Tag Archives | Banks/Credit Unions

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Pay Yourself Second

Of all the things you can do with money, few are more boring than putting it into a savings account, right? Spending it?  Now, that’s fun.  Investing can be enjoyable, too.  But parking some money in an “interest-bearing” savings account where $1,000 may turn into $1,001 in a year’s time?  Who needs it? You do, […]

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When Financial Protection May Cause Harm

I had to reread the first couple of paragraphs of the story to make sure I had read them correctly.  Sure enough, the Wall Street Journal article said that a surprisingly high 75 percent of people have opted in for overdraft protection coverage from their bank or credit union. In effect, such people have chosen […]

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Best of Money Carnival #67

It’s my pleasure to serve as host of this week’s Best of Money Carnival, a weekly listing of the top ten personal finance blog posts.  As always, there were many great submissions.  Here are my picks for this week’s top ten in countdown order. 10. The New Frugality posted at Reasonably Rich: Lauren writes about […]

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Why You Need Two Savings Accounts

A very common New Year’s resolution is to save more money.  That’s a worthy goal, but I recommend that you maintain two savings accounts—an “If” savings account and a near-term “When” savings account. “If” savings is your emergency fund.  It’s for all of life’s if’s—if you incur significant medical or house repair expenses that are […]

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The Credit Card Game is Changing

Sweeping changes are coming to the credit card world, with issuers facing many new rules and regulations starting February 22nd.  The Credit CARD Act will restrict issuers’ ability to raise interest rates, prohibit them from charging various fees, and more.  As a result, according to an article in The Wall Street Journal, issuers are quick […]

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Becoming a Nation of Savers

After many years of declines in our household savings rate, the recession seems to have sparked a savings revival.  The rate even hit a high of 6.4 percent of disposable income in May, the highest since 1993.  It was 4.4 percent in the most recently reported month of October, whereas it had been hovering around […]

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Money Market Funds Lose Insurance Protection

A temporary program insuring money market funds has expired. However, according to an article in on Kiplinger.com, there’s not much reason to worry about the safety of money invested in such funds. The insurance program was put in place last fall after the Reserve Primary Fund “broke the buck” – that is, the fund’s investment […]

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Don’t Get Taken for a Fee Ride

It wasn’t long ago that banks would not allow debit card transactions to go through if you didn’t have enough money in your checking account. But then they discovered how profitable it could be to allow such transactions and then hit you with an overdraft fee. Such fees will total an estimated $38.5 billion this […]

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Don’t Get Taken for a Fee Ride

It wasn’t long ago that banks would not allow debit card transactions to go through if you didn’t have enough money in your checking account. But then they discovered how profitable it could be to allow such transactions and then hit you with an overdraft fee. Such fees will total an estimated $38.5 billion this […]

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Amish Money Management

There was an interesting  post on the Houston Chronicle’s web site about the money management habits of the Amish. According to the story, Amish children all learn a trade such as farming, welding, or woodworking. Money earned through apprenticeships goes to their parents, who give the child 10 percent for spending and put the rest […]

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