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BANKING

Is Your Bank Charging You An Inactivity Fee?

By The BIDaWIZ Team on May 31st, 2013 at 5:17 pm

Some consumers may have stashed away money for future emergencies. We actually advocate that individuals maintain an emergency fund in a highly liquid account to cover unexpected issues such as medical emergencies, unemployment, theft or casualties. This fund should cover at least six months worth of living expenses. If that’s the case, you’ve likely opened up a money market or savings account and haven’t looked back. Unfortunately, money held in inactive savings and money market accounts can be subject to fees by the bank. Learn how to avoid these inactivity fees. Read More.

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BANKING

Should I Be Interested in Online Banks For Their Savings Rates?

By The BIDaWIZ Team on June 20th, 2012 at 2:00 pm

Online banks typically offer higher rates than their brick and mortar counterparts. In this low interest rate environment, savers have been hit hard by earning close to no interest income. In fact, if you compare the real rate of inflation to the interest rates offered by most banks, savers are likely losing money. So, should you open an account with one of the online banks? .
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BANKING

How Can We Save When Interest Rates Are Still Very Low?

By The BIDaWIZ Team on January 6th, 2012 at 8:30 am

While the jury is still out on the effectiveness of the Federal Reserve’s loose monetary policy, it’s clear that savers are hurting big time. The average savings account pays just under a quarter of a percent per year and it’s even less for money-market funds. Furthermore, the yield or return on savings accounts is actually negative if you account for inflation which is now at 4%. Read More.

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BANKING

Should I Switch to a No Fee Bank?

By The BIDaWIZ Team on October 6th, 2011 at 6:00 pm
new-banking-fees

Back in August, we wrote a piece entitled, “The New (Reduced) Debit Card Swipe Fees Are Coming to Retailers,” highlighting the consequences for the Federal Reserve voting to reduce the amount of debit card interchange swipe fees banks could charge retailers. Just as we had expected, big banks rolled out all sorts of new debit and checking account fees to recoup some of the losses. However, because of the backlash they received from major social media campaigns including a designated bank transfer day, the banks recanted. So, with all the noise and the potentials for other fees in the future, should you consider switching to a no fee bank? Read More.

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BANKING

The New (Reduced) Debit Card Swipe Fees Are Coming to Retailers

By The BIDaWIZ Team on August 17th, 2011 at 4:30 pm
cap-amount-per-debit-card-transactions

A significant piece of the increased banking regulation set forth by the Dodd-Frank Act and the Durbin Amendment will go into effect October 1st, 2011. Banks have responded by exploring all different types of new fees and potential revisions to terms and conditions agreements. One such potential revision could put a cap on the total amount consumers spend per debit card transaction at $100, forcing them to pull out their credit card instead for large transactions. With this new legislation, let’s investigate who is the likely beneficiary: banks, the consumer, or retailers. Read More.

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BANKING

What? The Bank Doesn’t Want Your Money?

By The BIDaWIZ Team on August 5th, 2011 at 2:00 pm
banks-dont-want-deposits

In unprecedented fashion, Bank of New York Mellon (BNY) announced yesterday (8/4) that they don’t want any more money from some of their largest clients (over $50M in deposits) and they will start charging 13 basis points or .13% for holding their cash. You might be asking yourself why would a bank not want deposits and how will this announcement potentially affect the rest of us? Read More.

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BANKING

3 More Banks Go Under. Is Your Account FDIC Insured?

By The BIDaWIZ Team on August 1st, 2011 at 2:30 pm
money-fdic-insured

The financial woes for many regional banks continue with three more shutting down this year, bringing the total to 61 as compared to 157 in 2010. While many of the largest banks (i.e. JPMorgan Chase, Bank of America, Wells Fargo & Citigroup) are in relatively stable financial position, it is always important to make sure your bank accounts are FDIC-insured. Read More.

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BANKING

Working with Your Bank to Reduce Fees

By The BIDaWIZ Team on July 11th, 2011 at 6:41 pm
reducing-new-bank-fees

By now, most if not all banks have implemented new banking fees to make up for the lost revenue as a result of the recently passed credit card relief bill. What was once “free” checking now comes with a fee and minimum monthly balance requirements are in vogue again. But, there are still ways to reduce or avoid the fees and you don’t necessarily have to change banks to do it. Read More.

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BANKING, CREDIT CARDS

Getting Your Child Financially Ready For College

By Susan Ladika on June 24th, 2011 at 11:49 am

college-expenses
Whether your child plans to work a part-time job while in school, rely on student grants & loans, or get money from Mom and Dad, the most important thing you can do is help instill good financial habits that will help your child pay bills in a timely fashion with the cash, & avoid running up credit card debt. .
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BANKING, BUDGETING, CREDIT CARDS

What’s The Best Way To Pay For Purchases When Overseas?

By Susan Ladika on May 11th, 2011 at 4:34 pm

international-travel-credit-debit-card-charges
It used to be paying with travelers checks was de rigueur when traveling overseas, but these days they're overshadowed by credit cards and ATM machines. However, there are some things you should be prepared for before you pull out the plastic when you're abroad. .
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