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There are so many possibilities for living arrangements once you move out on your own. You can decide to live alone or with one or more roommates. You can share space in a house or get an apartment. Another option, that has been around longer than you may think, is buying into or renting within cooperative housing.

Unlike all these other options, people who buy into a co-op own a piece of the entire building. It’s a unique way to own property that’s often more affordable than buying a condo or home.

It’s also a big investment. As a renter, living in a co-op creates a different, more communal atmosphere that you may not find elsewhere.

Before deciding to research co-ops in your area, it’s important to understand what a co-op apartment is.

What is a co-op apartment?

Cooperative housing is where you buy in to become a part-owner of that entire piece of property. “When you buy into a co-op, you become a shareholder in a corporation that owns the property. As a shareholder, you are entitled to exclusive use of a housing unit in the property,” says Lisa Smith from Investopedia. Rather than owning a single unit, you become a part-owner of the whole building. This gives you the right to live on the premises, in an available apartment.

Everyone who is a part of a particular co-op shoulder some of the financial responsibility of ownership. This includes primary expenses of mortgage payments, maintenance costs and taxes. Other fees can consist of utility bills, the expense of running the building, maintaining amenities and insurance premiums. Each cost breaks up among the total number of people vested in the co-op.

The history of co-op apartments

“There is no clear-cut answer as to when the first housing cooperative appeared in the United States.” Says Lynne Goodman from The Cooperator New York. She does reference authors Richard Siegler and Herbert J. Cooper-Levy in “Brief History of Cooperative Housing,” who claim the first American residential co-op was established in 1876 in Manhattan.

As the starting point for co-ops, New York City continued throughout history to offer this housing option. Moving in waves of popularity in this ever-growing city, co-ops began as home clubs, where people organized with the intention of building an apartment building together.

Co-op popularity hit another high in the 1920s as urban populations boomed, post-WWI. The next uptick was in the 1940s as a response to rent control provisions. In the 1980s, popularity rose as a result of increasing oil prices.

Today, co-ops are more than just living arrangements. You can buy into a food co-op or shop at a store that produces goods from a co-op. The methodology of being a part of a larger group has grown beyond investing in housing.

Where can I find cooperative housing?

In varying degrees of availability, you can find cooperative housing in every part of the country. “Housing cooperatives are quite common in certain parts of the country, such as New York City, Washington, D.C. and Chicago, but can be harder to find in other areas,” according to the National Association of Housing Cooperatives. They’re popular throughout the Northeast but exist elsewhere.

How do fair housing laws impact cooperative housing?

The Fair Housing Act consists of laws that prohibit discrimination based on race, skin color, sex, nationality, religion, disability and more when it comes to buying, selling, renting or financing housing.

Co-ops must abide by these laws, but at the same time, their approval processes for tenants is very different than what you find in a regular apartment. There’s no landlord-tenant relationship. Instead, a community board reviews applications. The members of this board can set up their own qualification system within the fair housing parameters. This can include net worth minimums or a certain debt-to-income ratio for eligibility.

“The board must not reject an applicant based solely on his or her race, gender, national origin, religion, sexual preference, marital status or familial status. The board can, however, take into consideration factors that impact an applicant’s ability to meet the financial obligations of the community, as well as governing responsibilities,” according to the law firm, Pentiuk, Couvreur & Kobiljak P.C.

A community board can be more restrictive than other housing options when it comes to inviting people to become owners or renters. This can make for a longer and more tedious approval process that doesn’t always feel so fair.

Is it worthwhile to buy in and become a part-owner?

Personal preference is what makes a co-op apartment appealing. To figure out whether it’s the right place for you, weigh the pros and cons carefully.

The perks

As a part-owner within a co-op, you influence how the building runs. You attend board meetings and get to vote on all decisions. This includes shaping rules and regulations for how the building is managed and who is eligible for consideration to join the co-op. You pretty much get to pick your neighbors and prevent anyone from moving in who might not maintain their space in the same way as the rest of the shareholders.

Another perk is the cost. Cooperative housing can cost less than owning a condo. “Co-ops tend to be cheaper per square foot. They typically offer buyers more control as an individual shareholder and often have lower closing costs,” says Lester Davis from The Washington Post.

The last primary perk to co-op living is community. This special living situation gives you more than somewhere to live, you get a whole community. You more often than not know your neighbors, have a network of people watching out for you and our home and connect with people you can rely on when in need of assistance.

The drawbacks

To get into a co-op, prepare for a more rigorous approval process. Not only will the board run a background and credit check, but you’ll have an in-person interview to get through. Everyone receives the same treatment. Once you’re approved, you’re in, but the process can also make it harder to sell when you’re ready to leave the co-op.

Rules within cooperative housing can feel more confining than in other living situations. Because you don’t own the unit you live in, you’ll have to contend with restrictions on how you can use your unit, whether you can sublet and more. You’ll also need extra insurance for your personal belongings since the building’s insurance won’t cover it.

One final key drawback goes back to cost. It may cost less to buy into a co-op, but with shared expenses comes more potential financial responsibility. If someone defaults on their payments, you and your neighbors are obligated to cover a portion of their missed payment.

Can I rent within a co-op?

This is a tricky question. Since a set of shareholders own the building, no single unit belongs to any one person. Because of this, many co-ops don’t allow renters at all. Additionally, the rate of owner occupancy in cooperative housing is much higher than you’d find elsewhere.

If a building does allow it, you may face a large application fee, along with set limits on the length of your lease. You’re also technically subletting rather than renting outright since you rent the unit from the co-op shareholder who holds a lease on that particular space. It’s a little more work to rent within a co-op, but it’s not a terrible option. If you want something more flexible, with a little less upfront cost and rigidity when it comes to the approval process, you may want to consider other options.

Is a co-op right for me?

A co-op may be right for you if, after learning more about what it really is, the idea still sounds appealing. It all depends on your own personal needs, which is why it’s good to know you have options when searching for your perfect living situation.

While co-ops can get you more square footage for your dollar, they can also feel more strict when it comes to rules and regulations. Finding the perfect balance of cost and comfort will help you know whether it’s time to start looking for a co-op.

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In my recent review of Pam Slim’s Escape from Cubicle Nation, Chett left the following comment:

I was talking with a good friend last week who is self-employed. I told him I envied his entrepreneurial spirit and the ability to “go it alone.” He told me he envied my work as a teacher and the set hours and guaranteed pay check and insurance. (I told him there was nothing “set” about the hours, so I guess we both misunderstood each others work.)

So many people dream of working for themselves and only find out the true benefits and heartaches after they make the leap. Take you for instance, what do you miss the most from the box factory in terms of security, or interaction? What bothered, (or motivated) you the most to drive you to self-employment and what have you learned about your decision over the past year and a half?

In the same thread, Caitlin wrote:

Every time I real an article like this I wonder if I’m really that unusual because I love my job. I’m a molecular biologist, and it’s just not something I could do on my own…I’ve had a small side business for over 5 years. In that time, interesting and educational though it was, I’ve learned that I don’t particularly want to run a business.

I am not one who believes that everyone should be an entrepreneur. I think there’s a sort of continuum: Some folks should absolutely work for somebody else, others should definitely work for themselves, and many should do a little of both.

Although I tend toward entrepreneurial endeavors, I don’t consider myself a die-hard entrepreneur. The best job I ever had was actually flipping burgers at McDonald’s when I was in high school. I’m not kidding. I loved that job. My fellow employees were smart and fun. Together, we made serving burgers and fries a game; we tried to do the best job we could. Our manager was great, and she fostered this attitude instead of stifling it with bureaucracy.

Since then, I’ve had jobs I loved and jobs I hated, and many that just paid the bills. I’ve also tried self-employment twice: once as a computer consultant, and now as a professional blogger.

Here are my responses to Chett’s specific questions:

What Do I Miss From the Box Factory?

I miss daily interaction with my family. My father began the business almost 25 years ago, and since then there have always been several family members involved with the daily operations. I also miss talking with my customers. As much as I disliked the actual sales portion of my job, I genuinely liked many of the customers I dealt with. I find myself wondering how Robert is doing, and whether Lance finished building his house.

There is almost no social aspect to the life of a professional blogger; I sit here alone in my office typing all day. While this is intellectually challenging, I miss seeing people and being a small part of their lives. This is one reason I’ve struggled with my restaurant spending over the past year. I often go out to lunch simply to be near other people. It’s also one reason I rented office space.

Note: Trent and I both discussed this loneliness on last Monday’s episode of The Personal Finance Hour. How bad does this loneliness get? Very bad. It’s Thursday afternoon as I write this. A couple of hours ago, I had a near panic attack from the loneliness. No joke. To cope, I came down to the coffee shop for a couple of hours.

What Motivated Me to Self-Employment?

There were a couple of things. First, I did not like my work at the box factory. I did not like sales. I wasn’t good at it, it didn’t interest me, and I found it frustrating.

Meanwhile, I wanted to write. I’ve always wanted to be a writer; I just never knew how to make money from this desire. When I stumbled into personal-finance blogging, I was startled to learn I could make an income from it. It seemed natural to make the leap to professional blogger once that income sustained at a level that could support me.

What Have I Learned About My Decision Over the Last Year-and-a-Half?

There’s a difference between blogging as a hobby and blogging as a job. When you’re blogging as a hobby and the income is “extra” income, the process is fun. It’s a lark. But when you throw the switch and it becomes your sole means of making a living, some of that fun vanishes.

I still love what I do — no question — but sometimes I feel as if I’ve lost the spontaneity I used to have. That’s one reason I’m hoping to reduce my workload around here a little. I’d like to pursue other projects: write a book, dabble with other blogs, possibly promote financial literacy education.

There’s a lot of pressure when you are required to generate your own income. Sure, there’s pressure when you work for somebody else, too, but there’s also a sense of freedom. You’re not responsible for the daily decisions. And if you don’t like the job, you can leave. Plus, the actual source of income is not your responsibility.

I often think that working for somebody else is like renting an apartment; working for yourself is like owning your home. Both have their rewards, but they each have drawbacks, too.

Conclusion

As Caitlin mentions, not everyone is cut out to run a business. It just doesn’t interest them. My wife is a perfect example. Kris loves her job. It’s challenging and fulfilling, and she enjoys the interaction with her co-workers. She has no desire to strike out on her own.

As always, I think it’s important to do what works for you.

Now I’d love to hear from you. Have you ever been self-employed? Did you love it, or did you hate it? What prompted you to pursue entrepreneurship? What do you envy about those who work for somebody else? Or, if you work for somebody else, are you content with where you are, or do you envy about the self-employed? What is it that keeps you doing what you’re doing?

Source: getrichslowly.org

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Running and maintaining a home can be a costly business while juggling the many necessities of life.

Purchasing your home is one thing, but making sure it is always in good running order is quite another. Before you even realize it, expenses can quickly mount up to hundreds or even thousands of dollars.

Upon taking out a mortgage, your lender may have a requirement that you also take out a home insurance policy to protect the building from theft or a naturally occurring disaster, such as a fire, flood, or earthquake.

While this preserves the physical structure of the house, it offers no protection for the things contained inside the building—the essential systems and appliances we use on a daily basis.

If your washer breaks down, or your air conditioning fails, you are potentially looking at hefty repair bills, time spent calling the best technician in town, and a sizable financial hit if the entire appliance needs replacing.

Luckily, there is a practical solution to this issue: welcome to the world of home warranties.

What is a Home Warranty?

As the name suggests, a home warranty or service contract is an insurance policy taken out to protect your home.

First-time home buyers and existing homeowners alike are encouraged to look into a comprehensive home warranty.

Since homes are often considered a huge investment, purchasing a home warranty ensures your valuable piece of property is safeguarded for generations to come.

Unlike a traditional home insurance policy, however, a home warranty is not restricted only to the building. Instead, home warranties cover major elements, such as heating and hot water systems, dryers, and ovens, among other essential items.

Choice Home Warranty is an ideal solution to your warranty woes, offering two plans to provide the best option for your home.

What Are the Benefits of a Home Warranty?

A home warranty works by exchanging a regular monthly payment for protection.

This offers a cheaper solution to the headache of having to pay the total replacement cost of an item at a moments notice.

This type of policy provides homeowners with an extra layer of protection whenever unexpected issues occur.

What Are Choice Home’s Warranty Plans?

There are two plans currently offered by Choice Home: the basic plan and the total plan.

Basic Plan

The basic plan provides standard coverage on the following items:

  • Electrical system
  • Heating system
  • Plumbing system
  • Plumbing stoppage
  • Whirlpool bath
  • Oven, range, or stove
  • Water heater
  • Dishwasher
  • Built-in microwave
  • Cook top
  • Garbage disposal
  • Garage door opener
  • Ceiling and exhaust fans
  • Duct work

Total Plan

As the name suggests, the total plan is a comprehensive warranty designed to protect all aspects of your home.

In addition to everything covered by the basic plan, the total plan also covers the following items:

  • Air conditioning system
  • Clothes washer
  • Clothes dryer
  • Refrigerator

Add-Ons

As a bonus, Choice Home offers clients “add-ons”— extras that can be added to an existing plan for a specific item but not included in either of the standard plans.

Those items covered here are:

  • Well pump
  • Sump pump
  • Pool and spa
  • Limited roof leak
  • Central vacuum
  • Septic system
  • Standalone freezer
  • Second refrigerator
  • Septic tank pumping

These extras allow you to personalize a warranty to focus only on those things you will really need to save money.

Get A Choice Home Warranty Quote

Why Choose Choice Home Warranty?

A Choice Home Warranty offers a variety of benefits, all designed to help make your life easier:

Pros

  • Free First Month: This is a definite bonus if you are browsing providers. Choice Home Warranty offers the first month of service at zero cost to you when a single-payment and one-year warranty plan is purchased.
  • 24/7 Service: One of the benefits of a home warranty plan is guaranteed peace of mind. Choice Home Warranty offers a 24/7 approach to customer service, allowing customers to call or submit a claim when it’s most convenient for them. Claims can be filed via an online form on their website, making the process quick and easy.
  • No Home Inspection Required: Some providers require a full home inspection before providing you with a warranty, and this can make the sign-up process a long and drawn out affair for both parties. This is not necessary with Choice Home, and coverage starts as soon as the policy is activated, with no prerequisites.
  • Benefits for Real Estate Agents: Choice Home provides plans and packages specifically designed for real estate agents. A home warranty can prove a fantastic incentive to a potential buyer, giving you a chance to stand out from the crowd.
  • Knowledgeable Team Members: Choice Home representatives are thoroughly involved in the claims process and are knowledgeable about the products and services offered. This allows customers to obtain thorough and accurate information tailored to their individual needs and requirements.
  • Completion Date: In the event of a delay, technicians can provide a completion date for any work carried out. This offers customers total peace of mind along with a realistic time frame.
  • Informative Website: Choice Home’s website is not only easy to navigate, but is also divided into sections for buyers, sellers, homeowners, realtors, and contractors, making information extremely accessible. A FAQ page helps potential and existing customers answer questions quickly, and their regularly updated blog gives readers the opportunity to learn about recent business developments.
  • Extensive Coverage: Choice Home prides themselves on comprehensive coverage, and the choice of two separate plans helps potential and existing customers find a solution that best fits their needs.
  • No Policy Gaps: Coverage will begin 30 days after the homeowner is enrolled, and continues for 365 days. If a customer provides proof of prior coverage with Choice Home or another provider, then a new policy can be activated as soon as the old one expires. This ensures customers are always protected.

Cons

There are also some cons to Choice Home’s policies that specifically relate to pre-existing damage or appliance misuse:

  • Pre-Existing Conditions: Any damage occurring as a result of pre-existing conditions, whether known or unknown, will not be covered.
  • Appliance Misuse: Policies do not cover damage from misuse, abuse, or failure to clean and maintain a system or appliance.

Alternatives

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Final Thoughts

A home warranty plan is an ideal way to provide additional peace of mind while saving money on expensive repairs or replacements down the road. You never know when that extra hedge of protection will come in handy.

Choice Home keeps it simple with just two plans to choose from, along with the option to supplement any of their policies with “add-ons” or extras.

There are also options to pay monthly or annually, allowing customers to delegate home management to the experts.

Choice Home’s exclusions are similar to competitors. Nonetheless, homeowners should always read the fine print carefully to understand what is and is not included in a specific coverage plan.

Taking these extra action steps can save customers from any potential disappointment later on when filing a claim. No matter what home warranty under consideration, it’s important to always conduct your own research and analyze competitor offerings before making any significant financial purchases.

With a range of attractive benefits, including ongoing coverage, 24/7 customer service, and a host of benefits for real estate agents, Choice Home warranties take the stress out of a sudden appliance failure or system emergency.

Source: goodfinancialcents.com

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Savings

Compare rates and save on home insurance today!

What is renters insurance and why should I consider it?

As of 2019, roughly 36% of U.S. households were living in rental properties, meaning that a large percentage of the population opts to rent instead of own. While renters don’t own the property they live in, it’s still important to have some protection in place, which renters insurance, also referred to as an HO-4 policy, can provide.

A comprehensive renters insurance policy can help cover your personal belongings, liability exposure and additional living expenses, should your home become uninhabitable due to a covered event. Purchasing renters insurance is typically easy and the premiums are usually affordable compared to many other types of insurance. If you’re in the market for renters insurance, here’s what you need to know before purchasing a policy.

What does renters insurance cover?

Renters insurance can cover numerous situations, depending on the endorsements that you add to your policy. However, the main coverages on a renters insurance policy are:

  • Personal property coverage: This coverage is designed to pay for your damaged or destroyed belongings after a covered loss. Covered personal property generally includes your furniture, clothing, household items and some electronics.
  • Liability coverage: Your liability coverage may pay for medical bills and your legal fees if you are found at fault for someone’s injuries or damage to someone’s property.
  • Additional living expenses: If you are unable to live in your rented home or apartment after a loss, this coverage could help pay for the cost of a hotel and other expenses, like laundromat services or pet boarding. Living expenses coverage only covers the necessities. You should ask your insurance agent to see what exactly is covered when you purchase your policy.

You may also have the option to add additional coverages, like identity theft coverage, pet liability coverage and scheduled personal property coverage to your policy. If you are not sure what coverages you should consider, talking to a licensed agent could help.

Most renters policies also exclude damage to your personal items caused by earthquakes and flooding. While earthquake coverage can often be purchased as an endorsement, you may need to buy a separate policy if you live in a high-risk area. Flood insurance is most commonly offered as a separate policy, although a few companies offer endorsements or include this as a coverage option.

How much does renters insurance cost?

Renters insurance costs, on average, about $179 per year, per Triple-I. However, the cost of your renters insurance policy will vary based on several factors, including how much personal property coverage you purchase, the level of liability coverage you select, what additional coverages you choose and your claim history.

What states offer renters insurance?

Renters insurance is available in all 50 states and Washington, D.C. However, states that have a high density of renters, such as California, New York and New Jersey, may have more active renters insurance markets with more companies and endorsements to choose from.

Renters insurance is not just for those who rent apartments. Renters in condos and homes also have the option to purchase renters insurance. In warmer states like Florida and Georgia, homeowners may choose to rent their homes out for part of the year if they live elsewhere. The renters who occupy those homes can also purchase renters insurance policies to cover their belongings and liability exposure.

What companies offer renters insurance?

There are numerous renters insurance companies on the market, but your options will depend on what state you live in. Not all companies are available nationwide, and not all companies offer renters insurance in each state where they operate. If you are looking for the best renters insurance company, you may want to get quotes from these providers:

  • Geico: Renters who want to handle their policies digitally may want to consider Geico. The company has one of the most highly-rated apps in the industry.
  • Progressive: If you are looking for a highly customizable policy, Progressive could be a good choice. The company offers a long list of optional coverages, including water backup and personal injury.
  • State Farm: Renters looking for an in-person agency experience might want to get a quote from State Farm. The company has over 19,000 agencies across the country.

How do I save on renters insurance?

Although renters insurance is generally much less expensive than homeowners or condo insurance, there are still ways to reduce your premium.

  • Bundle your policies: If you also have an auto insurance policy, consider bundling your renters insurance with the same insurer — you might earn a discount on both policies.
  • Install protection devices: If your apartment has smoke alarms, a carbon monoxide detector or a home invasion alert system, you might save money on your policy.
  • Consider how you pay: If you can pay your annual premium in full, you might save money. If you do need to pay in installments, many companies offer discounts if you sign up for an automatic withdrawal.
  • Increase your deductible: Your deductible is the amount you will pay out of pocket if you file a claim. Generally, the higher your deductible, the lower your premium. Just be sure to choose a level that you can afford to pay if you file a claim.

Every insurance company is different, so discussing your policy with a licensed agent could help you find additional ways to save.

Frequently asked questions

    • Everyone’s situation is different and purchasing any kind of insurance policy is a highly individualized decision. Renters insurance is not required by law in any state, but a landlord has the right to require tenants to purchase a policy. However, even if you are not required to carry coverage, renters insurance does typically offer quite a bit of coverage for a relatively low cost. If your budget is particularly tight, you may be able to take advantage of discounts to lower the cost of a renters insurance policy while still getting valuable coverages.

    • The process of purchasing renters insurance is generally simple and there’s typically no waiting period, which means you may be eligible to get coverage on the same day you apply. For most people, the first step to getting a renters insurance policy is to obtain quotes from multiple insurance companies. Most companies offer personalized quotes online or by phone, or you could visit a local agency to speak to an insurance agent about your needs. During the quote process, you typically need to provide personal information, like your name, address and date of birth. This information can help determine the options and levels of coverage that are right for you. Once you have chosen a renters insurance policy to purchase, a representative will discuss the next steps. You may need to sign an application, and you will probably need to make at least one month’s payment for your policy to be active.

    • Because there are several insurers that offer renters on the market, you may not know where to start your search. Determining what kind of coverages you need and what features you want — like a digital app, 24/7 customer service or a live agent — may help you to find carriers that fit your needs. You can then request quotes from several companies to compare prices, coverages, discounts and features.

    • If you rent out a property, you may want to consider a landlord dwelling policy. This type of policy covers the structure of the home, detached structures and any personal property that you provide for the home (such as furniture). Your renters should consider purchasing a renters insurance policy, though, because a landlord dwelling policy does not provide any coverage for renters’ possessions.

      If you operate a short-term vacation rental, you may want to speak with your insurance agent to make sure you have adequate insurance coverage. Your short-term vacation rental tenants likely will not need a renters insurance policy. If they already have a homeowners, condo owners or renters insurance policy, their personal property coverage should transfer to a short-term rental, just as it would transfer to a hotel room.

    • That depends on the situation. Your pets are generally not considered personal property, so damage or injury to your pets is not typically covered by a renters insurance policy. For that, you need pet insurance. However, your liability coverage may cover damage or injury that your pets cause to others. However, some dog breeds and exotic animals are often excluded, and any animal that you do not disclose to your insurance company could also be excluded from coverage. Discussing your pet with your insurance company is often the best way to confirm your carrier’s guidelines.

    • Yes, renters insurance is a common policy. There are about 109 million renters in the United States, and most financial experts agree that renters insurance is a prudent purchase. Because of the prevalence of renters in the country, many different insurance companies offer renters insurance.

Source: thesimpledollar.com

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Should You Become an Authorized User? – MintLife Blog

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establish credit history, consider becoming an authorized user and building your credit in other ways, like getting a secured credit card.

What Is an Authorized User? 

An authorized user is someone who can make purchases on your credit card but isn’t legally obligated to pay the balance. It’s easy to sign someone up as an authorized user online or over the phone with a few pieces of information like their address, name, and birth date. You can order a separate card or have them use your credit card. You can have several authorized users on a single credit card, usually up to five. If the person is under 18, they can still usually be an authorized user on a parent or guardian’s account.

You get some privileges as an authorized user, but not the same ones as the cardholder. You can make purchases, find the available balance, and make payments. You can also report a missing card and dispute a fraudulent charge. Authorized users aren’t able to make changes to the account, though. For instance, they can’t close the account, add another user, or change the address.

Authorized Users and Credit

Becoming an authorized user could improve your credit score, but not always, and typically not in a drastic way. Check to see if the creditor sends authorized users’ activity to the major credit bureaus. Most do, but not all. If you’re trying to build your credit, you want to make sure being an authorized user will count toward your history.

When you’re a user on someone’s account who has a solid history of on-time payments and low credit utilization, it can help your credit. On the flip side, if you’re connected to someone with a lower credit score or a spotty payment history, your credit might suffer. For instance, if the cardholder misses a payment, your score could be affected, because it will also be reported on your history. That’s why it’s important to select someone you trust. Choose someone who you know will pay on time and not let their balance lapse. You can even have an upfront conversation about credit history and payments before being added as an authorized user to their credit card.

Just because you won’t be legally responsible for your charges, you may have a different arrangement with family. For example, Asher is an authorized user on his mom’s credit card. She pays for his groceries and utilities, but he is responsible for discretionary spending like going to the movies. Still, if the authorized user like Asher refuses to pay their portion, the cardholder remains responsible for covering it. If the cardholder doesn’t pay or can’t pay the balance, it could harm you more than help you.

Ways to Build Credit

Besides becoming an authorized user, there are other ways to build your credit. Try a combination of different approaches to build your history and show that you’re a responsible borrower.

  • Try a rent reporting service: Put your monthly payments toward your credit history by signing up for a rent reporting service. Proof of your payments is sent to the major credit bureaus. You’ll have to pay a small fee for the service, but it’s a low-risk way to create a credit history for payments you already make.
  • Apply for a secured credit card: Most credit cards are unsecured but require an established credit history. Secured credit cards allow you to put down collateral, such as a $500 cash deposit, in case you don’t pay your bills. These cards are for those without much credit history because the deposit guarantees payment to the lender if you don’t make payments. In most cases, secured credit cards carry higher fees and interest rates than normal unsecured cards.
  • Have someone cosign on a loan: Whether you’re purchasing a vehicle or need more funds for college, having someone cosign on a loan can help build your credit. Banks and lenders will often give out small loans to those without much credit history, as long as they have a solid cosigner backing them.
  • Choose a student credit card: If you’re in college, build credit with a student card. You may be approved even with no credit history. You might have a lower credit limit, such as $500 or $1,000, but the card allows you to spend on credit and build trust with creditors.

Practicing smart financial habits, like building your credit or having a personal budget, reaps rewards both now and in the future. Being an authorized user is one practical way to go about improving your overall financial health when done correctly. With a higher credit score and stronger finances, you can achieve bigger goals, like buying a home or saving for early retirement.

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Source: mint.intuit.com

Apache is functioning normally

A power of attorney, or POA, in Indiana is a legal document that allows you (“the principal”) to appoint another person (an “agent” or “attorney in fact”) to act on your behalf. A power of attorney in Indiana must meet several requirements to be valid.

In Indiana, you can get a power of attorney for situations related to health care, finances, minor children or other situations.

Indiana power of attorney requirements

A power of attorney in Indiana must meet all of these requirements to be valid

:

  • The principal must be a mentally competent adult.

  • The agent must be a mentally competent adult. You can name co-agents (this can be a good way to designate a successor agent in case the first agent becomes unavailable). 

  • The POA typically must be in writing and notarized — or signed with two witnesses present. (For a medical POA, only one witness is legally required, and a minor child POA has no legal requirement but notarization is recommended.) Using a notary can be a good idea even if you have witnesses; it improves your chances that third parties will accept the power of attorney.

  • Your witnesses can’t be your agent, successor agent, or anyone who benefits or is granted power from your POA; they also can’t be spouses or descendants of any of these disqualified people.

Best for: Users who want an all-inclusive experience. Cost: $99 per year for Starter plan. $139 per year for Plus plan. $209 per year for All Access plan.

Best for: Ease of use. Cost: One-time fee of $159 per individual or $259 for couples. $19 annual membership fee thereafter.

Best for: State-specific legal advice. Cost: $89 for Basic will plan. $99 for Comprehensive will plan. $249 for Estate Plan Bundle.

Types of Indiana powers of attorney

There are three major types of Indiana power of attorney:

  1. Financial POA: This document gives your agent authority to handle business and financial matters for you, such as paying your bills or buying and selling property for you.

  2. Medical POA: This document allows your agent to make medical decisions for you if you’re unable, including deciding the treatments or medication you receive and which providers treat you.

  3. Power of attorney over a minor child: This POA lets you choose someone to temporarily care for a minor child for up to 12 months. Some reasons for this type of POA include a parent being ill, deployed in military service or in the process of moving.

Additionally, Indiana recognizes these subcategories of powers of attorney:

  • General power of attorney: This grants your agent broad authority over your business and financial affairs, and it remains in effect only as long as you’re able to make your own decisions.

  • Durable power of attorney: This means the power of attorney remains valid even if you lose the ability to make your own decisions.

  • Springing power of attorney: This type of POA only activates under certain specified conditions, such as a minor coming of age or the principal becoming incapacitated.

  • Limited power of attorney: This type of POA only gives your agent authority over a specific transaction or event for a limited period of time.

  • Real estate power of attorney: This type of limited POA allows your agent to purchase, sell, manage or refinance property on your behalf.

  • Tax power of attorney: This type of limited POA lets someone else file your taxes, access your tax information and communicate on your behalf with the Indiana Department of Revenue

    .

  • Vehicle power of attorney: This type of limited POA lets your agent represent you in titling and registration matters with the Indiana Bureau of Motor Vehicles.

How to get a power of attorney in Indiana

Here’s what you need to do to create a valid power of attorney in Indiana:

  2. Select your agent(s).

  3. Include in your POA document any specific powers you’d like your agent to have.

  4. Sign your POA in the presence of required witnesses and/or notary public.

  5. Store your original document in a safe place.

  6. Give a copy of your POA to your agent and to any financial institutions or medical providers your agent will be dealing with.

  7. If your agent has the authority to complete real estate transactions for you, file a copy of your POA with the land records office, which in Indiana is called the recorder’s office.

  8. Review and update your POA as needed.

Frequently asked questions

Are there any tax implications I should be aware of?

If you plan to have someone file your taxes for you or represent you with the Indiana Department of Revenue, you’ll need to create a tax power of attorney (Form POA-1). You give the POA to the Indiana Department of Revenue by mail, fax or electronically.

How soon does my Indiana power of attorney take effect?

Unless you’ve created a springing power of attorney that takes effect on a certain date or when specific conditions are met, your POA becomes effective as soon as it’s signed, witnessed and (if necessary) notarized.

When does my Indiana POA end?

The power of attorney may end when one or more of these things happens:

  • You revoke the POA.

  • No agent is available.

  • A court invalidates the power of attorney.

  • Five years have elapsed (for tax powers of attorney).

Additionally:

  • Limited POAs end when the specified date arrives or the specified conditions are met.

  • Nondurable POAs end if the principal becomes incapacitated. In Indiana, all POAs are durable by default unless otherwise stated in the document.

What types of things can my agent do for me under an Indiana POA?

Indiana allows your agent to do a broad range of things for you, such as:

  • Banking and other financial transactions.

  • Managing bonds, stocks and other securities transactions.

  • Handling your business or organization.

  • Performing real estate transactions.

  • Administering retirement plan transactions.

  • Overseeing tax matters.

  • Receiving government benefits.

  • Making medical decisions on your behalf.

What happens if my agent acts improperly?

Under Indiana law, your agent is obligated to act in your best interests and to record all actions taken on your behalf for six years. As the principal, you’re entitled to request a written accounting of your agent’s actions, which the agent must give you (or any of your children who request it) within 60 days. If this accounting reveals improper actions, your agent is liable for all damages and related legal fees. If you’re unhappy with your agent for any reason, you’re always free to revoke or revise your POA to designate a new agent.

Source: nerdwallet.com

Apache is functioning normally

If you’re looking for a high-yield savings account online with no added or unexpected fees, Varo delivers. Varo is an online bank launched in 2017. In 2020, it became the first consumer fintech granted a national bank charter, which means deposits are FDIC insured by the Federal Deposit Insurance Corporation and backed by Varo Bank, not a third-party bank.

Since 2020, SoFi also earned the same distinction as a nationally chartered bank.

Is Varo Bank safe?

Varo is currently valued at $1.9 billion, which is down from its 2021 valuation of $2.5 billion. However, recent reports say the neobank is seeking $50 million in funding. In 2022, reports had said the bank might run out of money by the end of the year. However, it is still in business and still offering record high APYs for its high-yield savings account and tons of other perks for account holders.

It’s important to remember that whatever happens, Varo Bank is FDIC insured up to federal limits of $250,000 per account holder, per account category. Joint accounts are insured for $500,000 per account category.

If finding a checking account and savings account with no minimum balance, no minimum deposit, no overdraft fees, no monthly fees, early direct deposit and cash back is important to you, then you might want to give Varo a chance.

Varo Checking Account

When it comes to checking accounts, Varo has only one, simply called “the Varo Bank Account.” It is packed with features that you want from a top online bank, including:

  • Rewards Visa debit card
  • Early direct deposit
  • Free mobile deposit
  • Access to Zelle for P2P money transfers
  • No monthly fees
  • No minimum balance requirements

Plus, your Varo debit card gives you access to the nationwide network of 55,000 allpoint atms where you can access your money with no fees. Keep in mind, using out-of-network ATMs for withdrawals can result in a fee of $3 per transaction, plus any fees charged by the ATM owner.

You’ll also have no foreign transaction fees when you use your Varo debit card overseas. And if you happen to lose your card, there’s no replacement fee, as long as you ask for regular shipping through the U.S. Post Office.

Varo Savings Account

Varo often makes headlines for its high-yield savings account. The bank currently offers an annual percentage yield up to 5.0%. But you’ll start your Varo savings account with a 3.0% annual percentage yield and move up to 5.0% annual percentage yield the next month if you meet a few requirements.

If you receive direct deposits in either your Varo savings account or Varo checking account of $1,000 or more and end the month with a positive balance in both accounts, you’ll earn 5.0% on up to $5,000 of your savings account balance. Any part of your balance exceeding $5,000 will still receive the 3% APY on savings.

In addition to fee free ATM withdrawals and no monthly fee, your Varo savings account also comes with automatic savings tools that can help Varo customers manage money. and take advantage of the high interest rate your Varo account offers.

Save Your Pay

When you choose “Save Your Pay” with Varo Bank, you automatically transfer a percentage of any direct deposits straight into your savings account. Whether you are looking to “pay yourself first” by adding 10% of each check to your high-yield Savings with Varo or looking to bolster your emergency savings by adding 20% or more, Save Your Pay makes it easy – and automatic to have funds deposited into savings each time you get paid.

Save Your Change

Small change can lead to a bigger savings balance when you round up your purchases and put the difference in your Varo savings account. Set up this feature so that every time you make a debit purchase, the amount will be rounded to the nearest dollar, with the extra money placed in savings.

Other savings accounts through traditional banks, including Bank of America, also offer similar automatic savings tools. But few savings accounts deliver such a high APY as your Varo bank account.

Other Accounts and Services

Varo offers checking and savings accounts with no monthly maintenance fees, a high APY on savings, and an intuitive app to help you manage your account. It also has other programs to help consumers build their credit, cover emergency expenses, or catch up on bills. The following programs are available to users with an active Varo bank account.

Varo Advance

Varo Advance allows qualified customers to borrow up to $250 at a time and pay it back within 30 days from your Varo bank account when you get paid. You can avoid overdraft fees, buy what you need or pay bills, and avoid high interest charges. Any advances over $20 have fees associated.

Your cash advance account has no monthly subscription fees, and no late payment or return payment fees. Each cash advance, however, has a fee ranging from $0 (for advances of $20 or less) up to $15 for advances of $250.

Varo Believe

Varo Believe is a secured credit card with no minimum security deposit, no annual fee or interest charges, and no credit check to apply. If you are a Varo customer, you can apply for this secured account to build your credit.

Turn on Safe Pay to ensure you don’t miss a payment. You will pay your credit card from your Varo bank account balances.

On-time payments will be reported to the three major credit bureaus to build your payment history. You can even track your credit score in the Varo mobile app.

Varo Bank Best Features

There are so many great features about Varo Bank, it’s hard to pinpoint the best elements of Varo accounts. Here are some features that come up time and again in Varo Bank reviews.

Early Direct Deposits

Access direct deposit funds up to two days earlier than you could with a conventional bank. Varo releases qualifying direct deposits from your employers as soon as the bank receives them. Often, this is up to two days before the payer’s scheduled payment date.

How soon you receive direct deposit funds depends on when your employer releases the funds. Weekends and bank holidays could delay a deposit to the next business day. But you will typically get paid at least two days earlier than you would with a traditional bank.

You can also use your Varo checking account to receive tax refunds from the IRS or your state government agency through direct deposit. During the pandemic, many people had their government stimulus payments deposited directly into their Varo Bank checking accounts.

Cash Back Debit Card

Not many banks offer a cash back Visa debit card, but Varo Bank does. Earn up to 6% on purchases through select retailers online and in stores when you use Visa cash back card or your Varo secured credit card. Once your cash back balance reaches $5, the money will be accounted directly into your Varo checking account.

Zelle

Zelle allows you to send person to person payments easily with no fees. As one of more than 1,800 financial institutions in the Zelle network, Varo makes it easy to split checks at a restaurant, send money to family and friends, or receive funds directly into your Varo Bank account instantly.

Varo Bank App

The Varo mobile app puts all the functionality of the bank right at your fingertips. You can turn your Varo cards on and off with a simple click, apply for cash advances, and transfer money between your Varo bank accounts easily from your mobile phone.

Cash Deposits at Thousands of Locations Nationwide

If you want to make cash deposits into your Varo savings or checking accounts, you can do so at any Green Dot Network locations. You can deposit cash at the register at the following stores:

  • 7-11
  • CVS
  • Dollar General
  • Family Dollar
  • Kroger
  • Rite Aid
  • Walgreens
  • Walmart

Stores charge a fee of up to $4.95 for cash deposits and up to $5.95 for a Green Dot MoneyPak. The MoneyPak is a prepaid card of $20 to $500 that you can link to your Varo Bank account. When you do, those funds will be deposited into your checking account.

Varo Pros

  • 55,000 AllPoint ATMs (Fee-free)
  • Early Direct Deposit
  • Cash Back Debit Card
  • No monthly fees
  • No foreign transaction fees
  • Cash Advance options
  • No minimum deposit to open an account
  • No minimum balance requirements

Varo Cons

  • Must meet requirements to earn 5.0% APY
  • No brick-and-mortar branches
  • No money market account
  • Financial difficulties leave some concerned about the bank’s future
  • Limited customer service hours for phone support

Varo Fees

Varo doesn’t have many fees. The bank doesn’t charge monthly fees or overdraft fees. But the bank may decline transactions if you don’t have the funds to cover it.

Varo checking account fees include a $3 fee for withdrawals from ATMs outside the AllPoint network, and $2.50 per transaction if you withdraw money at a retailer using your Varo debit card. Additionally, if you make a cash deposit using a third party money transfer service, including wire transfers, you could pay up to $5.95 per transaction.

How does Varo Bank compare to other online banks?

More frequently today, online banks offer no monthly fee, no minimum deposit, and no minimum balance requirements. But it’s a little harder to find an online bank that offers cash back, a secured credit card with no minimum deposit for security, and cash advances with no interest charges.

Chime is one financial technology company that offers some of the same benefits as Varo with no monthly fee. How do they compare?

Varo vs. Chime

First, it’s good to know that Varo is a chartered bank, while Chime is a fintech backed by Bancorp Bank, NA and Stride Bank, NA, both Members FDIC. However, for security purposes, consumers should know that Chime offers the same protection as Varo. All accounts are insured up to $250,000, with joint accounts covered for up to $500,000.

Chime also has no monthly maintenance fees and no minimum deposit to open an account. Like Varo, you can access your direct deposit funds up to two days earlier than most conventional banks. Chime doesn’t offer cash advances, but with fee-free overdraft protection for up to $200 with the SpotMe program, you can make cash withdrawals or debit purchases even if your account is in the negative.

Like Varo, Chime offers a secured credit card, called the Credit Builder Visa. It has no annual fee, interest charges, or security deposit required and no credit check is needed to apply.

Where Varo really shines is its high APY on savings. Chime doesn’t offer any options for savings accounts or money market accounts to earn interest on the cash you keep with Chime.

Varo Bank Reviews

Varo Bank earns high marks from personal finance website reviewers and also consumer review sites. Varo received an average of 3.4 stars on TrustPilot, with 76% 5-star reviews. Varo mobile banking apps in the App Store and the Google Play store earned 4.9 and 4.7 stars, respectively.

Some of the reviews claiming horrible customer service noted that their account was closed without warning. Often, this relates to extra-vigilant fraud protection.

The good reviews outnumber the bad on TrustPilot and personal finance websites. For instance, one Varo review said the chat support is “very prompt” and “always friendly.” Another Varo Bank review on ConsumerAffairs.com called the online bank: “an amazing company and very good bank as long as you Yourselves do what is needed. Pay things on time, follow instructions and do the best you can.”

Varo FAQs

Find out everything else you need to know about Varo bank accounts.

Does Varo have branches?

As an online only bank, Varo does not have branches for in-person service. However, Varo customers gain access to 55,000 AllPoint ATMs. You can withdraw money, check balances, and deposit cash

What happens if someone steals my card or card information?

If someone steals your card or you realize someone has your debit or credit card information, you will want to lock your card immediately in the Varo app. This prevents any purchases or withdrawals until you unlock the card. You should also do this if you’ve misplaced or lost your card.

Your direct deposit, ACH transfers and online bill payments will still process if your card is locked.

Once you’ve locked your card, reach out to Varo customer support through the Chat function in the app. Notify the representative that your card has been lost or stolen and you’d like to order a replacement card.

If you notice fraudulent charges on your account, you can reach out via Chat or call customer support at 877-377-VARO, Monday through Friday from 8 AM to 4:30 PM Mountain Time to dispute the charge.

How do I open an account?

You can find Varo Bank’s website at Varomoney.com. Click the purple “Open Account” button in the top right of the screen, choose the account you’d like to open, and apply for an account. There is no credit check required.

You will need a cellphone to open an account, as Varo may verify your personal information or account information via text messages.

Are checking and savings the only accounts Varo offers?

Varo offers a checking account, a savings account, a secured credit card (Varo Believe) and Varo Advance. Varo Advance allows you to use your Varo direct deposits and timely repayments to allow you to borrow up to $250 in cash advances. You pay it back within 15 to 30 days with no interest charges. You’ll pay a fee for every Advance over $20, up to $15 for a $250 advance.

Is Varo FDIC insured?

As a nationally chartered bank, Varo is FDIC insured up to $250,000 per account holder, per account category.

Source: crediful.com