Topic: Bill Hardekopf

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  • Five ways big banks' Libor scandal affects you

    London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:

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  • Saving Money Best credit cards for overseas travel

    Credit cards often charge a foreign transaction fee. But some credit cards from Chase, American Express, BankAmericard, Capital One, and others waive it, saving overseas travelers up to 3 percent on purchases.

  • Saving Money Child identity theft: Your child's ID is a big target

    Child identity theft is a huge problem because it can go undetected for years. One study says 1 in 10 children have someone else using their Social Security number.

  • Saving Money Beware of 'gray charges' on your credit cards

    One in three credit card holders is being charged for an unwanted product or service. Average cost of a 'gray charge' is $61.   

  • Five ways big banks' Libor scandal affects you

    London, this year's host of the Olympics, is also home to a bank scandal that threatens to rock the financial world as much as the Games influence the world of sports. Here's why: Libor (London Interbank Offered Rate) is a global benchmark for interest rates that reaches deep into the international financial system. Allegations that banks rigged those rates means that everyone from mortgage-holders and indebted students to cities and mutual funds may have had their interest rates unnaturally altered. Already tainted by other scandals, banks are under investigation because of charges that they profited illegally from their rate-rigging scheme. The mess further taints big banks and puts more strain on the credibility of the global financial system. Here are five ways the Libor scandal could affect you:

  • The New Economy Retirement plans: How to spot financial abuse of seniors

    Retirement plans can be compromised when senior citizens become the victims of elder financial abuse, which can cost them an estimated $2.9 billion per year. Here's how to prevent elder financial abuse, protecting retirement plans and other investments.

  • How Greek economic woes could help US consumers

    Fears that Greece may default on its debt are spurring interest in US Treasury bonds, driving down interest rates on mortgages and auto loans – but not (alas) for credit card debt.

  • Saving Money What is arbitration? You sign away rights. Is that OK?

    Cellphone and credit card applications typically contain an arbitration clause that keeps you from suing the phone carrier or bank if a dispute arises. Often, the bank gets to pick the arbitrator. The federal government is looking to see if arbitration clauses give companies too much power.

  • Citigroup hacked: What to do if your account was compromised

    Citigroup hacked: What to do if your account was compromised

    Some 200,000 of Citigroup's bankcard customers had their accounts hacked. Most won't be responsible for fraudulent purchases, but cardholders should still take precautions.

  • Debit card fees: Will shoppers benefit from new cap?

    Debit card fees: Will shoppers benefit from new cap?

    Debit card fees paid by retailers to banks could plummet next month after the Senate failed to pass a delay Wednesday. Retailers are happy, but that might not help consumers.

  • Debit-card rewards: beginning of the end?

    Debit-card rewards: beginning of the end?

    Debit-card rewards are being trimmed as banks contemplate loss of revenue from new federal legislation. Will debit-card rewards disappear completely?