Shopping From Home: Remember The 3-Day Cooling Off Rule

This federal law, which dates back to 1972, was intended to protect consumers in their homes during door-to-door sales pitches or at sales in temporary business locations. According to the FTC, the 3-Day Cooling Off Rule does NOT apply to the purchase of new automobiles or items sold online. It only applies when a company is selling something that costs $25 or more at a location other than its regular place of business.

“Lessons From a Storm” – Banking for Safety Video

The Federal Reserve Board announced last Thursday the availability of a new video, “Lessons from a Storm,” that tells the stories of families who, in the aftermath of Hurricane Katrina, learned about the benefits of maintaining a bank account that allows for the direct deposit of payments and benefits.

Your Bank Has Failed: What Happens Next?

This 60 Minutes broadcast gives us an inside look at what happens when the FDIC takes over a failed bank.

60 Minutes excerpt:

A lot of people are worried about their banks these days. While devastated giants like Citigroup get bailed out again and again and again, many smaller banks are failing. The federal agency that takes over unsound banks is the Federal Deposit Insurance Corporation – the same people who guarantee depositors won’t lose their money.

Inside The Meltdown

I have posted a copy of Frontline’s documentary, Inside The Meltdown, at my website which you can link to here. This film takes a chronological look of what went wrong with America’s economy while focusing on various factors leading up to our current monetary crisis.

Got a Question About Your Bank?

The Federal Deposit Insurance Corporation (FDIC) has an online service called “Bank Find” that allows you to obtain certain information about a bank. If more than one institution meets the criteria you enter, you will be provided with a list of institutions that meet your criteria.

Bank Find can provide answers to questions such as:

Debit Cards: Beware of Your Liability Limits

There seems to be quite a bit of confusion as to what your liability limits are on debit cards when I speak to people. Most of my friends immediately say $50, but they’re thinking about federal limits on lost or stolen credit cards.  Debit cards are as the proverbial saying goes, “a horse of a different color”.  Here’s the scoop.

If you report a lost or stolen debit card before it is used, you are not responsible for any unauthorized withdrawals. Your liability is $0.

If you report the loss within 2 business days of discovering it missing, your liability limit is $50. Your liability goes up to $500 if you report it after 2 but before 60 days.