How long should you keep bank statements?

June 30, 2024 No Comments

A: Bank statements should be retained for a minimum of one year, either in a hard copy or electronic format. After this period, they should be shredded and can be discarded. Reasons for Keeping Statements Outside of having records for purchases, bill payments and payroll

How ATM Fee Reimbursement Works (ALLY, EVER)

June 30, 2024 No Comments

A: As of 2016, many banks reimburse for automated teller machine (ATM) fees by keeping track of the charges incurred over a statement cycle, then electronically depositing the sum of those charges into the customer’s account. Online banks, most of which do not maintain physical

How do I stop emotional spending?

June 30, 2024 No Comments

Emotional spending occurs when an individual spends money for the sole purpose of improving a mood. Some reasons people engage in emotional spending are to: a) improve or maintain a mood, b) cope with stress, c) deal with loneliness, and d) improve self esteem. Individuals

How do interest rate changes affect the profitability of the banking sector?

June 30, 2024 No Comments

A: The banking sector’s profitability increases with interest rate hikes. Institutions in the banking sector such as retail banks, commercial banks, investment banks, insurance companies and brokerages have massive cash holdings due to customer balances and business activities. Increases in the interest rate directly increase

How do university endowments work?

June 30, 2024 No Comments

A: Endowments represent money or other financial assets that are donated to universities or colleges and are meant to be invested to grow the principal and provide additional income for future investing and expenditures. Typically, endowment funds follow a fairly strict set of long-term guidelines dictating the asset

Cost of Living: Texas vs California?

June 30, 2024 No Comments

A: Texas and California are two of the largest states in the union, both in terms of population and geography. The cost of living can vary significantly between individual counties or cities within either state. That said, the average Californian faces higher costs of living

Do certificates of deposit help build credit?

June 30, 2024 No Comments

A: A certificate of deposit (CD) is a financial product that is similar to a typical savings account, and is offered by banks, credit unions and other financial institutions. The Federal Deposit Insurance Corp. (FDIC) and the National Credit Union Association (NCUA) are organizations that

Do checking accounts have beneficiaries?

June 30, 2024 No Comments

A: Banks do not require checking account holders to name beneficiaries to the accounts. If a person wants to name a beneficiary of his checking account in the event of his death, he lets the bank know the person’s name. The bank then converts the

Can certificates of deposit (CDs) lose value?

June 30, 2024 No Comments

A: Certificate of deposit (CD) accounts held by consumers of average means are relatively low risk and do not lose value. This is because CD accounts are FDIC insured up to $250,000. However, early withdrawal from a CD account can result in getting less money

Can creditors garnish my IRA?

June 30, 2024 No Comments

A: Depending on the state where you live, your IRA may be garnished by a number of creditors. Unlike 401(k) plans or other qualified retirement savings vehicles, individually established traditional or Roth IRAs are not covered under ERISA. While employer-sponsored retirement plans are 100% protected

All Rights Reserved