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Updated on Friday, November 14, 2014
In our weekly Fine Print Alert we call out any good 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 Bank increases mobile check deposit limit…
Ally Bank increased their eCheck deposit limit to $50,000 per day or $250,000 every 30 days. So, if grandma sends you an extra big check for your birthday this year, you can deposit it with ease into your savings, checking or money market account.
CFPB cracks down on prepaid debit card space…
Our friends at the CFPB are looking to protect prepaid debit card enthusiasts by proposing ways to protect cardholders against lost or stolen funds while simultaneously making it difficult to borrow money (go overdraft) with a prepaid card.
“We are proposing to give consumers the basic protections, including safety of the funds, they have come to expect when they pull a debit card out of their wallet or shop online with it,” said CFPB Director Richard Cordray.
MAGNIFYMONEY IN THE NEWS
- The Greenville News: Financial workshop to teach local leaders the value of ‘ditch and switch’
FAVORITE READS FROM AROUND THE WEB
- Textbook Arbitrage: Making Money Off Used Books – On the most recent episode of our show, we told you the story of two guys who think they’ve found a guaranteed way to buy low and sell high. Their secret strategy — buying and selling used textbooks. – Planet Money’s David Kestenbaum interview the two men who share their money-making tactics.
- Shark Tank’s Barbara Corcoran: ‘Failure is what I’m best at’ – Seven years later, Corcoran and Simon had built a business that included 14 real estate rental agencies in New York City. Then Simon came home and said he was going to marry her secretary. “I thought I would die,” she told the crowd. “And I really thought about giving up.” Instead, she took half the business and seven salespeople with her. As she walked out the door, Simon said to her, “You know you’ll never succeed without me.” – CNN Money reporter Jillian Eugenios shares Corcoran’s rise to success.
- Younger Generation Faces a Savings Deficit – After a flirtation with thrift after the recession, young Americans have stopped saving. Adults under age 35—the so-called millennial generation—currently have a savings rate of negative 2%, meaning they are burning through their assets or going into debt, according to Moody’s Analytics. That compares with a positive savings rate of about 3% for those ages 35 to 44, 6% for those 45 to 54, and 13% for those 55 and older. – Wall Street Journal reporter, and millennial, Josh Zumbrun investigates why millennials aren’t saving.
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