It is NOT illegal. We have no laws dictating what currency can and cannot be used for transactions. The Federal Reserve, which makes the USD notes, is a FOR-PROFIT company, like Walmart or what have you... its a business, NOT a government entity! If you want to try to "buy" something with salt, you just have to find someone that will accept salt as payment. Coins are a slightly different issue, and naturally counterfeit bills (bills specifically designed to look like any other note with the intent of deception) are illegal, but basically, if you can get a vendor to accept it, its LEGAL! Check out the Treasury's website. I'll even quote it here for you:
"There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services."
Is it illegal for US banks to offer a savings account in Euros or another currency besides the dollar?
No. Not at all. It is perfectly Legal. Euro money markets are prevalent. Many of my customers had them as they transacted a lot of business in Euros. The money in them is still subject to changes in the value of the Euro against the dollar. We also had multi-currency accounts which were technically established by a US bank but held in the Canary Islands. These accounts could individually hold many different forms of currency (each sub account had to be unique for its own form of currency).
Reply:Within the United States, the answer is yes. Only U.S. money is legal tender for financial transactions, including banking.
Sunday, May 23, 2010
My husband and I have a question concerning a 401k account?
I was wondering if anyone knows how to close out a 401k account and not put more in it. We would like to reopen after the stock market gets better, but we don't know how to do this. If anyone has a solution please help!
My husband and I have a question concerning a 401k account?
dunno darling id go into your bank though and find out as soon as you can.........god ye did well for yourselfs .. fairplay!!xx
Reply:You should be able to stop your contributions now, but sometimes they do not let you start up again until a certain date (like Jan 1 of the following year). As far as taking the money out, you can but there is a penalty for doing so for any reason other than a true hardship like saving your home from foreclosure, medical expenses, etc. (which you will have to prove the hardship). I did hear mention of waiving the early withdrawal penalty a few weeks ago, but am not sure what happened with that. It is tempting to close it out, but the stocks are now pretty low, and I expect most of them to recover in time - so, rather than take a huge loss right now, we are leaving our alone and waiting for the market to recover - especially since this is a long term savings plan.
Reply:Of course there are not many people who would recommend this but here's what you do.
Tell your employer you would like to change the % that you contribute, there is a form you will need that they have. Complete this form and return it to HR.
There are some rules to closing it and you would pay more in taxes and penalties than you would likely lose in the market because with a 401K there are more than just stocks that you are investing in.
If you want to change how aggressive your account is that may be the way to go. Call the number on your statement and speak to a rep. from the company managing your 401, tell them you want to be less aggressive.
Try that and see if you feel a little better about your money.
Reply:Now is the time that you want to put money into it. To answer your question, one talk to someone at work that handles this and stop your contribution. You could be losing out on matching funds, so this is really a bad move. Secondly, talk to the same person and transfer the amount of money in the 401k to a money market or government bond fund, again possibly a bad move too. I hope you know the exact day the market gets better, so you can get right back in. Good Luck!
Reply:Go to the HR department at whichever company you have the 401(k). They will have either the information you need or the person at the plan administrator's firm who will have the info.
On the other hand, if you believe the market is going to get better, why would you stop investing with stocks so cheap. Various studies show that trying to time the market (buy at its lowest or sell at its highest) usually ends up with the timer making less money than just continually investing and riding the market up and down.
Reply:you have to talk to the 401k director at your company (usually someone in HR) or call the company that handles your 401K directly. i must warn you though, most companies charge heavy fees for cashing out a 401k
Reply:You really don't wanna do that. Right now you are buying stock cheap. You're getting more stocks for the money. When the stock market recovers. Your gonna make a killing.
Reply:i wouldn't close out the account. Why?. you just dump hundreds or thousands of dollars down the drain. The market itself is a roller coaster. So i suggest leave your 401k alone.
My husband and I have a question concerning a 401k account?
dunno darling id go into your bank though and find out as soon as you can.........god ye did well for yourselfs .. fairplay!!xx
Reply:You should be able to stop your contributions now, but sometimes they do not let you start up again until a certain date (like Jan 1 of the following year). As far as taking the money out, you can but there is a penalty for doing so for any reason other than a true hardship like saving your home from foreclosure, medical expenses, etc. (which you will have to prove the hardship). I did hear mention of waiving the early withdrawal penalty a few weeks ago, but am not sure what happened with that. It is tempting to close it out, but the stocks are now pretty low, and I expect most of them to recover in time - so, rather than take a huge loss right now, we are leaving our alone and waiting for the market to recover - especially since this is a long term savings plan.
Reply:Of course there are not many people who would recommend this but here's what you do.
Tell your employer you would like to change the % that you contribute, there is a form you will need that they have. Complete this form and return it to HR.
There are some rules to closing it and you would pay more in taxes and penalties than you would likely lose in the market because with a 401K there are more than just stocks that you are investing in.
If you want to change how aggressive your account is that may be the way to go. Call the number on your statement and speak to a rep. from the company managing your 401, tell them you want to be less aggressive.
Try that and see if you feel a little better about your money.
Reply:Now is the time that you want to put money into it. To answer your question, one talk to someone at work that handles this and stop your contribution. You could be losing out on matching funds, so this is really a bad move. Secondly, talk to the same person and transfer the amount of money in the 401k to a money market or government bond fund, again possibly a bad move too. I hope you know the exact day the market gets better, so you can get right back in. Good Luck!
Reply:Go to the HR department at whichever company you have the 401(k). They will have either the information you need or the person at the plan administrator's firm who will have the info.
On the other hand, if you believe the market is going to get better, why would you stop investing with stocks so cheap. Various studies show that trying to time the market (buy at its lowest or sell at its highest) usually ends up with the timer making less money than just continually investing and riding the market up and down.
Reply:you have to talk to the 401k director at your company (usually someone in HR) or call the company that handles your 401K directly. i must warn you though, most companies charge heavy fees for cashing out a 401k
Reply:You really don't wanna do that. Right now you are buying stock cheap. You're getting more stocks for the money. When the stock market recovers. Your gonna make a killing.
Reply:i wouldn't close out the account. Why?. you just dump hundreds or thousands of dollars down the drain. The market itself is a roller coaster. So i suggest leave your 401k alone.
Which online trading account is best for Option market with less brokerage?
I am having an offline DP account. I am doing Options, but my profits are not crossing the brokerage charges. So I am trying for some Online DP account, who are having less brkrage. I contacted Reliance Money, they told, they are having a flat brokerage rate of Rs. 500 for two months, Is that best?
Which online trading account is best for Option market with less brokerage?
Indiabulls is best
http://www.indiabulls.com/
All the best :)
Reply:First of all if you're unable to cross the charges, you should be careful about the calls you're making. You're dealing in investments with a very thin margin. Try to improve your calls so that the margin % increases. Secondly, although the charges vary over the online service providers, a lot depends on the volume you trade. If you are having a very high volume reliance money may be a good option.
If the volume is not very high, you can try indiabulls, IDBI, Religare trading terminals.
Hope this helps. Please make a comparative study keeping volume of approximate transaction in mind.
Reply:you can consider smaller players like the alankit, JP etc.
Reply:yes...reliance money is the best....go fot it undoubtfully.....
Which online trading account is best for Option market with less brokerage?
Indiabulls is best
http://www.indiabulls.com/
All the best :)
Reply:First of all if you're unable to cross the charges, you should be careful about the calls you're making. You're dealing in investments with a very thin margin. Try to improve your calls so that the margin % increases. Secondly, although the charges vary over the online service providers, a lot depends on the volume you trade. If you are having a very high volume reliance money may be a good option.
If the volume is not very high, you can try indiabulls, IDBI, Religare trading terminals.
Hope this helps. Please make a comparative study keeping volume of approximate transaction in mind.
Reply:you can consider smaller players like the alankit, JP etc.
Reply:yes...reliance money is the best....go fot it undoubtfully.....
I have more than one Yahoo email account. How do I merge them all into one email account? ?
Would like to retain all old emails and all contacts should be able to email me to the single merged email id.
I have more than one Yahoo email account. How do I merge them all into one email account? ?
Unfortunately Yahoo! do not provide an option to Merge Email accounts,sorry.
-Jake
Reply:You cant merge Yahoo email accounts, but you can set up mail forwarding so any mail sent to your other accounts is forwarded to the one you choose as your main account. Choose your main account and log into each of your old accounts and go to Options, Mail Options, POP Access and Forwarding and enter your main yahoo email address in the forwarding option
naming
I have more than one Yahoo email account. How do I merge them all into one email account? ?
Unfortunately Yahoo! do not provide an option to Merge Email accounts,sorry.
-Jake
Reply:You cant merge Yahoo email accounts, but you can set up mail forwarding so any mail sent to your other accounts is forwarded to the one you choose as your main account. Choose your main account and log into each of your old accounts and go to Options, Mail Options, POP Access and Forwarding and enter your main yahoo email address in the forwarding option
naming
How does savings account interest work?
My mother told me I would get around 4% monthly interest on my savings account. Now I have a hard time believeing there isn't a catch to this because I'm about to obtain $20,000 and I did the calculations of getting 4% interest every month for 10 years and It came up to $2,128,000. I could easily keep that in savings for 10 years but then why wouldn't everybody have a ton of cash. Whats the catch?
How does savings account interest work?
First of all, like the above said, your mother is wrong. You DON'T get 4% a month, you get 4% a YEAR.
Also, you are RIGHT, you can easily save more than that, so DO IT!
Don't let them hold your money one whole year for just 4%. If you put money in savings accounts, banks will lend it to other people. You settle for 4%, which is bad for you, then other people get to borrow for a low interest, which is bad for the whole market, because more money means money is worth less, and cost of living goes up.
SO, if you keep money to yourself and save that up, you're making the banks BEG for your money, just wait until they offer something more (such as 10%). I keep my money out of banks, but $20,000 is a little hard to hide, so buy some gold and silver coins, it'll preserve the value over time (MUCH HIGHER THAN inflation and CD savings).
Reply:Your mother is mistaken. If she's found a savings account that pays 4 percent, that would be the ANNUAL yield, not the MONTHLY yield.
Four percent APY is a very good rate, by the way. My online bank just reduced their rate from 3.0 to 2.75, and most regular banks are paying less than half that.
You might find an even better rate if you put your money into a CD rather than a straight savings account. If you do that, though, you'll pay a penalty for early withdrawal, so make sure when you buy the CD that you're not planning to spend the money until the term is up.
Reply:It's 4% annually compounded monthly. 4% / 12 is what it is calculated at / month.
Reply:4% is the annual rate, not the monthly rate. Most banks are even lower.
How does savings account interest work?
First of all, like the above said, your mother is wrong. You DON'T get 4% a month, you get 4% a YEAR.
Also, you are RIGHT, you can easily save more than that, so DO IT!
Don't let them hold your money one whole year for just 4%. If you put money in savings accounts, banks will lend it to other people. You settle for 4%, which is bad for you, then other people get to borrow for a low interest, which is bad for the whole market, because more money means money is worth less, and cost of living goes up.
SO, if you keep money to yourself and save that up, you're making the banks BEG for your money, just wait until they offer something more (such as 10%). I keep my money out of banks, but $20,000 is a little hard to hide, so buy some gold and silver coins, it'll preserve the value over time (MUCH HIGHER THAN inflation and CD savings).
Reply:Your mother is mistaken. If she's found a savings account that pays 4 percent, that would be the ANNUAL yield, not the MONTHLY yield.
Four percent APY is a very good rate, by the way. My online bank just reduced their rate from 3.0 to 2.75, and most regular banks are paying less than half that.
You might find an even better rate if you put your money into a CD rather than a straight savings account. If you do that, though, you'll pay a penalty for early withdrawal, so make sure when you buy the CD that you're not planning to spend the money until the term is up.
Reply:It's 4% annually compounded monthly. 4% / 12 is what it is calculated at / month.
Reply:4% is the annual rate, not the monthly rate. Most banks are even lower.
I have more than one Yahoo email account. How do I merge them all into one email account? ?
Would like to retain all old emails and all contacts should be able to email me to the single merged email id.
I have more than one Yahoo email account. How do I merge them all into one email account? ?
Unfortunately Yahoo! do not provide an option to Merge Email accounts,sorry.
-Jake
Reply:You cant merge Yahoo email accounts, but you can set up mail forwarding so any mail sent to your other accounts is forwarded to the one you choose as your main account. Choose your main account and log into each of your old accounts and go to Options, Mail Options, POP Access and Forwarding and enter your main yahoo email address in the forwarding option
I have more than one Yahoo email account. How do I merge them all into one email account? ?
Unfortunately Yahoo! do not provide an option to Merge Email accounts,sorry.
-Jake
Reply:You cant merge Yahoo email accounts, but you can set up mail forwarding so any mail sent to your other accounts is forwarded to the one you choose as your main account. Choose your main account and log into each of your old accounts and go to Options, Mail Options, POP Access and Forwarding and enter your main yahoo email address in the forwarding option
Saturday, November 7, 2009
How much money does it take to start a savings account?
at least $100 dollars
How much money does it take to start a savings account?
$0.05 is enough to start saving. Start with a jar and put your small change in that. When you get a few dollars, go to a few banks and check out what products they have.
I suggest an internet or passbook account. These seem to get more interest than ATM debit card accounts. Different banks and different accounts will have different minimum balances. As I don't even know what country you're from, and I'm only familiar with a few banks in my own country, I suggest you look online at the requirements of banks you're interested in.
Save any amount you can. A good rule of thumb is at least 10% of your income. You can have this direct debited into another account from your normal one, or even have your employer pay it into that account for you, to save fees.
Best wishes.
Reply:It depends on where you bank.
Most banks and credit unions will start a basic savings account with a minimum deposit of $25.
If you are looking at something with higher yields, like a Money Market savings account, the minimum balance is much higher--at my bank it's $5000. If you drop below that amount, you don't get the higher interest rate.
Call your bank, or look at their website (if they have one), and you should be able to find out what you need to open a savings account.
Reply:any amount really. $50 should do to start
Reply:Some banks need an minimum amount to open an account and some don't. Check with your bank and try to put away 10% or more of your pay cheque if you can.
Reply:it depends on what bank you are going with, but usually about 20 dollars.
Reply:If you are a minor it can be as low as $5 or $25 if you are over 18.
Reply:It depends on the bank. It can vary from 5 dollars on up.
Reply:100 dolllar deposit to start it at most banks but u can withdrawl the 100 bucks right after its created
Reply:each bank is different. $ 100.00 at some banks. Others may only require $25.00 if you have another account with them. You can always call around to the banks in your area and ask!
Reply:Pretty much all banks and credit unions will require a minimum of $5 at all times but some will want $50-$100 for the first month or so. Credit Unions are much more lenient with this and are just about always the better way to go for savings or loans.
Reply:it depends on the bank. one account i used to have needed at least $5 dollars in it at all times.
How much money does it take to start a savings account?
$0.05 is enough to start saving. Start with a jar and put your small change in that. When you get a few dollars, go to a few banks and check out what products they have.
I suggest an internet or passbook account. These seem to get more interest than ATM debit card accounts. Different banks and different accounts will have different minimum balances. As I don't even know what country you're from, and I'm only familiar with a few banks in my own country, I suggest you look online at the requirements of banks you're interested in.
Save any amount you can. A good rule of thumb is at least 10% of your income. You can have this direct debited into another account from your normal one, or even have your employer pay it into that account for you, to save fees.
Best wishes.
Reply:It depends on where you bank.
Most banks and credit unions will start a basic savings account with a minimum deposit of $25.
If you are looking at something with higher yields, like a Money Market savings account, the minimum balance is much higher--at my bank it's $5000. If you drop below that amount, you don't get the higher interest rate.
Call your bank, or look at their website (if they have one), and you should be able to find out what you need to open a savings account.
Reply:any amount really. $50 should do to start
Reply:Some banks need an minimum amount to open an account and some don't. Check with your bank and try to put away 10% or more of your pay cheque if you can.
Reply:it depends on what bank you are going with, but usually about 20 dollars.
Reply:If you are a minor it can be as low as $5 or $25 if you are over 18.
Reply:It depends on the bank. It can vary from 5 dollars on up.
Reply:100 dolllar deposit to start it at most banks but u can withdrawl the 100 bucks right after its created
Reply:each bank is different. $ 100.00 at some banks. Others may only require $25.00 if you have another account with them. You can always call around to the banks in your area and ask!
Reply:Pretty much all banks and credit unions will require a minimum of $5 at all times but some will want $50-$100 for the first month or so. Credit Unions are much more lenient with this and are just about always the better way to go for savings or loans.
Reply:it depends on the bank. one account i used to have needed at least $5 dollars in it at all times.
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