Filed under: Banking, Consumer Ally, Family Money
Over the weekend, we heard from more than 1,300 DailyFinance readers who said they’re considering switching banks in light of increased fees at some of the nation’s largest financial institutions. As consumers, we do an increasing amount of our personal banking with debit cards, and many of us have an elaborate system of direct deposits and automated payments in place. So if your savings margin is thin, switching banks requires some forethought and planning to ensure that you are not placing yourself at risk of an overdraft while you migrate your account. Richard Barrington, a personal finance expert for MoneyRates.com, shared his expertise with this five-step process on how to handle a bank swap.
(Continue the story…)
Filed under: JP Morgan Chase, Bank of America, Citigroup, Wells Fargo & Co, Banking, Consumer Ally
Bank of America’s (BAC) announcement this week that it would start charging a monthly $5 fee for using a debit card to make purchases is the latest in banking industry upcharges for services. In addition to debit fees, ongoing hikes in overdraft and ATM charges mean fewer fee-free options for banking services, and increased balance requirements to get them. The bottom line is that consumers are now paying more to use their own money.
(Continue the story…)
Filed under: Bank of America, Banking
Bank of America (BAC) plans to start charging customers a $5 monthly fee for using their debit card to make purchases.
The fee will be rolled out starting early next year.
(Continue the story…)
Filed under: Credit, Banking, Credit Cards
Consumers’ wallets are really getting the squeeze. Free checking is becoming even rarer, and fees for banking services and penalties for bounced checks are on the rise, according to Bankrate’s checking study released today.
(Continue the story…)
Filed under: Family Money, Debt
After a long spell in which one or both spouses were unemployed, a couple with three kids finds themselves $50,000 in debt. Now, with wife and husband back at work, they’re aiming to get all their financial pins in a row and bowl a strike. DailyFinance’s Laura Rowley offers a strategy for success.
(Continue the story…)
Filed under: Earnings, Federal Express, Insurance
FedEx Corp. (FDX) cut its earnings expectations for the fiscal year ending in May due to slowing global economic growth.
(Continue the story…)
Filed under: Goldman Sachs , Insurance
Betty White’s endorsement can be a powerful boon for business. The former “Golden Girl” was recently named America’s most trusted celebrity. That’s good news for William Page and Associates: They’ve got White starring in a music video promoting “life settlements.”
The irony here is that White, 89, is probably as unfamiliar with the downside of life settlements as most senior citizens are when they get pitched these products. And while life settlements, also known as “viaticals,” are presented as win-win propositions, they can be anything but for the seniors who buy into them.
(Continue the story…)
Filed under: Investing, Taxes, Banking
Alabama’s massive sewer debt crisis is coming to a close. Commissioners of Jefferson County voted 4-1 on Friday to accept a term sheet with creditors, allowing it restructure and partially write off its $3.14 billion debt, the Birmingham News reported. The decision provides a framework for a formal deal and signals that — for now — the county will not file for Chapter 9 protection. Had it done so, it would have been the largest municipal bankruptcy in U.S. history.
The deal brings state lawmakers into the negotiations, and county commissioners say bankruptcy is still a possibility. A central tenet of the settlement increases sewer prices for residents over the next several years, including an average $3-a-month increase in citizens’ wastewater bills in the first year of the rate hike. The settlement also outlines a program for low-income assistance.
(Continue the story…)
Filed under: Insurance
Last week, Dallas County in Texas joined the growing ranks of employers that charge employees who smoke a higher monthly health insurance premium than employees who don’t light up. Beginning Jan. 1, smokers employed by the county will pay an additional $50 per month per person for not only the employee, but also any family member who smokes and is covered by the county’s health insurance plan. The county estimates that this “non-smokers’ discount” will reduce its medical costs by $500,000 as early as next year.
The idea of increasing insurance premiums on smokers has been around since the 1980s, when the National Association of Insurance Commissioners, the standard-setting organization representing the chief insurance regulators from the 50 states, calculated that roughly 60% to 80% of all of the health care expenses incurred in the United States were attributable to things that people could potentially control, such as failing to wear a seat belt, engaging in unsafe sex, ingesting drugs or alcohol, driving drunk, overeating or under-exercising, and smoking. Given that only some portion of the population was involved in these activities, but that everyone was essentially picking up the tab for the associated medical care, the NAIC wondered if it made sense to require people who made less healthy choices to pay more than those who didn’t.
(Continue the story…)
Filed under: Economy, Credit, Debt, Credit Cards
Habits are hard to break: Just when you think you’re firmly in control, you backslide again. Such may be the case with Americans debt addiction.
(Continue the story…)