Best plan of action for your money- Stay Put Posted by money mom at 09/29/08 10:58 AM

We understand that it is nerve wrecking to hear about bank failures and government bailouts, but rest assured, your money is safer where it is than in a shoebox under the bed.

comments (0)

Bailout: Who gains, who pays? Posted by Gail H at 09/23/08 11:46 AM

What do you get for $700 billion? Banks don't go under? What about those empty houses in so many neighborhoods? Consumers Union says that any bailout should be designed to stabilize neighborhoods, not just banks, by stopping the foreclosures. We think that the way to do that is both with new powers in bankruptcy courts and with special rules to make it easier to restructure a mortgage whenever the federal government has bought any interest in that mortgage. We say taxpayers should share in the benefits of any increase in stock price of bailed out investment houses and banks, and that there must be limits on big bonuses and severance packages for the executives who led their companies, and our country, into this mess. We want strong oversight of any bailout process, and real long-term mortgage reform. We also want rules for how the federal government later sells the "troubled assets" it buys back into the market, so that the bailout doesn't leave us a few years from now with a new form of "zombie debt." Zombie debt is outdated debt that shows up much later. Read Consumers Union's statement: http://www.consumersunion.org/pub/core_financial_services/006177.html

comments (8)

Is my money safe? Posted by money mom at 09/16/08 05:46 PM

Bank accounts are insured for $250,000 under federal deposit insurance, and most brokerage investments are protected by a private scheme for losses of up to $500,000, but your money might not be protected if you have money on a retailer gift card or this month’s paycheck on a prepaid card.

comments (5)

Gift Cards: The gift that can stop giving Posted by money mom at 09/12/08 11:33 AM

Who doesn’t love the idea of gift cards? They are quick, easy to find, and there seems to be one for every retailer under the sun.

comments (0)

New report grades banks, insurers and brokers on financial privacy. Posted by money mom at 09/02/08 11:16 AM

The Consumer Federation of California Education Fund, a nonprofit not affiliated with Consumers Union, has issued a “Financial Privacy Report Card,” describing the privacy policies of banks and other financial institutions doing business in California.

comments (1)