Weekly Wrap: The Approaching Storm


Updated on Mon Jul 21, 2014

Along much of the East Coast the skies have turned grey. The clouds are never-ending. The winds are rising. Hurricane Sandy is approaching, looking to rendezvous with an ally: a “midlatitude trough” that is moving across the country. Meteorologists, both professional and amateur, know that such a combination is what created “the perfect storm” of 1991.

So the air here in Brooklyn is ominous. There’s something over the horizon — looming, evil and cruel.

So there’s little wonder that at MyBankTracker we were a bit preoccupied this week with things dark and forbidding.

Early in the week we learned that someone had planted illegal card readers at Barnes & Noble stores across the nation.  In addition, the banking industry continued to reel from a series of hacker attacks. So we wrote a piece on how to protect yourself. And we were disappointed to learn that one of the coolest things to happen in finance — Bank Transfer Day — won’t be repeated this year.

Banks. Bookstores. … We were seeing bad news everywhere.

We made note that regulations on swipe fees — which we tend to support — had led to the death of free checking.

The FDIC released some new data that led us to worry about the safety of nation’s banks. So we updated our list of 5 banks likely to fail this year. And the ink on that story wasn’t even dry when we learned that Heritage Bank of Florida was facing a likely shutdown by regulators. We were not surprised at all to find Heritage was 13 years old. (Get it? 13!!)

And when we stopped worrying about banks for a few minutes, we started worrying about our education. According to a new study, the well-educated are more likely than other folks to wind up in debt.

With so many things to worry about, it’s no wonder we were glad to come across a list of 7 reasons to have an emergency fund.

Of course even in a week like this, not everything is doom and gloom.

We found out it was actually possible to make a deposit to an online bank using other banks’ ATMs. Of course, it’s not easy and it’s not quick.

Speaking of deposits, we also published a story on credit unions that allow for mobile-check deposit and we were glad to see that the government has decided it will let us add a wee bit more to our IRAs and 401(k) accounts.

Finally, we ran an article about cool mobile apps you can use to shop in the real world. We’re using ours to buy bottled water, batteries and 5/8” marine plywood.


Post a Comment