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How do you encourage people to save? That’s a question sure to spark a debate. Researchers from the Stanford Graduate School of Business and Tilburg University in the Netherlands have an answer -- make them feel more powerful.
"When it comes to managing finances, it’s easy for people to feel overwhelmed and out of control," Stanford PhD student Emily Garbinsky and co-author, said in a prepared statement.
In a series of five experiments the researchers showed that feeling powerful, defined as having control over valuable resources is a pleasant state...Continue Reading
Moving is often a chance to make a fresh start. Is it also an opportunity to dump your bank?
According to new research from TD Bank, moving impacts banking behavior. Twenty nine percent of those surveyed said they opened a checking account at a new bank when they moved. This was especially true for the 55-plus crowd, 32% of whom switched banks. In contrast, among Millennials, (those 18-34), only 24% did so.
That Millennials were not quick to leave was not news to some. "They see traditional banking as irrelevant. Branch...Continue Reading
You want to do right by your loved ones when you die. It’s just as important to choose the best vehicles to do so.
For starters, know the difference between a bank trust account and a payable-on-death (POD) account.
Here are a few things to consider.
Typically, trusts are accounts managed by someone for another’s benefit. Karen McIntyre, managing director and senior financial advisor at Wescott Financial Advisory Group, explains how they work. Trusts can be irrevocable or revocable. For Revocable Trust (also known as a Living Trust), the person...Continue Reading
When speed is a priority, a wire transfer is the way to go. Thanks to technology, you can send money electronically through a bank network and it will be received instantaneously.
Wire transfers are not to be confused with ACH (Automated Clearing House) transfers. They do share some similarities -- both are done electronically and require bank accounts.
"One key difference is speed. Once a wire transfer has been authorized, the receiver has access in minutes, but with ACH it’s typically the next day," explains Viveca Ware, executive vice president...Continue Reading
Mistakes can be costly. Overdraw on your bank account by accident and pay the price. Fees continue to increase. Back in 2007, overdraft fees were around $25, but by 2013 had reached $30 on average, and $35 is not uncommon.
You may kick yourself every time you commit such an offense, but your banker is trying to hide the smile from his or her face. Non sufficient funds fees bring big bucks -- about $32 billion in revenue a year.
The Consumer Financial Protection Bureau is eyeing financial institutions’ overdraft...Continue Reading