Checking

• With mobile deposits, checks may be “deposited” more than once. Banks’ systems are not catching all duplicate deposits. This happened to an organization for which I am the Treasurer, and it can happen to you. (Cleveland Plain Dealer)
• This is potentially big news for folks living paycheck-to-paycheck. The Fed just announced that they will develop a public sector system for real-time payments (check clearing). (New York Times)
• Here is a British perspective on what is lost when we rely on plastic for transactions—financial awareness and the propensity to overspend. (International Advisor)

Economics

These articles give some perspective on last week’s historic interest rate cut by the Fed. The market went on a roller coaster ride, but it was hard to isolate Fed impacts from trade war and recession concerns.

• Austan Goolsbee explains in the NY Times why the cut won’t do much, as rates already are relatively low, and there is little pent-up demand on the consumer side for durable goods and mortgage refinancing.
• Today’s WSJ article on uptick in refinancing demand last week might provide some contradictory evidence.  
• For an international viewpoint, check out The Economist.
• And this Bloomberg article examines just how likely a recession may be, in the US and globally.

Investing

• Cash has been a hot investment, with money market (and some savings accounts) at 2%, but given the domestic and international interest rate cuts by central banks, will it continue to be? (Bloomberg)
• Many are turning to gold, which has increased in value. (CNBC)
• If you were thinking of Bitcoin as a good option, only 15% of the total supply is left to be mined, and the rate at which it can be mined is about to drop in half. What will this mean? (Yahoo Finance)
• According to Bloomberg, “Bitcoin and Gold Are Monuments To Irrationality.” Both have a fixed supply and are subject to “human psychology and herd mentality.”

Retirement 

• Do you have questions about Social Security? The NY Times answers readers’ questions.

Careers

• Half of young Americans say college is too expensive and no longer necessary. According to a study by TD Ameritrade, 20% of Gen Z says they will not go to college. (MarketWatch)

Financial Pitfalls

• We posted articles on the Equifax breach and the difficulties those effected will face getting compensation.  The attorneys that handled the class action lawsuit may be paid up to $77.5 million. (WAPO)

Technology

• This NYT article gives some perspective on the FaceApp story from a couple of weeks ago, looking at the privacy issues with most apps, not just this one.
• If you thought the FaceApp privacy issue was troubling, wait until you read about how Facebook is planning on reading your mind! (Dazed)
• When you think of popular music streaming services, does YouTube make it on your list? It apparently has become the most popular music-streaming site. (WAPO)

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