May 23, 2015

Ever since the 2008 financial crisis, Americans are unhappy with their banks for putting their shareholders’ interests over their customers. Given this general sense of negativity, poor customer service and high fees can make matters worse for you. But that’s not all – here are 4 reasons why you might just hate your bank: #1: ATM Fees A number of banks charge you an amount if you withdraw money from an ATM outside their network. According to Bankrate, the average cost of doing this amounts to $4.35 for every transaction. This is also the same amount that banks charge non-customers for using their ATMs. #2: Overdraft Fees Fees for an overdraft protection program are the highest and amounts to $32.74 for every occurrence. If you don’t opt for this service, you could possibly be declined for having insufficient funds. Yet the ridiculousness of this type of product is that the bank charges you an additional fee based on the temporary loan that they offer you just in case you use these extra funds. #3: Minimum balance requirements This is yet another fee that is charged by banks towards customers who cannot maintain a minimum balance in their accounts adding insult to injury. Of course, most households now live from paycheck to paycheck and in having to maintain this minimum balance is always a reminder that they don’t have enough of it. #4: Monthly Service Fees Most big banks charge their customers monthly service fees just for owning a checking account. Of course, this fee is very less if you own an account with a community bank or even a credit union. In fact, less than 40% of non-interest checking accounts and 4% of interest checking accounts are completely free of...

May 5, 2015

By Phineas Upham Elisabeth Berenberg is notable as being the first female to serve as a partner to the Berenberg Bank that carried her namesake. She served for ten years, the first time in the family’s history of being in business. She was a Hamburg heiress who became a merchant banker, an uncommon profession for women of the time. Her family had come to Hamburg as religious refugees from Antwerp in 1585, and they founded a merchant house with the money they’d managed to take with them. They had partnered with another family, Hanseaten, which was one of two of the most prominent families in the city-state. Her father owned the bank during the 1700s, and her great grandfather had been instrumental in forming the bank during its early years. Her family was essentially comprised of the most prominent merchants and bankers of the time, even after the exile. She became the bank’s partner succeeding her late husband, and managed the firm for 32 years with her son-in-law. Her late husband was a marriage of convenience. Elisabeth was not known for her beauty, but she was known for her kindness. She spoke Latin, along with a host of other languages, which made her an adept conversationalist. She was a devoted wife and mother, and retained large sums of money with her family company until her death. She eventually stopped her activities with the bank in the year 1800, retiring to let her sons run the establishment. Phineas Upham is an investor from NYC and SF. You may contact Phin on his Phineas Upham website or LinkedIn...

Apr 23, 2015

Bad habits tend be to easy to catch, especially when in the 20s. Some of the worst habits listed among millennials, as per a recent study includes aspects such as racking up credit card debt, overspending and undersaving. With some simple actions, these bad habits can be effectively transformed into good initiatives. Track your spending Keeping track of spending helps to avoid overdrawing from an account. Many people often get tripped by the fact that weekend purchases from debit cards are not recorded until Monday. This falsely cause them to believe that they have a higher balance than what they really have, resulting in overdrawn accounts. As per data collected from the Consumer Financial Protection Bureau, 1 out of 10 millennials have an overdraft as least 10 times a year. This constitutes of about $350 in overdraft fees. Plan ahead for big expenses In case of a planned big expense, such as a vacation or wedding, using a credit card could prove to be risky. This is because interests on these accounts tend to grow up quickly. Moreover, penalty fees for late or missed payments can adversely affect your credit score which could in turn make securing a loan difficult. Set up an emergency fund Having at least six months of living expenses saved up for emergencies is often recommended. This would ensure that you would be able to cater for any unexpected expense and be able to fend for yourself in the event that lose your...

Mar 27, 2015

By Phin Upham Anita Roddick is the founder of The Body Shop, and a human rights activist. Her company is best known for its ethics related to the beauty industry, and for selling products that take ethical consumerism in mind. Her company was one of the first to introduce beauty products that had not been tested on animals, and she worked hard to promote fair trade in any dealings with third world countries. Roddick was best known for her activism, which had roots in her travels with the UN as a young girl. She would eventually join both Greenpeace and The Big Issue. The Big Issue was a magazine sold by homeless people, which the work of her and her husband made possible. She would later found Children on the Edge in 1990 to help children facing terrible conditions through Eastern Europe and Asia. Her work earned recognition from Queen Elizabeth II, who appointed her Dame Commander of the Order of the British Empire in 2003. The little girl, who had been born in a bomb shelter, fighting poverty on the front lines, had international attention by then. She decided that she would open a shop in Brighton, simply called “The Shop.” It was located in a not-too-desirable location sandwiched between two funeral parlors. Roddick stated that most of her growth was the result of circumstances and luck instead of any plan she’d prepared ahead of time. She kept her message simple and her business ethical. Roddick died unexpectedly in 2007 to a brain hemorrhage, though she’d been suffering from Hepatitis C as well. Her brand is one of the top ten most known and respected brands in the UK. About the Author: Phin Upham is an investor at a family office/ hedgefund, where he focuses on special situation illiquid investing. Before this position, Phin Upham was working at Morgan Stanley in the Media & Technology group. You may contact Phin on his Phin Upham website or LinkedIn...

Mar 21, 2015

Paying bills late can be detrimental to your credit score. When it comes to creditors and even your credit score, a slight lateness ones can result in having to pay lateness fees. There are several steps that can be taken to stay ahead of your monthly bills and these are listed below. Automatic Payments Setting up automatic payments either through online banking or checking windows is one of the most effective ways to plan bills payments ahead. Some car insurance or car lease companies also offer discounts to customers who set up automatic payments. Some online checking services enable customers to set up bills by dates and even by priority. They will thus be able to send mobile reminders to customers. Mobile Apps Most banks now have their own mobile apps available on Samsung Apps, Apple App Store and Google Play. These allow users to scan and deposit their checks. Depositing through these apps will in most cases take less time than processing a check at the bank. Set up reminders If you tend to have various bills requiring attention at different times of the month, it might be tedious to remember all the dates and ensure adequate funding for each of them. Instead, mobile reminders can be used or services such as Gmail and iCloud also allow calendar reminders to be synced with all devices. Choose Convenient Due Dates Making companies now allow you to schedule your own billing dates. If for instance, the end of the month is more convenient for you, it would be preferable to set up due dates for all bills at that time of the...