Now, this is an interesting story. Bank of America has published plans to remove the debit card overdraft fees completely (starting this summer), which will cost the bank millions of dollars annually. The move will probably put pressure on other banks to follow suit. I, for one, am glad this is happening.
It's been just under a month since I mentioned my plan to get a VISA debit card from the UnionBank of the Philippines. The following week, I went to the bank and applied for the EON CyberAccount in order to get the EON VISA Electron card. I was then told I could pick up the card and pay the initial annual fee (350 pesos) the following week, which is what I did.
Getting VISA credit or debit cards shouldn't be too difficult, right? In the Philippines, most people are limited to getting either one attached to bank accounts which deal in pesos, the local currency. That is, if they even have bank accounts. Trying to get either kind of card for dollar accounts is something that I have yet to attempt.
In the US, employers pay unemployment "taxes" to their respective state governments. When an employee loses his job, regardless of the circumstances, the employee may be entitled to unemployment benefits. The problem with the cash portion of the benefits is that it's never enough to survive on.
Over the years, life insurance companies have been increasing the payout amounts of the different kinds of life insurance plans. Before you sign up for that million dollar life insurance plan, you have to examine your needs and your financial situation. Some people need a LOT of life insurance coverage while some people need none at all.
While I'm going to share some of my personal budgeting details with you, you can take my experience for what it's worth. I've been living in the Philippines for more than three years, so my monthly budget is fairly stable. The biggest reason is that I don't owe anyone anything — I have no credit payments whatsoever.
Credit cards, in the hands of inexperienced people, are very dangerous things. All credit cards are bad credit cards when they're used for the wrong reasons. Debit cards, on the other hand, are simply used as a means for purchasing products without using cash and when using cash isn't an acceptable method of payment.
I've been receiving email updates from Philippine National Bank for the past few months. Each time, it was a notification of system downtime in order to make improvements.
Basic budgeting should be taught as part of a required personal finance course in schools everywhere. In my early marriage years, I learned basic budgeting as I struggled to survive living from paycheck to paycheck. I made barely enough money to support a wife and two growing sons and I had to learn to be frugal.
Do you still send Christmas cards to your relatives with a check or cash tucked inside? If you're still sending checks, you should see if sending a VISA or MasterCard gift card (in the form of a preloaded debit card) would be a better idea. If you're still sending cash, are you crazy?
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