How To Access and Use Your Bank’s Financial Education Resources

Kellan Jansen  Sun, September 8, 2024  GOBankingRates

Some research says only 57% of U.S. adults are financially literate. Those who aren’t financially literate struggle to make informed spending, saving and budgeting decisions. But whatever your level of financial knowledge, everyone has encountered problems they need help to solve.

If that’s where you’re at, your bank can probably help. Many institutions now have free learning resources available to customers. These can teach you new concepts, help you make complex calculations or just make it a little more fun to manage your money.

Your Bank’s Wealth Management Services Can Grow Your Assets — Here’s How

Yaël Bizouati-Kennedy   Tue, September 10, 2024  GOBankingRates

Wealth management services offered by banks are generally reserved for high-net-worth individuals. While the minimum amount of investable assets varies by bank or institution, it’s typically at least in the hundreds of thousands of dollars — if not millions. These services encompass a wide range of financial planning, such as retirement, investment, taxes or accounting. In other words, these services help you grow your wealth.

Now, for mainstream consumers to get services and products normally reserved for high-net-worth customers it pays to speak up and ask for them, said Bobbi Rebell, CFP and personal finance expert at CardRates.com.

Fiduciary Vs. Financial Advisor: How These Types Of Advisors Compare

James Royal, Ph.D. Mon, September 9, 2024 Bankrate

It’s easy to get tripped up when it comes to the world of financial advisors, and distinguishing fiduciaries from non-fiduciaries can be challenging. But when you’re looking for financial advice, then having a fiduciary on your side can help you get the expertise and direction that’s best for your situation, making it a better fit than a financial advisor who is not a fiduciary.

Here are the differences between a fiduciary and a financial advisor and what you need to know.

Why So Few People Feel Secure About Money — Even When They Have Lots of It

And why the neighbors of lottery winners are often worse off.

Yahoo Creator  Sean Kernan  June 21, 2024

I’m not rich by any means. But I’ve done well enough to be comfortable, mostly because I saved aggressively early in my career. Yet I still feel like I’m only a stone’s throw from being in poverty, which is slightly irrational.  I remember having no money and having to budget until my next paycheck or risk groveling to my parents for help. It wasn’t a good life. And it still feels like yesterday, even though so many years have passed. Sadly, many people feel this way.

And to some extent — this stress can be constructive. It can mitigate risky spending. You’ll certainly never catch me with problematic expensive hobbies. But I wish I could feel more at ease about my station in life. Many of my friends are in this same psychological boat too. My buddy Brian is a software engineer, who has been making north of $180K per year — for years on end — while living in a low-cost area, and he’s still as cheap as he’s ever been.

How To Manage A Major Financial Windfall

Danielle Antosz   Updated Mon, September 9, 2024  Moneywise

Virginia dad gives son $1M winning lottery ticket as wedding gift — how to manage a major financial windfall

Most newlyweds expect stand mixers, silverware, or new sheets as traditional wedding gifts. But for bride-and-groom Kiana and Aaron Andrews of Prince William County, Virginia, they received something a lot more valuable.

Just before their April wedding, Aaron's father, a frequent lottery player, purchased a ticket for the Virginia Lottery's Cash4Life draw — and won. He had the choice of either $1,000 every week for the rest of his life, or a $1 million lump sum payout.

Protecting Yourself From Both Scams And Tax Penalties

Joe Cortez  Sun, September 8, 2024  Moneywise

California man loses life savings, owes more than $30K in taxes after falling prey to sophisticated scam

On top of losing his life savings to scammers, Chester Frilich of Concord, California is facing a tax bill of over $30,000 which could end in him losing his home.

As reported by ABC7 News, his problems began when he received a call from somebody claiming to be from Xfinity, who claimed his account was used to upload pornographic videos. An hour later, he heard from “Jason Brown” with the Federal Trade Commission, listing all of his credit cards and telling him he was under investigation for wire fraud.

In order to clear the issues, the scammers posing as the FTC said they would help him move his money to a “secure account,” which involved him sending thousands of dollars of gold and cash through couriers and UPS. He tapped into multiple accounts, including Certificate of Deposit (CD) and IRA accounts, to send over $200,000 in funds before the police informed him that it was all a scam.

I’m an Economist: 6 Ways You Can Tell If a Recession Is Coming (And What To Do)

Laura Beck   Tue, September 3, 2024    GOBankingRates

Most people are worried about the economy, and the dreaded word “recession” is on many people’s lips. But how can you tell what’s actually happening and what’s not worth worrying about?

GOBankingRates spoke to economists and financial professionals to get the inside scoop on what’s going on in America right now. Here are six ways to tell if a recession is coming and what you can do about it.

Current Economic Outlook

Michael Faulkender, former assistant secretary for economic policy at the U.S. Department of Treasury and currently the dean’s professor of finance at the University of Maryland, provided a measured perspective.

Regulation D And Savings Account Withdrawal Limits – Here’s What Changed

Matthew Goldberg  Tue, September 3, 2024   Bankrate

Key takeaways

Regulation D sets reserve requirements for banks and credit unions, and it previously limited the amount of certain types of withdrawals and transfers consumers could make to six.

During the coronavirus pandemic, the limitation was lifted.

Some financial firms now allow consumers to make more than six withdrawals and transfers from deposit accounts while others have maintained the pre-2020 rule.

While banks historically limited the number of transactions that customers could make each month in savings and money market accounts, a pandemic-era rule change means you may now have easier access to your funds.

Regulation D, or Reg. D, is a Federal Reserve Board rule that previously limited withdrawals and transfers to six each statement cycle. The Fed revised the rule, but many banks have maintained the six-transaction limit. Others have increased the number of allowable withdrawals and transfers.

High-Yield Savings Account Vs. Treasury Bill: Which Is Right For You?

Sarah C. Brady·Contributor  Updated Tue, September 3, 2024  Yahoo Personal Finance

Both can be a great option for your savings, depending on your goals.

It was not too long ago that low-risk investments like Treasury bills were the underdogs of the financial world. While T-bills provide a safe place to store your savings while earning a fixed interest rate, they were simply not worth the low returns they offered — especially when compared to the flexibility of savings accounts.

Then, in 2022, something unusual happened: Interest rates started increasing, and they just kept on shooting upward, until the rates on some T-bills, and even savings accounts, passed 5%.