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The Difference Between Savings Accounts and Money Market Accounts

by Flexo
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Savings accounts and money market accounts are different from each other practically in name only. From a saver’s perspective, there is no difference between these types of accounts. There are many misconceptions about the supposed differences between savings accounts and money market accounts, and if you’ve ever tried to learn about these differences online, even ... Continue reading this article…

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Are Online Banks Safe?

by Flexo

Anyone who is accustomed to being able to walk into the local bank branch, access accounts through a teller, and discuss banking options with an account manager on-site might still have reservations about moving money to an online-only bank. The benefits are big. Usually, online-only banks offer higher interest rates on savings and certificate of ... Continue reading this article…

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Ally Bank in Talks to Buy ING Direct

by Flexo

Update: Capital One has purchased ING Direct. A little less than eighteen months ago, I mentioned that ING Direct was scheduled to be sold off. The online bank’s parent company, ING Group, received taxpayer assistance. The plan is for ING Group to sell ING Direct USA to pay back the European Commission. The New York ... Continue reading this article…

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The Saver’s Dilemma

by Flexo

At Consumerism Commentary, I’ve been writing about putting money into high-yield savings accounts for as long as this website has been around. Just as people started getting the message, banks pulled the rug out from under their customers. The Federal Reserve made cash easy and cheap from banks to access, and since the low federal ... Continue reading this article…

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Citibank Changes Overdraft Procedure: Fewer Fees

by Flexo

At the end of March, Fifth Third Bank changed its procedure for dealing with overdraft fees. When a customer has many debits (withdrawals) posting on the same day, and they are not real-time debits, banks often start with the largest amount. Ordering the debits from largest to smallest ensures that customers who do not have ... Continue reading this article…

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ING Direct Electric Orange Raising Credit and Margin Rates

by Flexo

On May 16, ING Direct will change the rate is uses to determine the cost of overdrawing the Electric Orange checking account. ING Direct’s overdraft system is a little like Passover, where we ask how this bank is different than all other banks. Rather than charging an overdraft fee if you send an electronic check ... Continue reading this article…

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How to Get Audited By the IRS

by Flexo

If you have an adventurous, thrill-seeking personality, your life may never be complete until you’ve solicited an income tax audit from the Internal Revenue Service. There is good news and bad news for you. The good news is that audits have been more frequent in past years, so the chance of being audited has increased. ... Continue reading this article…

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American Express Personal Savings Review

by Flexo
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By far, the most requested review on Consumerism Commentary that I have yet to write is for the American Express Personal Savings Account. American Express offers one of the highest interest rates available with this savings account, making it very attractive from the surface. Once you own an account, how does it hold up against ... Continue reading this article…

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