Old Point National Bank Chairman, President and CEO Robert Shuford Jr. said in a second-quarter report the bank would close its Crown Center branch at 580 E. Main St. on Sept. 27. The bank has a branch on Granby Street in Ghent.

“This is not a decision we made lightly and we remain dedicated to serving customers in the community by providing banking services through our other nearby branches, online and mobile banking, and customer support center,” Shuford said.

Old Point started efforts to reduce expenses in late 2023 amid inflationary pressures and economic conditions increasing the cost of doing business, Shuford previously reported. The bank had reported the decision to reduce its employee headcount by about 12% in the first half of the year.

Last year, Old Point’s net income was $7.7 million, down from $9.1 million in 2022, according to its annual report.

In January, the company announced the transition of mortgage loan processing to Chesapeake-based Tidewater Home Funding as part of a strategic alliance that would continue Old Point Mortgage branding. That decision was related to both rising interest rates and expense control.

Still, Shuford reported Thursday the company’s net income was the highest it has been in five quarters at $2.5 million. While loan growth slowed as expected, he said core deposit growth was stronger than anticipated. As of June 30, Old Point reported total assets of $1.4 billion and total deposits of $1.2 billion.

“We approach the second half of 2024 with continued optimism given the strength of our company, driven by an outstanding team of employees,” Shuford said. “I remain fully confident about the ability of our team to drive value for our customers, our communities, and our shareholders.”

Now, a new study has revealed some of the reasons why. Young people who responded say the cost of living, lack of career opportunities and housing availability are the key factors influencing a decision to leave the area.

“This is regional,” said Nancy Grden, president and CEO of the Hampton Roads Executive Roundtable, who helped commission the study. “People are taking it seriously and there are efforts underway to address it.”

The findings are based on a December online survey of 511 Hampton Roads residents that was commissioned by the Hampton Roads Executive Roundtable and the Hampton Roads Workforce Council. Of those surveyed, three out of four are planning on staying in Hampton Roads during the next five years. The rest are either unsure or plan to move away.

The study also revealed the characteristics of Hampton Roads residents who are considering leaving the area. They are usually age 35 and younger, working remotely, have moved to the area as adults, are childless and not connected to the military.

Young people have been leaving the region for years, according to previous studies. A 2023 Old Dominion University report found the number of residents ages 20-34 declined around a half of a percent from 394,728 in 2020 to 391,168 in 2022. Overall, the region’s share of the Virginia population declined from 23.6% in 1990 to 20.2% in 2022.

Grden said the new study was commissioned to learn why these young people were leaving the region.

Economic conditions are driving much of the concerns prompting residents to consider moving, according to the study. Across the United States, the price of all goods in June increased 3% compared to 12 months ago, not seasonally adjusted, according to Bureau of Labor Statistics.

Population growth in Hampton Roads has in recent years lagged behind growth in other populous Virginia regions like Richmond and Northern Virginia. And some Hampton Roads cities have seen a decline in population since the pandemic.

Among those considering leaving the area, 39% are thinking of moving somewhere else in the United States and 20% are thinking of moving somewhere in the Mid-Atlantic, according to the study. Only 13% said they are thinking of staying in Virginia, and another 15% said they are considering another city in Hampton Roads.

Housing availability and affordability also remains a significant issue, according to the study. The median selling price of a home in Hampton Roads increased 4.35% over the past 12 months, from $345,000 in June 2023 to $360,000, according to the Real Estate Information Network multiple listing service. Average monthly asking rent costs in Hampton Roads increased nearly 27%, to $1,474 in 2023 from $1,162 five years ago, according to a March ODU report.

Security and safety also registered as a top issue for study respondents. Respondents who were likely to leave the area or unsure about staying were more likely to say they felt unsafe living in the region, according to the study.

The groups presented the study to the Hampton Roads Planning District Commission on Thursday. After the presentation, attendees discussed other reasons young people might be leaving the region. Those included a 2022 Norfolk crackdown on nightclubs after downtown shootings, lack of public transportation and the absence of a major sports team.

Grden said an Executive Roundtable group is also looking into how to address some of the key study findings.

Trevor Metcalfe, 757-222-5345, trevor.metcalfe@pilotonline.com

Jamie Feldman, 35 years old, lives in Brooklyn, N.Y. and is currently paying off nearly $20,000 in credit card debt. She’s also the co-host of Debt Heads podcast. After being laid off during the COVID-19 pandemic, she maxed out a credit card while spending to keep up with her social life.

“It was a lot of social commitments,” Feldman explains. “A lot of weddings, a lot of expensive dinners in New York with friends who were making more money than me, a lot of inability to say no to things even if I couldn’t afford them or didn’t want to do them.”

She thought of her debt as something she would deal with later — until later came, and she was in over her head in interest charges and minimum payments. Feldman made a decision to stop shopping and dining out for one month to see how it affected her budget.

“Unsurprisingly, it made a huge difference,” she says. “It was the first time I was really looking at my finances and seeing where my money was going, what I was spending it on and what I was bringing in.”

Feldman isn’t the only one who’s swiped a credit card to keep up with the Joneses. But overspending on a credit card can have a high price.

If money’s tight, it can be tempting to overspend — or even go into debt — to pay for the same things your peers have. But keeping up appearances is rarely worth the cost.

Americans are in debt, and here’s what they’re spending it on

More than 2 in 5 (44%) credit cardholders carry a balance from month to month, according to Bankrate’s Chasing Rewards in Debt Survey. But around 2 in 3 (67%) of those folks still chase credit card rewards. Could Americans also be using debt to chase the status quo?

Based on Bankrate survey data, here’s what Americans are paying for:

— Fun purchases: More than one-third (38%) of Americans say they would go into debt for a fun purchase this year, according to Bankrate’s Discretionary Spending Survey. Specifically, 27% would be willing to take on debt to travel, 14% to dine out and 13% to attend a live entertainment event.

— Summer travel: More than one-third (36%) of people planning to travel this summer also plan to take on debt to pay for it, according to Bankrate’s Summer Vacation Survey. And 62% will use a credit card for at least some trip expenses. That includes cardholders who plan to pay off the card in full and those who plan to carry a balance.

— Social media purchases: Nearly half (48%) of social media users have made an impulse purchase of a product they saw on social media, according to Bankrate’s 2023 Social Media Survey. One in 5 (20%) say they’ve felt negatively about their financial situation after seeing posts from others on social media, and 9% say social media has had a negative impact on the way they manage their money.

— Buy now, pay later: Around 2 in 5 (39%) Americans have used at least one buy now, pay later (BNPL) service, according to Bankrate’s Buy Now, Pay Later Survey. Further, 29% of BNPL users say they’ve spent more than they should have.

It’s worth noting that 56% of Americans define financial success as living comfortably — more than being a millionaire (13%) or living debt-free (41%), according to Bankrate’s Financial Success Survey. But only 11% of Americans with an idea of financial success say they’ve already achieved it.

Overspending affects Americans’ mental health

This surge in credit card debt may be more complicated than a nationwide desire for stuff. It’s true that inflation is high and purchasing power is low.

Nearly half (47%) of Americans say money has a negative impact on their mental health, including anxiety, stress, worrisome thoughts, loss of sleep and depression, according to Bankrate’s Money and Mental Health Survey.

Those people cited concerns like inflation/rising prices (65%); being in debt, such as credit card debt, medical debt or student loan debt (47%); and not having enough discretionary spending money (43%).

Feldman explains that, while she was accruing credit card interest and only making minimum payments, her mental health was suffering. “In many ways, I think we’re set up to be in debt in this country, based on social expectations and advertising,” Feldman says.

It’s also worth noting that not all debt is bad debt. Certain types of debt can be used to invest in a house, a business or an education that can grow your net worth.

Keep in mind: There’s a difference between keeping up with the Joneses and simply trying to make ends meet. If you’re struggling to pay for housing, groceries, gas and other basic needs, consider seeking out assistance programs or nonprofit financial counseling.

How to avoid the trap of living beyond your means

If you’re maxing out your budgets on “wants,” not “needs,” it might be time to look at your spending habits. Here are a few tricks for living within your means.

Deinfluencing

The deinfluencing trend has popped up on social media as an alternate voice to influencers. In a nutshell, deinfluencing is resisting the urge to buy products that are promoted by influencers or brands.

Deinfluencers debunk those pricey must-have items, reminding social media users that they may not really need that makeup, hair product or closet organizer. Learning more about this trend can help you to better understand how social media shapes your idea of the status quo. You can follow deinfluencers and #deinfluencing — or simply unfollow profiles that set unattainable standards — to reframe how you think about what you have.

Alternatively, “not being on social media is the way for me to deinfluence,” Feldman says.

Swapping

When Feldman gave up shopping and dining out, she found new ways to spend time with friends.

“It forces creativity,” she says. “It’s very easy to get a drink or go to a restaurant with someone. It takes more imagination to say, ‘I want to spend time with you, but what can we do that doesn’t involve us spending a ton of money?’” Feldman and her friends in New York shared potlucks, went on walks and sought out other free and affordable things to do.

As she puts it: “Your friends are your friends no matter what. They don’t like you because you spend money with them, they like you because they’re your friends.”

You can practice swapping in your spending, too. Instead of dinner and drinks out with friends, swap for a game night or movie in. Instead of buying expensive new clothes, swap for a clothing subscription like Nuuly or embrace thrifting new-to-you clothes. Or, instead of traveling to luxury travel destinations, swap for visiting a friend or trying a staycation.

While a single swap may not make a big difference, many swaps over time can. Swapping can also help you practice spending money only when you really want or need to, not just out of habit.

Budgeting

Money tip: Using a budget to compare your income and expenses can help you decide which “wants” you can actually afford. By skipping that high-dollar purchase that’s not in your budget, you might realize you didn’t really want it, after all.

If you’re not already keeping a budget, it’s time to make one. A monthly budget can help you track expenses and set spending limits so you know where your money’s going.

Consider including at least some room in your budget for discretionary spending. Enjoying the pleasures you can afford may help you avoid spending on things you can’t afford.

“Budgeting is about a reprioritization of values, it’s not about deprivation,” Feldman says. For example, she chooses not to eat at restaurants often, but she does like to get her nails done once a month. “It becomes like a puzzle. What can I cut out so I can do the things I care about?”

It’s also important to set a debt repayment plan, if you have credit card debt. A balance transfer card buys you time to pay off a chunk of debt without accruing additional interest during the intro period. Just make sure you have a plan in place for when the APR kicks in.

And if you’re ready to start practicing healthy credit habits but don’t yet have a good credit score, check out these credit cards for bad credit.

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©2024 Bankrate online. Visit Bankrate online at bankrate.com. Distributed by Tribune Content Agency, LLC.

At the heart of the massive disruption is CrowdStrike, a cybersecurity firm that provides software to scores of companies worldwide. The company says the problem occurred when it deployed a faulty update to computers running Microsoft Windows, noting that the issue behind the outage was not a security incident or cyberattack.

CrowdStrike has said a fix is on the way. Still, chaos deepened hours after the problem was first detected.

Here’s what you need to know.

How did Friday’s global outage happen?

Friday’s disruptions began when a faulty update was pushed out from CrowdStrike for one of its tools, “Falcon.” In a statement about the ongoing situation, the company said the defect was found “in a single content update for Windows hosts” — noting that Mac and Linux systems were not impacted.

But, because scores of companies rely on CrowdStrike for their security needs with Windows as their operating system, the consequences of this kind of technical problem have been far-reaching. As a result, affected computer after computer showed the “blue screen of death” error message.

Long lines formed at airports in the U.S., Europe and Asia as airlines lost access to check-in and booking services during peak summer travel — disrupting thousands of flights. Banks in South Africa and New Zealand reported outages impacting payments. Some news stations, particuarly in Australia, were unable to broadcast for hours. And hospitals had problems with their appointment systems, leading to delays and sometimes cancelations for critical care, while officials in some U.S. states warned of 911 problems in their areas.

Elsewhere, people experienced more minor inconveniences, including trouble ordering ahead at Starbucks, causing long lines at some of the coffee chain’s stores. Some billboards in New York City’s famous Times Square also went dark.

Experts stress that Friday’s disruptions underscore the vulnerability of worldwide dependence on software that comes from only a handful of providers.

“It is an ‘all our eggs are in one basket’ situation,” Craig Shue, professor and computer science department head at Worcester Polytechnic Institute, said in emailed commentary. “This lets us make sure our ‘basket’ is high quality: the software provider tries to identify threats and respond to them quickly. But at the same time, if anything goes wrong and the basket fails, we have a lot of broken eggs.”

What is CrowdStrike?

CrowdStrike is a U.S. cybersecurity company that provides software to companies around the world and across industries. It bills itself as being the globe’s most advanced cloud-based security technology provider.

“We stop breaches,” the cybersecurity firm writes on its website.

According to the company’s website, CrowdStrike was founded in 2011 and launched in early 2012. CrowdStrike listed on the Nasdaq exchange five years ago. Last month, the Austin, Texas company reported that its revenue rose 33% in the latest quarter from the same quarter a year earlier — logging a net profit of $42.8 million, up from $491,000 in the first quarter of last year. The company reported having 29,000 subscribing customers.

CrowdStrike has a partnership with Amazon Web Services and its “Falcon for Defender” security technology is designed to supplement Microsoft Defender to prevent attacks.

Is there a fix?

Disruptions on Friday have continued hours after CrowdStrike first identified the issue. But both the company and Microsoft say that they’re working to get systems back online.

In an emailed statement, Crowdstrike said that it was “actively working with customers impacted by a defect found in a single content update for Windows hosts” — adding that a fix “had been deployed” for the identified issue.

Crowdstrike President and CEO George Kurtz later apologized. “We understand the gravity of the situation and are deeply sorry for the inconvenience and disruption,” he wrote on social media platform X.

Microsoft spokesperson Frank X. Shaw said that the company was “actively supporting customers to assist in their recovery.” Both CrowdStrike and Microsoft are also appearing to engage IT personnel on official online channels, such as Reddit.

While the problem is fixable, it requires some expertise — and its impacts could last long past Friday. Some cybersecurity experts warn of bad actors who may reach out claiming they can help. Smaller companies or organizations with less IT resources are particularly at risk.

Gartner analyst Eric Grenier noted that those impacted should make sure they’re talking to trusted organizations as they work towards recovery. “Attackers will definitely prey on organizations as a result of this,” he said.

Mortgage rates broke below the 7% barrier this week, according to Bankrate’s latest lender survey. It was the first time since February that the average 30-year rate was in the sub-7 range. The reason: optimism that the Federal Reserve might cut rates in the near future.

The 30-year mortgage rate fell to 6.92%. The 15-year rate fell to 6.92% and the 30-year jumbo to 6.92%.

The 30-year fixed mortgages in this week’s survey had an average total of 0.28 discount and origination points. Discount points are a way for you to reduce your mortgage rate, while origination points are fees a lender charges to create, review and process your loan.

Monthly mortgage payment at today’s rates

The national median family income for 2024 is $97,800, according to the U.S. Department of Housing and Urban Development, and the median price of an existing home sold in May 2024 was $419,300, a record, according to the National Association of Realtors. Based on a 20% down payment and a 6.92% mortgage rate, the monthly payment of $2,214 amounts to 27% of the typical family’s monthly income.

Will mortgage rates go down?

In the simplest sense, the economy drives whether mortgage rates go up or down. Thirty-year mortgage rates tend to fall in recessions — but not always — and today the economy is anything but a downturn. The jobs market has been strong, and inflation, while lower compared to a few months ago, is still above the Federal Reserve’s 2% target.

The Fed is likely to cut rates this year, if only once, and optimism about a rate cut allowed mortgage rates to slip below 7%, says Michael Merritt, senior vice president at BOK Financial, a bank headquartered in Tulsa, Oklahoma.

“They’re not where consumers want them to be or where mortgage companies want them to be, but there is some relief there,” Merritt says.

To be clear, mortgage rates are not set directly by the Fed, but by investor appetite, particularly for 10-year Treasury bonds, the leading indicator for fixed mortgage prices. That can lead to intense rate swings — they soar on news of Fed hikes, then plummet in anticipation of a cut. Given the Fed doesn’t expect to cut rates as much this year as it initially predicted, mortgage rates are likely to dip rather than plunge.

Methodology

The Bankrate.com national survey of large lenders is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison. Our rates differ from other national surveys, in particular Freddie Mac’s weekly published rates. Each week Freddie Mac surveys lenders on the rates and points based on first-lien prime conventional conforming home purchase mortgages with a loan-to-value of 80%. “Lenders surveyed each week are a mix of lender types — thrifts, credit unions, commercial banks and mortgage lending companies — is roughly proportional to the level of mortgage business that each type commands nationwide,” according to Freddie Mac.

(Visit Bankrate online at bankrate.com.)

©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.

If enacted, the proposed rule would provide clarity to a fast-growing industry known as Earned Wage Access, which has been compared to payday lending. The agency wants borrowers to be able to “easily compare products” and to prevent “race-to-the-bottom business practices,” CFPB Director Rohit Chopra said on a call with reporters.

Earned Wage Access apps have been around for more than a decade, but they gained popularity in the years prior to the pandemic and since. The apps extend small short-term loans to workers in between paychecks so they can pay bills and meet everyday needs. On payday, the user repays the money out of their wages, along with any fees. Between 2018 and 2020, transaction volume tripled from $3.2 billion to $9.5 billion, according to Datos Insights.

The CFPB said their research shows the average worker who uses Earned Wage Access takes out 27 of these loans a year, meaning one loan for almost every biweekly paycheck. This can look similar to a revolving credit card balance. But with fees that would equal an average Annual Percentage Rate (APR) of over 100%, the loans have interest rates higher than the most expensive subprime credit card. Most of this interest comes from fees to expedite access to paychecks, the CFPB found.

The typical user of these apps earns also less than $50,000 a year, according to the Government Accountability Office, and has experienced the pinch of two years of high inflation. Many of the apps charge monthly subscription fees and most charge mandatory fees for instant transfers of funds.

Christine Zinner, policy counsel at Americans for Financial Reform, said the paycheck advance products “are nothing more than workplace payday loans, with consumers (being) more easily preyed upon since the money is only a tap away on a cell phone.”

“People can easily become trapped in a cycle of debt by re-borrowing, requesting advances 12 to 120 times each year, just to pay basic household expenses and make ends meet,” she said.

The CFPB also said it is paying close attention to the “tips” many of the apps request when providing advances on paychecks. On the call, Chopra called the practice odd, noting that many paycheck advance companies bring in “substantial revenues” from the so-called tips.

In 2021, the California Department of Financial Protection and Innovation found “users often feel compelled to leave (tips) due to applied pressure tactics like… claiming tips are used to support other vulnerable consumers or for charitable purposes.”

With the interpretive rule, the CFPB is clarifying that “if workers obtain money they are required to repay out of their paychecks, this is a loan under federal law, (and the companies) must disclose an interest rate.”

This means that tips and fees for expedited transfers must be incorporated into the cost of the loan, under the disclosure scheme mandated by the Truth in Lending Act, and those costs may not be treated as “incidental, even if the amount is variable,” Chopra said.

Some Earned Wage Access companies have argued these fees should not be treated as part of the standard APR calculation on the loans. When Connecticut passed a law capping the fees the apps could charge under its state usury limits, at least one Earned Wage Access company, EarnIn, stopped operating in the state. Asked why, EarnIn CEO Ram Palaniappan said it was no longer “economically viable.”

The agency will take comments on the proposed interpretive rule until the end of August.

“Today’s report and rule are important steps for the CFPB to ensure the market is working,” Chopra said. “We want to see the market compete down costs for employees and employers.”

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The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy. The independent foundation is separate from Charles Schwab and Co. Inc. The AP is solely responsible for its journalism.

The projects range from coast to coast, with the largest providing an additional $1.4 billion to help replace two vertical lift bridges over the Columbia River that carry Interstate 5 traffic between Portland, Oregon, and Vancouver, Washington. The bridges, which also received $600 million in December, are “the worst trucking bottleneck” in the region, Transportation Secretary Pete Buttigieg said.

Other projects receiving $500 million or more include the Sagamore Bridge in in Cape Cod, Massachusetts; an Interstate 10 bridge project in Mobile, Alabama; and the Interstate 83 South bridge in Harrisburg, Pennsylvania, which Buttigieg planned to highlight Wednesday with a visit.

“These bridges affect whole regions and ultimately impact the entire U.S. economy,” Buttigieg said. “Their condition means they need major urgent investment to help keep people safe and to keep our supply chains running smoothly.”

The grants come from a $1.2 trillion infrastructure law signed by Biden in 2021 that directed $40 billion to bridges over five years — the largest dedicated bridge investment in decades. Biden has been touting the infrastructure law while campaigning for reelection against former President Donald Trump.

But even Wednesday’s large grants will make only a dent in what the American Road & Transportation Builders Association estimates to be $319 billion of needed bridge repairs across the U.S.

About 42,400 bridges are in poor condition nationwide, yet they carry about 167 million vehicles each day, according to the federal government. Four-fifths of those bridges have problems with the substructures that hold them up or the superstructures that support their load. And more than 15,800 of the poor bridges also were listed in poor shape a decade ago, according to an Associated Press analysis.

The nation’s poor bridges are on average 70 years old.

Bridges fulfill a vital role that often goes overlooked until their closure disrupts people’s commutes and delays commerce. That was tragically highlighted in March when a cargo ship crashed into a support column of the Francis Scott Key Bridge in Maryland, causing the bridge to crumple into the water and killing six road crew workers. Maryland officials have said it could take four years and up to $1.9 billion to rebuild the bridge.

Some of the projects announced Wednesday include multiple bridges, such as a $251 million grant to improve 15 bridges around Providence, Rhode Island. That project is separate from one to replace the Interstate 195 Washington Bridge over the Seekonk River, which was suddenly closed to traffic late last year because of structural problems.

In Florida, Miami-Dade County will receive $101 million to replace 11 Venetian Causeway bridges that are nearly a century old.

Other bridge projects receiving funding include the Interstate 55 bridge over the Mississippi River connecting Arkansas and Tennessee; the Cape Fear Memorial Bridge in Wilmington, North Carolina; four bridges carrying Interstate 95 over Lake Marion in South Carolina; the U.S. 70 bridge over Lake Texoma in Oklahoma; two bridges carrying Interstate 25 over Nogal Canyon in New Mexico; the 18th Street bridge in Kansas City, Kansas; and the Market Street bridge over the Ohio River connecting Steubenville, Ohio, with East Steubenville, West Virginia.

At the same time, many cities have seen their streets crowded with delivery trucks from Amazon and other companies, as consumers increasingly opt to have products delivered to their homes. In a few states, lawmakers think fees on those deliveries could be part of their road-funding solution.

“If you’re going to be creating wear and tear on our roads, you should help pay to maintain them,” said Colorado state Rep. Cathy Kipp, a Democrat who chairs the Energy and Environment Committee.

In July 2022, Colorado became the first state with a retail delivery fee, a charge on all vehicle deliveries to consumers within the state. The fee, which currently stands at 29 cents per delivery, provides funding for highways, bridges, tunnels, electric vehicle charging stations and projects to reduce air pollution and to electrify vehicle fleets and transit systems. It has brought in more than $160 million.

Colorado leaders have had to simplify the law to help businesses comply with it, but they say it’s largely been a success story. Minnesota enacted its own retail delivery fee in 2023, and lawmakers in New York and Illinois have proposed similar measures. Meanwhile, legislators and transportation officials in several other states have commissioned studies to consider the concept.

Some retailers and Republican lawmakers have argued that the fee hurts consumers, and many businesses in Colorado initially had trouble complying with the law.

“The 27-cent delivery fee is not trivial, its effects are not imperceptible, and it greatly affects our citizens — especially those who are already struggling to pay the bills and provide for their families,” Republican state Rep. Rose Pugliese, the House minority leader, wrote in a Colorado Springs Gazette guest column several months after the law was enacted.

But backers of the fee say they see growing interest across the country, especially as delivery trucks become ubiquitous in many neighborhoods.

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‘Future-proofing’ transportation funding

State law in Colorado limits the ways in which lawmakers can expand taxes. With gas tax revenues dwindling, legislators didn’t have an obvious solution to pay for roads. They eventually settled on the retail delivery fee, which is not characterized as a tax.

Initially, the program was a struggle for many businesses, due to a requirement that they detail the fee separately on each receipt.

“For our medium and small businesses, it was a real complicated thing and very burdensome for them to have to reprogram their software with a whole extra line item,” Kipp said.

Last year, Kipp joined a bipartisan group of lawmakers to amend the program. They rescinded the requirement that businesses itemize the fee on each receipt and allowed companies to cover the fee themselves rather than breaking it out on each order. They also exempted retailers with less than $500,000 in sales.

Since the fix was adopted, Kipp said she has stopped hearing complaints about the program. Chris Howes, president of the Colorado Retail Council, said he too has not heard any recent gripes.

“We’ve got it straightened out by now,” he said. “People have accepted it and moved on.”

Amazon did not grant a Stateline interview request, and the National Retail Federation deferred questions to state chapters. Chamber of Progress, a tech industry advocacy group, did not arrange an interview by publication time.

Last year, lawmakers in Minnesota enacted their own retail delivery fee, a 50-cent charge on purchases of more than $100. Lawmakers heard from local governments that they were struggling to maintain their roads and badly needed state aid to make up the gap.

“This is trying to future-proof our transportation funding,” said Democratic state Rep. Erin Koegel, who sponsored the bill. “We keep getting performance grades from civil engineers saying we’re at a C- or D for our infrastructure. We needed to think about ways to get more revenue in the system.”

Koegel said the measure was a compromise. Her initial draft, which did not have a $100 threshold for purchases, was intended to be a deterrent, much like cigarette taxes. She said delivery trucks are increasing congestion in many cities and damaging streets that weren’t built to support large vehicles. However, lawmakers ultimately decided to limit the fee to more expensive purchases in order to protect lower-income consumers.

Minnesota’s fee is projected to generate $59 million in its first fiscal year. The funding will be distributed to cities, counties and towns to help with their road-funding needs.

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Traffic throughout the day

Cities and counties in Washington state also have asked for help, and some local leaders have asked state lawmakers to consider a retail delivery fee — or to authorize cities to collect one. State lawmakers commissioned an analysis, published last month, looking at the potential for such a program. The report found that a fee could generate $45 million to $112 million in revenue in 2026, depending on which businesses and orders were covered.

“We’re now seeing that there’s traffic on our system throughout the day, and the growth of these delivery services is a part of that,” said Democratic state Sen. Marko Liias, who chairs the Transportation Committee. “We’ve had a history in transportation of user-based fees. This feels like a mechanism that could help in that regard.”

Liias emphasized that some version of the fee is likely to be a big topic of discussion in the next legislative session. He said he’s already heard strong arguments on both sides of the issue.

In some areas, the rise in retail deliveries has put the greatest burden on the infrastructure surrounding shipping facilities. Illinois’ CenterPoint Intermodal Center, the nation’s largest inland port, connects interstate trucking, railway lines and Mississippi River barges.

“There really needs to be a shift in the tax structure, since many of these facilities are not generating the local sales tax you’d get at a brick and mortar,” said Democratic state Sen. Rachel Ventura, whose district includes the CenterPoint facility. “We have a lot of traffic going in and out, and the environmental burden and road repairs and the tax burden fall locally.”

Ventura has drafted a bill that would allow communities to assess fees on intermodal facilities — locations that transfer products from one type of transportation to another. Local governments that opted in would be able to spend the funds on roads within five miles of the facilities. The fee, which would be based on the weight of each shipment, is projected to generate $33 million to $68 million per year.

The bill has not passed out of committee, and Ventura said lawmakers are still discussing the path forward amid opposition from the trucking industry.

In New York, a Democratic bill to impose a 25-cent fee on deliveries within New York City has been introduced but remains in committee. Meanwhile, state agencies in Nevada and Ohio have commissioned studies examining the feasibility of retail delivery fees. Those reports have not yet led to legislative action.

Remember, there is a large but low-profile flock of folks with money who like to profit in a very old-fashioned way – savings accounts.

For almost two years, these investors enjoyed the highest rates on these zero-risk bets since the turn of the century. But now it seems the “bull market” for no-brainer savings may be coming to an end.

So for fans of these less-than-sexy investments, it may be time to get busy locking in some longer-term deals with certificates of deposit. And I wish I could end this column right here and tell you to simply go to your neighborhood banking institution and load up on attractive CD rates.

But unfortunately, finding decent deals is not very simple. So let me walk you through the CD maze.

First a history lesson

Before the Fed’s war on inflation began in 2022 with rising rates, the post-Great Recession era was painful for savers. Yields crumbled to near zilch as the Fed used cheap money to ease the financial woes. Then they repeated the tactic to soothe the pandemic’s business challenges.

Think about rates on 1-year Treasury bills – a benchmark for typical savings rates. In the last 38 years of the 20th century, 1-year yields averaged almost 7%. But they paid barely 1% on average since the global financial crisis erupted in 2008 – until 2023.

So last year’s 5% rates – the highest 1-year yields since 2000 – made savers euphoric.

What’s your stash?

First, figure out how much money you can put away for a year or more. This sum can be split into buckets by years, and you can match any savings needs to the maturity length of the CD.

Please be realistic with your liquidity needs. Most banks and credit unions – but not all – charge significant fees if you have to exit your CD early.

Where to look

If you contact your bank or credit union, it’s unlikely they have the most exciting rates.

Get online. A simple search will offer you numerous lists detailing “best” CD rates. Sadly, you’ll have to wade through a half-dozen personal finance websites to find a CD or two that stands above the pack.

Be aware that many CD rankings promote partner institutions. So highlighted rates may not be the best available. Still, institutions paying for this kind of marketing often offer decent deals.

Online friendly?

You’ll increase your odds for a worthy rate if you are willing to bank remotely.

Still, my quick survey of recent high-rate CDs found several offerings from institutions with California branches for anyone who still needs to do face-to-face business.

Another geography factor is that certain must-have rates come with geographic or other limits.

There are banks that only do business in certain states. And many credit unions have odd membership requirements, where you live being one of them.

The caveats

There also are some too-good-to-be-true offers.

First, make sure you’re getting a certificate of deposit from a federally insured institution. Some “best rate” list are sprinkled with annuities – an insurance company product that looks and feels a lot like a CD.

Also, make sure an attractive account has a fixed rate. Some institutions sell variable-rate CDs with yields that will certainly change as rates go down as forecast in the coming years.

Don’t forget to check what size deposit qualifies for a high rate.

Some deals come with high-balance requirements. And believe it or not, some “wow!” rates are good only for modest amounts. Savings above the maximums often get paid mere pennies.

But there’s a but …

Allow me to note two twists on CDs worth considering — if your head isn’t already spinning from all the details required to get what is supposedly a boring investment.

No-penalty CDs: Fixed rates for an extended term with two catches: Savers can withdraw money from the account early without penalty, but rates run slightly below similar offerings that come with early withdrawal penalties.

Still, they provide comfort to the saver who is anxious about tying up money for an extended period.

Brokered CDs: These are bought on financial markets – just like stocks and bonds. Curiously, some of the giant banks that offer next to nothing on their branch CDs will be very competitive in the broker CD world.

The “but” is that these can be confusing to acquire.

For the do-it-yourself investor, online brokerage accounts don’t make it easy to find or buy these CDs.

And if you go to a financial adviser with your stash of cash, you’ll likely get a pitch about other investments – most containing some level of risk – that you may not want to listen to.

Bottom line

Locking in two to five years of near-5% yields doesn’t make for “financial genius” bragging rights.

But CDs are great for earning extra money on your spare cash – or folks who need to know economic gyrations or political hijinx won’t dent their nest egg.

And today’s CD rates look like a bargain that will evaporate soon.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com

Remember, there is a large but low-profile flock of folks with money who like to profit in a very old-fashioned way – savings accounts.

For almost two years, these investors enjoyed the highest rates on these zero-risk bets since the turn of the century. But now it seems the “bull market” for no-brainer savings may be coming to an end.

So for fans of these less-than-sexy investments, it may be time to get busy locking in some longer-term deals with certificates of deposit. And I wish I could end this column right here and tell you to simply go to your neighborhood banking institution and load up on attractive CD rates.

But unfortunately, finding decent deals is not very simple. So let me walk you through the CD maze.

First a history lesson

Before the Fed’s war on inflation began in 2022 with rising rates, the post-Great Recession era was painful for savers. Yields crumbled to near zilch as the Fed used cheap money to ease the financial woes. Then they repeated the tactic to soothe the pandemic’s business challenges.

Think about rates on 1-year Treasury bills – a benchmark for typical savings rates. In the last 38 years of the 20th century, 1-year yields averaged almost 7%. But they paid barely 1% on average since the global financial crisis erupted in 2008 – until 2023.

So last year’s 5% rates – the highest 1-year yields since 2000 – made savers euphoric.

What’s your stash?

First, figure out how much money you can put away for a year or more. This sum can be split into buckets by years, and you can match any savings needs to the maturity length of the CD.

Please be realistic with your liquidity needs. Most banks and credit unions – but not all – charge significant fees if you have to exit your CD early.

Where to look

If you contact your bank or credit union, it’s unlikely they have the most exciting rates.

Get online. A simple search will offer you numerous lists detailing “best” CD rates. Sadly, you’ll have to wade through a half-dozen personal finance websites to find a CD or two that stands above the pack.

Be aware that many CD rankings promote partner institutions. So highlighted rates may not be the best available. Still, institutions paying for this kind of marketing often offer decent deals.

Online friendly?

You’ll increase your odds for a worthy rate if you are willing to bank remotely.

Still, my quick survey of recent high-rate CDs found several offerings from institutions with California branches for anyone who still needs to do face-to-face business.

Another geography factor is that certain must-have rates come with geographic or other limits.

There are banks that only do business in certain states. And many credit unions have odd membership requirements, where you live being one of them.

The caveats

There also are some too-good-to-be-true offers.

First, make sure you’re getting a certificate of deposit from a federally insured institution. Some “best rate” list are sprinkled with annuities – an insurance company product that looks and feels a lot like a CD.

Also, make sure an attractive account has a fixed rate. Some institutions sell variable-rate CDs with yields that will certainly change as rates go down as forecast in the coming years.

Don’t forget to check what size deposit qualifies for a high rate.

Some deals come with high-balance requirements. And believe it or not, some “wow!” rates are good only for modest amounts. Savings above the maximums often get paid mere pennies.

But there’s a but …

Allow me to note two twists on CDs worth considering — if your head isn’t already spinning from all the details required to get what is supposedly a boring investment.

No-penalty CDs: Fixed rates for an extended term with two catches: Savers can withdraw money from the account early without penalty, but rates run slightly below similar offerings that come with early withdrawal penalties.

Still, they provide comfort to the saver who is anxious about tying up money for an extended period.

Brokered CDs: These are bought on financial markets – just like stocks and bonds. Curiously, some of the giant banks that offer next to nothing on their branch CDs will be very competitive in the broker CD world.

The “but” is that these can be confusing to acquire.

For the do-it-yourself investor, online brokerage accounts don’t make it easy to find or buy these CDs.

And if you go to a financial adviser with your stash of cash, you’ll likely get a pitch about other investments – most containing some level of risk – that you may not want to listen to.

Bottom line

Locking in two to five years of near-5% yields doesn’t make for “financial genius” bragging rights.

But CDs are great for earning extra money on your spare cash – or folks who need to know economic gyrations or political hijinx won’t dent their nest egg.

And today’s CD rates look like a bargain that will evaporate soon.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com