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DECATUR — A 21-year-old male who opened a checking account with a penny was charged with three felonies after he subsequently wrote a $1,150 check off that account to open an account at another bank.

Chevy C. Shavers, whose occupation was listed as a cashier at a Decatur fast food restaurant on a court document, was arrested March 9 after Regions Bank reported the loss of $850.

Shavers opened an account at PNC Bank in Decatur on Nov. 9 with the minimum deposit of 1 cent, according to a sworn statement by a Decatur police detective.

On Dec. 13, he opened an account at Regions Bank, using a $900 check drawn on his PNC account. That check was later returned to Regions because of insufficient funds.

The following day, Shavers deposited a check for $1,150 into his Regions account at a different branch, drawn on his PNC account. Later that day he withdrew $850 from the Regions account at a different branch.

Shavers was arraigned Friday on three counts of burglary, a Class 2 felony punishable by three to seven years in prison. He was being held in the Macon County Jail on $15,000 bond.

Shavers has [...] Continue Reading…

Article source: http://www.herald-review.com/news/local/e71e7f06-6ff4-11e1-98f9-001871e3ce6c.html

NEW YORK (MainStreet) — It may be easy to lash out at a bank each time it adds another surcharge to a checking account product, but in many respects the impact regulatory changes have had on financial institutions has less to do with the fees themselves and more to do with how they can be avoided.

Take, for instance, Wells Fargo’s(WFC) recent expansion of its $7 monthly checking account fee. Account holders can easily bypass the charge by maintaining a $1,500 minimum daily balance or making direct deposits of $500 or more each month.

Bank account holders maintain their elite status and get better treatment by keeping combined deposits, investments and installment loans totaling, on average, between $15,000 and $75,000 at one bank.

The idea here is to make sure each customer maintains a certain amount of money with the financial institution, and it speaks to a larger trend within the banking sector.

“Banks are not making money off of lower-tier checking accounts, so they’re moving towards relationship banking,” says Alex Matjanec, co-founder of MyBankTracker.com. “To get the full experience at a bank, you need to have more than one account with them.”

Enter premium checking accounts, which entitle their holders to additional services, fee waivers, better rates and other discounts in exchange for linking more than just a monthly paycheck to the account. Instead, account holders maintain their elite status by keeping combined deposits, investments and installment loans totaling, on average, between $15,000 and $75,000 at one bank.

The products are designed specifically to get consumers who are on the edge of being considered “affluent” by the bank to do more of their business with the financial institution they’re already with.

“These accounts are targeting the 10%,” says Stephanie Wei, vice president of deposit products at NerdWallet, who recently put together a comprehensive roundup of the requirements and benefits associated with each premium checking product offered by all the big banks.

Article source: http://www.thestreet.com/story/11458789/1/banking-for-the-almost-rich-a-look-at-premium-checking.html?cm_ven=RSSFeed

Think your checking account fees are cheaper than a prepaid debit card? Depending on how much money you have, you may want to think again.
A new survey from Bretton Woods Inc. compares three types of consumers with low balances: those who use general purpose reloadable, or GPR, cards, those who maintain checking accounts, and those who rely on cash. The findings show that checking accounts cost this segment of consumers nearly 40 percent more than prepaid cards.
Here’s a breakdown of the study’s projected monthly costs.
Reloadable prepaid card customers with direct deposit: $8 to $20
Low-balance checking account customers: $15 to $37
Cash-based customers (those who use check cashing services): $9 to $48
The results do show that prepaid cards can be a cost-effective alternative to opening a checking account with fees, but the study makes one big assumption: These consumers will incur an average of five annual overdraft charges with a checking account.
Let’s be clear: checking account customers can easily avoid overdrafts, too. When it comes to debit card overdrafts, banks cannot charge you unless you actually give them approval to do so. While the study’s summary points out that overdrafts can still occur via checks and ACH withdrawals, an updated understanding of your balance and bill due dates can help eliminate this possibility, too.
As the banking industry tacks on more fees for checking accounts and makes avoiding those fees more difficult, the prepaid card industry is set to welcome many disgruntled customers. The study also highlights that millions of consumers are excluded from the banking industry due to bad account management histories, too.
If you’re browsing for a prepaid piece of plastic, I do think that there are some prepaid cards that include reasonable fees and make good fits for the type of consumer this study analyzes. Still, the lack of regulation that governs this section of the financial industry can leave cardholders more susceptible to issues such as full liability for unauthorized transactions. Before you load your hard-earned dollars on to a prepaid card, be sure to carefully read the fine print and compare your options to find the best deal and the best protection.
What do you think of prepaid cards? Have you considered closing your checking account in favor of a reloadable piece of plastic?

Article source: http://www.bankrate.com/financing/banking/prepaid-cheaper-than-checking/

Is there such thing as free checking anymore? Well, that all depends on how you define “free.”

An increasing number of big banks such as Bank of America and Wells Fargo are doing away with traditional free checking offerings and introducing new set-ups that require customers to meet certain conditions before account fees are waived.

Technically free? Yes. But what happens if customers don’t meet the conditions? Well, then they’ll have to pony up cash for monthly fees that could be in the $15 range, adding up to $115 a year on average, according to Stephanie Wei of personal finance site NerdWallet.

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But just because the banking industry heavyweights are phasing out affordable checking doesn’t mean your only choice is to start stashing your cash under your mattress. A host of other banking options exist for consumers if they’re wiling to break ties with the big banks, experts say.

“Free checking will certainly exist, but no longer at big banks,” says Dan O’Malley, founder and CEO of PerkStreet Financial, an online banking institution. “Big banks are flushing free checking down the toilet, so if you don’t want to pay fees, you’re going to have to look elsewhere.”

“Elsewhere” is credit unions, community banks, and online banking institutions, Wei and O’Malley say, all of which are expected to see tremendous growth over the next decade.

Nine of the top 10 credit unions with open membership ranked by NerdWallet offered free checking according to Wei. Online institutions, which don’t have costly branches or other related overhead costs, can pass savings along to consumers, in some cases actually paying customers to use their checking accounts instead of charging them.

“Online institutions have far lower costs,” O’Malley says, adding that banks spend nearly $800 per family a year on branch locations.

[Read: Jobless Claims at Four-year Low.]

But making the jump to completely online banking might be daunting to some Americans, who might be used to the convenience of nationwide locations and accessible ATMs. Nevertheless, more Americans are coming around to the idea of banking with smaller banks or online institutions, O’Malley says.

“Remember that 10 years ago, people used to wonder if they bought something on Amazon.com and had a problem, what they would do,” he adds. “Now everyone realizes you don’t have to walk into a store when you want to buy something. That same thing is happening in banking right now.”

O’Malley says about 18 percent of Americans currently bank with a so-called “direct bank”–an institution without branches–but he expects that figure to jump to more than 50 percent over the next 10 years as the traditional big banks begin pulling back on the perks they offer to customers. O’Malley has already seen interest spike up at PerkStreet just over [...] Continue Reading…

Article source: http://news.yahoo.com/want-free-checking-ditch-big-banks-181216254.html

Groupon and other daily deal sites are giving spa prices a rubdown.
The discounts offered on social media and daily deal sites often as much as 50% — are remaking the way spas price services, experts say. “In a nutshell, people have become Groupon crazy,” says Allan Share, the president of the Day Spa Association. The low price points appeal to people who want to try something new and to those who want to visit more regularly, both of which can benefit spas looking to fill empty appointments, he says.
The sites have even had an effect among wealthier consumers, whose demand for services has held steady while spending dropped. Budgets for massages, facials, and salon treatments among the wealthy dropped 14% over the course of last year, says Pam Danziger, president of luxury research firm Unity Marketing. The firm’s quarterly assessments found spending at the beginning of 2011 averaged $3,500, which dropped to around $3,000. “People are still getting their nails done and their hair colored, but spending indicates that they’re looking for ways to do it for less,” she says.
The influx of sales does have a down-side: consumers have to do a little more digging to determine if the deal is worth it. Offers on social media sites may not be better than those on a spa’s web site or email newsletter, for example, and daily deal offers are only available to buy for a matter of hours. “You’re at the mercy of who wants to make a deal during that time frame,” says Mary Blackmon, chief executive of Spa-Addicts.com, a review site. Quality may be questionable, too. “Is it really a deal if the place isn’t good?” says Carolyn Brundage, chief executive of spa and beauty review site PrettyCity.com. “To some extent, you get what you pay for.”
But it is possible to indulge without splurging:
Visit off-peak”The benefits of massage aren’t limited to Saturday and Sunday,” says Sallie Fraenkel, a vice president for SpaFinder. In fact, spas tend to offer more specials during the slower weekdays, and may also have perks for grabbing the first appointment of the day. Several daily deal sites, including Groupon and Living Social, also offer deals that must be purchased and used that day, letting spas unload unfilled appointments. Avalon Salon Day Spa in New York, for example, recently offered a $100 one-hour massage for $60 on Groupon Now!, usable that day between noon and 8 p.m.
Leverage social mediaMost spas have a Facebook account, and many are also branching out into Twitter and Foursquare. Checking those pages, Brundage says, “is the number one way to find a special incentive.” Shoppers may find exclusive offers, like the Facebook-only “HookUP” deals from Dolce Salon Spa in Chandler, Ariz. Fans recently saw deals including 40% off waxing and a custom organic facial for $55 instead of the usual $95. Some spas also use their feeds to offer deals on last-minute openings, if you’re in a position to act fast, she [...] Continue Reading…

Article source: http://www.smartmoney.com/spend/deal-of-the-day/spa-deals-that-pamper-your-wallet-1331761069130/

Top 3 Blunders of the Bull MarketBreakoutThe benchmark indexes are up more than 100% since a bull market began in March 2009, but rather than pat themselves …

Article source: http://finance.yahoo.com/news/first-person-pay-bills-without-checking-account-144900344.html

After getting married, my husband and I had to decide if we would combine our checking accounts. Most people assume married couples share a checking account, but I wasn’t sure that was the best idea. We sat and discussed the pros and cons at length before making our final decision. In the end, we decided not to combine our funds into a joint bank account. This is why my husband and I thought it was best keep our accounts separate.

Paying the bills

In our household my husband is the main breadwinner. The bulk of our income comes from his job, and is directly deposited into his checking account. I use his money and account to pay our bills each month. Using one account to pay the bills simplifies the process. It also helps me keep track of the transactions if there is ever a question about when a payment was made. I never have to question which account it was paid from.

Financial security if an account is compromised

I know more than a few people that have had their banking information stolen. One friend had her information stolen from a restaurant, another from a convenience store, and a third from an online transaction. Each of them were affected to varying degrees, but it was an unpleasant experience for them all. My husband and I kept this in mind when deciding whether or not to combine our accounts. We knew if our account was compromised it could take weeks or even months to get things straightened out. Keeping two accounts gives us some security by ensuring we have money available if the worst should happen.

Having money that is “yours”

Neither my husband or I see our money as “mine or yours,” for us it’s our money. However, if I’m honest with myself, I have to admit it feels nice to have money that is “mine.” I was out of work for some time, and my account was nearly drained dry. If I needed money it was easy to get it from my husband, but it’s not the same. I enjoy going to the store, buying what I want, and swiping my card to spend money I made myself. Not combining our checking accounts lets me enjoy that luxury.

We have been married three years, and still have separate checking accounts. It works well for our family, and we are both happy with our decision.

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you’d like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

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Article source: http://finance.yahoo.com/news/first-person-married-separate-checking-accounts-144900997.html

By Chris Reidy, Globe Staff
Eastern Bank said Wednesday that it is launching a new checking account that is designed to help customers more easily avoid ATM fees.
The new account is called Eastern eZ Checking, said Eastern Bank, a Boston-based bank with $7.6 billion in assets and about 90 branches serving communities from the Merrimack Valley to Cape Cod. 
“Eastern Bank understands that convenience and access to ATMs without paying a fee is very important to our customers,�Joe Riley, executive vice president and director of retail and business banking, said in a statement. “Eastern eZ Checking is a simple solution for debit card users who do not want to pay a fee for withdrawing cash from an ATM.�
According to the bank’s press release, Eastern eZ Checking offers free access to more than 100 Eastern Bank ATMs and more than 5,000 ATMs in the SUM network. 
Additionally, Eastern Bank will not charge eZ Checking customers for using another bank’s ATM. Every month, Eastern Bank said it will reimburse eZ Checking customers for up to $10 worth of ATM fees that these customers are charged by other banks for using their ATMs.
Eastern Bank launches its new checking account amidst widespread consumer irritation at many big banks.
Recent federal legislation, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, resulted in additional costs for banks. To maintain profits, many banks reacted by eliminating free checking and by raising fees on other services.Chris Reidy can be reached at reidy@globe.com.

Article source: http://www.boston.com/Boston/businessupdates/2012/03/new-eastern-bank-checking-account-targets-consumers-who-hate-atm-fees/7IGTDS7wxFbn7jEEWbZ59K/index.html

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With the economy being so unstable, having a checking account makes me incredibly nervous. I am not very good with math and balancing a checkbook. I have been known to make mistakes with carry over numbers that lead us to believe we had way less money than we really did. The same thing has happened the other way, and we went a couple of hundred dollars in the negative. For now we have decided to get rid of the checking account and live on cash alone. This is how we make our “no checking account” rule an advantage.

No overdraft fees

If I am being honest, in the last year we have spent enough on overdraft fees to pay our rent for one month. That is a lot of money to be throwing down the drain, especially over fees that could have been avoided. Without the checking account, there is no way we can overspend. We either have the money, or we don’t. This has saved us close to $70 a month already, if not more.

We still have a debit card

When we were discussing getting rid of the checking account, the only downfall we saw was not having a debit card. The issue was resolved when we purchased a Walmart Visa Card which could be used the same way as a normal debit card. We have to pay a monthly fee of $3 if we don’t meet the requirement of $3000 added to the balance each month. We rarely meet the minimum, so we end up spending the $3. Instead of spending around $750 a year on overdrafts, we can comfortably spend the $36 fee to keep the Visa.

We cannot overspend

With a checking account it was so easy to overspend and accrue overdraft charges. Now we either have the money, or we don’t. The latter is usually the case, but at least we aren’t piling unwanted debt on ourselves. We have x amount of dollars to live on for 14 days, and we have to plan accordingly. If we realize we are getting low on funds, we have to pinch every penny.

I didn’t realize how much stress would be lifted from my life once we got rid of the checking account. I no longer fear going to the mailbox and receiving another overdraft notice. There are still some tight months around here, but the debt is not piling up around us.

*Note: This was written by a Yahoo! contributor. Do you have a personal finance story that you’d like to share? Sign up with the Yahoo! Contributor Network to start publishing your own finance articles.

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Article source: http://finance.yahoo.com/news/first-person-not-having-checking-account-saving-750-155800050.html