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Saving for Grandchildren
Author: Lynn
Posted: Mon Nov 29, 2004 11:24 pm
Post subject: CD for Grandchild I want to start some kind of savings plan for my 6 year old grandchild. Would a CD be a good option? I've also thought about the Stock Market. Any suggestions will be appreciated. Lynn
NightStar
Posted: Tue Nov 30, 2004 9:40 am
Post subject: Savings Funds for Grandchildren This is not my area of specialty, but I found these links sometime back that may be of use to you. Quote: Certificates of Deposit: Tips for Savers http://www.fdic.gov/deposit/deposits/certificate/index.html Quote: Making Sense of Savings* http://www.obre.state.il.us/CONSUMER/Tips/SAVINGS.HTM Quote: ABCs of Figuring Interest* http://www.obre.state.il.us/CONSUMER/Tips/ABC-INT.HTM
No Interest, No payment for a year
Author: Consumercity
Posted: Tue Dec 07, 2004 5:00 pm
Post subject: No Interest, No payment for a year Has anyone tried one of those "no payments, no interest until 2007" type offers? Has anyone been burned by one of these offers and if so, how? The reason I ask is that "same as cash" offers are really deferred interest plans. I was wondering if the "no interest, no payment" offers work the same way.
Board Monitor
Board Monitor/ Administrator
Posted: Tue Dec 07, 2004 5:39 pm
Post subject: No payment, No Interest (Is There a Catch?) consumercity, Some do. Depends on the offer. Some charge retroactive interest from the purchase date if the balance isn't PAID IN FULL by the end of the intro. period. So, even if you're a few dollars short of paying off the balance, you'll get hit with huge finance charges. Ouch!!! This was a good article about this subject recently in Consumer Reports Money Advisor and I'm proud to say that CardRatings.com was featured. :0) _________________ Best Regards, Curtis Arnold Board Monitor http:// www.cardratings.com (501) 663-0314
Author: NightStar
Posted: Tue Dec 07, 2004 7:40 pm
Post subject: No payment, No Interest (Is There a Catch?) That sounds like them Lowe's credit cards, make a purchase and don't have to pay for 6 months, but if you don't pay off before then, you have interest charged on the whole balance, and not just the remaining balance. I have also seen American General do the same thing on their loans... if you don't pay within 12 months, they are going to hit you with 21% interest on the original balance... close to loan sharks. Least the Lowe's is better at their standard 18% - not bad deal for some as long as you pay before time is up.
Identity Theft by a Camera Phone
Author: Ira
Posted: Mon Dec 06, 2004 2:04 pm
Post subject: Identity Theft by a Camera Phone December 03, WTVO−TV (IL) — Officials warn about camera phones and identity theft.
Authorities are warning consumers to beware of identity theft during this holiday season. They suggest that camera phones are making it easier for thieves to steal your identity. The phone can snap a picture of your credit card number and your personal identification number (PIN). So while shopping this holiday season consumers should be aware of who is behind you in line. “Although the resolution (on a camera phone) may not be all that great, it can be just good enough. When it's magnified, (identity thieves) now have your credit card number and have watched you punch in your PIN number,” says Dennis Horton of the Better Business Bureau. To avoid becoming a victim of identity theft, Illinois Attorney General Lisa Madigan advises consumers to be aware of their surroundings. Leave extra credit cards, social security cards, and other documents at home while shopping and make sure the cashier gives you the carbon copy of your credit card receipts.
Source: http://www.wtvo.com/Global/story.asp?S=2646804&nav=0RePToXx
I think what they mean is the carbon paper. Is that actually still used anywhere? I know the merchant isn't going to give you the carbon copy. That's their record of the transaction, and why would they give it to the consumer?
Book of Entertainment Coupons
Author: Saver Guest
Posted: Fri May 30, 2003 5:12 pm
Post subject: Book of Entertainment Coupons Anyone have any comments about the Entertainment Book? I love mine. They are on sale now for only $10!
Author: Saver
Posted: Tue Jun 10, 2003 1:28 pm
Post subject: Entertainment Coupon Book I forgot to metion that this price is only available online as far as I know. The coupons expire in Nov. I think...
Author: Guest
Posted: Mon Dec 08, 2003 3:36 pm
Post subject: Entertainment Coupon Book what is the web site address to order?
Author: Steve
Posted: Wed Dec 10, 2003 12:58 pm
Post subject: Entertainment Coupon Book You can also buy them from varius charities for $20. It is well worth it. We may by two next year!
Author: Tracysbeans
Posted: Wed Jun 09, 2004 8:38 am
Post subject: Entertainment Coupon Book This is the website address: http://www.entertainmentbook.com/ Actually I ended up getting the book for JUST $4.99 plus $5.00 shipping since I enrolled to receive the Entertainment books in the future. So I paid a total of $9.99 for this years 2004 book for my area. Then with the future books I get FREE shipping on those! Just though I would let anyone know. With my daughter off from school now I'm sure we can get our moneys worth from the Entertainment book this summer.
I Bond Savings
Author: Guest
Posted: Thu Aug 21, 2003 4:21 pm
Post subject: Series I Savings Bond Anyone know anything about these?
Author: sisflomi
Posted: Tue Nov 11, 2003 12:48 pm
Post subject: Series I savings bonds Read up on them here http://www.publicdebt.treas.gov/mar/martdibond.htm http://www.publicdebt.treas.gov/sav/savseree.htm _________________ Sis
Author: michigangirl530
Posted: Tue Nov 11, 2003 1:46 pm
Post subject: Series I savings bonds i get them twice a month im not sure on the interest but its 4. something and the interest is for 30 yrs. u use to be able to cash in after 6 months and get interest but now u have to wait for a year.
Author: stevejk
Posted: Tue Sep 28, 2004 2:38 pm
Post subject: Series I savings bondsReply wrote: Not good investments I agree, Guest. Why loan money to the guvmint when they'll just blow it on welfare queens who just on their butts and watch Jerry Springer and Oprah all day? What's the ROI on that? However, Series I Savings Bonds are my long term cash savings, guaranteed (albeit by the govmint) to not lose value due to inflation. Will it outperform the S&P 500 in the long term, i.e. by the time I retire? No. Does it give me a cushion for my emergency fund to let me sleep at night while Mr. Market has an apoplectic fit on Wall Street? Yes. Will it outperform money market account rates? Will it outperform 5-year CDs? Maybe, but my rate of return at the moment on savings bonds is higher than the better MMA rates. On a related topic. I find it amazing that there are $9 to $10.9 Billion in savings bonds that have stopped earning interest. This is good for the gov't as they save $400 Million in interest payments. This is also bad for the gov't because that's a lot of income that people have not paid income tax on yet, since tax is not due until the bond is redeemed. That's why they've gone to the electronic savings bonds. When they mature, they are automatically redeemed and you are sent a 1099-INT.
Investing Economically
Author: SVT Cobra
Posted: Mon Aug 09, 2004 5:41 pm
Post subject: Investing Economically I hear alot of talk about investors changing their investment strategies. To my understanding, there are more and more investors investing in collector cars, trucks, etc. The claim is that they hold and raise in value more consistantly than stocks, etc. What is your take on this? Also a few wealthy investors are also saying, that in the stocks trend, to buy into "economical" business's. For exp: Dollar General, etc. They say when the overall economy is poor, the stocks will rise in the business's that are tailored to meet lower income familys, and those pinching pennies.
Board Monitor
Posted: Tue Aug 10, 2004 8:28 am
Post subject: Economical InvestingI know that Fred's stock (similar to Dollar General) has done incredibly well over the past couple of years. Wal-Mart, though, hasn't done much at all. Dollar stores make a lot of money. _________________ Best Regards, Curtis Arnold Board Monitor http:// www.cardratings.com (501) 663-0314
Amazon's Cd Club
Author: Verne
Posted: Wed Jun 09, 2004 9:24 am
Post subject: Save on CD's at Amazon
I just wanted to share my latest venture in money-saving. I was recently shopping at amazon for CD's and noticed a "club price" button. Membership is free, shipping is free for orders over $25.00, and prices are at least 20%-50% off. The only catch is an obligation to buy 2 CD's over a year. They have a wide selection so I didn't see a problem. Anyway I bought 2 CD's at $9.99, well below the $18.99 regular price. Found another for $7.99 to bring the order over $25.00 and get the free shipping. S&H is prohibitively expensive otherwise. Normally I don't like these sorts of clubs but I couldn't resist with the discounts, free shipping, and ease of ordering through amazon.
Purchasing Credit Life Insurance
Author: loot
Posted: Wed Dec 24, 2003 4:35 pm
Post subject: Credit life Should one purchase it?
Author: Guest
Posted: Wed Mar 17, 2004 12:58 am
Post subject: Credit Life Insurance ~~~~~(1*} It runs 2 to four times that of a level term life policy for the same dollar amount. ~~~~~(2*} You pay monthly interest on the higher priced credit life because the premium for the full term is added to the loan from the start. A 15 year loan would mean the entire 15 yr. premium added to your loan and charged the same interest rates as the loan. Now ain't that sweet you pay the insurer 15 years in advance and you get to pay em 15 years of interest for doing it. Compare that with level term life. No advance payment required. no need to take out a loan to finance the premium. No interest on premium. ~~~~~(3*) Credit life beats you out of the unearned premium. 2*The best way is to add a level term rider to your current life insurance policy in the amount of the loan. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Remember FOLKS this inside scoop on credit life didn't come from your friendly banker or insurer. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- How many of you folks out there in consumer land have had your banker or insurer show you this little tid bit.??
What is the 72 Rule?
Author: loot
Posted: Wed Dec 24, 2003 4:24 pm
Post subject: Rule of 72 What is the rule of 72 ?
Author: Pale Rider
Posted: Thu Jan 22, 2004 9:32 pm
Post subject: Rule of 72 If I am not mistaken, divide 72 by the interest rate you are getting and that will give you the number of years it will take to double your money. Example: 72 / 10 = 7.2 years to double your money at 10% interest rate
Registering Credit Cards for Additional Rebates
nwhatnot: Guest
Posted: Wed Jun 25, 2003 4:24 pm
Post subject: Online Rebate Services Has anyone registered their cards for additional rebates through RebateNetwork.com (consumer1st) or other added rebate services? Does the card issuer take into consideration that they may already be giving you a rebate?
Author:nativechild48
Credit Expert (100+ Posts)
Posted: Tue Nov 11, 2003 1:06 am
Post subject:Online Rebate Services Consumer First: anyone who would consider doing this is going to lose. If you want rewards or cashback get a credit card with these features. Don't give out any personal info and credit card numbers to anyone. How much did these consumer pay to get these so-called rewards? Sounds more and more like a scam
Questions Concerning a Home Equity Loan
Author: usmsci
Posted: Tue Sep 27, 2005 10:54 am
Post subject: Questions Concerning a Home Equity LoanI bought my home in April for around $110,000. its a nice 3bed and 2 bath, brand new, never been lived in, roughly 1,450 sq.ft. anyway April of 2006 i will have had it a year and want to take out a home equity loan on the house. the first question is, is this too soon or is a year ok? will the house need to be appraised again? how much would i expect on average to get? if i was approved for 20,000 does that just get added on to the existing balance on the house/mortgage and they just write me a check for 20k? my interest rate is 5.5% as a Fixed 30-yr mortgage. could i suffer a higher interest rate if i get a equity loan or not? i want to pay off my car(which i am paying 15.99%) and do some home improvements inside and outside the house. a 5.5% instead of 15.99% on a car is going to save me lots of interest money. i figured it out and it would cost about 20,000 for everything that i wanted..of course i am flexible. This includes putting $1,000 or so in a ROTH IRA to get that ball moving and possibly putting money in a few other places. my credit wasnt the greatest when i got my car loan and i am paying for it but now my credit is better.. FICO score is 656 and i was approved on the house with a score of 626-650 or so using all 3 reporting agencies. i calculate that i will be close to 700 by April rolls around as i have some negative information coming off my credit report at the end of the year. i might think of some more to say but thanks in advance for all your advice..
Author: Polonius
Posted: Tue Sep 27, 2005 3:41 pm
Post subject: Home Equity Loan Questions The HEL or HELOC is completely separate from your mortgage--it will have its own terms and interest rate. There's no "too early" notion about applying for equity loans--everything depends on the equity of your home today and of course your own income and debt to income ratio. Each lender makes its own decisions on what you would qualify for. I'd suggest getting offers through LendingTree.com--they're free and will give you an idea of what you can get. I live in what one magazine called the second most overpriced housing area in the country! Prices go up over 15% per year here. That's bound to come to an end, hopefully not soon. Of course, leveraging your housing equity to the maximum can land you in trouble if prices fall. You know that.
Author: Polonius
Posted: Tue Sep 27, 2005 4:16 pm
Post subject: Home Equity Loan Questions According to www.bankrate.com/brm/static/rate-roundup.asp Thirty-year fixed rate mortgages--Rate: 5.88 percent (30-year fixed) Average Points: 0.36 Home equity products Rates: 6.76 percent (line of credit); 7.18 percent (loan) But there are special deals all over the place--these are just averages; you could do better or worse. My own Citibank HELOC is at prime less .25%, so 6.5% now--and it had no closing fees of any kind (no points, no appraisal fees--nothing). And I only have to pay the interest for the first 10 years--no principal payment required until the 11th year.
Author: BestMortgageInfo
Posted: Tue Sep 27, 2005 8:09 pm
Post subject: Home Equity Loan Questions Yes, an appraisal will have to be done for the new loan. In some cases lenders will pay for them, and have a 3 year prepayment penalty to recoup the costs if you pay off the loan early. Be careful of HELOCs. Your initial lender may report it as a mortgage type loan, and the lender that buys the loan may report it as a credit line. A credit line, where you have over 50% Utilization, can really hurt your credit score. HELOANS are fixed rate 2nds. The initial rate may be higher, but it won't go any higher. Or lower. Stability and no surprises are sometimes worth a few $ per month. Lastly. I do mortgages, and I do my best to talk people out of paying for a car over 30 years. Some of them don't last that long. With your scores, try to refinance. One on line Auto refinance company is Patelco. You can probably cut your rate in half or better.
Get a New Chase Card and get 100.00 Cash back
Author: Polonius
Posted: Mon Oct 17, 2005 1:33 am
Post subject: Make $100 cash if you qualify for a new Chase card... There's a special promo going on for those who apply for--and get--a nice Chase card. Get the Chase Cash Plus Rewards Visa® Card by calling 1-888-787-0329 before October 31, giving the code HG1. That will give you $100 cash back with your first purchase. The card offers a 5% cash rebate on gas and groceries and drugstore purchases (with the usual restrictions) and 1% on everything else. This offer's been advertised in Parade magazine and was mentioned elsewhere here, but I thought it worth making a separate topic for those who haven't seen the thread. Enjoy.
Extended Warraty Service through Costco
Author: Board Monitor
Board Monitor/ Administrator
Posted: Sat Oct 15, 2005 8:03 am
Post subject: Extended Warraty Service through Costco Following is a great money tip from senior tip Polonius! If you want to buy an iPod, I suggest doing it from Costco (if you're a member). The 60 GB iPod and some smaller models are available online at www.costco.com . You get an unlimited warranty on such things buying through Costco. If anything goes wrong, ever, you just return it for a full refund. If you buy online, you can return it to any local store and your shipping costs and sales taxes are also refunded. Just hold on to the box and the receipt when you get it. That beats those "double warranty" guarantees! Costco only carries a few iPod models, but this tip works for everything it sells except for laptops and desktops, where the return period is 6 months--and some other exceptions like cigarettes and prescription drugs, which can't be returned. I read about one lady who bought a washing machine 12 years ago that stopped working. She lugged it into Costco with her receipt...and got a full refund without hassle. _________________ Best Regards, Curtis Arnold Board Monitor http:// www.cardratings.com (501) 663-0314
Online Bill Pay with your Bank
Author: maddybeagle
Posted: Sun Oct 09, 2005 5:40 pm
Post subject: MBNA Bill Pay Polonious mentioned using this. What are folks history with it. Looks like you need to make 2 payments with it a month. Can you pay off other cc's easily with it. Is it just like making another purchase and have the same grace period? Looks like best to use it right after the statement date, to get the max. out of it?
Author: tonygoldston
Posted: Sun Oct 09, 2005 7:45 pm
Post subject: Online Bill Pay with your Bank I use MBNA bill pay for almost all my bills. Only ones I don't use it for are ones that will setup reoccuring payments through CCs and companies that are not in their system. Most credit card companies are on there (AMEX, Discover, BoA, Citi) I know for sure (i don't think Cap One is) It is treated as a balance transfer, but they waive all fees etc, so in reality it is treated as a purchase. Really good for paying bills and paying off CCs. I just recently paid of a BT on a AT&T universal (citi) card with my MBNA card, and will be doing a balance transfer in a month to pay off the MBNA card. It is great to "extend" a BT or to run some bills. The other thing you can pay off your MBNA card with a transfer from your bank account. You go in and set it up for the day your bill is due, so you max out your interest in your account, and no worries about your bill being paid late. I am just hoping with the BoA takeover, that they don't mess with it too much, cause I really like it.
Author: Woolfman
Posted: Fri Oct 14, 2005 3:37 pm
Post subject: Online Bill Pay with your Bank I use MBNA bill pay constantly. wouldn't life be grand if all credit card companies let you pay other credit cards without it costing a dime. this probably won't be around much longer seeing how Bank of America has bought MBNA. so I am going to keep using it as much as possible before they put a stop to it.
Stolen Debit Card Number, But Not a Stolen Card
Author: boogaloo
Posted: Wed Sep 21, 2005 9:36 pm
Post subject: Cloned debit card - kinda long What if your debit card was used to make unauthorized purchases while you still physically had your card? This just happened to me. I made a purchase at a store two weeks ago, paid with the debit card but the salesperson didn't return the card - only the store discount card and my receipt wrapped around it. I left the store and realized a short while later that my card was missing. I went back to the store and retrieved my card. Fast forward to this Monday when I went to an ATM to withdraw lunch money and discovered that my checking account was overdrawn. I called the bank and they read off a list of purchases that had been made over the weekend on my debit card. I cancelled the card immediately and reported the theft to the police. Went back to the bank with the police report and filed a report with the bank. Went back to my job to cancel the direct deposit of my paycheck but it was too late - the check was already transmitted to the bank. Here's where it gets even better: Even though I cancelled the card, filed the police report and bank report and requested that the bank close my checking account, opened a new checking account and made arrangements to transfer my direct deposit paycheck to the new checking account - guess what the bank did! They victimized me for a second time! They took my paycheck and used it to cover the overlimit purchases and fees! The thief cleaned out my bank account and the bank robbed me of my paycheck! The bank manager was totally unsympathetic and said that I would be refunded the money in 2 to 4 weeks if the investigation turns out in my favor. WHATTT???? I'm the victim not the thief!!! What recourse do I have now?
Author: nixuzer
Posted: Wed Sep 21, 2005 10:39 pm
Post subject: Re: Cloned debit card - kinda long boogaloo wrote:
What if your debit card was used to make unauthorized purchases while you still physically had your card? This just happened to me. I made a purchase at a store two weeks ago, paid with the debit card but the salesperson didn't return the card - only the store discount card and my receipt wrapped around it. I left the store and realized a short while later that my card was missing. I went back to the store and retrieved my card. Fast forward to this Monday when I went to an ATM to withdraw lunch money and discovered that my checking account was overdrawn. I called the bank and they read off a list of purchases that had been made over the weekend on my debit card. I cancelled the card immediately and reported the theft to the police. Went back to the bank with the police report and filed a report with the bank. Went back to my job to cancel the direct deposit of my paycheck but it was too late - the check was already transmitted to the bank. Here's where it gets even better: Even though I cancelled the card, filed the police report and bank report and requested that the bank close my checking account, opened a new checking account and made arrangements to transfer my direct deposit paycheck to the new checking account - guess what the bank did! They victimized me for a second time! They took my paycheck and used it to cover the overlimit purchases and fees! The thief cleaned out my bank account and the bank robbed me of my paycheck! The bank manager was totally unsympathetic and said that I would be refunded the money in 2 to 4 weeks if the investigation turns out in my favor. WHATTT???? I'm the victim not the thief!!! What recourse do I have now? That is very unfortunate and I'm sorry to hear that. If these truly are the facts then these are the steps I would take: 1. If that manager has a boss I'd be contacting them immediately. 2. I'd also read their written policy and make sure they are adhering to it by the letter of the law. If anything the manager told you doesn't mesh I'd contact him/her again. In fact, send me the banks website address (branch specific if you can) and I'd like to read the agreement. I'm not a lawyer but I can read a contract.... 3. A. Make one last appeal to the bank manager and if they don't I'd immediately contact the local News XYZ investigates and see if they would be interested in doing a story. OR B. Let the bank manager know nicely that since this is how they treat customers I'd start picketing however I could within legal means....not too many banks have people picketing in front of their bank. The court of public opinion is a very persuasive argument. So as other people don't get caught by this bank please post their name online. Let the power of the internet come into play. [update] Just came across this, your situation is helping me learn more about debit card liability. You didn't mention if they were a credit union or not. http://www.occ.treas.gov/customer.htm
Author: nixuzer
Posted: Wed Sep 21, 2005 10:51 pm
Post subject: Re: Cloned debit card - kinda long boogaloo wrote:
Went back to my job to cancel the direct deposit of my paycheck but it was too late - the check was already transmitted to the bank.
Here's where it gets even better:
Even though I cancelled the card, filed the police report and bank report and requested that the bank close my checking account, opened a new checking account and made arrangements to transfer my direct deposit paycheck to the new checking account - guess what the bank did!
They victimized me for a second time! They took my paycheck and used it to cover the overlimit purchases and fees! One other issue, which won't help you now but should in the future, if you look at my post earlier with the response from the bank I was speaking with them about pulling the protection off my account (overdraft loan and the ability for my checking to draft my savings) and that way my direct deposit would go to my savings account and I would manually move the money to my checking account on paydays. This might have prevented some of your grief. Might based on the fact that a bank can pull money from any account to cover issues (if I recall correctly) but if the bank mgr is some difficult person to deal with it might not matter.
Author: boogaloo
Posted: Thu Sep 22, 2005 5:33 pm
Post subject: Debit Card Safety The bank is Astoria Federal Bank for Savings. The branch is in NYC. Your suggestion is right on the money with regard to moving the direct deposit from checking to savings. It would have spared me at least half the grief I'm feeling right now. I was finally told by the cust service rep that's handling my case that the bank manager arranged to give me a provisional credit of the amount in question. The CSR says it should take effect in a couple of days - not weeks as the manager told me previously. If I don't see that money in my account by Monday I will definitely call the TV News AND picket the bank.
Author: nixuzer
Posted: Fri Sep 23, 2005 1:43 pm
Post subject: Stolen Debit Card Number boogaloo wrote:
The bank is Astoria Federal Bank for Savings. The branch is in NYC. Emailed them and they are actually sending me a hardcopy of their debit card agreement/rules. Code: Thank you for your inquiry. Please e-mail your name and complete address to my attention and, under separate cover, we will be happy to mail you a "Regulation E" disclosure, governing ATM and debit card transactions. Or, you may call our Telephone Banking Center at 1-800-278-6742 and a Specialist will be happy to help you. Sincerely, [....Customer Care Rep Name ....] Customer Care Department
Author: nixuzer
Posted: Wed Oct 05, 2005 12:55 pm
Post subject: Stolen Debit Card Number nixuzer wrote:
Emailed them and they are actually sending me a hardcopy of their debit card agreement/rules. Got their terms in the mail a week ago just never got back to posting, here is the scanned copy. Astoria Federal Savings Regulation E Disclosure and Premium Access Online Banking & Bill Payment Page 1 Astoria Federal Savings Regulation E Disclosure and Premium Access Online Banking & Bill Payment Page 2 If you look at the middle of Page 1, Error Resolution section here are what their responsiblities are specific to what we've been discussing. - They have 10 business days to correct errors - If they need more time to investigate they will still credit your account with the money within the 10 business days (20 days for new accounts) while they investigate. So, what finally happened?
Author: CreditCardGuru
Posted: Sun Oct 09, 2005 8:18 am
Post subject: Stolen Debit Card Number They are safe, most banks use VISA so its VISA's zero liability policy. But the most you can be held liable for is up to $50 however most places have done away with that and went to VISA's zero liability policy, MasterCard also has a similiar policy. Also about bank fees, if you do a fraud report and those fees caused you to overdraft they have to refund those by law the same way the credit card companies would have to refund over the limit fees. Please don't be fooled by misleading information out there, I have noticed several OLD and ARCHAIC terms on websites and stuff. The best thing to do is contact the bank a.k.a. card issuer.
Author: boogaloo
Posted: Tue Oct 11, 2005 11:17 pm
Post subject: Stolen Debit Card Number Sorry it took so long to reply... Astoria Federal issued me a "provisional credit" for the total fraudulent charges 10 days after I filed the report - however, they have not returned any of the overlimit fees. They still owe me $360.
Debit Card Safety
Author: milavant
Posted: Mon Sep 12, 2005 3:48 pm
Post subject: Debit Card Safety Is it safe to carry a debit card with a $1000 daily spending limit (I reduced it from $3000) around in your wallet if you are VERY careful about guarding it? Aren't the fraud departments of the majot issuers making it safer to carry the debit cards these days?
Author: Ira
Posted: Mon Sep 12, 2005 9:34 pm
Post subject: Debit Card Safety If you report a card - debit or credit - stolen within a reasonable period of time you will have zero liability. In spite of the fact that the banks reserve the right to charge the first $50.00 to the card holder, I haven't heard of a single bank that does so.
Author: Polonius
Posted: Mon Sep 12, 2005 11:36 pm
Post subject: Debit Card Safety No--that's not correct unless the rules/laws changed very recently. Quote:
Be aware that ATM and debit cards do not allow the same protections as credit cards. If you fail to report unauthorized charges within a timely manner, you could be held liable for the charges. 1. If you report an ATM or debit card missing before it is used without your permission, your financial institution cannot hold you responsible for any unauthorized withdrawals. 2. If you report your ATM or debit card lost or stolen within two business days of discovering the loss or theft, your liability is limited to $50. 3. If you report your ATM or debit card lost or stolen after the two business days, but within 60 days after a statement showing an unauthorized withdrawal, you can be liable for up to $500 of what a thief withdraws. 4. If you wait more than 60 days, you could lose all the money that was taken from your account after the end of the 60 days and before you report the card missing. Source: http://www.chicago.bbb.org/idtheft/liability.html Some states have separate protective laws for unauthorized use of debit cards.
Author: maddybeagle
Posted: Tue Sep 13, 2005 12:51 pm
Post subject: Debit Card Safety I dont have a debit card. If I cant use my credit card, I pay cash or check, which is just a couple of places. The articles that I read indicate that one of the issues is if your bank account is drained, you could have to pay "bad check fee" from payments that bounce. The bank wont reimburse you for those, I dont think and if you dont find out immediately that is stolen, that could be a problem. Imagine. Also, if you have bills that have to be paid and the money isnt returned quickly, that could be a hassle.
Author: nixuzer
Posted: Fri Sep 16, 2005 10:48 pm
Post subject: Debit Card Safety Polonius wrote:
No--that's not correct unless the rules/laws changed very recently. Actually Polonius I'm not sure that information is accurate with all banks/credit unions. It may also be that my state, Texas, has different laws than Illinois (where the above link is referring to) Below is the email I got back from my credit union concerning using a debit card (I specifically emailed my credit union to make sure I had a 'paper' trail) since I'm looking at completely doing away with using my credit card for monthly purchases in the next 3-6 months. Names/numbers removed to protect the guilty Mr. [nixuzer]: Thank you for your email request. I will answer your questions in the order that you've presented them to me. - The turnaround on reimbursements on fraudulent debit purchases is between 2-10 business days. - You have 120 days from the day of the purchase to those purchases as fraudulent. - You will not responsible for any fees that were assessed due to fraudulent activity on your account as long as you complete a debit dispute and the dispute is legitimate. - You can limit the maximum daily amount on your debit card. - You can either accept or waive the overdraft protection service which will automatically try to use funds available in savings account if a check or debit purchase is presented for payment and the funds are not available.
Author: CreditCardGuru
Posted: Wed Oct 12, 2005 7:01 pm
Post subject: Debit Card Safety Maybe you should switch to a bank that is well known, LOL. I've had problems with some of those small banks that anyone can open because they don't pull ChexSystems.
High Yield Savings Account
Author: PhilBy
Posted: Sun Oct 09, 2005 6:08 pm
Post subject: Capital One High Yield Savings Account Questions Hello I was thinking of opening a Capital One online high yield savings account that I read about somewhere on the forum. When they pull my credit report for identification purposes, will it count as a hard inquiry like when you apply for a credit card? Also, I know there is only $1.00 min. to open the account, but is there a minimum to get the current advertised interest rate? Do they send you a 10-99int statement in the mail when it's time to file income tax like the standard banks do? Does anbody have experience with one of there high yield accounts? I read about ImmigrantDirect as well, but since this is my first attempt at an online savings account I prefer to go with a company I am familiar with such as Capital One dispite the .55 interest rate difference. I am thinking I will see how it goes with CapitalOne, and in the future possibly expand to others. Thanks and any other comments and suggestions are appreciated as well.
Author: diddlydudette
Posted: Sun Oct 09, 2005 6:45 pm
Post subject: High Yeild Savings Account PhilBy, here is an interesting article on online savings accts. http://money.cnn.com/2005/10/02/pf/debt/internet_banking/index.htm?section=money_topstories I have an Emigrantdirect acct. and felt the same way you do. I was skeptical and like you, had never heard of them before. I did tons of research and learned they've been around a long time and reputable and FDIC insuredl. They pay the highest interest right now at 4%. You can check this out at Bankrate.com. I highly recommend Emigrantdirect. I've had no problems and so far things are running smoothly with them. I'm happy with my choice.
Author: maddybeagle
Posted: Sun Oct 09, 2005 7:21 pm
Post subject: High Yeild Savings Account I do ING and that has worked out fine. I might start an Emigrant as well. I have applied for money market accounts and it doesnt appear on my credit report as an inquiry. They may ask for a current phone bill or something to verify your address for the patriot act. Yes, they report the interest annually for taxes.
Author: CreditCardGuru
Posted: Mon Oct 10, 2005 12:17 am
Post subject: High Yeild Savings Account I believe they do pull a soft inquiry credit report similiar to the one eBay gets for ID Verify.
Author:PhilBy
Posted: Mon Oct 10, 2005 5:44 pm
Post subject: I tried ING Direct I went with ING Direct Orange Savings for the $50.00 promotion listed on the forum and deposited $1.00 to try it out. If all goes well, I might open an account with Emmigrant Direct also. I appreciate advice from users of the forum and I have learned a lot and would like to learn more.
Author: CreditCardGuru
Posted: Wed Oct 12, 2005 6:58 pm
Post subject: High Yeild Savings Account When I got my Capital One High Yield account, it was just a soft inquiry the same as an employer would pull, these are for identity verification only. Then I opened a MM account and they did not pull another soft inquiry since I already had an account with them, just opened it and transferred all my money to the MM. I would personally go with MM because you get the same interest but get access to your money via checks and
Unauthorized Debit Card Charges
Author: mcflack1
Posted: Tue Oct 11, 2005 8:38 pm
Post subject: Debit Card Unauthorized Recurring Charges I have a situation that I am not sure is correct. I am in Texas. I have Electric with Reliant Energy. My Daughter has Electric with Reliant Energy. In August 2005, my daughter brought me cash and asked me to pay her electric bill on line. I did so with my check card since I was depositing her cash into my account. In September 2005, she failed to pay her electric bill and Reliant Energy used the last payment information they had on file, which was my debit/check card and paid her bill from my checking account. My bank, BankofAmerica is telling me that is legal even though I did not authorize that payment. Do you know if that is accurate?
Debt Free Training
Board Monitor
Posted: Wed Oct 12, 2005 6:18 am
Post subject: Unauthorized Debit Card Charges I am almost certain this is completely legitimate but your best source will be your state's Attorney General's office consumer protection http://www.oag.state.tx.us/ . I suspect what you will have to end up doing is writing a letter to the electric company and the bank to stop them from doing this again. _________________ Mike Killian, Board Monitor Free Money Training Credit/Debt Management Education/Information CardRatings.com Reporter
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