The string of digits presented on the front of a credit or debit card is enough to confuse even the smartest of shoppers.
Yet, each number plays a crucial role in identifying the card provider, bank, and account information, as well as providing a security check.
In late 2012, Federal Reserve Chairman Ben Bernanke fessed up and revealed the worst-kept secret in finance: The low rates the Fed has maintained in an attempt to ignite the U.S. economy are badly hurting retirees and others who rely on fixed income.Read more:
If you have an HSA-eligible health insurance policy, then you can roll money over from a traditional IRA to an HSA and avoid a tax bill on that money when you withdraw it for medical expenses.
Treasury continues winding-down the bank investments it made under the Capital Repurchase Program (CPP) of TARP (Troubled Asset Relief Program). When the programs were launched in 2008, the belief was that it would all be behind us by now. Banks in the program were given incentive to exit, in the form of a dividend payment hike, once they were healthy enough to do soRead more
If you want to get better at managing your finances, stop fussing over dollars and cents — instead, take a good hard look at how you perceive time.Read more
.... People who based their decisions on the past tended to be more cautious with their spending and more financially healthy. Those who focused mostly on their present situation were more likely to make the sort of impulsive decisions that could lead to more debt and living beyond their means.
“Whether you can do math or have a high degree of financial literacy does not mean we can predict if you’ll be financially sick or financially healthy,” ... “But we can tell whether you’ll be financially healthy or sick based on your time perception.”
If you talk to enough baby boomers or new retirees about what they wish they could do differently, chances are many of them would mention a retirement plan do-over of some kind.
And even if you’ve managed to build up a sizable nest egg, executing on the right way to withdraw those funds is just as important as saving. Crucial mistakes along the way can jeopardize the money you’ve worked so hard to save up.
If you put out a complaint box for customers of US banks and financial firms, you will get hundreds of thousands of complaints. That's what the Consumer Financial Protection Bureau—which was set up by Elizabeth Warren before she became a US senator—has discovered. And the bank that has drawn the most complaints is Bank of America. Wells Fargo, JPMorgan Chase, and Citibank were other top targets of consumer wrath.
America's 10 Most Hated Banks | Mother Jones
Savings accounts were designed to encourage people to sock money away. But that's not how people actually use them. So what should banks and credit unions call "savings accounts" if they aren't really used for savings?
What Banks Should Really Call 'Savings Accounts'
"While the cost of care among all care providers has steadily increased, the cost of facility-based providers has grown at a much greater rate than that for home care," Genworth says. "As the American population ages and requires these services, it is vital to be aware of the associated costs in order to build a better long-term care plan." Way too many Americans nearing or in retirement aren't getting the memo, and they're paying too much for insurance -- or getting rejected for long-term care for preventable reasons, one industry group claims.
Thousands of Pentagon employees and contractors with security clearances owe the U.S. Treasury unpaid taxes, the Government Accountability Office reports. Together they owed $730 million in 2012. Why is the GAO, the investigative arm of Congress, even looking at this? Because people who are hard up for cash might be more easily compromised. “An individual who is financially overextended is at risk of having to engage in illegal acts to generate funds,” the agency writes, and that factor must be considered when deciding who can access government secrets.
An estimated 1 in 3 adults with a credit history -- or 77 million people -- are so far behind on some of their debt payments that their account has been put "in collections."
1 in 3 American adults have 'debt in collections' - Jul. 29, 2014
Britain-based Lloyds Banking Group will pay $370 million to U.S. and United Kingdom investigators to resolve investigations over its suspected manipulation of financial benchmarks used to set rates on trillions of dollars in loans. The payments will settle or avoid charges that employees of the banking group attempted to rig the London Interbank Offered Rate for several currencies, including the U.S. dollar, British pound and Japanese yen.
Lloyds pays $370M to settle Libor probes
For the average person who is trying to build or maintain a good credit score, a number of myths about credit that continue to circulate — no matter how hard financial experts try to squash them — make the process difficult and frustrating. And the biggest myth out there is that closing your oldest accounts will hurt your credit score by reducing the length of your credit history.
Closing Credit Card Accounts Won't Hurt Your Credit History | GOBankingRates
The inflation-adjusted net worth for the typical household was $87,992 in 2003. Ten years later, it was only $56,335, or a 36 percent decline, according to a study financed by the Russell Sage Foundation. Those are the figures for a household at the median point in the wealth distribution — the level at which there are an equal number of households whose worth is higher and lower. But during the same period, the net worth of wealthy households increased substantially.
The Typical Household, Now Worth a Third Less - NYTimes.com
Americans are hoarding more cash in their checking accounts than at any time during the last 25 years.
Consumers are padding their checking accounts
(Reuters) - After injecting trillions of dollars into the global financial system over the last six years, the world's central bankers now face a vexing question: why is so little of it showing up in workers' paychecks? For both Fed Chair Janet Yellen and BoE head Mark Carney, however, wage growth has become an anchor that could keep rates tied down. Yellen has said wage growth that keeps pace with both inflation and productivity is one of her key markers for a healthy labor market, and she has warned that anything short of that means household income, consumer spending and the economy overall would underperform.
Now that CD rates have likely hit rock bottom and will, albeit very slowly, begin climbing again, anyone who locks himself into a long-term CD account will undoubtedly sabotage himself out of better rates in the future.
Savers continue to withdraw CD deposits from banks and thrifts [...] That’s because even the special rates aren’t all that special
It’s not uncommon to find a highbred rat whose breeder can trace its forebears back 20 generations.