Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Ally Gets Straight A’s

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Ally Gets Straight A’s… 

A recent Pew Charitable Trusts study has Ally topping the charts as the friendliest bank for consumers. The study focused on disclosing fees, handling overdrafts and resolving disputes. Of the reviewed banks, Ally was the only one to receive perfect scores in the seven analyzed categories.

Read more about the study and results here.

MAGNIFYMONEY IN THE NEWS

FAVORITES FROM AROUND THE WEB

How to Understand that Confusing Financial Aid Letter As it stands, there is no one-size-fits-all financial aid award letter, which can make it tricky to compare more than one school’s cost of attendance to another. The government recently set up a college cost comparison tool to help, but even so, it’s not much help if families have to translate their student award letter into plain English first. Mandi Woodruff breaks down the financial aid letter on Yahoo! Finance.

How the Average Worker Throws Away $1,300 a Year One in four employees missed out on at least part of the match, according to the report. For the average employee, the missed opportunity is equivalent to turning away a check for $1,336 each year. The Washington Post‘s Jonnelle Marte overviews how to ensure your retirement account is reaching its full potential.

This Is How I Paid Off my Student Loans by 25 A few weeks ago I requested my loan payment information from SallieMae so that I could pull the curtain back on exactly how I paid my loans off so quickly. Unfortunately they only provided me the information for my last 50 payments (maybe I didn’t pay enough in interest for my complete payment info?), but it should paint the picture pretty well. The Millennial Money Man shares his debt repayment story on his blog.

 

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS: ,

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Chase Hiking Fees and L.A. Sues Wells Fargo

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

May 8, 2015

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

 Chase Hiking Fees on Checking and Savings Accounts…

Chase will be increasing fees next month in 16 states. The monthly service charge on savings accounts will be increasing one dollar, from $4 to $5. The states impacted by the changes are: Arizona, Colorado, Connecticut, Illinois, Indiana, Kentucky, Louisiana, Michigan, New Jersey, New York, Ohio, Oklahoma, Texas, Utah, Wisconsin and West Virginia. Checking account fees in California, Washington and Oregon will be increasing by $2 to $12 a month.

These fees can be avoided by jumping through a few hoops. Savings accounts must maintain a minimum daily balance of $300 or have an automatic monthly transfer of at least $25 from a Chase checking account (so not a direct deposit from a paycheck). Checking account customers need to have direct deposits of at least $500 a statement period or have a daily minimum balance of $1,500 to avoid a charge.

The City of Los Angeles Sues Wells Fargo…  

Los Angeles City Attorney Mike Feuer filed a lawsuit against Wells Fargo for fraudulent conduct. The lawsuit alleges that Wells Fargo created a high-pressure sales culture with unrealistic quotas which encourages employees to engage in fraudulent activities in order to hit targets, protect their jobs and pad the company’s bottom line.

Read more about the lawsuit here. 

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

With Children, Talking Money means Talking Values But then came the money questions, early and often, about why some people had a summer house and why we didn’t have a basement with toys in it like her cousin did. These were much harder to answer; to me they cut to the core of the choices we had made as a family and, ultimately, our values. New York Times columnist Ron Lieber analyzes how to foster a child’s curiosity when it comes to money.

How to Start Over, Financially Since her 20s, Laure Justice, a copywriter in Mansfield, Ohio, has struggled to get on top of her debt. Some payments, including old medical bills, went into collections and hurt her credit score. A few years ago, she started tackling them one at a time. “I picked the smallest one first and focused on it,” she says. Over the past two years, she has successfully paid off the debts in collections, and in the process, she raised her credit score by 130 points. “It was just about sitting down and making out a budget and figuring out where and how to save,” she says. Kimberly Palmer overviews 8 strategies for building up your financial life in US News and World Report.

Another spurious bank fee: $12 for depositing a check that bounces Brian Baltow of Thousand Oaks recently received a check from a client for $120. Unfortunately, the check bounced. Baltow’s bank, Bank of America, returned the check to the guy who wrote it. And it dinged Baltow with a $12 fee.”They said it was my responsibility to check that the person writing the check had sufficient funds in his account,” Baltow, 76, told me. This, of course, is nuts. David Lazarus of the Los Angeles Times does some digging into the returned-check fee

The information related to Chase Savings Accounts has been collected by MagnifyMoney and has not been reviewed or provided by Chase.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS:

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: CFPB Fines Regions Bank

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Overdraft with Regions Bank? You may be getting some money back…

This week, the CFPB announced it will be fining Regions Bank 7.5 million dollars for unlawful overdraft practices. The bank had been charging consumers who had not opted into overdraft coverage as well as charging overdraft and non-sufficient funds fees on its deposit advance product despite claims that it would not. The bank is required to pay back all consumers affected by its practices and this isn’t the first time. Regions Bank has already paid out over $49 million in refunds to customers previously impacted by deceptive practices.

Read the full announcement on the CFPB website.

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

Navigating the Thickets of Student Loan Counseling – And over the last two years, the nonprofit group TG, which collects payments on older federal loans and tries to keep borrowers out of trouble, has done its own examination of the government-supplied counseling lessons. It, too, had some tough-love analysis after it watched students put themselves through the process. Its reports note that students find much of the material “irrelevant” and that the government “assumes users know things they do not (and often cannot) know.” Ron Lieber shares insights into the student loan counseling process for the New York Times.

5 Foolproof Ways to Save for People Who Don’t Like to Save – Without a doubt, saving money takes discipline – and some of us are more disciplined than others. If you know you need to save but are having trouble actually doing so, there are several tools that can make it easy. We asked personal finance bloggers and money experts to share their favorite ways to automate savings. Cameron Huddleston shares the results on Kiplinger.

Biggest 401(k) blunder millennials makeThink of retirement savings as a huge bucket of water, into which retirement savers (employees) and plan sponsors (employers) pour hundreds of billions of dollars a year. As the bucket fills up, savers become more and better prepared for living out their later years in comfort. That’s the good news. The bad news is that this bucket also has three holes in it, each of which causes savings to “leak” out — cash-outs, hardship withdrawals and loans. Cash-outs are by far the largest form of “leakage” (an industry term for retirement savings that prematurely leave the system). Spencer Williams shares strategies to evade retirement blunders on MarketWatch.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS:

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Discover’s Personal Loan Growth and FHFA Changes

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Discover gets aggressive in personal loans…

Discover has been quietly building a personal loan portfolio that is now $5.1 billion in size. Lending Club, which has received a significant amount of press, has originated over $7.6 billion since it was launched in 2007. In the small market of personal lending, Discover is a meaningful player.

The team at Discover launched the product in a very intelligent way. At first, they started by cross-selling loans to their existing credit card customers. By doing this, Discover kept acquisition costs low while building risk models and infrastructure. Now, Discover is expanding into the open market, accepting applications online and via direct mail from people who may not have a Discover credit card.

Read more about Discover’s 2015 earnings and earning potential in this blog post.

FHFA changes mortgage fees, but nothing really changes for consumers…

In the Friday announcement, the FHFA eliminated the 25 basis point upfront adverse market charge. This fee was implemented in 2008, and impacted all government-backed mortgages.

However, for most borrowers there will be no change at all, because the following mortgage fees changes were also made:

  • For borrowers with both an LTV of less than 80% and a credit score above 700, the standard upfront fee will increase by 25 basis points. In other words, the adverse market fee is removed, but the upfront is increased by the same amount.
  • The upfront fee will increase by 37.5 basis points for cash out refinances, investment properties and loans with simultaneous second financing (often called “piggy-back” loans). If a loan falls into more than one category (for example, cash out on an investment property), the increase can be more than 25 basis points
  • For jumbo conforming loans, the fee increases by 25 basis points. Jumbo conforming loans are greater than $417,000 and are offered in certain high-cost locations.

For most borrowers, there will be no change to the price that you are paying for a mortgage.

The impact will only be felt by borrowers who have investor properties, are looking to take cash out, or are using a second mortgage as a down payment.

Read the full article on the FHFA announcement here.

FAVORITE READS FROM AROUND THE WEB

  • Why get scholarships is bad advice If you have financial need, colleges typically deduct the amount of so-called “outside” scholarships from the free aid such as grants and their own scholarships that they otherwise would give you. Schools don’t have to reduce the loan portion of your package unless your outside scholarships exceed the grants and other free aid they were planning to bestow. Liz Weston explains how to make school more affordable on her site Ask Liz Weston.
  • How to prioritize retirement savings? Try these 3 stepsYour first priority when it comes to saving for retirement should be to make sure you’re putting away enough money. But once you’ve earmarked a percentage of pay for retirement savings, where do you put it? Research shows that if you start saving 15 percent of your pay when you’re 35, you should have enough money by age 65 to live comfortably in retirement. Sharon Epperson covers the best way to create a tax-triangle in her story on CNBC.com.
  • Actually, young people SHOULD invest in their 401(k) plans The earlier you begin saving for retirement, the more you can take advantage of compounding. The money that you start saving in your twenties will start accruing interest, and then that interest will accrue interest of its own, leading to an exponential growth in the size of your account.To see why it’s a good idea to start saving in your 20s, consider the following thought experiment. Read Andy Kiersz’s full argument on Business Insider.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS:

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Discover Rolls Out New Credit Card Feature

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

 FINE PRINT ALERT

Just Freeze It…

Misplace your Discover credit card? Don’t fret, you can “freeze it.” Discover recently rolled out a Freeze It feature to customers, which enables them to put a freeze on a card and prevent any new purchases or cash advances from being completed. An alert will also come through to the customer if a transaction is attempted and declined while the card is frozen. Automated bills will continue to process as well as online purchases. Unlike a credit report freeze, this can be done in seconds and a simple click of a button can unfreeze a card.

Don’t forget to set up your text alerts to know if someone else is using your card for transactions!

Screen Shot 2015-04-16 at 11.25.44 AM

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

  • Are You Smarter Than a Fifth Grader About Money? So I met with the fifth graders at Potter Gray Elementary in Bowling Green, Ky., to find out if they understand the basics of personal finance and, it turns out, they do. In fact, based on my experience, plenty of them seem to have a better grasp of what it takes to manage money responsibly than many adults. Cameron Huddleston from Kiplinger shares her experience talking to fifth graders about personal finance. 
  • Where Your Tax Dollars Went Tax Day is all about income taxes, which make up nearly half of all federal revenue. Here’s a breakdown of what each of your income tax dollars paid for in fiscal year 2014. Click to see the infographic on CNN Money.
  • Pay Them Off, Thirteen Student Loan Tips Tackling student loan debt requires a money mindset makeover of its very own. The weight of the financial burden is often multiplied by feelings of failure and discouragement. When job prospects are low and salaries are not even in the range to justify— let alone cover— what you owe for your education, it can be hard to imagine yourself financially well. Brandy Camille Huff shares her 13 tips on The Budgetnista Blog.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS:

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Changes at Ally Bank and CFPB Crackdown on Payday Lending

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Big Management Changes at Ally Bank…

Big management changes at Ally Bank continue, with Barbara Yastine, CEO of the Retail Bank, resigning.

The new CEO spent his formative years at Bank of America. The question, for shareholders and customers, is whether or not he will continue living up to the Ally brand. Ally could use its brand and low-cost funding to transform other parts of the banking sector. Credit cards, personal loans and student loan refinancing are just three asset classes that could welcome Ally’s touch.

However, a quicker and easier way to increase revenue would be to increase the fees on its existing account holders. Ally Bank could also lower the interest rate on savings accounts, as Capital One did to ING customers after the acquisition.

Ally customers can only hang on and see how these moves shake out…

CFPB Makes Regulatory Changes to Payday Lending…

The CFPB established regulatory changes to how payday loans operate. The proposed changes give lenders a choice. They can either focus on prevention of debt traps, through better underwriting. Or, they can choose to protect against debt traps, by making product changes. There are a different set of proposals for short-term loans (< 45 days) and longer-term loans (>45 days).

Read more details here.

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

Are You Liable For Your Spouse’s Tax Mistakes? Before you file a joint Form 1040 for 2014, know this: under the principle of joint and several liability, you and your spouse will both be on the hook for up to 100% of any federal income tax underpayment for the year. It generally doesn’t matter which spouse is actually responsible for the underpayment. This is true even if the tax problem for a joint-return year doesn’t comes to light until after you’ve divorced. Bill Bischoff of Market Watch shares how to protect yourself and understand tax liability.

Move Aside Payday Lenders – We Found an Even Worse Way to Borrow Money Much like payday lenders, car title lenders make their money by charging onerous fees — a typical title loan comes with a $250 upfront fee and loans have to be repaid in full within 30 days. If borrowers can’t come up with the cash, they either sacrifice their car, or they can pay another $250 to get their loan extended. And so a vicious cycle begins. According to Pew, the average title loan borrower will wind up paying $1,200 in additional fees on a loan that was originally $1,000. Mandi Woodruff exposes the issue of title loans on Yahoo Finance.

Retire on the Road The Martins’ vagabond lifestyle may seem like a drastic way to get the extra mile out of retirement, but plenty of similarly adventurous retirees set up housekeeping full-time or part-time in Europe, Latin America, Asia or other parts of the world. To get an idea of how many, note that the Social Security Administration sends nearly 375,000 benefit payments to banks or addresses in other countries. Plus, that statistic understates the number of retirees living abroad because many expats have their checks deposited in U.S. banks. Jane Bennett Clark shares the stories of one retired couple exploring the world in their twilight years on Kiplinger.

Follow MagnifyMoney on Twitter @Magnify_Money

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS: , , ,

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Mortgages for Mobile Homes and Investigating High Interest Rate Offers

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Senators take on high-cost mortgages… 

Guidelines, written by the Consumer Financial Protection Bureau, targeting high-cost mortgages went into effect in January 2014 and have significantly reduced the availability of mortgages for people looking to purchase mobile homes. This move brought made senators reach across the aisle as two Republican and two Democratic Senators proposed a bill to relax the definition of a high-cost mortgage. The bill would change the threshold and allow the interest rate to exceed Prime by 10% for loans up to $75,000. The documentation and counseling would no longer be required on products that meet these thresholds.

Read more details here.

Are high interest checking and savings accounts legit? 

We all want our money to be earning the most it can, but it’s best to be skeptical when high interest rate offers pop up on checking and savings accounts. A little warning sign should go off when you see an interest rate offer for 6.00% APY even though the industry standard is closer to 1.00%. Sometimes these offers are legitimate, but you need to be prepared to jump through a lot of hoops in order to be eligible.

We break down how to evaluate whether or not an offer is legit in this blog post.

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

  • Finance Lab: He’s $90,000 in Debt and Six Years from Retirement English Brent Taylor is just a few years from retirement, but before he can take it easy, he needs to tackle a burden more seniors are carrying: debt. At 67, Taylor is working to pay off close to $90,000 in debt before he leaves his full-time job with the help desk for James Madison University. Jonnelle Marte shares Taylor’s story and expert financial advice in the Washington Post.
  • Do You Have Financial Vampires?  Similar to the rumor of fictitious vampires, financial vampires are highly seductive creatures that make us almost forget that we are purging our money just by being in their presence. Only the strongest of fiscally minded humans can avoid the lure of the financial vampire. Shannon McLay shares her financial vampires and how to deal with them on Financially Blonde.
  • How to Use Your Social Media Accounts to Become a Money Saving Ninja Many companies hire community managers to scour social media platforms looking for users that are either upset or have questions about their company. This became clear recently when I was responding to a fellow blogger complaining how expensive his Verizon bill was. I chimed in with my sympathy, and within minutes I had a Verizon rep tweet back at me offering to help lower my bill. Use this to your advantage—it’s a great tool to start the conversation when attempting to negotiate a lower bill. Read Kyle James’ other tips on LifeHacker’s Two Cents Blog.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS:

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Access to Free Credit Scores and Changes to Reporting Medical Debt

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT

Yay! More Access to Free Credit Scores…

USAA credit caUSAA credit scorerd customers, get excited! You now have access to a free credit score. When you log into your account, and click to view your credit card, you’ll see your credit score on the right hand side right next to your account balance. While this score isn’t the real FICO score (often called a FAKO score) it gives you a very close approximation to your FICO score. It can help you get your credit report and score back on track or keep up with your good work.

Not a USAA credit card holder? There are plenty of other ways you can find your free credit score. Check them out here.

 

Big Changes Coming on How Credit Bureaus Report Medical Debt…

It probably comes as no surprise to many of you that over half of the collection items on credit reports are related to medical debt. There is so much back-and-forth between patients, insurance companies and doctors that often times the patient doesn’t even realize a bill has gone to collections until it’s too late. Fortunately, changes are coming that should be able to help Americans out when it comes to medical debt and their credit reports.

  • Medical debt can only be put on a credit report 180 days after after the bill from the doctor. This will give the insurance company time to pay, and people time to understand the cost. Historically, collection agencies could put a collection items on credit reports at their discretion, and they would.
  • If a medical bill is ultimately paid by an insurance company, the credit reporting agency has to remove the item from the credit report. Too often, slow insurance companies ended up wreaking havoc on people’s credit reports.
  • When a consumer disputes something on their report, the agencies will have a trained employee review all documents submitted by individuals when they submit a dispute.

This isn’t an overnight change. It could be over three years for these changes to be fully adopted by the credit bureaus (Experian, TransUnion, Equifax).

Read here to find out more details about these changes.

MAGNIFYMONEY IN THE NEWS

FAVORITE READS FROM AROUND THE WEB

  • Why This Millennial Is Kissing the City Goodbye Renters in New York City have a uniquely dysfunctional relationship with real estate: The more time we spend living in some of the most desirable housing in the world, the less happy we become. Or maybe that’s just me.Tyler Tepper of TIME’s MONEY shares his financial take on why he’s making the moves to the suburbs.
  • Money for Memories  Tour life (and cruise ships, for that matter), does this weird thing where it eats your entire life but also leave you with odd gaps of time where you have nothing to do. This is always where I’ve struggled financially. So that got me thinking, what does excite me most right now? Mel of BrokeGirlRich shares why spending money responsible is what’s revving her personal finance engine.
  • Why I Used to Invest in Individual Stocks + Now I Don’t  Many years ago, I was terrified of the stock market. I thought it would steal all of your money. With depression-era parents, the anecdotal information about the stock market crash of 1929 seemed frightening. I believed that you could lose all of your money if you invested in the stock market. I started investing in my 20’s with a traditional stock broker and various versions of bonds and bond funds (and 1 stock recommended by my cousin). Barbra Friedberg of Barbra Friedberg Personal Finance shares her experiences stock picking and her transition to becoming an index fund investor.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS:

Advertiser Disclosure

Fine Print Alert

Fine Print Alert: Watch Those Small Bank Changes

The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.

Advertiser Disclosure

fineprintalert-full

In our weekly Fine Print Alert we call out news from the financial community and shine a spotlight on any sneaky changes in the fine print. We also share our favorite reads from the week.

FINE PRINT ALERT 

Small changes from Wells Fargo, Aerospace Federal, Simple and People’s United Bank…

  • Wells Fargo Visa Signature Card, Home Rebate Card and Rewards card all had purchase and balance transfer APR of 9.15% to 25.99%. Now, it’s 12.15% to 25.99%.
  • Aerospace Federal’s Platinum VISA cash back credit card’s new APR range is 4.90% to 13.9%
  • Simple – the mobile bank – has a monthly fee of $5 for anyone receiving a paper statement.
  • People’s United Bank increased their ATM withdrawal fees for Plus Checking users. Domestic ATM fees are now $3, up five cents from $2.95.

Good News for T.J. Maxx, Marshalls, Sierra Trading Post and HomeGoods Employees…

TJX Cos. plans to increase the minimum wage of all employees to at least $9 an hour by the beginning of June. TJX Cos. owns T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post. In 2016, the company stated it plans to increase wages to $10 an hour for workers with at least six months of employment.

Federal minimum wage is $7.25 per hour, but more than 50% of States set higher minimum wage rates higher than the Federal minimum.

Find more details at Bloomberg.com.

MAGNIFYMONEY IN THE NEWS

FAVORITE READS

  • Stern Advice: Don’t Wait for Washington to Protect Retirement InvestorsAfter years of lobbying by the brokerage industry, the Labor Department is leaning toward a rule that would allow conflicts, such as commissions and fund company payments to brokerages, as long as they were disclosed. So investors take note: you are eventually going to have to read all the small print, so you might as well start now. Linda Stern overviews how to be an empowered investor in Reuters.
  • How Rich People Go Broke – Toni Braxton. Pamela Anderson. M.C. Hammer. Mike Tyson. Evander Holyfield. What do these stars have in common?They all went broke. That’s what. Even one of my favorite actresses – Lena Headey – reportedly had less than $5 in her bank account after she endured a divorce in 2013. Holly of ClubThrifty shares steps to avoiding going broke at any income level.
  • How One Woman Beat Cancer and a $41,000 Debt at the Same Time – Actually, as a result of spending cuts, the couple were on track in early 2012 to wipe out their debts in nine months. That all changed, though, when Soto was diagnosed in April 2012 with advanced-stage Hodgkin lymphoma, a cancer of the lymph nodes. She had to stop working and start treatment immediately. The debt repayment plan was put on hold – but not abandoned. Cameron Huddelston shares Christina Soto’s story on Kiplinger.

Share Fine Print Alerts or Favorite Reads with us on Twitter @Magnify_Money and Facebook

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at erin@magnifymoney.com

TAGS: , , ,