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<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/personal-finance/chase-bank-review">Chase Bank's</a> boss warned that new federal fee caps could make everyday banking more expensive.</li><li>Marianne Lake said the bank is planning to pass the pain of their lost profits on to customers.</li></ul>Everyday banking might be about to get more expensive for consumers.Marianne Lake, the CEO of consumer and community banking at Chase Bank, said federal regulations to cap overdraft and late fees would take a bite out of the company's bottom line.And she warned that making up that loss would be passed on to consumers, <a target="_blank" href="https://www.wsj.com/finance/regulation/jpmorgan-financial-regulations-charge-customers-d86ca9e4">according to a report from The Wall Street Journal.</a>Lake said the changes would be "broad, sweeping, and significant," the report said.Some of those costs would be tacked onto services that have been free so far, like checking accounts and financial planning tools, the report said.Business Insider reviewed a Chase presentation that covered the expected impact of proposed regulations. The presentation estimated that two out of three consumers would have to pay a fee for checking accounts if the cap went through.Lake also said those impacted will be the ones "who can least afford to be" and credit access will also be more challenging.Some of the regulations include a proposed <a target="_blank" href="https://www.businessinsider.com/lower-credit-card-late-fees-limits-savings-us-economy-impact-2024-3">$8 cap on late credit card payment fees</a> and a $3 cap for overdrafting bank accounts. The limit is part of President Joe Biden's crackdown on hidden fees.<a target="_blank" href="https://www.businessinsider.com/big-banks-profit-overdraft-fees-surprise-biden-administration-wants-curb-2024-1">The Consumer Financial Protection Bureau estimated</a> that about 45 million people are charged credit card late fees annually, and the change could save those people up to $220 a year.Other changes include limiting debit-card fees and how much banks can charge apps like Venmo and CashApp for accessing customer data, the report said.New regulations would also make it more difficult for banks to lend money by <a target="_blank" href="https://www.businessinsider.com/commercial-real-estate-lending-basel-distress-refinancing-bank-regulation-2024-2">requiring banks to set aside more money as reserves</a>. That could make it more complicated for borrowers to qualify for loans in the future.Chase is the biggest bank in the US and it's also one of the largest issuers of credit cards in the country. But other banks are expected to follow the same path — and several have already issues warnings.According to the Merchants Payments Coalition, Mastercard announced in April it was <a target="_blank" rel=" nofollow" href="https://news.bloomberglaw.com/daily-labor-report/mastercard-still-raising-some-fees-on-retailers-after-settlement">planning to increase</a> certain credit-card fees.Citi's chief financial officer, Mark Mason, said in a January earnings call that the bank planned to make up lost revenue with "offsets and mitigants" that he didn't specify.Capital One CEO Rich Fairbank also said in January that the new regulation would impact its profits and it would implement "mitigating actions" to counteract it.<a target="_blank" href="https://www.businessinsider.com/credit-card-late-fees-cap-swipe-mastercard-visa-jpmorgan-rewards-2024-4">Analysts at UBS wrote in a note</a> to investors in April that capping credit-card late fees and swipe fees in addition to lowering debit-card swipe fees, would push companies like JPMorgan Chase and American Express looking to make up the revenue elsewhere.It's not the first time banks have threatened to take out the cost of new regulations on consumers.After the financial crisis in 2008, <a target="_blank" href="https://www.businessinsider.com/big-banks-threaten-debit-card-cap-2011-7">banks threatened to put caps on card charges</a> if Congress approved rules limiting swipe fees. However, the threats were a bluff; few institutions followed through after customers themselves said they'd just switch banks.But now, with Biden's crackdown on credit card companies, banks may keep to their word — especially if the banks all decide to add new costs for consumers, giving them no place to turn.

Why your checking account may no longer be free 

In a significant move, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="rbi" source="keywords">RBI</keyword>) has imposed penalties on <keyword id="19952948" type="General" weightage="20" keywordseo="axis-bank" source="keywords">Axis Bank</keyword> and <keyword id="19895995" type="General" weightage="20" keywordseo="hdfc-bank" source="keywords">HDFC Bank</keyword> for lapses in regulatory and statutory compliance. The fines, which amount to a total of ₹2.91 crore, highlight the central bank's ongoing efforts to ensure that financial institutions adhere to prescribed guidelines. The RBI levied a penalty of ₹1.91 crore on Axis Bank for violations that included contraventions of the <keyword id="19976511" type="General" weightage="20" keywordseo="banking-regulation-act" source="keywords">Banking Regulation Act</keyword> and non-compliance with specific RBI directions related to interest rates on deposits, Know Your Customer (KYC) norms, and collateral-free loans for agriculture. Meanwhile, HDFC Bank faced a ₹1 crore fine for failing to comply with directions concerning interest rates, customer service practices, and the use of recovery agents. <h2>Axis Bank: Key regulatory failures</h2>Axis Bank’s penalty stems from a supervisory evaluation conducted by the RBI based on its financial position as of March 31, 2023. Upon reviewing the bank’s activities, the RBI found several areas of non-compliance. One of the primary issues was the opening of savings deposit accounts in the names of ineligible entities, a direct violation of regulatory norms. Additionally, Axis Bank was found to have issued multiple customer identification codes to certain clients instead of assigning a Unique Customer Identification Code (UCIC), which is mandatory to avoid duplication and ensure proper monitoring of accounts. The bank also violated guidelines concerning agricultural loans. RBI regulations prohibit banks from asking for collateral for agricultural loans up to ₹1.60 lakh, but Axis Bank had obtained such collateral in certain cases. Lastly, a wholly-owned subsidiary of Axis Bank was found to be engaged in providing technology services—an activity that is not permissible for a banking company. This contravention added to the overall penalty levied by the central bank. <h2>HDFC Bank: Regulatory shortcomings</h2> In the case of HDFC Bank, the RBI’s investigation was based on its financial position as of March 31, 2022. The central bank uncovered several violations, including the offering of gifts, specifically covering the first-year premium for complimentary life insurance, which exceeded the permissible limit of ₹250. Moreover, HDFC Bank was found to have opened savings accounts in the names of ineligible entities, a violation similar to that of Axis Bank. Another significant failure was the bank’s inability to ensure that customers were not contacted by bank officials outside the permitted time frame of 7 am to 7 pm. <h2>RBI's Stance on Compliance</h2> While the RBI has been stringent in penalising both banks, it clarified that these penalties are based on lapses in regulatory compliance and are not reflective of the validity of any transactions or agreements between the banks and their customers. The central bank’s message is clear—financial institutions must adhere strictly to guidelines to maintain transparency, protect customers, and uphold the integrity of the banking system. The penalties serve as a reminder to all banks to stay vigilant and maintain high standards of compliance to avoid such financial and reputational damage in the future. Both Axis Bank and HDFC Bank have accepted the fines and are expected to take corrective actions to avoid future infractions. For customers, this action from the RBI is a reassurance that regulatory oversight remains a priority to ensure fair banking practices across the country.

RBI slaps fine of Rs 2.91 crore on Axis Bank and HDFC Bank: All details

<ul class="summary-list"><li>My bank has lowered the APY on my high-yield savings account by almost half a percent recently.</li><li>I'm not happy that my cash is generating less returns now, and I don't know what to do.</li></ul>It's never pleasant to receive an email from your bank informing you that the interest rate on your <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/best-high-yield-savings-accounts-rates-right-now">high-yield savings account</a> is decreasing.Unfortunately, like many Americans happy to collect a robust yield on their savings, I've gotten three of these notifications in the last three months as the Federal Reserve has begun to lower interest rates. From August until the end of October, the annual percentage yield (APY) on my high-yield savings account has fallen from 4.6% to 4.2%.I opened this bank account almost two years ago, right after graduating from college. Back in 2023, with inflation still elevated, interest rates were at their highest levels since the Great Financial Crisis, and it seemed like most banks were offering near-5% yields on savings. After paying off my bills every month, I would put the remainder of my paycheck into my high-yield savings account and watch the number creep up.Now, it looks like the days of a 5% APY are in the past. In September, the Federal Reserve dished out a 50 basis-point rate cut, signifying the beginning of the end for high rates. Continuing this trend, the central bank's chair, Jerome Powell, announced a <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">25 basis-point cut</a> last week, and is expected to slash rates further in the months ahead.Is there anything I can do about the state of my savings account, or do I have to watch my yield erode away slowly? Curious, I asked three financial experts for their advice on this topic.As a famous politician once said, we didn't just fall out of a coconut tree. Context is important. Patti Black, a financial advisor at Savant Wealth Management, reminded me that the recent high interest rate environment is a marked departure from the last decade, where interest rates were near zero and there was no yield on cash to be found. So, while yields dropping from nearly 5% might seem like a tough pill to swallow for someone like me who just opened an account in the last couple of years, it's still a pretty good deal when you consider where rates have been in the past.I didn't have a bank account during the post-2008 zero-interest rate policy era, so this was helpful context to have. Perhaps my generation is indeed coddled — first by our parents and now by Jerome Powell's post-pandemic rate hikes.Black also suggested that I switch up my perspective. While a rate-cutting cycle means less return on my cash, it also means lower borrowing costs for a car loan or a mortgage, which is good news for the housing market.But there are other options for where I can have my money sit, Black said. Of course, one alternative is a <a target="_blank" href="https://www.businessinsider.com/cd-rates-certificate-deposit-high-interest-where-to-invest-now-2024-10">certificate of deposit</a> (CD), which is essentially a savings account that holds money at a fixed interest rate for a fixed period of time. CDs generally pay higher interest rates than savings and money market accounts in exchange for locking up your money for anywhere between three months to many years. However, my hands are a little tied. A well-known rule of thumb is to keep three to six months of living expenses available in your bank account as an emergency fund (read: liquid and highly accessible), so it's not a good idea to lock up money in my high-yield savings account for a prolonged period time. I could withdraw my money from the CD if needed, but I'd have to pay back some or all of the interest I'd generated up until that point as a penalty.With this in mind, Black said that sometimes it doesn't matter what the rate on the high-yield savings account is — it's the best place to park cash for easy access.Armed with this context, I still wanted to see if there were more ways to put my cash to work for me.Daniel Milan, financial advisor at Cornerstone Financial Services, had some more thoughts on CDs. A three-month CD could be a good option if I were comfortable locking up my money for that period of time, according to Milan.My bank didn't offer CDs, so I would need to open up a new bank account, which isn't necessarily a bad thing. Some financial experts recommend having <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/how-many-savings-accounts-can-you-have">multiple bank accounts</a> for different savings goals. Searching online, I saw <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/best-3-month-cd-rates">multiple options</a> yielding over 4.6%.However, Milan didn't recommend locking up my money for longer. Usually, the longer the term of the CD, the higher the rate. But that's not always the case in today's market."In this current environment, it makes no sense to go further out than three months on a CD because the three-month CD is paying you more than a one-year or two-year right now," Milan said.Looking at CD offerings from a variety of banks, I discovered that this was indeed true — generally, the longer the CD duration, the lower the rate, especially after a 1-year duration. Rates on 6-month and 9-month CDs were also attractive depending on the bank, but again, my liquidity needs take those off the table.Many of the banks I looked at didn't offer short-term CDs, either. For example, one option offered a 4.5% APY on an 11-month CD, 3.7% on a 2-year, and 3.5% on a 5-year.It wouldn't make sense to move my money out of my savings account without high enough compensation for the lower liquidity."You're not getting paid for that illiquidity," Milan told me.Short-term <a target="_blank" href="https://markets.businessinsider.com/bonds">Treasury bills</a> are another investment option for higher yield, and they offer more liquidity than CDs, according to Richard McHorter, a private wealth advisor at SRM Private Wealth. A three-month Treasury bill currently yields 4.43%.There's also the added benefit of tax savings, which is especially appealing for McHorter, who lives in California: "If you're a resident of a high-income tax state, I would be looking at Treasury bills."As a resident of New York City, the idea of lower taxes certainly appeals to me. If I were to buy Treasury bills, I would only need to pay federal taxes, bypassing state and local income taxes.McHorter also said that there's a lot of uncertainty about interest rates right now, and they could actually start going back up again. Trump's proposed <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-hit-company-stock-profits-hardest-china-investing-manufacturing-2024-11">tariff policies</a> could increase inflation, in which case the Fed would probably increase rates to combat an overheating economy, he said.If I buy a three-month Treasury bill, I can reassess the inflation situation when I get my money back in three months and reinvest it accordingly, McHorter said.When it comes to interest rates and inflation, pay attention to the data and don't try to predict the market with your money, Milan advised. <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Jerome Powell</a> himself has said that it's too soon to say how the election results could reshape markets and interest rates."My advice to anybody would be: just be diligent in reading and interpreting the data as it comes out," Milan said. Watch inflation data and Fed commentary, and base your investing decisions on the information you have at hand.It feels like the market is a bit in limbo as everyone waits for the effects of the election to ripple through, but as Black mentioned, not taking any action right now isn't the worst decision.What's next? For starters, I'm going to sit down and crunch some numbers for what three to six months of living expenses look like for me and keep that in my high-yield savings account. With the money I have left over, I have some good options.Are you a Gen-Zer who has recently been faced with an investing predicament? Feel free to reach out to Christine at <a target="_blank" href="mailto:cji@businessinsider.com">cji@businessinsider.com</a> to share your story.

The interest rate on my high-yield savings account keeps dropping. I asked 3 experts how to earn more on my cash.

<ul class="summary-list"><li>Brazil's Supreme Court seized over $3 million from X and SpaceX on Friday.</li><li>The funds taken from Elon Musk's companies settle fines incurred from refusing to obey court orders.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> was forced to put his money where his mouth is on Friday when Brazil's Supreme Court ordered banks to seize over $3 million from financial accounts owned by X and SpaceX's Starlink to settle fines incurred by Musk's social media platform.The Brazilian Supreme Court, in a <a target="_blank" href="https://noticias.stf.jus.br/postsnoticias/stf-determina-transferencia-de-r-1835-milhoes-bloqueados-da-x-e-da-starlink-para-conta-da-uniao/">statement</a> on Friday, indicated that Justice Alexandre de Moraes ordered the seizure of $1.3 million from an X bank account and $2 million from a Starlink account.De Moraes levied the fines against X after the company refused to appoint a legal representative to respond to government requests to remove accounts or specific posts on the platform. The targeted accounts were affiliated with "<a target="_blank" rel="" class="" href="https://www.businessinsider.com/elon-musk-defies-brazil-order-to-block-x-accounts-2024-4">digital militias</a>" that de Moraes says have been methodically spreading misinformation supporting ousted far-right former President <a target="_blank" rel="" class="" href="https://www.businessinsider.com/jair-bolsonaro-florida-brazil-deportation-visa-2023-1">Jair Bolsonaro</a>."After the payment of the full amount that was owed, the justice considered there was no need to keep the bank accounts frozen and ordered the immediate unfreezing of bank accounts/financial assets," the Brazilian Supreme Court's statement said.The company accounts, which had been frozen, have been reinstated. Still, the seizure indicates that Musk will face significant financial costs to sustain battles over his stated goal of protecting free speech online.Musk himself has a far-from-perfect track record on <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-free-speech-argument-brazil-x-twitter-2024-9">protecting speech rights</a> — including complying with requests to restrict content from the increasingly authoritarian governments of Turkey and India — but even the most reluctant supporters of Musk say he has a point in Brazil, as the Brazilian justice has taken a more extreme stance to address disinformation than other democratic leaders.Some of the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/jair-bolsonaro-addresses-right-wing-activists-trump-resort-in-miami-2023-2">far-right groups</a> de Moraes has sought to restrict online have argued that Bolsonaro's loss in the 2022 election was caused by election interference and supported a mob that stormed Brazil's Congress to start a <a target="_blank" rel="" class="" href="https://www.businessinsider.com/brazil-bolsonaro-backing-capitol-riot-inspired-coup-former-leaders-warn-2021-9">military coup</a> that would have seized control of the country's government.Like the US, Brazil has enshrined speech protections in its constitution, but the Brazilian government has wider discretion to ban certain kinds of speech than the US government.Musk has countered that the individuals targeted by de Moraes' legal actions have not been convicted of a crime, and therefore, the Brazilian judge's attempts to restrict their online activity amount to censorship. In retaliation for the actions taken against X, Musk has goaded the Brazilian justice online, comparing him to Lord Voldemort from the "Harry Potter" franchise and suggesting de Moraes' legal orders amount to violations of Brazilian law that should lead to the judge's imprisonment.<h2 id="4fdfc391-0677-47b8-a40d-689ecb4c5688">What does this have to do with Starlink?</h2>The <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-brazil-x-ban-feud-content-moderation-free-speech-2024-9">battle between Musk and de Moraes</a> has escalated for months, leading to the seizure of funds from X and SpaceX. While the connection between the social media site's legal woes and the satellite communications company's responsibility for the former's fines is tenuous, de Moraes has dragged both companies owned by Musk into the fray.Musk's refusal to comply with court orders to remove specific content from his social media platform led to de Moraes threatening to issue an arrest decree against Rachel Nova Conceicao, a representative for X, prompting Musk to <a target="_blank" class="" href="https://www.businessinsider.com/x-closes-brazil-office-elon-musk-alexandre-de-moraes-2024-8">close X's office in Brazil</a>.De Moraes then ordered <a target="_blank" href="https://www.businessinsider.com/brazil-judge-orders-elon-musk-x-stop-operations-2024-8">X banned from Brazil</a> — a demand that SpaceX's Starlink initially refused to comply with before reversing course and blocking access to the platform from its constellation of internet-providing satellites after its <a target="_blank" class="" href="https://www.businessinsider.com/brazil-starlink-sanctions-amid-feud-elon-musk-x-2024-9">license to operate in the country</a> was threatened. Other internet service providers in the country readily complied with de Moraes' order to block the platform, avoiding similar actions by the judge.Legal analysts have questioned de Moraes' move to force Starlink to pay fines levied on X, given that the companies' only connection is that the same person owns them."Starlink is a different company. Belonging to the same economic group doesn't mean it is also responsible for a debt it did not take part of. It didn't even have a chance to defend itself," The Associated Press reported Brazilian jurist Lênio Streck said on social media. "What could Starlink have done to avoid what other company did?"Representatives for X and SpaceX did not immediately respond to requests for comment from Business Insider.

Elon Musk's battle for free speech is getting expensive

<ul class="summary-list"><li>X mistakenly transferred $5 million in fines to the wrong bank, said Brazil's Supreme Court.</li><li>The court demanded a correct payment before X's ban can be lifted nationwide.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk's</a> X just botched a $5 million payment in Brazil by transferring it to the wrong bank, according to Brazil's Supreme Court, <a target="_blank" href="https://www.reuters.com/technology/musks-x-seek-resumption-brazil-service-fines-paid-sources-say-2024-10-04/">Reuters</a> reported on Saturday.This payment issue is the latest in a string of <a target="_blank" href="https://www.businessinsider.com/elon-musk-brazil-x-ban-feud-content-moderation-free-speech-2024-9">complications</a> in Brazil for the company formerly known as Twitter.In late August, Brazil's Supreme Court banned the platform for failing to comply with orders related to content moderation and for not appointing a legal representative in the country.The social media platform was also slapped with a <a target="_blank" href="https://www.businessinsider.com/elon-musk-x-hit-with-last-fine-before-reinstatement-brazil-2024-9">$5.2 million fine</a>.On Friday, X's legal team submitted documents showing that they paid the fines. But the court said that the money had been sent to the wrong bank, Reuters reported. The court said that the money must be redirected to the correct account before it can consider lifting X's ban in Brazil.The company's lawyers maintain that the company has correctly paid the fines, Reuters reported, which is the last hurdle the company has to overcome before being allowed to resume operations in Brazil.Brazil was one of X's key markets, with around 21.5 million users, making it the sixth-largest user base for the platform, <a target="_blank" href="https://www.reuters.com/technology/x-asks-brazils-top-court-allow-it-resume-services-source-says-2024-09-26/#:~:text=Brazil%20was%20X's%20sixth%2Dbiggest,with%20about%2021.5%20million%20users.">Reuters</a> reported last month.The platform's legal troubles in the country have stirred <a target="_blank" href="https://www.businessinsider.com/elon-musk-fight-free-speech-france-brazil-2024-9">tensions</a> over issues of free speech between Musk and Supreme Court Justice Alexandre de Moraes, who was overseeing the case.Musk, who positioned himself as a defender of free speech, clashed with the court over what he saw as an overreach, refused to comply with content removal orders, and launched personal attacks on de Moraes.De Moraes responded by banning the platform in Brazil, issuing additional fines, and threatening to arrest X's legal representatives.X and the Brazil Supreme Court did not respond to requests for comment sent by Business Insider outside business hours.X's apparent payment blunder isn't the first of its kind — or anywhere near the largest. In 2020, Citigroup <a target="_blank" class="" href="https://www.businessinsider.com/citibank-revlon-loan-900-million-mistake-payment-how-it-happened-2021-2">accidentally sent</a> $900 million to Revlon's creditors. The bank spent the next two years in litigation trying to recover the funds, with 10 lenders refusing to return the amount, saying that they believed they were owed the money.

Musk's X paid $5 million in fines to the wrong bank, Brazil's Supreme Court said

<ul class="summary-list"><li>Mickey Barreto lived in the New Yorker Hotel for free for years before his recent arrest.</li><li>Barreto faces 24 charges, including felony fraud.</li></ul>Doctors say a man who had lived inside the iconic New Yorker Hotel for free for more than half a decade is unfit to stand trial.Mickey Barreto <a target="_blank" class="" href="https://www.businessinsider.com/man-living-rent-free-in-new-york-hotel-evicted-squatting-2024-2">lived in the New Yorker Hotel for years</a> without paying a single cent in rent. The Manhattan District Attorney's office said Barreto claimed ownership of the hotel building and even attempted to charge rent to another tenant. In February, police charged Barreto with filing fraudulent property records.Barreto now faces 24 charges, including 14 felony fraud counts.Over the summer, two doctors concluded that Barreto did not understand the criminal proceedings against him, and the court ordered him into outpatient mental health and addiction treatment to see if his mental condition would improve, The New York Times reported.At a hearing on Wednesday, New York City Criminal Court Judge Cori Weston said she was unsatisfied with the rate of Barreto's treatment and ordered him into inpatient care, according to the Times. Weston gave Barreto until November 13 to find a suitable facility. His next court appearance is scheduled for the same date, court records show.Brian Hutchinson, an attorney for Barreto, told the Times that he planned to ask Barreto's current treatment provider, the Addiction Institute of Mount Sinai West, to accept him for inpatient care."We're all sort of in agreement that the substance abuse is leading to some of these other problems and making it impossible to move forward with the case," Hutchinson told the outlet.Hutchinson and District Attorney Alvin Bragg's office did not immediately return requests for comment from Business Insider about Barreto's mental evaluation.Barreto dismissed the allegation that he is addicted to drugs as "partying" and said that prosecutors want to hospitalize him because they do not have a case against him, The Associated Press reported.In June 2018, Barreto and his partner, Matthew Hannan, stayed in room 2565 at the New Yorker Hotel for one night and paid $200.57.Armed with knowledge of New York City's Rent Stabilization Code, which grants tenants the right to request a six-month lease for individual rooms constructed before 1969, Barreto asked the hotel for a lease the next day.He was promptly evicted. The next month, Barreto filed a lawsuit in housing court against the building's owner, the Holy Spirit Association for the Unification of World Christianity — which had purchased the hotel in 1976 — saying he was illegally evicted.Since no representative from the church appeared in court, the judge ruled in Barreto's favor, ordering the hotel to provide him with a key. With no agreed-upon lease terms and unable to evict him, Barreto ended up living in the hotel rent-free.But free rent at an iconic hotel wasn't enough for Barreto.The District Attorney's office said Barreto later registered the hotel in his name with the Department of Environmental Protection to take control of its bank accounts and demanded rent from a commercial tenant.The Unification Church filed a lawsuit in response. Although a judge ordered him to stop representing himself as the owner of the hotel, Barreto continued to live there for free.When Barreto filed papers with the city claiming ownership of the building again in 2023, the District Attorney's office finally got involved.He faces several years behind bars if convicted, according to the Times.

A man who paid $200.57 for a night at a famous NYC hotel and then lived there rent-free for years is unfit to stand trial, court says

<ul class="summary-list"><li>In 2022, Kelle Sparta and her husband, Jeff Brandon, left the US for Boquete, Panama.</li><li>They were attracted to the town's affordable living, mild weather, and expat community.</li></ul>On July 14, 2022, <a target="_blank" class="" href="https://www.tiktok.com/@kellesparta?lang=en">Kelle Sparta</a> and her husband, Jeff Brandon, set foot in Boquete, Panama, for the first time.Their visit to the small central Panamanian town wasn't for vacation. They didn't have immediate plans to explore nearby coffee farms or to hike Panama's largest volcano. When Sparta, 54, and Brandon, 41, landed in Boquete, they arrived sight unseen at the place <a target="_blank" class="" href="https://www.businessinsider.com/boomer-moving-texas-panama-retirement-cheaper-tourism-weather-social-security-2024-7">they'd call home</a> for the foreseeable future.<h2 id="b45c55d3-6f31-4e7b-829b-fbcf3585fb87">The couple left the US in search of a less stressful environment</h2>Sparta told Business Insider she was used to moving. Raised in a military family, she said she's moved 40 times in her 54-year life.In 2018, the couple moved to Richmond, Virginia, from Boston. They were searching for a place where they could afford property and find community.At the beginning of 2020, they purchased a house just as COVID-19 arrived in the US and lockdowns started. Sparta and Brandon didn't have a chance to meet or get to know their neighbors.The couple felt isolated, and "the energy was so bad," Sparta said. Brandon was working a stressful job in customer service, and America's political divisiveness made day-to-day life challenging.By 2022, the couple had reached their breaking point. They were ready for another move. This time, one that was much bigger."A lot of people move because of the financial aspects," Sparta said. "For us, it was not about money. It was about the stress levels and living in a space where everyone hates each other."<div type="image" title="A view of Boquete, Panama." height="1536" width="2048" msid="113985781" hostid="261" sizebytes="774572"></div><h2 id="d3ec67f1-d96d-4309-921e-583b8643b325">The couple had always wanted to live abroad</h2>Before Sparta and Brandon met, both had <a target="_blank" class="" href="https://www.businessinsider.com/moving-us-to-switzerland-better-quality-of-life-staying-abroad-2024-9">dreams of living abroad</a>. After their unsuccessful move to Virginia, international destinations were on their radar."I thought it was going to be Europe for me," she said.Sparta was <a target="_blank" class="" href="https://www.businessinsider.com/moving-to-portugal-boomer-couple-retirement-not-worried-about-money-2024-5#:~:text=A%20boomer%20couple%20who%20were,for%20them%20in%20retirement%20anymore&amp;text=Ann%2C%2067%2C%20moved%20with%20her,they%20were%20living%20in%20Arizona.">initially sold on Portugal</a>. The couple also considered Valencia, Spain. They spent months researching destinations but realized Europe might not be the best fit.Sparta planned to continue working as a <a target="_blank" rel=" nofollow" class="" href="https://kellesparta.com/">spiritual coach</a>, but the time differences would be nearly impossible with her client base. Returning to the States for visits would also take a lot of time and effort.In 2022, a friend mentioned Panama. Sparta started researching the country, joining online communities, and reading guidebooks.The couple quickly saw all of <a target="_blank" class="" href="https://www.businessinsider.com/panama-8-day-visit-3-different-countries-2024-8">Panama's advantages</a>. Its immigration process is relatively simple, the economy relies on the US dollar, Panama doesn't tax money earned outside the country, and Sparta could work nearly the same hours.It made sense logistically. Then, Sparta and Brandon learned about the town of Boquete, and they were sold.Boquete is <a target="_blank" class="" href="https://www.businessinsider.com/boquete-panama-how-to-retire-in-paradise-cost-of-living-2024-8">home to a concentration of American retirees</a> who flock there for cheaper living, accessible and affordable healthcare, and mild weather.<div type="image" title="A group of expats in Boquete, Panama." height="2268" width="3024" msid="113985778" hostid="261" sizebytes="475488"></div><h2 id="f9aa55c9-af45-4742-9b6f-d74b9399399f">In 2022, the couple moved sight unseen</h2>In the summer of 2022, the couple arrived in Boquete with six suitcases and their dog.Sparta and Brandon moved into a <a target="_blank" class="" href="https://www.businessinsider.com/gen-z-new-side-hustle-getting-rich-airbnb-super-hosts-2024-10">temporary Airbnb</a> while looking for a permanent home. They eventually found a house and signed a two-year lease.They also started the visa process. Many older expats apply for a pensionado visa, which requires proof of income or a pension of $1,000 a month and an additional $250 for each dependant.While Brandon quit his job, Sparta planned to keep working. This meant the couple needed to apply for a Friendly Nations Visa, a program where citizens from certain countries, including the US, can apply for residency in Panama and still work. This visa required Sparta to put $5,000 in a Panamanian bank account. She said it cost the couple about $13,000 altogether."It was expensive," she said. "However, we do not regret the decision in any way. We both say this was the best decision we ever made." After securing visas, the couple <a target="_blank" class="" href="https://www.businessinsider.com/boomer-moving-texas-panama-retirement-cheaper-tourism-weather-social-security-2024-7">adapted to life in Boquete</a>. While some parts were easy, others were challenging, including navigating stores as English speakers in a Spanish-speaking country.The couple's rental also had issue after issue. Not one appliance other than the refrigerator worked. But Sparta said she was shocked at how she handled it."In the US, I would've been apoplectic," she said. In Boquete, she wasn't angry. She attributes that to the region's calm and peaceful energy.Finding community has been a breeze. Sparta's calendar is packed with events every day and night with Panamanians and other expats. There are theater performances, bingo nights, karaoke, and endless volunteering opportunities.Plus, the couple has fallen in love with Boquete's mild weather."I don't even own a sweater anymore. I don't own a coat, and I live in my Crocs," Sparta said.Sparta estimates they spend about $3,000 a month. Their electric bill is about $75 a month, groceries are reasonable, and rent is $975 for their three-bedroom house. According to the <a target="_blank" class="" href="https://livingwage.mit.edu/states/51">MIT Living Wage Calculator</a>, two adults would need $65,582, or about $5,465 a month, to live in Virginia.Most importantly, Sparta said they're no longer stressed."It's like living on vacation," Sparta said. "This is the most beautiful place I've ever been. I'm truly happy here."

A couple moved from Virginia to Panama sight unseen. The lower cost of living, stress-free life, and mild weather have made them happier than ever.

<ul class="summary-list"><li>Stu Macdonald is the founder of a top UK peanut butter brand called ManiLife.</li><li>Before becoming a full-time entrepreneur, he had an accounting job at PwC.</li></ul>This as-told-to essay is based on a transcribed conversation with Stu Macdonald, founder of the peanut butter brand ManiLife, who lives in Wilmslow, England. Macdonald, 32, quit his accounting job at PwC in 2016 to work on ManiLife full-time. Business Insider verified his employment and resignation from the company. The following has been edited for length and clarity.I always wanted to do something a bit different with my life, but when I was studying Economics and Spanish at university, certain professions, like banking and accounting, were dominating careers fairs. I decided to accept a job at PwC, a <a target="_blank" class="" href="https://www.businessinsider.com/deloitte-pwc-kpmg-ey-big-four-pay-perks-rto-policies-2024-4">Big Four accounting</a> company, for a three-year graduate program.I graduated in 2013, and the job was meant to start in September 2014, but I deferred my start date for a year and <a target="_blank" class="" href="https://www.businessinsider.com/quit-corporate-job-moved-buenos-aires-2024-4">moved to Argentina</a>. I wanted to party lots and live a hedonistic lifestyle, stocking up on extreme fun so I could be a serious citizen for the next three years.While there, I got involved in peanut butter production. When the time came to return to my <a target="_blank" class="" href="https://www.businessinsider.com/how-quit-big-4-accounting-job-become-part-time-consultant-2022-6">accounting job</a> in September 2015, I gave up my peanut butter venture and returned to the UK.I didn't want to be a career <a target="_blank" class="" href="https://www.businessinsider.com/fired-accounting-job-make-500000-youtube-2024-5">accountant</a>, but I thought the job would be a good business tool. I intended to finish the program and start my own business, whether in peanut butter or something else.I started working on my peanut butter business, ManiLife, on the side while at <a target="_blank" class="" href="https://www.businessinsider.com/pwc-reduces-half-day-friday-benefit-for-uk-staff-2024-7">PwC</a>. I quit PwC after a year to pursue my business full-time.While having a stable job like accounting was helpful for a time, I left the corporate world at the right time.<h2 id="b3097e70-1184-47a0-86d0-590e3808672f">I had shelved my idea for a peanut butter brand to work at PwC</h2>I came up with the idea for ManiLife — my peanut butter company — living in Argentina. I'd seen an ad to work in a peanut butter social enterprise and reached out.We sold products in parks and visited soup kitchens, teaching kids and families how to use <a target="_blank" class="" href="https://www.businessinsider.com/guides/health/diet-nutrition/is-peanut-butter-good-for-you#:~:text=Peanut%20butter%20is%20high%20in%20calories%20and%20a%20good%20source,exclusively%20to%20Business%20Insider%20subscribers.">peanut butter</a> to improve their diets. I grew more interested in peanut butter production and started developing recipes in a friend's kitchen and selling jars to the local community.People weren't talking about peanut butter the same way they spoke about coffee or chocolate, there was no system where you could trace the product's source.I connected with a family based in Córdoba, Argentina, from whom we still source our peanuts today. I came home from Argentina in 2015 with the idea to start ManiLife and make it the world's first provenance-led <a target="_blank" class="" href="https://www.businessinsider.com/best-brand-of-peanut-butter-from-grocery-store-review">peanut butter brand</a>, focused on traceability — knowing where your product comes from and the story behind it.Back in the UK, my friends and I spent the whole summer before I started at PwC making peanut butter. It was quite hellish but formative.Setting up a peanut butter brand was exciting, and I wasn't looking forward to starting <a target="_blank" class="" href="https://www.businessinsider.com/pwc-uk-staff-buyouts-corporate-emails-approved-quiet-messaging-review-2024-6">at PwC</a> when the summer ended.<h2 id="6bcc1d95-ad31-4f24-b050-52cf263f2831">I didn't get caught up in the prestige of working at PwC</h2>I worked in the assurance department at PwC, doing auditing. I saw it as an opportunity to meet clients who ran businesses.There was a face-time culture at the company where staying late was a badge of honor. I was quite weirded out during the "busy season" in accounting, from January to April, when I'd see some people staying until 1 a.m.I thought it was an inefficient use of time. When I started working on my own business on the side, I couldn't stay as late as others. I typically worked from 9 a.m. to 6 or 7 p.m. during busy season and 9:30 a.m. to 5 p.m. for the rest of the time. My peers and higher-ups understood I had a reason to leave and got lots of free samples.The company invested a lot in socials, hosting regular drinks for the grads.I couldn't relate to lower-level employees who were so in awe of the partners. I've always been comfortable speaking to people on all levels of seniority.I was making enough to support my lifestyle at PwC but I was also living at home. I'm not sure how things would look if I had to pay rent.I didn't really get caught up in the prestige around PwC. Because I had decided to shelve my own business, it didn't feel that positive or like I'd hit the big time.<h2 id="7745ea4a-524d-4f96-bf06-7210fd0e6537">I reached a breaking point at PwC and decided to quit to pursue entrepreneurship</h2>When I entered full-time work, I thought I'd given up on ManiLife forever. Around three months into my PwC job, I started getting calls about the product from shops and consumers I'd previously sold to. A month later, I restarted production, spending my weekends hopping around kitchens on the side of my job.I always got my work done, but my business venture probably affected my ability to operate as a <a target="_blank" class="" href="https://www.businessinsider.com/pwc-side-hustle-content-creator-how-to-balance-two-jobs-2021-11">PwC employee</a>. I worked all day and wouldn't sleep until late to maintain both. I got to the stage at my job where I'd sneak ManiLife calls in on the way to the toilet and skip lunch to get stuff done for the business.11 months into PwC, I cracked and decided I wanted to pursue ManiLife full-time. I believed in its potential. One of the catalysts was an email from a buyer at Ocado, a British retail company, asking us to pitch to them in the summer of 2016. We didn't get a yes at the time, but it felt like a signal of potential success.I was hesitant about quitting, but I felt that if I didn't, I would risk regretting it for the rest of my life. I left the job in November 2016.I suddenly had an extra eight hours a day to commit to <a target="_blank" class="" href="https://www.businessinsider.com/burnout-business-owner-cozy-entrepreneur-2024-6">entrepreneurship</a>. To grow the business, volunteers and friends were helping me with sampling, selling, making Instagram content, and setting up a relationship with a third-party logistics company for deliveries.I hired my first employee and conducted initial fundraising in April 2017. Since then, the business has generated millions in revenue.ManiLife is now considered a top peanut butter brand in the UK. Our products are stocked in major supermarkets and sold in hundreds of independent stores. <a target="_blank" href="https://www.goodhousekeeping.com/uk/food/food-reviews/g689041/crunchy-peanut-butter/">Several</a> <a target="_blank" href="https://www.thesun.co.uk/fabulous/food/5499487/from-budget-brands-to-luxury-jars-we-rate-the-best-and-worst-peanut-butter/">publications</a> <a target="_blank" href="https://metro.co.uk/2017/05/26/20-of-the-best-peanut-butters-ranked-from-classic-to-out-of-this-world-6624435/">have</a> ranked us as the tastiest peanut butter in the country.<h2 id="372367e9-018c-4fb7-a76d-5f717a836e57">Having a stable job helped me get my business off the ground</h2>I think I left my <a target="_blank" class="" href="https://www.businessinsider.com/burnout-consulting-firms-deloitte-pwc-big-four-2021-4">PwC job </a>at the right time. Lots of <a target="_blank" class="" href="https://www.businessinsider.com/best-creamy-peanut-butter-brand-2021-2">peanut butter brands </a>have sprung up in the past five or six years, and if I'd waited longer, there's every chance someone might have come and done a similar thing before us.It was helpful to have a salary in those early days. It meant I could save up, and it helped me secure a loan for the business.I'm glad that I stayed at PwC until I was at a breaking point. I feel that if you quit too early, you have less stuff to fill your time, and it could create anxiety.It's useful to have a stable job for as long as possible.PwC declined to respond to a request for comment from Business Insider.Do you have a story about leaving a prestigious career behind that you'd like to share with Business Insider? Email ccheong@businessinsider.com

I quit my Big 4 accounting job to be a full-time entrepreneur. It's useful to have a stable job for as long as you can.

Our experts answer readers' investing questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology" class="not-content-link" target="_blank">here's how we assess investing products</a>). Paid non-client promotion: In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>. Our opinions are always our own.<a href="https://www.businessinsider.com/personal-finance/what-is-a-custodial-account">Custodial accounts</a>, also known as UGMA/UTMA accounts, are brokerage accounts that allow parents or guardians to invest on behalf of their children or dependents. Ownership of these accounts transfers to the minors once they reach legal age (typically 18 or 21, depending on the state). Many brokerages also offer other custodial options like 529 plans, IRAs, and trusts.You can also check out our guide of <a href="https://www.businessinsider.com/personal-finance/529-day-plans-by-state">529 plans by state</a> for programs and promotional events. The best custodial accounts are accessible and low-cost, user-friendly platforms for parents/ guardians to invest funds on behalf of their children/dependents. These accounts also offer multiple tax perks. Keep in mind that funds in these accounts must be used for the benefit of the child.<h2>Best Custodial Accounts</h2><ul><li>Charles Schwab - Product Name Only: Best custodial account for all types of investors</li><li>Merrill Edge - Product Name Only: Best custodial account for Bank of America clients</li><li>Vanguard - Product Name Only: Best custodial account for mutual funds</li><li>Fidelity Investments - Product Name Only: Best custodial account for low fees</li><li>TD Ameritrade - Product Name Only: Best custodial for active traders</li><li>E*TRADE - Product Name Only: <a href="https://www.businessinsider.com/personal-finance/best-robo-advisors">Best for robo advisors</a></li></ul><a href="https://www.businessinsider.com/personal-finance/what-is-utma-ugma-custodial-account">UGMA accounts</a> (formerly known as Uniform Gift to Minors Act accounts) can hold cash, stocks, mutual funds, bonds, and other investments. Alternatively, UTMA accounts — also known as Uniform Transfers to Minors Act accounts — allow for alternative assets like real estate, fine art, intellectual property, and precious metals.Here are the best custodial accounts as picked by Insider's editors.<h3>Compare the Best Custodial Accounts</h3><h2>Custodial Accounts Frequently Asked Questions (FAQs)</h2><h3 class="faq-question">What is the meaning of custodial account?</h3>A custodial account is an investment account for parents/guardians to save money on behalf of a child/minor. The money in this account can only be used for the benefit of the child and becomes legally owned by the dependent when they come of age (varies by state).<h3 class="faq-question">What are the cons of a custodial account?</h3>The cons of a custodial account is that contributions aren't always tax deductible. Plus, the beneficiary of the account may have to pay tax on the gains. Other cons of custodial accounts are that it may affect a child's ability to get financial aid, and the money contributed into the account is irrevocable. <h3 class="faq-question">Can a parent withdraw money from a custodial account?</h3>Parents can make withdrawals from the account at any time, as long as the withdrawal directly helps the minor.<h3 class="faq-question">Are custodial accounts a good idea?</h3>Custodial accounts are a great idea for parents or guardians to save money on behalf of a child or dependent. Funds in a custodial account can be used for tuition, living expenses, and much more as long as it's for the benefit of the beneficiary of the account. <h3 class="faq-question">Is a 529 plan better than a custodial account?</h3>Both custodial accounts and 529 plans help you save money for your child's future, but they don't have the same flexibility and advantages. 529 plans are tax-advantaged and are often state-run programs. Money in a 529 plan can be invested in the stock market. Custodial accounts are generally offered through brokerages and firms. These accounts tend to have fewer limitations compared to 529 plans with more investment options. <h3 class="faq-question">What happens to a custodial account when the child turns 18?</h3>When the beneficiary (aka the child) turns 18 they may earn legal ownership over the assets in the account. Once the beneficiary becomes the owner, parents/guardians will no longer have control over how the funds in the account are used. Depending on the state, the beneficiary may need to be older than 18 to gain ownership of the account (between age 18 and 21). <h3>What is a Custodial Account?</h3>A custodial account is a tax-advantaged investment account that allows parents or guardians to invest on behalf of children and/or dependents until those minors reach their state's age of majority. These accounts also have no income or contribution limits, and you can make early withdrawals without racking up any penalties. By opening a custodial account on behalf of a child/dependent, you're essentially building a nest egg for a kid's future education expenses. You can contribute gifts like money or other assets into a custodial account to build long-term wealth.Custodial accounts are similar to 529 plans. However, a custodial account offers more flexibility and these accounts are easier and cheaper than trusts. But opening a custodial account may affect your child's ability to get financial aid. <h3>How Does a Custodial Account Work?</h3>Like any other brokerage account, custodial accounts can be opened with a bank, credit union, or other investment platform that offers these accounts as an investment option. Both traditional brokers and online brokers offer custodial account options. You don't have to be a parent or legal guardian to open a custodial account on behalf of a child/dependent. Other relatives and friends can also open an account. Custodial accounts no longer have contribution limits, so you can invest as much as you want toward your child's future.<h3>Who Pays Taxes on a Custodial Account?</h3>The child or account beneficiary is responsible for taxes, but each parent or guardian must file taxes on behalf of their minor. However, the account beneficiary won't incur taxes in 2023 if they amass no more than $1,250 in unearned income. The next $1,250 the custodial account earns is taxed at the child's tax rate.In addition, any income earned over $2,500 is taxed at the parent's income tax rate. But with UGMA accounts, any contributions to the beneficiary's account are technically regarded as a "gift" and will incur a federal gift tax. However, you won't run into any gift taxes as a single individual if your contributions don't exceed $17,000 per year. The limit for couples is $34,000.<h2>Custodial Account Reviews</h2><h3>Best Custodial Account for All Types of Investors</h3>Charles SchwabKnown as the Schwab One Custodial Account, this account offers investors several perks. These include a $0 minimum opening deposit, $0 account setup and maintenance fees, and commission-free stocks and ETFs. In addition, you can invest in <a href="https://www.businessinsider.com/personal-finance/how-to-invest-in-mutual-funds" rel="noopener">mutual funds</a> and other securities and utilize investment research and other tools.With Schwab Stock Slices, you can invest in fractional shares as long as you meet the $5 minimum requirement. And as with all custodial accounts, won't have to worry about any contribution limits. Parents and guardians might also consider Schwab's custodial IRAs (you can open these as a <a href="https://www.businessinsider.com/personal-finance/what-is-a-traditional-ira?_gl=1*vmyfkx*_ga*MTA5ODcxMjEwNy4xNjc5OTMzNDI2*_ga_E21CV80ZCZ*MTY4MDcxODQyOC4xNy4xLjE2ODA3MjU5MjIuMTMuMC4w">traditional IRA</a> or <a href="https://www.businessinsider.com/personal-finance/what-is-roth-ira?_gl=1*7ekmh2*_ga*MTA5ODcxMjEwNy4xNjc5OTMzNDI2*_ga_E21CV80ZCZ*MTY4MDcxODQyOC4xNy4xLjE2ODA3MjU5NTIuNjAuMC4w">Roth IRA</a>), 529 college savings plans, and education savings accounts (ESA).Another advantage of Schwab's custodial account is that it isn't just for self-directed investors. You can automate your investments by setting up the account through the Charles Schwab Intelligent Portfolios - Product Name Only or Schwab Intelligent Portfolios Premium robo-advisors. Just note that you'll need a minimum of $5,000 for the former and at least $25,000 for the latter.Once the account beneficiary reaches legal age, they'll retain complete ownership of the account's earnings and can then utilize additional Schwab products if so desired.What to look out for: If you decide to take the automated investing route for your custodial account, you'll need at least $5,000 for Schwab Intelligent Portfolios and $25,000 for Schwab Intelligent Portfolios Premium.<a href="https://www.businessinsider.com/personal-finance/schwab-intelligent-portfolios-review">Schwab Intelligent Portfolios review</a><h3>Best Custodial Account for Bank of America Clients</h3>Merrill EdgeMerrill Edge - Product Name Only lets you invest for your minor without running into any minimum opening deposits, annual fees, or account maintenance fees. Merrill Edge also offers commission-free stocks, ETFs, and options. And you can choose the robo-advisor route with Merrill Guided Investing or Merrill Guided Investing with an Advisor.If you're already a Bank of America client, you can fund the account by linking your existing Bank of America account. Plus, Merrill Edge allows for checks, wire transfers, and transfers or rollovers from existing accounts.In addition to its custodial accounts, Merrill Edge offers a vast range of other competitive products, including automated investing accounts (robo-advisors), IRAs, 529 plans, retirement calculators, <a href="https://www.businessinsider.com/personal-finance/what-is-margin-trading-how-it-works" rel="noopener">margin accounts</a>, and more.Merrill Edge also offers 24/7 phone support and live chat.What to look out for: Annual fees for Merrill Edge's automated accounts — Merrill Guided Investing and Merrill Guided Investing with an Advisor — are on the higher side. You'll incur a 0.45% fee for the former and a 0.85% fee for the latter.<a href="https://www.businessinsider.com/personal-finance/merrill-edge-review">Merrill Edge review</a><h3>Best Custodial Account for Mutual Funds</h3>VanguardA behemoth in the retirement investing and mutual funds space, <a href="https://www.businessinsider.com/personal-finance/vanguard-investing-review">Vanguard</a> also offers some competitive features with its custodial accounts. There aren't any opening deposit, maintenance, or account transfer fees, and you can automate transfers from both your bank account and other Vanguard accounts.Vanguard allows for investments in stocks, bonds, Vanguard mutual funds, non-Vanguard funds, and more. Plus, with Vanguard Personal Advisor Services - Product Name Only, you can skip out on the self-directed investing route and take advantage of robo-advice paired with ongoing financial advisor guidance. Note, however, that you'll need at least $50,000 to get started with this service, and you'll be responsible for a 0.30% annual fee.Vanguard's suite of investment products also features <a href="https://www.businessinsider.com/personal-finance/what-is-a-529-plan">529 plans</a> and trusts. And if you're looking to deepen your investing knowledge before and/or after you set up a custodial account, the brokerage offers an extensive selection of resources (investing tools and calculators, market news and perspectives, and educational guides) to help you do so.What to look out for: Vanguard doesn't currently offer fractional shares, and options contracts will cost you $1 (many brokerages charge $0.65 per contract).<a href="https://www.businessinsider.com/personal-finance/vanguard-digital-advisor-review">Vanguard review</a><h3>Best Custodial Account for Low Fees</h3>FidelityFidelity's custodial account lets you build wealth through stocks, ETFs, options, bonds, mutual funds, and much more. Plus, the account has no minimum opening requirements or fees, and any stocks, ETFs, or options the account holder invests in are commission-free.Its custodial offerings are also supplemented with account perks like Fidelity Viewpoints, an online center with expert commentary on investing strategies, markets, and much more. In addition, Fidelity's Planning &amp; Guidance Center offers tools to help you meet investing goals.Fidelity Investments - Product Name Only offers multiple other minor investment account options beyond UGMA/UTMA custodial accounts. These include its Roth IRA for Kids account, 529 plan, Fidelity Youth Account (this account lets children between the ages of 13 and 17 invest on their own), and trust accounts.What to look out for: Fidelity Go - Product Name Only doesn't support custodial accounts.<a href="https://www.businessinsider.com/personal-finance/fidelity-investments-review">Fidelity review</a><h3>Best Custodial Account for Active Traders</h3>TD AmeritradeTD Ameritrade - Product Name Only offers a vast range of accounts for youth. These include its UGMA/UTMA accounts, <a href="https://www.businessinsider.com/personal-finance/coverdell-education-savings-account" rel="noopener">Coverdell Education Savings accounts</a>, and 529 plans (TD Ameritrade is no longer offering 529 plans to new clients).And like all of the other brokerages listed above, you won't have to worry about minimum deposits to get started. TD Ameritrade also offers a competitive investment selection. It gives you access to commission-free stocks and ETFs, and it provides more than 13,000 mutual funds. If you're a hands-off investor and would rather leave the day-to-day trading decisions to the professionals, you'll have to set up an account through Charles Schwab. TD Ameritrade is no longer accepting new clients for any of its managed portfolios, but you can still open an automated investing account through Schwab Intelligent Portfolios or Schwab Intelligent Portfolios Premium.What to look out for: Schwab acquired TD Ameritrade, so many of the brokerage's offerings have merged with Schwab's. However, both platforms still offer standalone products, so be sure to keep this in mind as you weigh different account options.<a href="https://www.businessinsider.com/personal-finance/td-ameritrade-brokerage-review">TD Ameritrade review</a><h3>Best Custodial Account for Automated Investing</h3>E*TRADEE*TRADE - Product Name Only offers account options for all types of investors, but it provides a particularly competitive suite of custodial products. These include its standard UGMA/UTMA custodial account, IRA for Minors, and Coverdell ESA accounts. Its standard custodial account allows for commission-free stocks, ETFs, and options.However, you'll pay $1 per bond, and bond minimums can range from $10 to $250. Fees for funds vary, but E*TRADE currently offers more than 4,500 no-load, no-transaction-fee mutual funds. And those who prefer robo-advice can build wealth through its expert-managed automated investing account,E*TRADE Core Portfolios (note that you'll need at least $500 to set up this account).Its custodial accounts also have no income or contribution limits, and they come with a free debit card, checking perks, and online bill pay. What to look out for: E*TRADE doesn't offer fractional share trading.<a href="https://www.businessinsider.com/personal-finance/etrade-investing-review">E*TRADE review</a><h3>Other Custodial Accounts We Considered</h3><ul><li>Ally Invest - Product Name Only: Ally Invest offers a vast collection of investment products, and it gives you the option to set up a self-directed custodial account or an automated custodial account. One thing to consider, however, is that the platform doesn't offer any no-transaction-fee mutual funds.</li><li>Firstrade - Product Name Only: Firstrade provides commission-free trading for stocks, ETFs, options, and mutual funds. The platform also offers international investing accounts, but it doesn't provide any managed accounts or automated investing options.</li><li>M1 Finance - Product Name Only: Offering a combination of self-directed trading and automated investing for stocks and ETFs, M1 Finance is a competitive platform in the online brokerage space. However, only M1 Plus members get access to custodial accounts, and the M1 Plus subscription costs $125 per year.</li><li>Stash Invest - Product Name Only: Stash gives investors access to automated investing (for both stocks and ETFs), round-ups, banking, and more. The platform also offers retirement portfolios and family financial advice packages. One downside to consider, though, is that you'll pay a $9 monthly fee — through the Stash+ plan — to utilize a custodial account.</li><li>Stockpile - Product Name Only: This investment platform is a great wealth-building option for kids and teens. It offers no minimums, no recurring fees, and no gift card or funding fees (you can buy gift cards that are redeemable for different stocks in your child or dependent's account). One downside is that, while Stockpile offers thousands of stocks, it only offers two account types: individual accounts and custodial accounts.</li><li>Loved App: Loved is a financial education app offering investment accounts and financial literacy resources for parents who want to get their kids (or other dependents) into investing at an early age. It lets you invest in themes, goals, and companies that align with your preferences, and you can set up custodial accounts. However, it may not be the best choice for those who want a wider range of account types and investment choices.</li><li>Acorns Invest - Editorial Name Only: Acorns is a beginner-friendly investment app for passive investors wanting to start wealth-building for their kids or teens. Acorns Early is the platform custodial account option. it offers a diverse portfolio of ETFs based on your investment goals and risk tolerance. But it can cost up to $9 per month and its investment options are limited. </li></ul><h3>Why You Should Trust Us: Our Methodology </h3>We reviewed more than a dozen custodial accounts using <a href="https://www.businessinsider.com/personal-finance/investing-rating-methodology"> Insider's rating methodology for investing products </a>to find the best options for the lowest fees, ease of use, flexible investment choices, and customer service availability. We also sifted through multiple investment platforms to find the best options both for self-directed traders and hands-off investors.You'll notice that many of the platforms mentioned in our guide offer the option to both trade on your own or automate your custodial account's investments. Investment platforms are given a rating between 0 and 5.

Best Custodial Accounts of January 2024

Our experts answer readers' banking questions and write unbiased product reviews (<a href="https://www.businessinsider.com/personal-finance/personal-finance-editorial-standards#rating-banking-products" class="not-content-link" target="_blank">here's how we assess banking products</a>). In some cases, we receive a commission from <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank">our partners</a>; however, our opinions are our own. Terms apply to offers listed on this page.<ul class="summary-list"><li>Most banks follow the Federal Reserve System's holiday schedule.</li><li>If you're part of an online bank, transactions aren't processed on holidays.</li></ul>Once a holiday weekend comes around, everything can become a frantic rush — family gatherings, last-minute shopping trips, ever-changing holiday decorations. It's easy to lose track of which days your bank is closed, but you also don't want it to affect your day off if you need to access money in one of your bank accounts.We've included a list of holidays when most banks close, plus alternatives for accessing cash if you need money quickly. We also maintain a list of the <a href="https://www.businessinsider.com/personal-finance/best-banks">best banks</a> in the U.S. <h2>Are banks open on New Year's Eve?</h2>Most financial institutions will be closed on New Year's Eve because it falls on a Sunday this year. If a bank or credit union is regularly open on a Sunday, branches may be open for limited banking hours since New Year's Eve isn't a federal holiday. Contact your local branch for specific hours.<h2>Are banks open on New Year's Day?</h2>Financial institutions will be closed on Monday, January 1, because it's a federal holiday. Brick-and-mortar banks and credit unions will close their branches on New Year's Day. If you use an online bank, your transactions may be delayed until the next business day. Most institutions will reopen with regular banking hours on Tuesday, January 2.<h2>When are banks closed? </h2>Financial institutions close on federal holidays. Most have a holiday list on their website to let you know and prepare ahead of time.Some brick-and-mortar <a href="https://www.businessinsider.com/personal-finance/best-national-banks" rel="noopener">national banks</a> have a list in the FAQ section of the website.Others, like <a href="https://www.td.com/us/en/about-us/holiday-schedule" target="_blank" rel="noopener">TD Bank</a> and <a href="https://www.regions.com/about-regions/bank-holidays" target="_blank" rel="noopener">Regions Bank</a>, have separate pages with bank holiday schedules. During these holidays, brick-and-mortar banks will close all of their branches or modify their branch hours. Customer service hours may also vary depending on where you bank.Quick tip: If a bank doesn't have a holiday schedule on its website, your best bet will be to call your nearest branch to know which holidays it's observing. Online banks usually don't have physical branch locations, but you still may be affected. When an online bank observes a holiday, transactions may be delayed until the next day.Customer service availability will usually stay the same with online banks, but there are some exceptions. <a href="https://www.businessinsider.com/personal-finance/capital-one-bank-review" rel="noopener">Capital One 360</a> offers customer service support for all holidays except the Fourth of July, Thanksgiving Day, Christmas Day, and New Year's Day.Most financial institutions follow the <a href="https://www.federalreserve.gov/aboutthefed/k8.htm" target="_blank" rel="noopener">Federal Reserve System's holiday schedule</a>. Here is the holiday schedule for 2024. <table style="border-collapse: collapse; width: 100%;" border="1"><tbody><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px; text-align: center;">Holiday</td><td style="width: 16.6667%; text-align: center; height: 21px;">2024</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">New Year's Day</td><td style="width: 16.6667%; height: 21px;">January 1</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Martin Luther King, Jr. Day</td><td style="width: 16.6667%; height: 21px;">January 15</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Washington's Birthday (Presidents' Day)</td><td style="width: 16.6667%; height: 21px;">February 19</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Memorial Day</td><td style="width: 16.6667%; height: 21px;">May 27</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Juneteenth</td><td style="width: 16.6667%; height: 21px;">June 19</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Fourth of July</td><td style="width: 16.6667%; height: 21px;">July 4</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Labor Day</td><td style="width: 16.6667%; height: 21px;">September 2</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Columbus Day</td><td style="width: 16.6667%; height: 21px;">October 14</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Veterans Day</td><td style="width: 16.6667%; height: 21px;">November 11</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Thanksgiving Day</td><td style="width: 16.6667%; height: 21px;">November 28</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Christmas Day</td><td style="width: 16.6667%; height: 21px;">December 25</td></tr></tbody></table>If a holiday falls on a Saturday, the bank will still be open on a Friday. But if a holiday occurs on a Sunday, the bank will be closed the following Monday.<a href="https://www.businessinsider.com/personal-finance/is-the-stock-market-open-today">The stock market is open</a> on most of the same days as banks, with a few exceptions.<h2>Do transactions go through on bank holidays? </h2>Most banking transactions don't process on bank holidays, regardless of whether you use an online or brick-and-mortar bank. <a href="https://www.businessinsider.com/personal-finance/ally-bank-review" rel="noopener">Ally Bank</a>, for instance, doesn't let you make any money-related transactions on federal holidays. The online banking platform Chime also has a <a href="https://help.chime.com/hc/en-us/articles/10017608952727" target="_blank" rel="noopener">list of holidays when it can't process direct deposits</a>. Transactions at brick-and-mortar banks like Chase, Wells Fargo, and Bank of America won't be processed until the next business day. Business days are weekdays when branches are in operation.So, instead of hinging on a lagging <a href="https://www.businessinsider.com/personal-finance/direct-deposit" rel="noopener">direct deposit</a>, you may want to come up with a backup plan in case the transaction gets delayed.<h2>Where can I get cash when banks are closed? </h2>Branches are closed on federal holidays, but ATMs aren't. If you have a debit or ATM card, you can still use a machine to take out cash during the holidays.If you're out of town, you can also use a debit card to get cash back at a store if you don't have any free ATMs nearby. That way, you don't have to pay an out-of-network <a href="https://www.businessinsider.com/personal-finance/bank-atm-fees" rel="noopener">ATM fee</a> if your bank doesn't reimburse charges.<h2>How can I cash a personal check when banks are closed? </h2>If you receive a personal check during the holidays, there are a few roundabout ways access to your money quickly.You can cash the check out at a store if you need money in a pinch.Some ATMs let you cash or deposit checks, but you may already need to have those funds in your account. If your bank's ATM network doesn't let you make check transactions, you can deposit the check using your bank's online or mobile features, then cash your check out using an ATM.Funds likely won't be available right away, so this alternative works best if you prefer to have money safe in your account and don't mind waiting a day or two.

Are banks open today? Here's a list of U.S. bank holidays for 2024

<ul class="summary-list"><li>Do you use the same password for multiple online accounts? You need to stop.</li><li>Roku accounts were breached in a "credential stuffing attack" where hackers reuse your password for multiple sites.</li></ul>If you use your pet's name as the password for all your online accounts: stop it, stop it right now.The latest data breach involving Roku should be a reminder to you to always use unique passwords for each of your accounts — even for services like Roku that may seem less important than your online banking app, for example.Roku <a target="_blank" href="https://oag.ca.gov/system/files/Template%20Notification%203-8-2024.pdf">sent a notice to its customers</a> on Friday informing them that some accounts had been affected by a data breach.Over 15,000 Roku customer accounts were breached, <a target="_blank" href="https://www.bleepingcomputer.com/news/security/over-15-000-hacked-roku-accounts-sold-for-50-each-to-buy-hardware/#google_vignette">according to BleepingComputer</a>. A Roku spokesperson would not confirm to Business Insider exactly how many accounts were affected."Roku is committed to maintaining our customers' privacy and security, and we take this incident very seriously," the company said in a statement shared with Business Insider, adding that Roku immediately secured customers' accounts and notified them.The company said it's likely the hackers got Roku customers' username and password combinations for other sites not connected to Roku, and then those same credentials were used to access the person's Roku account.The company added that once hackers gained access to the Roku accounts, they then changed the customer's login information, locking them out of their accounts. In some cases, the hackers tried to purchase streaming subscriptions from the person's account.This type of hack is called a <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-credential-stuffing">credential stuffing attack</a>, and it's not Roku's fault. Rather, the hack is partly made possible by customers using the same passwords for multiple accounts they own.Credential stuffing is when hackers use the same login credentials of one of your online accounts to log in to another. They typically get these username and password combinations from phishing schemes or data breaches. Sometimes, they'll even sell your login credentials to other hackers, who can then steal your information or use it to make purchases.BleepingComputer reported that in the case of the Roku attack, the hackers were selling Roku accounts for 50 cents each.While this sounds scary, the good news is there are a few things you can do to protect yourself from becoming a victim of this type of attack.The first thing you can do is always stay vigilant against <a target="_blank" href="https://www.businessinsider.com/guides/tech/what-is-phishing">phishing scams</a>.For example, never click a link you receive over email or text, even if it seems to be coming from a company you trust. <a target="_blank" href="https://www.businessinsider.com/phishing-scams-getting-more-sophisticated-what-to-look-out-for-2020-2">Phishers will often message you</a> from an email address that looks almost identical to the real company's address, and get you to log in to a fake site that looks identical to the real site. Always go straight to the company's site using your search engine.And perhaps most importantly, always use unique and hard-to-guess passwords for all your accounts.You don't even have to memorize all of them — <a target="_blank" href="https://www.businessinsider.com/guides/tech/best-password-managers#the-best-free-password-manager-4">using a password manager</a> is the best way to keep your passwords safe, and many can generate safe, unique passwords for each of your accounts. There are some services you can pay for, like LastPass, and some that are free, like Bitwarden or Apple's iCloud KeyChain.

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