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A good bank account can be hard to find. Banks are charging higher bank fees, mainly on checking accounts. At the same time, the Internal Revenue Service is cracking down on offshore accounts, where some people stash money to reap higher yields. But free checking is the biggest casualty. After peaking in 2009, free checking accounts that don’t pay interest dwindled to 39 percent of all bank offerings, according to a Bankrate’s 2012 Checking Survey. Last year, 45 percent of them were free. Many require higher minimum deposits to retain the “free” status. Changes are coming to how much banks [...]

If there’s one type of borrower in this credit market whose profile has been scrutinized the most, it’s the sole proprietor. Self-employed individuals/sole proprietors used to be able to get stated-income loans that would allow them to provide supporting income documentation. But the paradigm has shifted, and these borrowers now have a more challenging time qualifying for a mortgage than ever before. Financial professionals often advise the self-employed to write off as much of their expenses as possible in order to show less income on their taxes. While this is quite favorable from an accounting standpoint, taking expenses reduces the [...]

BEIJING China’s top newspaper scolded the United States on Friday for shirking responsibility as a superpower by prolonging uncertainty over how it will avoid a “fiscal cliff” that could put the world economy at risk. “American politicians should understand that a ‘self-created’ recession will gravely erode both the soft and hard power of the United States,” the People’s Daily, a newspaper regarded as a mouthpiece of the ruling Communist Party, said. “A country such as the United States that is accustomed to telling other nations to be responsible, should, on the one big problem concerning the future of the global [...]

Slovenia will be able to stave off a bailout, the country’s finance minister Janez Sustersic saysThe country’s economy is in recession and its downturn is expected to continue next yearThe country is driving through privatizations, pension and labor reforms to recoverSustersic said the country was better off being in the euro, despite the financial crisis Slovenia will be able to stave off a bailout by driving through changes including bank restructurings, privatizations, pension and labor reforms, the country’s finance minister Janez Sustersic told CNN.Sustersic’s comments come as European policy makers meet in Brussels to debate the latest tranche of aid [...]

Insurance coverage in the event of a catastrophe is one blessing insurance customers can be thankful for — unless you’ve skipped some vital steps in making sure your policies reflect your life. Your goose could be cooked if you have gaps in coverage, leaving you with far less insurance money than you expected from a claim. Here are five common errors to avoid. 1. Forgetting to add your teen driver to your auto insurance policy Typically a car insurance policy covers you and the licensed members of your household as well as anyone else to whom you give occasional permission [...]

Everyone knows you have to save for retirement, but creating and following a proper plan is easier said than done. Whether it’s establishing a savings plan too late or collecting Social Security too early, mistakes abound when it comes to adequately funding our nest eggs.   “The biggest mistake is retiring without any real plan or investment strategy,” says Nigel Green, the chief executive of the deVere Group, a financial advisory firm. “Most aspects of life require planning in order to maximise their chances of success, and retirement is no different.” Here’s a look at four common mistakes to avoid [...]

Superstorm Sandy left much devastation across the eastern U.S., but the Northeast isn’t the only region that might experience her wrath indirectly. Car buyers throughout the nation could experience Sandy’s aftereffects by unknowingly buying a water-damaged car. New and used cars damaged in the flooding caused by Sandy will find their way to the market in the coming weeks and months, leaving buyers to face possible mechanical and electrical problems that can surface months later. Here are four tips to avoid buying a water-damaged car. Run a vehicle history report. Running a vehicle history report can help uncover potential issues [...]

The company promised consumers they would land federal jobs after they paid for study materials or counseling services to pass an exam. Except many of the federal jobs do not require a test, and the company, Government Careers Inc., was operating a con and has been permanently banned from selling employment-related products or services. Another company made bogus promises of nonexistent sales jobs, and advertised them on major career boards, then charged consumers $ 97 after they agreed to pay $ 38 for assistance landing the “work.” Both were caught by the Federal Trade Commission, which is mailing refund checks [...]

Buying a home is the most expensive purchase you’ll most likely ever make and as a first-time buyer, it’s easy to doubt your decision since it should stay with you for at least five to seven years.  Somewhere around mid-escrow, you may wonder, “Did I buy the right house?” Or, even worse thinking, “What have I done?” as you unpack. Doing your homework will help you avoid this second guessing, says Michael Corbett, Trulia’s real estate expert. The most important thing for a first-time buyer to learn is to match their expectations and price range, says Cara Ameer, broker associate [...]

A Fiat 500 is displayed at the 2012 the Paris Motor Show.Sergio Marchionne has outlined a strategy for Fiat to survive a European sales slowdownCEO: Avoid ‘Carmageddon” by focusing on export markets rather than closing plants(Financial Times) — Sergio Marchionne has outlined a strategy for Fiat to survive a European “Carmageddon” by focusing on export markets rather than closing plants, as it seeks to break even on the continent by 2016.In response to plummeting demand in its home market, Fiat’s chief executive said the Italian carmaker would revamp its product line and reserve 15 per cent of its European capacity [...]