Wells Fargo is doing what is right?

Wells Fargo will change overdraft practices for Wells Fargo and Wachovia customers.
The timing of such moves and more details will be shared with both banks' customers soon.
The bank said it will eliminate overdraft fees for customers when they overdraw their accounts by $5 or less and will charge no more than four overdraft fees per day.


In a key move, Wells Fargo and Wachovia customers also will be able to opt out of overdraft coverage, meaning customers can specify that they don’t want their transactions authorized into overdraft if funds aren’t available to cover the transaction.



The ability to cancel overdraft coverage has been a big concern with the growing use of debit cards, which can quickly turn a morning cup of coffee at Starbucks (NASDAQ: SBUX) into a $30 purchase.
Wells Fargo’s moves follow similar changes occurring at Bank of America Corp. (NYSE: BAC) and Chase (NYSE: JPM).
The nation’s largest bank are under growing political pressure to rein in costly fees and practices.
“Most of our customers don’t need overdraft coverage in any given month, but for those that do we hope these changes, along with the tools we already provide, will help them minimize overdraft fees,” said Carrie Tolstedt, senior executive vice president and head of community banking at Wells Fargo, (NYSE: WFC) which purchased Wachovia late last year.

Chase and Bank Of America change overdraft fee policy

Chase, the retail banking unit of J.P. Morgan Chase & Co.  on Wednesday said it was overhauling its overdraft policies "to make them clearer and simpler and to give customers more control over their debit cards and the fees they pay."


The changes include eliminating overdrafts for debit cards unless the customer opts in to overdraft services, and getting rid of overdraft fees if a customer's account is $5 or less overdrawn, Chase said.
Overdraft fees on debit cards have come under fire recently on reports the banking industry is pocketing billions of dollars a year on the charges.
"We recognize the tremendous growth in our customers' debit-card usage and we're revamping our overdraft policies and posting order to be more consistent with the way they use their accounts today," said Charlie Scharf, head of retail financial services at J.P. Morgan Chase, in a news release Wednesday.



"Customers will be given the opportunity to decide whether they want to participate in Chase's debit-card overdraft services," he said.
The New York Times reported that Chase collects a customer's debit-card and ATM transactions for a day and then processes the highest amounts first, creating more overdrafts and fees. By the first quarter of next year, the Times reported, the bank will process the transactions chronologically.




Bank of America Corp said  late Tuesday unveiled a revamp of its checking-account options and services "that will help customers avoid excessive overdraft fess and better manage their finances."

The bank said that starting Oct. 19, it won't charge overdraft fees when a customer's account is overdrawn by less than $10 for one day. It will also "improve the process" for customers to opt out of overdraft capability.
"Our immediate priority is those customers who excessively overdraw their accounts," said Susan Faulkner, customer segments and deposits executive at B. of A.


"With these changes, we have increased customer choice in the area of overdrafts, limited daily overdraft fees, and significantly reduced fees for those customers who need help the most."

Do you feel trapped living paycheck to paycheck?

Counting down the hours until payday? You're not alone.

























I found this article on www.consumeraffairs.com

                                                                        

Six-In-Ten Workers Live Paycheck To Paycheck, Survey Finds

As the economic downturn trudges on, many workers are struggling with household budgets. About six in 10 workers -- 61% -- report they always or usually live paycheck to paycheck just to make ends meet, compared with 49% last year and 43% in 2007, according to a new nationwide survey of more than 4,400 workers by CareerBuilder.

Thirty percent of workers with salaries of $100,000 or more report that they too live paycheck to paycheck, versus 21% in 2008.

Some workers are making ends meet by dipping into their long-term savings. More than one in five workers say they have reduced their 401(k) contributions or personal savings in the last six months to get by. Among workers earning six figures or more, a nearly equal number -- 23% -- report that they have also reduced their 401(k) contributions or savings.

While some workers are tapping into their long-term accounts, others are having a hard time saving anything at all. More than one-third -- 36% -- say they do not participate in any programs such as a 401(k), IRA or retirement plan, compared with 31% in 2008. In addition, one-third report that they don't put any money aside into their savings each month, while 30% set aside $100 or less per month for savings and 16% save less than $50. Games, games and more games! Try over 200 games for free at PlayFirst.

"Workers are employing a variety of tactics to help make ends meet in this economy," said Rosemary Haefner, vice president of human resources for CareerBuilder. "Whether it's by keeping a tighter budget, finding ways to bring in additional income or adjusting their savings strategies, workers are doing their best to weather the current storm. These good financial habits will not only help workers in the short term, but better position them for the future."

Haefner offers the following tips for riding out the economic downturn and preparing for the future:

• Keep track of spending. Create a spreadsheet to analyze what you spend each month, including the money spent on those inevitable invisible expenses, such as a morning coffee, cab ride or afternoon snack. Once you can see where your money goes, you can clearly see where you can cut back.
• Boost your income. One in 10 workers report taking on a second job in this economy to help make ends meet. Ask yourself if this is something you can handle on top of your current job and then pursue some viable options.
• Speak up. Talk to your HR department and see what is available to help you save on your monthly expenses. Even though times are tough, companies are still offering flexible spending accounts, wellness benefits, retail discounts, transit reimbursement and more.

written by James Limbach          




Mr. Dangerfield is an I.A.P.D.A Certified Debt Specialist whom has worked in the finance industry for over a decade. He manages www.beingbrokesuckstoday.com and is the author of "A Dangerfield Manifesto" and co-founder of SMG Holdings, the parent company of Squad Music Group, Dangerfield Artistic Entertainment SMG Publishing and Taboo Dangerfield Publishing
Follow me on twitter

Are you helping your parents and grandparents during the recession?

Looking out for the welfare of aging parents can be difficult, but now there's another thing for adult children to worry about: skyrocketing credit card debt among seniors. According to a study released in July 2009 by New York City-based Demos, a public policy group, consumers 65 and older carried $10,235 in average card debt last year. That's up 26 percent from 2005. Credit card debt among all other borrowers rose only 3 percent during that time.Weekly Bag Deals - New Bags Each Week!


"We have seen an uptick in the number of seniors that are reaching out for credit and debt counseling," says Melinda Opperman, vice president of community outreach for Springboard Nonprofit Consumer Counseling, an organization with offices in California, Nevada and Arizona.

Credit card debt can decrease a senior's monthly cash flow, and affect his or her ability to move into an apartment, assisted living facility or nursing home since a credit check is often required, says Laurie B. Giles, an elder life planning attorney in Shelton, Conn. Because of these far-reaching consequences, you should lend a hand if a parent is encountering financial difficulty, experts say -- but you shouldn't lose your own financial footing in the process. How’s your credit score?  0-600 Poor, 601-680 Fair, 700-774 Good, 775+ Excellent.  Find out your Score now FREE!


Signs of trouble

Someone should always be able to step in and make sure bills are paid if an aging parent is unable to do so, but you may want to become more involved with a parent's finances if you notice certain behaviors.

Memory loss and other physical ailments that could leave your parent unable to pay bills or make sound decisions are obviously situations in which you would want to be proactive, but signs of financial distress are just as alarming.

Adult children should be concerned "if they start seeing their parent use a credit card for things that they didn't use their card for before, or the parent has begun borrowing from family members," says Opperman.

Likewise, "if you are walking in the house and the lights are off because the bills haven't been paid, or your parents' checking account is overdrawn and they're usually good with finances, those kinds of things signal something is wrong," Giles adds.

Once you suspect a parent is in financial trouble, you must find a way to get them to open up -- a task often easier said than done.

"It's hard for people to talk about money because money has so many ties to our sense of value in the world," says Marie McNabb, a Seattle-based financial therapist. It can be even more difficult for parents to be honest with adult children because they don't want to be "a burden to children and may want to leave a financial legacy for their children," McNabb adds.
One way to make the conversation easier: Tie it into current events. For example, with the health care debate going on, "you might say, 'How do you afford your medication? Do you have to create a budget for that?'" Opperman suggests.

Another way to bring up credit card debt is to mention your own experience. Bring up the Credit CARD Act of 2009, Opperman says. "Tell them how it's affecting you and ask, 'What interest rate are you paying?'"

Finding solutions
Once a parent opens up about financial problems, steps can be taken to bring on relief.

Don't reach into your own wallet to pay a parent's credit card debt, however. "There's no use compromising a second household," Opperman advises.

Instead, contact an organization approved by the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies for help with budgeting and paying off the debt. Debt counseling agencies can also tell seniors about programs that can save them money on utilities, insurance and medical bills.

Once you're familiar with your parents' bills and any debt repayment plans, you can write checks from your parents' account to pay those bills as long as you are an authorized signer on the parent's checking account. However, don't become a co-signer or open a joint account because that would tie your finances together, possibly making you financially liable for their debt.

A durable power of attorney is another legal method for taking over financially since it allows you to make legal decisions if your parent becomes incapacitated.

If a parent is unwilling to relinquish financial control and you think he or she is unfit to make sound decisions, you can seek court intervention to become your parent's conservator, but "that can be adversarial because it means having your parent declared incompetent," Giles warns.

Recognize that you may not be the best person to have a conversation with your parent about finances, says McNabb. "Look around the family and the inner circle of friends and see who the parent is going to be most open with." Let that person take the lead and be willing to help out with brainstorming possible financial solutions.

Once a plan is put in place, things will get easier, says McNabb. "As difficult as it is to start talking about financial difficulties, it actually will be a relief once you can bring it up."
from Creditcard.com

CAPITALISM: A LOVE STORY - TRAILER

I wonder if this will be better than Maxed Out? In Debt We Trust was ok, but Maxed out hit harder, With Michael Moore, I figure there will be no holding back

How do you teach your children about money?

 How Can I teach my children about money?

In no way am I an expert in being the "perfect parent". But I do believe in the old adage "It takes a village to raise a child". I've been asked on numerous occasions by my readers "How can I teach my children about money". This article will be the first in a series, which covers basic philosophies in terms we can all understand. There is no need to pay for a seminar on the differences of a rich dad and poor dad, these simple strategies in which I use are perfect for the average parent.

5-9

In the early years, the focus really should be on a basic introduction of money skills (so that the basics of the idea are clear to the kids) and positive reinforcement of good choices (not punishment of bad ones).

A weekly allowance that’s given without any sort of requirement and that it should be split among spending, saving, and giving. In addition, develop a list of “bonus chores” that will stretch your child and really make them work, but earn them an additional amount (which is also split among the three areas). Another important part: talk about all shopping trips in detail. Save money on your favorite brands at Coupons.com. Click for many grocery coupons for free.
Explain to your child why you’re buying what you do and also talk about their spending choices and whether it’s a good idea to spend their spending money on candy.

10-13

At this stage, the first flickers of independence are starting to appear and you should facilitate it. Give the child more control over their saving and spending and charity decisions. Encourage them to take on larger entrepreneurial projects and give them really big tasks for earning extra money. The more projects they start on their own, the better.

The real focus here is in making sure your child gains self-confidence and a realization that they’re doing it themselves and that they’re doing it right. You can do this by letting them make decisions, letting them follow through, and complimenting their efforts.

14-17

This is the perfect age to have your child get a simple job on their own (or perhaps kick an entrepreneurial project into high gear). Hit your own social network to find good job opportunities for your child and suggest them.

This is also a perfect time frame to have them do “dollar tracking.” In other words, have them keep careful track of every penny they spend over a period of time, then summarize and evaluate all of that information so they can clearly see where their spending goes. You should do the same at the same time so that they can see how an adult spends money – and both of you should strive to do it with full honesty.


The lessons that you should teach both your boys and your girls is that they can do this. They can succeed on their own merits and they can make their own rules. There are countless male and female success stories out there – people rising from humble backgrounds, people doing amazing things. Your children can do it, too.

Don't do things for your children something that they can do for themselves. Don't give them free money.

Doing that discourages their independence. Free money means that they don’t have to put any effort forth to get the things they want in life, which teaches all the wrong lessons. It’s okay to help on occasion, but never help in an open-ended fashion. That results in nothing positive and you will be forever stuck with an adult child




Mr. Dangerfield is an I.A.P.D.A Certified Debt Specialist whom has worked in the finance industry for over a decade. He manages www.beingbrokesuckstoday.com and is the author of "A Dangerfield Manifesto" and co-founder of SMG Holdings, the parent company of Squad Music Group, Dangerfield Artistic Entertainment SMG Publishing and Taboo Dangerfield Publishing
Follow me on twitter

Communication with loved ones about money

Do you feel comfortable speaking about money?

Breaking through that social and personal barrier of talking about money is incredibly difficult, but it’s vital. Without doing it, you open yourself up to paying the penalty of countless mistakes and facing some deeply painful situations that could have easily been avoided had you just spent a bit of time talking about it.

Here are a few important things to think about.

What’s Unresolved?





Look around your life, particularly your closest family and friends. In each of those relationships, there are likely things that are left unresolved, things that, in your perfect world, they would be resolved. Here are some examples.

Your partner. Are you sharing the same dreams for the future? Do you have any debts that you’re hiding? Are you in better – or worse – financial shape than your partner might believe? Are you in agreement about how to handle your respective property in the event of the other’s passing? Is your relationship fulfilling you, making you happy?

Your parents. Do they have an estate plan in place? A will, at least? Are they prepared for the financial costs of retirement? What are they expecting from you when they retire? Need an Estate Lawyer?


Your children. Are they expecting you to pay for college? Are you expecting to? Are they expecting you to help with a wedding? Are you expecting to? Do they understand your retirement planning? Need a Family Lawyer?


Other relatives. Do they owe you money? Do you owe them money? Are there other problems, such as caring for older family members? Who’s responsible for what?




Your close friends. Are they constantly engaging you in activities that cost more than you are comfortable spending? Do they owe you money? Do you owe them money? Save Money. Print Free Coupons Anytime.


This is just a start. Even in my own life, after lots of talking about money with the people around me, I still don’t feel as though the door is shut on all of these issues.

I will say this, though: every time I made an effort to actually talk through these issues with someone important to me, I found that I had put it off for too long and worried about it too much, because it went easier than I expected and there was much relief afterward.






Mr. Dangerfield is an I.A.P.D.A Certified Debt Specialist whom has worked in the finance industry for over a decade. He manages www.beingbrokesuckstoday.com and is the author of "A Dangerfield Manifesto" and co-founder of SMG Holdings, the parent company of Squad Music Group, Dangerfield Artistic Entertainment SMG Publishing and Taboo Dangerfield Publishing
Follow me on twitter