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Fine Print Alert: LendingClub Makes an Interesting Partnership

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Fine Print Alert: Lending Club Makes an Interesting Partnership

 FINE PRINT ALERT

LendingClub teams up with smaller banks…

More than 200 community banks have signed a deal with LendingClub for helping pitching consumer loans. Even though LendingClub should be considered a rival, these banks are looking for help getting back into the unsecured consumer loans business after losing customers to bigger banks. LendingClub will send direct mail with a co-branded partnership to community bank customers and then share in some of the revenue from any converted loans. The community banks hope customers will remain loyal to the branches for other products like mortgages and small business loans.

Read more about the deal on the Wall Street Journal. 

 Fifth Third Bancorp to close approximately 100 branches…

Fifth Third Bancorp will be closing about 100 branches and 30 other properties. Not surprisingly, this move comes as the popularity of online bank continues to rise. Reducing branches is expected to save about $60 million a year.

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  • Can I Really Negotiate My Doctor’s Bills? Every procedure has a unique billing code (a unique five-number code you’d find on your doctor’s or hospital bill next to the service). Once you’ve got the right code, that makes it easier to call around to compare rates. Mandi Woodruff offers other ways to negotiate a doctor’s bill on Yahoo! Finance.
  • The Short Stories We Tell Ourselves About Everyday Spending I love a good story. In fact, I used to tell myself at least one new story every time I opened my credit card statement. “Oh,” I’d say to myself, “I was so busy last month, it makes perfect sense that I ate out a dozen times. I’ll just eat out less next month.” Carl Richards explains how we all make up stories when the credit card statement gets opened in this week’s New York Times Your Money column.
  • Three Retirement Loopholes Seen Likely to Close There are plenty of tips and tricks to maximizing your retirement benefits, and more than a few are considered “loopholes” that taxpayers have been able to use to circumvent the letter of the law in order to pay less to the government. But as often happens when too many people make use of such shortcuts, the government may move to close three retirement loopholes that have become increasingly popular as financial advisers have learned how to exploit kinks in the law. Liz Weston details 3 retirement loopholes we may be saying good-bye to soon on Reuters.

 

Advertiser Disclosure: The products that appear on this site may be 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 financial institutions or all products offered available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]

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Fine Print Alert

Fine Print Alert: How to Crush Credit Card Debt

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Fine Print Alert: How to Crush Credit Card Debt

BIG NEWS FROM MAGNIFYMONEY

Co-founder Nick Clements is now a published author and part of the Forbes Signature Series. If you feel trapped in credit card debt, and want help building a plan to become debt-free, this book is for you. “Secrets from An Ex-Banker: How To Crush Credit Card Debt” is now on sale at Amazon and iBooks.

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OUR FAVORITE READS FROM AROUND THE WEB

  • The Pros and Cons of Sharing Your Money Goals After Matthew Robinson heard about Linkagoal, a social networking site for people who want to share their goals, he decided to join. He posted that he wanted to start a clothing brand, and soon afterward, heard from a friend on the site who said he could help him with that. He began sharing more goals, from taking his dad to a San Francisco Giants game to getting an A on a final exam, and felt motivated by the encouragement from others on the platform. Learn more about sharing your money goals from Kimberly Palmer on US News.
  • Odd Couples: Why Partners Do Not Talk About Salaries When Kristi Sullivan quizzed her husband about how much money she made last year, the Denver financial planner was shocked to discover he was off by a wide margin. Although they have been married for 18 years, with two kids, her hubby missed the mark by $8,000. Chris Taylor of Reuters shares findings about just how many couples don’t know about their partners’ salaries.
  • Why Affluent Parents Clam Up About Their IncomesThe survey offers six possible reasons (and “other”) why people may not want to discuss their income with their children. Far and away the most popular response was “It’s none of their business,” with 32 percent. An identical number responded the same way to the question about why they may not be disclosing their net worth. This most popular of responses may also be the worst possible one. Ron Lieber of the New York Times shares why parents of all socioeconomic levels should be talking to their children about the family finances.

Advertiser Disclosure: The products that appear on this site may be 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 financial institutions or all products offered available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]

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Fine Print Alert

Fine Print Alert: Abusive Overdraft Fees

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

fineprintalert-full

FINE PRINT ALERT

Banks generate $30 billion in abusive overdraft fees… 

This isn’t the first time we’ve harped on overdraft fees and it certainly won’t be the last. Despite the increased regulation and attempts from the CFPB to crack down on overdraft fees, banks managed to rake in $7.65 billion in the first three months of 2015. Overdraft fees have been reduced by 4% compared to 2014, but are still expected to bring in $30.6 billion in 2015.

Read more about when overdraft fees are considered predatory. 

MAGNIFYMONEY IN THE NEWS

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[Student Loans Edition]

  • Paying off student debt or saving for retirement — which comes first? – Your student loan bills may be overwhelming, but don’t give up on saving for retirement quite yet. First, do what you can to reduce your loan payments. Lots of people don’t realize that they can qualify for an income-based repayment plan. Mandi Woodruff shares the steps to paying down debt and saving for the future in Yahoo Finance’s Money Minute.

  • Lost your job? Don’t panic about your student loans – When Jesse Lambert lost his job last December, he was about a level seven for panic. After paying rent in Arlington, Virginia, the 33-year-old’s student loans for his undergraduate degree and masters in international commerce were the next biggest expense at around $450 per month. Beth Pinsker of Reuters shares the steps to take in order to keep your student loans out of default, even if you’ve lost a job.
  • Taking on student debt, and refusing to pay – Still, the ramifications of defaulting and remaining in debt deliberately are usually real and lasting. After all, the federal government spends over $1 billion annually on collection agencies to get its money back on behalf of the taxpayers who pay for the loan programs. The New York Times’ Ron Lieber overviews the consequences of defaulting on student loans.

 

Advertiser Disclosure: The products that appear on this site may be 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 financial institutions or all products offered available in the marketplace.

Erin Lowry
Erin Lowry |

Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]

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