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Photo by: Mark Csabai (Stock Exchange)

In a previous post, we discussed staying out of debt and maximizing your savings by staying aware of the terms, fees, and features your bank offers and, most importantly, moving to a new one if you discover terms that suit you better. This time, we’re going to share a few more resources to help you locate those deals in your region and compare what’s available. Your bank is immensely important in your financial world, and a little part of it goes with you everywhere in the form of your debit card, so it’s worth getting the most out of it. Even if there weren’t many other options when you first started banking, there probably are now — and lots of people are hunting for the best ones. (more…)

South African Krugerrands
Photo By Lyudmila Green

The stock market has been as volatile lately as a poker table at Las Vegas casino. Many traditionally conservative investments have seen unheard of volatility. Savers have begun asking the question, “What can I invest in to make sure I at least keep the principle of my investment?” For many investors, gold has come up on the list of options.

Before buying a boat load of gold, one should consider the reasons gold is valuable and what gold is useful for in terms of investments. Gold has industrial value, but there is frankly plenty of gold that is already mined and available for industrial purposes; so much so that you can easily find 30$ gold plated 2 foot S-Video cables at your local electronics supplier. Gold is useful either to preserve an investment, or as a hedge against falling currency. If you feel currency is unsafe, or your portfolio is overexposed to a specific currency, adding gold to your portfolio could be wise.

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Protect Your MoneyPhoto By Jakub Krechowicz (Stock Exchange)

Citibank is having an interesting week. First they apparently had two different employees tell a website owner his account was frozen because they found objectionable content on his web page. Now Citibank customers are concerned over a notice suggesting they may have to give a 7-day advanced noticed before withdrawing funds. In a statement hearkening to the bank runs of the Great Depression, Citibank assures customers they do not plan to exercise this right, but would like to note they have it. So what does this all mean?

Firstly, let’s look at the facts. According to Citibank representatives the notice is mundane in nature, and due to their recent deal to change how the FDIC treats some of their accounts. The FDIC is the program that backs banks with government dollars in the event of failure. Indeed the FDIC requires banks to reserve this right dating back to the 1933 crash. The rule is intended so that in the event of a bank run, it’s not simply a first come first serve free for all as to who is able to withdraw their money. Of course Citibank assures there is no chance of a bank run, and they were merely notifying their customers so as to be extra honest.

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