Airlines are now required to give customers automatic refunds, under a new Department of Transportation rule that went into effect this week. 

While the new regulation won’t make grappling with flight delays and cancellations less hellish, you are at least guaranteed to get your money back when an airline doesn’t transport you from point A to B as promised, without having to file any paperwork. The law is also designed to incentivize airlines to minimize disruptions, Department of Transportation Secretary Pete Buttigieg said Wednesday when the rule went into effect.

“When an airline knows that all — instead of just a few of the passengers on a canceled flight — are likely to actually get their money back, it gives them a different set of reasons to put in the investment, and the realistic scheduling that makes those cancellations less likely to happen to begin with,” he said. Flight cancellations this year are already below the traditional average of 2%, indicating the initiative is already having an effect, according to the DOT.

Here’s what airline passengers are entitled to under the new rule.

What’s a “significant” delay?

For the first time, the new rule sets a standard for what constitutes a “significant change” to a flight. Previously, definitions varied from one carrier to another. A significant change to a flight now includes a three-hour or longer delay for domestic flights, and at least a six-hour delay on international flights. If an airline changes a flight’s departure or arrival airport, or adds a connection, that also counts. 

Itinerary changes

Additionally, if a passenger is downgraded to a lower class of service, or to a plane that’s less accommodating of passengers with disabilities, they are entitled to an automatic refund, according to the DOT. 

Baggage delays 

Baggage delays are also covered under the new rule. When passengers’ checked luggage doesn’t arrive within a reasonable amount of time, airlines must refund them any checked bag fees they’ve paid. However, passengers have to first file a mishandled baggage report with an airline. They are entitled to a refund if their luggage is not delivered within 12 hours of a domestic flight arriving at its gate, or within 15-30 hours of an international flight arriving, depending on its length.

Refunds for nonworking Wi-Fi

If you pay to use an airline’s Wi-Fi but it doesn’t work, you’re entitled to a refund to the cost of the service. Same goes if you paid to select a particular seat but were forced to sit elsewhere. These fees are typically far less substantial than the cost of the flight itself, though. 

DOT’s final rule also makes it simple and straightforward for passengers to receive the money they are owed. Without this rule, consumers have to navigate a patchwork of cumbersome processes to request and receive a refund — searching through airline websites to figure out how to make the request, filling out extra “digital paperwork, or at times waiting for hours on the phone,” the DOT states on it website. “In addition, passengers would [previously] receive a travel credit or voucher by default from some airlines instead of getting their money back, so they could not use their refund to rebook on another airline when their flight was changed or canceled without navigating a cumbersome request process.”

Under the new rule, customer refunds must be issued automatically, without making them jump through hoops. They must also be issued promptly, in cash or to the original form of payment, and in the full amount of the ticket purchase price. 

It’s been hard to escape the gold price news in 2024. With numerous price records broken so far this year and others likely to be surpassed in the final two months, many investors now find themselves considering the benefits of a gold addition to their portfolio. Priced at just $2,063.73 per ounce on January 1, gold is now closing in on $2,800 for the same amount of the precious metal. And some experts expect that price to hit $3,000 perhaps before the year concludes.

While a rising price can deter some investors, others may want to buy in now while the price is still within reach. But gold doesn’t operate in the same way other asset classes do, so it will require a more nuanced and informed approach. This is particularly true for beginners just starting in the precious metals industry. Although there are important moves to make against this rising price backdrop, there are gold investing mistakes beginners should avoid this November that are equally as important. Below, we’ll detail three of them.

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3 gold investing mistakes beginners should avoid this November

Considering a move into the gold market? Be sure to avoid these three timely (but costly) beginner mistakes:

Waiting for the price to fall

Not only is gold highly unlikely to drop in price (it’s up around 33% year-to-date), but it’s actually more likely to tick up again. With prevalent factors like geopolitical tensions, inflation, interest rates and more, there are plenty of supporters available to drive the price of gold higher. 

Waiting, then, would be a mistake. And if you can’t afford to buy in at today’s prices, it may be worth considering a smaller amount of fractional gold. This will allow you to add the protection gold provides to your wider portfolio without having to overpay to get it.

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Investing in a type more suitable for veterans

Gold comes in a variety of investment types and not all — or even most — will be suitable for beginners. Gold mining stocks, for example, require more knowledge of the gold market than gold IRAs often do. Similarly, gold futures could be too risky for beginners not accustomed to the wider trends of the gold investing market. Research all of your options, but be careful with which gold type you ultimately pursue. Not each will be equally beneficial for your unique financial situation.

Overcrowding your portfolio

Gold is a valuable asset in a portfolio, regardless of whether you’re a beginner or a veteran investor. But it’s just one asset in a diversified portfolio that should be made up of a variety of asset classes. So dismiss the temptation to overbuy now that the price is seemingly on a never-ending rise. Instead, keep the traditional gold investing advice of a maximum of 10% of your overall portfolio in mind. By tempering your gold investment, you’ll avoid overcrowding your portfolio, thus allowing more volatile income producers like stocks and bonds to better perform as intended. 

The bottom line

Beginners looking to take advantage of gold this November, and in the months to follow, should take a smart approach to the alternative asset. This involves timing it correctly (and not waiting for an ideal drop in price to act). But it also extends to investing in the right type and not overinvesting. By avoiding these simple but easy-to-make mistakes now, beginners can start their gold investing journey off on the right foot, setting themselves up for financial success both in November and in the months that follow.