Posts Tagged deposit
The Only Kind Of Credit Card Debt That You Should Ever Have
Posted by Oksana Grebenjuk in Banks on Декабрь 16th, 2010
I know that we all are all taught that credit card debt is a bad thing. I typically agree with this as all debt is bad debt. There is however a certain form of credit card debt that is essential for certain individuals to have. This debt is vital to the success of their future financial buying power. What is this form of debt?
The answer is secured credit card debt.
Secured credit card debt is appropriate for individuals looking to rebuild their credit. You might need to rebuild your credit for any of the following reasons:
too many financial obligations
job loss
foreclosure
repossession
bankruptcy
neglect
Secured credit cards are the best tool for rebuilding your credit. In order to qualify for a secured card, you have to make a deposit into a bank account with the card company. Your account is backed up by the deposits in the bank account. Your credit limit is equal to the deposit amount. Read the rest of this entry »
The Secret To Saving Money
Posted by Oksana Grebenjuk in Budget on Октябрь 22nd, 2010
Saving money is a basic concept of personal financial planning, and key to financial success. Yet many of us don’t have a formal savings plan. Without such a plan, the chances of ever saving enough money to meet long-term financial goals or achieve financial security are very slim.
It seems simple. In order to save money, you need to have «extra» cash, right? This is a common misconception. Having a spending plan (aka «budget»), will help you create money for savings. Most of us, by setting spending goals, can manage to save regularly, so if you’re tempted to hit your back button because you simply don’t have enough money to have a formal savings plan, STOP! This article will tell you the «secrets» to savings.
First, set a few short-term and long-term financial goals to work towards, like a down payment on a car or home. Include the dollar amount and a time frame for achieving the goal. It’s much more motivating to save when you know what you’re saving for. And remember, a goal that isn’t written down is only a dream.
Set up a separate savings account. If you mingle your savings with your regular checking account, you’ll almost certainly dip into your savings and may never pay them back. Having your savings in a separate account is a constant reminder that these funds are earmarked for your future, and watching the balance grow is not only rewarding and motivating — it’s downright exciting!
If you don’t already have a written budget that includes tracking your expenditures each month, begin one now. Whether you make thousands of dollars or hundreds of thousands of dollars a year, you need a budget. Budgeting can be relatively simple and entirely guilt-free. See Budgeting 101 for simple, easy budgeting. Read the rest of this entry »
The Future Of Banking
Posted by Oksana Grebenjuk in Banks, Favourites on Сентябрь 2nd, 2010
The banking industry is always in a state of transition. Banks are also coming out with new products to attract customers. Over the past 20 years, we have seen direct deposit, online banking, banking applications, and automated tellers. All of these products were designed to save money and make banking easier for customers. So, what are banks working on now to improve operations?
Here are 3 ways that technology will make your banking life easier over the next few years.
1. Fewer Trips To The Bank
Remote-deposit capture is the new big thing in banking. Remote deposit capture allows customers to make a bank deposit without leaving their house. Customers can take a picture of a check at home. The computer receives the image and verifies the amount, check number, account number, and the bank’s routing number. A photo of the back of the check verifies that it’s been signed by the recipient. A clearinghouse then routes the funds from the check writer’s account to that of the recipient. Funds are available for withdrawal without ever setting foot in a bank.
2. Fewer Bank Tellers
Banks will always need tellers to address customers but tellers are being replaced by bank technology. First, there was the invention of Automated Teller Machines (ATM). Now, a few major credit unions are trying branches with very few tellers. The bank lobbies have no physical tellers. The teller transacts all business with the customer via a video camera. The teller can see and hear the customer but the customer never physically sees a bank teller. This cuts down on robberies and reduces the number of tellers needed. Read the rest of this entry »
Efile Day is January 15
Posted by Oksana Grebenjuk in Budget on Январь 14th, 2010
Filing taxes on paper is on the way out. Efile is the new way to go.
Filing your income tax return using paper forms is not quite as common as it once was. This is due in large part to the IRS efile option. With efile you have the ability to file your return electronically. For anyone with access to the internet this is the best possible filing option.
First Day to Efile
The IRS tax calendar shows that the first day to efile in 2010 is January 15. The last day to efile without being penalized is April 15, 2010.
This gives you plenty of time to decide if efile is right for you, to collect all the proper documents, and to hire a tax professional if necessary. Read the rest of this entry »
Best 24-Month CD Rates Edge Lower
Posted by Oksana Grebenjuk in Banks on Декабрь 28th, 2009
The banks are pretty much the same. But the returns are worse. That’s the sorry story of our latest rankings of the best, nationally available 24-month CD rates.
In November our top-paying banks were offering 2-year certificates of deposit for 2.60% to 2.55% APY and you only needed a $1,000 minimum deposit to qualify for the top rate. This month you’ll earn 2.50% to 2.30% APY and need a whopping $50,000 to qualify for the top rate.
Although that’s still twice as much as you can make with the typical 2-year CD, it’s not saying much. The average rate on these CDs plunged to a record low of 1.26% APY last week.
The best, nationally available deals on 24-month CDs are:
2.50% APY with a minimum deposit of $50,000 for “Silver CDs” from Frontier Bank, which has 50 branches in Washington and Oregon. You can also earn 2.45% with a $25,000 minimum deposit and 2.40% with a $500 minimum deposit. Read the rest of this entry »
How to be an emotionless investor
Posted by Oksana Grebenjuk in Investing on Октябрь 30th, 2009
It’s one of the truths of mutual fund investing: You buy the manager as much as the prospectus. So it pays to have someone you trust.
Neil Hennessy, who runs the Hennessy Focus 30 fund (HFTFX), might be someone investors trust for what he does as much as what he doesn’t do. Since its September 2003 launch, the Focus 30 has returned 6.76% annually, beating the S&P 500 by an average of 4.8% a year by following a simple, quantitative strategy. Hennessy only reshuffles the fund’s 30 stocks once a year, usually in the fall. That means two things: He can’t time the market and he can’t let feelings get in the way.
After writing about his flagship fund back in February, we recently checked in with Hennessy. He had just finished rebalancing the Focus 30 in September, which meant screening 10,000 companies to find mid-cap U.S. securities that pass his requirements for price-to-sales ratio, increased annual earnings, and recent rallies. If a company makes it to the top 30, it’s given equal weight: Each stock makes up 3.33% of the fund.
Last year consumer discretionary stocks composed a third of the portfolio. That led to a paltry 0.7% gain for the portfolio in the past year, but it still beats the S&P 500′s (SPX) 5% drop. Read the rest of this entry »
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