The demise of the check:: Stores aren’t accepting them; people aren’t writing them

Jennifer McClelland | RSS | Wed, Nov 25 2009 | 0 Comments

I haven’t used a check at a grocery store in years. I have always used a credit or debit card when I’m out because it’s 1) faster and 2) more convenient. Chris and I have a collection of checks built up just so we can send off our cable, electricity, and gas bill every month but other than that, we never use checks.

There are more frustrating things that go on at the grocery store, but when you’re stuck behind someone who is writing a check it can also be quite irritating, especially if you only have a few items and you have your card ready. Of course, incidents like that have really become less frequent than a few years ago, but every now and then you will get the person who wants to write a check.

Really, when you think about it, writing a check at stores like Wal-Mart have become a moot point. After all, when you write a check, even if you fill the whole thing out and waste everyone’s time, the store runs the check like a debit card. It is electronic now and this way the stores are protecting themselves somewhat from check fraud.

I get annoyed when I see someone pull out a check book at the very end of their grocery store trip. Once everything is rung up and it’s time to pay is NOT the time to look for your checkbook in your gigantic purse; if you’re going to go ahead and pay with a check, perhaps you should have it ready before the entire order is finished. It’s not a surprise that you have to pay at the end. /end rant

I wish stores would ban checks for a number of reasons. I know that there are a few arguments in favor of check writing, like it is easier to keep up with your bank balance when you write a check. However, even that argument is somewhat flawed because you may record a deposit in your check book, but now banks are depositing checks whenever they want to and not necessarily in the order that you actually put them in the bank.

Related posts:
Checks SHOULD be a thing of the past

Tags: debit card, bank balance, check fraud

Today’s Ebook – Privacy Choices for Your Personal Financial Information

Chris McClelland | RSS | Tue, Oct 20 2009 | 2 Comments

Today’s featured ebook download is Privacy Choices for Your Personal Financial Information (77 KB, 6 pg) – A small booklet that explains your right to opt out of sharing some of your personal information and lists the types of information that financial companies can share about you. An interesting read for anyone wanting to know more on the subject of privacy.

What you can learn from this ebook

You’ve probably been receiving privacy notices from banks and other financial companies. These notices
explain:

• What personal financial information the company collects

• Whether the company intends to share your personal financial information with other companies

• What you can do, if the company intends to share your personal financial information, to limit some of that sharing

• How the company protects your personal financial information.

Financial companies share information for many reasons: to offer you more services, to introduce new products, and to profit from the information they have about you. If you like to know about other products and services, you may want your financial company to share your personal financial information; in this case, you don’t need to respond to the privacy notice. If you prefer to limit the promotions you receive or do not want marketers and others to have your personal financial information, you must take some important steps.

First, it is important to read these privacy notices. They explain how the company handles and shares your personal financial information. Keep in mind that not all privacy notices are the same. This guide tells you about the other steps you can take to help protect the privacy of your personal financial information.

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To download this ebook, or any of our current ebooks, please visit the ebook page where you may choose the ebook(s) you wish to download. *Download an ebook by clicking on it’s title.*

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Tags: promotions, ebooks, share information

The chairman of Wells Fargo will resign

Jennifer McClelland | RSS | Wed, Sep 23 2009 | 0 Comments

The chairman of Wells Fargo agreed last year to help the company through the financial crisis, now Dick Kovacevich will be stepping down from the job as he sees that the financial crisis is over, I suppose. After 23 years of being with the company, he was chosen to lead it through the worst crisis that had happened to the financial markets since he had been there.

The position was only meant to be temporary and he knew that he wanted to retire eventually. He wanted to help the company get back on its feet as well as lead it through the acquisition of Wachovia.

On January 1, 2010 John Stumpf, current CEO of the company, will replace him as the chairman. Stumpf has been with Wells Fargo for 27 years and has been the CEO since June 27, 2007. His career started when he joined Norwest Corporation in 1982. Since that time Wells Fargo has swallowed many smaller banks including Stumpf’s Norwest bank. He is also currently on the board of directors for Visa international and is the Chairman of the Board of Directors for Visa in the United States. Like our eBay CEO friend Meg Whitman, he is also an outspoken supporter of the Republican party.

Wells Fargo is one of the banks that accepted TARP money from the government. It got $25 billion. It is also one of the banks that, when put under the government stress tests against bailed out banks, it was told that it would have to raise more capital before it could begin to pay back the loans. It sold stock to raise nearly $9 billion but the additional $5 billion will come from earnings according to the company.

Related posts:
Wells Fargo wants to stand out and raise credit card rates
Wells Fargo’s profit nearly doubles in the third quarter

Tags: banks, earnings, wells fargo