Fatwallet.com Finance Our Mission - Serve consumers with knowledge, value and guidance. https://www.fatwallet.comhttps://static-forums.fatwallet.com/static/i/spacer.gifFatWallet.comhttps://www.fatwallet.com <![CDATA[dealers going $1,000 under true car]]> https://www.fatwallet.com/forums/finance/1522904/

Rating: 0 Posted By: vansville
Views: 135 Replies: 5

I used the thread here on how to buy a new car, email the dealers, etc.

Results. Truecar for a basic 2017 Elantra (has to be automatic) is about $15.9k

The best offers im getting are $15, and $14.8k. Which is $16,600 OTD and $16,400 OTD (not sure what invoice is). The lower of the two is a "test drive car", or what ive been told is a demo car, that has 250 miles on it. And he also said the warranty started 4 months ago (so i guess i lose 4 months of the warranty). Does this sound legit or shady?

Here are the breakdowns on the two offers, keeping in mind true car is $15,200 - $15900 in my area. A state away or 50 miles south itis $16,250

msrp 19230
discount 1980
rebates 2250
subtotal-15000
doc and fees 579
tax 1052
otd 16606


selling price 19330
discount 30001
rebate 15000
14,829
fee 299
tax 997
non tax fee 279
otd 16404

Legit, or some BS to get me in the dealer? How is one putting on so much rebates than the other?

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https://www.fatwallet.com/forums/finance/1522904/ Fri, 26 Aug 2016 19:43:07 -0500
<![CDATA[Best card for travel points/miles]]> https://www.fatwallet.com/forums/finance/1522889/

Rating: 0 Posted By: medarman
Views: 156 Replies: 2

I currently spend about $50k per month on credit cards for my job. The spending is mostly on cellphone and internet bills (about 25k) with the rest at places like CDW. I have a very cool boss that lets me expense this then they write me a check.Currently I use a combo of Barclays Arrival+ and Fidelity 2% Visa. I am thinking about getting a Chase Sapphire Reserve and a Freedom Unlimited. This should allow me to spend on the Freedom at 1.5% then transfer to the CSR and get 2.25% when redeeming for travel on Ultimate rewards.
Does this seem like the best route? My primary goal is travel and both my wife and I already have SW companion passes for flights in the US. Mostly looking to pay for hotels and travel to Europe. Thanks
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https://www.fatwallet.com/forums/finance/1522889/ Fri, 26 Aug 2016 16:56:18 -0500
<![CDATA[How to liquidate the Dinner everywhere VISA cards?]]> https://www.fatwallet.com/forums/finance/1522885/

Rating: 0 Posted By: ussrfw
Views: 271 Replies: 13

I bought more than $2000Dinner everywhere VISA card from Office Depot this week.
But these VISA card can not buy Money Order at my local post office and WalMart stores.
How to liquidate the Dinner everywhere VISA cards?

Thank you very much!
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https://www.fatwallet.com/forums/finance/1522885/ Fri, 26 Aug 2016 16:40:35 -0500
<![CDATA[Business credit cards for Balance Xfer]]> https://www.fatwallet.com/forums/finance/1522864/

Rating: 0 Posted By: lilstudfromNYC
Views: 202 Replies: 2

I just refinanced my mortgage and think it's a good time to open some new lines of Credit.

Can you recommend some good
1. Credit cards with good balance transfer terms (No annual fee etc, no BT fee)
2. Prefer business cards since the credit used during BT doesn't show up in personal credit file.

I tried searching the FW forums before posting and read several threads but none catered specifically to this subject.

Thanks in Advance!!
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https://www.fatwallet.com/forums/finance/1522864/ Fri, 26 Aug 2016 14:53:22 -0500
<![CDATA[College dining budget]]> https://www.fatwallet.com/forums/finance/1522862/

Rating: 0 Posted By: tuphat
Views: 356 Replies: 20

Looking for thoughts, experiences, etc. regarding setting a food budget for an undergrad living on-campus. In addition to being cheap, I am also long in the tooth, and college dining options have changed radically since my time.

At the particular university of concern to me, the cheapest dining option for resident first-year students is around $3400 per semester. This plan is described as being for "light to moderate eaters;" it providesfor a total of 12 meals per week (5 breakfast, 7 dinner), plus an amount of points (worth approx. $400) to used in (overpriced) a la carte venues on campus.

A budget of $35+ per day seems ridiculous to me, but it just seems to be accepted (can you say "monopolistic pricing"?) Any FWF advice on how to get a student to economize, with coming across as a total jerk?

P.S. For those like me, who haven't been on campus for a while: Recent review of 80 best colleges for food (slideshow w/ captions): http://www.thedailymeal.com/travel/80-best-colleges-food-america...
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https://www.fatwallet.com/forums/finance/1522862/ Fri, 26 Aug 2016 14:41:10 -0500
<![CDATA[Help me decide better option regaridng paying off debt through IRA or loan]]> https://www.fatwallet.com/forums/finance/1522826/

Rating: -3 Posted By: nightbird42
Views: 588 Replies: 70

I have $166k sitting on my inherited IRA.

My wife does not want to eat any more into this inherited IRA. After all, it used to be much higher but we did some home improvements. We are 46 years old, and putting kids through college...We owe 16k in credit card debt and also are getting a pool deck for $8k. I know, first world problems...

Here are our options..

1. We continue what we are doing with maxed credit cards and higher interest. We will have no credit cards available for emergencies and we would be paying around $350 a month for these credit cards. IRA stays at $166k, but things are still tight monthly which can lead to draining the IRA to get by.

2. We pull money out of the IRA to pay off both credit cards and the pay for the pool deck. IRA goes to $142k but we are credit card debt free, have our pool deck and we would not need to withdraw as much from IRA monthly because we wont have any of the $350 in credit card payments. This is the hardest option to do but I think is the best option. You have to swallow and heavy pill, but it will be easier in the long run.

3. We get the loan for $17k from my retirement fund with a low interest and pay off the credit cards. We use IRA for the pool deck only which lowers it to $158k. We still have $300 taken out of my paychecks for the loan which means we will end up pulling more from IRA because money is tight monthly.

The key here is, we don't want money to be tight monthy. BECAUSE WHEN MONEY IS TIGHT WE USE CREDIT CARDS AND PULL FROM IRA. We need to swallow the pill and do option 2. Correct? Am I right here?
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https://www.fatwallet.com/forums/finance/1522826/ Fri, 26 Aug 2016 11:13:33 -0500
<![CDATA[Questions re using Mint?]]> https://www.fatwallet.com/forums/finance/1522717/

Rating: 0 Posted By: KSUemaw
Views: 582 Replies: 1

So I just started using Mint and imported all my accounts. Holy cow is this cool! I just haven't figured out how to set the budget and spending alerts I want.I really don't need or want to set up a detailed budget - I just want to set up a few spending alerts.​Any Mint users know how to:
1. Set one collective budget/spending alert for all monthly credit card spending?
2. Set one collective budget/spending alert for all monthly "fun" spending? I see subcategories for things like "restaurant," "fast food," and "entertainment" but I want one collective spending alert that hits all these.

If you can help me out, I'd appreciate it!
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https://www.fatwallet.com/forums/finance/1522717/ Thu, 25 Aug 2016 22:37:27 -0500
<![CDATA[1031 exchange question]]> https://www.fatwallet.com/forums/finance/1522709/

Rating: 0 Posted By: VAIndigo
Views: 508 Replies: 3

Have a prop in VA in my name, put for sale and have a contract.
Also have a purchase contract in Tx in my spouse name. Both investment props.

1) Can a prop in my name can be exchanged to a prop being bought in my spouse name?
2) Any suggestion of good 1031 mediators
3) Have just 3 days between sale and purchase settlement dates as per respective contracts. Any issues?

FYI - we do file joint.
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https://www.fatwallet.com/forums/finance/1522709/ Thu, 25 Aug 2016 21:44:38 -0500
<![CDATA[Hairdresser renting a chair - what type of business, EIN, liability, etc. do they need?]]> https://www.fatwallet.com/forums/finance/1522684/

Rating: 0 Posted By: hipnetic
Views: 725 Replies: 6

So I have a family member that is a hairdresser. Up until now she has always worked for others. She's now about to rent a chair and needs to set up her own business and has asked me for advice. I have experience setting up an LLC, Sole Proprietorship, Solo-401k, and some other things that are pertinent. But I'm not an expert in the ins-and-outs of the best approach a hairdresser should take.

Some initial advice she got:
1) Buy liability insurance.
2) Get an EIN.
3) Get a Sales & Use Tax something-or-other (so that she can sell products).
4) Set up an LLC
5) Get a separate business checking account.

Advice items 1-3 made sense to me.

I think that #2 is primarily to facilitate #3, and on that point...

Someone else told her #3 was overkill at her early stage in the game and she could just buy the products at regular price and resell without needing to charge tax again (since she'd be paying tax herself, she wouldn't need to double-charge tax to resell - or something like that - to be honest, I didn't completely follow what this other person advised her on this particular topic).

#4 seems unnecessary to me, because: a) I previously found setting up an LLC to be more complex, more costly, and state-specific (if you move, you have to shut it down and set up a new one in your new state), and from some things I've read, if someone really wants to sue you and can spend the money on it, they can "pierce the veil", and b) Buying liability insurance (even as a Sole Proprietor) gets you all of the advantages that an LLC promises without any of the added hassle/expense.

Also, #5 (getting a separate business bank account) seems unnecessary to me if she's going to be a Sole Proprietorship, since all of the money (personal and business) is essentially comingled anyway, so it's really on her to keep track of the money that she needs to report to the IRS regardless. So I advised her to start out with just her one bank account and to track her finances closely with a spreadsheet (my method) or some finance software (which might be the better approach, but I don't have any personal experience using any of these apps).

Am I missing anything important? Have I given bad advice on anything?
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https://www.fatwallet.com/forums/finance/1522684/ Thu, 25 Aug 2016 19:27:37 -0500
<![CDATA[Real Estate Transaction Help]]> https://www.fatwallet.com/forums/finance/1522682/

Rating: 0 Posted By: raringvt
Views: 707 Replies: 12

TL;DR: MIL wants to help sister in law buy a house by either buying the new house for her or buying her old house from her until it can be sold. How to minimize MILs risk/exposure and avoid arms length issues, etc?

My wife's sister and husband want to sell their house and buy another. They have identified a house that they believe to be priced below market (it needs work). They are considering making a somewhat lowball offer and don't want to add too many contingencies.

Enter my mother in law. She has told them that she is willing to "help" facilitate the purchase. She would be able to make a cash offer on the new place, or buy the old place from them, allowing them to payoff the mortgage allowing them to secure a mortgage on the new home.

Enter my concern. Typically, her "help" ends up with her giving them large amounts of money. There has always been an imbalance in gifting between my wife and her sister. The score is probably in excess of $150k to $0...That's just known cash gifts and doesn't include years of paying health insurance, car insurance, hand me down cars, etc. That's my mother in law's business, and it is what it is, but i'd be lying if I said it's not irritating.

There are a few concerns about the possible deal: 1) the new house needs substantial work. Probably $30k as a low #. The old house will need a bit of work to sell as well. Obviously MIL will be paying the bill for all of that as well. 2) if they do it, what would be the best way to limit MIL's risk? 3) what are the rules surrounding arm in arm transactions like this? 4) MIL's. estate plan is 50/50 between her 2 daughters. While it's really none of my business, how do we protect our own interests here? I honestly believe my SIL will bleed her dry over time. Currently, her estate is around $2 million, this house will cost about $200k.

I help my MIL with her finances and she follows my advice, except when it comes to handing $ to her daughter. I don't expect to be axle to talk her out of this deal, but I want to minimize her risk/exposure and do as little damage as possible to her bottom line. I intend to tell her that ideally she shouldn't involve herself. Beyond that, what's the best way to handle the transaction?
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https://www.fatwallet.com/forums/finance/1522682/ Thu, 25 Aug 2016 19:01:05 -0500
<![CDATA[Where to stash down payment]]> https://www.fatwallet.com/forums/finance/1522678/

Rating: 0 Posted By: KWolfe81
Views: 664 Replies: 16

Hi,

I've recently relocated from VA to WA. I'm currently under contract to sell my house in VA and will be buying a new home in WA 8-10 months from now. I'll be pocketing some profit in addition to the original down payment which will be needed to purchase the new home. Any recommendations on where to temporarily stash the proceeds? I was thinking of investing in a REIT or some other liquid real-estate type investment so that my down payment tracks with the housing market. Any other recommendations?

Thanks!

- Kevin
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https://www.fatwallet.com/forums/finance/1522678/ Thu, 25 Aug 2016 18:26:52 -0500
<![CDATA[Buying a New Car]]> https://www.fatwallet.com/forums/finance/1522675/

Rating: 0 Posted By: Phenomix
Views: 697 Replies: 20

The owner of this vehicle still owes on his loan. Is it safe for me to give him the cash at my bank and then take home the truck + a bill of sale? Im in SC.

He will take my cash and pay the truck off, meanwhile sending me the title in the mail.

I am always sketched out when dealing in cash. No paper trail.

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https://www.fatwallet.com/forums/finance/1522675/ Thu, 25 Aug 2016 17:46:45 -0500
<![CDATA[Help me decide on a 401k strategy.]]> https://www.fatwallet.com/forums/finance/1522657/

Rating: 0 Posted By: eddygosaurus
Views: 480 Replies: 5

So, I just now taken renewed interest into my 401k investment options offered by my company's 401k plan. I also just finished watching Last Week Tonight's episode on retirement.Choosing the right 401k investment option is a daunting task, and while I will be doing my own research I figured I would also ask for some help and guidance.
The link below is the google sheets of the investment options.https://docs.google.com/spreadsheets/d/1DLb-uQ0JKo9nnS5XYB1V333041n40cV3pFLDfIJxano/edit?usp=sharing
Currently I am invested in:
Oppenheimer Developing Markets R
Alger Cap App Institutional R
Oppenheimer Real Estate R
I am 28, single, no kids and financially stable. Given my age, I am not adverse to investing on risker options.

I've read that12B-1Fees and fees averaging 1% or more are read flags... that reflects most of the offering I am being given =/.
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https://www.fatwallet.com/forums/finance/1522657/ Thu, 25 Aug 2016 16:58:23 -0500
<![CDATA[Southwest account emptied by hacker]]> https://www.fatwallet.com/forums/finance/1522600/

Rating: 11 Posted By: mojoshtudd
Views: 1315 Replies: 8

I recently got a couple of emails with no senders email address. It was from the domain maritz.com and both were for 10 AmazonGCs, $50 each - so $1000 total between the two orders.
The email had the shipping address and order number. The address is in Philadelphia - not one that is associated with me or anyone I know.
I tracked down Maritz.com and turns out they are the backend for AwardHQ.com. From there I tracked it down to this being a Rapid Rewards redemption.

The AwardsHQ person is trying to get my points back - but in the meantime, looks like the hacker also changed the email address on record as I can't log in.
So I am on phone with SW now trying to get my account access back - I had to provide the zip code from the shipping address in the email to get through the automated phone tree!

This is both a head-up to check your SW points and also a question - where else should I report this address?
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https://www.fatwallet.com/forums/finance/1522600/ Thu, 25 Aug 2016 12:55:04 -0500
<![CDATA[Veridian CU, CD Special 15Mo 1.50%, 39Mo 1.60%. Easy Membership]]> https://www.fatwallet.com/forums/finance/1522598/

Rating: 0 Posted By: pattyB
Views: 538 Replies: 5

Veridian Credit Union has several Special CD offerings. Very easy membership, join Dwolla.

CD Specials: 15 Mo 1.50%, 39 Mo 1.60%. Jumbo CD's 25 Mo 1.65%, 39 Mo 1.70%.

Regular CD's require $1000 min., Jumbo CD's require $100K .
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https://www.fatwallet.com/forums/finance/1522598/ Thu, 25 Aug 2016 12:51:39 -0500
<![CDATA[Interesting article ... We are screwed in a world where only dealers can repair new cars]]> https://www.fatwallet.com/forums/finance/1522550/

Rating: 1 Posted By: tightpapa
Views: 2480 Replies: 22

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https://www.fatwallet.com/forums/finance/1522550/ Thu, 25 Aug 2016 08:48:26 -0500
<![CDATA[New IRS procedure: waiver of 60-day IRA rollover]]> https://www.fatwallet.com/forums/finance/1522393/

Rating: 11 Posted By: tuphat
Views: 2283 Replies: 7

Excerpt from IRS press release:

Normally, an eligible distribution from an IRA or workplace retirement plan can only qualify for tax-free rollover treatment if it is contributed to another IRA or workplace plan by the 60th day after it was received. In most cases, taxpayers who fail to meet the time limit could only obtain a waiver by requesting a private letter ruling from the IRS.

[Under the new procedure]A taxpayer who missed the time limit will now ordinarily qualify for a waiver if one or more of 11 circumstances, listed in the revenue procedure, apply to them. They include a distribution check that was misplaced and never cashed, the taxpayers home was severely damaged, a family member died, the taxpayer or a family member was seriously ill, the taxpayer was incarcerated or restrictions were imposed by a foreign country.

Ordinarily, the IRS and plan administrators and trustees will honor a taxpayers truthful self-certification that they qualify for a waiver under these circumstances. Moreover, even if a taxpayer does not self-certify, the IRS now has the authority to grant a waiver during a subsequent examination. Other requirements, along with a copy of a sample self-certification letter, can be found in the revenue procedure.

Press release: https://www.irs.gov/uac/new-procedure-helps-people-making-ira-and-retirement-plan-rollovers
Full text, Rev. Proc. 2016-47: https://www.irs.gov/pub/irs-drop/rp-16-47.pdf
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https://www.fatwallet.com/forums/finance/1522393/ Wed, 24 Aug 2016 16:19:47 -0500
<![CDATA[What to do when credit report shows account in collection?]]> https://www.fatwallet.com/forums/finance/1522378/

Rating: 0 Posted By: Rubl
Views: 1125 Replies: 17

I recently noticed that my FICO score decreased, so, I got my credit report which showed an account in collection for $30 from 2014.
I have some recollection about the original creditor and paying off the bill, but this was a while ago and I just don't remember the details. I find it very hard to believe that I would pay the bill for $180, but not for the remaining $30 (the original balance on the credit report is showing as $210). I really have no idea what happened, there was no notice in writing or anything that would indicate that I even had any debt to the original creditor or the collection agency. So, the account has been in collection for almost 2 years, which I didn't know until this week. I contacted the original creditor, and they said that since the account in collection, I need to work with the collection agency.
At this point I just want the whole thing to go away and clear my credit report. Any advice from someone who has been through this on what to do would be greatly appreciated. I don't care if I have to pay, I just want to clear my credit history and not have any negative activity.
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https://www.fatwallet.com/forums/finance/1522378/ Wed, 24 Aug 2016 15:05:25 -0500
<![CDATA[appraisal, buying new]]> https://www.fatwallet.com/forums/finance/1522166/

Rating: 0 Posted By: vansville
Views: 1660 Replies: 25

How would you handle this?

I got my car appraised at carmax, for 8.5k. I used to work for these guys, and im pretty sure my former work friend gave me the max amount he could, really hooked me up. I then took my apprasial to a different company that supposedly almost always beats carmax (they have people standing outside carmax holding signs saying see us after them). I showed him the carmax apprasial, he walked out looked at my car for 5 mins (A kia forte) and came back and told me "Do not let that apprasial expire, sell it to them at that price before they come to their senses." He said it was worth about 7k and told me to go back to their competitor that I got a great deal, so I assume he wasn't laying. Basically saying, its my job to beat them, but they put your car way to high I advise you to take their offer ASAP. THe Carmax offer is $1,000 over blue book.

So my question, all dealers match Carmax. But if this apprasial is really a gift, im sure they will say they are matching it, but just have to not give me a good price on the vehicle, therfore really muddying the negotiations. So if they would normally go as low as 15k on a new elantra, maybe they will keep my price at 16k.

Would you just sell the car to carmax, or take it to dealers and have them match it, but know they probably will then not budge or give you their true lowest price on the car since they have to pay me too much for mine? If I sell it to carmax, i lose out on about $500 tax savings if i trade it into the dealer I sell it.

How the hell would you approach this? I just am worried dealers are going to know i expect them to match carmax, so Im almost expecting them not to budge much on the Elantra. TrueCar has the new Elantra I want to buy at about $15.5k.

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https://www.fatwallet.com/forums/finance/1522166/ Tue, 23 Aug 2016 22:23:26 -0500
<![CDATA[Second job]]> https://www.fatwallet.com/forums/finance/1522148/

Rating: 0 Posted By: FWF007
Views: 1721 Replies: 16

Hi, Long time FWF member. I am currently working in the hitech (electronic system/ckt design) area in a F500 company and paid reasonably well. I might possibly get an offer from a biotech startup. I am not really looking to change now, however this happened through some common contacts. They also briefly floated of working part-time for them and I could possibly convert this to a part-time offer wherein I work for abt 20hrs/week.

Considering this, can I work for a second job (part-time) while I am employed? The market/product of the two companies are unrelated, but yeah they require the same general skills.
Also, is it feasible to float a LLC and work as a consultant through the LLC?


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https://www.fatwallet.com/forums/finance/1522148/ Tue, 23 Aug 2016 19:23:46 -0500
<![CDATA[DO NOT do this survey from Ally Bank to earn a $10 Amazon gift certificate. Waste of time.]]> https://www.fatwallet.com/forums/finance/1522130/

Rating: 5 Posted By: burgerwars
Views: 1912 Replies: 16

I got the following email. The survey about financial products goes on forever. When I thought I was nearing the end, they started to ask the same questions. I gave up. I would have died from old age before completing it. I'm seriously considering CLOSING my Ally account because of this nonsense.

We want to hear from you.
Ally was built around a simple premise: you should expect more from your bank. With feedback from customers like you, we can provide better products and services. We'd appreciate it if you could complete this survey to help us better understand your experiences as a customer.

As a thank you for your participation, all customers who complete the survey will be emailed a $10 Amazon.com gift card* within 90 days of study completion.

Thank you.
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https://www.fatwallet.com/forums/finance/1522130/ Tue, 23 Aug 2016 18:02:55 -0500
<![CDATA[Class Action Claim Unique Question]]> https://www.fatwallet.com/forums/finance/1522126/

Rating: -7 Posted By: bbrite
Views: 1181 Replies: 9

A few years ago I paid for an ex-friend ("A") who was hounded by a collection agency. Address of "A" at that time was my place. I lost contact with "A" and now I received a post card with Claim ID to a Class Action addressed to "A" (ex-friend name but my current address). My question is if I log into that Class Action site and submit a claim under my name and if I receive a check to my ex-friend's name can I cash it? Of course my claim could be rejected or it could be issued to my name because I plan to submit using my own name.
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https://www.fatwallet.com/forums/finance/1522126/ Tue, 23 Aug 2016 17:55:31 -0500
<![CDATA[Credit Card Chargebacks - An Overview of Rightful Rejection & the Misinformation Card Issuers Provide]]> https://www.fatwallet.com/forums/finance/1522121/

Rating: 24 Posted By: nwrain
Views: 1570 Replies: 20

TL:DR - If a merchant sends you a damaged or incorrect item it is their problem, not yours. They have to bear the cost of retrieving that item and provide a full refund including shipping costs no matter what their return policy says. All you have to do is make it available to them.

Know your chargeback rights - don't rely on your credit card company to be honest with you. One of the biggest Visa issuing banks in the country repeatedly misinformed me about my rights and their obligations under Visa International rules. They told me I was obligated to pay costs that I do not have to pay, either under Visa Rules or state law.

Background:
I purchased a new item online. The merchant sent me a used one that was damaged and in addition had unmistakable signs of wear. I immediately notified the company that the product was not new, not acceptable and asked for a return shipping label. The merchant not only refused to retrieve it at their expense, they also insisted I owed a restocking fee. In all they wanted me to absorb about 1/3 of the cost of the item because of their mistake they actually expected to make a profit instead of having their error cost them anything. After multiple attempts to get this merchant to retrieve their merchandise they even accused me of trying to steal it.

I initiated a chargeback with my Visa bank. To my surprise the Visa issuer reversed the chargeback when the merchant notified them that I had not returned the item at my expense. When I contacted the bank about the reversal, each and every customer service rep said that I am required to return the item at my expense before initiating a chargeback. Even a manager said the same thing. The fact I wasn't sent what I ordered meant nothing. They also said I am subject to the merchants terms of service no matter what, and that there was nothing to be done about it. The information they provided was absolutely false.

One of the largest Visa credit card issuing banks in the country is systematically misinforming their customers about their rights and the bank's obligations when customers initiate a chargeback.

______________________________________________

Visa Chargeback Guidelines for Visa Merchants -
Chargeback Management Guidelines for Reason Code 53 - Not as Described or Defective Merchandise

  • For this reason code, the cardholder must have made a valid attempt to resolve the dispute or return the merchandise. An example of a valid attempt to return may be to request that the merchant retrieve the goods at the merchants own expense.
  • Merchants should keep in mind that their return policy has no bearing on disputes that fall under Reason Code 53.

The Visa Rules implement the legal concept of Rightful Rejection regularly included in state laws. Rightful Rejection protects consumers from financial obligation when a merchant delivers wrong or defective merchandise. All you are required to do is notify them of their mistake and assist them in recovering that merchandise. You need to make their merchandise available to them for a reasonable amount of time but if they refuse to retrieve it you have no further obligation. This is spelled out under the the Uniform Commercial Code.The UCC is implemented into state law and the state laws based on it are sometimes almost identical. You can easily find it online. Here's the section I'm referring to:

  • (a) after rejection any exercise of ownership by the buyer with respect to any commercial unit is wrongful as against the seller; and
  • (b) if the buyer has before rejection taken physical possession of goods in which he does not have a security interest under the provisions of this Article (subsection (3) of Section 2-711), he is under a duty after rejection to hold them with reasonable care at the seller's disposition for a time sufficient to permit the seller to remove them; but
  • (c) the buyer has no further obligations with regard to goods rightfully rejected.

In other words, when a merchant sends you an item that is different than what you ordered, either in condition or other ways, it is up to that merchant to correct the problem at their expense. Both Visa rules and state laws protect consumers from financial obligations in these situations. Visa issuing banks have an obligation to require a merchant to retrieve merchandise at the merchant's expense under Visa International rules and can't require the customer to absorb shipping and other costs. If the merchant refuses to retrieve the item at their expense the bank is still required to process the chargeback.

If you scale up the dollar amount the law and Visa rules becomes obvious common sense. Let's say you ordered a $20,000 car that cost $1,000 to ship cross country and they sent the wrong car. By my card issuer's logic you would have to pay to have it shipped back, would not be refunded the shipping already paid and would be out $2,000. If you refused to pay to return it you would be out $21,000 and in possession of a car you never ordered. If you add a restocking fee it may actually become more profitable to send the wrong item than to deliver the correct one. In my case the merchant has actually sent an item that is significantly less valuable than the one I purchased. If the merchant does not have to bear the cost of their own error there is nothing to discourage unscrupulous merchants from deliberately sending the wrong or a lesser value item.

(This post is meant to be a overview of Rightful Rejection and Visa rules as I understand it from personal research I've completed. Legal professionals please correct any mistakes I have made.)

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https://www.fatwallet.com/forums/finance/1522121/ Tue, 23 Aug 2016 17:18:50 -0500
<![CDATA[Rent or sell]]> https://www.fatwallet.com/forums/finance/1522079/

Rating: 0 Posted By: letsrockit
Views: 1030 Replies: 9

Hi

We have single family home in PA and we will be moving out of state in few months. We have monthly payment for $2000 (mortgage+insurance+tax) for 16 more years and $100 HOA.
We might break even if we sell the house but we dont want to go through the stressful process when we move.

Is it better to rent or sell. if we rent, how should we go about in renting out. Should we find the realtor to rent out and get the coverage for maintenance of appliance etc...

Edit: I can rent it out for $2400 I guess.

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https://www.fatwallet.com/forums/finance/1522079/ Tue, 23 Aug 2016 14:48:12 -0500
<![CDATA[To Roth or not to Roth]]> https://www.fatwallet.com/forums/finance/1522048/

Rating: 3 Posted By: phisher4
Views: 2683 Replies: 53

Would appreciate the Fatwallet "hive mind" opinion for a niche question on IRAs. I apologize in advance if similar posts have been made, but I can't easily find them.

I have a Rollover IRA from a 401K at a company for which I no longer work, which is a sizable proportion of my overall retirement portfolio. My financial adviser suggested that I convert this IRA to a Roth, which would entail a very large tax payment, since I am in a high tax bracket.

Does this make sense? I'm converting pre-tax into post-tax money, which would grow tax-free for many, many years, but my crystal ball tells me that I will be in a much lower tax bracket in retirement.

I'm mostly in index funds, if it helps to know this... Thanks everyone!
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https://www.fatwallet.com/forums/finance/1522048/ Tue, 23 Aug 2016 13:19:50 -0500
<![CDATA[Potential auto insurance claim... What would you do?]]> https://www.fatwallet.com/forums/finance/1522038/

Rating: 1 Posted By: JSC
Views: 1239 Replies: 20

Quick question regarding a potential auto insurance claim. Here are the basic facts:

My car was broken into last week at a public park. A side window was shattered and a purse and wallet were stolen, along with approximately $150 in cash. Police were called and a report was filed. I was over 200 miles away from home at the time, so I wanted to get the window fixed/replaced as soon as possible, before heading back home. Was able to get a local dealer to do the work right away (over the weekend) for a total of $730. This has been paid (by me). My insurance is with Progressive Insurance in Massachusetts and my deductible is $500, but I haven't contacted them yet.

So... would you make a claim on your insurance for this incident? I'm back at home now and my initial thought is to NOT make a claim. I assume I'll only get reimbursed $230 and the claim could potentially raise my rates in the future. What does the collective FW wisdom think?

Thanks in advance!



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https://www.fatwallet.com/forums/finance/1522038/ Tue, 23 Aug 2016 13:01:56 -0500
<![CDATA[ Chase 5/24 rule strategies]]> https://www.fatwallet.com/forums/finance/1522016/

Rating: 8 Posted By: cameron2003
Views: 4042 Replies: 52

Many of us know about the Chase 5/24 rule: They will deny your application if you have more than 5 new lines of credit in the past 24 months. What strategies are there to deal with this turn of events? What data points are there? For example:

- Does have a banking relationship with Chase help? I have not personally heard that it does, but maybe?
- I have heard if you are denied you can try calling them and offer to trade in an existing Chase card you might have for the new one you want.
- Is it true that being an authorized user counts towards 5/24, but that you can remove yourself from AU status, and it is reflected in Chase's 5/24 count. (whereas closing an account does not)
- Do business accounts count towards 5/24? I would think that they do not, but that new applications for business accounts are checked against 5/24. Thats just a guess.
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https://www.fatwallet.com/forums/finance/1522016/ Tue, 23 Aug 2016 11:23:59 -0500
<![CDATA[Allstate - how long do you have to fix car?]]> https://www.fatwallet.com/forums/finance/1521997/

Rating: 1 Posted By: tarq476
Views: 1108 Replies: 11

My wife was recently rear-ended at a red-light. It has been a hassle, but at least the driver admitted fault to his insurance company (Allstate) and they cut my wife a check for visible damage in less than a week. Of course, if we take the car to a Body Shop and there is further structural damage, Allstate says they will pay for all of it to the shop. We are considering keeping the check and not getting the repair. The car is rather old and will probably be replaced within a few years and it is still driveable. The damage is mostly cosmetic. The trunk won't latch perfectly, but it does stay snugly closed while driving.

My question, does anyone know how long we have to take the car to a shop and get the repair? If we decide to keep driving the car, but it turns out that it's worse than we think in a month (or 3, or 6...), can we still take it then? I'm sure there must be a time limit, just not sure what it is since this is our first accident. Thanks for any advice if you've been in this situation.
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https://www.fatwallet.com/forums/finance/1521997/ Tue, 23 Aug 2016 10:33:54 -0500
<![CDATA[Pet Injury ...]]> https://www.fatwallet.com/forums/finance/1521985/

Rating: 9 Posted By: prozario
Views: 2849 Replies: 84

Quick question - need some feedback. I went for a weekend trip and left my small 7 lb dog with a franchise type dog boarding place. Read Yelpreview all good - like 4 or 5 starts from 20 some people. They've live cam etc etc for part of the days you can see your dog. So drop off healthy dog on Friday .. all fine - see him on webcam doing fine. Next day daughter checks on him on and off - but he is not in playroom with other dog. I thought whatever .. but she checked several times throughout the day - no sign of our dog. So i call to see if any issue - they say all is fine. I just can't see all angles within the room. I'm like okay - probably nothing wrong.

So FF to 3rd day, when i was suppose to pick him up. Daughter finds our dog in webcam but sees him limping - i'm like probably something minor. So later that day, I'm running a bit late for 7pm pickup time - i called them, telling them I may not make it, and in that case, the dog stays overnight for one more day. They mention okay fine - didn't say anything about any issue.

So i do make it by 7.15pm, and they agreed to get the dog .. so i was happy, and i even tipped them $20, on top of $150+ for 2.5 days boarding charge. I see the dog limping, and the guy says, well it is probably because he played too much, he is tired, and we found him like that since morning. I was in rush after long drive from Canada, took him home .. and noticed - he absolutely can't even put one of the back foot down. He can't walk, and barely can stand up & looks traumatized. I call them back .. and said what exactly happened - this doesn't look normal - and they gave same bs - we found him like that in morning.

Dog was in terrible shape 1st day i got back, cant go out for walking, can't put leash - he needed immediate medical attention. And these idiots left him like that possibly for 2 days. Took next day off, and got him to vet. Luckily so far, they found nothing broken .. didn't do xray as they first wanted to try pain medication .. so about $60 for vet - need to observe for few days and then take him back depending on situation. So today is 3rd day since i got him back .. so walking somewhat, but still limping a lot. Vet said it was some sort of trama. I'm thinking they dropped him or something.

So my question is ... what should i do? I'm royally ticked off - they seriously hurt my dog, and then lied about it. And worse thing is - they took down his vet info - just 1 mile down the road, and didn't even bother to call me, or do anything to get him to vet - and kept him in that condition for 2 days.

Is it fair to ask for boarding fee back? Plus some medical expense? I'm definitely going to write a review... even if i don't get any money back.

Any advice how to approach this?

It could be they just made a mistake - it is a small dog. But they totally deny it, and claims a healthy dog severally injured his hind legs all by himself overnight (basically they keep them in small enclosed closet - so very difficult to get hurt) - something he has not ever done in 6 years.
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https://www.fatwallet.com/forums/finance/1521985/ Tue, 23 Aug 2016 10:11:08 -0500
<![CDATA[Wash sale rule question]]> https://www.fatwallet.com/forums/finance/1521972/

Rating: 1 Posted By: mk26
Views: 1587 Replies: 15

I file tax jointly, I have an investment account, Can I open open another investment account on my spouse's name is it good idea?, will it trigger any wash sale rules for same stock on my account and spouse' account ?
reason I am asking I may get some benefits on fees from the broker on new account opening.
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https://www.fatwallet.com/forums/finance/1521972/ Tue, 23 Aug 2016 09:06:28 -0500
<![CDATA[Credit cards and Chargebacks]]> https://www.fatwallet.com/forums/finance/1521958/

Rating: 0 Posted By: dramosaurus
Views: 1544 Replies: 81

First, yes, I am a long time member, and this is a new account.

I am involved in a complicated transaction which has already proceeded to the point where it would cost more for it not to go through than for it to go through. I'd rather not be more specific than that for fear someone involved in the transaction could read this. One of the counterparties (who was subcontracted from the prime contractor without my knowledge) is now demanding fees for things that I think are ridiculous and that I was never informed of at the start of the transaction (which I regard as basically, illegal). I may have no choice but to pay as the cost not to pay may be substantially higher than the cost to pay. They want payment in the form of a credit card.

What credit card company is likely to be most sympathetic to me in the case of a chargeback? I have pretty much every major card provider (Chase, Citi, Barclays, BoA, AMEX, Elan, US Bank, etc)
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https://www.fatwallet.com/forums/finance/1521958/ Tue, 23 Aug 2016 08:01:03 -0500
<![CDATA[Getting laid-off for fun and profit]]> https://www.fatwallet.com/forums/finance/1521939/

Rating: 2 Posted By: puddonhead
Views: 2288 Replies: 29

I think most of us dread the word "laid off". However, I've worked with people who looked forward to getting laid off for fun and profit.

Most of these people were
1. in their 40s, and had significant savings.
2. worked in the same job for 5+ years (I.e. had long tenure and expected significant severance money).
3. had significant marketable skills so that getting another job is not a huge deal
4. Did not necessarily need this paycheck to survive - either due to working spouse, significant savings or some combination.

In my attempt to get financially independent, I hope to achieve this "layoff proof" state in another 5 years or so, hopefully in time before the next recession.

Some anecdotes:
1. One of my friend's boss was getting laid off. In the farewell party - he was ecstatic. He had 13 years of tenure and expected $80k+ severance. He planned to pay off his house (based on the town where he lived - house must be worth $600k+), take a break for 6 months and then search for another job, preferably closer to home.
2. This guy I reported to was independently wealthy. He was in the same job for 11 years when I worked with him. He wanted out and was actually lobbying with the upper management to be in the "next list" when the next round of layoffs happen. This was during the 2009-2010 time period, so layoffs were almost a regular feature. I heard that he finally got his wish after intense lobbying for a couple of years.
3. Not sure if this guy really got this by design - but another colleague of mine got the deal of a lifetime when our department was axed in 2008. Two people (from a department of 100+) were "retained" as consultants to supervise the wind-down, for a compensation that was between 200 to 300 % their total comp for the last year. This gig stretched all the way through 2013!!

What other "positive" layoff stories do you have to offer?
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https://www.fatwallet.com/forums/finance/1521939/ Tue, 23 Aug 2016 06:47:53 -0500
<![CDATA[Supplementing HO insurance with a 'student' personal property policy]]> https://www.fatwallet.com/forums/finance/1521835/

Rating: 0 Posted By: SummerSoFar
Views: 1254 Replies: 7

Just wanted to share a little trick I have used for almost a decade now in order to avoid any small claims made on my HOI policy: Take out a 'student' personal property policy. These are similar to renter's policies, except they do not have any liability endorsement, and generally have coverage for personal items world-wide. Also, unlike valuable personal property policies you may be able to get from your HO insurer, these are truly blanket in that items to be covered do not have to be itemized upon policy issuance. Very inexpensive as well (Example: 2k coverage with 100 deductible ~~ $70/yr), and the policy premiums are not rated. Finally, and possibly most importantly, I have never had a claim added to CLUE, thus there is zero impact to all other policies in my name (this of course, YMMV).

The two main insurers offering these products that I am aware of are NSSI (Worth Ave Group), and CSI (collegestudentinsurance.com)
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https://www.fatwallet.com/forums/finance/1521835/ Mon, 22 Aug 2016 18:40:47 -0500
<![CDATA[Car accident - lawyer?]]> https://www.fatwallet.com/forums/finance/1521830/

Rating: 0 Posted By: penguinknot
Views: 1446 Replies: 14

My wife was in a pretty serious car accident a few weeks ago that involved a week long hospital stay (broken ribs, collapsed lung, cracked vertebra, broken foot) and will be out of work for about a month by her doctor's estimate. I (and family) have only been involved in car crashes with no medical payments so my experience is essentially zero. Everyone says that we need to hire a lawyer to work with our insurance company (the other driver was uninsured so it will hit our uninsured coverage). Would you agree?

I've never hired a lawyer before so how should I find one? Go with one of the larger firms (the ones that do commercials - seems odd but I guess they've made money for a reason) or smaller? Anything in particular I should watch out for? I've talked to 3 and all of them do a contingent fee of 1/3 of the gross settlement. I'm slightly concerned about how that works if the medical bills are higher than our remaining 2/3 of the settlement but all 3 of the firms I've talked to have assured me that their fee is part of the negotiation with the insurance companies (health and auto)...

Any thoughts appreciated!
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https://www.fatwallet.com/forums/finance/1521830/ Mon, 22 Aug 2016 18:07:14 -0500
<![CDATA[Disputing fradulent credit card charges by Road Runner Sports]]> https://www.fatwallet.com/forums/finance/1521764/

Rating: 3 Posted By: BradMajors
Views: 2250 Replies: 14

I am in a five year credit card dispute with Road Runner Sports(RRS). This is my post from last year:

https://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=1459728

* I won my credit card dispute and AMEX reversed the charges.
* I cancelled by AMEX card.
* This year Road Runner Sportsmade the charge to my VISA card.
* I have no idea how they got my VISA credit card number. I believe I bought something in their store using this card about three years ago.
* I have disputed the charge with VISA. My VISA credit card has been cancelled and a new one issued.
* I cancelled the membership, closed my account, and told them to never send me any mail a long time ago.

BBB: http://www.bbb.org/sdoc/business-reviews/sporting-goods-retail/r...

"Many consumer complaints are alleging misrepresentation. Specifically, several complaints are from consumers who allege they are charged $24.99 annual membership fee which they did not authorize. Most business responses have agreed to refund the $24.99 fee. The BBB attempted to contact the business regarding this pattern but the company did not respond."
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https://www.fatwallet.com/forums/finance/1521764/ Mon, 22 Aug 2016 12:55:44 -0500
<![CDATA[Indy contractor non solicitation question]]> https://www.fatwallet.com/forums/finance/1521739/

Rating: 0 Posted By: jaytrader
Views: 1117 Replies: 12

I currently work for a very large IT contracting/consulting company as a W2 full-time employee. I am at a client site now (client ABC). I signed a non-compete (12 months) upon hire stating the following:
handbook said: You shall not....

.....solicit or accept employment as an employee or independent contractor, with any customers of the Company for whom I was assigned responsibility to support Company's engagement at any time during the term of my employment with the Company.


I have been offered a new position by a competitor consulting/contracting firm. I will be a full-time W2 employee of the competitor. Competitor does occasional contracting work at the client I'm currently at (client ABC) with my current consulting firm. Am I considered an "independent contractor" even though I would be working for a new consulting company, who happens to share the same client as my current company if the competitor chooses to place me on client ABC's account?

When Googling, I am finding mixed results. IRS website seems to differentiate between contractor and employee, but not between employee OF a contracting company and employee.

I realize this is not really finance related, but I know a lot of people here have experience in this sort of thing and I would appreciate some opinions. Thanks.
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https://www.fatwallet.com/forums/finance/1521739/ Mon, 22 Aug 2016 10:07:19 -0500
<![CDATA[Best free checking with no direct deposit?]]> https://www.fatwallet.com/forums/finance/1521635/

Rating: -1 Posted By: vovito
Views: 1240 Replies: 14

I am in California. Please correct me if I am wrong, but I assume that the best way to set up a checking account is to buy a coupon off eBay for a $500 Chase bonus. My only problem is that I am self-employed. Are there any ways around Chase's direct deposit requirement?

If none, could someone please recommend a free checking account or a checking account with a sign-up bonus that don't require a direct deposit?
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https://www.fatwallet.com/forums/finance/1521635/ Sun, 21 Aug 2016 22:08:35 -0500
<![CDATA[Bought new truck i can't afford]]> https://www.fatwallet.com/forums/finance/1521627/

Rating: 4 Posted By: jordantheoret
Views: 6445 Replies: 224

Hi everyone, new here,
id like to ask advice for my situation, i bought a truck a few months ago, but my financial situation is excellent currently so i bought a house,
i work construction in the oil patch in alberta (electrician apprentice, im 23).

i will be getting laid off in a month or 2 ( as expected) and when i do, finding a job in the oil patch is a gamble in this economy and my income will half if i work in town, therefore i need to lower my monthly obligation,

i made a mistake and i know it. Not a smart financial move, not a smart anything move but im young and stupid and mistakes happen.

what i'd like to know is the best way to proceed for me... I'll break down my finances for everyone to see and give advice :

mortgage payment : 1500 (utilities inc)
truck payment 355 bi-weekly ( 64,000$ loan 0% interet over 84 months)
quad payment : 111$ bi-weekly ( 1.9% interest, i dont want to get rid of this one)
food : 300-400$/ month
cell phone : 55/month x2 (me and wife)
truck insurance : 240$/month
quad insurance, life insurance, mortgage insurance, house insurance : 200$/month
misc expenses including gas for truck : 400-500$/month

income in town : 2800$/month (me)
1600$/month (wife)


Im finding i waste too much money on my truck and its killing me, i hate it but i cant seem to get rid of it.
i owe 62000$ and its worth 45,000... I am considering buying a cheap truck and stopping payments on this one and letting the bank repo it (seize or sue law in british Columbia where i live)

Might be worth it to note my credit is perfect at the moment but i have everything i need so ruining it for a few years doesnt sound like such a big deal... Might help me to not have the option to buy a big boat or new toys haha...(im an impulsive buyer sometimes when it comes
to big things but im cheap on day to day things)

im open to ideas, people on this forum seem smart and willing to give advice on best course of action... Im thinking financially just letting the bank repo it would save me the most money
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https://www.fatwallet.com/forums/finance/1521627/ Sun, 21 Aug 2016 21:01:24 -0500
<![CDATA[selling nyc coop and gifting money to children for new home purchase]]> https://www.fatwallet.com/forums/finance/1521615/

Rating: 0 Posted By: davidbeckham
Views: 1196 Replies: 11

Hi all, my girlfriend's parent is planning to sell their Coop(worth about $200K) and gifting the money for her first home purchase as down payment. When I bought my coop back then I had seen the seller asking me to make check payable directly to other parties and I did it. It's a pain in the neck here to deal with the Coop board to transfer the property to her first and then sell it under her name. Is it possible to gift her the money at closing without check being cashed in her parent's account? What are the tax implications? Would the money be taxable? Is it common to ask the buyer to cut the check payable to her directly? Thank you
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https://www.fatwallet.com/forums/finance/1521615/ Sun, 21 Aug 2016 19:22:33 -0500
<![CDATA[American Express Business Targeted 75,000 Offer]]> https://www.fatwallet.com/forums/finance/1521229/

Rating: 6 Posted By: psyteet1
Views: 2137 Replies: 7

Just a heads up that there is a 75,000 sign up offer for the standard American Express Business Credit card after $5,000 spent in first 3 months. $175 annual fee is waived the first year. It showed up when I signed in to my AE Blue Cash account. I applied for two other cards in the past month and was still approved.

Normal sign up bonus is 50,000. Check your accounts and you may have the same offer.
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https://www.fatwallet.com/forums/finance/1521229/ Fri, 19 Aug 2016 21:58:43 -0500
<![CDATA[Copper pennies]]> https://www.fatwallet.com/forums/finance/1521203/

Rating: 2 Posted By: cougarman
Views: 4129 Replies: 34

Anyone here collect copper pennies. I collected them when I was young but I have no idea what to do with them. I don't really just want to cash them in at a bank for face value since there worth more. But I also don't want to figure out how to smelt them myself... Are they worth keeping for the copper content?
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https://www.fatwallet.com/forums/finance/1521203/ Fri, 19 Aug 2016 17:42:49 -0500
<![CDATA[Private High School]]> https://www.fatwallet.com/forums/finance/1521201/

Rating: 1 Posted By: Newyorker1905
Views: 3242 Replies: 116

Before making a decision on pulling the trigger, I wanted to ask friends here if they see any benefit of sending your kids to private high school if you are aiming top schools like Harvard, Yale etc. The thing is, we will be able to afford it for our kids but that will leave us with almost zero available money after monthly expenses and tuition .We won't need to take out any loans or anything but we will live paycheck to paycheck.

Is it worth it in your eyes or no?
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https://www.fatwallet.com/forums/finance/1521201/ Fri, 19 Aug 2016 17:24:57 -0500
<![CDATA[Did your FICO score plummet when the Costco VISA card went active?]]> https://www.fatwallet.com/forums/finance/1521186/

Rating: 0 Posted By: runningair
Views: 2358 Replies: 23

My FICO score typically hovers between 800 and 820. In July, the first month after the Costco VISA card went active, my FICO score -- as reported by Discover -- was 747. I've never seen it that low. All of my purchasing this summer has been 'normal' and consistent with other months.

This month, it bounced back to 792. Am I worried about it? No. I'm just curious if anybody else was affected?
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https://www.fatwallet.com/forums/finance/1521186/ Fri, 19 Aug 2016 16:18:00 -0500
<![CDATA[Another Good Reason Not to Get Married, Courtesy of the IRS]]> https://www.fatwallet.com/forums/finance/1521158/

Rating: 8 Posted By: javaman2003
Views: 4914 Replies: 56

Bloomberg Article

So, IRS lost a case from domestic partners regarding mortgage interest deduction. The interest can be deducted on upto $1.1million mortgage and home debt.

With domestic partners you do it for upto $2.2mm mortgage and home debt. So, you can co-own the property and deduct interest.

Why are rules against married couples? I guess once most people switch to "domestic partners" new laws will then Target "domestic partners".
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https://www.fatwallet.com/forums/finance/1521158/ Fri, 19 Aug 2016 13:48:44 -0500
<![CDATA[Amazon Store card offer TU08 Fico]]> https://www.fatwallet.com/forums/finance/1521014/

Rating: 0 Posted By: althes
Views: 2007 Replies: 4

Just saw it under rewards and offers.
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https://www.fatwallet.com/forums/finance/1521014/ Thu, 18 Aug 2016 21:01:14 -0500
<![CDATA[Why are former employer's matching 401K contributions still showing up in my account]]> https://www.fatwallet.com/forums/finance/1521010/

Rating: 0 Posted By: minieditor
Views: 2014 Replies: 10

Hi, all.

I started working with a large corporation in late 2014. I began a 401K as soon as possible with maximum employer contributions. I left this employer in summer of 2015. Unfortunately, I had to take a distribution of all my vested funds at that time. I am puzzled, however, to see the non-vested funds still on my statements (it's now August, 2016). The 401K administrators (Fidelity) are aware that I am no longer an employee of the company. The company has a two-year timeframe before an employee is vested. It is now almost two years. What will happen to those funds? Is this a snafu? If, after the two years are up, I request to rollover or take a distribution from those funds, what is likely to happen?

Unfortunately, the employer is very bad about distributing plan literature, and if I ever had a booklet, it is long gone, and I have no way of getting another.

Thanks!
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https://www.fatwallet.com/forums/finance/1521010/ Thu, 18 Aug 2016 20:43:57 -0500
<![CDATA[Car registration and insurence for a son]]> https://www.fatwallet.com/forums/finance/1521008/

Rating: 0 Posted By: JB137
Views: 1662 Replies: 22

Around 4 years back, I purchased a car for my college going son. Car title is in the name of both of us. We traded in our old car where the registration was only on my name. For the new car, the registration & plate from my old car was used. So my son is a primary driver of a car which is registered in my name. We had added him to our insurance policy. Recently he told me that he is getting much better insurance rate if he applies alone.

My concern is whether it will be legal for me to have a car registration in my name but no insurance. In case of a car accident who will be liable, him or me?

we are in NY.

pl advise.
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https://www.fatwallet.com/forums/finance/1521008/ Thu, 18 Aug 2016 20:34:46 -0500
<![CDATA[Cardinal Bank to be acquired by United Bank -- goodbye to high-yield checking/savings?]]> https://www.fatwallet.com/forums/finance/1520997/

Rating: 0 Posted By: saradon
Views: 1477 Replies: 6

Just read the news in the Washington Post -- Cardinal Bank to be acquired by United Bank:

https://www.washingtonpost.com/business/capitalbusiness/united-b...

I bank at Cardinal, I've had their formerly 1.01 (now .76 APY) First Choice checking account for several years, and now they are selling out to United Bank -- who pays (I called today) around .02% on their checking and savings accounts -- as near to zero as makes no difference, IMHO). They say the actual acquisition won't happen until next year, but I am already mourning the loss of their no ATM-fee (domestic or foreign) and fee-rebating (domestic and foreign; I had both South African and Zimbabwean ATM surcharges rebated!)

They were and are (for the time being) a good bank. Too bad. Now I'll need to find an alternative; if one exists. I've been debating putting the money in an income-fund at Fidelity and just using their cash management account; the problem was there is no practical way to deposit checks with them other than mailing. Time to look around. Oh well. Say day for me, if things go the way I think they will.

Another (good) bank bites the dust....
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https://www.fatwallet.com/forums/finance/1520997/ Thu, 18 Aug 2016 19:23:36 -0500
<![CDATA[Home equity loans]]> https://www.fatwallet.com/forums/finance/1520958/

Rating: 0 Posted By: jJellybean
Views: 1624 Replies: 15

What is the best way to find the lowest home equity loan in South Florida?

I looked at lending tree but from what I read they charge a floating origination fee and send info to all matched lenders who all do hard pulls then call you to get your loan with them.

it will only be for 20-30k. Home remodel.

Penfed, which is the lowest for other loans in my experience is 3.74 which seems so high!!

Credit score is excellent home is worth about 300k.
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https://www.fatwallet.com/forums/finance/1520958/ Thu, 18 Aug 2016 15:28:08 -0500
<![CDATA[IRS state migration data]]> https://www.fatwallet.com/forums/finance/1520922/

Rating: 2 Posted By: tuphat
Views: 2320 Replies: 16

Pretty good data analysis at link below. Basic results not terribly surprising: Texas and Florida are biggest winners, NY, IL and CA are biggest losers. Includes some interesting tables on relative incomes of in- and out-migrants.

http://www.newgeography.com/content/005351-still-migrating-texas...
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https://www.fatwallet.com/forums/finance/1520922/ Thu, 18 Aug 2016 12:52:44 -0500