ATM Fees (never again pay to get to YOUR money)

ATM Fees

Wondering where banking fees will show up next?…….Look no further than you ATM card.

Banks figured out that one of the safest ways to increase revenue is to side-step offending their own customers and hike up ATM for non-customers who use their ATM machines.  Can you imagine paying $4.00 to access your own money?

The easiest way to avoid these fees is to know which networks that your bank or credit unions belong to.  In many cases you can locate the participating networks on your financial institutions web site or in some cases just look for the networks on the back of your ATM card.

Once you know the ATM Network Names you can Google them and locate the closest ATM to where you are via the network’s ATM search feature.

Also, some grocery stores will give you free access to your cash when you purchase items at the store.  Just be sure to ask about fee up front.

Here is a list of the most popular ATM Networks.  Most sites include an ATM search feature.

• ACCEL/Exchange
• AFFN
• Alliance One
• Allpoint
• Star · Annie · ARN · Award · BankMate · BOH · Cash Station · CashStream · Checkokard ·
• CO-OP
• Discover / Pulse
• Visa/Interlink
• Jeanie
• NYCE
• Presto!
• Pulse
• SHAZAM
• SUM

Hidden fees: Do gift cards take as much as they give?

According to the Federal Trade Commissions FTC Gift Card Message

There are two types of gift cards.

• Retail gift cards (e.g. Target, Walmart, Chilli’s, etc.) may have expiration dates or a fee for inactivity that sometimes is called a “dormancy fee”.
• Bank gift cards (like VISA, MasterCard, Discover, etc) can be used at any location accepting cards from their network, but you’ll probably end up paying more fees for activation, maintenance, and/or transactions on bank gift cards than on retail gift cards (e.g. Target, Walmart, Chilli’s, etc.)

The FTC suggests that you take the following measures to protect yourself and/or the gift card recipient:

• “Buy from sources you know and trust. Avoid buying gift cards from online auction sites, because the cards may be counterfeit or may have been obtained fraudulently.”
• “Read the fine print before you buy. If you don’t like the terms and conditions, buy elsewhere.”
• “Ask about expiration dates and fees when you’re buying a card. This information may appear on the card itself, on the accompanying sleeve or envelope, or on the issuer’s website. If you don’t see it, ask. If the information is separate from the gift card, give it to the recipient with the card to help protect the value of the card.”
• “Consider purchase fees: Must you pay a fee to buy the card? If you buy the card online or on the phone, is there a fee for shipping and handling? Does expedited delivery cost more?”
• “Consider fees that may be deducted from the card, including activation, maintenance or transaction fees. It might be embarrassing to give someone a $50 gift card and find out later that fees gobbled up most of the amount.”
• “Inspect the card before you buy it. Verify that none of the protective stickers have been removed, and make sure that the codes on the back of the card haven’t been scratched off to reveal a PIN number. Report tampered cards to the store selling the cards.”
• “Give the recipient the original receipt to verify the card’s purchase in case it is lost or stolen.”
• “Consider the financial condition of the business and whether it has filed for bankruptcy.”

For more information about gift cards and how to use them, visit the FTC’s gift card web page at
http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt010.shtm

Read about new Gift and Credit Card federal laws going into affect in this year (2010).  According to the FDIC, “Under the new law, gift cards and similar cards cannot expire within five years from the date they were activated unless the expiration date is clearly disclosed. The law also generally prohibits an inactivity fee on gift cards except in certain circumstances, such as if there has been no transaction for at least 12 months.“

New car buying secrets (is sticker really quicker?)

Secrets to finding great deals on new car prices

Most people don’t look forward to buying their next new car.  As you might have guessed, the back and forth price negotiations can frustrate even the most patient person.  Well, we couldn’t agree more.  That’s why  we’re sharing our  buying secrets to help you find great prices on new vehicles.

So here goes:

1. Figure out what you really need in a vehicle and write it down.  Here are some example considerations
   
   • Determine how much money are you prepared to spend.
   • Write down the criteria that the vehicle must meet (e.g. good gas mileage, ability to tow, ability  to carry lots of equipment and/or people,  etc.).
2. Research various types and models of vehicles.
   
   • Visit edmunds.com to sort through vehicle choices.
   • Visit consumer reports to research quality.
   • Visit safercar.gov and www.iihs.org to research crash test results.
   • Research government fuel economy at fueleconomy.gov

3. Test Drive Your Vehicle choices
   
   • Visit several dealers to test drive vehicles.  Make sure that you let the salesman know that you will not be buying today and stick with that decision .  Dealing with a manager will probably be less painful since they are typically not paid on commission.
   • Once you narrow down your vehicle choices, you should consider renting the same type of vehicle for a day or two to ensure that the vehicle will really fit you well.
4. Locate the dealers in your area.
   
   • Search the news papers and the internet for dealers within an hour of your house (or farther away if you prefer).  Write down the contact information for each dealer, then call them to find out who the dealer manager(s) are. Try to obtain a phone number, email address and fax number for these folks.
5. Research vehicle financing options.
   
   • Check the rates and conditions at your bank or credit union before you consider a dealer financing offer.  Remember,  dealers really want you to finance with them because it can  increase their profit margin.
   • If you can pay cash, they will save you the most in the long run.  But if you need to finance, make sure you calculate the complete cost of the vehicle.   You may be shocked at the sum of:
     the vehicle price, the taxes and add-on fees and the total interest that you will over the years.
6. Fax and/email respectable offers before showing up.
   
   • Write a form letter  stating that you are ready to purchase a vehicle within the next X number of weeks and that you will be going with the lowest price.  Be sure to enumerate all of the options that you do or don’t want (including paint color).   Also, be sure that  you have your funding in order before contacting the dealer.   And lastly,  let them know how much time they have to respond to you.
7. Read the paperwork carefully at least twice before you sign anything (make sure that you clearly understand everything in the contract.
   
8. Inspect the vehicle carefully.
   
   • Bring someone else with you and literally take your time to inspect every inch of the vehicle before signing the contract. It’s not unusual to find paint defects, body dings, stains on seats upholstery, etc on new vehicles. If you expect the dealer to do right by you, you must point out what you find before driving off the lot.

9. Make sure to perform all scheduled maintenance to keep the vehicle in warranty compliance.