10 Truly Free Checking Accounts: NerdWallet’s Picks

post — Betty Denney @ 4:10 pm — post Comments (0)
postMarch 9, 2012

Here’s a little secret big banks may not want you to know: free checking is alive and well at banks and credit unions across the country. And when we say free checking, we don’t mean conditionally free. We mean really and truly free: no minimum balance requirements or monthly fees. Although most checking accounts are free when you meet some basic requirements, such as setting up direct deposit or maintaining a minimum balance, you don’t have to deal with the hassle if you look for other offerings elsewhere. Better yet, some of these truly free checking accounts also earn interest! The only thing better than free checking is free money. After searching high and low, we found the best deals at Internet banks, community banks and credit unions. Here

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Creditors Sending 1099-C Forms for Old Debts

post — Betty Denney @ 9:28 am — post Comments (0)
postMarch 6, 2012

The IRS requires creditors to send 1099-C Form in most cases when more than $600 of consumer debt is forgiven. In turn, the IRS expects you to include the cancelled debt as income on your tax return. Many people can expect to receive this form if they settled a debt last year.However, according to Gerri Detweiler in an ABC News column, consumers are receiving 1099-C forms for debts they haven’t touched in years, sometimes even decades ago.

Having to claim additional income can increase your tax liability resulting in a lower tax refund or even a tax bill. You may be able to claim an insolvency exemption by filing Form 982 if you were insolvent (had a negative net worth) at the time the debt was cancelled.

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Aussies increasingly using credit cards online, new figures show

post — Betty Denney @ 8:54 am — post Comments (0)
postFebruary 26, 2012

Australians are continuing to head online when making retail purchases, although the internet has a long way to go before it overtakes high street stores as Aussies preferred method of shopping. A new study conducted by National Australia Bank (NAB) has indicated that people using their credit cards to buy goods via the web account for less than five per cent of the overall retail sector, but the number is growing all the time. The internet lends itself to plastic use and it seems that credit cards are becoming increasingly popular, as a recent study by Coles showed that three-quarters of people down under use their cards to pay for bills and weekly groceries.

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NerdWallet Study: Average Prepaid Debit Card can Cost Over $300 a Year

post — Betty Denney @ 5:30 pm — post Comments (0)
postFebruary 7, 2012

In a study of 40 popular prepaid debit cards, NerdWallet found that the average card cost nearly $300 a year in basic fees – before considering activation, cancellation, paper statement and other costs. The single greatest charge tended to be the monthly fee, ranging up to $14.95, but $1-2 charges for transactions and ATM use could easily accumulate to over $20 a month.

  • $297.51 a year with no direct deposit
  • $286.18 a year with $1,000 in direct deposits
  • $284.99 a year with $1,500 in direct deposits
  • $8.35 average activation fee, levied by 23 cards
  • $4.67 average inactivity fee, levied by 14 cards
  • Cancellation, card replacement, ATM balance inquiry and decline fees, among others

Based on these numbers, it’s easy to see why prepaid debit is a booming industry. Unf

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