Tuesday December 8, 2009
'Tis the season to be desperate. With a tight economy, holidays approaching, and cold weather comes an increase in crime.
Bank robberies are no exception. However, bank robbers get a lot of attention and build a reputation. They can even earn a nickname from the FBI fairly quickly.
You may have heard of some interesting ones lately:
These nicknames help the public and the FBI keep track of who did what. The names can actually help raise awareness and lead to an arrest. If you see a guy who reminds you of Shaggy from Scooby Doo, you may pay a little more attention after news reports of a "Shaggy Bandit".
9News in Denver interviewed an FBI agent who works with bank robberies and makes sure the names do what they're supposed to - generate headlines and stick in your mind.
Further reading:
Wednesday December 2, 2009
Readers sometimes ask if it's possible to transfer a mortgage to somebody else.
If you're underwater on your home, it may be tempting to "shift" the mortgage to a buyer instead of facing foreclosure or a short sale. Your credit will be better, and you'll be free from the payments. Is this possible?
If you can find a willing buyer, it may make sense - and it might even be possible.
Keep in mind that the buyer may be better off without your loan (by buying the home with a brand new loan). If you owe more than the home is worth, your buyer needs some kind of benefit. These days, interest rates are low, so it's hard for the buyer to come out ahead. However, it's also harder to get a loan - and that may be where you both win.
For the strategy to work, you need an assumable loan. Your odds are best if you have an FHA or VA loan, but you can always ask your lender if they're willing to work with you.
Learn more about what it takes to transfer a mortgage.
Monday November 30, 2009
If you work at a credit union you probably do. Otherwise the odds go down.
A share draft account is a checking account at a credit union. The language is a little different, but the product is pretty much the same. Credit unions call your deposits "shares" because they represent ownership of the institution.
Some, like The Financial Brand, wonder if it makes sense to continue using the term "share draft". Most customers - or "members" at a credit union - want a checking account, and that's what they'll look for. There's a poll running at The Financial Brand where you can cast your vote and read views from credit union old-timers.
So, was that news to you? Is it worth keeping the old credit union language?
Further reading:
Wednesday November 25, 2009
People have written personal checks for years. How bad could they be?
It turns out there's a lot of sensitive information on a check. With a little slip of paper, people know where you live, your bank account details, and what your signature looks like. It seems like those items could come in handy for a thief.
Bargaineering makes a case for ditching personal checks whenever possible. Other forms of payment, such as debit cards, offer more consumer protection (and it's easier to track your spending).
Do you still write checks? Tell us why in the comments.
Further reading:
