees often lead to the paradox that it is expensive to ‘to be poor.

Those living in poverty or near the poverty line are often unbanked or underbanked, which can leave them vulnerable to other scams that perpetuate the spiral of poverty.

A new program – which brings together the Hartford Public Library, Liberty Bank, the Connecticut Association for Human Services and the Cities for Financial Empowerment Fund – targets one of the most financially vulnerable populations by expanding banking opportunities for the community of immigrants and refugees from the city.

U.S. Senator Richard Blumenthal, Hartford Mayor Luke Bronin, Library President Bridget E. Quinn, and Liberty Bank Vice President of Community Development Glenn Davis were on hand at the Hartford Public Library on Friday to announce that the library has received a $487,000 federal grant to help promote and teach financial literacy to the immigrant community with the Building Social Capital: An Inclusive Approach to Immigrant Financial Immigration program.

The program will help members of the immigrant and refugee community navigate the world of financial institutions, which can be daunting for anyone.

“Immigrants may also have other specific challenges, such as fluency in English, trust issues with financial institutions or government, wondering who is trustworthy in these interactions, they may have already been subject to, perhaps, predatory lending or fees associated with other kinds of financial tools,” Quinn said. “We’re starting something new, which we hope will help communities across the country to serve this population and will strengthen our economy through the work and access this population will now have to these financial service tools.”

Blumenthal, who helped secure the grant with U.S. Senator Chris Murphy, said the grant is an investment in the community, not a cost. He also noted the important work the library does in the community.

“America has always been the land of opportunity, of equal access to uphill,” Blumenthal said. “That’s why people have come to America over the centuries. Libraries are a symbolic and practical sign of America, land of opportunity. … Libraries have been community centers, a source of learning and self-promotion.

He noted that his father immigrated to the United States in the 1930s when he was 17. Back then, Blumenthal said, the banking system was much easier to navigate.

“People today need a lot more education not only to seize opportunities… but also to avoid scams: payday loans, pawnshops, all kinds of promotions and internet promotions,” Blumenthal said. “Ultimately complicated, misleading and misleading stuff. Financial literacy has become a form of opportunity, but also a protection against some of the scams that exist. …Financial know-how is essential in today’s world to seize opportunities and avoid the pitfalls of scammers and scammers. In very difficult economic times, to ensure that consumer purchasing power keeps pace with potential price increases.

Participants in the program agree to deposit in a savings account with Liberty Bank $50 per month for five months, according to a press release. The account will be administered by the library. When the participant reaches the goal of $250, the money is transferred to an individual account in his name and he receives a match of $250, the statement said. Participants can then close the account. However, if they maintain a balance of $250 for another five months, they will receive an additional $250 from library donor funds, the statement said.

During the five months, participants meet for three hours, every two weeks, for financial education and other networking opportunities.

The program will be available to those who have been in the country for less than 10 years.

Bronin said the corresponding aspect of the program is “a powerful thing”.

“It helps solve the fact that so many residents of our community and our country in our country are unbanked,” Bronin said. “About a quarter of Americans are unbanked. You can imagine that percentage is much higher in a community where there is a concentration of poverty and in a community where there is a large immigrant community. this opportunity to connect our residents to banks, financial institutions, savings accounts and provide the educational component that goes with it is really very powerful.

American Place at the Hartford Public Library has proposed and will administer the program, which is expected to launch in the spring, Quinn said.

“This is a really essential program,” Quinn said. “We are super excited for this program.”

The YMCA of Greater Hartford also received a $500,000 grant for improvements and upgrades to its location on Albany Avenue, officials said Thursday.

Lt. Gov. Susan Bysiewicz, House Speaker Matt Ritter and State Rep. Ed Vargas touted the grant, which came from the State Bonding Commission.

“The programs and services provided by local YMCAs across our state are vital to the positive development of our young generation,” Bysiewicz said in a news release. “Children can interact with friends and have fun, learn social-emotional skills and coping mechanisms through practice and play, while being exposed to different and exciting opportunities.”

Ritter and Vargas also stressed the importance of the YMCA.

“We all recognize that the Y is a hub of enrichment programs for families and youth – the programs are essential to our community,” Ritter said.

“Summer enrichment programs are invaluable in the overall development of young people by giving them opportunities and options to learn, develop and improve the problem-solving and social interaction skills that are essential for success,” added Vargas. “I applaud the good work of the YMCA which for generations has been a cornerstone of our community and has had such a positive impact on many lives.

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Cash Converters takes on the ‘crazy’ BNPL sector that allows customers to rack up 800 purchases in 90 days https://www.urbanartadventures.com/cash-converters-takes-on-the-crazy-bnpl-sector-that-allows-customers-to-rack-up-800-purchases-in-90-days/ Thu, 01 Sep 2022 02:52:00 +0000 https://www.urbanartadventures.com/cash-converters-takes-on-the-crazy-bnpl-sector-that-allows-customers-to-rack-up-800-purchases-in-90-days/ Desperate shoppers who owe money on up to 800 purchases now and pay later ask Cash Converters to borrow high-cost money to cover their debts. The WA-based group, which has reduced its reliance on riskier, low-reputation payday loans in favor of longer-term loans, says it is responding to more inquiries from BNPL customers who are […]]]>

Desperate shoppers who owe money on up to 800 purchases now and pay later ask Cash Converters to borrow high-cost money to cover their debts.

The WA-based group, which has reduced its reliance on riskier, low-reputation payday loans in favor of longer-term loans, says it is responding to more inquiries from BNPL customers who are struggling to cover their obligations.

“There’s a large cohort of really over-burdened Australians from BNPL, from what we’re seeing,” Cash Converters chief executive Sam Budiselik said. “It’s frightening.”

At the ‘extreme’ end, he said, ‘we have (lending) applications coming to us that list 800 BNPL transactions in 90 banking days, and we cannot respond responsibly to their needs’

It is undeniable that the BNPL has become a major competitor in the microcredit sector in recent years.

But after coming under scrutiny over their lending practices over the past decade, Cash Converters and other payday or micro-lenders, as well as consumer groups, want BNPL providers to be subject to the same responsible lending laws that govern them and the big banks.

As they do not pay interest, BNPL transactions are not classified as credit and are therefore not covered by the National Consumer Credit Protection Act.

However, Mr Budiselik said promoting the BNPL sector hid late fees on transactions, which meant that their final cost was sometimes equivalent to or more expensive than loans from Cash Converters.

“If we give money to people, we have to make sure that they repay those obligations and that they do so responsibly,” he said.

“(BNPL) needs to be regulated, it’s just totally out of control.”

Mr Budiselik was speaking as Cash Converters reported a 46% drop in annual net profit to $11.2 million after a previously disclosed writedown of its pawn shop network to cover COVID-19 closures.

Excluding the impact of impairment, operating profit improved 26% to $19 million.

Revenue rose 22% to $245.9 million as demand for the company’s loans increased and shoppers returned to its 155 Australian stores in search of second-hand goods.

Mr. Budiselik said that with record unemployment, Cash Converters’ traditional customer base was “in good shape” and still able to meet their repayment obligations.

“But the cost of living pressures are really starting to bite, so we’re seeing more transactions in the retail sector, with people selling us more goods and more demand for small loans,” a- he declared.

Cash Converters’ loan portfolio grew 20% to $213.9 million in the year to June 30, with its medium-term priority loans increasing 54% to $76.1 million for exceed short-term or payday loans for the first time.

“We see a high demand for credit, especially in the second half of the year, as people try to cope with increased expenses, or they have started to travel and see their families and are moving again,” Mr. Budiselik said. .

Customers borrow an average of $1,200 for nine months under Cash Converters Small Credit Agreements (SACCs) to cover expenses until their next payday, such as school trips or appliance repairs.

The average loan under the Medium Amount Credit Agreement (MACC) is $3,000 for 16 months.

Cash Converters declared a final dividend of 1¢ per share.

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Iliad experiences strong growth, boosted by Italy & More Latest News Here https://www.urbanartadventures.com/iliad-experiences-strong-growth-boosted-by-italy-more-latest-news-here/ Tue, 30 Aug 2022 12:02:33 +0000 https://www.urbanartadventures.com/iliad-experiences-strong-growth-boosted-by-italy-more-latest-news-here/ The Iliad group, a French and international service provider, recorded strong growth in the second quarter in its French and international markets, with notable growth in Italy. Despite what it describes as an “extremely competitive environment” in Italy, Iliad added 68,000 customers to its recently launched landline offer, as well as 257,000 mobile customers. In […]]]>

The Iliad group, a French and international service provider, recorded strong growth in the second quarter in its French and international markets, with notable growth in Italy.

Despite what it describes as an “extremely competitive environment” in Italy, Iliad added 68,000 customers to its recently launched landline offer, as well as 257,000 mobile customers.

In its core French domestic market, Iliad, which operates under the name Free in the French market, won 67,000 new fixed customers and 120,000 mobile customers.

In Iliad’s third largest market, Poland, where it recently acquired cable operator UPC Polska, owned by Liberty Global, and is focusing on integrating it with its existing Play mobile business, the group added 41,000 fixed and 82,000 mobile customers.

In total, the group had 13.858 billion mobile customers as of June 30, including its extended base in French overseas territories.

EBITDA after rents amounted to 1.58 billion euros, up 10.1% on a like-for-like basis, driven in particular by Italy, where income rose by 82 million euros.

Turnover increased by 7.1% in France, 16.8% in Italy and 1.8% in Poland. Overall first-half revenue growth was 8.1%, bringing the total to 4.024 billion euros.

“The Iliad group can announce this morning, with pride and humility, very good results in the three countries where we operate. Pride because we have developed a unique growth model among pan-European telecom operators. Humility because these very good results are the result of years of investment in our networks and innovation policy. We have all the assets, in particular strategic and financial, despite the current international uncertainties, to continue to grow,” said Thomas Reynaud, CEO.

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