The Washington Post - USA (2022-05-25)

WEDNESDAY, MAY 25 , 2022. THE WASHINGTON POST EZ RE A

BY JACOB BOGAGE

Walmart pulled “Juneteenth
ice cream” from its freezers and
apologized Tuesday after a social
media backlash and accusations
of commercializing a holiday
meant to commemorate the end
of American slavery.
The retail giant was set to sell
“swirled red velvet and cheese-
cake” ice cream in a container
adorned with Pan-African colors
and an image of two Black hands
high-fiving each other. “Share and
celebrate African American cul-
ture, emancipation and enduring
hope,” the label read.
But the product drew swift on-
line condemnations from users

who accused the retailer of treat-

ing a solemn day as a moneymak-

ing vehicle.

In a statement to Fox television

stations, which first reported on

the products, the company said it

would “remove items as appropri-

ate” as it reviews its Juneteenth

products.

“Juneteenth holiday marks a

celebration of freedom and inde-

pendence,” Walmart’s statement

said. “However, we received feed-

back that a few items caused con-

cern for some of our customers

and we sincerely apologize.”

The company did not respond

to a request for comment from

The Washington Post.

Walmart’s website on Tuesday

offered a wide array of Juneteenth

products, including a T-shirt with

a word cloud of social justice and

Black empowerment themed

phrases in the shape of Africa and

Juneteenth party decorations.

Another product listing fea-

tures a White model wearing a

black tank top with the words

“Because my ancestors weren’t

free in 1976,” an apparent mistak-

en reference to American inde-

pendence in 1776.

“This is what happens when

you commercialize federal holi-

days,” comedian Kevin Fredericks

said in a viral TikTok. “It just

became a federal holiday. Now

you can celebrate with this ice

cream.”

Juneteenth marks the anniver-

sary of freedom for enslaved peo-

ple in Texas after the Civil War.

President Abraham Lincoln’s 1863

Emancipation Proclamation

freed enslaved people in states

that seceded during the war, but it

was largely unenforceable, and

many enslavers fled to Texas to

continue the practice.

On June 19, 1865, the Union

army took control of Texas and

outlawed slavery.

“The people of Texas are in-

formed that, in accordance with a

proclamation from the Executive

of the United States, all enslaved

people are free,” Maj. Gen. Gordon

Granger wrote in General Order

No. 3. “This involves an absolute

equality of personal rights and

rights of property between former

masters and enslaved people, and

the connection heretofore exist-

ing between them becomes that

between employer and hired la-

bor.”

The 13th Amendment to the

Constitution, which permanently

banned the practice, was ratified

six months later, and on June 19,

1866, many formerly enslaved

people began celebrating the date

as the anniversary of their free-

dom.

Congress passed legislation in

2021 to make Juneteenth a nation-

al holiday as the country contin-

ued to reel from the aftermath of

George Floyd’s murder at the

hands of a White Minneapolis po-

lice officer and violence toward

civil rights demonstrators.

This year, the holiday will occur

about one month after 10 Black

shoppers and supermarket em-

ployees were killed at a Buffalo

grocery store in an attack prosecu-

tors say was fueled by racist hate.

A Washington Post-Ipsos poll

conducted after the shooting

found almost three-quarters of

Black Americans say they are wor-

ried that they or someone they

love will be attacked because of

their race, 65 percent said it was a

“bad time” to be a Black person in

America and 53 percent expect

race relations to worsen in their

lifetimes.

Walmart apologizes, pulls ‘Juneteenth ice cream’ after b acklash

chief financial analyst at

Bankrate.com. “We’ll see these

payouts continue to rise as the

Federal Reserve raises interest

rates.”

The top-yielding, nationally

available savings accounts offer

yields of 0.8 percent to 1 percent

and are on the rise, with online

banks often offering the best

rates, McBride said.

CIT Bank, a division of First

Citizens Bank, is advertising a

savings account paying

0.90 percent, according to a list

compiled by Bankrate.com of the

best savings accounts for May.

The average savings account at

large banks is a paltry

0.06 percent.

“The bigger banks that already

have a pile of deposits won’t be in

any hurry to increase their rates

and bring in more,” McBride said.

“The moral of the story is that you

want to put your savings where it

is wanted and welcomed with

open arms and higher yields.”

And with the Fed expected to

continue raising rates, the

competition for your money will

increase.

“As the summer progresses,

you’re going to see more and

more of those savings accounts

with yields over 1 percent,”

McBride said. “By the time we get

to the fall, we’re going to start to

see some touching the 2 percent

mark.”

number is 844-284-2676, and the

hours are Monday to Friday from

8 a.m. to 5 p.m. Eastern time.

Customer service

representatives can answer

questions regarding all Treasury

securities and transactions. This

includes providing assistance to

an account owner having

difficulty navigating the

TreasuryDirect application or

website. They also provide

guidance in interpreting and

completing required forms.

Can I buy I bonds over the

phone?

Unfortunately, electronic savings

bonds can only be purchased

through the online

TreasuryDirect application,

according to the Treasury

spokesman.

Customer service

representatives who answer the

phones cannot open an account

on an individual’s behalf and

make purchases.

Can I expect a higher interest

rate on my savings account?

With the Federal Reserve raising

its interest rate to combat

inflation, savings accounts at

some banks and credit unions

have bumped up what they are

paying for cash parked with them.

“Savings rates already are on

the rise if you’re looking in the

right place,” said Greg McBride,

money.

What should I do if I can’t

reach someone at

TreasuryDirect with a

question about I bonds?

Move over, cryptocurrency. The

inflation-protected Series I bonds

are the new hot investment right

now. The inflation rate

component of these bonds is

paying 9.62 percent until the end

of October. Because of the safety

of these bonds and the incredible

rate, interest is extremely high.

To buy and own an electronic I

bond, you must establish an

account at TreasuryDirect.gov.

But many people have been

having trouble with new and

existing accounts. The

TreasuryDirect website crashed

the day after the new rate was

announced.

One reader reported being put

on hold for four hours.

Treasury has acknowledged

that the call center that handles

inquiries for bonds is

overwhelmed.

“Call center staffing is based on

past call volume trends,” a

Treasury spokesman said. “As call

volume has increased, we have

been expanding capacity by

shifting staff to support the call

center.”

The spokesman recommended

trying to call as soon as the phone

lines open. The current call center

the pursuit of becoming rich by

buying bitcoin and all other kinds

of cryptocurrencies.

Do what I do. Point them to the

Federal Trade Commission’s

online post: “What To Know

About Cryptocurrency and

Scams.”

You can also share this

cautionary opinion from my

colleague Helaine Olen and

stories about crypto-related

scams.

Then wait to support them

emotionally when the scheme

robs them of their hard-earned

accounts.

What can I do to warn my

family and friends about

cryptocurrency scams?

I have stressed myself out in

recent years trying to protect

people from Ponzi and pyramid

schemes involving

cryptocurrency.

So many people are suffering

from FOMO, or the fear of

missing out, on what they believe

is the next great investment

opportunity involving crypto.

Folks are becoming reckless in

There’s so much
we need to know
related to money
that many people
could use a
personal assistant
to manage their
financial lives.
My husband
and I have a
regularly
scheduled
financial meeting on Monday
evenings. We rarely get through
the list of agenda items, which
gets longer every week. We have
to table so many things because
we have to go searching for an
answer before making a decision.
That’s the idea behind our new
ASK-POST toll-free line (855-275-
7678). I figure I can help you get
answers to your most pressing
personal finance questions.
Although I can’t answer all the
questions that come in, I’ll pull
some to address in a column
every so often. Or, I’ll use some to
write about a specific topic as I
did recently in discussing the
problems with the TreasuryDirect
website during the onslaught of
interest in Series I savings bonds.
Here are some answers to
recent reader questions left on
the phone line about
cryptocurrency scams, high-
yielding I bonds, savings interest
rates and required minimum
distributions on retirement

Answering callers’ questions on buying I bonds and warning of crypto scams

Michelle
Singletary

THE COLOR
OF MONEY

OLIVIER DOULIERY/AGENCE FRANCE-PRESSE/GETTY IMAGES

As the Federal Reserve raises its interest rate to combat inflation,

some banks and credit unions are hiking rates for savings accounts.

‘Capehart’

Thursday, May 26 at 11:00 a.m.

Washington Post associate editor Jonathan

Capehart talks to Nussbaum, President Biden’s

former speechwriter, about writing speeches for

a divided nation and the most consequential

speeches in history that were never given.

To register to watch, visit

wapo.st/capehartmay

or scan code below with

a smartphone camera:

Jeff Nussbaum

Author, “Undelivered: The Never-Heard

Speeches That Would Have Rewritten History”

Listen wherever podcasts are available.

@POSTLIVE #POSTLIVE