Posts Tagged ‘banks’

FDIC Push to Increase Insurance Rates for Risky Banks

February 17th, 2010

FDIC Rate Adjustment

Wall Street wants us to believe that the causes of the financial crash are too complicated for regular folks to understand. But fundamentally, it all came down to greed. Mortgage brokers sold unaffordable mortgages to collect their commissions. Stock brokers made huge, risky bets to get big bonuses. And now that taxpayers rescued Wall Street, greed is making a comeback.

But the FDIC—the agency that insures bank deposits—is trying to do something about it. The FDIC wants banks that hand out big bonuses for risky behavior to pay higher insurance premiums.  Just like a reckless driver pays more for auto insurance, these banks would pay more if they insist on rewarding recklessness.

The FDIC is taking public comments on the proposed new rule until this Thursday, February 18. But banks are pushing hard against it, and many of the comments so far are from bankers. The FDIC needs to hear from regular Americans who got stuck with the bill when these bankers wrecked the economy. If you are tired of  big banks playing risky games on your dime let the FDIC know by submitting a comment here. » Read more: FDIC Push to Increase Insurance Rates for Risky Banks

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Posted in Finance, Politics

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What To Do When You Lost Your Credit or Debit Card

February 13th, 2010

Stolen ATM & Credit Cards

I have been a long time advocate against credit cards. Yes they are great for boosting your credit score but also horrible if you can’t pay it off or fall behind. Many financial planners will argue with me on this point but at the end of the day… buy what you can afford now and avoid worrying about how you gonna pay it later.

But all of us pretty much have a credit or debit card, and sometimes we either lose it or it gets stolen. So with all the risks of the credit card how do we manager to protect ourselves in cas we lose our credit cards?

Follow those steps outlined by the Federal Trade Commission and with the law on your side you should not be liable for anything more than $50.00. The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer procedures for you to use if your cards are lost or stolen.

Credit Card Loss or Fraudulent Charges (FCBA). Your maximum liability under federal law for unauthorized use of your credit card is $50. If you report the loss before your credit cards are used, the FCBA says the card issuer cannot hold you responsible for any unauthorized charges. If a thief uses your cards before you report them missing, the most you will owe for unauthorized charges is $50 per card. Also, if the loss involves your credit card number, but not the card itself, you have no liability for unauthorized use. » Read more: What To Do When You Lost Your Credit or Debit Card

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Posted in Finance, Home & Real Estate

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How to Get Credit Cards for Poor Credit

February 13th, 2010

Credit Cards for Bad Credit

I will preface this blog with the following: “Credit cards are not for everyone and they are the fastest route to becoming in debt to banks and a poor credit score”! If one is already in the red with their personal finances, a credit card is not a good idea to start with. I was told by my father, a few days after I came to America, that “If you can not buy it now with cash, what makes you think you’re going to have the money 30 days later?”. That stuck with me since and I can say that I was lucky enough to not have those horrifying stories most had with credit cards.

That having been said, and you must really have a credit card even if your credit score is so poor then lets see what is the best way to get one.

1. Find credit cards designed specifically for people with bad credit. These credit cards will typically have a higher interest rate than normal credit cards because lower credit scores are inherently riskier. » Read more: How to Get Credit Cards for Poor Credit

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Posted in Finance, Home & Real Estate

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Down closes below 10,000 first time since November

February 8th, 2010

The Dow industrials closed below 10,000 for the first time since November on Monday as investors sold bank shares due to heightened concerns about the euro zone’s sovereign debt troubles.

Bank of America shares lost more than 3 percent, while JPMorgan slipped 1.6 percent, and Citigroup shed 2.2 percent.

The S&P financial index dropped 2.2 percent as the KBW bank index dipped 1.5 percent.

Concerns about the fiscal stability of Greece, Portugal and Spain have rattled global markets over the last two weeks, curbing the appetite for riskier assets.
“The market is still being pressured by concerns about Europe, and banks are being pressured more so because of their possible exposure to the sovereign debt issues, specifically that of Greece,” said Frank Pavilonis, senior market strategist at Lind-Waldock in Chicago. » Read more: Down closes below 10,000 first time since November

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How to Get Tax Free Money from Your Small Business

January 21st, 2010

As an owner of a small business is not as important what your 1040 says but what you really take out of your business. There are so many ways you can get paid as an owner of a small business  without being charged tax on. All you have to do is keep a good – and I mean great – record of your books and understand the tax laws and how you can play on them.

What if I tell you that you can have your mortgage paid for by your business without ever paying a dime of tax on it?  Better yet what if I tell you that you can have cars and boats all paid for by the company you own? Is not a pipe dream is a reality and is all legal.. .. Look I sound like a telemarketer… :) but I’ll explain… » Read more: How to Get Tax Free Money from Your Small Business

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Posted in Business

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Banks to pay back government loan

January 16th, 2010

Finally someone has managed to see thorough the smoke and mirrors of the big banks. This is maybe the first time that Big Bank had to answer to the American people and I for one am welcoming it.

On January 14th of this year, president Barack Obama announced plans to impose a levy on large financial firms, responding to public furor over reports of massive profits and “obscene” bonuses at companies that received taxpayer aid to weather the worst economic crisis since the Great Depression. » Read more: Banks to pay back government loan

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Posted in Finance

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