General Finance News

Latest Financial News and Advices from all over the World.

Four Lenders Come to Agreement with Isis Companies

Posted by Jessica Thompson On Jul - 20 - 2011

Isis, the mobile payment processing network put together by AT&T, T-Mobile and Verizon, recently reached an accord with Visa, MasterCard, American Express and Discover to foster adoption of the program, according to a report from Forbes. The participation of these companies was seen as a major hurdle to getting the system, which will be tested in Salt Lake City, Utah, and Austin, Texas, in the first half of 2012, off the ground.

“This is a major milestone,” said Isis chief executive officer Michael Abbott. “We’re bringing together incredibly fierce competitors for the common good of helping consumers make mobile payments.”

Using the system, consumers will be able to load their payment information on smartphones with near-field communications technology, and will be able to wave the devices in front of a sensor to make a mobile purchase rather than swipe their cards the traditional way, the report said. New estim

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Junior ISAs to miss out children born between 2002 and 2010

Posted by Emily Robinson On Jul - 20 - 2011

Junior ISAs to miss out children born between 2002 and 2010 The government is set to unveil new plans for the Junior ISA which could leave some children ineligible to qualify. Read more…

YBS offers fixed-rate mortgages below three percent

Posted by Emily Robinson On Jul - 20 - 2011

YBS offers fixed-rate mortgages below three percent Yorkshire Building Society has unveiled a new range of fixed-rate mortgages – with both falling below a 3.5% rate. < Read more…

A Senate Run and a Jeopardy! Smackdown for CFPB Leaders

Posted by Jessica Thompson On Jul - 17 - 2011

Elizabeth Warren, the consumer advocate credited with creating the new Consumer Financial Protection Bureau, is hinting that she might consider a run for senator in Massachusetts. And Richard Cordray, the man tapped by President Obama to lead the agency, is getting rediscovered for his trivia mastery and game show prowess.

Important things first. Cordray, who formerly served as attorney general of Ohio and grew up in Grove City, a suburb of Columbus, became an undefeated champion on the game show Jeopardy! back in 1987, when he was just 27.

He won $40,303 that week, and demonstrated a firm grasp of topics as far-reaching as sports and Greek mythology.

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To Save Mortgages, Should We Share Them?

Posted by Jessica Thompson On Jul - 16 - 2011

It’s been almost five years since the housing bubble burst. And still the long sought-after recovery is nowhere in sight. Nearly 11 million households owe more on their mortgages than their houses are worth.

Lenders foreclosed on more than 680,000 homes in the first three months of 2011, according to RealtyTrac. Yet banks remain so overwhelmed by the tide of failed loans that three of the largest ones recently failed out of the federal loan modification program (which itself has helped only a small fraction of needy families avoid foreclosure).

In this environment, it’s understandable that frustrated homeowners and lenders might ask: Isn’t there some way out of this? And isn’t there some way to make sure a crisis like this never happens again?

“The crisis has been dealt with very badly,” says Andrew Caplin, an economics professor at New York University. “Every singl

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Americans May Turn Away from Debit Cards

Posted by Jessica Thompson On Jul - 14 - 2011

Many major lenders are now testing plans that will charge consumers a monthly fee for maintaining an account with an associated debit card, and customers say that this will make them reconsider their payment methods, according to a report based on a poll by the Associated Press and GfK Custom Research. Currently, nearly 67 percent of consumers use debit more often than credit, but if they were to be charged a $3 monthly fee, 61 percent would switch. That number rises to 66 percent for a $5 fee, and 81 percent for a $7 monthly charge.

The change on the part of banks is largely coming due to greater federal regulation that will severely limit the revenues they enjoy as a result of interchange fees on debit purchases, the report said.

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Alternative Card Options for Students: Debit or Prepaid?

Posted by Jessica Thompson On Jul - 12 - 2011

For many college-bound students that are too young to qualify for a traditional credit card, the need to manage money often boils down to either using a prepaid or debit card.  Both have similar characteristics, but depending on your financial habits, one may be a better fit. Let’s take a closer look:

Debit Cards

Debit cards provide users access to their bank checking and/or savings accounts. They can be used to make purchases both online and offline, and money can be withdrawn at ATMs and at cash-back swipe machines found at some retailers. If you have overdraft protection on your debit card, you will be charged a fee each time you withdraw more than the available balance in your account. The charge can be as high as $35 per overdraft, so best to opt-out of this feature to avoid the fee. AT

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Hands-free ‘as dangerous as mobile phone handsets’

Posted by Emily Robinson On Jul - 11 - 2011

Hands-free ‘as dangerous as mobile phone handsets’ Hands-free mobile phone devices are no more safe than a handset when it comes to distracting drivers, a report has suggested. Read more…