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Amanda Blankenship

Companies Are Backing Out Of The Facebook Libra – Here’s Why

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Facebook Libra

Facebook has been talking about launching its very own cryptocurrency for a few months now. Mark Zuckerberg has been able to find some pretty big companies and names to back the social media crypto idea, including Mastercard, PayPal, eBay, and Visa. However, this week, many companies and investors have decided to back out of the Facebook Libra.

About the Facebook Libra

If you’re interested in cryptocurrencies, chances are you’ve already heard about the Facebook Libra, also known as GlobalCoin. The social media giant proposed the idea of its own cryptocurrency to combat unbanked individuals around the world. Believe it or not, there are billions of people without bank accounts worldwide.

In Southeast Asia alone, 438 million people (73 percent of the population) are without bank accounts. India’s population has the second largest unbanked population at 190 million. Women make up a majority of the unbanked individuals around the world (55 percent).

The Facebook Libra would help allow people to pay and be paid virtually without a bank account. As smartphones and technology have become more affordable and available around the world, it is making lower cost services available. Just about everyone has a Facebook account, making a Facebook-based cryptocurrency a viable solution.

Why Key Investors Are Backing Out

At first, the Facebook Libra was backed by 28 large companies, including Mastercard, Visa, PayPal, Stripe, eBay, and Mercado Pago. This week, those six “founding” members decided to take a step back from the project. Why?

Well, the Libra has failed to prepare to meet any regulatory standards as far as currency goes. The G7 task force produced a report that helps outline rules for G20 economies. It notes that currency like the Libra that have the potential to scale at a rapid pace could pose potential problems.

Any supporters of global stablecoins, such as the Libra, will need to be legally sound. Additionally, the companies must be able to ensure consumers are protected and any currency is not being used to launder money or fund terrorist organizations.

The report stated, “The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed.” Facebook has already warned investors that regulatory scrutiny may delay or completely stop the launch of the Libra.

On top of that, any loss in confidence where the cryptocurrency is concerned could threaten global economic instability. Because of this, many of the key players have stepped out of supporting the Facebook Libra, along with any other stablecoins.

Now, the Libra has lost approximately $60 million of its initial funding after six key players backed out, leaving the future of the currency uncertain. The social media giant may find comfort in the fact that it hasn’t lost all of its supporters. It has also gained the support of tech leader IBM. But will that be enough to save it?

Readers, what do you think about the Facebook Libra and other stablecoins?

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Is Costco Open Columbus Day 2018?

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Costco Open Columbus Day
Federal holidays often provide a day off to get caught up on shopping. In fact, many retailers offer up holiday sales. With this Monday being Columbus Day, many people will use their three-day weekend to scope out the best deals. Costco has been known to provide amazing bulk deals on a number of products. If you are a member, you may be wondering, “is Costco open Columbus Day?”

Is Costco Open Columbus Day?

Yes, Costco will be open on Columbus Day. It is always up in the air as to whether or not this retailer will be open. They give employees off for several holidays throughout the year and are one of few retailers to do so, which can make it confusing. However, Costco will be open on Monday.

Costco Columbus Day Deals

There aren’t any Columbus Day-specific deals. However, the Costco October 2019 coupon book is out and all of the offers are valid throughout the entire month. If you plan on heading to Costco on Monday, there are plenty of deals to be had. You can check the Costco website to see if there are any store-specific deals available. If you are a Costco credit cardholder, you can also get cashback on your purchase.

What is the Costco Holiday Schedule?

As mentioned above, Costco is known to close on holidays many other retailers do not. In the United States, it is closed for the following holidays:

  • New Year’s Day
  • Easter Sunday
  • Memorial Day
  • Independence Day
  • Labor Day
  • Thanksgiving Day
  • Christmas Day

Days surrounding these holidays may have altered hours of operation. For instance, many Costco locations close early on Christmas Eve. If you’re wondering about the hours for a Costco near you, you can check the website or give them a call. Costco is always happy to answer any questions you may have.

Costco Hours of Operation

Outside of the holidays, Costco hours of operation are as follows:

  • Monday through Friday – 10 a.m. to 8:30 p.m.
  • Saturday –  9:30 a.m. to 6 p.m.
  • Sunday – 10 a.m. to 6 p.m.

The hours above aren’t guaranteed. Call and verify the hours before you leave to go shopping. Costco locations may close for other reasons, including inclement weather. It is also important to note Costco Business Centers don’t share the same schedule as the store in every instance.

Photo: Flickr: Mike Mozart

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Is Walmart Open Columbus Day 2019?

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Walmart Open Columbus Day
Federal holidays can be confusing. Some businesses chose to close their doors while others remain open and hold sales. This Monday is Columbus Day and establishments such as the post office and banks will be closed. What about America’s favorite retailer? Is Walmart open Columbus Day?

Is Walmart Open Columbus Day?

Yes, Walmart is open on Columbus Day! Whether you need to buy something last minute or do your weekly shopping, your local Walmart will be there to serve you on Columbus Day.

Many Walmart stores have other businesses operating within their location – pharmacies, money transfer services, or barbershops. These other businesses may or may not be open on Columbus Day. If you need to visit one of these establishments, call to confirm whether they are open on the holiday.

Walmart Columbus Day Sale

Is a trip to Walmart worth it on Columbus Day?

Yes, it is! While there are no Columbus Day-specific deals, Walmart has a sale going on every day of the week. If you are a regular at Walmart, you know how great the prices are. To see next week’s deals, you’ll need to visit the Walmart website and enter your zip code to receive the weekly ad. However, the store’s prices are generally lower than its competitors.

If you are going to head to Walmart on Columbus Day, you can even save more money with these tips:

  • Buy a discount gift card. Search for discounted gift cards online and get up to a 5% discount. This will save you a good bit on your Columbus Day shopping bill.
  • Use a card where you get cashback. If you have a credit or debit card that has cash back rewards, use it at Walmart.
  • Walmart price matches its competitors. Make sure you use this. You can request a price match via their Customer Service page or by calling them at 1-800-925-6278.
  • Use the Walmart Savings Catcher. Savings Catcher helps you scan the area for a better deal. If you could have saved money, Walmart gives you the money back. The cash can be applied to future purchases at Wally World.

What Is Walmart’s Holiday Schedule?

Walmart is open 364 days a year and most are open 24 hours a day. Occasionally, a store will be closed for facility maintenance. However, the only full day Walmart closes is Christmas Day. It should also be noted the store has limited hours on Thanksgiving. Check out Walmart’s full holiday schedule here.

Photo: Flickr: Mike Mozart

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Is The Post Office Open Columbus Day 2019?

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post office open columbus day
Columbus Day falls on Monday, Oct. 14 this year. Even though many people may not know what Columbus Day is all about, they’ll have the day off and enjoy a three-day weekend. However, some of your favorite stores and other businesses may be closed. This may leave you wondering, “Is the post office open Columbus Day?” 

Is the Post Office Open Columbus Day?

No. The post office will be closed on Columbus Day. Because Columbus Day is a federal holiday, post offices will be closed on Monday, Oct. 14. Physical USPS locations will be closed. There will also be no mail delivery.

All USPS employees will have the day off. So, if you need to interact with someone at USPS, you won’t be able to do so on Monday. However, some services will still be available.

You’ll still be able to use the self-service options at your local post offices, such as buying stamps and sending letters or small packages. Some locations may have a self-service system for printing postage in the lobby as well. You will also be able to access your personal P.O. box.

These services are generally available to customers at USPS 24/7. If you are wondering what services, if any, will be available at your local post office, you may want to give them a call and verify what will be available on Monday.

Is the Post Office Open Columbus Day Weekend?

Although many of you will have a three-day weekend, that isn’t the case for USPS workers. Mail will still run on Saturday and, depending on your local P.O.’s regular hours, they will be open on Saturday, Oct. 12 as well. So, if your post office is usually open, it will be open this Saturday and closed on Sunday, as usual.

Keep in mind, there are three more federal holidays in which the post office will be closed this year. These holidays will also impact the post office’s regular schedule:

  • Veterans’ Day: Monday, November 11, 2019
  • Thanksgiving Day: Thursday, November 28, 2019
  • Christmas Day: Wednesday, December 25, 2019

If you have any questions about your local post office holiday hours or the services that will be available to you, give them a call. The customer service number is 1-800-275-8777.

Photo: jelm6

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Are Banks And Credit Unions Open Columbus Day 2019?

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Banks Open Columbus Day
Next Monday, Oct. 14, is a federal holiday known as Columbus Day. Any time you hear the words “federal holiday” you begin to wonder what establishments will be open or closed. Although many people don’t celebrate the holiday, per se, many schools and businesses close. Are banks open Columbus Day?

Are Banks Open Columbus Day?

No, banks are closed on Columbus Day. Generally, banks are open Monday and it is usually one of the busiest days of the week for bankers. However, most banks close on federal holidays like Columbus Day.

There may be a few exceptions to this rule. For example, if your bank is located in a retail outlet, there is a good chance it will be open on Columbus Day. TD Bank is one of the larger branches that tend to be open on federal holidays as well. Some locations may be open on Monday and most will be open on Sunday, Oct. 13, for regular business hours.

Are Credit Unions Open Columbus Day?

No, credit unions are closed on Columbus Day. Like with banks, credit unions will also be closed on Monday. Although Monday is typically one of the busier banking days, your credit union will likely be closed for the holiday.

However, there may be a few exceptions. Some credit unions may have limited holiday hours. If you are wondering about your specific branch’s hours on Columbus Day, call ahead and confirm their hours.

Banking Services Available on Columbus Day

Even though most banks will be closed on Columbus Day, you will still be able to perform most banking tasks via ATM or the bank’s website. These two services are generally available 365 days a year, 24 hours a day.

It is important to keep in mind that any transactions made on a holiday may not be completed until the following business day. For instance, if you deposit a check at the ATM on Monday it may not post until some time Tuesday.

With most banking institutions closed on Sunday (with a few exceptions) and banks being closed on Columbus Day, you will need to plan ahead a little or be sure your banking needs can wait until Tuesday, Oct. 15.

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What You Can Learn From The GE Pension Plans Crisis

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GE pension plans

General Electric is making waves this week after it had been revealed that 20,000 employees would have their GE pension plans frozen. Anyone relying on their pension plan to retire would be in a panic, as they should be. Why are GE pension plans being frozen and what can you do to prepare for something similar?

The Downfall of GE

GE was once known as an industrial icon but has fallen in recent years. Shares in the company lost more than half their value last year after a number of problems. This year, executives seem to have refocused on restructuring their business plan and reducing the company’s overall debt.

In August, GE was called out by a whistleblower of hiding issues within the company by providing fraudulent accounting.  Now, General Electric is trying to fix its issues by altering employees’ benefits to cover deficits.

GE Pensions Plans Are Frozen

Already retired GE employees won’t have any changes made to their current supplementary benefits or pension plans. Around 700 current employees will have their current pensions frozen, however. This applies to anyone who became an executive before 2011.

Individuals with frozen pension funds won’t see any additional benefits or be able to contribute any longer starting January 1, 2021. GE is doing its best to compensate for these changes. The company will begin to contribute 3 percent of the employees’ salaries to a 401(k) plan. GE will provide a 50 percent match up to 8 percent of the employee contributions as well. For 100,000 former employees, GE is also offering a lump-sum payment option for individuals who haven’t begun to receive their benefits yet.

These changes are in an effort to reduce GE’s overall pension deficit. Currently, the company’s deficit sits between $5 billion and $8 billion. After GE pension plans are frozen, this will decrease to between $4 billion and $6 billion. The company plans to use some of the money from the sale of BioPharma, BHGE, and Wabtec to pre-fund around $5 billion of its Employee Retirement Income Security Act pension payments for 2021 and 2022.

In a press release, Kevin Cox, chief human resources officer at GE, stated, “Returning GE to a position of strength has required us to make several difficult decisions, and today’s decision to freeze the pension is no exception. We carefully weighed market trends and our strategic priority to improve our financial position with the impact to our employees. We are committed to helping our employees through this transition.”

How You Can Prepare For Something Similar

If you work for a private company or corporation, like GE, have begun to move away from pension plans over the past few decades. After the introduction of the 401(k), many employers have focused on providing that in place of company-based pension plans. The idea of 401(k) plans is to put the responsibility of retirement saving and planning on the employee instead of the company. Many companies contribute to employees’ 401(k) accounts to a certain degree, but they aren’t solely responsible for it like pension plans.

Anyone finding themselves in the situation of the GE employees should look into the fine print of your benefits plan. See how much you’ve accrued over the time you’ve worked there and take a look at how much you’ll need to retire. Keep in mind, you may have additional retirement income (not just payments from your pension plan). This can include 401(k), any savings, Social Security, and any additional benefits/income from your spouse.

If you’re given the option, discuss taking the lump-sum payment versus monthly payments with a financial professional. It is also a good idea to discuss your other options with a professional as well, such as additional sources of income in retirement and how much money you’ll actually need to maintain your quality of life.

“If the company’s financial situation is somewhat in question, it may make sense to take the money and run,” Nate Wenner, principal and senior financial advisor at Wipfli Financial, said. Folks who take a lump sum, according to Wenner, would probably benefit from dumping it into private retirement accounts, such as an IRA.

Another thing to keep in mind is saving is a necessity when it comes to retirement. If you have a pension plan or a 401(k), that’s great. But you also need savings. You never know if something like what has happened with the GE pension plans may also happen at your place of work. Depending on those funds could sink your financial ship in the future.

Photo: Flickr: Jeff Turner

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