New rules regarding Debit & ATM cards

The Federal Reserve will implement new rules giving debit and ATM card users additional options regarding overdrafts. Although the rules become effective on July 1, 2010, in the coming months, banks, credit unions, and other financial institutions must offer consumers the ability to make decisions about overdraft services for transactions made with their debit or ATM cards. The Federal Reserve’s online publication, "What You Need to Know: New Overdraft Rules for Debit and ATM Cards" provides an explanation of how the rules will affect existing and new account holders.

My Stolen MacBook

So it happened....the unthinkable! I had my new MacBook stolen while traveling to Pittsburgh over the weekend. After the initial shock of realizing it's gone, this morning I've started to do all the paperwork: the police report, starting the renter's insurance case, changing all of my passwords, etc. etc. The hardest part is the feeling of violation that comes with having your personal property stolen, but as the saying goes, "if it's a problem that can be fixed with money, it's not a problem". So all in all, I've learned several great lessons on keeping a close on your property at all times (my laptop was taken at church); the importance of having a renters (or homeowner's) insurance policy that adequately covers your personal belongings; and keeping it in perspective. I will be closely monitoring my personal financial information because even worse than my laptop being stolen is the personal information that can be taken. Thanks to John Sileo and the other FTC resources, I feel adequately prepared to know what to do when things like this happen. To learn more about identity theft, go to www.sileo.com or www.ftc.gov (click on identity theft).

Ten Facts about the First-Time Homebuyer Credit

From the IRS:

Many taxpayers who purchase a home this year will qualify for an $8,000 federal tax credit. The refundable first-time homebuyer credit is a major tax provision in the American Recovery and Reinvestment Act of 2009. But time is running out to qualify for this credit.
Here are ten things the IRS wants you to know about the first-time homebuyer credit:
1. To be considered a first-time homebuyer, you – and your spouse if you are married – must not have jointly or separately owned another principal residence during the three years prior to the date of purchase.
2. You cannot claim the credit before there is a completed sale and purchase of the residence. The sale and purchase are generally completed at the time of closing on the purchase.
3. To qualify for the credit, the completed purchase must occur before December 1, 2009.
4. The home must be located in the United States.
5. The credit is either 10 percent of the purchase price of the home or $8,000, whichever is less.
6. The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000 or $150,000 for joint filers.
7. The credit is fully refundable. A homebuyer with no taxable income, who qualifies for the credit, may file for the sole purpose of claiming the credit and receive a refund. The credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
8. The credit is claimed on IRS Form 5405, First-Time Homebuyers Credit.
9. Taxpayers can claim the credit for a qualified 2009 purchase on either their 2008 or 2009 tax return. For those who have filed a 2008 return, a Form 1040X, Amended U.S. Individual Income Tax Return can be filed in order to get a refund in 2009.
10. The credit for qualified 2009 purchases does not have to be repaid, as long as the home remains your main home for 36 months after the purchase date.
Qualified taxpayers who have been considering a main home purchase may find extra incentive from this tax credit to buy now so they can complete the purchase before the December 1 deadline.
For more information on this and other key tax provisions of the Recovery Act visit the official IRS Website at IRS.gov/Recovery.
Links:
* First-Time Homebuyer Credit
* YouTube Video - First-Time Homebuyer: English Spanish ASL
* Audio File for Podcast - First-Time Homebuyer Credit 2009: English Spanish
* The American Recovery and Reinvestment Act of 2009: Information Center
* Form 5405, First-Time Homebuyer Credit (PDF)
* Form 1040X, Amended U.S. Individual Income Tax Return (PDF)

Bernanke was a victim of identity theft by a nationwide crime ring. - ABC News

Bernanke was a victim of identity theft by a nationwide crime ring. - ABC News

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Protect Yourself! FTC's Identity Theft Program

So recently, I had an inquiry of how to protect yourself against identity theft. Many of us don't take the necessary precautions and innately trust others with very sensitive and private information, which can cause years of heartache, money and time. Often, we do innocent things such as set our purse or laptop down while we speak to someone or get something. I had an embarrassing moment recently at a Financial Readiness Event in Texas. I was helping with registration and set my purse close by on a table. I kept glancing over my shoulder to keep an eye on it while I spoke with John Sileo, the Identity Theft expert. At one point in our conversation, several soldiers penetrated the table to where I couldn't see my purse anymore. I quickly excused myself to retrieve it and then it hit me....I HAD JUST LEFT MY PURSE AND WALKED AWAY WHILE TALKING WITH A NATIONALLY RENOWNED IDENTITY THEFT SPEAKER! Brilliant, I know!

Innocent acts such as this, even for a split second, can create years of heartache. Most people don't know this, but the #1 perpetrator of identity theft are family members or close friends (i.e. roommates or business partners). You never know what is happening in another person's life and what desperate measures they may take to steal your identity and everything you own....without you evening knowing!!

So, my recommendations....Check out the FTC's identity theft website! It's chalk full of great information. You need to know the basics of how to protect yourself! Also, John Sileo has a some great stories and ideas of how to take preventative measures against this threat. One tip he gives as an example is, do you know the #1 place that laptops are taken? Hotel conferences. So lock it up on your room right? Well that's the #2 spot!

Be aware! You can never be too careful, especially since the largest identity theft ring was just taken down last week!

Stop Calling Me!! FTC's Do Not Call List

So last week, I was inundated with telemarketing calls. It was extremely frustrating and you always know when they are calling because you hear the *pause* and then, "Is Miss Bell there?" Immediately, my defenses turn on. After 3 or 4 calls in 2 days, I decided it's time to register all of my phone #s on the Do Not Call registry that FTC runs. It is an easy, two-step (and now I don't mean country dancing ;)) registration process. It takes just a few minutes, but within 30 days, these #s should not be receiving any more telemarketing calls.

Another piece of advise: Currently, there are not any government backed Do Not Email or Do Not Send Mail lists. I found a few private ones for the mail side, but most of the Do Not Email lists are primarily spammers, which will flood your email box with even more unwanted emails. A Do Not Email list has been proposed to Congress, but so far no action has been taken.

Engaging Generation Y

I just read a though provoking article called Engaging Generation Y. How do you develop Generation Y employees to be leaders? I'm working on a presentation series called Money Talks: Communicating about Money Amongst Generations. Facinating topic...and I'll continue to share interesting articles as I find them.