Must Read Money Stories For Thursday, April 2

by April 2, 2015

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Mobile banking. Thirty-nine percent of phone owners with bank accounts use mobile banking, a six percent increase from last year, according to a new Federal Reserve Board report. Of those surveyed 94 percent said they use banking apps to check account balances and recent transactions, and 51 percent said they deposit checks on their smartphones, an increase of 13 percent from the previous year. Here’s a link to the full study.

Tim Hortons adds a new blend. The Canadian chain started selling dark roast coffee last fall to compete with McDonald’s and Starbucks, and now its adding Three Peaks Columbian beans to its menu, the National Post reports. The variety will be available for eight weeks in select markets throughout Canada, and, if it proves popular, could be extended to Tim Horton’s entire network.

California’s drought. Gov. Jerry Brown ordered cities and towns throughout his state to cut water use by 25 percent on Wednesday, the Los Angeles Times reports. California’s drought has worsened since Brown called for a 20 percent voluntary cut early last year, and officials measured on Wednesday the lowest Sierra Nevada snowpack in more than 60 years. Though the executive order will affect urban areas the most, agriculture accounts for 75 percent of the state’s consumption, according to the Times.

Marijuana tax refund. The state of Colorado could potentially lose $60 million in tax revenue from marijuana sales thanks to a loophole in the initiative that legalized the drug, the New York Times writes. According to the legislation, if the state accrued enough revenue from other sectors of the economy — construction, oil, gas, etc. — then taxes from the substance must be given back to its citizens. Colorado lawmakers are now trying to pass a bipartisan agreement that would allow the state to hold onto its marijuana money.


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