Checking

Social Security's electronic payment system criticized

Jean Chatzky Jul 20th 2010 @ 4:30PM EST Filed Under: Banks, Retire, Technology, Banking - Checking Account

Last month, I wrote about a big move by the Treasury Department to make all payments from the U.S. government electronically. In the announcement, Office of Management and Budget Director Peter Orszag called the change a "win-win for the American public." Now, we're hearing from others with a different opinion.

Consumer rights groups, including the Consumer Federation of America and Consumers Union, have stepped forward to say that the real winner here could be banks and payday lenders.

The issue at stake is that, while the Social Security Administration says that 83% of all Social Security and SSI beneficiaries receive their benefits by direct deposit, the elimination of paper checks may be forcing the rest into a situation that could put them at risk for expensive payday loans and high fees.

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Bank of America's new checking account awards those who bank online

Geoff Williams Jul 15th 2010 @ 3:30PM EST Filed Under: Banking - Checking Account

Bank of America is launching a new checking account that encourages customers to stick to banking online, through ATMs or over their mobile phones.

Called eBanking, the new account will be free to customers provided they do what is suggested in the title -- stick with electronic banking. Should the customer use a bank branch, they will have to pay an $8.95 monthly maintenance fee. "But just for that month," says Bank of America spokeswoman Anne Pace.

Bank of America tested the new account in Georgia and will make it available nationwide on August 6, according to Pace.

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Free Thai chicken at Panda Express today

Julia Scott Jul 14th 2010 @ 12:01AM EST Filed Under: Family Money, Fantastic Freebies, Banking - Checking Account, Bargain Babe

Here is an amazing freebie that is super easy to take advantage of. Get a free single serving of Thai cashew chicken breast at Panda Express on Wednesday, July 14, 2010. Bring this Panda Express coupon with you. No purchase is necessary.

The Thai cashew chicken breast dish has cashews and cilantro mixed with white meat chicken breast and fresh veggies. It is on the menu for a limited time. You can RSVP on Panda Express' Facebook page if you like.

Caveats: one per person, while supplies last, not valid with any other coupons, promotions, or discounts.

Thanks, Dave!

A Barefoot Bandit and other bad guys we love anyway

Jennie L. Phipps Jul 13th 2010 @ 9:10AM EST Filed Under: Make Money Fast, Fraud, Identity Theft, Banking - Checking Account, In the News

Colton harris-Moore, the barefoot Bandit

People always have a soft spot in their hearts for the underdogs, particularly when the economic going gets tough. The Barefoot Bandit, 19-year-old Colton Harris-Moore, who was arrested July 11 in the Bahamas after he stole a plane and flew himself there, is another in a long line of people who have captured the imaginations of millions, despite doing the wrong thing.

Reports on the life of Harris-Moore portray him as an abused child who has lived on his own since he was 7 or 8. He apparently taught himself to fly airplanes by playing video games. His capture in the Bahamas rivals a James Bond movie - and may well be one soon.

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Reasons why you may want to close a bank account or two

Geoff Williams Jul 6th 2010 @ 6:30PM EST Filed Under: Banking - Checking Account

Now that many major banks are getting rid of free checking accounts, it may be a good time to assess just how many banks accounts you have -- and how much they may be costing you.

There's even a slight chance you might have more accounts than you realize. CESI Debt Solutions recently conducted a survey (so new that the survey isn't online yet) that found that 15% of married couples will admit they have a bank account that their spouse doesn't know about.

These days when it comes to bank accounts, less may be more. Here are several reasons why:

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It's the end of free checking, almost: Where does your bank sit?

Geoff Williams Jun 30th 2010 @ 10:00PM EST Filed Under: Banking - Checking Account, In the News

You may have noticed the recent headlines, or maybe you learned about it through your own bank: The end of free checking appears to be near.

Still, it's not quite time for free checking's death-knell just yet. Despite the flood of questioning from news publications -- "Is free checking over?" -- and predictions from plenty of personal finance experts, if you take a look at WalletPop's "end-of-free-checking scorecard" below, the biggest banks seem to be continuing business as usual. At least for now.

If you're curious how some larger banks handle free checking right now, here's the score. So read on, and get ready to make the Big Transfer to a new bank, if need be.

Continue reading It's the end of free checking, almost: Where does your bank sit?

Free checking is alive and well at credit unions

Geoff Williams May 18th 2010 @ 5:30PM EST Filed Under: Banking - Checking Account

If you're looking to open a new bank account and want free checking, you might want to start your search by taking a look at Bankrate.com's new survey of credit unions to see which ones offer it. Of the 50 largest credit unions in the country, 39 of them have free checking.

Which isn't to say that free checking accounts have disappeared from conventional banks -- if you have one, you know they still exist. Still, some banking experts have predicted that free checking may start to become much more rare by the end of the year.

And why might free checking become harder to find? Starting July 1, when a consumer opens a new checking account, the bank has to ask you if you'd like to opt into overdraft protection for debit card purchases. By Aug. 15, unless you've opted in, banks have to stop debit card overdraft protection for existing accounts.

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Joint bank accounts: what you need to know

Geoff Williams May 13th 2010 @ 1:30PM EST Filed Under: Family Money, Banking - Checking Account, Banking - Savings Account

When joint bank accounts make the news, the news is rarely good. Last year, for instance, Jon Gosselin of Jon and Kate Plus 8 fame made headlines when he reportedly drained $230,000 out of their checking account. Even going back a century, you can find newspaper articles that include warnings from personal finance experts about such accounts. A 1964 story entitled Joint Bank Account Is Marital Pitfall in the Sarasota Herald-Tribune, quoted one expert as saying, "She doesn't keep track of the checks she writes. And he doesn't either. And before you know it, they're in a dither."

Despite the bad headlines and the misgivings of some experts, having a joint checking or savings account with your spouse isn't really worth worrying about. (Yes, your spouse has the right to drain the account if they want to, but then you have bigger problems in your marriage to contend with). Setting up a joint account with someone you aren't married to, on the other hand, can be a different story altogether.

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5 reasons to switch to online banks

Jim Wang Apr 23rd 2010 @ 5:30PM EST Filed Under: Banks, Banking - Checking Account, Banking - Savings Account

I still remember when online banks first appeared. People were wary of them because they were new. They were wary of putting their savings at a bank they couldn't visit. They were wary of the higher interest rates. They were wary of unfamiliar names.

However, over the last few years, online banks have assuaged these fears and I believe that an online bank account is pivotal piece in your financial plan.

An online bank account isn't the same as banking online, which is one of many services your local bank may offer. Online banks are different in that they have no physical branches you can visit. Most of your interactions will be on the Web or over the telephone, not with a teller or ATM. Not having a physical location may be troubling at first but as we'll soon see, there are many reasons why you should give them a look.

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