Retirement savings have increased for Bank of America clients
Employee Benefit News
DECEMBER 5, 2024
While the bank says that 401(k) and healthcare savings accounts balances have grown during the past year, there are still some troubling indicators.
Banking Related Topics 
Bank of England gives employees 4% pay rise
Employee Benefits
MARCH 11, 2024
The Bank of England has given its more than 5,000 employees a 4% pay rise along with a 1% salary top-up deal for 2024/25 as part of its aim to retain staff in a competitive jobs market. The deal, which was intended to match inflation , was accepted by the trade union that represents the bank’s employees.
Banking 
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Trending Sources
Bank Failures Impact Payroll Professionals
PayrollOrg
MAY 2, 2023
The American Payroll Association offers best practices following the March 10 collapse of Silicon Valley Bank and the March 12 failure of Signature Bank.
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Bank Failures Impact Payroll Professionals
PayrollOrg
APRIL 28, 2023
The American Payroll Association offers best practices following the March 10 collapse of Silicon Valley Bank and the March 12 failure of Signature Bank.
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HR’s Complete 2025 Calendar of Important Dates
Advertiser: Paycor
The 2025 calendar includes: Tax filing dates Federal reporting deadlines Bank holidays Links to relevant tax forms …and more! HR leaders can use this calendar from Paycor to track important HR and payroll tax dates. Get your 2025 HR calendar today!
Ovo Energy launches flexible bank holidays
Employee Benefits
APRIL 28, 2023
Energy supplier Ovo Energy has introduced a flexible bank holiday policy to allow staff more choice when taking time off throughout the year. This applies to all UK 2023 bank holidays apart from Christmas Day, New Year and the King’s Coronation, which remain fixed.
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PayrollOrg Contacts DOL About Bank Failures
PayrollOrg
SEPTEMBER 18, 2023
Department of Labor (DOL) on wage and hour/pay period requirements and the impact of bank failures. PayrollOrg recently sent a letter to the U.S.
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Metro Bank offers support for employees going through separation
Employee Benefits
MAY 3, 2023
Launched in 2010 as the first new high street bank in more than 100 years, Metro Bank now employs nearly 4,500 people across the UK. Khushboo Patel, head of engagement and inclusion at Metro Bank, says: “Our colleagues are at the heart of what we do and we want them to feel supported whatever they are going through in their lives.
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Bank of America raises minimum wage to $24 an hour
Employee Benefit News
SEPTEMBER 10, 2024
Bank of America will increase its minimum hourly wage to $24 next month.
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Bank of Ireland offers evolving flexible arrangements for working carers
Employee Benefits
AUGUST 30, 2023
Bank of Ireland Group CEO Myles O’Grady with colleague Chris Keeley and his daughter Ava Financial and banking services organisation Bank of Ireland Group supports its working carers by offering a collaborative approach to flexible working based on individual needs.
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PayrollOrg Contacts House Committee About Bank Failures
PayrollOrg
AUGUST 23, 2023
With increased concern about recent bank failures, PayrollOrg’s Government Relations Task Force engaged with the federal government and other partners regarding paying workers on time.
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PayrollOrg Contacts FDIC About Bank Failures, Payroll
PayrollOrg
JUNE 1, 2023
PayrollOrg’s GRTF Federal Issues Subcommittee sent a letter to the Federal Deposit Insurance Corporation (FDIC) to talk about the risks that bank failures have on payroll.
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Transforming HR in Banking: The Impact of HRMS
Qandle
JULY 3, 2024
In today’s fast-paced world, the banking sector is experiencing rapid technological advancements, and one area that’s seeing significant transformation is Human Resource Management Systems (HRMS). As banks aim to stay competitive and efficient, leveraging HRMS becomes crucial in managing their workforce effectively.
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Navigating the Talent Landscape: HR Challenges and Solutions in Southeast Asia's Banking Sector
Darwinbox
DECEMBER 22, 2023
The Southeast Asian banking sector is experiencing rapid growth and transformation, necessitating a more tech-savvy workforce to compete with fintech companies. Banks should turn to HR Tech to streamline talent acquisition, development, and management while focusing on upskilling, diversity, and positive employee experience.
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Tesco Bank gives 90% of workforce a cost-of-living pay rise
Employee Benefits
JANUARY 19, 2023
Credit: Serge Cornu / Shutterstock.com Tesco Bank has given more than 3,400 members of staff a £1,250 pay increase in order to help them with the rising cost of living. The bank is the latest in a series of employers to provide staff with cost-of-living support.
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Tribunal rules Starling Bank must pay £1.1m following health-related dismissal
Employee Benefits
OCTOBER 13, 2023
Credit: rafapress / Shutterstock.com A former solicitor employed by Starling Bank has been awarded £1.1 Representing herself, Raja claimed that she was unfairly dismissed and treated because Starling did not investigate her allegations of discrimination, and that she was victimised by the bank.
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California Will Waive Penalties for Employers Affected by Bank Closure
PayrollOrg
MAY 2, 2023
The California Employment Development Department has announced that it is waiving penalties for employers that are unable to make payroll deposits timely due to the Silicon Valley Bank failure.
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California Will Waive Penalties for Employers Affected by Bank Closure
PayrollOrg
APRIL 28, 2023
The California Employment Development Department has announced that it is waiving penalties for employers that are unable to make payroll deposits timely due to the Silicon Valley Bank failure.
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California Will Waive Penalties for Employers Affected by Bank Closure
PayrollOrg
MARCH 15, 2023
The California Employment Development Department has announced that it is waiving penalties for employers that are unable to make payroll deposits timely due to the Silicon Valley Bank failure.
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Mid-Year Financial Tweaks and Tasks
Money Talk
JUNE 28, 2023
Savings Account Refresh - While “brick and mortar” banks pay less than 0.05% (i.e., half of 1%) on savings and money market accounts, online banks now pay about 3.75% to 4.5%. Search for banks that offer attractive rates and FDIC insurance and consider moving your money.
Ten Upsides of Inflation
Money Talk
JANUARY 18, 2023
Higher Bank Account Interest - Yields on bank accounts rose in 2022 along with interest rate hikes made to quell inflation. In January 2023, many online bank accounts are paying 3.30%+. Estate Tax Exemption - The amount of assets taxpayers can shelter from estate taxes rises with inflation (e.g., million in 2022).
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Useful Information from Recent Webinars- Part 1
Money Talk
APRIL 12, 2023
The Rise of Neobanks - Sometimes called “challenger banks,” these are fintech companies that offer banking services (checking and savings accounts) in a non-traditional (i.e., Most neobanks partner with chartered banks, which provides access to FDIC insurance. Effects include a loss of trust and broken relationships.
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European banks are over-valuing commercial property, ECB report suggests
Workplace Insight
AUGUST 15, 2024
An analysis by the European Central Bank (ECB) has raised concerns that several of the Euro zone’s leading banks may be inflating the value of commercial property, potentially obscuring the true state of their loan portfolios in a sector that is facing significant challenges.
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2023 Personal Finance Events and Trends
Money Talk
DECEMBER 28, 2023
Banking- The FDIC stepped in to protect Silicon Valley Bank depositors and 11 large U.S. banks rescued First Republic Bank. Small and mid-size banks lost market share and online bank savings accounts and CDs and money market accounts were paying 4.5%-5% Owners did not want to lose low-rate mortgages.
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How to Keep Personal Information Safe
Money Talk
JULY 29, 2022
bank and investment accounts, pension, Social Security) should have a two-factor (a.k.a., They do not affect a person’s credit score and there is no cost to freeze credit or to “thaw” (unfreeze) it for a short time to apply for a bank account, line of credit, or utility service. and do not know what the link is for.
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Current Events in Personal Finance
Money Talk
FEBRUARY 9, 2023
Savings Account Interest - Consumers have to move their money to niche online banks to earn attractive rates of return. However, inertia keeps a lot of money still sitting in big “brick and mortar” banks, which have little incentive to increase their interest rates very much.
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2022 Personal Finance Year in Review
Money Talk
JANUARY 4, 2023
Impacts were felt in mortgage interest rates, variable rate credit, and bank savings accounts. The average interest rate paid on savings accounts was 0.18% in November, but some online bank money market accounts paid 3% to 3.25%. Savings Rates - The U.S. savings rate, which rose to a record 33.8% in January 2022 and declined to 2.4%
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Bank of America raises minimum hourly wage for US employees
Employee Benefits
SEPTEMBER 11, 2024
Bank of America has raised its minimum hourly wage for its US employees to $24 (£18.34) per hour as part of its commitment to increase the rate to $25 (£19.10) by 2025. In the last seven years, Bank of America has raised the minimum hourly wage from $15 (£11.46). The bank has awarded more than $4.8 billion (£3.6
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IRA Basics for Retirement Savers
Money Talk
OCTOBER 27, 2022
Account Custodians - IRA account custodians include banks, credit unions, brokerage firms, and mutual fund investment companies. For example, a bank may require $500 to purchase a CD for an IRA and a mutual fund company may require a $1,000 minimum deposit.
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Highlights from an Estate Planning Seminar
Money Talk
SEPTEMBER 17, 2022
For example, a bank account, a mutual fund held in a taxable account, and an automobile. bank and investment accounts), collectibles, and life insurance. Expect Probate Expenses- Be aware that there is a cost to settling someone’s estate.
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Employee financial wellness is at an all-time low, Bank of America finds
Employee Benefit News
OCTOBER 3, 2023
Employees are still struggling with their financial obligations, and less than half feel good about their financial situation.
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Banks, credit unions get dementia training to fight financial abuse
Employee Benefit News
SEPTEMBER 20, 2023
More elderly consumers are being diagnosed with Alzheimer's and dementia — making them vulnerable to scammers. Financial institutions are seeking special certifications to better equip themselves to help.
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Facebook at Its Best: Education and Collaboration
Money Talk
MAY 12, 2022
Be careful using the drive-through cash machine at your bank also. Our debit card was compromised at our own bank. A branch of the bank in question is located close to our community. You cannot be skimmed with tap and pay. ¨ The drive-through machine is serviced by an outside vendor. Lesson learned.
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Can Farmers Ever Afford to Retire?
Money Talk
APRIL 20, 2023
stocks, bonds, mutual funds, exchange-traded funds, and bank CDs). Individual Retirement Account (IRA)- There are two types: traditional (funded with before-tax dollars) and Roth (funded with after-tax dollars). IRA owners can select a variety of investments (e.g.,
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Demystifying Financial Jargon
Money Talk
DECEMBER 21, 2022
Interest Rate – The percentage charged by banks or credit card companies for loaning money or the percentage paid by banks for borrowing your money held in savings accounts, checking accounts, or certificates of deposit. For example, $100 in a mutual fund or 5% of pay every payday in an employer retirement savings plan.
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Bank of London and the Middle East launch enhanced and flexible maternity leave
Employee Benefits
SEPTEMBER 9, 2024
Bank of London and the Middle East has launched an enhanced and flexible maternity leave benefit to provide new mothers with different options to suit their personal preferences. The post Bank of London and the Middle East launch enhanced and flexible maternity leave appeared first on Employee Benefits.
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Forensic Accounting: Barbservations and Recommendations
Money Talk
APRIL 18, 2024
Tools that I used included bank statements, a checkbook register, and tax records (e.g., Construct a Net Worth Statement - Expect this to take time. It took me two full days to hunt down documents related to my brother’s assets and debts and calculate an estimated net worth. 1099-R form for IRA withdrawal).
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Insights From a Financial Education and Research Conference
Money Talk
MAY 24, 2023
PoA designees must be highly trustworthy people because they have the right to access bank accounts, sign contracts, and sell property. Estate Planning Issues - Power of Attorney (PoA) authority ceases upon the death of the person who granted it. Certain government programs (e.g., Social Security, Veterans benefits, and U.S.
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Annuity Myths and Facts
Money Talk
MARCH 15, 2023
No Federal Insurance - There is no federal government insurance for annuities as there is for bank products (FDIC) and investment products (SIPC). Examples include surrender charges, sales commissions (loads), management fees, and mortality charges. Therefore, credit quality of issuing insurance companies is very important.
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Coping With the Aftermath of a Disaster
Money Talk
JUNE 16, 2023
Store it away from home in a bank safe deposit box or cloud storage. Keep copies of information provided to the insurance company. Inventory Your Possessions - If you don’t have a home inventory, make one now to provide evidence of property losses, if necessary. No special forms are needed.
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Roth IRA Q&A
Money Talk
NOVEMBER 10, 2022
a bank or mutual fund). banks, brokerage firms, mutual funds, and insurance companies) to select investments for a Roth IRA. What is the Minimum That People Can Contribute? Workers can make deposits up to the annual maximum limit. The minimum deposit amount is typically determined by plan custodians (e.g.,
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The Curious Case of I-Bonds: Too Good to Be True?
Money Talk
FEBRUARY 1, 2023
When purchasing I-bonds online, investors must provide their Social Security number or other taxpayer ID and bank routing/account number. I have seen online chatter recently by some people who significantly over-withhold income tax to buy paper bonds to avoid online hassles.
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How to Inventory and Protect Your Digital Assets
Money Talk
SEPTEMBER 9, 2022
bank and brokerage accounts, cryptocurrencies, and retirement savings plans). Financial Accounts- This category includes bank/credit union accounts, brokerage accounts, retirement savings accounts, credit card accounts, employee benefit accounts (e.g., laptop, tablet, cell phone) or “cloud” server.
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175 Basics of Behavioral Economics
Money Talk
OCTOBER 20, 2022
An example is carrying an 18% credit card balance when money available to repay this debt sits in a 1% bank account. A dollar in one location is valued as more or less important than a dollar in another and, as a result, “the big picture” of one’s finances is ignored.
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