Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #82
Date: Wed, 10 Sep 1997 21:27:10 -0400 (EDT)
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persfin-digest Wednesday, September 10 1997 Volume 04 : Number 082
IN THIS ISSUE:
ADVERTISEMENT: MCI INFOSOURCE [Oppenheimer Software <Connect-Sales@mcima]
Re: House "Appraisals" Are Not Worthwhile ["Richard E. Machado" <richmac@]
VITA/TCE - My Experience ["Jim Reed" <jreed1@airmail.net>]
RE: landlord responsibility for tenant behavior? ["Schafer, Rick" <schafe]
landlord responsibility for tenant behavior [BOB FORD <BOB_FORD@compuserv]
Re: "Good" Credit Card? [David Meyers <dmeyers@panix.com>]
Move or Add On? [detall@tiac.net]
Re: Wanted Brokerage for No Commission Mutual Funds [Jim McGrath <jimm@hi]
Re: Health Insurance For Self Employed ["Jim Reed" <jreed1@airmail.net>]
Low Cost Internet Provider? [dmak@tma-net.org]
I've Totally Embraced Online Banking and Bill Payment ["Derrick \"5 Iron\]
RE: "Good" Credit Card? [Jeff Morgan <Morgajs@parsec.com>]
Option Portfolios? [John <kahuna@financier.com>]
Re: Upgrade to Win95? [Don Apodaca <dapodaca@flash.net>]
Best Insurance for Self Employed [dulnev@jhu.edu (Jason Dulnev)]
Re: financial aid for adults? [dulnev@jhu.edu (Jason Dulnev)]
Re: Wanted Brokerage for No Commission Mutual Funds [Rich Carreiro <rlcar]
RE: Time Saved By Electronic Bill Payers ["Schafer, Rick" <schaferr@eng1.]
Re: I Would Never Use A Computer Bill Paying Service >At least as important - and the biggest reason I won't >consider electronic checks - getting screwups fixed. I've >heard a couple of horror stories about incorrect debits, >unpaid bills, etc - and getting these things _fixed_ - >I've never heard anyone say "one phone call and it was >straightened out". I used to work in the Customer Service department of a computer bill payment service. I would not use the service. If there is a problem, it can take a LONG time to fix. The worst are American Express and Sallie Mae for student loans. If you want more specific information, e-mail me personally and I will give you some horror stories that just might get your eyes to pop out of yor head. George P. []
Re: good credit card [WRobinette@aol.com]
Low-interest Credit Cards? [at242@rgfn.epcc.Edu (Brian K. Lee)]
Treasury Direct revamp [Rich Carreiro <rlcarr@MIT.EDU>]
Stockbrokers-Are They REALLY needed? ["Victor Daniel a.k.a the MacNut" <m]
Insurance Claims Question [Steven Klein <SKLEIN@snm.org>]
I Was Impressed by Security First National Bank (SFNB) ["John S. Rullo" <]
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Date: Wed, 10 Sep 1997 20:47:44 -0400 (EDT)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI INFOSOURCE
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Fax:800-492-6862
------------------------------
Date: Wed, 10 Sep 1997 20:49:17 -0400 (EDT)
From: "Richard E. Machado" <richmac@ici.net>
Subject: Re: House "Appraisals" Are Not Worthwhile
(Pete thinks bank appraisals aren't worth the paper they're written on.)
I don't agree, Pete. What you are talking about here is a bank
appraisal. Big difference from an "independent" appraisal from a
qualified appraiser (look for an SRA or MAI after the name). You are
correct about bank appraisals, though. They are just looking to make
sure the house is there and still standing in order to protect their
investment.
It is in the best interest of the bank in many ways to "spill the beans"
to the appraiser so that it comes in close to the purchase price. We
had an appraiser that does a lot of our mortgage appraisals actually
refuse to do the appraisals because of a problem with our purchase
prices. Our purchase prices were coming in consistently 15-35 percent
below (we are EBAs - exclusive buyer agents - and we're paid to negotiate
on behalf of our buyer clients) what he was coming up with for market
value, yet the bank was pressuring him to come in at the purchase price
and not the higher value. He thought this was wrong, and said so to the
bank, who then started accepting the actual market appraisal.
We later found out the reason. With the appraisals coming in at market,
our buyers had instant equity in the property, and the bank had a
difficult time justifying its PMI fees, which I understand are very
profitable and comforting (PMI covers the risky part of the mortgage in
case of default). So you see, the bank has every reason (there are a
few more) to see that price come in pretty near on the nose.
You are correct though in that a local real estate agent will give you
comps that will approximate market value. Make sure you get at least
three, and more if they are widely divergent. Real estate agents can
be very good, or they can be clueless as to the value of your home, so
you need to be a little more careful using that method. It'll save you
a few bucks, but you won't have the fee appraisal to back up your
estimate of value, since comps from real estate agents are not very
persuasive to a prospective buyer.
Rich Machado
Conscripted Chairperson
NAEBA Technology Committee
http://www.naeba.org
------------------------------
Date: Wed, 10 Sep 1997 20:50:16 -0400 (EDT)
From: "Jim Reed" <jreed1@airmail.net>
Subject: VITA/TCE - My Experience
Hi Rich.....
>Having previously asked to get on the mailing list of my local IRS
>Taxpayer Education Office, I have just received the Volunteer Income
>Tax Assistance/Tax Counseling for the Elderly (VITA/TCE) application
>for the upcoming tax season.
I participated in the program a couple of years ago. I enjoyed it.
>Before I send it fill it out and send it in, I have a few questions:
>* In a learning experience sense, which of the two programs is more
> interesting, i.e. which tends to have a wider range of issues to
> be dealt with? (Though I would tend to assume that in either group
> there is a majority of returns that are fairly similar).
Each area may be different. I live in a rural area...and both programs were
handled the same. I couldn't tell the difference....but that could have
been just me, I guess..... <smile>
>* At least in my area, in-class training is only offered on weekdays.
> As I have a full-time job, I would not be able to attend and would
> have to fall back to the home training. How do the in-class and
> home training programs compare?
I did my training with a group and it went ok. Their training book is
excellent. At-home training, IMHO, would be fine......although, in my area,
I'm not sure they would allow a "newbie" to train at home. They appeared to
discourage this here in Texas.
>* I have had no formal tax training, nor am I in the tax prep business.
> My experience consists of annually sending in my 1040 with Scheds
> A, B, and D and hanging out in places like here and misc.taxes.moderated
:-).
> How hard is the volunteer certification test?
It would be no problem for you. Their are a few areas you might want to
beef up on....but the manual walks you right through it.
>* The application letter also gave no hint of length, other than
> mentioning that volunteers should be able to work 4 hours per
> week. What are the typical start and end dates of the TCE/VITA
> programs?
My training was held in January.There were 3 days of training.... 8 to
5..... It went ok, but it was designed mostly for the group of returnees.
There was only myself and one other gentleman who were newbies. He did not
complete the course......The only reason I was able to complete it ok was
the fact that I, like you, had been completed my own return for several
years.
I believe I remember we did the work for a couple of months prior to April
15th. We met in the public library for 4 hours per week and advertised in
the local newspaper.
>* At least in the Boston area, only TCE volunteers are guaranteed
> to be assigned to a site. VITA volunteers may be assigned to a
> site or may have to nail down a site of their own to work from.
> How likely is it to be able to get an established VITA site in
> the west-of-Boston (Cambridge, Arlington, Medford, Waltham, etc.)
> area?
Here, in my area anyway, everyone was assigned a site. They needed all the
help they could get.. <smile>
>* In general, what kind of experiences have you had in VITA/TCE and
> would you recommend it to a (IMHO :-) fairly informed layman?
I really liked it. I liked to work with the older people and help them.
They were in need pretty badly.....and most of their tax returns were not
complicated.
A headache (for me anyway)....was the lack of computers to assist. We did
all the returns by hand (in pencil) and then had to copy the return again
in ink (so there two copies made...one to send in and one for their
file).... We didn't even have a copier to use. It was definately low budget
all the way <smile> But maybe (hopefully) that has been changed. The
people wouldn't have to wait so long if we could do the work quicker.
Although we were trained to "assist in the preparation"...that did not work
out. Most of the people were only interested in us doing it for
them.....and were not interested in learning on their own. They knew we
would be back next year.
Another headache for me was the younger people, lower income, who let you
know that they only wanted to know how to get the most EIC credit back.
Many of them had already figured out how to do it though. It was my first
experience with people who were working the system to the hilt.....and many
changed the information given to me after we started (with numbers and
status of children).
I didn't know how best to handle that situation....and did not do a very
good job with that. I was surprised by the frequency, and I was not
prepared to handle situations I suspected of dishonesty. I saw where many
$2000 to $3000 checks were about to be written to people who probably did
not qualify for that much given to them.
I spite of the above, I'd thoroughly recommend you become involved. It's a
good program and helps a lot of people.
I believe I'll participate again this year. Maybe they will allow me to use
my laptop and printer... <grin>
Kindest regards,
Jim, in Texas
jreed1@airmail.net
------------------------------
Date: Wed, 10 Sep 1997 20:50:38 -0400 (EDT)
From: "Schafer, Rick" <schaferr@eng1.otis.com>
Subject: RE: landlord responsibility for tenant behavior?
Ryo,
I have several multi-family houses and have dealt with similar
situations. I don't know where you're located -- I'm in Western Mass.
- -- but my first advice is to find a local landlord's association and
join it. Ours provides free basic legal services, monthly informational
dinner meetings, forms, how-to pamphlets, lots of expert advice. It's
the best $75/year I could have spent. Fact is, you're in the rental
business now & have a lot of responsibility and potentail liability.
You can check out http://www.the-spa.com/rhags/ for our association page
- -- Rental Housing Association of Greater Springfield. Ot go to
http://www.marketnet.com/mktnet/narpm/ for the Nat'l Association of
Rental Property Managers for help finding a local orr state one.
Your lease should include wording to the affect of 'cannot prevent the
quiet enjoyment of the neighbors'. If you do not have a lease or rental
agreement, you should get one. A local stationary store can help.
Also, wording that prohibits illegal activity should be included.
Certain activities can be excluded -- working on cars, storing junk, too
many visitors, harassment. As the landlord, you are responsible for
keeping the property in good condition and making sure the tenants
follow the rules.
When I've had neighbors complain, I speak to the tenants, but I also
tell the neighbors -- 'they're my tenants, but they're YOUR neighbors.
Talk to them. If you think they're breaking the law, call the cops.
Try to work it out like you would with any neighbor.'
If you are happy with the tenants, if they're paying the rent & keeping
the place up, I would keep them. I would not let the neighbors tell me
how to run my business. Eviction takes time and costs money. The
tenants may resent it & take it out on your property. We'd all like to
have 65 year old retired librarians for tenants, but that's not the way
it works!
Good luck!
Rick Schafer
------------------------------
Date: Wed, 10 Sep 1997 20:53:08 -0400 (EDT)
From: BOB FORD <BOB_FORD@compuserve.com>
Subject: landlord responsibility for tenant behavior
RYO
(THE USUAL WARNING)
I am not an attorney and the following is not legal advice. It is just my
opinion. It is based on my experience in California. The laws of other
states may be different.
Please consult with a local attorney. Renting a home makes you the owner
of a business. As a business owner you must evaluate the risks to you
from the business you own. A lot depends on your neighbors and how mad
they are at you. Following are some of the things that COULD happen if
your neighbors want to cause you financial pain.
1. Make frequent complaints to the police and local political leaders about
the noise. It is possible that the district attorney could declare you
home a public nuisance, seize it and sell it or tear it down.
2. Allege that drugs are being sold at your property (are you sure drugs
are not being sold there?). Just the allegation that drugs are being
sold can cause your property to be seized. It is very costly to get your
property back even if no drug activity happened on your property.
3. Complain that your home violates some building code which will cause the
local building inspectors to inspect your home. A building inspector can
ALWAYS find some code violation which can cause you some expense to fix.
I can relate to you from my years as a property manager, that noise from
one of your rentals is a VERY SERIOUS PROBLEM for the building owner. You
do not want to go before a judge and say
" The students are nice kids who keep the house up and pay the rent on
time. To me, they are just being college students."
The judge will not throw the book at you, he/she will throw the whole
library at you. It is usually better financially for you to solve the
noise problem than let the neighbors force you to solve it. Landlords are
always the bad guy in court.
GOOD LUCK
BOB FORD
BOB_FORD@COMPUSERVE.COM
------------------------------
Date: Wed, 10 Sep 1997 21:05:42 -0400 (EDT)
From: David Meyers <dmeyers@panix.com>
Subject: Re: "Good" Credit Card?
>From: Margaret Lewis <mlewis@egusd.k12.ca.us>
>
>I keep seeing posting abour credit cards, but none seems to address what I
>would like: nor frills, no extras, lower interest rate. I don't care about
People have different needs and uses for their credit cards.
In general, there are two types of users - those who pay
the whole thing off every month and those who carry a
balance. Those who pay it off every month want to get
a card with the frills - FF miles, cash back, etc - and
are generally not as concerned about the interest rate.
If you don't pay the card off every month, then your
main concern ought to be the interest rate, since that is
likely to more than outweigh any frill benefits - interest
on credit card, even the lowest-interest ones - is _very_
expensive.
Magazines like Kiplingers and Money usually list two sets
of "best" cards everymonth - one list usually is those with
the lowest interest rates, even if they have an annual fee,
and one is those with no annual fees with lowest rates.
Also, note that many cards have 6 month to 1-yr "teaser"
periods where they will give you a _very_ low rate, but
after the teaser is over, they raise the rate to normal
high rates. If you only need to carry a balance for
a short period, you might want to watch for these.
>graters. I don't want a rebate. I only use a credit card when I can't pay
>cash.....computer systems whose prices I need to pay over a couple of
>months, for example.
I think most of us would recommend that you not borrow money
for consumer goods - which includes computers - better to
put off the purchase until you have enough cash - the trick
is to have the discipline to save the money, which may be
harder to do than paying back borrowed money for which you
get a monthly bill. The exception, of course, is if you really
do need the thing _now_, which may be the case for a computer
if you need it for work or school, but is not likely the case for
most other consumer goods (ie. TV, etc).
> Does anyone know of a credit card which is simply
>that....a simple credit card? Am I the only person seeking simplicity and
>lower rates?
You are not the only such person. It is just that, from my
impression, this forum has mostly folks who already pay the
whole bill off every month, and thus have different needs.
If you look in Kiplingers (I looked at the web site and
didn't see it, but it _is_ in the magazine), look under
the "Yields and Rates" department.
- --D
------------------------------
Date: Wed, 10 Sep 1997 21:06:28 -0400 (EDT)
From: detall@tiac.net
Subject: Move or Add On?
My mortgage has a balance of $100,000. I paid 120 and the appraisal is 130.
The house is on the low end of value in the neighborhood with homes
200-300,000. Does anyone have any "formula" about adding on vs. moving.? The
current lot is in a very desireable part of town. Thanks david tall
David Tall
Alpha Rho Inc.
157 Cleghorn St
Fitchburg MA 01420
------------------------------
Date: Wed, 10 Sep 1997 21:06:57 -0400 (EDT)
From: Jim McGrath <jimm@hi.com>
Subject: Re: Wanted Brokerage for No Commission Mutual Funds
>
> I am looking for a brokerage house for my (small) IRA where I can get a
> variety of mutual funds without loads or transaction fees. Any
> recommendations? I would like to do business with someone who is not
> going to nick my IRA for annual account maintenace fees, if possible.
> Please email your response to koyn@fastrans.net, as well as posting it
> here.
This month's issue of the AAII Journal has a summary of the many
mutual fund supermarkets. You can visit their website at
http://www.aaii.org/
Why do you object to an account maintenance fee for a small account?
Jim McGrath
------------------------------
Date: Wed, 10 Sep 1997 21:08:06 -0400 (EDT)
From: "Jim Reed" <jreed1@airmail.net>
Subject: Re: Health Insurance For Self Employed
>I found an insurance purchasing alliance in Texas that
>provides health insurance for small businesses called the Texas
>Insurance Purchasing Alliance (TIPA). However, the monthly premiums
>for my wife and I run about $600 per month. Certainly the insurance
>companies that we are insured with through this program are excellent
>(PCA and Prudential), does any one know if I can get better rates
>than the one we are paying?
Hi.....I'm in Texas also, and have a similar situation to yours.
I found the best rates with the National Association for the Self-Employed.
They have a web site; their initials are NASE.
The actual insurance is through the PFL Insurance Co. They are located near
Fort Worth, Texas.
None of the policies appear to be very good, I'm afraid; they all seem very
expensive.....but my experience with PFL has not been so bad so far. I've
been self-employed for over 20 yrs now and health insurance for me and my
family has always been a problem. But it's risky to do without it.
With the 4.7% increase recently imposed, I pay about $400 per month now
(for myself and wife and son).........
Feel free to contact me for more info if needed.
Good luck,
Jim, in Texas
jreed1@airmail.net
------------------------------
Date: Wed, 10 Sep 1997 21:08:52 -0400 (EDT)
From: dmak@tma-net.org
Subject: Low Cost Internet Provider?
I am a low usage Internet person, maybe around 5 hours per month.
I'm currently on AT&T's plan, which costs $5 for 5 hours/month. Does
anyone know of any lower-cost providers?
------------------------------
Date: Wed, 10 Sep 1997 21:10:33 -0400 (EDT)
From: "Derrick \"5 Iron\" Cole" <derrick.cole@ssds.com>
Subject: I've Totally Embraced Online Banking and Bill Payment
Greetings, all! My first post.
I've totally embraced on-line banking and bill payment. I wonder how I
ever did it before.
In several hundred electronic payments, I've had one screw-up to an
establishment that I'll wager didn't know what to do with the check, and
"filed" it. My bank stopped payment (free of charge) and issued another
check, after following up with said establishment. Not bad.
In my opinion, I enjoy several benefits from using on-line services:
- - greater feeling of control/forecasting over when bills get paid;
- - I maximize cash flow/float: debts get paid ASAP, expenses get paid JIT;
- - My payment history is flawless;
- - It indeed takes less time (for me, at least) to keep records;
- - I get the benefit of reports/analysis/trends, etc.
Another poster mentioned AmEx's Pay-by-Phone option; I use this
exclusively, as I can literally pay the bill the day it's due (from their
perspective, anyway). In conjunction with escrowing our AmEx use into a
MM account, I enjoy a month's worth of interest on the balance, as well as
being on a cash basis.
I purposely shun EFT's, as it goes against the notion of retaining
control. What if I need cash for a short-term crisis, and the mortgage
gets drafted? Once I get financially "cushy", I may invoke more EFT's to
emphasize a more "hands-off" approach, but not until then.
Thanks,
Derrick Cole
------------------------------
Date: Wed, 10 Sep 1997 21:11:20 -0400 (EDT)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: RE: "Good" Credit Card?
months, for example. Does anyone know of a credit card which is simply
that....a simple credit card? Am I the only person seeking simplicity
and lower rates?
Peggy Lewis
mlewis@egusd.k12.ca.us
You and me both...
You might try http://www.ramresearch.com/locator or
http://www.pathfinder.com/money/rates
Best of luck!
- --
Jeff Morgan - morgajs@parsec.com
------------------------------
Date: Wed, 10 Sep 1997 21:11:51 -0400 (EDT)
From: John <kahuna@financier.com>
Subject: Option Portfolios?
I have come across many good sites for portfolio management for
equities. However, I have not found a good one for Options (calls and
puts). Would appreciate any URLs for CBOE portfolios. Thanks
------------------------------
Date: Wed, 10 Sep 1997 21:12:32 -0400 (EDT)
From: Don Apodaca <dapodaca@flash.net>
Subject: Re: Upgrade to Win95?
>We have a 486-66 (Compaq) w/20M RAM, 1G HD, 33.6 modem.
>(Editor's Comment - Do it! The upgrade is easy and you should get better
>performance from the 486. Any program that works in 3.11 should work in
>Windows 95. -IK)
I'd recommend the move to Windows 95 also. However, I would HIGHLY
recommend you fdisk and format your hard drive first to alleviate problems
from a 'dirty' install later on down the road.
------------------------------
Date: Wed, 10 Sep 1997 21:13:16 -0400 (EDT)
From: dulnev@jhu.edu (Jason Dulnev)
Subject: Best Insurance for Self Employed
I don't know wheter it will be cheap, but the BEST insurance for
self-employed is obtained trough NASE (National Association for
self-employed): http://selfemployed.nase.org/NASE/
Jason Dulnev
------------------------------
Date: Wed, 10 Sep 1997 21:13:55 -0400 (EDT)
From: dulnev@jhu.edu (Jason Dulnev)
Subject: Re: financial aid for adults?
>Does anyone have advice/comments on procuring financial aid for adult
>students seeking to go to graduate school? Does one include their spouse's
>income? pension fund? house?
When one applies for federal financial aid, one is required to
disclose all their income and assets. So, yes, you have to indicate
what your spouse's income is and report the pension fund. I don't
believe you are asked about the house. Your school will most likely
also request your and your spouse's federal tax returns.
------------------------------
Date: Wed, 10 Sep 1997 21:14:36 -0400 (EDT)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Wanted Brokerage for No Commission Mutual Funds
I believe that Waterhouse Securities (http://www.waterhouse.com) has
no annual IRA fees. They have also greatly expanded their no
transaction fee MF offerings in the last year or so. I was never
anything less than satisfied when I used them.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Wed, 10 Sep 1997 21:15:17 -0400 (EDT)
From: "Schafer, Rick" <schaferr@eng1.otis.com>
Subject: RE: Time Saved By Electronic Bill Payers
Jeff Carpenter hit the nail on the head (ok, pun intended). Electronic
bill paying with Quicken essentially takes zero time, because I have
already replaced my checkbook ledger with Quicken. I already enter
every transaction I make, and for me it's twice a month, around 22
checks total, from 2 accounts. To pay the bills I simply hit 'Go
Online', etnter my password, and it's done. Those steps take the place
of writing and signing 22 checks, putting them into envelopes w/the
bills, addressing some envelopes, putting stamps on them all, and
walking out to the mailbox. Plus I can schedule some bills to be paid
later, maximizing my interest earned while making sure they don't slip
thru the cracks.
My complaint, which I've voiced already, is the 67% price increase
they've just imposed. Thanks to the people who responded to my post. I
did contact Checkfree -- their comment was that Quicken is cheaper even
at the new price, so I should stick with them. The other general
comment posters made was that I should consider going with a bank that
offers free on-line bill paying. For me, this is not so attractive. I
bank with a credit union. It is located across the street from where I
work. It is very convenient because I use it to make rent deposits at
least twice a month. And I don;t have to pay any ATM charges for
withdrawals because I just go across the street to get cash.
Maybe the huge price increase means it's time to buy stock in Intuit???
Rick Schafer
------------------------------
Date: Wed, 10 Sep 1997 21:16:17 -0400 (EDT)
From: "pmgp" <pmgp@ccgate.kastle.com>
Subject: Re: I Would Never Use A Computer Bill Paying Service >At least as important - and the biggest reason I won't >consider electronic checks - getting screwups fixed. I've >heard a couple of horror stories about incorrect debits, >unpaid bills, etc - and getting these things _fixed_ - >I've never heard anyone say "one phone call and it was >straightened out". I used to work in the Customer Service department of a computer bill payment service. I would not use the service. If there is a problem, it can take a LONG time to fix. The worst are American Express and Sallie Mae for student loans. If you want more specific information, e-mail me personally and I will give you some horror stories that just might get your eyes to pop out of yor head. George P.
------------------------------
Date: Wed, 10 Sep 1997 21:17:01 -0400 (EDT)
From: WRobinette@aol.com
Subject: Re: good credit card
Peggy,
You are not alone. I have decided on USAA for my credit card. You will find
them list almost every month in Money and Kip's. They offer Visa or MC.
Both have no annual fee, an APR of 12.5% and 25 day grace. No strings
attached. No six month teaser rates and so forth. Just honest straight
forward banking. I chose not to jump at every offer that comes down the pike
and stick with one solid company. I find them to be a great organization to
work with.
I also have a checking account with them that has no annual fee, debit card
or atm card, checks for $8.50 and no minimum balance. And it pays interest
also. Over drew my checking account by accident last month by $25. They
sent me a statement to let me know about it. I called them to see why my
overdraft had not been credited. They said that is was a small amount and if
I didn't cover it within a reasonable amount of time, they would, but for
now it was not worth the cost to them and me!! How many national banks would
do that for you now a days?
800-531-2265. FWIW. They also have great rates on car and home loans.
Jim Robinette
WRobinette@aol.com
PS-not an employee, just an extremely satisfied coustomer.
------------------------------
Date: Wed, 10 Sep 1997 21:17:47 -0400 (EDT)
From: at242@rgfn.epcc.Edu (Brian K. Lee)
Subject: Low-interest Credit Cards?
Does anybody know of some credit cards with low interest rates. I don't
have a high income and I do already have some credit card debt. I am
thinking about a rollover from some 19% cards and frills are not necessary.
I am looking for cards that generally accept most of the people that
apply for them.
Also, if there are any good credit card web sites, this would be a help!
------------------------------
Date: Wed, 10 Sep 1997 21:21:19 -0400 (EDT)
From: Rich Carreiro <rlcarr@MIT.EDU>
Subject: Treasury Direct revamp
Some of you may have seen this in newspaper columns, but the Treasury has
significantly reduced the hassle of dealing with the Treasury Direct
program. See http://www.publicdebt.treas.gov for more details, but
here's a summary:
* You no longer need to mail in certified checks. You can have the
purchase price deducted from the same bank account that interest
and refund payments are sent to.
* You no longer have to send in a form to have securities reinvested.
It can now be done with a touch-tone phone.
* The biggest change is that you can now sell securities out of your
Treasury Direct account instead of having to transfer them to
a broker and then sell. You fill out a form and mail it to the
Chicago Fed. The Fed solicits three bids from dealers, accepts
the high bid and executes the sale. The proceeds are sent to
your designated bank minus a $34 processing fee.
Rich Carreiro
ARPA: rlcarr@mit.edu
UUCP: ...!mit.edu!rlcarr
BITNET: rlcarr%mit.edu@mitvma.edu
------------------------------
Date: Wed, 10 Sep 1997 21:22:59 -0400 (EDT)
From: "Victor Daniel a.k.a the MacNut" <macnut@netaxs.com>
Subject: Stockbrokers-Are They REALLY needed?
I was just wondering about the purpose of stockbrokers. I'm wondering about
this because it seems to me that anyone with the cash and the will should
be able to just buy X amount of shares of X company at whatever the going
price is directly off the stock exchange. Why go through a brokerage house
or even a discount broker at all?
Yes, I know about DRIPs, but not all publicly-traded companies offer them,
and many that do require you to buy your first share or two through a
broker. My point is, these days anyone with a computer and internet access
can get stock prices off the web, so why not go to the next logical step
and have people be able to go to NASDAQ or NYSE on the web and buy stock
directly? Why should someone have to have a stockbroker's license to do so?
Please do not take this as an attempt to begin a flame war or anything like
that. I'm simply trying to understand the stock-trading process.
The MacNut
| Victor Daniel a.k.a The MacNut Home page in progress at: |
| macnut@netaxs.com http://www.netaxs.com/~macnut |
| vdaniel@neptune.eng.temple.edu vdaniel@thunder.ocis.temple.edu |
(Editor's Comment - If you just want to execute trades and make your own
investment decisions, you don't need a broker. E*Trade seems to be
popular. -IK)
------------------------------
Date: Wed, 10 Sep 1997 21:23:44 -0400 (EDT)
From: Steven Klein <SKLEIN@snm.org>
Subject: Insurance Claims Question
Here is a question regarding insurance claims:
I am a renter in a townhome. Last week a water pipe burst and flooded
part of the house. I had some damage to my belongings and my renter
insurance will cover the cost of replacing these items. The appraiser for
my insurance company has informed me that they will go after the
landlords insurance company to recoup the money paid to me.
If this is the case, and they win (my insurance company that is) willI be
entitled to a refund of the $250.00 deductable.
Any opinions.
SK
------------------------------
Date: Wed, 10 Sep 1997 21:25:31 -0400 (EDT)
From: "John S. Rullo" <jsrullo@delphi.com>
Subject: I Was Impressed by Security First National Bank (SFNB)
David Meyers wrote,
> BTW, with the recent endorsement of SFNB here, I'd like to
> get an idea how many folks have tried it (or its equivalent,
> if there is such a thing) and how they liked it.
After reading the recent endorsement of SFNB, I checked it out and I
have to tell you that I was impressed. I live and bank in Chicago and
it's getting harder and harder to find a bank that will pay ME! for
using my money when I am not using it. Is it also bad in other cities?
A small investment in time now will probably payoff in the near future.
When I saw that SFNB was paying 4.50% on a money market with a $10,000
minimum and that I could move my money from the MM account to the
interest checking paying 2.50% with the push of a button, I forgot all
about how much TIME! it will take. SFNB seems to be looking to the
future and is designing new services for making life more productive.
As for security, SFNB will pay 100% of your losses if their security
fails. Banking on line is in its infancy and can only get better while
regular banking, in my opinion, keeps getting worse. Robbery comes in
all forms, some are more subtle than others. While you are worrying
about internet security and the possibility of losing all your money,
your bank might be robbing you blind a few dollars at a time.
I also liked their web site. Just good fast loading informational pages
with no glitz. One of the criteria I use for evaluating a company is
whether or not I can leave their site with all of the info I need to
make a decision. SFNB met this criteria easily.
I opened an interest checking account at SFNB after seeing what they
have to offer. I'll try it out for awhile and see what happens. I'll
keep my other bank for the safety deposit box and something to fall back
on if SFNB does not work out.
When my wife and I retire, we visualize connecting a notebook computer
to the internet and taking care of all our finances online from anywhere
in the world no matter what time it is. We wonder how many others have
the same goals?
May you never have to lick another envelope,
John
------------------------------
End of persfin-digest V4 #82
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