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IRS Looking For Your Offshore Bank Accounts

by Luke Landes

The more money you have, the more likely you are to cheat on your taxes. The rich have more opportunities to try to hide assets and income from the Internal Revenue Service, particularly through offshore bank accounts. In the United States, banks are required to report income earned by their customers on savings and investments. ... Continue reading this article…

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The Cost of Raising a Child With Autism

by Luke Landes

A few years ago, I shared a statistic showing that it costs almost $200,000 to raise a child, from birth to age eighteen. If that weren’t enough of a financial burden, consider that one out of 88 children are now diagnosed with autism, according to the Centers for Disease Control and Prevention (source, pdf). Regardless ... Continue reading this article…

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Millennials Want to Be Rich More Than Anything

by Luke Landes
Dollar

Since 1966, the Higher Education Research Institute has been conducting a study of first-year college students to determine personal goals and values. This collection of data has offered research a chance to see how priorities change over the years, and there are striking generational differences in the results. Recent research at San Diego State University ... Continue reading this article…

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Three Banks and One Insurer Fail Fed’s Stress Test

by Luke Landes
Citi Checking Account Piggy Bank

After the recession, the Federal Reserve developed a stress test for banks and financial firms too big too fail. The stress test looks at the financial condition of these corporations and simulates a new recession. Under the simulation, based on a worst-case scenario, not an actual economic forecast, banks pass the test if the companies ... Continue reading this article…

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Barclaycard Ring MasterCard Sets Its Features Through Crowdsourcing

by Luke Landes
Crowd

Barclaycard, a credit card issuer that primarily furnishes branded credit cards, like the Best Western Credit Card and the Carnival Credit Card, is experimenting with a new business model with a brand new card called Barclaycard Ring. I have to wonder if the “Ring” in the name of the credit card refers to a circus, ... Continue reading this article…

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Buying a House With Cold, Hard Cash

by Luke Landes
Cash

When I write about the unbanked, the vast majority of this category of consumer avoids the financial industry due to lack of trust in the industry or a belief that living paycheck to paycheck doesn’t necessitate the fees and hassles of including a third party in financial transactions. Cash, in some respects, keeps you off ... Continue reading this article…

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Customers Say Retailers Are Not Living Up to Durbin Amendment Promise

by Luke Landes
Cashier checkout at Walmart

Retailers, represented by the National Retail Foundation, promised that consumers would benefit when retailers, particularly small businesses, were to benefit from regulated interchange (swipe) fees charged by Visa and MasterCard. The regulation, commonly called the “Durbin Amendment to the Dodd-Frank Act,” would lower the cost for businesses who were subject to an effective duopoly between ... Continue reading this article…

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Federal Reserve Approves Capital One’s Acquisition of ING Direct

by Luke Landes
ING Direct

After several delays, the Federal Reserve Board has approved Capital One’s request to purchase ING Direct and ShareBuilder. This deal has been in the works for a while. When ING Direct’s parent company was bailed out, the Dutch government gave the condition that it must divest its business in the United States. Several buyers courted ... Continue reading this article…

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