Intended as a safety net, the hefty cya later pay packages can however seduce ex-employees into thinking that they can continue to spend like everything is hunky-dory—until the reckoning comes.

Commenter Coles_Law put it best:

"Mr. Joegriner, 44 years old, has had several offers. He's turned each down in hopes of landing a position comparable to what he held before."

+

".By Mr. Joegriner's own calculations, the family will be out of money in six months if he doesn't find work."

= *head explodes*

Life on Severance: Comfort, Then Crisis [WSJ] (Photo: JoshuaDavisPhotography.COM)

Basically what you do is send back a professional letter to the address on your denial. State your case, and why you're a good credit risk. Point out the specific factors in your credit history that show you are a good debtor. This is what Frugal Travel Guy's letter looked like:

To: Blah Blah Blah

RE: Credit Card Reconsideration Request

To Whom it May Concern:

I was surprised to receive an online denial of my recent SPG Amex card application reference # 123456987654.

I am asking you to reconsider your decision based on the following facts:

My wife and I are both employed full time as professionals and have an annual income in excess of $___________.

Although our past credit is limited, you can see from our credit report, we have never missed a payment or been late. I know, as I checked my credit score just before applying for your card to insure it's accuracy. I note the current credit score is 745 which is better than over 55% of the public and is considered good credit by the credit reporting agency.

We are not heavy users of credit and never plan to be, but have heard from many sources that your card is the best rewards card on the market today, and we believe we are responsible credit risks and deserve a chance with your card.

We do not need a large credit limit and would be happy with a small credit line at first to prove to you our reliability.

Although I am not including our most recent paystubs, I can send them to you if you need them.

I look forward to your reconsideration and receipt of my new Starwood Preferred Guest Amex card.

Respectfully

Josh Xxxxxxx

And it worked, his son was approved after they got this letter.

Have you ever tried a reconsideration letter? How did it go?

I'm Proud of Me Today a Successful Reconsideration Letter [Frugal Travel Guy] (Photo: the prodigal untitled13)

A new study says yes.

American researchers conducting a study overseas teamed up with banks to send text messages to consumers to remind them to save. There was a 16% increase in savings account balances by the cohort that got messages pointing out how the bank offered specific incentives for consistent deposits.

However, the messages that pointed out the bad things that could happen if you don't save money did not affect the amount of money saved.

This could be a good strategy for US banks looking to shore up deposits (provided the service was opt-in, of course). Another idea is that you could program some self-help messages, personal finance or otherwise, into some kind of automated online text message service to help you reach your goals. I would probably use the calendar function on my phone because it pushes meeting reminders to the front of my phone.

What messages would you send yourself? What service would you use to do it?

Text Messages: Bad 4 Grmr, Good for Savings [WSJ via Consumer Reports Money Blog] (Photo: sfxeric)

9. There are very few aspects of your life that cannot be changed.
8. Karma always comes around.
7. The more time you spend improving and educating yourself, the better your personal and financial life will be.
6. Blaming others for your problems is a dead-end road.
5. The fewer unsupportive people you have in your life, the better off you are.
4. The more supportive people you have in your life, the better off you are.
3. The most valuable resource in the world isn't money, it's time.
2. The second most important part of personal finance is setting clear, concrete goals.
1. The single most important part of personal finance is truly knowing yourself.

Pretty meta, but once you think about it, it's our choices and behaviors and lifestyle that have the biggest impact on our bank account, rather than getting the one with the best APR or being the super-best at using online coupons.

Do you agree with this list? Is there anything you would add or take away?

The Ten Most Important Things I've Learned About Money and Life Since Starting The Simple Dollar [The Simple Dollar] (Photo: sawyer87)

"Extended Unemployment Benefits: F.A.Q." [New York Times]
(Photo: Kapungo and laurenatclemson)

Once the vet joins, their spouse and children are eligible for membership as well.

Here's the official word on who can join now:

Military personnel

* All current members of the U.S. Armed Forces, active duty, Guard and reserve, as well as those who retired or honorably separated in the past, regardless of dates or branch of service (Army, Air Force, Navy, Marine Corps and Coast Guard).
* Cadets, midshipmen, and officer or warrant officer candidates in government-sponsored programs leading to a commission.

Family members

* Adult children, widow(er)s, and un-remarried former spouses of USAA members.
* Widow(er)s of officer and enlisted personnel who were killed in action while eligible.

USAA wins rave reviews because of it's awesome customer service and because they don't try to rip people off. Also, they let you deposit checks by taking a picture with your iPhone or scanning and uploading them.

Even if you don't qualify based on the above, you can still take advantage of USAA's basic checking and savings services.

[Press Release] (Photo: hectorir) (Thanks to Chad!)

What you're doing is actually settling the debt for less than you owe. As such, the lender will probably report the debt as "settled" rather than paid. Often it's more important to get the debt off your back than to maintain a pristine credit score, but you should just be aware you might incur a ding. But don't let that stop you from getting debt-free if that's what it takes!

Negotiating reduced payments can hurt credit scores [Ask Max] (Photo: Colin Tobin)

Boost your 401k contributions
Make the most of your flexible spending account
Buy a house
Buy a car
Sell losing investments
Maximize your tax credits and deductions
Pay college bills
Give to a charity
Max out tax breaks for the self-employed
Keep track of medical expenses

Ok, we didn't say they were ten good suggestions. Anytime you have to spend a few hundred thousand dollars (like to buy a house) to get an $8,000 tax credit, it's probably not a good deal. Then again, if it's a question of buying now or a few weeks from now, get a move on and save yourself eight grand!

To give them credit, there are several that make good sense — many people can benefit from boosting their 401k contributions, making the most of flexible spending accounts, selling losing investments (anyone out there have any?), and giving to a charity. Pretty basic ideas, but if nothing else, this piece reminds us that the year is ending soon and any appropriate tax-reducing measures we want to take need to happen quickly.

10 ways to lower your 2009 taxes now [MSN Money]

— FREE MONEY FINANCE (Photo: The Consumerist)

Mint founder Aaron Patzer, who is now the new vice president and general manager of Intuit's Personal Finance Group, told TechCrunch, "Over the next 6 to 9 months we will end-of-life Quicken Online and their customer's data will be migrated over to Mint." Patzer also talked a little about what Mint might look like in the future, as Intuit weaves products like Turbo Tax into the service:

Patzer has other ideas for connecting Mint and TurboTax as well: "What I want to do is to take your stock transactions and everything you've tagged in Mint as a medical expense or business expense and push that over to see if you should itemize deductions. If we pull in your 1099s and deductions, we have done half your taxes for you. We could reduce the time it takes you to do your taxes to 20 minutes or less."

"Mint's Aaron Patzer: "We Will End-Of-Life Quicken Online" In Six to Nine Months" [TechCrunch]

Why would they do such a thing? Not just for the sake of greed. It's because of their "buy one Blackberry, get one free" promotion for the holidays. WIthout the ETF hike, this could have led to an exciting new way to subsidize your purchase of a sexy new Tour: get another Blackberry of any type on the second line, cancel it, eat the $175 ETF, sell it on eBay and profit from the difference. Instead, there's now a $350 ETF, which will decrease by $10 for every month that the phone is activated.

Confirmed: Verizon Wireless to charge up to $350 early termination on "advanced devices" [Boy Genius Report] (Thanks, GitEmSteveDave!)

(Photo: Honou)

— FREE MONEY FINANCE (Photo: EricGjerde)

Everett wrote in how Capital One called him up and said, "due to the changes made by [the Card Act], Capital One would have to deny any charges that goes over your credit limit starting in February of 2010. However if you want to maintain the ability to go over your credit limit you could opt to have your account stay the same as it is now. Your fee for going over your credit limit would be dropped to $29 (from $39) if you chose to do this."

What's up is that the new CARD act says that if you're going to charge overlimit fees, customers have to opt-in to it. Most credit card companies have chosen instead to drop overlimit fees entirely. Capital One is actually trying to get permission here, they're just misleading in saying that they have to "deny any charges that go over your credit limit starting February 2010. In reality, after Feb 10. Capital One has to stop charging this consumer fees for any overlimit transactions.

So you're not giving up all your rights, you're opting in to overlimit fees. I'm sure there's some subset of the population that enjoys paying fees, so I commend Capital One for developing a product line that addresses their needs.

PREVIOUSLY: Capital One: Waive Your Rights, Get $10 Off Your Next Overlimit Fee!

# Bought and converted into high-yield bonds tens of thousands of mortgages from subprime lenders that became the subjects of FBI investigations into whether they'd misled borrowers or exaggerated applicants' incomes to justify making hefty loans.

# Used offshore tax havens to shuffle its mortgage-backed securities to institutions worldwide, including European and Asian banks, often in secret deals run through the Cayman Islands, a British territory in the Caribbean that companies use to bypass U.S. disclosure requirements.

# Has dispatched lawyers across the country to repossess homes from bankrupt or financially struggling individuals, many of whom lacked sufficient credit or income but got subprime mortgages anyway because Wall Street made it easy for them to qualify.

# Was buoyed last fall by key federal bailout decisions, at least two of which involved then-Treasury Secretary Henry Paulson, a former Goldman chief executive whose staff at Treasury included several other Goldman alumni.

Whether this really constitutes fraud depends on who knew what, and when did they know it.

How Goldman secretly bet on the U.S. housing crash [McClatchy] (Photo: C. Barr)

All-Hallow's is when the spirits come out, and come out they did; In the largest banking failure since WaMu, massive commercial lender CIT filed for bankruptcy. 9 US banks were also seized on Friday, bringing the number of banks that failed in 2009 to 115.

I know, I know, but you just need to be patient America. Exorcism is a process.

Nine U.S. banks seized in largest one-day haul [Reuters]
CIT Group Files Bankruptcy, Seeks to Reduce Debt [Bloomberg]
(Photo: peasap)

Everett writes:

The person on the other end of the phone informed me, "due to the changes made by [the Card Act], Capital One would have to deny any charges that goes over your credit limit starting in February of 2010. However if you want to maintain the ability to go over your credit limit you could opt to have your account stay the same as it is now. Your fee for going over your credit limit would be dropped to $29 (from $39) if you chose to do this." I find it interesting that I can waive federal law applying to my credit card account for a potential savings of ten dollars. Comparing that to everything I'd lose out on, I decided to "opt in" for the law to apply to me.

I was also told I could "change my mind at any point, and give Capital One a call to let them know."

Actually, this is brilliant. Some people don't need the government telling them they can't live outside their means and they should be able to claim a discount for being a more profitable credit card customer.

I am curious whether "have your account stay the same as it is now" means that you would opt out of ALL of the CARD act provisions, or whether it's just the overlimit fee part.

UPDATE: Turns out that this is just about getting people to opt-in to overlimit fees: Update: Capital One: Waive Your Rights, Get $10 Off Your Next Overlimit Fee!

(Photo: helgasms!)

Some airlines are adding on credit card transaction fees at the time of ticket purchase that far exceed their actual cost, and are only disclosed at the very last stage of the purchase process. Spirit charges $4.90 for the favor of running your plastic, and Allegiant charges $14. With American Airline's laser eye on the bottom line and US Airways trying to do everything Spirit does, might this become the latest fee fad for the struggling airline industry? Christopher Elliot thinks so.

(Thanks to Rebecca!) (Photo: Cranky Media Guy)

Fees like:
$1.75 for each ATM withdrawal
$1 for each ATM balance inquiry
$.50 for each purchase
$4 monthly maintenance charge


Prepaid debit cards are a way for people who can't or won't get a banking account to do ATM withdrawals, make purchases online and to buy stuff without carrying cash around. But the hidden fees and sparse regulation can mean the unbanked get jacked once again.

The real cost of prepaid debit cards [FST] (Graphic by GDS Digital)

TD Bank says Chase has it. Chase says TD has it. Oopsies!

Greg and Dmitry write:

Dear Consumerist,

We've been having a real nightmare with TD Bank in the past week, not to even mention the basic delays we've experienced since late September. We don't know what to do.

We are a small web design company. We don't have thousands and thousands of dollars in the bank. But we work hard and expect our money to be protected.

We wrote a check to one of our employees on October 12th. He deposited it on October 13th. On October 14th he received a letter from his bank (Chase) saying that the money was being held. He can see the money in his account, but cannot access. The $1800 has left our account.

We've called our bank (TD Bank) to see where the money is, they tell us Chase has the money. Our employee calls his bank, they tell him TD Bank has the money. We've spent hours on the phone talking to employees who can't seem to think of anything besides what's displayed on their computer screen.

The banks won't talk to each other because Chase will only talk to the account holder, and they refuse to do a 4 way call to get us all on the line.

Yesterday, my business partner and I went into our branch to find out there was a 2 hour line to speak to someone. We had to leave.

Today we came back and noticed there was no line. Why wasn't there a line? Because the computer system is down.

We then noticed that the LCD screens displaying promos for the bank had an interesting error in the middle of the screen. Their Norton AntiVirus subscription had expired

This is all so frustrating. We don't know what to do. We want to close our account with TD Bank, but feel we can't because then they really won't help us retrieve our lost funds.

Any advice would be greatly appreciated.

Thank you,
Greg & Dmitry

Is this yet more fallout from the TD Bank and Commerce Bank data merger leaving massive amounts of transaction backed up? Or something else? The last reader we posted about a href="http://consumerist.com/5382687/td-bank-mans-100000-misplaced">had $100,000 in limbo, and it took him walking into the bank and mentioning how he was thinking about filing a police report to clear things up.

Though banks are within their rights to place holds on the funds, and can take up to 11 days (this email was sent to us on the 11th day after the check was cashed), simply saying "the other guy has it" is not a valid explanation.

Are there no words in the Canadian language for "customer service?"

RELATED: TD Bank: Man's $100,000 Misplaced

(Photo: Sister72)

From: Kelsey
Date: Mon, Oct 19, 2009 at 3:05 PM
Subject: Two important consumer issues
To: colleen.haggerty@bankofamerica.com, britney.w.sheehan@bankofamerica.com, nicole.nastacie@bankofamerica.com, joe.price@bankofamerica.com, keith.banks@bankofamerica.com, michael.jones@bankofamerica.com, brian.t.moynihan@bankofamerica.com, steele.alphin@bankofamerica.com, maryellen.baker@bankofamerica.com

Good afternoon,

My name is Kelsey. I have been a loyal B of A customer for years. I'm enrolled in Keep the Change, have two credit cards with BofA, and have my first savings account (I've been with BofA since college) and a checking account. I have recommended BofA to my boyfriend and my roommate, both of whom have switched and also enjoy keep the change and the Add it Up program. The online banking setup is superb, and your ATMs are everywhere...hard not to like BofA. However, in the past few weeks, there have been a few instances making me question my relationship with the bank:

/snip/

Recently, I left town for my grandfather's 90th birthday. My rent check cleared a few days before, but apparently the first purchase I made once I was in Connecticut overdrafted my account. Mea culpa. I was out of town and not checking my account balance, but was still, as mentioned before, under the impression that I was covered by overdraft protection. Apparently this was not the case. I got paid in the interim so the paycheck corrected the overdraft. I log in to find that there is a significant amount of money missing. I look at the statement. Eleven overdraft fees; one for each time I used my debit card while I was out of town or once I got back and needed to buy groceries. That's a total of $385. I was told on the phone that I could be refunded $140 as a courtesy, but since I believed I was enrolled in overdraft protection I don't really see how that is a courtesy.

I told the customer service woman I spoke with (who to her credit was very nice despite my tears/frustration) that I thought I was enrolled in overdraft protection. She told me several things: First, that if I were enrolled, it would say that on my statement. How do I look for something on my statement that I have never seen on another one of my statements and don't know to look for? Second, she told me that since I had overdrawn recently, and didn't say anything about overdraft protection at the time, she really couldn't believe my claim that I requested it when I opened the account. I'm sorry, but this seems ridiculous to me. One fee is easy for me to overlook, slap myself on the wrist and move on...11 is off-the-charts and warranted an immediate call to customer service. I have no recourse here: it's my word against your computer system, which "has no notation" that I requested overdraft protection. How am I supposed to prove that, when the person I asked to set me up with it undoubtedly doesn't even work at that branch anymore? Basically, what she is telling me is that because someone messed up on B of A's end four years ago, I am out $245.

I'm a reasonable person, and I can admit a mistake, but 11 fees is something I cannot afford. With the $245 that has still been deducted, I could pay off half of my Komen Visa balance (a card I gladly and PURPOSEFULLY opened with B of A), but these two events have me contemplating moving my money elsewhere. I may not have millions in the bank, but I think that my loyalty, especially during some of these more trying times, should count for something.

Best,

Kelsey

Two hours later, Kelsey got a call from someone who said she would investigate the checking account complaint. Two days later, all the overdrafts fees were refunded.

"Although at the time I believed it was 11 overdraft fees total, it was actually 15, totaling $525 of my hard-earned money...The woman from the executive office thanked me for reaching out, and being polite and proactive, and told me that by looking at my accounts she could tell this was a one-time thing and that I am a responsible banking customer," writes Kelsey.

"I never expected that response, especially from BofA, but plus one to Consumerist for teaching us all that a level head and a fair request can help the consumer come out on top."

You don't e ven have to be logged in to Amazon, or any other site that uses it. Best of all, it's not PayPal. It's linked to your credit card so if something goes wrong with your transaction, you actually have a prayer of getting your money back. And it's also linked to your shipping address so you don't have to keep entering it in at all these different sites.

A possible solution for making it easier to buying stuff on your mobile.

Would you use PayPhrase? Do you think it's safe?

PayPhrase [Amazon]
Amazon Speeds Checkout with New PayPhrase Technology [Read Write Web]

— FREE MONEY FINANCE (Photo: fallenposters)

In a New York Times letter-to-the-editor, Reed writes:

"Re "Volcker's Voice, Often Heeded, Fails to Sell a Bank Strategy" (front page, Oct. 21):

As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I would agree with Paul A. Volcker (and also Mervyn King, governor of the Bank of England) that some kind of separation between institutions that deal primarily in the capital markets and those involved in more traditional deposit-taking and working-capital finance makes sense.

This, in conjunction with more demanding capital requirements, would go a long way toward building a more robust financial sector.

John S. Reed
New York, Oct. 21, 2009

It's a bit of an ironic epistle considering Glass-Steagall's dissipation made possible the merger between Citicorp and Citibank with Travelers Group, combining commercial banking with investment banking and insurance, and facilitating the sub-prime bubble and eventual collapse.

To be fair, Reed was ousted in a boardroom coup before the really bad stuff started to happen, as he would have been an impediment to it, but he's still invited the vampire into the house.

For more on Glass-Steagall's role in ushering in the Great Recession, check out our post "Blame The Subprime Meltdown On The Repeal Of Glass-Steagall."

Volcker's Advice [NYT via The New RepublicStash]

(Click to embiggen)

Sure home sales have picked up the past few months, but is it sustainable, or mainly people trying to get in before the new homebuyer tax credit expires in November?

One disturbing indicator of how the mortgage market is still messed up: The 7-month program to refinance underwater homes has only reached 3% of eligible borrowers.

And even after refinancing, some of these homeowners still owe more than their house is worth, as banks refuse to refi at the real market price for fear of realizing the loss on their books. Some of those who re-fied are already in foreclosure.

Consumers are more stressed than ever to make their mortgage payments. With hundreds of thousands of Option-ARM mortgages resetting this month, high unemployment, strapped bank accounts and cut credit lines, the housing crisis is far from over.

US foreclosures' flurry of activity [USFST]
(Big Graphic: GDS Digital)
PREVIOUSLY: Newsflash: The Next Tsunami Of Aggressively Irresponsible Loans Didn't Magically Disappear
Monthly Mortgage Rate Resets, 2007-2016

1. THERMAL CURTAINS: They keep a room a couple of degrees warmer in cool weather and a couple of degrees cooler in warm weather. Much faster and cheaper than replacing windows, even with the tax credits available.

2. REVERSE CEILING FAN ROTATION

3. TAPING WINDOWS: We used the double sided tape on the mesh screen itself as it comes out. When it was taped we then used the plastic shrink wrap on both sides and then used the hair dryer to shrink it. The upside is that we had a quick way to install and remove the plastic. We then taped around the edges of the screen itself in the window and the whole thing took about 10 minutes a window and cut down on almost all of the air flow.

4. OR USE CLEAR VINYL: Go to Home Depot or Lowes, and buy heavy gauge clear vinyl in 4 foot wide rolls. They keep it with the other insulation stuff like weatherstripping (and the shrink kits).

Then go online and look for "gaffers tape" which is a cloth-based tape that has an adhesive that holds like iron but removes later without leaving gummy residue. Like duct tape but without the crap it leaves behind when it dries out. You can get it in various widths and colors; I prefer to use 2" wide in white to match my paint (Amazon sells the ProGaff brand). Cut the vinyl to fit onto your window frames, and seal it to the window frame with the gaffers tape. Use small pieces at first on the corners and the mid points of the long edges to get it stretched tight, then seal all the way around with longer continuous strips to make a pretty airtight seal. No heating or shrinking required.

In the spring, heat up the tape with a hair dryer first and peel it off slowly. It should come off totally clean. If you're careful you can probably fold up the clear vinyl and use it again the next season. It's pretty rugged, and most cats and dogs would have a hard time tearing it.

5. FOAM STRIPS ON DOORS: On the outside door itself we installed the foam strip around the border of the door itself on the frame. This cut down the air flow a lot and the door itself does not get caught up on this as it is on the frame and not the door.

6. FLAPS ON DRYER VENTS: If you have a dryer that has an exterior vent look at getting a vent flap that opens when you are using the dryer and closes when it is not in use. That also cuts down on the cold air getting into the place a bit (not totally, but, every bit helps).

7. PLUG HOLES WITH TOOTHPASTE: One recommendation I got (from a contractor) was use toothpaste to plug holes (ala caulk)...obviously don't use the crazy stuff with the stripes or it'll look stupid.

8. ELECTRIC RADIATORS: We turn the gas heat all the way down to 50, then use electric radiators in the bedrooms to keep it around 68. Saves us about between $50 and $150 per month net during the winter on the gas bill vs. the slightly higher electric bill. Gotta love off-peak electricity pricing... Very important to note you don't want to set the thermostat too low as burst pipes will cost more than the heat bill.

9. CLOSE THE VENTS

10. COVER THE VENTS

11. SEAL THE BASEMENT STORM CELLAR DOOR: I put plastic over the basement storm cellar door. That will keep the cold from invading the house there.

12. REPLACE INSULATING TAPE AROUND ATTIC HATCH

13. PUT DRAFT-DODGERS AT DOORS TO ROOMS THAT REMAIN MOSTLY CLOSED

14. HANG CURTAINS

15. PUT RUGS ON TILES

16. DRAIN AND PUT AWAY HOSE

17. CHECK HOSE INSULATION

18. LAP BLANKETS FOR LIVING ROOM

19. HEAVY BLANKETS FOR BEDROOM

20. BUST OUT THE SWEATERS

21. DO THE ELECTRIC BLANKET: I realized a very nice savings when I installed it and bought an electric blanket. The temp setting drops to the lowest (60) at 8:00 p.m. and stays there till 6:00 am where it goes up to 71. At 71 I am chilly and my wife is hot so it is a compromise. I figured the savings for the first full heating season at around $600. All that for not keeping the house warm while we are asleep.

22. PROGRAMMABLE THERMOSTAT: Honeywell programmable t-stats FTW. Instead of just doing a 1-2 degree over/under, they target a certain number of cycles per hour, and then change the duration of the cycles to keep the house comfy. Also, the setpoint times are done by getting your house TO the setpoint by the time you select, as opposed to turning on the system at the same time every day. This makes it better able to deal with the differing heating demands of 40-degree days vs. 0-degree days.

Some local utilities will give away programmable thermostats for free.

23. ZERO-DEGREE SLEEPING BAG: Buy a zero degree sleeping bag and turn the heater down loooooooooow. Oh yea. I'm cheap.

24. DON'T TURN HEAT COMPLETELY OFF: If you are not going to be home for much of the day, don't turn the heat completely off, just lower it to something like 65f (it cost more money to heat a house from like 40f to 75f than it does to keep the house at 65f).

25. INSULATE INSULATE INSULATE!: Our garage is located right below the living room and prior to our moving in it wasn't insulated. The result was that the living room would hover around 55-60 degrees in the winter and make the furnace work longer and harder than it needed to. Our gas bill was horrible every month. After we put in the insulation ourselves to save some cash (and to allow us to afford better insulation) the living room easily stays around the same temperature as every other room in the house. This is not only true in winter, but summer as well.

26. GET YOUR FURNACE SERVICED: Call the company you get your oil/gas from and tell them you need your furnace serviced. They will come out, check the filters, adjust the burner, check for leaks, etc. We had it done last year at the house we rent and it almost *halved* our oil consumption.[1]

[1]results probably non-typical because who knows when it was last done.

27. ADD EXTENSTIONS TO DOWNSPOUTS SO WATER RUNS 3-4 FT AWAY FROM FOUNDATION: We added a "stream" to take the water a good 15 or 20 feet away from the foundation (after having some basement water problems). The gutter (for the whole back of the house, we have a very simple roofline) and the sump outlet both come out in the same place, so we built a little stream lined with an impermeable liner, filled it with river rocks for pretty, and it runs down to a "hollow" that we planted up with prairie swamp plants (that love alternating soakings and parchings).

It draws many compliments and keeps the water well away from our foundations.

28. SNUGGIE: Buy and wear snuggie full-time.

(Photo: jakeliefer)

<- Franken clip.

In the second clip, Sen. Whitehouse asks: "Did you actually read the bill that is the subject of today's hearing?"

Here she uses the big "UC" - that less strict bankruptcy laws have the "unintended consequence" of encouraging more people to seek bankruptcy. Her solution to so many medical bankruptcies is then to make it harder to seek bankruptcy, rather than addressing the underlying over-inflated costs that drive consumers into medical bankruptcy in the first place.

Pharmaceutical companies like Eli Lilly, Merck and Novartis number among The Hudson Institute's funders.

You can watch the entire session and read and search the transcript here on C-SPAN.

(Thanks to Dirk!)

According to the New York Times, those are:

• Your financial ancestry - how did your parents deal with money—and even farther back than that?
• Your credit history - obviously.
• Control over money - who will pay your household's bills? Who makes the financial decisions?
• Affluence and financial goals - how rich do you want to be as a couple or as a family? Financially, what is important to you?

• We'd argue that this also applies to couples who are uninterested in or legally prohibited from marriage before they commit and combine households, too. The Times asked readers for their ideas—what are yours?

  Money Talks to Have Before Marriage [New York Times]

  (Photo: afagen)

Recently my fiancee and I were making offers on a house. As part of the negotiations we tried to see if the seller would cover the closing costs. The seller's broker, who up until this point had been really cool and on the level, asked which costs we were talking about. I mentioned transfer tax. NYC charges 1.425% of the sale price, and New York State charges $4 per $1,000 of price. Since it was odd that I even mentioned this, the broker immediately honed in on the fact that I didn't have all the closing cost terminology under my belt and hemmed and hawed about how that was typically a buyer cost and the seller wouldn't pay it. We didn't come to terms on the final price and perusing the broker's site later we found a whole section on closing costs, and on the broker's very own site it listed transfer taxes as a seller cost.

We didn't get jacked, but we could have if we hadn't done our research, which is why this Good Morning America story, "Save Thousands on Closing Costs" is pretty valuable. Check it out if you're thinking about buying, or if you've already bought and want to see if you were smart or not.

(Photo: egarc2)

Personal finance blogger Trent Hamm at The Simple Dollar takes a stab at listing fifteen things more important than money as follows:

Experiences
Wisdom
Marriage
Friendships
Physical health
Mental health
Personal passions
Communication
Self-reliance
Security
Helping others
Personal growth
Thankfulness
Hobbies
Spirituality

This lists seems like a good start at naming the things in life more important than money. Any here that you would disagree with or maybe some you think are missing?

Fifteen Things More Important than Money [The Simple Dollar]

— FREE MONEY FINANCE (Photo: strobist)

— FREE MONEY FINANCE (Photo: jaredrubinsky)

First, here's how MoneyGram delicately addresses it:

"While we don't agree with the FTC`s allegations regarding our fraud prevention in the past, we can agree on fraud prevention today and in the future," said Patsley. "We don`t want our customers being victimized by third-party fraud. What we are announcing today with the FTC is our commitment to enhance our already comprehensive efforts to combat fraud and ensure our customers can continue to rely on MoneyGram for safe, reliable money transfer services."

But check out these specific allegations from the FTC's press release, which also came out today (emphasis ours):

The FTC charged that between 2004 and 2008, MoneyGram agents helped fraudulent telemarketers and other con artists who tricked U.S. consumers into wiring more than $84 million within the United States and to Canada – after these consumers were falsely told they had won a lottery, were hired for a secret shopper program, or were guaranteed loans. The $84 million in losses is based on consumer complaints to MoneyGram – actual consumer losses likely are much higher.

The FTC charged that MoneyGram knew that its system was being used to defraud people but did very little about it, and that in some cases its agents in Canada actually participated in these schemes. According to the FTC's complaint, MoneyGram knew, or avoided knowing, that about 131 of its more than 1,200 agents accounted for more than 95 percent of the fraud complaints it received in 2008 regarding money transfers to Canada; a similarly small number of agents was responsible for more than 96 percent of all fraud complaints to the company in 2006.

[...]

According to a recent FTC survey cited in the complaint, at least 79 percent of all MoneyGram transfers of $1,000 or more from the United States to Canada over a four-month period in 2007 were fraud-induced. The Commission's complaint further stated that based on the more than 20,600 fraud complaints MoneyGram itself received, U.S. consumers lost more than $44 million to cross-border money-transfer frauds between 2004 and 2008 alone. When combined with losses reported by U.S. consumers on money transfers within the United States, that number grows to $84 million.

[...]

The FTC's complaint alleges that MoneyGram ignored warnings from law enforcement officials and even its own employees that widespread fraud was being conducted over its network, claiming that proposals to deal with the problem were too costly and were not the company's responsibility. The company even discouraged its employees from enforcing its own fraud prevention policies or taking action against suspicious or corrupt agents. Some employees who raised concerns were disciplined or fired, the FTC charged.

Wow, that sure doesn't sound like MoneyGram gives a hoot about its customers. They say, "Ensuring safe and reliable money transfers for our customers all over the world is at the forefront of all we do." Except for that estimated $84 million, we guess.

"MoneyGram International Reaches Agreement with FTC" [Reuters]
"MoneyGram to Pay $18 Million to Settle FTC Charges That it Allowed its Money Transfer System To Be Used for Fraud" [FTC]

RELATED
"Money Transfers Can Be Risky Business" [FTC]
(Photo: renaissancechambara)

Quan writes:

I just wanted to let you know about a recent problem (10/15) with the Shell branded Citi Mastercard. Apparently, on October 15th, Citi decided to close thousands of accounts without notice. When I personally called to see why my card was closed, they CSR's response was " Something on your Equifax report prompted us to close your account. A letter was supposed to have sent out to you, but there was a delay. You will receive your letter shortly, which will provide further details." She would/could not tell me what was wrong exactly. Curious, I decided to check my credit report and NOT to my surprise, absolutely nothing negative was recently added! I decided to do a google search to see if others have experienced similar issues and I found out I was not the only one.

So, they are closing accounts for no apparent reason and telling their (former) customers that there is something wrong with their credit report when there really isn't. The best part is that Citi is not going to be paying the rebate we have earned for purchases in the previous month because the account was closed. For some people this is quite significant because they use this card as their primary card. I have not confirmed, but apparently, the 15th was chosen as the date to close accounts because that is the day before the billing cycle ends, which allows them to forgo giving us our rebates.

Some background info on the card: This is a shell branded Citi Mastercard that gives 5% rebates on all Shell gas purchases. I use this card exclusively to purchase gas and have always received a monthly rebate equal to 5% of all my shell gas purchases and 1% for all other purchases. The majority of the time I pay my balance in full each month, which allows me to maximize my savings (obviously).

Did Citi cut off your gas-station branded credit this week? Does this affect your personal finance situation? Sound off in the comments.

Citi starts closing Mastercards without warning [MSNBC]
(Photo: Kenny Hindgren)

The implication is supposed to be that posting calories doesn't work. Now, this is just speculation, but if you're a person who is walking into a fast food place and you don't have much money, maybe you're going to go for whatever fills you up for cheapest, the one with more bounce to the ounce, as it were?

Calorie Postings Don't Change Habits, Study Finds [NYT]

(Photo: Internets Celebrities, from their video, "Ghetto Big Mac")

Zach IM'd me and emailed me this morning and those six figures jumped out quite plainly. I told him that he should think about filing a police report and then I emailed a TD Bank PR person for him. Here's what happened next.

Zach writes:

I just returned from the 32nd & Park branch of TD Bank, and I'm pleased to report that the $100,000 has been posted to my CD account. The assistant manager, Angela, made several phone calls (probably over a dozen) after I arrived threatening to file a police report. I had previously met with her on Monday, when she filed a "Vector Request" to search for my deposit. Luckily I was able to present my CD certificate, along with withdrawal and deposit slips from when I opened the account on 10/2 (I opened the account after 6 PM so the slips and CD were dated 10/5). Before this incident, I never held on to deposit slips for more than a day or two, but now I definitely plan on keeping very detailed records of all of my banking transactions.

I first contacted TD Bank on 10/8, when I discovered that one of my CD's had a $0 balance. They informed me that deposits had been delayed for many customers, but told me not to worry, that my account would be up to date "by the weekend." When Saturday came and my account was still displaying a $0 balance, I visited the 101 Springdale Rd. branch (Cherry Hill, NJ), as I was home visiting my parents for the weekend. The branch filed a "Vector Request" for the second time (the first had been filed by the first CSR I spoke to on the phone), and told me that it could take anywhere from 24 hours to a week for my transaction to post, but that most of the delayed transactions were posting in 24 hours. I became rather frustrated and informed the manager on duty that I wished to withdraw my funds and close all of my accounts, and she told me that I could close my accounts but would not be able to make a withdrawal from the CD, as it was reflecting a $0 balance. I left and decided to go to the branch where I opened the account on Monday instead.

I noticed that the "Public Relations Specialist" claims that all of the accounts are now up to date, and that my issue was "most likely" unrelated. That conflicts with claims from all of the TD Bank representatives that I spoke to from 10/8 on, who stated that there were many other customers that were still affected. Just today, I spoke with Angela at the 32nd and Park branch, who said that my account was one of "a hundred thousand or so, from Florida to Maine" that was delayed. Later, Larry, who identified himself as the manager for the midtown Manhattan branches of TD Bank, informed me that as of this morning, there were "roughly 1000" accounts in Manhattan with transactions that have yet to post, but that mine had been resolved because it was "moved to the top of the stack." He said that my delayed posting was likely taking longer than others because it was a CD account, and so the bank had likely determined that it was not as urgent as other customers' accounts, because many of them need those transactions to be corrected so they "can buy food" and that that didn't seem to be the case for me. This is obviously a legitimate concern, and I'm certainly glad that the bank is treating these customers as a higher priority.

Larry and Angela offered me a $100 gift card for my troubles (Angela had originally offered the standard $25 gift card before Larry arrived), but I didn't feel that my lost time and frustration was worth $100, so I decided not to take the cards. I'd prefer to take advantage of the $100 promotion offered by other banks, when I open my accounts there after closing my six accounts at TD Bank.

Again, I thank you very much for your concern. Please let me know if there's anything else I can do to help, and I hope you're able to inform other customers that their money is likely not lost, but that the bank may need to pull some strings to have it posted immediately.

Regards,
Zach

I'm going to have to start to use the phrase "vector request" more often.

— FREE MONEY FINANCE (Photo: Ninja M.)

Andrew Ramadge of News.com.au spoke with Thorne about how the email letter came to be:

Now South Australian prankster David Thorne, famous for an email exchange in which he attempted to pay a bill with a drawing of a spider, has admitted to the hoax.

"It took me five minutes in Photoshop," he told news.com.au this week.

[...]

Of creating the hoax, Mr Thorne said: "Paper background and logo courtesy of Google Images. Signature courtesy of the Robert Mugabe page on Wikipedia. Address courtesy of Google Maps. Content courtesy of being ripped off by McDonald's several times."

The memo had appeared on Mr Thorne's website earlier in the year as part of a prank email exchange about test-riding a motorcycle.

"Prankster David Thorne behind McDonald's hoax" [News.com.au]

Here are a few choice headlines, subheads and phrases:

"Dow Industrials Top 10,000"

"If this Is a Bubble, It Sure Is Hard To Pop"

"Yes, the Values are Dizzying, But They Also Reflect Economy's Rare Strength"

"The Dow Jones Industrial Average closed above 10000 for the first time yesterday, capturing in a single number both the astonishing success and giddy exuberance of the U.S. economy this decade."

"Maybe we have entered a new era of propserity and profits that represents such an extraordinary break with the past that historical comparisons are meaningless."

"A record share of Americans participate in the market, either directly with stocks or indirectly through mutual funds, and a record share of their wealth is tied up in stocks."

"Online trading is turning personal computers into slot machines"

"INTERNET ADRESS: http://wsj.com"

(Photo: Pete Kim)

The thief got hold of his wife's SSN, address, and DOB, says John, and used that to access his wife's TransUnion credit report. He says TransUnion confirmed that someone had accessed her credit report via the credit bureau's website.

On the credit report, the credit card numbers are listed in full. John says he spoke with the merchants the card numbers were used at and they confirmed that the thief used tried several different expiration dates before successfully charging the card. Since the report also says what date the account was opened, guessing the expiration date isn't as hard as it might be otherwise.

I just checked my TransUnion credit report, a portion of which I'm showing above, and indeed the credit card numbers are listed in full. I also noticed a disclaimer that said, "the account # may be scrambled by the creditor for your protection." That "may" should be an "is." Both the creditors and credit bureuas need to change how credit card and account numbers show up. All the pieces of information needed to access an individual's credit report can be gotten from public records.

"If you haven't already done it go right now and check your TransUnion credit report, set a password on the account to prevent thieves who know you SSN/Address/DOB from accessing it. If when you get there there is already a password and you didn't set it you're probably a victim," says John.

(Photo: B Rosen)

1. The top floor walk up isn't always the cheapest. Although rent may be somewhat cheaper with an increase in altitude, consider other costs that could push your monthly bills beyond a lower, less physically demanding unit. By far the largest bill that you will contend with (beyond rent) is your utility bill.

2. Make a spreadsheet to compare community amenities. When shopping for a posh pad keep a list of all functional extras the prospective complex offers.

3. Get friendly with the city inspector and fire marshal. If you have a repair that has not been fixed and can cause a health or safety hazard, threaten to call the authorities.

4. Know the specials going on. Find out what new move-ins are getting and request the same. It can't hurt to threaten a move.

5. Location, location, location. Living closer may mean higher rent rates, but consider the surroundings. These are definitely factors to consider with your proximity.

6. Check out authorized service providers. Some communities work out deals with cable and electric providers to offer a good bulk rate.

7. Make a date with your apartment manager. Always schedule a meeting with your manager to inspect the apartment before you hand in the keys.

And if all of this is too much to digest, they end with this bit of advice that really says it all:

When it comes to apartment living, the squeaky wheel always gets the grease. If you stand by and do nothing, get ready for substandard service. Remember: a big chunk of your rent goes toward paying for maintenance to care for your home. That's one of the main perks of apartment living - included (not free) repairs. Enjoy your living space and make your requests assertively known.

We've always found it pays to befriend the building manager. This can be done in simple ways over time — a bit of conversation here and there, a nice gift at the holidays, lending any assistance when need be and so on — which greases the skids for when you want/need a favor (like work done to your place or the deal that everyone else is getting.) And, of course, if that doesn't work, you can always escalate the issue as a backup.

7 Tips to Save on Apartment Living [Wise Bread]

— FREE MONEY FINANCE (Photo: bubble dumpster)