American Express is offering a new checking account and debit card alternative with Walmart called Bluebird. A key benefit of it is that it will never overdraft. Add Cash at Walmart Adding cash to the Bluebird account at Walmart is free. This can be a good way to deposit cash. Walmart is open in evenings […]
BBVA Compass Build My Savings Match Bonus: Effectively 6% Return FDIC Insured
[Update in October 2015: BBVA changed the terms of the Build My Savings account. Accounts opened before July 2015 are still on the old terms described here. New accounts have a maximum transfer period of 12 months and a maximum match bonus of $50.] I updated this post I first wrote a year ago. I […]
Low Early Withdrawal Penalty On a CD Is Not Worth It
When the yield on a CD with a lower early withdrawal penalty is meaningfully lower, go for the CD with a higher yield even though the early withdrawal penalty is larger.
Is Gas From Grocery Store Considered Gas Or Grocery For Credit Card Rewards?
Do you buy gas at a grocery store? Many grocery chains found that gas is a major attraction to get people into their stores because people are irrational about minor differences in gas prices. Grocery stores usually sell gas at prices slightly lower than the competition. When people go there for gas, many will get […]
A Basic Checking Account That Pays More Than A High Yield Savings Account
The Fed’s keeping interest rate low with QE3 will change a lot of things. I thought of one more habit change after I finished the previous post 3 Good Money Habits Going Obsolete In a Low Interest Rate World. Old Habit: Earn Interest From Money On Deposit New Habit: Get Paid For the Banking Relationship […]
3 Good Money Habits Going Obsolete In a Low Interest Rate World
People form money habits over many years. Many of these habits are passed down from generation to generation as good ways to manage one’s money. Sadly some of these habits are going obsolete in the current low interest rate world. They made more sense when interest rates were high. They matter very little when interest […]
How To Deposit Cash To Online Bank Account
Do you use an online checking account such as Ally, Capital One 360, USAA, Fidelity, or Schwab? If you do, here’s a challenge: How do you deposit cash to it? It would be cheating if you first deposit the cash to a local, brick-and-mortar bank and then transfer it to your online bank. In that […]
Not Necessary to Tell Banks About International Travel
Urban legend says you must notify your credit card or debit card banks before you travel internationally so that they won’t block your cards. I used to believe it. Every time before I left, I would religiously call the banks and tell them the dates and the countries I was going. This last time when […]
Who Use Prepaid Debit Cards
Suze Orman got into some hot water for her exchanges with bloggers on Twitter. Suze Orman launched a prepaid debit card. Bloggers correctly pointed out it’s not good. Suze defended herself by calling a blogger idiot. She later had to apologize. I think bloggers are too worried about the success of Suze Orman’s The Approved […]
Retail Banking Oligopoly
During the brouhaha over the $5-a-month debit card usage fee, this article came to my attention: Banking Has Become an Oligopoly Instead of a Competitive Business. It said banking is now an oligopoly, and therefore switching banks will not work because banks are not in a competitive market. “Banking is not really a competitive industry. […]
Irrational Sensitivity to Service Price Increases
I wrote about people’s irrational sensitivity to gas prices some time ago. This time I’m writing about people’s irrational sensitivity to service price increases. In each case, we are not talking about a lot of money. There are values behind each service. Still, people complain vehemently about the price increases. Debit Card Fees News came […]
Mysterious Check In the Mail
I owed a friend some money for some shared expenses. I used Fidelity’s online bill payment service to pay him because he doesn’t have a PayPal account and I was too lazy to find an envelope and a stamp. A few weeks passed and I still don’t see the check hitting my account. Fidelity uses […]