Overdraft protection is a business checking service that allows your bank to auto-transfer funds from a backup account, credit card, or a line of credit to pay for transactions if your main checking account’s balance is insufficient. It protects you from overdraft fees and non-sufficient funds (NSF) fees. In many cases, you can set it…
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What Is Coupon Marketing? (+ How It Works & Tips to Get Started)
Everyone loves a coupon. Whether it’s a free shipping voucher for a new customer or a loyalty discount for a long-time fan, coupons can make customers feel appreciated and more encouraged to buy from your business. It can even be the final push a prospect needs to finalize a purchase. The best part? Even small…
How Much Does a Patent Cost? The Beginner’s Guide
A patent may cost anywhere from a few hundred to a few thousand dollars depending on the type, complexity, and resources you need for your invention or design. Generally, you can expect to spend anywhere from around $6,560 to $26,860, though the total cost truly depends on several factors, including the type of patent—such as…
What Is SOFR (Secured Overnight Financing Rate)?
The Secured Overnight Financing Rate, commonly referred to as “SOFR,” is a benchmark rate index published by the Federal Reserve Bank of New York. It is used by financial institutions to price various lending products—such as loans, derivatives, and bonds—and reflects the average cost of borrowing funds overnight when secured by US Treasury securities. It…
What Is a Promissory Note? Examples and Uses
A promissory note is a legal document that illustrates a written promise between two parties—typically a borrower (the note’s “payee”) and a lender (the note’s “issuer” or “maker”)—that states the terms and conditions of a financing agreement. It defines elements such as the principal loan amount, interest rate, maturity date, repayment schedule, collateral requirements, and…
What Is a Jumbo Loan?
A jumbo loan, also commonly referred to as a jumbo mortgage, is a type of financing that is suitable for real estate purchases that exceed the maximum conventional loan amount designated by the Federal Housing Finance Agency (FHFA). These loans commonly have stricter qualification requirements but have comparable interest rates when compared with standard mortgage…
What Is Workplace Bullying? Types, Laws & How to Prevent It
Workplace Bullying Definition & Overview The definition of workplace bullying is any constant and repeated harassment or offensive actions toward another employee. Bullying goes beyond simple disagreements between coworkers; it is damaging behavior through intimidation, humiliation, or exclusion. This negative environment not only affects individual well-being but also undermines team dynamics and productivity. Unlike traditional…
What Is a Statutory Employee? Definition and Key Facts
A statutory employee is an independent contractor treated as an employee for specific employment tax purposes under federal law.
Statutory Employee Definition A statutory employee bridges the gap between a regular employee and an independent contractor. Regular employees work under direct supervision, have taxes withheld, and typically receive company benefits. Independent contractors maintain complete autonomy, receive 1099 forms, and handle all their own taxes. Here are the key characteristics of a statutory employee: Independent…