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  • 00:30

    Overdraft protection: Not a Loan, but a Financial Tool

    in Finance

    Overdraft protection is a financial product that has fans and foes. For our listeners who may be unfamiliar with the product, overdraft protection, or courtesy pay as it’s referred to by some credit unions, is a service that covers what is, in effect, a bad check.

    Overdraft programs, if used correctly, help resolve consumers’ short-term financial problems, but it is not a loan.

    If you’ve ever bounced a check, you know how expensive that can be. Most merchants will charge a non-sufficient fund fee upwards of $30 per incident. On top of that, the financial institution will also charge you the over drawn fee (or NSF).

    With overdraft protection, transaction fees vary by institution, but typically range anywhere from $25-$35, saving consumers both the fee from merchants for an insufficient funds check and the NSF from the financial institution. For many people who get cash strapped by unforeseen expenses, the alternative to overdraft protection is predatory lenders.

    Join host Dick Ensweiler and special guest Carolyn Jordan, senior vice president at Neighborhood Credit Union in Dallas, for this thought-provoking discussion about a product hailed by some as a lifesaver, and opposed by others. The duo will also get to the root of the issue, and that is financial literacy, or the lack thereof.

  • 01:07

    Are You Living Beyond Your Means? Being in Bondage to People.

    in Finance

    Living beyond your means damages relationships, self-esteem, credit scores and is outright, fraudulent. The fact that governments operate beyond their means doesn't mean you and I should. We have all known people who lived a life they cannot afford, on credit they can not repay and then end up in financial ruin and embarrassment.

     Savings Won't Last 12 Months

    We all underestimate the reality that bad things happen to good people. While most financial advisers recommend three months of savings, I suggest you have at least one year and preferably three years of of savings in case of emergency. 

    Vacationing on Credit

    This is a telltale sign that someone is living beyond their means when they use Visa to fund their vacation. The interest payments will last longer than the memories of a weekend in Cancun. 

    Paid Overdraft Fees in the Last 12 Months

    If money is so tight that you have to rely on overdraft protection in order to float your lifestyle, you are living way beyond what you can afford. You probably already knew this one -- just keeping it real.

    Exceeded Your Credit Limit

    Exceeding your credit limit means you are relying on plastic and lack discipline. Exceeding your limits costs you more than just over-limit fees. Your credit score is lowered when your credit balances are high and it signals lenders that you're over your head. Necessary credit will cost you more in the future.

    $100 Tennis Shoes & Food Stamps

    If your family needs the government to kick in but you have to wear the latest footwear you are living beyond your means and are a pretender. Grow up, get real and get a grip.

  • 00:24

    Tea with the business adviser to business advisers, the legendary Mr Mike Ellis

    in Motivation

    Mike Ellis’ passion for business growth is rather infectious, yet our discussion was very light-hearted in the spirit of what Tea with Lily is all about.  I have personally learned a lot from him over the years and was absolutely delighted that he agreed to have tea with me because he can be 'shy', when he wants to be.  Some highlights below:

    Don’t fund a fixed asset purchase on a short term loan and for the lay person, don’t buy a truck for your business on an overdraft.  You might consider leasing as an alternative.

    Entrepreneurs should have a certain level of doggedness/killer instinct in order to succeed.

    Mike Specialises on Start-up loans through Prospects UK.

    3 Tips for business owners:

    Cash flow is King;
    Be resilient;
    Family support is crucial

    Mike’s guilty pleasures: Fine wines, decent ale and good food.  Also goes to the gym to keep body and soul in shape and has a deep affection for history.

    "If you don't believe in history, you are ignoring your past and it's your past that sets your future."  Mike Ellis

  • 01:00

    CU Chat Up- New Overdraft Protection Rules

    in Finance

    We will be discussing the new Overdraft Protection rules and how they will impact credit unions. Special guest- Paul Stull from Arizona State CU will start off the conversation.

  • 00:50

    All you need to know radio - ATM fees surge again guess how much they cost NOW??

    in Finance

    A customer is slapped with fees when they use an ATM that's not owned by their bank, and those fees jumped 5% in the past year, according to Bankrate.

    On average, a customer is charged a total of $4.35 for each transaction.

    People are getting smarter and avoiding out-of-network ATMs as much as they can, said Bankrate's chief financial analyst Greg McBride. But that's part of the problem. Banks are hiking fees to make up for the loss.

    In the past five years, ATM fees have skyrocketed 23%,

    And overdraft fees are on the rise for the 16th year in a row, according to the survey of 10 major U.S. banks. On average customers get hit with a $32.74 charge every time they try to withdraw more money than they have in the bank.

    Hefty bank fees will probably always be a reality. But the good news, McBride said, is that both "ATM fees and overdraft charges can be avoided completely."


  • 01:07

    Living Beyond Your Means?

    in Finance

    Living beyond your means damages relationships, self-esteem, credit scores and is outright, fraudulent. The fact that governments operate beyond their means doesn't mean you and I should. We have all known people who lived a life they cannot afford, on credit they can not repay and then end up in financial ruin and embarrassment.

    Here are some easy ways to identify if someone is living beyond their means:

    Must Buy Designer, Think a Low-Paying Job is Below Your Status, Pay Someone Else to Do Menial Jobs, $100 Tennis Shoes & Food Stamps, Exceeded Your Credit Limit, Paid Overdraft Fees in the Last 12 Months, Stretching Term to Afford Car Payments, Vacationing on Credit, House Payment is Only Affordable on 30-year Term, Savings Won't Last 12 Months.

    Says things like, "If so and so can do it I should be able to"; or "everyone else uses credit cards"; or "I deserve it - I work so hard"; or "this is what I work for"; or "we are already so far in debt, what's a little more." 

    When a person doesn't know the signs they are living beyond their means they are probably already living beyond their means. Practice discipline in finances and when you want to splurge, don't put it on credit. Instead go out and create the income to pay for it without damaging your credit score or spending money you don't have. A wise man once said, "those that refuse to practice discipline in their own life will always be disciplined by life!"

  • 00:30

    How to Prevent Outrageous Bank Overdraft fees

    in Self Help

    The Rights Radio Self Help Hour features outrageous bank overdraft fees. Consumers are being raked over the coals by overdraft rates and by the reordering of debits to increase fees.
    Rights Radio financial guru Joe Stallard joins me is identifying ways to prevent or reduce these fees.

  • 02:52

    Bank Robbers - ATM Charges

    in Entertainment

    5 sneaky bank fees and how to catch them

    Read more: http://www.bankrate.com/finance/banking/sneaky-bank-fees.aspx#ixzz3EpE0z9FL 
     Atm fees are out of control. 


    The penalty for using an ATM that is not affiliated with your bank rose 5 percent over the past year.

    The average fee for using an out-of-network ATM climbed to a new high of $4.35 per transaction, according to a survey released Monday by Bankrate.com. That figure includes $2.77 that banks charge non-customers and $1.58 that banks levy against their own customers for using an outside ATM.

    Overdraft fees also surged, rising on average over the past 12 months to $32.74. That's the 16th consecutive record high, the firm said.

    Checking account fees have been increasing as lenders adjust to federal banking laws and regulations enacted after the 2008 financial crisis. Among the changes: limits on when banks can charge overdraft fees on ATM and debit card transactions and a reduction in the fees that banks charge merchants for each customer who uses credit or debit cards for their purchase. Plus Live call to get Brian admmited in Bellevue hospital

  • 00:00

    Back-To-School Shopping Tips

    in News

    WSJ's Mike Weinstein with tips for back-to-school shopping and avoiding outrageous interest rates with overdraft protection.

  • 00:02

    Tackling Debt: Are You a Pawn of a Get-Rich Scheme?

    in Family

    How would you feel if your family were a pawn in another’s plan to get rich?

    Banks changed the tone of their advertising in the late 1990s. The subliminal message of the new slogans:
    Spend beyond your means!
    • “Live Richly” — said Citibank
    • “What’s in your wallet?” — said Capital One
    • “Is your mortgage squeezing your wallet?  Squeeze back.” — said Bank of America

    • Banks have an inherent incentive to give borrowers more credit than they are able to afford.
    • This results in: – Interest charges – Late payment penalties – Overdraft fees
    – Missed payments — resulting in higher APR%
    Consumers want to get out of debt, but they need a plan. 
    Let's stop the cycle and build Americans a sound financial house.
    Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, 
    that's bitly.com/yourmoneyny  Also, This Thursday, August 7 is our next Money Workshop Securing Your Financial House, at the Point Cafe in Schenectady. 964 Heldeberg Ave. RSVP to dbalog99@gmail.com
    See you next time.

  • 00:31

    Banksters ~ Banks Rip You Off And They Are Completely Legal Doing It

    in Politics Progressive

    Some institutions get more hate than they deserve. Most lawyers and police officers are just doing their jobs, and most businesses really are simply trying to make a profit. But banks ... well, banks make it really hard to defend them. They are the middleman in every transaction (you simply can't function in modern society keeping your cash in a coffee can buried in your yard). Banks exploit their positions in the shadiest ways imaginable. We take a moment to examine some of the perfectly legal ways these guys rip off unknowing Americans on a daily basis.


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