One of the biggest misconceptions about banks involves bank insurance. Specifically, many people believe that the FDIC and SIF insurance they hear so much about covers them for various kinds of losses, sort of like an insurer of last resort.
And if the bank insurance won’t cover them, surely the bank will, right?
Continue reading Smart About Money: When the bank won’t make you whole …
Clickbait is one of the biggest nuisances on the internet but the concept existed long before computers.
People have been using words to affect other people’s behavior since Day 1. It’s always been up to the individual to be skeptical and doubting, especially when “controversial” ideas are being presented as established truth.
Continue reading Smart About Money: “Don’t let clickbait rob you of your dreams …”
A local news network’s web site recently recounted an unfortunate story about something that absolutely did not have to end up the way it did.
Recently a woman in Metro Boston discovered that her long-time housekeeper was embezzling. Specifically, her housekeeper had been forging checks against a checking account that this woman and her husband had for their kids’ college tuition savings at a large national bank.
Continue reading Smart About Money: “If only she’d looked at her bank statements sooner …”
The other day, a colleague told me about what seemed to be a public service announcement (PSA) on the radio. It was addressed to young people.
Apparently, a young man had received a request for a Venmo payment from someone he knew. Venmo – a mobile payment service owned by PayPal – describes itself as “the simple, fun money app for sending cash quickly between friends.”
Continue reading Smart About Money: “Only send money to people you know …”
Personal finance expert Suze Orman often speaks about the importance of “expecting the unexpected,” and she’s right.
Of course, sometimes people face disasters no one could have seen coming or planned for. But things such as higher property tax bills, “emergency” dental surgery, significant veterinarian bills for pet operations and car repairs are among the common “unexpected” expenses everyone runs into sooner or later.
Continue reading Smart About Money: Should people be required to have cash reserves?
Right now, Experian and FICO are offering what they call “credit score boosting” programs, Experian Boost and UltraFICO. Both are free and supposedly could help an individual increase their credit score by about 10 to 40 points.
There are reports all over the internet which might lead you to believe that the credit score boosts are the best thing since sliced bread. But actually it’s not that simple.
Continue reading Smart About Money: Credit Score Boosts – a great idea or not-so-much?
There are many ways that you can first become aware that you have become a victim of Identity Theft. No matter how it happens, you’re probably going to be angry, alarmed, frightened, confused and concerned.
Most people’s first questions are, “How did this happen to me?” and “Why did this happen to me?”
Continue reading Smart About Money: When the victim of Identity Theft is … you!