When you put money in the bank, the bank takes that money and lends it out to others, charging interest. The money you put into a savings account or CD earns interest for you, but it is a low rate of interest — one that is low enough that the difference between what the bank is paying you to keep the money, and the what the bank is getting for lending it out, results in a profit. Cash products come with low rates of return anyway because, for the most part, they are very low risk, guaranteeing that you get back what you put in (minus any applicable penalties and fees, of course).>>> [Read More]
Tag Archive: Debit card
Credit CARD Act: Keep an Eye on Bank Debit Card Fees
It’s very important that you remain vigilant when it comes to your finances. This is especially important in light of some of the changes that might be coming because of the Credit CARD Act. You might be surprised to know that some of the upcoming changes as a result of the new card rules actually affect debit cards.
Teach Your Child About Responsible Credit Use
Chances are that, in spite of any efforts you might make to the contrary, your child is going to be interested in using credit. Credit can be helpful in terms of preparing for the future, and building good personal finance habits, and building a history that can be used to help your child secure good rates for home and auto loans. However, credit, like so many other money tools, can be financially devastating if abused. It is up to you to teach your child sound financial principles, including the wise use of credit. Here are three steps to teaching your child about responsible credit use:>>> [Read More]
