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OBAMA AND YOUR MONEY:
What will the new President mean for your wallet? See where Barack Obama stands on major economic issues
ECONOMIC CRISIS RESPONSE
Obama wants to let savers tap into the retirement plans without early-withdrawal penalties:
· Temporarily allow penalty-free early withdrawals from IRAs and 401(k)s of up to 15% of the balance but not more than
$10,000.
· Temporarily suspend rule that seniors age 70 1/2 take required annual distribution from retirement account.
· Give temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United
States.
· Temporarily eliminate taxes on unemployment benefits.
· Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners "acting in
good faith."
· Let federal government lend to state and municipal governments to help counter the budget crunch faced by states due to
the mortgage crisis.
"We must move forward, quickly and aggressively, with a middle-class rescue plan that will create jobs, provide relief to
families, help homeowners and restore our financial system." -- Obama*
What will the new President mean for your wallet? See where Barack Obama stands on major economic issues
ECONOMIC CRISIS RESPONSE
Obama wants to let savers tap into the retirement plans without early-withdrawal penalties:
· Temporarily allow penalty-free early withdrawals from IRAs and 401(k)s of up to 15% of the balance but not more than
$10,000.
· Temporarily suspend rule that seniors age 70 1/2 take required annual distribution from retirement account.
· Give temporary tax credit of $3,000 in 2009 and 2010 to companies for each new full-time employee it hires in the United
States.
· Temporarily eliminate taxes on unemployment benefits.
· Require financial institutions participating in bailout to put a 90-day moratorium on foreclosures for homeowners "acting in
good faith."
· Let federal government lend to state and municipal governments to help counter the budget crunch faced by states due to
the mortgage crisis.
"We must move forward, quickly and aggressively, with a middle-class rescue plan that will create jobs, provide relief to
families, help homeowners and restore our financial system." -- Obama*
SOCIAL SECURITY / OBAMA
To help shore up the system, Obama prefers to raise taxes.
· Opposes individual investment accounts.
· Against raising retirement age.
· Favors increasing the amount that workers making $250,000 or more pay into the system. Considering
plan to tax income over $250,000 at between 2% and 4% - half of which would be paid for by the
employee and half by the employer.
"We will not privatize Social Security, we will not raise the retirement age, and we will save Social
Security for future generations by asking the wealthiest Americans to pay their fair share."
To help shore up the system, Obama prefers to raise taxes.
· Opposes individual investment accounts.
· Against raising retirement age.
· Favors increasing the amount that workers making $250,000 or more pay into the system. Considering
plan to tax income over $250,000 at between 2% and 4% - half of which would be paid for by the
employee and half by the employer.
"We will not privatize Social Security, we will not raise the retirement age, and we will save Social
Security for future generations by asking the wealthiest Americans to pay their fair share."
PERSONAL TAXES / OBAMA
Lower-income earners benefit more than wealthy taxpayers under Obama's proposals.
· Leave all tax cuts in place for everyone except couples making more than $250,000 and single filers
making more than $200,000. Those high-income groups would see their top two income tax rates revert
to 36% and 39.6% from 33% and 35% respectively.
· Provide $1,000 tax cut for working couples making less than $250,000.
· Introduce other tax breaks for lower and middle-income households.
"We shouldn't be distorting our tax code to benefit a few powerful interests -- we should be insisting
that everyone pays their fair share, and when I'm president, they will.
Lower-income earners benefit more than wealthy taxpayers under Obama's proposals.
· Leave all tax cuts in place for everyone except couples making more than $250,000 and single filers
making more than $200,000. Those high-income groups would see their top two income tax rates revert
to 36% and 39.6% from 33% and 35% respectively.
· Provide $1,000 tax cut for working couples making less than $250,000.
· Introduce other tax breaks for lower and middle-income households.
"We shouldn't be distorting our tax code to benefit a few powerful interests -- we should be insisting
that everyone pays their fair share, and when I'm president, they will.
SMALL BUSINESS / OBAMA
Obama promises to help entrepreneurs with friendly tax policies.
· Expand the SBA's direct-lending Disaster Loan Program to extend loans to companies affected by the
economic downturn and credit crunch.
· Temporarily eliminate fees and increase the amount guaranteed by the government through the SBA's
7(a) and 504 programs, which insure lenders against defaults on small business loans.
· Extend the stimulus act's Section 179 tax deduction, which increased the amount businesses can write
off on their taxes for capital investments in new equipment, through 2009.
· Exempt investors from the capital gains tax on their investments in small businesses and startups if
they made their investment when a small company was valued below a certain threshold. That threshold
has yet to be defined.
· Offer a 50% refundable credit for employee health insurance premiums paid by the employer.
Obama promises to help entrepreneurs with friendly tax policies.
· Expand the SBA's direct-lending Disaster Loan Program to extend loans to companies affected by the
economic downturn and credit crunch.
· Temporarily eliminate fees and increase the amount guaranteed by the government through the SBA's
7(a) and 504 programs, which insure lenders against defaults on small business loans.
· Extend the stimulus act's Section 179 tax deduction, which increased the amount businesses can write
off on their taxes for capital investments in new equipment, through 2009.
· Exempt investors from the capital gains tax on their investments in small businesses and startups if
they made their investment when a small company was valued below a certain threshold. That threshold
has yet to be defined.
· Offer a 50% refundable credit for employee health insurance premiums paid by the employer.
ENERGY SECURITY / OBAMA
Obama supports a carbon "cap-and-trade" system where companies either pay to pollute or invest in
cleaner technology.
· Work to reduce carbon emissions 80% below 1990 levels by 2050.
· Invest $150 billion in renewable energy over the next 10 years.
· Allow limited amount of offshore drilling.
· Require that 10% of nation's energy comes from renewable sources by 2013.
· Aim to reduce nation's demand for electricity 15% by 2020.
"To bring about real change, we're going to have to make long-term investments in clean energy and
energy efficiency
Obama supports a carbon "cap-and-trade" system where companies either pay to pollute or invest in
cleaner technology.
· Work to reduce carbon emissions 80% below 1990 levels by 2050.
· Invest $150 billion in renewable energy over the next 10 years.
· Allow limited amount of offshore drilling.
· Require that 10% of nation's energy comes from renewable sources by 2013.
· Aim to reduce nation's demand for electricity 15% by 2020.
"To bring about real change, we're going to have to make long-term investments in clean energy and
energy efficiency
FIGHTING FORECLOSURE
Obama wants the government to step in to help homeowners facing foreclosure.
· Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.
· Require any financial institution participating in Treasury's Troubled Asset Relief Program to put a 90-day
moratorium on foreclosures for homeowners "acting in good faith."
· Create a 10% tax credit for homeowners who do not itemize their taxes.
· Create a $10 billion fund to help victims of predatory loans.
· Authorize bankruptcy judges to reduce mortgage principal.
"...If the government can bail out investment banks on Wall Street, then we can extend a hand to folks
who are struggling on Main Street." -- Obama
--------------------------------------------------------------------------------------------
BUDGET DEFICIT
Now that the government has committed over $1 trillion to stabilize the financial system and economic
growth is expected to slow, the country's growing deficits aren't something the next president can ignore.
Obama has spoken of the need to restore fiscal responsibility while in the same breath promising more
tax cuts and proposing spending cuts that are hard to achieve.
· Enforce budget rules that would require that new spending be paid for by cuts to other programs or new
revenue.
· Reduce spending on earmarks to no greater than 2001 levels and require more transparency on such
spending.
· Help pay for new proposals by drawing down troops in Iraq war, raising taxes on high-income filers and
cutting certain corporate loopholes.
"Once we get through this economic crisis ... we're not going to be able to go back to our profligate
ways. We're going to have to embrace a culture and an ethic of responsibility, all of us, corporations, the
federal government, and individuals out there who may be living beyond their means." -- Obama*
-----------------------------------------------------------------------------------
Obama wants the government to step in to help homeowners facing foreclosure.
· Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.
· Require any financial institution participating in Treasury's Troubled Asset Relief Program to put a 90-day
moratorium on foreclosures for homeowners "acting in good faith."
· Create a 10% tax credit for homeowners who do not itemize their taxes.
· Create a $10 billion fund to help victims of predatory loans.
· Authorize bankruptcy judges to reduce mortgage principal.
"...If the government can bail out investment banks on Wall Street, then we can extend a hand to folks
who are struggling on Main Street." -- Obama
--------------------------------------------------------------------------------------------
BUDGET DEFICIT
Now that the government has committed over $1 trillion to stabilize the financial system and economic
growth is expected to slow, the country's growing deficits aren't something the next president can ignore.
Obama has spoken of the need to restore fiscal responsibility while in the same breath promising more
tax cuts and proposing spending cuts that are hard to achieve.
· Enforce budget rules that would require that new spending be paid for by cuts to other programs or new
revenue.
· Reduce spending on earmarks to no greater than 2001 levels and require more transparency on such
spending.
· Help pay for new proposals by drawing down troops in Iraq war, raising taxes on high-income filers and
cutting certain corporate loopholes.
"Once we get through this economic crisis ... we're not going to be able to go back to our profligate
ways. We're going to have to embrace a culture and an ethic of responsibility, all of us, corporations, the
federal government, and individuals out there who may be living beyond their means." -- Obama*
-----------------------------------------------------------------------------------
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KNOWLEDGEFINANCIAL.COM Credit card curbs a done deal Over bank industry objections, House passes bill that curtails fees and rate hikes. Obama will sign it on Friday the 22 of May, 2009. KNOWLEDGEFINANCIAL.COM WASHINGTON -- Congress on Wednesday May 20, 2009 sent to President Obama a bill that makes it tougher for credit card issuers to raise fees and interest rates. The move caps a years-long crusade by consumer groups and Democrats to rein in what they say are abusive practices that prey on consumers. The approval came despite strong objections by banking industry advocates, who say it could result in tightened credit to Americans. The House voted 361-64 in favor and also approved by 279-147 an unrelated measure allowing people to carry guns into national parks. The Senate passed the credit card bill, along with the unrelated gun measure, by a 90-5 vote on Tuesday. --------KNOWLEDGEFINANCIAL.COM President Obama will signed the bill. knowledgefinancial.com The credit card rules would take effect in February. The bill is moderately tougher on banks and card issuers than are new Federal Reserve rules set to take effect July 2010. The legislation makes it harder for people under age 21 to get credit cards. It would also ban rate hikes unless a consumer is more than 60 days late -- and then restore the previous rate after six months if minimum payments are made. Some people said the bill marks a major loss for the banking industry. The American Bankers Association said the legislation would prompt banks to reinstate annual fees and higher interest rates for all card holders, an outcome that would penalize those with good credit who pay their bills on time. "At a time when Americans are struggling to pay their mortgages, groceries and health care costs, why would we want to make credit more expensive and less available?" said Rep. Jeb Hensarling, R-Texas at the time. The credit card legislation has been a long work in progress. The House passed a bill in 2008 and In recent months, credit card companies have been raising fees and interest rates. From November 2008 to February 2009, rates increased from an average to 13.08% from 12.02%, according to a Federal Reserve Board report. At the same time, more people are not able to make their credit cards payments and are walking away from debt, according to a Federal Reserve report. However, Treasury Secretary 2009, Tim Geithner said, he was not concerned about a consumer debt "bubble." "Americans are going to be reducing how much they borrow, improving their balance sheets, saving more," he said. "Banks are still going to have losses they're going to have to adjust to. And that's what's going to make the process of repair here longer .... But that's a necessary, healthy process of adjustment for us to go through."KNOWLEDGEFINANCIAL.COM |
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| 10 Money Resolutions for 2010 Making a decision to change is just the first step, however. If you want to see results, you have to know what moves to make to ensure those changes actually happen. As part of your planning for 2010, consider taking action to improve your personal finances. With the economy beginning to regain its footing, there's no time like the present to add some dollars to your bottom line. To get started, here are 10 goals for 2010, plus tips on how to achieve them: 1) Stop overspending. -------------KNOWLEDGEFINANCIAL.COM Credit cards are super convenient, but their ease of use can also lead you to overspend. Need a trick to help you stop the credit card madness? Freeze your credit card. That’s right. Try dropping your card in a plastic bag, add water and stick the baggy in the freezer. You’ll still have access to it if you need it, but having to wait until your card thaws will give you some time to get over the impulse of buying things you don’t need. 2) Stick to a budget. You should know exactly where your money’s going and where you might make improvements. With all the free budgeting tools available online, it’s simple to get started. What’s not so simple for some? Sticking with it. But if you want to break out of the cycle of living paycheck-to-paycheck and learn how to spend within your means, keeping a budget is a smart first step. Schedule “bill time” in your calendar at least monthly to evaluate your budget, pay your bills and figure out if there are places you can cut costs. 3) Pay off debt. There are many strategies out there to help you make a dent in your debt. You can start by paying down the debt that has the highest interest rate first and then work your way down the ladder. Just make sure you’re still making at least the minimum payments on your other credit cards and loans. Or if you feel like you need to experience small wins along the way to keep you motivated, the Debt Snowball might be the way to go. What’s important isn’t what method you use, rather that you get started… now. 4) Manage your credit. ------------KNOWLEDGEFINANCIAL.COM Your credit is more important than ever — it’s absolutely key to unlocking the best interest rates and terms for credit cards, home loans and auto loans. Heck, forget the rates – If you have bad credit, you may not be able to qualify for credit at all in this economy. The first step to managing your credit is to check your credit report at least every six months to make sure what’s there is accurate. Staying on top of your credit doesn’t have to cost you a thing either. Sites like Quizzle.com will give you a free credit report, no strings attached. Quizzle will even kick in a free credit score so you can make sense of what’s on your report. 5) Improve your credit score. If you’re managing your credit properly (see #4), you’ll know whether you could stand to improve your credit score. It’s important to make strides to improve your credit score before you need to, because boosting your score takes time. There are a lot of basic steps to improve your credit, but if you need personalized, step-by-step instructions on what to do, there are handy credit improvement tools available on the web to help. 6) Pay yourself first. Save, save, save! Paying yourself first simply means that you need to save before you spend. The best way to do this is by setting up direct deposit from your paycheck into a savings account — whether it be plain vanilla savings or a CD. By making it automatic, you remove the temptation to spend. 7) Save more. -------KNOWLEDGEFINANCIAL.COM Let’s say you’re putting $200 per paycheck toward your savings. Great work! Now, find a way to increase your savings contribution to $300 per paycheck. Cut unnecessary expenses. Look for bargains on big-ticket items that you need. Sell the clothes you’ve been storing in your attic on eBay. You can find (legitimate) ways to save more if you look for them. Need some ideas? These 55 money saving tips ought to keep you busy. 8) Save for retirement. Here’s another case where direct deposit makes it easy and painless to save for your future. And if you’re lucky enough to work for a company that matches your retirement contributions, take advantage to the max! If you don’t, you’re basically saying no to free money. 9) Get the right insurance. For instance, if you have kids, life insurance is important. However, if you don’t have anyone who relies on you to support them financially, there’s no need to spend your hard-earned money on a life insurance policy just yet. 10) Protect your identity. Don’t leave yourself open to identity theft. Monitor your credit on a regular basis and check your other financial accounts to make sure they look the way they’re supposed to look. Need help? Look into identity protection services on the web and get the pros to watch your back. KNOWLEDGEFINANCIAL.COM |
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| Retirement Benefits: What to Expect in 2010: KNOWLEDGEFINANCIAL.COM In most years, retirement benefits increase to keep up with inflation. But 2010 will be far from typical. Because of a drop in the consumer price index, government payouts and tax incentives to save for retirement will generally stay the same. Here's a look at what will happen to retirement benefits in 2010. No Social Security increase. Monthly Social Security checks for most beneficiaries will not increase in 2010. Retirement payouts are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers. Next year, I mean 2010 will be the first without a Social Security increase since cost-of-living adjustments went into effect in 1975. Higher Medicare Part B premiums for some. For new enrollees, Medicare Part B monthly premiums will be $110.50, a 15 percent increase from 2009 prices. Larger Medicare Part D premiums and out-of-pocket costs. The average monthly Part D premium will increase by 11 percent in 2010 if beneficiaries remain in their current plans, according to a recent analysis of 2010 plans by researchers at the Kaiser Family Foundation 401(k) contribution caps stagnant. The contribution ceiling for 401(k)'s will stay the same next year. Pension insurance limits stay the same. The federal government insures most private-sector pensions up to certain limits. The maximum amount that will be replaced by the government if your employer goes bankrupt in 2010 will be $54,000, which is unchanged from 2009. KNOWLEDGEFINANCIAL.COM |
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LET A PROFESSIONAL REALTOR ASSIST YOU IN YOUR HOME BUYING & HOME
SELLING PROCESS.
SOUTH FLORIDA, CALL Mr. ANTONY
AT: 786-709-6577
--------------------------------------------------------------
WANT TO PURCHASE A PROPERTY, BUT YOU NEED FINANCE GUESS WHAT?
WE CAN HELP YOU ACHIEVE YOUR GOAL
. OR YOU NEED TO REFINANCE A PROPERTY AT A LOWER RATE...
SOUTH FLORIDA, THIS NUMBER IS FOR YOU: 786-709-6577
--------------------------------------------------------------
WANT TO SELL A PROPERTY FAST, QUICK & FOR THE TOP PRICE...
ATTENTION SOUTH FLORIDA, THIS NUMBER IS FOR YOU! 786-709-6577 .
----------------------------------------------
SELL YOUR PROPERTY NOW; TOP PRICE. We can help you sell your property.
CALL Mr. ANTHONY
AT: 786-709-6577 --- Fortune International Realty
------------------------------------
SELL A PROPERTY FAST & QUICK FOR THE TOP PRICE!
“IT’S THE AFFAIR OF A REAL ESTATE PROFESSIONAL”
BUY A GREAT PROPERTY IN A GREAT LOCATION BELOW MARKET VALUE,
MEANING: MORE SAVING, MORE MONEY IN YOUR POCKET.
CALL AT: 786-709-6577
WWW.KNOWLEDGEFINANCIAL.COM
HOME-BUYING AND HOME-SELLING!...
LET A PROFESSIONAL REALTOR ASSIST YOU IN YOUR HOME BUYING & HOME
SELLING PROCESS.
SOUTH FLORIDA, CALL Mr. ANTONY
AT: 786-709-6577
--------------------------------------------------------------
WANT TO PURCHASE A PROPERTY, BUT YOU NEED FINANCE GUESS WHAT?
WE CAN HELP YOU ACHIEVE YOUR GOAL
. OR YOU NEED TO REFINANCE A PROPERTY AT A LOWER RATE...
SOUTH FLORIDA, THIS NUMBER IS FOR YOU: 786-709-6577
--------------------------------------------------------------
WANT TO SELL A PROPERTY FAST, QUICK & FOR THE TOP PRICE...
ATTENTION SOUTH FLORIDA, THIS NUMBER IS FOR YOU! 786-709-6577 .
----------------------------------------------
SELL YOUR PROPERTY NOW; TOP PRICE. We can help you sell your property.
CALL Mr. ANTHONY
AT: 786-709-6577 --- Fortune International Realty
------------------------------------
SELL A PROPERTY FAST & QUICK FOR THE TOP PRICE!
“IT’S THE AFFAIR OF A REAL ESTATE PROFESSIONAL”
BUY A GREAT PROPERTY IN A GREAT LOCATION BELOW MARKET VALUE,
MEANING: MORE SAVING, MORE MONEY IN YOUR POCKET.
CALL AT: 786-709-6577
WWW.KNOWLEDGEFINANCIAL.COM
,,The Citadelle Laferrière or, Citadelle
Henri Christophe, or simply the Citadelle .
LEARN MORE ABOUT THIS GIANT HAITI FORTRESS
THE GREATEST INGENUIYING STRUCTURE IN HAITI.
KNOWLEDGEFINANCIAL.COM
Henri Christophe, or simply the Citadelle .
LEARN MORE ABOUT THIS GIANT HAITI FORTRESS
THE GREATEST INGENUIYING STRUCTURE IN HAITI.
KNOWLEDGEFINANCIAL.COM
HAITI NEWS UPDATE
What it would take to rebuild the country is
probably a question that has not been
addressed yet by either local Haitian officials
or by international bodies, but it will need to
be confronted soon. Because Haiti is a very
poor country, funding will be essential.
Fortunately, it seems likely that the
international community will come up with
the financial resources to help.. But before
reconstruction of the civil infrastructure can
even begin, it will be necessary to have a
stable and functioning government that will
provide the support and oversight of such an
effort.
To prevent future disasters, the country
needs to develop, or at the very least adopt,
a seismic building code from other
earthquake-prone regions. Adopting the
seismic components of the International
Building Code would be a good place to start.
Sure, measures such as adding lateral
reinforcement to columns and adding steel
reinforcements at joints between beams and
columns to transfer forces will be more
expensive, but they are clearly necessary.
Adopting a seismic code by itself, however,
does not solve the problem and all the money
in the world can't make reconstruction
happen immediately. Local engineers and
planners need to be trained in proper design
and construction practices, and most
importantly, there has to be a regulatory body
that oversees the implementation of such
codes.
The country should develop its own seismic
hazard map that would identify the severity of
ground shaking, and areas where conditions
make damage and landslides potentially most
severe. If Haiti and helpful nations around the
world respond correctly to this tragedy,
perhaps it will never be repeated.
KNOWLEDGEFINANCIAL.COM
What it would take to rebuild the country is
probably a question that has not been
addressed yet by either local Haitian officials
or by international bodies, but it will need to
be confronted soon. Because Haiti is a very
poor country, funding will be essential.
Fortunately, it seems likely that the
international community will come up with
the financial resources to help.. But before
reconstruction of the civil infrastructure can
even begin, it will be necessary to have a
stable and functioning government that will
provide the support and oversight of such an
effort.
To prevent future disasters, the country
needs to develop, or at the very least adopt,
a seismic building code from other
earthquake-prone regions. Adopting the
seismic components of the International
Building Code would be a good place to start.
Sure, measures such as adding lateral
reinforcement to columns and adding steel
reinforcements at joints between beams and
columns to transfer forces will be more
expensive, but they are clearly necessary.
Adopting a seismic code by itself, however,
does not solve the problem and all the money
in the world can't make reconstruction
happen immediately. Local engineers and
planners need to be trained in proper design
and construction practices, and most
importantly, there has to be a regulatory body
that oversees the implementation of such
codes.
The country should develop its own seismic
hazard map that would identify the severity of
ground shaking, and areas where conditions
make damage and landslides potentially most
severe. If Haiti and helpful nations around the
world respond correctly to this tragedy,
perhaps it will never be repeated.
KNOWLEDGEFINANCIAL.COM
,,CITADELLE HAITI, WHAT IS IT?
Citadelle Laferriere is the largest fortress in the Western hemisphere, and is a site well
worth visiting, even if it is a bit out of the way. The Citadelle Laferriere stands atop Bonnet
a L’Eveque, a 3000 foot (900m) mountain, miles off of the coast. From this peak, a great
deal of Haiti is visible. The city of Cap-Haitien, more than 17 miles (27km) away, can be
seen, as can the ocean. In fact, it is said that on a clear day one can see the coast of Cuba,
more than 90 miles (145km) away, from the Citadelle Laferriere. LEARN MORE...
Citadelle Laferriere is the largest fortress in the Western hemisphere, and is a site well
worth visiting, even if it is a bit out of the way. The Citadelle Laferriere stands atop Bonnet
a L’Eveque, a 3000 foot (900m) mountain, miles off of the coast. From this peak, a great
deal of Haiti is visible. The city of Cap-Haitien, more than 17 miles (27km) away, can be
seen, as can the ocean. In fact, it is said that on a clear day one can see the coast of Cuba,
more than 90 miles (145km) away, from the Citadelle Laferriere. LEARN MORE...
HAITIPAGE 1-..PORT AU PRINCE HAITI, JACMEL,
AND OTHER CITIES. LEARN MORE...
HAITI HAS BEEN DEVASTATED BEYOND
IMAGINATION BY AN EARTHQUAKE TUESDAY
JANUARY 12, 2010. TOTAL DISASTER. HAITI PAGE
1-- THE
SITUATION IS CATASTROPHIC EVERYWHERE. CAN
YOU HELP SOMEHOW!
..HAITI PAGE-2. We will continually be updating this
page. If you have more
information about how people can get involved in
relief efforts,
leave a comment or e-mail us at:
onebless2me@yahoo.com --
LEARN MORE-PAGE 2..
HAITI earthquake It is a catastrophe beyond
measure. HAITI PAGE 3 ... This situation is
something far beyond anything the country has ever
experienced before.
Haiti's capital shattered by powerful earthquake...
brought down by the
strongest earthquake to hit this poor Caribbean
nation in more than 200
years. PAGE 3-- LEARN MORE...
.. HAITI PAGE 4... Haiti's capital city
PORT-AU-PRINCE devastated by major
earthquake Tuesday January 12, 2010 about 4:50
pm. HAITI EARTHQUAKE PAGE 4--
Celebrities, companies, sports teams and regular
Americans are
mobilizing to help Haiti with an outpouring of
generosity that
could exceed private donations made after
Hurricane Katrina
and the 2004 Asian tsunami. HAITI PAGE 4...
,,HAITI NEWS UPDATE PAGE 5...
HAITI NEWS UPDATE AFTERMATH OF THE
GREATEST DISASTER IN HISTORY OF THE
AMERICAN CONTINENT. LEARN MORE...
AND OTHER CITIES. LEARN MORE...
HAITI HAS BEEN DEVASTATED BEYOND
IMAGINATION BY AN EARTHQUAKE TUESDAY
JANUARY 12, 2010. TOTAL DISASTER. HAITI PAGE
1-- THE
SITUATION IS CATASTROPHIC EVERYWHERE. CAN
YOU HELP SOMEHOW!
..HAITI PAGE-2. We will continually be updating this
page. If you have more
information about how people can get involved in
relief efforts,
leave a comment or e-mail us at:
onebless2me@yahoo.com --
LEARN MORE-PAGE 2..
HAITI earthquake It is a catastrophe beyond
measure. HAITI PAGE 3 ... This situation is
something far beyond anything the country has ever
experienced before.
Haiti's capital shattered by powerful earthquake...
brought down by the
strongest earthquake to hit this poor Caribbean
nation in more than 200
years. PAGE 3-- LEARN MORE...
.. HAITI PAGE 4... Haiti's capital city
PORT-AU-PRINCE devastated by major
earthquake Tuesday January 12, 2010 about 4:50
pm. HAITI EARTHQUAKE PAGE 4--
Celebrities, companies, sports teams and regular
Americans are
mobilizing to help Haiti with an outpouring of
generosity that
could exceed private donations made after
Hurricane Katrina
and the 2004 Asian tsunami. HAITI PAGE 4...
,,HAITI NEWS UPDATE PAGE 5...
HAITI NEWS UPDATE AFTERMATH OF THE
GREATEST DISASTER IN HISTORY OF THE
AMERICAN CONTINENT. LEARN MORE...
THE MOST IMPORTANT TAX SAVING YOU MUST KNOW
ABOUT...
HOW TO CUT YOUR TAXES; EASY STEPS...
Here's how to make sure you don't pay more than your
fair share of income tax...
Tips for Taxpayers Hit by the Recession
Discharged Debt. Normally, if a portion of your mortgage debt is forgiven, the amount
erased is considered taxable income. But Congress has temporarily lifted that rule for
debts wiped out on your primary home. So if your lender restructured your loan and
reduced the amount, or you had debt forgiven as part of a foreclosure, you will not owe
taxes on that amount -- up to $2 million, or $1 million for married people filing separately --
as long as the debt reduction occurred from 2007 to 2012
-------------------------------------------KNOWLEDGEFINANCIAL.COM
TIPS FOR INDIVIDUAL RETIREMENT ACCOUNT
I.R.A. and 401(k) Withdrawals. Taxpayers who tapped their I.R.A. (and did not repay it
within 60 days) will owe income taxes. Those under age 59 ½ will also owe a 10 percent
penalty.
There are some cases where the penalty is waived. If, for instance, you used the money
to pay for your medical insurance after you lost your job, according to the I.R.S., you
would not pay a penalty.
Participants in 401(k) plans are subject to similar rules, though withdrawals that are
deemed qualifying hardships -- like costs tied to foreclosure, eviction and education -- are
still subject to the penalty if made before age 59 ½. But you can take penalty-free
withdrawals if you left your job the year you turned 55 or later.
Roth I.R.A.'s can be tapped without penalty, as long as you withdraw your own
contributions and not investment earnings.
KNOWLEDGEFINANCIAL.COM
ABOUT...
HOW TO CUT YOUR TAXES; EASY STEPS...
Here's how to make sure you don't pay more than your
fair share of income tax...
Tips for Taxpayers Hit by the Recession
Discharged Debt. Normally, if a portion of your mortgage debt is forgiven, the amount
erased is considered taxable income. But Congress has temporarily lifted that rule for
debts wiped out on your primary home. So if your lender restructured your loan and
reduced the amount, or you had debt forgiven as part of a foreclosure, you will not owe
taxes on that amount -- up to $2 million, or $1 million for married people filing separately --
as long as the debt reduction occurred from 2007 to 2012
-------------------------------------------KNOWLEDGEFINANCIAL.COM
TIPS FOR INDIVIDUAL RETIREMENT ACCOUNT
I.R.A. and 401(k) Withdrawals. Taxpayers who tapped their I.R.A. (and did not repay it
within 60 days) will owe income taxes. Those under age 59 ½ will also owe a 10 percent
penalty.
There are some cases where the penalty is waived. If, for instance, you used the money
to pay for your medical insurance after you lost your job, according to the I.R.S., you
would not pay a penalty.
Participants in 401(k) plans are subject to similar rules, though withdrawals that are
deemed qualifying hardships -- like costs tied to foreclosure, eviction and education -- are
still subject to the penalty if made before age 59 ½. But you can take penalty-free
withdrawals if you left your job the year you turned 55 or later.
Roth I.R.A.'s can be tapped without penalty, as long as you withdraw your own
contributions and not investment earnings.
KNOWLEDGEFINANCIAL.COM
HAVING PROBLEMS TO PAY YOUR TAXES...
Can't Pay Taxes. If you can't afford to pay your taxes, you should still file your return on
time and pay as much as you can to avoid penalties and interest, the I.R.S. said. But
call the I.R.S. to see whether you can get an extension, a payment plan or other relief.
------------------------------------------KNOWLEDGEFINANCIAL.COM
Unemployment.
The good news is that unemployment benefits were extended last year. The bad news is
that those benefits are taxable. Your tax bracket is based on total income, including any
money earned before you were laid off.
"That catches a lot of people off guard," You should receive a 1099-G that will show
what you received from unemployment and any tax you elected to have withheld. If you
didn't elect to withhold taxes, you may owe them now. Severance and pay for vacation
or sick time is also taxable.
-----------------------------------------------------------------
More Deductions.
When you income drops, you're more likely to qualify for certain tax breaks that phase
out if you earn too much money. Tax professionals said that more people are qualifying
for the Earned Income Tax Credit, which is aimed at working people and families with
low incomes:
-------------------------------------------KNOWLEDGEFINANCIAL.COM
Finance & Investing
State Sales Taxes
This write-off makes sense primarily for those who live in states that do not impose an
income tax. You must choose between deducting state and local income taxes or state
and local sales taxes. For most citizens of income-tax states, the income-tax deduction
is a better deal.
If you purchased a vehicle, boat, airplane or home-building materials, you get to add the
state sales tax you paid to the amount shown in IRS tables for your state, to the extent
the sales tax rate you paid doesn't exceed the state's general sales tax rate. The IRS
even has a calculator on its Web site to help you figure the deduction, which varies by
your state and income level.
Can't Pay Taxes. If you can't afford to pay your taxes, you should still file your return on
time and pay as much as you can to avoid penalties and interest, the I.R.S. said. But
call the I.R.S. to see whether you can get an extension, a payment plan or other relief.
------------------------------------------KNOWLEDGEFINANCIAL.COM
Unemployment.
The good news is that unemployment benefits were extended last year. The bad news is
that those benefits are taxable. Your tax bracket is based on total income, including any
money earned before you were laid off.
"That catches a lot of people off guard," You should receive a 1099-G that will show
what you received from unemployment and any tax you elected to have withheld. If you
didn't elect to withhold taxes, you may owe them now. Severance and pay for vacation
or sick time is also taxable.
-----------------------------------------------------------------
More Deductions.
When you income drops, you're more likely to qualify for certain tax breaks that phase
out if you earn too much money. Tax professionals said that more people are qualifying
for the Earned Income Tax Credit, which is aimed at working people and families with
low incomes:
-------------------------------------------KNOWLEDGEFINANCIAL.COM
Finance & Investing
State Sales Taxes
This write-off makes sense primarily for those who live in states that do not impose an
income tax. You must choose between deducting state and local income taxes or state
and local sales taxes. For most citizens of income-tax states, the income-tax deduction
is a better deal.
If you purchased a vehicle, boat, airplane or home-building materials, you get to add the
state sales tax you paid to the amount shown in IRS tables for your state, to the extent
the sales tax rate you paid doesn't exceed the state's general sales tax rate. The IRS
even has a calculator on its Web site to help you figure the deduction, which varies by
your state and income level.
Finance & Investing
Reinvested Dividends
This is the break former IRS Commissioner Fred Goldberg told Kiplinger's that a lot of
taxpayers miss.
If, like most investors, you have mutual-fund dividends automatically invested in extra
shares, remember that each reinvestment increases your "tax basis" in the fund. That, in
turn, reduces the taxable capital gain when you redeem shares.
Forgetting to include the reinvested dividends in your basis -- which you subtract from
the sale proceeds to pinpoint your gain -- means overpaying your tax.
-----------------------------------------------------
Out-of-Pocket ---TAXES, TAXES...
Charitable Deductions
You can write off out-of-pocket costs incurred while doing good works.
The money you spend on ingredients for casseroles you prepared for a soup kitchen, for
example, or on stamps you buy for your school's fund-raiser counts as a charitable
contribution.
Also, if you drove your car for charity in 2009, remember to deduct 14 cents per mile.
-----------------------------------------------
Student-Loan Interest
Paid by Mom and Dad
Generally, you can only deduct mortgage or student-loan interest if you are legally
required to repay the debt. But if parents pay back a child's student loan, the IRS treats it
as though the money was given to the child, who then paid the debt.
A child who’s not claimed as a dependent can qualify to deduct up to $2,500 of student-
loan interest paid by Mom and Dad. And he or she doesn't have to itemize to use this
money-saver.-----//--- KNOWLEDGEFINANCIAL.COM
Reinvested Dividends
This is the break former IRS Commissioner Fred Goldberg told Kiplinger's that a lot of
taxpayers miss.
If, like most investors, you have mutual-fund dividends automatically invested in extra
shares, remember that each reinvestment increases your "tax basis" in the fund. That, in
turn, reduces the taxable capital gain when you redeem shares.
Forgetting to include the reinvested dividends in your basis -- which you subtract from
the sale proceeds to pinpoint your gain -- means overpaying your tax.
-----------------------------------------------------
Out-of-Pocket ---TAXES, TAXES...
Charitable Deductions
You can write off out-of-pocket costs incurred while doing good works.
The money you spend on ingredients for casseroles you prepared for a soup kitchen, for
example, or on stamps you buy for your school's fund-raiser counts as a charitable
contribution.
Also, if you drove your car for charity in 2009, remember to deduct 14 cents per mile.
-----------------------------------------------
Student-Loan Interest
Paid by Mom and Dad
Generally, you can only deduct mortgage or student-loan interest if you are legally
required to repay the debt. But if parents pay back a child's student loan, the IRS treats it
as though the money was given to the child, who then paid the debt.
A child who’s not claimed as a dependent can qualify to deduct up to $2,500 of student-
loan interest paid by Mom and Dad. And he or she doesn't have to itemize to use this
money-saver.-----//--- KNOWLEDGEFINANCIAL.COM
Moving Expenses //-----------KNOWLEDGEFINANCIAL.COM
for a New Job
Job-hunting expenses incurred while looking for your first job are not deductible, but moving
expenses to get to that position are. And you get this write-off even if you don't itemize.
If you moved more than 50 miles, you can deduct the cost of getting yourself and your household
goods to the new area, including 24 cents per mile for driving your own vehicle for a 2009 move,
plus parking fees and tolls. The same holds true for any new job you take.
-------------------------------------------------
Military Reservists’
Travel Expenses
Members of the National Guard or military reserve may tap a deduction for travel expenses to drills
or meetings. To qualify, you must travel more than 100 miles from home and be away from home
overnight.
If you qualify, you can deduct the cost of lodging and half the cost of your meals, plus 55 cents per
mile for driving your own car to get to and from 2009 drills. In any event, add parking fees or tolls.
You get this deduction regardless of whether you itemize.
KNOWLEDGEFINANCIAL.COM
for a New Job
Job-hunting expenses incurred while looking for your first job are not deductible, but moving
expenses to get to that position are. And you get this write-off even if you don't itemize.
If you moved more than 50 miles, you can deduct the cost of getting yourself and your household
goods to the new area, including 24 cents per mile for driving your own vehicle for a 2009 move,
plus parking fees and tolls. The same holds true for any new job you take.
-------------------------------------------------
Military Reservists’
Travel Expenses
Members of the National Guard or military reserve may tap a deduction for travel expenses to drills
or meetings. To qualify, you must travel more than 100 miles from home and be away from home
overnight.
If you qualify, you can deduct the cost of lodging and half the cost of your meals, plus 55 cents per
mile for driving your own car to get to and from 2009 drills. In any event, add parking fees or tolls.
You get this deduction regardless of whether you itemize.
KNOWLEDGEFINANCIAL.COM
Child-Care Credit
It's easy to overlook the child-care credit if you pay your child-care bills through a reimbursement
account at work. Although only $5,000 of such expenses can be paid through a tax-favored
reimbursement account, up to $6,000 (for the care of two or more children) can qualify for the credit.
So, if you run the maximum allowed by your work plan, you can claim the credit on as much as
$1,000 of additional expenses you pay for work-related child care. That would cut your tax bill by at
least $200.
-------------------------------------------------------KNOWLEDGEFINANCIAL.COM
Estate Tax on Income
In Respect of a Decedent
This sounds complicated, but it can save you a lot of money if you inherited an IRA from someone
whose estate was big enough to be subject to the federal estate tax. Basically, you get an
income-tax deduction for the amount of estate tax paid on the IRA assets you received. Let's say
you inherited a $100,000 IRA, and the fact that the money was included in your benefactor's estate
added $45,000 to the estate-tax bill.
You get to deduct that $45,000 on your tax returns as you withdraw the money from the IRA. If you
withdraw $50,000 in one year, for example, you get to claim a $22,500 itemized deduction on
Schedule A. That would save you $6,300 in the 28% bracket.
----------------------------------------------------------
Refinancing Points
When you buy a house, you get to deduct points paid to get your mortgage in one fell swoop. When
you refinance a mortgage, though, you have to deduct the points over the life of the loan. That
means you can deduct 1/30th of the points a year if it's a 30-year mortgage -- that's $33 a year for
each $1,000 of points you paid. Not much, maybe, but don't throw it away.
Even more important, in the year you pay off the loan -- because you sell the house or refinance
again -- you get to deduct all as-yet-undeducted points.
There's one exception to this sweet rule: If you refinance a refinanced loan with the same lender,
you add the points paid on the latest deal to the leftovers from the previous refinancing ... and
deduct the amount gradually over the life of the new loan.
It's easy to overlook the child-care credit if you pay your child-care bills through a reimbursement
account at work. Although only $5,000 of such expenses can be paid through a tax-favored
reimbursement account, up to $6,000 (for the care of two or more children) can qualify for the credit.
So, if you run the maximum allowed by your work plan, you can claim the credit on as much as
$1,000 of additional expenses you pay for work-related child care. That would cut your tax bill by at
least $200.
-------------------------------------------------------KNOWLEDGEFINANCIAL.COM
Estate Tax on Income
In Respect of a Decedent
This sounds complicated, but it can save you a lot of money if you inherited an IRA from someone
whose estate was big enough to be subject to the federal estate tax. Basically, you get an
income-tax deduction for the amount of estate tax paid on the IRA assets you received. Let's say
you inherited a $100,000 IRA, and the fact that the money was included in your benefactor's estate
added $45,000 to the estate-tax bill.
You get to deduct that $45,000 on your tax returns as you withdraw the money from the IRA. If you
withdraw $50,000 in one year, for example, you get to claim a $22,500 itemized deduction on
Schedule A. That would save you $6,300 in the 28% bracket.
----------------------------------------------------------
Refinancing Points
When you buy a house, you get to deduct points paid to get your mortgage in one fell swoop. When
you refinance a mortgage, though, you have to deduct the points over the life of the loan. That
means you can deduct 1/30th of the points a year if it's a 30-year mortgage -- that's $33 a year for
each $1,000 of points you paid. Not much, maybe, but don't throw it away.
Even more important, in the year you pay off the loan -- because you sell the house or refinance
again -- you get to deduct all as-yet-undeducted points.
There's one exception to this sweet rule: If you refinance a refinanced loan with the same lender,
you add the points paid on the latest deal to the leftovers from the previous refinancing ... and
deduct the amount gradually over the life of the new loan.
Jury Pay Paid to Employer //----KNOWLEDGEFINANCIAL.COM
Many employers continue to pay employees' full salary while they serve on jury duty, and some
require the employees to turn over their jury fees to the company coffers. The only problem is that the
IRS demands that you report those fees as taxable income. To even things out, you get to deduct the
amount paid to your employer.
But how do you do it? There's no line on Form 1040 labeled "jury fees." Instead the write-off goes on
line 36, which purports to be for simply totaling up the deductions that get their own lines. Add your
jury fees to the total of your other write-offs, and write "jury pay" on the dotted line.
------------------------------------------------
Property-Tax Deduction
for Non-Itemizers
This break, new in 2008, also works in 2009, but millions of taxpayers who claim the standard
deduction may miss it. Normally, to write off property taxes, you must itemize deductions. But this
new rule lets homeowners who don’t itemize boost their standard-deduction amount by up to $500
for single taxpayers or up to $1,000 for married taxpayers filing jointly to account for property taxes
paid on the home during 2009.
You’ll need to include extra paperwork – a Schedule L – with your 2009 tax return to get this break.
----------------------------------------------------KNOWLEDGEFINANCIAL.COM
College Credit for
Junior and Senior Years
Parents of college kids know the $2,000 Hope credit is just for the first two years of college; after
that, the lower Lifetime Learning credit applies. But wait! That’s not how it works for 2009.
Instead, the credit has been renamed, increased and expanded. It’s now called the American
Opportunity Credit, and it will rebate up to $2,500 for each qualifying student for the first four years of
college. The full credit is available to individuals whose modified adjusted gross income is $80,000
or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for
taxpayers with incomes above these levels. These income limits are higher than last year.
------------------------------------------------------------
Sales-Tax Deduction
for New Vehicles
Taxpayers who buy a new car, truck, motorcycle or motor home after February 16, 2009, and by the
end of the year can deduct the sales tax paid on the purchase either as an itemized deduction or, if
they don't itemize as a supercharged standard deduction. Sales tax paid on the first $49,500 of cost
qualifies. The benefit begins phasing out for married couples with adjusted gross incomes over
$250,000 and singles with adjusted gross incomes over $125,000, and is completely gone for single
filers with AGI of $135,000 or more or joint filers with AGI of at least $260,000.
Non-itemizers need to file a Schedule L with their return to get the benefit; itemizers who elect to
deduct state income taxes will claim the car sales tax as a separate itemized deduction.
--------------------------------------------------------KNOWLEDGEFINANCIAL.COM
Home Buyer’s Credit
For most of the year, only “first-time” home buyers -- those who didn’t own a home in the three years
leading up to the purchase of a new home -- qualified for an $8,000 credit. But big changes apply to
homes purchased after November 6. There’s now a $6,500 credit for “long-time” homeowners,
defined as those who continuously owned a home for at least five of the eight years leading up to the
purchase of a new home. The new law also increases how much buyers can earn and still claim the
credit.
For deals closed before November 7, the right to the first-time buyer credit gradually disappears as
adjusted gross income rises between $75,000 and $95,000 on single returns and between $150,000
and $170,000 for married couples who file joint tax returns.
For purchases after November 6, phase-out zones – for both the $8,000 credit and the $6,500 credit --
are $125,000 to $145,000 for singles and $225,000 to $245,000 for married couples.
KNOWLEDGEFINANCIAL.COM
Many employers continue to pay employees' full salary while they serve on jury duty, and some
require the employees to turn over their jury fees to the company coffers. The only problem is that the
IRS demands that you report those fees as taxable income. To even things out, you get to deduct the
amount paid to your employer.
But how do you do it? There's no line on Form 1040 labeled "jury fees." Instead the write-off goes on
line 36, which purports to be for simply totaling up the deductions that get their own lines. Add your
jury fees to the total of your other write-offs, and write "jury pay" on the dotted line.
------------------------------------------------
Property-Tax Deduction
for Non-Itemizers
This break, new in 2008, also works in 2009, but millions of taxpayers who claim the standard
deduction may miss it. Normally, to write off property taxes, you must itemize deductions. But this
new rule lets homeowners who don’t itemize boost their standard-deduction amount by up to $500
for single taxpayers or up to $1,000 for married taxpayers filing jointly to account for property taxes
paid on the home during 2009.
You’ll need to include extra paperwork – a Schedule L – with your 2009 tax return to get this break.
----------------------------------------------------KNOWLEDGEFINANCIAL.COM
College Credit for
Junior and Senior Years
Parents of college kids know the $2,000 Hope credit is just for the first two years of college; after
that, the lower Lifetime Learning credit applies. But wait! That’s not how it works for 2009.
Instead, the credit has been renamed, increased and expanded. It’s now called the American
Opportunity Credit, and it will rebate up to $2,500 for each qualifying student for the first four years of
college. The full credit is available to individuals whose modified adjusted gross income is $80,000
or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for
taxpayers with incomes above these levels. These income limits are higher than last year.
------------------------------------------------------------
Sales-Tax Deduction
for New Vehicles
Taxpayers who buy a new car, truck, motorcycle or motor home after February 16, 2009, and by the
end of the year can deduct the sales tax paid on the purchase either as an itemized deduction or, if
they don't itemize as a supercharged standard deduction. Sales tax paid on the first $49,500 of cost
qualifies. The benefit begins phasing out for married couples with adjusted gross incomes over
$250,000 and singles with adjusted gross incomes over $125,000, and is completely gone for single
filers with AGI of $135,000 or more or joint filers with AGI of at least $260,000.
Non-itemizers need to file a Schedule L with their return to get the benefit; itemizers who elect to
deduct state income taxes will claim the car sales tax as a separate itemized deduction.
--------------------------------------------------------KNOWLEDGEFINANCIAL.COM
Home Buyer’s Credit
For most of the year, only “first-time” home buyers -- those who didn’t own a home in the three years
leading up to the purchase of a new home -- qualified for an $8,000 credit. But big changes apply to
homes purchased after November 6. There’s now a $6,500 credit for “long-time” homeowners,
defined as those who continuously owned a home for at least five of the eight years leading up to the
purchase of a new home. The new law also increases how much buyers can earn and still claim the
credit.
For deals closed before November 7, the right to the first-time buyer credit gradually disappears as
adjusted gross income rises between $75,000 and $95,000 on single returns and between $150,000
and $170,000 for married couples who file joint tax returns.
For purchases after November 6, phase-out zones – for both the $8,000 credit and the $6,500 credit --
are $125,000 to $145,000 for singles and $225,000 to $245,000 for married couples.
KNOWLEDGEFINANCIAL.COM
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING
TAX SAVING-- CONTINUE BELOW
TAX SAVING
TAX SAVING-- CONTINUE BELOW
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Banks Apply Pressure to Keep Fees Rolling In...
Special letters from banks out to consumers with an offer that it
urges them not to refuse. -------knowledgefinancial.com
"Your debit card may not work the same way anymore, even if you just made a
deposit. Unless we hear from you," the message, emblazoned in large red type,
warns. "If you don't contact us, your everyday debit card transactions that overdraw
your account will not be authorized after August 15, 2010 -- even in an emergency,"
with "even in an emergency" underlined for emphasis.
---------------------------------------knowledgefinancial.com
As the government cracks down on the way banks charge fees for overspending on
debit cards, the industry is mounting an aggressive campaign aimed at keeping
billions of dollars in penalty income flowing into its coffers.
---------------------------------------knowledgefinancial.com
Starting this summer, banks must get consumers to agree, or "opt in," to a service
covering purchases on a debit card when there is not enough money in their account.
The Federal Reserve has ordered the same restriction for banks that want to let
people withdraw more than their balance at an automated teller machine. Many banks
now automatically provide such coverage for fees of up to $35 or more.
--------------------------------------
So many people now dip their balance below zero that banks generated an estimated
$20 billion from overdraft fees on debit purchases and A.T.M. transactions in 2009,
Over the last decade, these fees have become an increasingly important source of
income for banks as consumers have turned to debit cards to pay for a wide variety of
their purchases, whether monthly bills or a pack of gum. (Many banks also offer less
controversial overdraft programs in which consumers sign up to cover shortfalls in
their checking account by pulling money out of a savings account or a credit card.)
KNOWLEDGEFINANCIAL.COM
Special letters from banks out to consumers with an offer that it
urges them not to refuse. -------knowledgefinancial.com
"Your debit card may not work the same way anymore, even if you just made a
deposit. Unless we hear from you," the message, emblazoned in large red type,
warns. "If you don't contact us, your everyday debit card transactions that overdraw
your account will not be authorized after August 15, 2010 -- even in an emergency,"
with "even in an emergency" underlined for emphasis.
---------------------------------------knowledgefinancial.com
As the government cracks down on the way banks charge fees for overspending on
debit cards, the industry is mounting an aggressive campaign aimed at keeping
billions of dollars in penalty income flowing into its coffers.
---------------------------------------knowledgefinancial.com
Starting this summer, banks must get consumers to agree, or "opt in," to a service
covering purchases on a debit card when there is not enough money in their account.
The Federal Reserve has ordered the same restriction for banks that want to let
people withdraw more than their balance at an automated teller machine. Many banks
now automatically provide such coverage for fees of up to $35 or more.
--------------------------------------
So many people now dip their balance below zero that banks generated an estimated
$20 billion from overdraft fees on debit purchases and A.T.M. transactions in 2009,
Over the last decade, these fees have become an increasingly important source of
income for banks as consumers have turned to debit cards to pay for a wide variety of
their purchases, whether monthly bills or a pack of gum. (Many banks also offer less
controversial overdraft programs in which consumers sign up to cover shortfalls in
their checking account by pulling money out of a savings account or a credit card.)
KNOWLEDGEFINANCIAL.COM
A Card Fee Still Hides in the Luggage?-----knowledgefinancial.com
Because of legislation that President Obama signed last year, your bank won’t be
able to charge you a fee for spending more than your credit limit anymore, unless
you’ve told the company that you want to be able to exceed the limit.
--------------------------------------knowledgefinancial.com
Banks will have to give you at least 45 days’ notice before raising cash advance and
late fees. And any mandatory fees like annual or application fees can’t add up to
more than 25 percent of the credit limit, as they often used to with cards that
companies aimed at people with poor credit histories.
--------------------------------------
But here’s one fee that the new law didn’t limit, even though it has offended scores
of consumers for at least a decade and adds up to hundreds of millions of dollars
every year for the credit card companies: the foreign transaction or currency
conversion fee.
-----------------------------------------
Most big American banks hit you with these fees of up to 3 percent of every
purchase when a merchant processes your credit or debit card purchase outside
the United States. International travelers are most affected. -----knowledgefinancial.
com
Because of legislation that President Obama signed last year, your bank won’t be
able to charge you a fee for spending more than your credit limit anymore, unless
you’ve told the company that you want to be able to exceed the limit.
--------------------------------------knowledgefinancial.com
Banks will have to give you at least 45 days’ notice before raising cash advance and
late fees. And any mandatory fees like annual or application fees can’t add up to
more than 25 percent of the credit limit, as they often used to with cards that
companies aimed at people with poor credit histories.
--------------------------------------
But here’s one fee that the new law didn’t limit, even though it has offended scores
of consumers for at least a decade and adds up to hundreds of millions of dollars
every year for the credit card companies: the foreign transaction or currency
conversion fee.
-----------------------------------------
Most big American banks hit you with these fees of up to 3 percent of every
purchase when a merchant processes your credit or debit card purchase outside
the United States. International travelers are most affected. -----knowledgefinancial.
com
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