Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #52
Date: Wed, 2 Jul 1997 20:59:06 -0400 (EDT)
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persfin-digest Wednesday, July 2 1997 Volume 04 : Number 052
IN THIS ISSUE:
ADVERTISEMENT: domainTNG [Oppenheimer Software <Connect-Sales@mcimail.com]
Re: Highest Rate Money Market Account ["Joseph Brouillette" <Broutek@worl]
Fund Networks Trade Commissions ["Joseph Brouillette" <Broutek@worldnet.a]
Can I Add Stock Purchase Fee to My Cost Basis? ["Brion G. Patterson" <bpa]
Re: Best Money Market Funds /Best Small Cap Index Mutual Funds? [David Me]
Index Fund Expenses [WRobinette@aol.com]
Will making software? [rrk@aps.anl.gov (Robert Kalt)]
Re: Should I Use an Outside Company To Print My Checks? [borisv@ctron.com]
Re: Best MMF / Best Small Cap Mutual Fund? [Rich Carreiro <rlcarr@animato]
Re:checks [Yoda84@aol.com]
RE: PMI and news of class action suit. [Jeff Morgan <Morgajs@parsec.com>]
Re: Best Place for $10,000 ["L. Mccullough" <loulou@u.washington.edu>]
Re: At-Home MBA [Danny Mulligan <mulligan@brooktree.com>]
Re : Outside Company for Checks [ravic@sdt.com (Ravi P Chivukula)]
Re: IRAs for minors - A Problem [David Martin <dmartin@seabreeze.hc.ti.co]
Debit Card Question [BILL.GRIFFIN@mis.usoc.cchub.com (BILL GRIFFIN)]
Re: Using Outside Company To Print Checks [David Chaille <davec2@ptconnec]
Outside company to print checks [elaine steward <esslady@ix.netcom.com>]
Checks printed by non-banks [Brennan Dell <Brennan_Dell@dell.com>]
Proposed Tax Status of Tuition Benefits for Employees [jmh001@alpha.morni]
Re: Outside Company Checks [BOB FORD <BOB_FORD@compuserve.com>]
Debit card questions (?!) [George_McAuliffe.BNY@LNOTES.bankofny.com]
Re: Should I Use an Outside Company To Print My Checks? [owner-persfin-mo]
Re: Credit Collection harassment to wrong person [feren@ctron.com (Andrew]
Re: Where to purchase Mutual Funds? OneSource Charges $40 Extra! [feren@]
Re: More on Fleet [feren@ctron.com (Andrew C. Feren)]
Re: Where NOT to put your Will [Mosenson@aol.com]
Historical stock price listing? Is there an on-line URL that I can access in order to get stock prices for AT&T (and other stocks) for months 1979-present? Where else could I get this information? I am collecting tax information for my elderly mother, and need this information in order to arrive at a cost basis for Lucent Technologies and NCR shares. Her records don't indicate her AT&T stock (cost/value) because she inherited it from her husband at the time of his death. Do I use the time of his death as the month/year of the value of the AT&T stock? Thanks for your help. Adele Fischer []
Rebuttal re: estate planning attorneys ["Mark J. Welch, Esq." <markwelch@]
Re: Life Insurance / Puzzle Contest / Best Mutual Funds [JONESW@CCSUA.CT]
Re: Should I Use an Outside Company to Print My Checks? ["Cathy Steinberg]
Value Line Report: What's it all mean ? [mabrams@santafe.cc.fl.us]
Is this stock worth anything? ["Timothy A. Budd" <budd@owl.csusm.edu>]
Re: outside check printing company [George Kolb <afn01634@afn.org>]
Quicken question: acquisitions [Mike Machnik <machnik@tiac.net>]
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----------------------------------------------------------------------
Date: Wed, 2 Jul 1997 20:13:04 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
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------------------------------
Date: Wed, 2 Jul 1997 20:14:16 -0400 (EDT)
From: "Joseph Brouillette" <Broutek@worldnet.att.net>
Subject: Re: Highest Rate Money Market Account
Mike I'm in a Fidelity USA Brokerage Account. I can write a check for any
amount with this fund, also get a debit card, and pay extra to have them
pay my bills every month. If you have $10,000 invested with them in any
category, you get the very good interest rates with your money, and can
have all of these services.
Once you invest the $10,000, I don't think you have to maintain that amount
specifically in your USA account (please check). You can have some of it
invested in funds, stocks, bonds, etc. Just about all MM funds won't let
you write a check for less then $200, but Fidelity USA does. If you have a
USA brokerage account with Fidelity, you can belong to their Funds Network,
you can then trade funds at no extra charge from Fidelity
The highest interest paying money market fund I know of is Strong Mutual
Funds MM - it pays just a tiny bit more the Fidelity USA, but it doesn't
offer the services I mentioned..
------------------------------
Date: Wed, 2 Jul 1997 20:15:20 -0400 (EDT)
From: "Joseph Brouillette" <Broutek@worldnet.att.net>
Subject: Fund Networks Trade Commissions
1) From what I just read, if I trade mutual funds through a funds network,
such as Fidelity or Schwab, I do not pay them anything for the
trade. The commission they receive is paid by the fund that I am trading
into.
2) All funds that participate in funds networks have increased their
expenses by 1/4 of 1 % (.25%), to defer the cost of the commission to
the funds network.
3) This .25% increase in fund expenses is shared by all investors whose
funds belong to fund networks, regardless if they trade through a funds
network or not.
4) Of course if there are any regular expenses, such as loads, 12b1 fees,
etc., for the fund that I am trading into I pay these.
------------------------------
Date: Wed, 2 Jul 1997 20:16:28 -0400 (EDT)
From: "Brion G. Patterson" <bpatters@pen.k12.va.us>
Subject: Can I Add Stock Purchase Fee to My Cost Basis?
I recently did a direct purchase of shares from Lucent
Technology. Their form lists the price per share, and then
lists their $2 fee (great!-huh?) separately. Can I add this
fee in to the basis cost of the shares, so that my actual cost
per share will be slightly more than they listed?
- --
Brion
Rappahannock County High, Washington, VA
(Editor's Comment (not a tax pro) - Yes you can add it to your cost basis.
It's just like a commission. -IK)
------------------------------
Date: Wed, 2 Jul 1997 20:17:28 -0400 (EDT)
From: David Meyers <dmeyers@panix.com>
Subject: Re: Best Money Market Funds /Best Small Cap Index Mutual Funds?
>From: Mike Morehouse <mikemore@rocketmail.com>
>
>Anyone have any recommendations on the best money market mutual funds?
>Also, I am looking for a small cap index mutual fund to put some
>taxable money as I've maxed my IRA's.
Not saying anything is "best", I will point you to the _first_
place you ought to look. You mentioned "index" -- that should
always point you to Vanguard. (There are others worth looking
into, but as I said, they should be your first step. Take
a look at their web pages http://www.vanguard.com). Note
that there are some other issues you might want to investigate
with respect to your goals. First, there is some controversy
as to whether it makes sense to index _small_ caps. And
second, after you've maxed out the IRA, I assume you are
looking for tax-efficiency - index funds are pretty good
for that, but there are also some _specifically_ tax-efficient
funds out there as well, again, I'd point out Vanguard as
an example (theirs are still rather index-like), but, again,
there are others.
You also mentioned a money-market mutual fund. The first place
I'd look is ( http://www.ibcdata.com/topper.htm ) which is
IBC's weekly Money Fund Report and rankings. That will tell
you the highest yielding money-market funds in a variety
of categories. It is worth remembering, particularly with
respect to bond-funds and especially with money-market funds
that _expenses_ make a huge difference.
Also, look out for money-market funds which _temporarily_
waive expenses to help boost their apparent yield - they
can _stop_ waiving expenses and usually, after doing so,
they are no longer on the top of that list anymore.
- --D
------------------------------
Date: Wed, 2 Jul 1997 20:17:57 -0400 (EDT)
From: WRobinette@aol.com
Subject: Index Fund Expenses
> John Bogle must be grinning...Fidelity has chopped the expense ratio
> on their SP500 index funds (both the regular one and the one offered
> in 401(k) plans) from 0.45% to 0.19%, to match Vanguard.
USAA has a .18% exp ratio on thier S&P500 index fund. They are a rock solid
company who normally serve military officers, but thier banking/investment
operations are open to the general public.
Jim Robinette
WRobinette@aol.com
------------------------------
Date: Wed, 2 Jul 1997 20:18:27 -0400 (EDT)
From: rrk@aps.anl.gov (Robert Kalt)
Subject: Will making software?
Hello and Happy July 4th all!
Any comments of any kind on will making software??????
TIA----------------Bob
------------------------------
Date: Wed, 2 Jul 1997 20:19:36 -0400 (EDT)
From: borisv@ctron.com
Subject: Re: Should I Use an Outside Company To Print My Checks?
"Artistic Impressions" and "Checks In The Mail" are two most
advertized companies. I always used them and everything was/is OK.
I still wonder what makes people order $10-15 checks if they can
pay $4.95 mailorder (It's the same type of wonder why AT&T is still
able to RENT OUT their phones to the public :)
- -Boris
Dover,NH
------------------------------
Date: Wed, 2 Jul 1997 20:20:14 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Best MMF / Best Small Cap Mutual Fund?
>Anyone have any recommendations on the best money market mutual funds?
I would recommend Vanguard's MMFs. While it is true that some
companies have better yields, they do so via temporary fee waivers,
which requires that you rotate from company to company as the
temporary waivers expire. There's nothing wrong with doing that, as
you will get the best yield. However, that's too much of a pain for
me. Because of Vanguard's low expense ratio, they are well above the
average MMF yield and are usually only beaten by MMFs that are
temporarily waiving fees. So with them you can get a darned good
yield (though admittedly not the top) without the hassle of having to
keep switching MMFs as fee waivers expire.
>Also, I am looking for a small cap index mutual fund to put some
>taxable money as I've maxed my IRA's.
Given your stated goal, take a look at Vanguard's Small Cap Index Fund
(designed to track the Russell 2000).
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Wed, 2 Jul 1997 20:20:46 -0400 (EDT)
From: Yoda84@aol.com
Subject: Re:checks
I have used checks purchased from Image Checks for at least five years and
had no problems. They cost half of what my bank charges. Their address is
P.O.Box 548, Little Rock AR. 77203-0548.
------------------------------
Date: Wed, 2 Jul 1997 20:21:38 -0400 (EDT)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: RE: PMI and news of class action suit.
> >From: "James B. Bartley" <bbart@erols.com>
> >Subject: Private Mortgage Insurance question
> >The balance to loan ratio on my mortgage has fallen below 80%, which
> is
> the
> >level at which the mortgage company should be willing to stop
> charging
> PMI.
> > However, when I contacted my mortgage company they informed me (with
> no
> >previous warning) that they would not stop charging PMI because I had
> been
> >late on two payments to the company.
> >I was told that one payment was 1day late being posted and the other
> 2
> days
> >late, though both payments had been mailed early enough to ensure by
> First
> >Class Postage that they would arrive in plenty of time; and when I
> checked
> >with my bank, both checks had cleared Nationsbank on the same day
> that the
> >mortgage company said they had posted the credit to my account.
> >I asked my bank representative about the check clearing process and
> they
> >said that the checks had to make it from Minnesota to Richmond, VA in
> one
> >day in order to get the stamp shown on the back of the cancelled
> checks.
> >Two questions: what rights do I have to get PMI withdrawn?
> >Is there a regulatory agency available to assist me in getting PMI
> >removed?
> >Barry Bartley
>
Bob Ford offered good advice in a previous post, I'd like to add some:
I just went through a similar thing with FB Mortgage.
They assessed a late charge on a payment I mailed 1 June 97,
that they didn't post until 17 June 97. Since I'm planning on
dropping my PMI in December (and they *know* this!), it wouldn't
surprise me if they sat on the payment for the express purpose
of trashing my gold payment history so they could deny my
request to drop PMI.
Long story short, after a couple of phone calls, they agreed to
restore my account to its prior status (no late payments), and
send me a letter indicating that the late post was their fault,
due to a problem with their computer system.
FYI, there is a class-action suit pending against FB, who is also
doing, or has done business as:
Carl I. Brown Mortgage, MNC Mortgage, Sunbelt National Mortgage,
Atlantic Coast Mortgage, HomeBanc Mortgage Corporation, First
Tennessee Mortgage Company, Inc., EquiBanc Mortgage Corporation,
FTB Mortgage Services, Select Mortgage Resources, Premier Mortgage,
Premier Mortgage Resources, Mortgage Resources, Customer One
Mortgage, and Emerald Mortgage.
Quite a list. The deadline for exclusion from the suit is July 3, 1997.
(I'm requesting exclusion because I'm a "future-cancellation" class
member.
This suit doesn't buy me anything and I want to reserve the right
to pursue my own actions if it becomes necessary.
If you are a class action member of the suit by virtue of having made
PMI payments to any of these mortgage companies, no action is necessary
on your part. You should have been notified already.
The claims administrator is:
PMI Settlement Claims Administrator
The Garden City Group, Inc.
P.O. Box 9434
Garden City, NY 11530-9434
1-800-542-0788
Case number is 94-7858-E, in 101st Judicial District Court,
Dallas County, TX.
Cheers, and best of luck.
- --
Jeff Morgan - morgajs@parsec.com
------------------------------
Date: Wed, 2 Jul 1997 20:22:13 -0400 (EDT)
From: "L. Mccullough" <loulou@u.washington.edu>
Subject: Re: Best Place for $10,000
Would like to get some input from this list about where the "best" place
would be to deposit $10,000. It looks like my son may get this as a
settlement. He is 23 and I am sure will not leave all of it anyplace for
long, but thought maybe I could guide him just a little, so actually, it
would probably be a short term thing, unless I can convince him otherwise.
Thanks.
Linda McCullough
------------------------------
Date: Wed, 2 Jul 1997 20:22:52 -0400 (EDT)
From: Danny Mulligan <mulligan@brooktree.com>
Subject: Re: At-Home MBA
>From: Ken Stone <kstone@pantheon.YALE.EDU>
>
>Can anyone recommend any at-home MBA courses? Either web-based, electronic
>media or correspondance-by-mail? Responses appreciated regarding both
>specific programs and general impression of quality of at-home MBA's. Would
>it be better to go to a local university's evening program?
>
>Thanks,
>Ken
I'm doing an executive MBA at the moment so I'm probably a little biased.
However, I think that a lot of the value that you would gain from an MBA
course would come from your fellow classmates and you would miss out on a
lot of that value with an at-home MBA course. My classmates are a pretty
diverse group from lots of different industries and I have broadened my
horizons as a result of working with them. I've also found that working on
group projects with my classmates has forced me to be better able to
explain and defend my ideas. Finally, I think that the dynamics of
classroom lectures would be hard to recreate at home - I've found that
making presentations to my class or being prepared to answer a question
from the lecturer have pushed me to a higher level of preparation &
understanding in lectures.
- -----
Danny
- -----
------------------------------
Date: Wed, 2 Jul 1997 20:23:26 -0400 (EDT)
From: ravic@sdt.com (Ravi P Chivukula)
Subject: Re : Outside Company for Checks
>It is time for me to reorder checks and instead of purchasing them through
>my bank, I was thinking about using an outside company that prints checks
>but at a cost lower than what the bank would charge. Has anyone else
>ordered these types of checks? Experienced any problems?
>Any help is appreciated
I have been using outside companies for the last 6 years to print my checks
and have not had any problems so far. You can get really elegant prints for
a very low cost. Their special introductory price ( 200 checks for $4.95 +
shipping) is very good.
The catch is : Each time you order checks from an outside company do it
with a different company. Then you can avail of their lowest introductory
price. For example : buy once from Current Inc. and the next time from
Checks Inc. and then again from Current Inc. Well, you get the idea.
Regards,
Ravi Chivukula
------------------------------
Date: Wed, 2 Jul 1997 20:23:52 -0400 (EDT)
From: David Martin <dmartin@seabreeze.hc.ti.com>
Subject: Re: IRAs for minors - A Problem
Bill Jones writes:
>Paul Landsberg says it might be a good idea to give your teenager the money
>for an IRA (when he has earned money that he spends for other things) and
>let it accumulate until the teenager retires. But if the teenager's tax
>rate is 15%, especially if it is 0%, then there is a better way. Put the
>money in a taxable account until the first year in which he is at the 28%
>tax rate, then fund the IRA (or 403b or whatever).
There is a problem with this. You can only put $2,000/yr into
an IRA, and you can't put in more one year to make up for not putting
the money in the previous year. So, with the teenager, it is best to
put $2k in for several years in a row. The big advantage isn't the tax
deduction, but the fact that it will grow tax deferred for many
decades. So, you want to get as much as you can into that tax deferred
account as early as you can.
-David Martin
------------------------------
Date: Wed, 2 Jul 1997 20:24:39 -0400 (EDT)
From: BILL.GRIFFIN@mis.usoc.cchub.com (BILL GRIFFIN)
Subject: Debit Card Question
I am confused over the dislike for a debit card vs. an ATM card. My
credit union gives me free ATM usage and checking account overdraft
protection through VISA by having a debit card for an ATM card. What
is the difference if I had had the annual fee plus usage fee ATM card?
Bill
------------------------------
Date: Wed, 2 Jul 1997 20:25:20 -0400 (EDT)
From: David Chaille <davec2@ptconnect.infi.net>
Subject: Re: Using Outside Company To Print Checks
I've used outside companies for years to print my checks. I save money
over what the bank/credit union charge. I have had no problems at all.
David Chaillé
------------------------------
Date: Wed, 2 Jul 1997 20:25:47 -0400 (EDT)
From: elaine steward <esslady@ix.netcom.com>
Subject: Outside company to print checks
I've done this for 4-5 years now. No problems at all. CONSIDERABLE
savings over Bank of America (who otherwise charges me nothing for my
checking account -- pays [low] interest, as a matter of fact).
elaine
------------------------------
Date: Wed, 2 Jul 1997 20:26:13 -0400 (EDT)
From: Brennan Dell <Brennan_Dell@dell.com>
Subject: Checks printed by non-banks
Kila Roberts <roberts@mort.bsd.uchicago.edu> asked about having checks
printed by other companies that are not your bank...
I have done this several times using advertisements found in the
coupon section of my Sunday newspaper. I have never had a problem
ordering or using them. If you decide to go this route, keep in mind
the following:
The "first time" ordering price discount is the best price you will
get. If you plan to be at your current address for a while, order as
many checks as you can the first order. Subsequent "re-orders" are
much more expensive.
-Obviously, VOID-out any copies of checks that you send as a examples
of checks/deposit slips. Try to order over the phone if possible.
-Orders take approx. 2 weeks so don't do this for an emergency.
-If you are changing your name or address information on the top of
your check, type out an attachment to make all information legible.
Make sure your bank knows that you have changed that information on
your check header.
Hope that helps.
B. Dell
------------------------------
Date: Wed, 2 Jul 1997 20:27:17 -0400 (EDT)
From: jmh001@alpha.morningside.edu (Hopkins James M)
Subject: Proposed Tax Status of Tuition Benefits for Employees
Please post the following:
Employees of some colleges and universities, small private ones, allow
employees and their familiies to attend college with no tuition or
reduced tuition. This is a large benefit if they have children.
The Tax Bill that passed the House of Representatives contains a provision
that would treat the value of this benefit as income, added to your W-2,
and reported as income. Note you get no more cash income, only imputed
income.
This provision is not in the Tax Bill that passed the Senate.
I would encourage employees of colleges and universities to check with their
college's business manager or President on how to lobby to eliminate the
provision in the House bill. I am writing my US Senators and Representative
in the House and President Clinton. I encourage you to write also.
For an article on this see the Chronicle of Higher Education, June 27, 1997,
pages A-28 to A-30.
Submitted by James M. Hopkins, Assoc Professor, Morningside College,
110 Lincoln Center, Sioux City, IA 51106. 712-274-5173
email jmh001@alpha.morningside.edu
------------------------------
Date: Wed, 2 Jul 1997 20:27:59 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Re: Outside Company Checks
KILA
I stopped using bank checks 5 years ago. I have had checks printed by at
least 10 different companies. I have never had a problem with any of
these checks. The reason I tried so many different companies was that they
usually had a loss leader offer where they offered 200 to 400 checks for a
very cheap price. They wanted you to try them which I did.
BOB FORD
------------------------------
Date: Wed, 2 Jul 1997 20:29:59 -0400 (EDT)
From: George_McAuliffe.BNY@LNOTES.bankofny.com
Subject: Debit card questions (?!)
Why are people out there so anti- bank debit cards?
This appears irrational because a debit card bills your account the same
as an ATM (deducts cash advances immediately, and purchases either
immediately or end-of-month or some such).
The only real difference is that you can use a debit card in stores. But
this difference is quickly disappearing, as in many metro areas you can
now use your ATM (NYCE, Cirrus, etc.), at many retail locations.
And I would guess that banks are issuing debit cards instead of plain ATM cards
because banks feel that most customers want to be able to charge against their
cards.
So, unless I'm really missing something, debit cards are not evil. So why are
so many of you pissed off when you get one in the mail? Could it be that you
can't handle additional credit in a responsible fashion? If so, cite that as
the real reason. And let's not whine about "But I didn't ask for it - how dare
they?" Banks are in the business of providing a simple, uniform service to
everyone; so if 'most' people want debit cards, then 'most' are going to get,
because it is cheapest for the bank to limit the number of different cards it
maintains.
Remember - plastic is a convenience to make life easier. It is only expensive
if you use it irresponsibly and don't pay it off at the end of the month. To
say that, "well, the only way I can control my spending is to limit/eliminate
the number of credit cards in my wallet," is an admission of gross lack of
responsibility (but they let you vote/drive/reproduce?!).
George McAuliffe
(and yes, I do work for a bank - but not in any consumer-related area. the
above is purely my own opinion.)
------------------------------
Date: Wed, 2 Jul 1997 20:30:42 -0400 (EDT)
From: owner-persfin-mod@shore.net
Subject: Re: Should I Use an Outside Company To Print My Checks?
Do you mean order checks from places like Current or Artistic
Checks or any of the other places you see adertised all over
the place?
We used to do this all the time and never had any problems.
My wife always ordered them, but as I recall we have ordered
from just about every company out there since my wife liked to
take advantage of the additional discounts offered to first
time customers.
Our current checking account provides free checks as one of
the perks so we don't need to purchase non bank checks any
more.
- --
- -Andrew Feren (feren@ctron.com)
Cabletron Systems Inc.
Durham, NH
------------------------------
Date: Wed, 2 Jul 1997 20:31:07 -0400 (EDT)
From: feren@ctron.com (Andrew C. Feren)
Subject: Re: Credit Collection harassment to wrong person
Rajesh Shah <rshah@c-cube.com> writes:
> I happen to get a lot of phone calls and few mail lately
> from different collection agency for the person who has
> same first name and last name as mine.
If you hear of any solutions I'd love to know since my Mom has
been having a similar problem. She has been getting calls for
some woman with a similar name. So they have not been as rude
as you describe, but I'm sure she would just as soon not have
to deal with them at all.
[ snip description of collection agency rudeness. ]
> Is there any way I can stop this ?? I am ready to use the
> lawyer to stop this harashemnt to me.
My wife got some calls from a collection agency once about
some medical bills from an accident. The collector was very
rude and uncooperative. Since we had already hired a lawyer
for the accident in question so we just told the collection
agency to call our lawyer. That got rid of them for us, but I
suspect that in most cases a lawyer may be overkill. I seem
to recall some talk of a book by Ben Dover (I can't remember
the title, but the authors name was unforgettable) that talks
about how to get collection agencies off your back. I think
the book deals with getting some breathing room when the debts
are really yours, but it might still be helpful.
- --
- -Andrew Feren (feren@ctron.com)
Cabletron Systems Inc.
Durham, NH
------------------------------
Date: Wed, 2 Jul 1997 20:31:53 -0400 (EDT)
From: feren@ctron.com (Andrew C. Feren)
Subject: Re: Where to purchase Mutual Funds? OneSource Charges $40 Extra!
"Brian O'Rourke" <borourke@strategies-u.com> writes:
> I currently have a Schwab account. Is there any advantage to buying mutual
> funds through Schwab OneSource as opposed to buying directly from the
> company? The funds I am interested in are not part of the OneSource plan,
> so I would have to pay around $40 extra per fund to get them through
> Schwab. Besides the convenience of getting all my fund information on one
> statement, does Schwab provide any additional useful paperwork at tax time
> that is not provided by a mutual fund company?
None that I am aware of. My brokerage offers the same
convenience and note somewhere that buying through them is
really just a convenience for their customers. They also
explain that this feature is not intended for market timing
and that depending on the funds you own you may have to wait
several days for an order to be processed because some funds
require that they be notified in writing (and some other
miscellaneous reasons).
> (Editor's Comment - If you use a money management tool like Quicken
> there's really no benefit in centralizing your money in one place. In
> fact, it adds to the danger if that custodian becomes insolvent, thus
> tying up substantially all your money. I like the idea of multiple
> custodians. -IK)
I have to second Ira's comment here. While shopping around
for a broker I was initially attracted to the various Asset
Management Accounts (AMAs) available. However, after
researching them I decided that it just wasn't worth it to me.
In addition to the insolvency danger that Ira mentioned I
discovered that it was very hard to get all the features I
wanted at a price I was happy with. In the end I decided it
was no more difficult for me to keep my assests scattered at
various institutions than to have everything in one place.
Maybe someday I'll decide that the convenience is worth it to
me. In the mean time I'll shop around for the best price for
the service that I want. When all is said and done I think I
made out much better than I expected since most of the
institutions that I do business with throw in different extras
with the service that I want.
- --
- -Andrew Feren (feren@ctron.com)
Cabletron Systems Inc.
Durham, NH
------------------------------
Date: Wed, 2 Jul 1997 20:32:30 -0400 (EDT)
From: feren@ctron.com (Andrew C. Feren)
Subject: Re: More on Fleet
Mike Machnik <machnik@tiac.net> writes:
> Thanks to all for the replies about banking alternatives to Fleet.
> I went out the last couple of days and looked into several other banks in
> the southern N.H. area: Citizens, BankBoston, and Bank of NH. There were
> some decent alternatives to the Fleet One account at some, but even those
> seemed to make up for it with things like fees for Point-of-Sale
> transactions, etc. And some, like Citizens, did not have interstate
> banking set up as Fleet does.
Stay away from Citizens Bank!
I know several people who have had AWFUL experiences with
Citizens. In two of the cases the it was so bad that they
actually considered refinancing their loans at a *higher* rate
at an other bank just so they wouldn't have to deal with
Citizens anymore. At least one letter got written to the
Banking Commissioner.
Use extreme caution when dealing with Citizens.
[ snip ]
- --
- -Andrew Feren (feren@ctron.com)
Cabletron Systems Inc.
Durham, NH
------------------------------
Date: Wed, 2 Jul 1997 20:33:21 -0400 (EDT)
From: Mosenson@aol.com
Subject: Re: Where NOT to put your Will
Some states, New York included, immediately lock your safe deposit box when
you die, and require an agent of the State Tax Department to be present when
it is opened. (For obvious reasons, the State wants to know what you have in
there). It could be a long wait before an appointment can be made with the
State tax authorities, and you do not want to delay distribution of property.
Therefore, DO NOT put your original Will in a safe deposit box!!
------------------------------
Date: Wed, 2 Jul 1997 20:33:58 -0400 (EDT)
From: ADELE_FISCHER@HP-Sunnyvale-om5.om.hp.com
Subject: Historical stock price listing? Is there an on-line URL that I can access in order to get stock prices for AT&T (and other stocks) for months 1979-present? Where else could I get this information? I am collecting tax information for my elderly mother, and need this information in order to arrive at a cost basis for Lucent Technologies and NCR shares. Her records don't indicate her AT&T stock (cost/value) because she inherited it from her husband at the time of his death. Do I use the time of his death as the month/year of the value of the AT&T stock? Thanks for your help. Adele Fischer
------------------------------
Date: Wed, 2 Jul 1997 20:36:18 -0400 (EDT)
From: "Mark J. Welch, Esq." <markwelch@ca-probate.com>
Subject: Rebuttal re: estate planning attorneys
Joseph Brouillette <Broutek@worldnet.att.net> wrote a message in
which he cautioned consumers to be suspicious of some attorneys'
practices regarding wills. He did include a disclaimer ("there are good
and bad in every profession"), but the general tone of his message seems
to harken back to an earlier time when abuses were more widespread.
Of course, I am an estate planning and probate attorney, so I have
a bias.
Mr. Brouillette wrote:
>The attorney who makes out your will ; will most likely encourage you to
>put in your will that he will settle the estate. Unless you have specific
>cause to do so - don't tie your will up so as to have any special attorney
>read your will. If you do, can you imagine the settlement cost power he has
>over your estate? You might find out how much he would charge to settle
>your estate if you were to die today. Remember, simplicity is what the fee
>should be based on, not the value of the estate. Be cautious of a lawyer
>who charges on a percentage basis for this service.
This is very good advice, and fortunately the laws in some state provide
that any provision in a will dictating the name of the attorney who will
handle administration of the estate is VOID. The executor may choose
any attorney. (In California, this principal dates back to at least 1922.)
I also agree that attorneys who only handle estates on a percentage
basis should NOT be hired if other attorneys will work for a lower fee.
In California, the "statutory fee" has been construed as being only a
"maximum fee" and most attorneys will negotiate a lower fee IF YOU
ASK. See http://www.ca-probate.com/prob_fee.htm
>They are also notorious for gleaning of the estate itself. That is to say,
>paying low prices for assets of the estates, or directing beneficiaries to
>*** friends *** who will list real estate, and do *** other favors *** for
>their clients. Of course they most probably will get kickbacks for all of
>these services.
Taking "kickbacks" or arranging for sale of estate assets at low prices
would be a tremendous violation of the attorney's fiduciary and
ethical duties. In California, the attorney cannot enter into any
transaction with the estate (for example, buying property from the
estate) without court approval. I am confident that proof of any
attorney taking a "kickback" or buying assets at lower prices than
others would have paid, would result in severe disciplinary action
and quite possibly disbarment, as well as huge damages in the
lawsuit filed by the heirs.
As a probate attorney, I do sometimes recommend the names of
real estate agents and accountants to my clients, if they do not
already have relationships with professionals. In California it
would be ILLEGAL for me to accept a referral fee without
disclosing it to the client, and ILLEGAL for me to pay a referral
fee to a non-attorney. I do not accept (or pay) any referral fees,
period.
Of course, there are some unethical attorneys out there, and it
can be extremely difficult and expensive (and uncertain) to prove
that an attorney acted improperly in some situations. Several
years ago, some attorneys set up an estate planning practice
near a Southern California retirement community, and they
actually wrote themselves into people's wills as beneficiaries.
In response, the state legislature enacted a law that VOIDS
any bequest to a person who drafted or "arranged" for the
drafting of a will or trust (excepting certain family members,
since many attorneys prepare wills and trusts for their own
family members for free and the legislature did not want to
outlaw that practice).
>From what I have told you, you can realize why * some lawyers *
> are so driven to write your will for a small fee. They know they
> most likely will be the attorney who will read the will upon your
> death and profit exorbitantly.
I agree with this. Many people (perhaps most) automatically turn
to the attorney who prepared the will to handle the administration
of the decedent's estate. This is the main reason why virtually
all attorneys make sure to put their names prominently on the will,
and many attorneys offer to "hold" the original Will in their file
for "safekeeping." (This practice has been substantially altered in
California, due to a new law regarding attorneys' duties if they
keep original Wills, so that most California attorneys now decline
to retain original Wills for most clients.)
I urge anyone who needs to hire an estate planning or probate
attorney to ask questions and interview several attorneys. See
the list of questions (suggested by a San Jose senior services
agency) at http://www.ca-probate.com/attyqual.htm
-- Mark J. Welch, Attorney at Law, Pleasanton, CA
-- http://www.ca-probate.com/
- -- Mark J. Welch (510) 462-8483 http://www.ca-probate.com/
- -- Web Site Banner Ads (Networks, Brokers, Exchanges, Software, PSAs):
- -- http://www.ca-probate.com/comm_net.htm
- -- Web Counters: http://www.ca-probate.com/counter.htm
------------------------------
Date: Wed, 2 Jul 1997 20:54:29 -0400 (EDT)
From: JONESW@CCSUA.CTSTATEU.EDU
Subject: Re: Life Insurance / Puzzle Contest / Best Mutual Funds
==========FOR THE LIFE INSURANCE QUESTION:
Cal Lester is right, you are almost sure to be better off keeping a whole life
policy that you have had for over five years than to cancel it and buy
equivalent term protection. This is because, even if the commissions and other
charges were outrageous, they were paid off in the first five years or less.
You can cancel the policy when your need for insurance no longer exists (for
most family men, that comes after you retire if your wife doesn't have a good
job, or right after the kids graduate from college if she does have a good job).
However, I think that it may NOT be advantageous to add more to your monthly
payments. Any 401k or deductible IRA possibilities will be much better as
investments. A tax-advantaged stock fund from Vanguard or a non-deductible IRA
will quite possibly be better also. You should check this out carefully. A
probable 6% with only 4% guaranteed is not as good as a long-term treasury, if
you can do it tax-deferred.
==========FOR THE PUZZLE CONTEST WITH THE STEREO PRIZE
I expect it is a losing proposition, even if the stereo equipment is worth much.
But it is no worse than wasting $5 a week on lottery tickets, and you cannot
expect to get everyone to see the light. As to the tax situation, if a winner
of a prize turns right around and sells it in an arm's length transaction, the
price he gets is then considered to be the fair value, so that is all he has to
pay income tax on. So he should not refuse the prize.
==========BEST MUTUAL FUNDS, FOR MIKE MOREHOUSE
I think the best money market fund is Vanguard's. It will not often be one of
the top 3 in the nation, but it will reliably be in the top quarter. Since you
can't go around switching them every few months searching for the absolute best
return, stick with a reliably high one.
An excellent small cap index fund is Vanguard's Index: Extended Market fund.
Bill Jones
------------------------------
Date: Wed, 2 Jul 1997 20:55:00 -0400 (EDT)
From: "Cathy Steinberg" <CSTEINBE@us.oracle.com>
Subject: Re: Should I Use an Outside Company to Print My Checks?
I've been using checks printed by outside companies for at least four years.
It costs about half of what my bank would charge, provided you get the generic
"Blue Safety" type checks, as opposed to the ones with cute little panda bears
or Elvis Presley printed on them.
>Experienced any problems?
None whatsoever. Go for it! It's a painless way to save yourself a few bucks.
Cheers,
Cathy
------------------------------
Date: Wed, 2 Jul 1997 20:55:29 -0400 (EDT)
From: mabrams@santafe.cc.fl.us
Subject: Value Line Report: What's it all mean ?
The meaning of all of the data on a Value Line
report can be found in the reference section of
any library that carries value line books. But,
where did you find value lines on line? Please share
the address. Thanks, Marjorie
<marjorie.abrams@santafe.cc.fl.us>
------------------------------
Date: Wed, 2 Jul 1997 20:55:57 -0400 (EDT)
From: "Timothy A. Budd" <budd@owl.csusm.edu>
Subject: Is this stock worth anything?
My grandmother recently passed. While scouring her house for personal
effects, papers, etc., we happened to find Common Stock Certificates for
Home Federal Savings and Loan. The stocks were issued on 4/7/83 and there
is no other information with the stock. I understant that Home Fed is no
more, but would these certs be worth anything? How can I found out? The
stock evidence 51 shares of Home Federal on 4/7/83. Thanks! Tim
------------------------------
Date: Wed, 2 Jul 1997 20:56:21 -0400 (EDT)
From: George Kolb <afn01634@afn.org>
Subject: Re: outside check printing company
Kila,
I've used at least four different companies over the past several years,
and had no problems with any of them so far. They have arrived within a
couple of weeks, caused no problems that I know of, and are much cheaper
than going through your bank (simply a "middleman" in the process). If you
want to discuss a particular company, contact me directly.
George Kolb
Gainesville, FL
------------------------------
Date: Wed, 2 Jul 1997 20:57:13 -0400 (EDT)
From: Mike Machnik <machnik@tiac.net>
Subject: Quicken question: acquisitions
Here's a Quicken question.
Ascend (ASND) just announced the completion of its acquisition of Cascade
(CSCC) in which Cascade shareholders receive 0.7 shares of ASND for each
share of CSCC they own.
How do I record this transaction in Quicken? "Move Shares" doesn't seem to
do it since it lost track of the original purchase, and viewing the
portfolio shows 0.00 for the purchase price. I'd like to be able to see
the difference between the original purchase price of the lot of shares and
the current market value without having to go back and look up what the
original purchase price was. The Quicken manual doesn't seem to explain
how to handle a transaction like this.
Thanks in advance...
- ---
Mike Machnik
machnik@tiac.net
------------------------------
End of persfin-digest V4 #52
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