Too Good to be True: The Chase Glitch

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Savvly Inc.
October 23, 2024 • Reading Time: 7 minutes

Welcome back to Life is Rich. For some, the Chase glitch may have been their Life is Rich plan, but with some legal ramifications. Let's take a closer look at what rocked the world online this week. 

Before we kick off the newsletter, we wanted to let you know that Savvly is set to launch in 2025! Sign up for our waitlist to be the first to find out how you can start earning a Penson in your retirement!

Chase Bank Glitch 

September started with a bang as Chase Bank experienced a technical glitch that enabled its account holders to deposit checks via ATMs, and subsequently withdraw the full amount without waiting out the clearance period. This led to a social media frenzy where account holders flocked to deposit phony checks and cash out money that wasn't theirs to begin with. 

Unfortunately, their momentary glee will come to a gloomy end as Chase Bank reported the affected accounts to the authorities. Account holders who participated in the fraudulent activity have also had their accounts blocked, which can have serious financial ramifications. The legal consequences of these actions include possible jail time and financial penalties. 

China Raises the Retirement Age 

China raises the retirement age to boost its retirement coffers, which are dwindling due to a lower workforce and an aging population. Currently, the retirement age for men is 60, 50 for women who are blue-collar workers and 55 for women who are white-collar workers. From January 2025, the new retirement ages will be 63 for men, 55 for female blue-collar workers and 58 for female white-collar workers. 

According to Caixing Global, the pension fund will run dry as early as 2035 if there are no sudden changes or increases in contributions. 

Toy Story 5? You've Got to be Kidding 

Apparently not. Disney seems to squeeze its successful franchise out of every last dollar, and the beloved Toy Story is no different. While it may simply garner an eye roll from some, there are a few fans who find this latest installment hilarious and some have taken to social media. Comments range from possible titles that include kids and their use of devices to others asking studios to move on. 

The Fed Cuts Interest Rates   

A jumbo rate cut of 0.5 points sees the economy bolster itself ahead of possible downturns. While the rate cut brings relief to those with debt such as credit cards and mortgages, a rate cut usually indicates an expected economic downturn, such as a recession. For Americans, this could result in job losses and economic insecurity. 

A good outflow of the rate cut is the positive effect it has on inflation, which could bolster the economy by encouraging spending. 

Excerpt of H.15 Selected Interest Rates Source: Board of Governors of the Federal Reserve

The Good and Bad News of the Week 

The Good News 

The Bad News

Exciting Announcement! 

We're excited to announce that hard work pays off and that we're all set for Savvly to launch in January 2025! We're for your budget, and that means providing you with a pension plan that pays you every month, for the rest of your life, guaranteed! 

Sign up to our waitlist to be the first to find out what we have to offer and how this helps your peace of mind when it comes to those golden years. 

Savvly Blog

Is it too early to save for retirement? Our latest article, When Should You Start Saving for Retirement? explains why getting in early could provide you with a financial edge for your retirement savings.

Before We Go

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