Category Archives: banking

Safe Deposit Box Tips

Hello Friends,

Money is a source of anxiety for many people.  But educating yourself about the subject matter will result in less stress.  Remember what you don’t know can hurt you.

How would you answer the following question – true or false?

Are the contents of a safe deposit box insured by the FDIC (Federal Deposit Insurance Corporation, an agency of the Federal Government)?

FALSE

The FDIC insures only money in bank accounts.  While a safe deposit box is certainly a better place for storing important papers and valuables, it’s not impenetrable.

Some easy ways to protect the contents of your safe deposit box include:

  • Seal your stuff – boxes can get flooded so pack whatever you store in watertight plastic bags.
  • Create a backup – make digital copies of documents and store them somewhere else.
  • Pick a co-tenant with care – if you should ever become disabled, you may want to have someone else besides yourself have access to the box.  Just make sure you can trust the co-tenant.
  • If you have a will, it’s better to have the original copy stored somewhere other than a safe deposit box.
  • Pay the box rent.  If you don’t, the state may seize the contents as unclaimed property.

Play the money-o game on banking to further reinforce your knowledge on this subject.  And thanks for reading my blogs.  My best wishes as always.

Comments Off on Safe Deposit Box Tips

Filed under banking

Bank Fined for Failing to Credit

Hello Friends,

Bank Fined for Failing to Credit Customers for Full Deposits

The Wall Street Journal reported on August 12, 2015, that Citizens Financial Group Inc. has been ordered to pay at least $34.5 million for failing to credit customers’ accounts the full amount of their deposits. Apparently, Citizens Bank often failed to give customers full credit to their accounts for amounts scanned or manually written on their deposit slips. In others words, the bank did not credit the customer’s account for the full amount of the check/s and cash the customers actually deposited.

Citizens falsely told customers it would verify their deposits. However, the bank’s policy was to verify and correct deposit inaccuracies only if the deposits were above a $25 or $50 threshold or beginning point.

So, why am I telling you this? Because I know how important it is for all of us to check our financial records. Errors whether intentional or unintentional are made. It is up to you to practice due diligence. In other words, constant care and caution where your finances are concerned.

If you play my MONEY-O game on BANKING, you will hear me tell about a banking teller who took just one penny from customers’ monthly bank statements, which amounted to his pocketing millions. Luckily he was caught.

Please play the game so that you increase your financial knowledge and not become a victim of intentional or unintentional financial mistakes.

Comments Off on Bank Fined for Failing to Credit

Filed under banking

Banking for Beginners Basic Terms

Hello Friends,

Banking for beginners basic terms is the focus for this blog.  The objective is to give you more information about banks, specifically on how you go about choosing a bank.

The primary purpose of all banks is to make sure the bank you choose is a safe place for you to keep your money.  However, not all banks are protected in the same way.  So the first thing you should do is to make sure that your bank has an official Federal Deposit Insurance Corp. (FDIC) logo.  If it is a credit union, it should have a National Credit Union Administration (NCUA) logo.

The FDIC and NCUA insure each account that you have with the bank for up to $250,000 should the bank fail.  The majority of banks in the United States are FDIC and NCUA, and they cover most types of accounts a bank has to offer.  However, if the bank offers investments in mutual funds, stock, bonds, Treasury Bills, money market mutual funds, it’s important to understand that these funds are not usually insured by FDIC or NCUA.

Play the money-o game on banking for addition information on this subject.

Comments Off on Banking for Beginners Basic Terms

Filed under banking