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Press Release

FDIC Chairman Sheila C. Bair Reiterates Promise of Deposit Insurance
Issues Depositor’s Bill of Rights

FOR IMMEDIATE RELEASE
July 24, 2008

Media Contact:
Andrew Gray (202) 898-7192,
Cell: 202-494-1049
angray@fdic.gov

In an op-ed published today by Reuters.com, FDIC Chairman Sheila C. Bair reiterated the rights of insured depositors.

FDIC Chairman Bair said, “As Chairman, I believe that the FDIC has a promise to keep to our nation’s bank customers. A promise spelled out in the following Depositor Bill of Rights:

FDIC’s Depositor’s Bill of Rights

1. You have the right to automatic deposit insurance coverage when you open a deposit account at an FDIC-insured bank, with no additional cost or action on your part.

2. You have the right to separate FDIC insurance coverage for deposits held at different FDIC-insured banks.

3. You have the right to confirm that a bank is insured by using the FDIC’s Bank Find service (www2.fdic.gov/IDASP/main_bankfind.asp) or by calling the FDIC toll-free at 1-877-275-3342.

4. You have the right to deposit insurance coverage of $100,000 for your deposits at an FDIC-insured bank – up to $250,000 for your IRA deposits.

5. You have the right to deposit insurance coverage of more than $100,000 at a single bank when deposits are held in different “ownership categories,” such as a single, joint and trust accounts.

6. You have the right to confirm that your deposits are within the insurance limits by using the FDIC’s Electronic Deposit Insurance Estimator and other online resources at www.fdic.gov/deposit/deposits or by calling the FDIC at 1-877-275-3342.

7. You have the right to be informed when a financial product offered by your bank is not covered by FDIC insurance.

8. You have a right, if your bank fails, to prompt access to your insured deposits.

9. You have the right, if you are an uninsured depositor, to receive distributions from the receivership as the sale of assets permits.

10. You have the right to sleep well, knowing that since the creation of the FDIC 75 years ago, no depositor has ever lost one penny of insured deposits.

“The banking system in this country remains on a solid footing through the guarantees provided by FDIC insurance. The overwhelming majority of banks in this country are safe and sound and the chances that your own bank could fail are remote. However, if that does happen, the FDIC will be there – as always – to protect your insured deposits.”

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system. The FDIC insures deposits at the nation’s 8,494 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC’s Public Information Center (877-275-3342 or 703-562-2200). PR-62-2008

All this time I’ve been good and I haven’t touched a thing in my 401k or my Roth IRA. But I finally caved.

I moved half of my Roth IRA to the Total Bond Market Vanguard Fund. Call me a wuss, but I just couldn’t take it any more.

Was it the best move? I don’t know but do know I feel a bit better after doing this.

I don’t have much saved for retirement and I just couldn’t bear to watch it continue to drop. I am just trying to stop the slow bleed.

Well, Murphy popped his head into my house yesterday.  My A/C’s drip pan was FULL of water and the floater sensor did not work and did not shut the unit off.

I was going to wait until Monday but when the temps are over 90 that’s really not an option.  So, I contacted the company, Shumate Mechanical, and set up the appointment.  I had used them before and they have a good rating on Angie’s List. 

Within 2 hours the technician arrived.  He worked and worked and worked. About 3 hours later it was done. Here’s the bill.  $224 is for an annual maintenance contract and he never charged me for replacing the P Trap (incorrectly installed with original installation). 

Murphy only stayed for a minute.  I have an emergency fund and I wrote a check for the bill.  I will replenish the emergency fund this month.  It will only slow me down by $440 in my debt snowball.  It’s OK and I did NOT use a credit card!

Whoo Hoo and thank goodness for Emergency Funds.

You know how you can get your credit report free each year, but they charge you to get your score.  Here’s what I do to get my scores for free.  Once a year I call Countrywide to find out my refinancing options.  They always have to run your credit.  I tell them they can run it if they tell me my scores.  So, that’s what I did, yesterday.  No, I’m not going to refinance.  Not enough incentive to do so. 

But, I did get my scores.  Here’s where I’m at as of yesterday.

Transunion: 786
Equifax: 813
Experian: 824

Here’s what my scores were when did my HELOC refinance to a fixed 2nd mortgage in May 2007

Transunion: 725
Equifax: 723
Experian: 742

So, in a little bit over a year and getting rid of all credit card debt has resulted in a nice improvement.  They were never terrible but the jump is nice.  I still have my credit cards, for now.  I haven’t closed any because I don’t want to take the negative hit on my credit.  But, once I move and get settled I’ll probably close the accounts.

Oh, I just made my first gigantic payment on my student loan.  9 more payments on that and I’ll be debt free except for the house.

I started my debt reduction plan May 2007.  Well, I have finished paying the bills for April so all my finances are complete.  That makes it one year since I’ve started this journey.  How am I doing?  I think I’m doing OK.  I wish I could go faster but I’m doing just fine.

Here’s my debt snowball snapshot! I almost paid off $25,000.00 in one year!  I can’t wait until all of my debt is gone!

Depending on the real estate market will determine if I keep my Fixed 2nd mortgage in the snow ball.  If, by next July things are better I will sell and not worry about the 2nd mortgage.  Woo Hoo just a little bit over a year and it’s DONE!

Here it is!  I love the progress but sometimes I get antsy and want to move even faster.  But, thank goodness I am able to move as quickly as I am.

This is great progress considering I had to keep $950 aside for driveway repairs next month.  So, considering that I think I’m doing just fine.

Well here it is.  I’ve finished paying all bills for February and this is how it looks.  Yes you see it right! 2 credit cards have bitten the dust.  I love it and in 4.5 months the next one will be gone and then it’s on to the student loans.  After that, I am basically free and will be selling my house.  That’s why I’ve crossed out the second loan on the snowball.  As it stands right now I’ll be done in May 2009.  Hopefully, the housing market will be picking back up. 

As you can see I have just about paid out $20,000 in 10 months.  I love it!

I got my income tax refund (fed and state). For now I’ve moved both of them into savings until I decide the best way to proceed.  I have already maxed out my Roth IRA for 2008 so that’s out of the picture.  I have things I have to do but I’m tempted to throw it at debt.  I have to decide what to do so for now, it’s in savings.

StuffSafe

What is StuffSafe? It’s the simple, fast, free online inventory solution for your home and/or office.

This is very cool and free. Here’s what they say on their web site.

"If you’re a home owner or renter, a secure inventory of your possessions should be a big part of your theft or disaster recovery plan. Having an up-to-date home inventory will help you get your home owner insurance claim settled faster, verify losses for your income tax return and help your purchase the correct amount of insurance."

It’s really cool and you set your inventory up by locations or rooms. You can also download your home inventory to your computer and create reports. Reports can be created in PDF, HTML or Excel format.

To learn more Click Here for the FAQ.

Here’s what it looks like after you’ve added a location and a room. Seems like it’s relatively intuitive. I like that you can add pictures and include them in your report.  I know it’s kind of hard to read but I think you get the idea.

Has anyone used this service? If so what do you think?

Happy Valentine’s Day!  In celebration Oprah has teamed with Suze Orman to offer Suze’s book for free until 8pm Eastern Time tonight.  If you ever wanted to read Women and Money now is your chance.  Today only you can get it for free in .pdf format.

Here’s the link to Oprah’s site.  Scroll down and you’ll see the download in English and Spanish.

If you just want to download the file, click here.

Get it quick and enjoy! Remember this only until 8pm Eastern time TODAY.

Woo Hoo I’m working from home today and it’s 24 degrees outside!

I called Fidelity and found out the scoop on moving my 401k to my Roth IRA.  When I am 55 I can transfer the employer contribution portion and at 59 1/2 I can transfer all of it.

I am not sure I’ll do that since that will be a larger transfer and my taxes will be higher.  A reader pointed out that my tax liability would be less at retirement so if I just leave it alone and when I withdraw from it I will, most likely end up paying lower taxes.

It was also suggested that I pay the Nelnet debt first because of the higher interest rate.  Logically, that makes sense but the smaller victories keep my motivation higher.  So, I am paying off everything from the smallest to the highest. By the time I get to Nelnet I’ll have a nice snowball and will have paid out in about 10 months.  I’m happy and my second credit card will be paid out in February.