One IRA mistake could cost you thousands

Good morning! It’s Daniel de Visé with your Daily Money.
Americans are missing out on hundreds of billions of dollars in lost retirement cash because of a simple, forehead-slapping mistake in managing their IRA accounts. 
That’s the conclusion of new research by Vanguard, the investment firm, into the lackluster performance of many individual retirement accounts. 
The problem comes with rollovers, the transfer of funds from an employer-sponsored retirement plan to a traditional IRA when someone leaves a job. Looking at IRA rollovers completed in 2015, Vanguard found that 28% of savers still had their funds in cash seven years later, in 2022.  
What’s going on here?
Over 4,500 federal rescue and aid workers are headed to the areas smashed by Hurricane Helene. But U.S. prosecutors say another deluge of people are on the way: Charlatans, opportunists and disreputable contractors looking to exploit the victims of the storm.
Federal, state and local officials have put out warnings this week urging hurricane victims to beware of people showing up at their door or calling them, claiming they want to help. Defrauding hurricane victims and the U.S. Federal Emergency Management Agency itself is a multi-million dollar industry for criminals, according to experts, federal authorities and government warnings.
Here is Michael Loria’s report.
Finally, here’s a popular story from earlier this year that you may have missed. Read it! Share it!
A new Wells Fargo credit card program with a novel feature – you can use it to pay your rent – may not be working out quite as the bank had hoped.
Wells Fargo has lost as much as $10 million a month on the new card, the Wall Street Journal reported in June.
Launched in 2022, the card is a partnership between Wells Fargo and Bilt Technologies, a financial startup. The partners wooed customers with an unusual feature: Cardholders could use the plastic to pay rent without triggering fees from landlords, all while earning reward points.
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Daniel de Visé covers personal finance for USA Today.