Protecting Your Money

Yesterday I revealed my status as an identity theft survivor. My identity was ripped off nearly a decade ago, yet the sting is ever-present. A former colleague of mine was the perpetrator. Looking back, it was probably very easy for him to obtain access to my computer since we worked just a few cubicles down from each other. Hacking is just one of the ways thieves can gain access to your personal information and ultimately steal money from you. However, according to new reports, very few people realize that cybercrime is taking place, even after their sensitive information has been … Continue reading →

Is An Internet Bank Account Right For You?

Did you ever think that there would come a time when individuals could manage their money without ever having to set foot in a bank? Even as computers began to make their way into every area of our lives, certain things like brick and mortar banks seemed like they were more or less permanent fixtures in our daily lives. However, there are now financial institutions with names like First Internet Bank, Bank of Internet USA, and Ally Bank that exist solely online. They have no brick and mortar bank branch offices. As someone who has never had an account at … Continue reading →

The End of Free Checking? – Interview with a Banker

Last week, I had the chance to chat with my anonymous banker friend, and he gave me permission to pass along some very interesting information. Here are his thoughts: Some banks have stopped offering free checking. But why? Is this just a matter of the banks getting greedy and looking for ways to stick it to their customers? Are they trying to make up for money lost from loans gone bad? No. There are many factors, but I’ll try to keep it fairly simple. First of all, banks are in business to make money. Shocking, I know! Even though they … Continue reading →

Do You Keep Money In Your House?

The recent disaster in Japan has had many impacts on the people of that nation. From a tsunami that caused tremendous loss of life and property to a nuclear disaster that is now being compared to Chernobyl, the Japanese have been hit hard. There have also been some interesting events unfolding in the weeks after the earthquake that show just how great the financial impact of the disaster is. For example, among the items that are now being washed ashore are hundreds of safes. The safes are being held by police until their owners can be identified. Also, envelopes and … Continue reading →

Reward Checking Account

I hate my savings account. What’s the point? In order to not pay a monthly maintenance fee I have to leave a certain dollar amount in the account. The interest rate is so low that it’s barely worth even keeping the account open. I mostly use it as a place holder. It’s the receptacle of my bank’s Keep The Change program where it rounds up purchases made in my checking to the nearest dollar and puts the difference in my savings. I let my change build until I need it and then I give it back to my checking. Why … Continue reading →

Ways to Save: Online Accounts

Over the next few weeks, I’ll be taking a look at ways to save your money. Back to school, Halloween, Thanksgiving and Christmas all come in the fall and winter season, which means that saving is often the last thing on our minds. All the more reason to think about it! I’ll start with one of my personal simple favorites: the online savings account. An online account with ING or another bank is not necessarily your everyday banking solution. It’s connected to a bricks-and-mortar bank account in your own community, most likely. However, these accounts are generally no fee and … Continue reading →

What to Do if Your Bank Fails

There have been over 100 instances of bank failures in 2010. The Federal Deposit Insurance Corp, or FDIC, recently closed several banks in California, Virginia, and Chicago. How will you know if your bank fails? What happens to your money? There are a few ways to learn if your bank has been closed by the FDIC. You may hear about it on the news, which can be shocking. The FDIC does not like to make public announcements about banks that are on the verge of failing. Instead, you can find a list of banks that have recently been closed on … Continue reading →

Banking Deals and Banking Fees

Are you looking for a new bank account? Banks are now vying for your business in a new way. They are advertising bank accounts that give you money in the account at start up or money in the account if you create a direct deposit program. New accounts have new features, too. One of my favorite features is the forced savings model, in which the bank rounds up your debit card purchases to the closest dollar and places the extra 30 or 40 cents into a savings account. The idea is that all of these small purchases add up and … Continue reading →

Why Choose Automatic Savings?

My budget is full of little bracketed notes, all stating when certain things go into and out of my account. In the beginning, I simply budgeted without noting when bills had to be paid. Although I never went into overdraft, I was always living in fear that a huge bill would come along without my knowledge and send my bank account into the negative. Now, that worry is almost entirely gone. I have a note alongside each item in my budget that states when that payment comes out, whether it’s the first of the month, the first Friday, or some … Continue reading →

Overdraft Protection

We all make mistakes, so it is important to have protection. When it comes to your bank account, you can easily protect yourself from your mistakes through overdraft protection. Whether it is that quick stop for cash you forgot to write in your checkbook, or the “one” you forgot to carry over on your mortgage check deposit, mistakes happen. Often you don’t discover them until you are in deep water at your bank. Granted your bank isn’t too concerned, they actually profit from your mistakes. Bounced check and overdraft fees can be HUGE and they charge them for each transaction. … Continue reading →