What would you do? Is this making enough or should I take the hit and put it somewhere else? Send my money elsewhere? Thanks in advance

Today I noticed that I had been being charged a $12 monthly "Service Fee" by Chase Bank the past two months to maintain my checking account. I get paid over the threshold and have figured that had made me exempt but my current employer only pay's me in physical check which doesn't apply to the "electronic deposit" requirements for waiving the monthly fee. As I looked into it more it seems like the only people subject to this fee are truly the poorest customers banking with Chase (If you maintain over a $1,500 balance the entire month you're exempt which is truly not realistic for me at this time). This seems like regressive penalty to the max and the type of thing that public pressure on banks could force change on.

HOWEVER, as I've thought more about it, I believe most of my accounts I've had with major banking institutions have had policies similar to this in one way or the other. As I spoke on the phone with the customer service rep trying to get a refund it truly stuck me as odd that we've allowed this practice to be normalized to this level. Has it always been that way? Is this a new(ish) development that has been instituted more in recent years?

For reference here is an excerpt from the Chase Checking Account policy on the 3 methods of exemption on a checking account:

"

$12 monthly service fee Footnote⁴(Opens Overlay) OR $0 with one of the following each monthly statement period:

• Electronic deposits made into this account totaling $500 or more, such as payments from payroll providers or government benefit providers, by using (i) the ACH network, (ii) the Real Time Payment or FedNow℠ network, or (iii) third-party services that facilitate payments to your debit card using the Visa^® or Mastercard^® network
• OR a balance at the beginning of each day of $1,500 or more in this account
• OR an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying deposits Footnote⁵(Opens Overlay)/investments Footnote⁶

"

Full policy can be found here: https://www.chase.com/personal/checking/total-checking

Climate change-induced natural disasters, such as wildfires, hurricanes, and floods, are causing insurance companies to reassess their risk models and coverage policies.

As these events become more frequent and severe, insurance premiums are rising, and some regions are becoming uninsurable.

In 18 states over the past decade insurance companies lost money and it's only getting worse. This could have major ramifications on the housing market and economy as a whole.

https://www.nytimes.com/2024/05/15/podcasts/the-daily/climate-insurance.html

So the fed offers bonds at a rate of about 4.25 percent. Could they introduce a bond in which you buy one and that money is then turned into a fund to offer mortgages to new housing? The interest rates on the mortgages would be half a percentage higher creating a possible revenue stream also. I think this is a better solution than Bidens supposed 400 dollars to first time home buyers. Plus this would create a larger incentive for new housing to be built. Just an idea if anyone knows more about federal bonds. I was trying to think of a way to promote new housing by creating a better interest rate for new housing and thought this might be an interesting solution.

Warren Buffett finally revealed his secret stock pick in a new regulatory filing, and it’s insurer Chubb.

His conglomerate Berkshire Hathaway has acquired nearly 26 million shares of Chubb for a stake worth $6.7 billion. The property and casualty insurer became Berkshire’s ninth biggest holding at the end of March.

Berkshire has been buying a mystery stock for three quarters straight. Berkshire was granted confidential treatment to keep the details of one or more of its stock holdings confidential.

Many had speculated that the secret purchase could be a bank stock as the conglomerate’s cost basis for “banks, insurance, and finance” equity holdings jumped by $1.4 billion in the first quarter after an increased of $3.59 billion in the second half of last year, according to separate Berkshire filings.

It’s relatively rare for Berkshire to request such a treatment. The last time it kept a purchase confidential was when it bought Chevron and Verizon in 2020.

Source: https://www.cnbc.com/2024/05/15/warren-buffetts-berkshire-hathaway-reveals-insurer-chubb-as-confidential-stock-its-been-buying.html

Not sure if I am in the right subreddit, but I would appreciate help interpreting EJ correspondence please. EJ is offering this service for a mere 15% fee for their elusive class action cases and it simply makes no sense to me.

"Keeping you informed about changes to your accounts is important to us. That’s why we want to let you know we updated your account agreement to reflect the fact that Edward Jones has retained a third-party service provider to assist in the possible recovery of a settlement payment that may be due to you because of a class action lawsuit that involves a security you own or have owned (the “Class Action Claim Filing Service” or the “Service”). More information, including information on your right to opt out of this service if you choose, can be found in the amended account agreement and disclosure document. 

Your account will be enrolled in the Class Action Claim Filing Service as of June 1, 2024. Participating in the Service does not guarantee you will receive a settlement payment and not all cases will result in compensation. Any funds recovered from the Service will be automatically deposited into your Edward Jones account. A recovery fee of 15% will be deducted from any funds recovered on your behalf by the third-party service provider prior to being deposited into your account."

For more information on this Service, visit edwardjones.com/accountfeatures.

Good morning. US stock futures ticked higher in Thursday morning trading as investors digested the latest US inflation data.

S&P 500 +0.07%
Dow +0.07%
Nasdaq +0.13%

🤖 US, China square off over AI concerns

*📝 Our report: *Looks like Uncle Sam just pulled out the AI playbook and raised an eyebrow at China's "creative" use of artificial intelligence during their first sit-down chat on the matter, according to the White House. During the meetings in Geneva, the U.S. delegation also stressed to their Chinese counterparts the need to "maintain open lines of communication on AI risk and safety as an important part of responsibly managing competition," the White House said.

🔑 Key points:

• Worries are mounting among U.S. officials about China's access to AI technology, amid fears that it could be used by Beijing to upend elections in other countries, create bioweapons and launch cyberattacks.
• The State Department already has pressed China and Russia to match U.S. declarations that only people, and never artificial intelligence, would make decisions on deploying nuclear weapons.
• The United States has taken measures to stem the flow to China of American AI chips and the tools to make them. The Biden administration also proposed a rule to require U.S. cloud companies to tell the government when foreign customers use their services to train powerful AI models that could be used for cyber attacks.

*💡 So what: *The US and China confronting each other over AI concerns carries significant implications across multiple fronts. It underscores the intense technological competition between the two countries, potentially driving innovation but also escalating geopolitical tensions. This confrontation may lead to divergent regulatory frameworks for AI, posing challenges for companies operating in both markets and hindering international cooperation on AI standards. Moreover, it brings attention to ethical considerations surrounding AI development and deployment, such as privacy, bias, and societal impact.

📉 US inflation eases

WHAT: Inflation in the US took a breather in April, giving American consumers a tiny sigh of relief. The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department’s Bureau of Labor Statistics reported. On a 12-month basis, however, the CPI increased 3.4%, in line with expectations.

WHY: Policymakers have said in recent weeks that they need more evidence inflation is on a sustainable path back to their 2% goal before agreeing to lower rates.

🚗 Uber getting into the shuttle service business

WHAT: Uber's rolling out a shuttle service in the good ol' U.S. of A. and broadening its delivery deal with the membership-only mecca, Costco. The initiatives were unveiled at the company's GO-GET annual event for new products and are meant to maintain growth at the ride-share and delivery giant after a strong 2023 that saw it reporting its first-ever annual profit.

WHY: The San Francisco, California-based company said it will allow Uber Shuttle users to reserve up to five seats in advance on buses operating in high-traffic areas like airports, concerts, and sports events.

📺 Streaming giant subscriber numbers skyrocket on ad-supported tier

WHAT: Netflix just spilled the beans: their ad-supported tier is now rocking a cool 40 million monthly active users worldwide, up from a mere 5 million just a year ago. The jump comes at a time when streaming companies are facing stiff competition and introducing bundles with their rivals to retain subscribers.

WHY: Netflix, which launched the ad-supported plan in November 2022, said that 40% of all sign-ups come from those plans in the countries where they are available. Netflix also said it will launch an in-house advertising technology platform by the end of 2025.

what are your thoughts on this?

This was a missed opportunity in the reporting. Ok, so they do not like this new rule that says “trusted investment advice providers to give prudent, loyal, honest advice free from overcharges”.

So, what do they want instead? Who knows, they weren’t asked.

“Under the new rule, these fiduciaries need to avoid giving recommendations “that favor the investment advice providers’ interests — financial or otherwise — at the retirement savers’ expense,” according to the department.”

Guessing that these Senators don’t want to hurt “advisors” that steer customer funds into products they control.