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Subject: persfin-digest V4 #54
Date: Sun, 6 Jul 1997 20:51:03 -0400 (EDT)
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persfin-digest Sunday, July 6 1997 Volume 04 : Number 054
IN THIS ISSUE:
ADVERTISEMENT: MCI FAX BROADCAST SERVICE [Oppenheimer Software <Connect-]
Taxes on Tuition Exemptions Severely Affects Graduate Students [Francesca]
Debit Cards - An Advantage [Eric Felt <felt@EECS.Berkeley.EDU>]
I've Used Debit Cards for 10 Years With No Problem [Todd Ryks <apexinform]
Re: Maximum 401(k) Contributions? [David Meyers <dmeyers@panix.com>]
Debit Cards Are Superior to ATM Cards When Traveling Abroad ["Julian Satr]
I'm Going to be Charged $20/Yeaer For Not Using My Credit Card ["Louis J.]
Dirty Bank Practice! ["Louis J. Schwarz, CFP, RFC" <sfc@clark.net>]
Should I Use an Outside Company To Print My Checks?/my 2 cents [Howard I ]
RE: Quicken check printing [Jim Garcia <jimgarci@pacbell.net>]
Re: Best Place for $10,000 [Fred Schiff <f.schiff@ieee.org>]
Re: Historical Price Basis Information [Peter & Karen Diamond <diamond@vs]
double stepped-up basis in non-community property states [Eric Felt <felt]
Debit Cards are Not A Good Deal ["M. J. Webster" <Web_Webster@IBM.NET>]
Re: Life Insurance ["Cal Lester C.L.U." <Cal_Lester@msn.com>]
Re: Credit Collection harassment to wrong person [(John K. Phoebus)]
Primerica information? [Basides@aol.com]
Re: A bank to replace Fleet? [feren@ctron.com (Andrew C. Feren)]
What's the Great Deal Chemical Bank Gave You? ["L. Chen" <am302@FreeNet.B]
Stopping Credit Harrassment [BOB FORD <BOB_FORD@compuserve.com>]
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Date: Sun, 6 Jul 1997 20:13:30 -0400 (EDT)
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------------------------------
Date: Sun, 6 Jul 1997 20:17:45 -0400 (EDT)
From: Francesca Pardo <fp10@cornell.edu>
Subject: Taxes on Tuition Exemptions Severely Affects Graduate Students
I believe that anyone who received a "tuition waiver" for whatever reason
before did not have to include this as taxable income. (This doesn't
necessarily include those employers who PAID tuition for their employees.)
One very large group of people who would be affected by the proposed
legislation in the House is graduate students. A huge percentage of
graduate students, especially in science and engineering, work as teaching
or research assistants in return for about $15-18,000 a year and a tuition
waiver. Paying taxes on the $30,000+ total package out of a $15,000
salary would be pretty unreasonable in my opinion. Science or engineering
grad school is already a losing proposition economically and I think this
would probably keep a lot of people from getting advanced degrees. (Unlike
a medical or law degree, the increase in salary for holding a Ph.D.
doesn't typically pay enough to make up for the reduced salary during the
years it takes to get a Ph.D... I think the breakeven point is something
like 40 years out.)
I don't know whether this tax bill would also affect undergraduate students
who were given partial or full tuition waivers as part of a financial aid
package. I also don't know whether the bill is supposed to affect the
tuition portion of scholarships or fellowships. Perhaps someone out there
can tell me?
I agree with Rich that it would be nice if the tax code didn't discriminate
based on what employer a person happens to work for. I can see that it would
be nice to be consistant about things, and I'd love for any money spent on
tuition to be tax-deductable. I think that the current bill, however, will
have the effect of making education more expensive for a lot of people who
are barely able to afford it now.
- -Francesca
(Editor's Comment - If the breakeven point is 40 years out, and say it
takes 5 years to get a PhD, so assuming the new PhD is 25, the breakeven
point is age 65 - the current retirement age for Social Security! -IK)
------------------------------
Date: Sun, 6 Jul 1997 20:19:15 -0400 (EDT)
From: Eric Felt <felt@EECS.Berkeley.EDU>
Subject: Debit Cards - An Advantage
I have a VISA debit card and I use it frequently as a no-fee
alternative to ATM cards. Assuming that the debit card does not
charge a cash advance fee (mine doesn't), you can walk into any bank
in the world that displays a VISA logo and get a fee-free "cash
advance". Of course this "cash advance" is also interest-free, since
it is a debit card. VISA prohibits member banks from charging for
teller-provided cash advances, so I have found that this is a great
way to withdraw money for free while traveling. I have traveled
extensively and not paid an ATM fee for over 5 years now. Of course
you also get a very good exchange rate for foreign currencies (the
VISA rate). One disadvantage: the bank must be open. Some tellers
have looked at me strangely and asked why I didn't just use the ATM
machine outside, to which I simply reply that doing it this way saves
me $1.50 (or whatever their ATM surcharge is).
I never use the debit card for purchases, for the reasons that others
have cited.
-Eric Felt
------------------------------
Date: Sun, 6 Jul 1997 20:20:22 -0400 (EDT)
From: Todd Ryks <apexinform@earthlink.net>
Subject: I've Used Debit Cards for 10 Years With No Problem
>If my credit card gets stolen and charges are made to it, I'll pay at
>most $50 (and many places will even waive that) on those fraudulent
>charges. if the same happens with a debit card, I'm out whatever
>amount is in my checking account, if the thief so desired.
Everyone seems to have a similar response when it comes to debit cards. I
must be very lucky. I've been using a debit card for almost 10 years, and
have never had a problem. Not one. No balance problems, no theft
problems, and I'm never charged a fee for using it. I think everyone
raises some important points, but you're forgetting that the debit card
replaces your checkbook (at least in my case), not your credit card.
Personally, I'm more worried about losing my checkbook than my debit
card. It doesn't take a brilliant thief to know what stores he can go
into and not have to show id for writing a check. At least with plastic,
the cashier has the option of checking signatures.
I'd also like to commend all of you who really pay off your credit
cards every month. You're certainly in the minority of plastic users.
However, I wouldn't want the temptation of using credit. If I use
my debit card, I know my purchase is coming right out of my checking
account, so I'll always think twice about making any purchase. Also,
how do you know you'll have the money to pay off the balance every
month? All it takes is one month to start the snowball down the hill
(yes, I'm from Minnesota). If you can't make the payment this month,
who's to say you'll be able to make it next month?
- --That's my $.02 worth. --Todd
***Helping you become financially independent***
Todd Ryks, FIC. Apex Information Services, Minneapolis, Minnesota, U.S.A.
mailto:apexinform@earthlink.net or
autoresponder mailto:apexinfo@mailback.seinc.net
http://home.earthlink.net/~apexinform/
------------------------------
Date: Sun, 6 Jul 1997 20:21:18 -0400 (EDT)
From: David Meyers <dmeyers@panix.com>
Subject: Re: Maximum 401(k) Contributions?
>From: hartwig@gate.net (Bob Hartwig)
>
>It's my understanding that the maximum 401(k) contribution for 1997 is about
>$9500. My question is the following: Is that $9500 just the portion that's
>deducted from one's salary or does it also include the employer's matching
>amount?
The 9500 is the limit that comes out of your paycheck. If your
employer matches your contributions, you can end up with substantially
more, in total, in the 401k.
------------------------------
Date: Sun, 6 Jul 1997 20:22:54 -0400 (EDT)
From: "Julian Satran" <julian_satran@VNET.IBM.COM>
Subject: Debit Cards Are Superior to ATM Cards When Traveling Abroad
ATM cards are mostly useless when traveling outside US/Canada. Debit cards
on the other hand will allow you to get cash in local currencies at a
decent rate ad with minor fees and those are not cash advances - i.e., no
finance charges.
I found them invaluable during travel. I don't see (besides liability
which I have to check) why they are evil if used as fancier ATM cards.
Julo
------------------------------
Date: Sun, 6 Jul 1997 20:26:15 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: I'm Going to be Charged $20/Yeaer For Not Using My Credit Card
I used to have the Gold MasterCard with the Colonial Bank for many
years, but only used it as an emergency card - to charge when in
emergency. I have not used it more than once every 12 or 13 months and
usually paid in full. Then Advanta brought the credit card operations
from the Colonial Bank. A few months later, I got a form letter from
Advanta saying that I will be charged $20 a year for not using the
credit card at least once every six month. I already wrote a letter to
Advanta to close my credit card account! I hope other cardholders do the
same to teach the credit card companies, but I doubt it!
- --
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
Schwarz Financial Concepts FAX 301-587-5997
814 Thayer Avenue, Suite 301 Voice Relay 800-735-2258
Silver Spring, Maryland 20910-4500 Mailto:sfc@deafcfp.com
(Editor's Comment - In a curious twist of financial logic, banks see those
who pay off their credit card balance or don't use their credit cards as
"deadbeats" (i.e., they don't contribute their fair share to the bank's
revenue), and those who continually run a balance and thereby destroy
their financial future as "responsible credit users". George Orwell
lives! -IK)
------------------------------
Date: Sun, 6 Jul 1997 20:27:41 -0400 (EDT)
From: "Louis J. Schwarz, CFP, RFC" <sfc@clark.net>
Subject: Dirty Bank Practice!
I used to have a lifetime free checking account, with free overdraft
protection, with Citizens Bank of Maryland since 1971. Not a long ago,
Crestar Bank bought Citizens Bank. Today I got a mail from Crestar,
charging me $20 a year, for having a overdraft protection. Their
agrument is that at $20 per year, your Overdraft Checking protection
costs less than the charge for a single overdraft or returned check.
I will write a letter to the Crestar to point out that I have a lifetime
free checking account for my life, and to ask to see if they can void
this lifetime guarantee by buying other banks? Any of you, readers, have
such experiences?
- --
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
------------------------------
Date: Sun, 6 Jul 1997 20:28:32 -0400 (EDT)
From: Howard I Cohen <hic@world.std.com>
Subject: Should I Use an Outside Company To Print My Checks?/my 2 cents
I've been using a mail order product competitive with "Checks in the Mail."
In fact I used them for a while but switched to CURRENT, 1-800-2-4-2244.
Don't remember when or why I switched. I think I mixed them up a few years
ago, and changed by accident. Anyway, my real motivation for using non-bank
checks, as well as saving a few dollars, is that I get a big chunk of
personal satisfaction in using their different, and very imaginative style
'designer' checks. My current set have cartoons and cute one-liners from
DILBERT. Went through a set of 300 (my typical order) CATHY checks, which
always got a smile from places like the local grocery store. I see now that
there are Harley Davison checks and Batman checks as well as the usual
collection of pretty flowers, cute baby animals, a COFFEE BREAK design which
has a preprinted ring from a wet coffee cup bottom on it, and even one with
religious sayings on it, called the INSPIRATION series.
Call the above number, ask for their catalog info and try it. I pay $10.98
plus S&H for 300 duplication (makes a carbon copy) checks. Have lost touch
with bank prices, but did notice that a local bank was now offering some
'modest' designer checks. Pastoral scenes, maybe cuddlie animals, etc. Note
here that they are not competing with price, but with choice of design.
Again, I've been with them for years, never had a performance problem and
love the individuality it gives me.
Sincerely,
Howard I. Cohen, Director
CAD - Special Interest Group
Boston Computer Society
<hic@tiac.net>
------------------------------
Date: Sun, 6 Jul 1997 20:30:42 -0400 (EDT)
From: Jim Garcia <jimgarci@pacbell.net>
Subject: RE: Quicken check printing
>
> I then ordered from a mail order firm: my only complaint is that the
> paper stock is lightweight and the cancelled Quicken checks frequently
> return from my bank creased and torn.... Can anyone recommend a mail
> order firm that prints Quicken checks on sturdy paper? > Ken.
I bought checks from CHECKS IN THE MAIL in Irwindale, CA. The paper
feels just about the same as my checkbook checks (from the same company).
I don't get my checks back, but I've written 350 checks on this stock
and my credit union has never told me of any problems.
BTW, checks for your computer are no where near as cheap as "regular"
checks. I think I paid about $.10/check 3 years ago. Maybe it was the
novelty of it then. I hope that the price has come down.
Jim Garcia jimgarci@pacbell.net
> (Editor's Question - If you use Quicken to reconcile your statement
> is it easier or harder to reconcile debit cards vs. credit cards? -IK)
I just started using a credit card account to monitor that liability,
and I think it's a great idea. I post all charges to that account.
When I write my check to the credit card company, it posts a credit
to my Mastercard account. I always know what the size of my bill will
be.
Reconciling that account is as easy as my checking account (and that's
REAL easy with Quicken. I check-off each transaction on the statement,
click on reconcile, enter the new ending balance ($0.00), and Quicken
tells me which transactions are cleared / which are outstanding /
and if there's a discrepancy.
With a debit card, wouldn't it be just another transaction to the
checking account. Why would it be different from a check or an
ATM transaction?
JIm Garcia jimgarci@pacbell.net
(Editor's Comment - I don't believe debit card vendors give you cancelled
checks back. Couldn't this pose a legal problem if you had to produce
proof that you executed a transaction (say if you're audited by the IRS)?
- -IK)
------------------------------
Date: Sun, 6 Jul 1997 20:32:20 -0400 (EDT)
From: Fred Schiff <f.schiff@ieee.org>
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.
Short term places for $10,000 would be either a money market connected
to the checking account, a money market with a mutual fund company or
a Treasury bill. $10,000 is the minimum amount for a T-bill and you can
get them directly from banks without having to go through a broker.
Point your browser to http://www.ny.frb.org for the Treasury Direct
program. They come in 3 month, 6 month and 1 year variaties. They can
be automatically rolled back into a new T-bill when their time is up.
You can't get them money out until the T-bill runs out of course, while
you can write checks on a money market.
Of course if you can persuade him to do something long-term with that
money he should put it in the stock market, either with individual
stocks or a no-load mutual fund. Possibly an index fund if you don't
want to do too much research.
Fred Schiff (f.schiff@ieee.org)
------------------------------
Date: Sun, 6 Jul 1997 20:33:28 -0400 (EDT)
From: Peter & Karen Diamond <diamond@vsi.net>
Subject: Re: Historical Price Basis Information
In response to Adele who is looking for historical price information for
her mother:
I do not know of any place to get historical price information except
from the company itself. Most companies can tell you what the price was
on any given day.
This problem highlights an issue all stockholders should be aware of. It
can be extremely difficult to determine your cost basis of stock received
as a gift unless you keep good records. I received stock as gifts on
several instances when I was a child. Of course no one thought of it at the time, but later when I wanted to sell some of it, I had no idea what the cost basis was. Years of dividend reinvestments made it even more difficult.
This problem is compounded by the fact that many companies only retain
account records for 10-12 years. If there has been a change in the
transfer agent, it can be even less than that. When companies merge or
split it makes things very complicated. Without the account history
(especially with DRIPs) you will never be able to determine the cost
basis accurately and you could end up paying alot more capital gains tax
than necessary. If you call a company and request information on your
account from 20 years ago, they will not be able to help you.
I would recommend that everyone be sure they can accurately determine
their cost basis. If not, make sure you get all the information you can
NOW, before even more data is lost. Make sure you update your records
every 5 years or so, while the information is still available. It is
your responsibility to maintain your own records, not the company, or
transfer agent's.
Peter Diamond
------------------------------
Date: Sun, 6 Jul 1997 20:34:13 -0400 (EDT)
From: Eric Felt <felt@EECS.Berkeley.EDU>
Subject: double stepped-up basis in non-community property states
My wife and I used to be residents of California and we held our
investments as "community property" rather than "joint tenants" so
that when the first person died the entire property would be stepped
up in basis (I have seen this called double stepped-up basis). Now we
are residents of a non-community property state (Alaska) and we are
wondering how to register our investments. Is there a way for
residents of non-community property states to obtain a double
stepped-up basis? I am wondering, in particular, if a living trust
could accomplish this. I have also heard about "tenancy by the
entireties", which seems to have the same tax consequences as "joint
tenancy" and is apparently not available in Alaska anyway, except for
real estate.
I actually tried to seek professional advice on this matter, but the
lawyer who prepared our new Alaska wills didn't have the faintest idea
what I was talking about. So, since this question baffled a lawyer, I
figured it might be a good question for this list. :-)
-Eric Felt
------------------------------
Date: Sun, 6 Jul 1997 20:36:02 -0400 (EDT)
From: "M. J. Webster" <Web_Webster@IBM.NET>
Subject: Debit Cards are Not A Good Deal
>
>Debit cards are NOT "additional credit". They are simply another
>means for draining your checking account directly.
>
I've read this debit vs. ATM-card discussion carefully and I'm impressed by
how well many of you understand the ways and risks of banking.
However: debit cards _are_ additional credit. Because of the 3-day float,
the bank has a risk that by the time the float period is over, the money
may no longer in the account. Therefore, the bank has more risk with debit
cards (which are sometimes known as "offline" cards) than they do with ATM
cards (which have no float and are known as "online" cards). For that
reason, most banks consider the issuance of debit cards to be an extension
of credit.
So if debit cards are riskier for both the customer _and_ for the bank, why
do banks push them? There are several factors to consider:
1. The perceived alternative to a debit card transaction is a check (not
an ATM card or a credit card). Consider how the ads for debit card
transactions keep comparing them to writing checks. Checks are relatively
more expensive to process for the bank, because they require encoding,
photographing, storing, sorting, stuffing, and mailing. Debit card
transactions are all automatic and electronic. Most banks don't completely
recover the costs of processing checks. Debit card transactions slide
through at an extremely low incremental cost.
2. MasterCard and Visa make money on debit cards but they don't on ATM
cards. The MasterCard and Visa networks and other infrastructure
(authorization programs) are already in place worldwide; ATM card networks
like Interlink have very limited availability by comparison. MasterCard
and Visa have a lot of influence with banks.
3. Banks typically charge a periodic fee for debit cards. They usually
don't charge a fee for ATM cards and if they do, it's normally a lower fee
than for the debit cards. Debit cards may come with some other fees waived
(such as the fee your bank may charge when you use another bank's ATM, as
opposed to the fee the other bank charges when you use their ATM). But
these fee waivers are disappearing.
I work for a bank and I've also had the very unsettling experience of
having a bogus mail-order credit card purchase charged to my account. As
others have pointed out, these charges come out of your checking account.
They may cause checks to bounce. That kind of damage is extremely
difficult to undo.
I agree that although the word "evil" may be a little strong, debit cards
come with unwarranted risks, and you usually have to pay extra for the
privilege. Not a good deal, in my opinion.
------------------------------
Date: Sun, 6 Jul 1997 20:37:19 -0400 (EDT)
From: "Cal Lester C.L.U." <Cal_Lester@msn.com>
Subject: Re: Life Insurance
==========FOR THE LIFE INSURANCE QUESTION:
> ...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.
I disagree, for two reasons. First of all, I remember life insurance
policies that paid the agent or broker a 55% commission in the first
year, and a trailing 5% commission in each of the years 2 through 10
that the policy remained in force. This was called "55 and 9 fives."
>>>> You are remembering 10 and 20 years ago. Most non New York companies
currently pay an even higher commission, but a lessor renewal commission.
However that has little or nothing to do with the policy IF it is kept in
force. Commissions are NOT paid out of current premiums on U/L & V/U/L. They
are paid out of company reserves ( a big difference ). ALL of the premium not
used for current COI and current expenses ( which vary from policy to policy)
are placed in the Cash Value Account to either earn interest in U/L, or be
INVESTED BY THE INSURED in V/U/L. None of it goes toward paying the
commission. HOWEVER as in most investments, there is a "back end load", if the
policy is SURRENDERED within a certain time period.
My second reason is that, even if this commission plan is no longer
being used, it will still be possible to buy an equivalent amount of
term insurance for a lower premium.
>>>> True you CAN buy an equivalent amount of term for less money FOR THIS
YEAR. However ALL Term policies have an increasing premium due to the
increasing risk each and every year. You can buy 5, 10 or even 20 year level
premium term, but they cost more. You are still faced with the VASTLY
increased premium at the end of THAT period, IF you still have a need for
Insurance protection.
The existing policy is most likely paying an interest rate of 2% to 4% on the
accumulated cash
value.
>>>> NOT TRUE ! ! ! ! Most U/L & V/U/L policies today have a GUARANTEED
Interest of 4% or higher, but in U/L, most are CURRENTLY paying 5 1/2 to 7 %
INCOME TAX DEFERRED INTEREST.
If the policyholder can earn 8% on an equity portfolio, or 7% on a (taxable)
bond portfolio, they will be better off investing the money separately rather
than inside of an insurance policy. Even investment-grade municipal bonds
will, most likely, provide a greater total return than the cash-value portion
of a whole life insurance policy!
>>>> I fail to see how a 7% taxable Fund can equate with a Tax Deferred 6 or 7
% Interest. Also let's remember that the original question involved V/U/L,
where policy owners are currently earning an unbelievable 15 to 40 % growth in
their stocks.
Of course, the insurance companies make it difficult for you to make a direct
comparison between buying a whole life policy and "buying term and investing
the difference." The agents will show you a "net cost" comparison between
whole life and term. But that comparison is only valid if you keep your
savings under you mattress. (In other words, it ignores the "time value of
money.")
>>>> A rather poor analogy I am afraid.......
The only good reason that I know of for buying a whole life policy is that it
creates a "forced savings plan" for someone who would simply spend the money
otherwise. But there are better ways of doing this, such as buying a home,
having money deducted automatically from your checking account on a regular
basis and then invested, or even having money deducted from each paycheck to
purchase U.S. Savings Bonds!
>>>> There are some people, myself included, who have a need for some
sort of forced savings plan. Unfortunately I do know of some people who
have lost large sums of money when they sold their house, due to
fluctuations in the market.
As to your other methods, all are fine, except that you still fail to
take into consideration the COST OF THE TERM INSURANCE POLICY FOR ALL OF THE
INTERVENING YEARS. You must also include in YOUR calculation the EVER
INCREASING COST of Term Insurance. When you do that, I am certain that you too
will find that in the LONG run, the COST of a U/L policy will inevitably be
less than that of comparable term.
Cal Lester CLU
------------------------------
Date: Sun, 6 Jul 1997 20:39:03 -0400 (EDT)
From: (John K. Phoebus)
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.
The methods used by debt collectors are governed by the Fair Debt
Collection Practices Act, 15 U.S.C. secs. 1692 et seq. This is a federal
law that regulates any person who is collecting a debt. (FYI: if you want
to read the text of the law check www.law.cornell.edu/uscode/15/1692.shtml
).
When a debt collector calls someone other than the debtor, as you would be
because you are not the actual debtor, they must identify themselves and
state that they are confirming/correcting location information of the
person that owes them money. (Actually, they cannot even tell you that the
person they are looking for owes money.)
Importantly, for you, debt collectors are not allowed to communicate with
persons other than the actual debtor more than once, unless you ask them to
(or unless they believe that you will later acquire information to help
them locate the real debtor).
I suggest that you tell the collectors that you do not owe them anything
and that there is another person with the same name as you, with whom they
have you confused. Inform them that you are aware of the Fair Debt
Collection Practices Act and that they are violating it by calling you.
This should encourage them to double check their records.
On the other hand, if they believe that you really do owe them money,
despite the above efforts, they are required to send you information within
five days the amount of the debt they claim you owe and the name and
address of the current creditor (likely the collection agency). If you
notify them within 30 days that you dispute the debt, they then must (1)
cease collection, (2) verify the debt or judgment and send you a copy, and
(3) provide you with the name and address of the original creditor. Even
though you are not the person they are looking for, this may help you
straighten things out.
(You mentioned that you were thinking of referring the collectors to your
lawyer. If you tell the collectors that you are represented by a lawyer,
they must stop calling you. You should probably try the above methods
first.)
If you do indeed have a similar or identical name as someone else, you
should probably request a copy of your credit report, as the collection
agencies calling you are probably sending incorrect information to the
credit bureaus about this debt you do not owe. It is very easy for
information like this to get incorrectly placed on your credit report. To
request a free copy from TRW, call 800-392-1122. Equifax (800-685-1111) and
Trans Union (216-779-7200) will sell you a copy of your credit report for
about $8 each.
N O T I C E - - - T H I S I S N O T L E G A L A D V I C E ! !
I am not a lawyer (yet - Nov. 1997). None of the above should be viewed as
legal advice. Your mileage may vary. While I believe it to be accurate,
the information I have provided is worth exactly what you paid me for it -
nothing.
| John K. Phoebus tel. 410/749-1791 |
| 423 Forest Lane |
| Salisbury, MD 21801 jkphoebus@aol.com |
| jphoebus@shore.intercom.net |
------------------------------
Date: Sun, 6 Jul 1997 20:39:43 -0400 (EDT)
From: Basides@aol.com
Subject: Primerica information?
I am considering a career with Primerica in Virginia. I saw your information
on the net. Before leaving my current position, I want to gather
information about Primerica from a variety of sources in order to make the
best decision for my future job satisfaction and income. I would appreciate
any information you would like to share with me. An issue of key importance
is "How much can I realistically expect to make the first year (full time /
part time)?"
Thank you very much for taking the time to respond. Regards, Betty Ann
Sides
------------------------------
Date: Sun, 6 Jul 1997 20:41:21 -0400 (EDT)
From: feren@ctron.com (Andrew C. Feren)
Subject: Re: A bank to replace Fleet?
David Martin <dmartin@seabreeze.hc.ti.com> writes:
[ snip ]
> I would look into USTrust Bank. I used them when I lived in
> Boston; they might have branches in New Hampshire. Features include:
>
> NO minimum balance requirement
> FREE checking
> NO ATM charges, even for ATMs of other banks (like BankBoston)
> overdraft protection
> direct deposit
> automatic withdrawal
> You can deposit checks by mailing them in if you want.
[ snip ]
> Of course, USTrust may someday change things, but for right
> now, it's a great deal.
>
> Not an employee, just a satisfied customer.
Based on an article I read recently USTrust won't be adding
fees anytime soon. USTrust does not have the size or
resources to compete with the services offered by BankBoston
(Bay Bank) and other large banks (24 hr service, 3:00am loan
approval, PC computer banking). They are betting that people
who do not need/use/want those services will vote with their
feet and move to a bank that provides what they want,
affordable banking.
The big banks think that USTrust will just end up with a bunch
of non-profitable expensive to maintain small accounts. I
guess time will tell if this is a good strategy. Personally I
think that enough people are getting frustrated with the
rising cost of banking that it just might work.
- --
- -Andrew Feren (feren@ctron.com)
Cabletron Systems Inc.
Durham, NH
------------------------------
Date: Sun, 6 Jul 1997 20:43:24 -0400 (EDT)
From: "L. Chen" <am302@FreeNet.Buffalo.EDU>
Subject: What's the Great Deal Chemical Bank Gave You?
> ................. snip ..................
> Chase Manhattan did the same to me - they sent me a debit card which I did not
> want. I could have simply chopped it up into little tiny bits, but the card
> would still be theoretically active. Not so good. What I had to do (and did,
> in the bank branch) was activate the debit card by using it in the ATM machine,
> which de-activated my existing ATM card. Then, go to their desk and have them
> explicitly de-activate the debit card, whereupon they issued me a new ATM card.
> Their idiocy cost them in my case, but I guess they make up for it by
>the folks who just go "OK" and proceed to use the damned thing. The
> hassle, of course,
> pissed me off, and I'd have left them except that they are giving me a great
> deal otherwise.
If you don't mind my asking, what is the "great deal" that they are giving
you?
[I was with Chemical bank; and I find they have "cut corners" and raised
floors in various ways since Chemical "merged" with Chase; and I am ready to
go with CitiBank!]
Lily Chen
am302@freenet.buffalo.edu
------------------------------
Date: Sun, 6 Jul 1997 20:47:38 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: Stopping Credit Harrassment
>From: Rajesh Shah <rshah@c-cube.com>
>Subject: Credit Collection harassment to wrong person
>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.
>snip
>Is there any way I can stop this ?? I am ready to use the
>lawyer to stop this harashemnt to me.
>Rajesh
RAJESH
Yes, you can stop the harassment. There are many ways to do it. I will
list several ways for you. You will note some of these ways will cost you
money.
You be the judge of ways you are comfortable with. Some of these ways may
not sound ethical or moral to you. Again, you be the judge. You should
NEVER give out your social security number over the phone.
1. Purchase a phone answering machine and screen your calls. If it is a
harassing call do not answer it.
2. Get Caller ID on you phone line. Then purchase a telephone number
rejection device from a phone store. This device will let you push a
button on it when you get a call from someone you do not want to get calls
from again. The next time the number calls you the caller will get a
message you are not taking calls from them.
3. Consult your local police about the situation. Making a harassing phone
call is a crime in some states.
4. Call the phone company. Tell them you are getting harassing calls. See
if they will help. Try to get the harassing companies phones disconnected
as a public nuisance. It also help to complain to your states Public
Service Commission and the district attorney, your state and local
representatives and the Better Business Bureau. If the company has any
kind of a city license, try to get it revoked. Talk to the license
bureau.
5. Get the person's and companies name and address and phone number (ask
them where to send the check when you pay). Sue them in small claims
court.
HARASS WHO EVER IS HARASSING YOU.
Listed below are some VERY STRONG measures that I know that have been
used to stop harassment. If you use any of these measures, please be sure
it is legal in your state to do them.
1. Tie up their phone lines. Put on an INTERNET page, distribute flyers,
etc that you have heard that every 10th caller to their phone number MAY
win 1 million dollars if they call their phone number and keep them on the
line for 3 minutes.
2. Rent an office next to the collection agency office and offer it rent
free for a heavy metal rock band to practice.
3. Tell the local Right to Life organization that you heard abortions are
being performed at the collection companies office.
4. Find the name of the owners of the collection agency, for example John
Smith. Find out where John Smith lives. (Use car registration or voter
registration rolls). Distribute leaflets in John's neighborhood that you
have heard that there is a paroled child sex offender named John living at
the address.
5. Find out who owns the building where the collection agency has their
office. Tell the building manager that if they do not terminate the
collection agencies lease you will complain to the city that where the
collection agency has it's office has building code violations. A good
building code inspector can usually find some violations that a building
owner must fix and usually at great cost.
The building owner will not be happy about a building code inspector at
their building.
6. Tell the local water authority and the E.P.A. that you have heard the
collection agency is dumping hazardous was down the drain and that you
think their sewer should be capped to protect public health.
7. Tell the local police that you have heard that child pronography films
are being make at the collection agency office.
8. Publish an ad in the paper that callers to the collection agency phone
numbers will get a free massage and other services that will help a person
relax. You can be sure the local police will be interested in that ad.
All of the above 8 things have been done in my area by people that have had
a complaint against a company.
GOOD LUCK
BOB FORD
------------------------------
End of persfin-digest V4 #54
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