Category: banking

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Leaving My Bank – Comparing Online Bank Accounts.

Elisa Cundiff is the guest blogger today, she is the Outreach Coordinator at Thrive, a free online budgeting tool.

Every morning I review all my financial accounts on Thrive, but last Thursday, I noticed something strange: a “$3 non-Citi atm fee”. This was an additional $3 that my bank was penalizing me with for not using a Citi-bank machine. This means that I’m paying upwards of $6 every time I withdraw money from an ATM, because I live in a town where there are no Citi-bank ATMs.

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banking
3
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Earning 11.89% Interest By Lending Money At Lending Club.

Back in February 2008, I wrote a post titled “Why I Started Lending Money With Prosper And Lending Club” that outlined why I had veered from my savings account mentality into the world of peer-to-peer lending. Basically, I wanted to try to beat the rate that my online bank was offering at the time (which is even lower now – thanks ING) by lending my money directly to people who need to borrow it, skipping the middleman. ING at that point was paying around 3% interest, which wasn’t great, but it was a sure thing and there would not be anyone defaulting on my loan.

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banking
10
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Money Fallacies We Thought Were True As Kids.

What did you think you knew about money as a kid? Most of us were told at one time or another that money didn’t grow on trees, but I am not sure that I ever thought it did — I just thought that my parents had an endless supply of it, and why weren’t they buying me everything I wanted? I had no idea about the relationship between how much Dad brought in and how much it cost to support our lifestyle, and still didn’t even get it until I graduated college with a crappy low-paying job and tons of credit and student loan debt. But in thinking back to the biggest misconception I had about money as a kid, I came up with this:

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banking
18
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Ask The Readers: Where Do You Bank?

Alright guys and gals, I need your help on this one. With banks closing left and right and their fees going up, many people are changing where they do their banking, either by force or by choice. Even though I live 23 miles from the closest Bank of America, I still have my main checking and a small savings account there. (My emergency and other savings is at ING, my stocks are held at Scottrade, my mutual funds at T.Rowe Price, and some loaned out money at Lending Club.) If I need to make a deposit, I just mail it in or make the trek to the bank. There is a local credit union here open to anyone that I would actually prefer to bank with, but the reasons I have stayed with them are three-fold:

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banking
3
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AIG Wants To Use A Charity Endowment To Pay Bonuses.

Seriously, I don’t know how much more of this I can take before my head falls off. I am so done hearing about these “poor” executives and their million dollar bonuses. Why would any company, who was actually interested in doing well, need to retain people (with our money too, mind you) who drove it into the ground in the first place? Really?

Insurance giant AIG is trying to seize a $490 million charitable endowment — and claw back $27 million it already awarded to New York charities — to pay executive bonuses. The endowment, called Starr International Foundation, is run by former AIG chairman Hank Greenberg, and has given millions to the Sept. 11 Memorial and Museum, Citymeals and other local groups.

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banking
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