At a recent banking conference, a banker from the North Shore told me about a particularly unfortunate situation she had run into. A young man came into her bank to cash a check. He did not have an account at that bank, but the check was from an account-holder.
Up until about the mid-1980s, a homeowner who wanted to borrow against the equity in their home had to take out what was known as a “second mortgage.” And there was a stigma against second mortgages.
These big data breaches – like the recent Equifax hack – are very frustrating. Especially when they happen to huge companies that you’d think would have multiple layers of systems in place to protect themselves and their customers’ information.
Every parent who has kids planning to go to college thinks about the cost. How could you not? When we’re starting to see the $70,000 a year mark regularly surpassed at private colleges (for tuition, room & board), the idea of coming up with that kind of money by an August due-date four years running is daunting.
A few weeks ago, there was a radio commercial for some sort of money-making opportunity. I don’t remember the company or what they were selling. I do remember very clearly hearing the commercial say, “You can’t get rich by saving.”
Usually when people have a visit from the U.S. Secret Service, it’s not a positive thing. But when the Secret Service came to see us at Canton Co-operative Bank a few weeks ago, it was at our invitation and I think it’s fair to say it was one of the most fascinating presentations I have ever attended.
As I recall, it was the late WBZ radio host Lovell Dyett who used to say, “Spend your time wisely. It’s the only money you’ve got.”
I found myself thinking about that when reading a Page 1 Wall Street Journal article about people who get credit cards to chase bonus points and credit card rewards. One individual has 29 credit cards!