Bank

Who Uses Paper Checks?

It’s rare that I write a check these days. Partly, that’s because my husband is in charge of paying the daily bills, so I only write a check when he’s sick or I need to reimburse someone. I decided to total up how many checks we give and receive each year, as an experiment. We’re not quite to the end of the year yet, so I’ll guesstimate through…
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Free Banking Rewards Alert

Yesterday Citibank emailed me and asked me to share this free money opportunity with you: Starting this month, Citibank will be offering customers up to $225 in merchant gift cards through the Thank You Network for opening a new checking, money market or credit card account. If you’re in the market for a new bank because your old one has closed or was bought out, this is a…
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Everbank Account Holders : Check Your Terms

A few months ago, I posted that I loved Everbank for its high rates and good customer service. Well, the bloom is off the rose, as they say. This weekend while reading Consumerism Commentary, I learned that they increased their minimum monthly balance to $5,000 and raised the monthly low-balance fee to $8.95. I checked online, and it did indicate the new limits, so I called the bank. They said the…
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When You Should (and Shouldn’t) Pull Money from a Bank

When IndyMac Bank closed, the news featured photos and video of crowds of people waiting outside the bank to withdraw their money. Most of them had less than $100,000 in the bank, and it reopened as a Federal bank the following Monday, so there was really no reason for the rush other than fear. So when should you pull your money out of the bank and when should…
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I Love Everbank

Don’t tell my husband, but I have a new love and its name is Everbank. Don’t get me wrong, I love him, too. But Everbank is something special. No, it’s not perfect for everyone. It doesn’t have some of the features you might want from an online bank, but it works for what I need. A Bank that Sends Thank You Notes? This has happened to me twice, both…
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What Do You Do When the Bank Makes an Error in Your Favor?

In case you hadn’t heard, a New Zealand bank accidentally deposited $10 million in a couple’s business account. They promptly withdrew the money and are now on the run. What would you do if this happened to you? What would you do if it was $10? A True Tale of a Bank Error Biting Back I actually knew a guy in college who received a $7,000 deposit courtesy of a…
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When Is It Time to Get a New Bank?

I bank with Bank of America, and have another account with Washington Mutual. There have been occasions where both banks have nearly driven me to quit them and find some new way to manage my money. In the end, they’ve both offered features that convinced me to stay. Nevertheless, I keep my list of deciding factors around in case one of them finally pushes me over the edge.…
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Don’t Panic: The FDIC Is Secure

Yesterday the big story was the FDIC’s request for prepayment of three year’s worth of fees by member banks to shore up its dwindling reserves. Don’t panic. The FDIC is still secure. You don’t need to close your accounts or rush to the bank to withdraw your money. The FDIC Has a Treasury Credit Line According to NPR, the FDIC has a $100 billion credit line from Treasury that…
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Should You Move Your Money to a Small Bank?

There is a movement afoot that encourages people to move their money from the big six banks into smaller community banks. I fully understand the emotion behind this desire to punish the banks for business as usual, but I’m not 100% convinced that it’s the best idea, or that it will make a big difference. The Idea Behind Move Your Money The idea behind move your money is that the…
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Ally Bank: A Sheep or A Wolf In Sheep’s Clothing?

Rebranding is not a new trick. You may recall that Philip Morris tried to rebrand itself as Altria because of all the bad press associated with cigarettes. Now GMAC bank is trying to rebrand itself as Ally Bank, an honest bank with no ties to the shiftiness of the economic collapse. Why Ally Bank? It’s simple: the word “ally” gives the impression that the bank is your partner,…
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