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The Poor Are Priced Out of Checking Accounts

by Luke Landes

Reminder: This is the last week to vote for Consumerism Commentary and your favorite financial blogs in this year’s Plutus Awards. Take a moment — after reading this article, naturally — to show your appreciation for the best writing about money management and personal finance outside of mainstream media. It’s no surprise that low income ... Continue reading this article…

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Invest for the Future Without Wall Street

by Luke Landes
Future

Reminder: Time is running out to vote for Consumerism Commentary and your favorite financial blogs in this year’s Plutus Awards. Take a moment — after reading this article, naturally — to show your appreciation for the best writing about money management and personal finance outside of mainstream media. You can be forgiven if you’ve lost ... Continue reading this article…

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ING to Consider Selling ING Direct Canada and ING Direct UK

by Luke Landes
ING Direct

To satisfy European regulators, ING Group, the Dutch former parent company of popular online bank ING Direct in the United States, is “reviewing strategic options” for its other online banking divisions, ING Direct Canada and ING Direct UK. Those “strategic options” could include a sale of those branches. Earlier this year, Capital One completed its ... Continue reading this article…

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Mutual Vs. Public Insurance Companies

by Luke Landes
Nationwide Mutual

A former boss of mine, high up the corporate ladder in an insurance company, often complained about his own industry. “Insurance companies make money by not providing a service to their customers.” That is, insurance companies make money by collecting premiums and paying out the least amount of benefits possible. Of course, there’s a tough ... Continue reading this article…

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How Many Savings Accounts Do You Need?

by Luke Landes
Money

Over the past year, I’ve been simplifying my finances. I’ve collected a number of savings accounts and checking accounts, mostly as a way of auditioning and reviewing various banks for the benefit of Consumerism Commentary readers. There’s little sense in me holding onto so many accounts across dozens of banks, so I’ve been taking some ... Continue reading this article…

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Banks Could Make It Easier to Close Accounts

by Luke Landes
Dollar bill

Closing a bank account in the twenty-first century, when a good portion of your banking is handled electronically, can be a cumbersome task. I created a bank switch kit earlier this year to help consumers organize their actions and take the correct steps to move your money from one bank to another without encountering any ... Continue reading this article…

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A Financial Literacy Program for Kids, With Corporate Sponsorship

by Luke Landes
Eighth grade

The best place to learn solid financial behavior is at home. Although a kid’s environment at school and among peers is important in his or her development, the biggest influence on a growing child’s set of values is the behavior of the parents. Parents are role models, so in a perfect world, they are best ... Continue reading this article…

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Young Americans Likely to Be Unbanked Regardless of Income Level

by Luke Landes
Check Cashing

In discussing unbanked and underbanked American consumers, we tend to focus on low socioeconomic status communities. The mainstream opinion is that building wealth and long-term financial stability relies on the use of traditional banking and investing products and the knowledge to use these products effectively. The financial industry tends to avoid low socioeconomic status communities ... Continue reading this article…

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