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BUSINESS
April 12, 1992 | From Associated Press
From a British schoolteacher who lost his life savings to a Beverly Hills millionaire who fears he may lose his home, claims are rolling in for the millions forfeited by the Bank of Credit and Commerce International. Gerald Bolton, a Briton living in Qatar, says he had about $100,000 in a savings account at BCCI's home branch in Luxembourg. "This humble petitioner . . . pleads with the court to enable me to retrieve the money I have deposited," Bolton wrote.
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NATIONAL
January 29, 2014 | By Christi Parsons
WEST MIFFLIN, Pa. - He has taken to saying he has a pen and a phone that he can use to work around Republicans in Congress, but President Obama also has a jet and a helicopter. He used them both Wednesday as he set off on a two-day traveling sales tour to promote his State of the Union agenda to increase economic mobility for American workers, stopping first at a Costco store in Lanham, Md., just outside the Beltway, and then at a U.S. Steel plant here. "Wherever I can take steps to expand opportunity for more families, regardless of what Congress does, that's what I'm going to do," Obama told steelworkers gathered on a factory floor.
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BUSINESS
October 1, 2013 | By David Lazarus
As pre-enrollment begins for Obamacare, Albert is exploring his options. He wants to know more about health savings accounts. Good idea. Health savings accounts, or HSAs, can be a good fit for some, but not for all. Basically, a health savings account is like an IRA for healthcare. Money you put into it isn't subject to federal taxes. It can also roll over from one year to the next if unspent. ASK LAZ: Smart answers to consumer questions If you withdraw money from an HSA for non-medical purposes, there are penalties.
BUSINESS
October 13, 2013 | Liz Weston, Money Talk
Dear Liz: Recently my mother passed away. My brother and I were fortunate enough to inherit a substantial amount of money from her life insurance. My brother and I do not want to spend this money and have placed the funds in brokerage accounts. My question is this: Because of the often-volatile market, is there a better way to invest this money? Should we take this money out of the market and save some of it in a bank? Answer: Your first task with a windfall is to determine your goal (or goals)
BUSINESS
March 1, 2012 | By Jim Puzzanghera
The Consumer Financial Protection Bureau on Thursday began taking complaints about bank checking and savings accounts as it continues to expand its operations. “Deposit accounts play a critical role in the lives of most Americans, but these products and the laws governing them are complicated,” said the bureau's director, Richard Cordray.  “Consumers need someone on their side to keep banks and credit unions accountable - that is our job at the consumer bureau.” The agency said it expects to hear a variety of complaints, including problems related to opening and closing accounts, dealing with low account balances and using debit or ATM cards.
BUSINESS
January 23, 2005
Why create another complicated system for employees and insurance companies to keep up with ("Savings No Salvation for Healthcare," James Flanigan, Jan. 16)? Why not just allow the first, say, $2,000 of healthcare costs each year as a state and federal tax deduction. I think the insurance companies would start selling, and employers would start offering, a plan that wouldn't kick in till the deductible was met. Doctors would be paid directly and avoid paperwork, many employees would never exceed the deductible, and all insurance costs would go down.
BUSINESS
July 15, 1990 | BILL SING
By now you may have heard that Congress is considering reforms in federal deposit insurance--a system that some say helped contribute to the nation's mounting savings and loan fiasco. But some new rules for deposit insurance are already scheduled to go into effect beginning July 29. And while the basic $100,000 limit on coverage is not affected, there are a few modifications that you may need to act on to protect yourself in a bank or thrift failure.
NATIONAL
January 27, 2006 | Joel Havemann, Times Staff Writer
Enrollment in high-deductible insurance plans that qualify for contributions to tax-sheltered health savings accounts -- the Bush administration's way of adding market forces to the health business -- tripled to 3 million people in the last 10 months, the health insurance industry reported Thursday.
BUSINESS
June 4, 1987
An old-fashioned statement savings account remains a bargain for many small savers, particularly those with less than $1,000 to deposit, a survey by the Consumer Federation of America and San Francisco Consumer Action found. "Most institutions do not penalize low-balance statement savings account holders with interest-rate reductions or excessive fees," the study said. While there are monthly or quarterly fees, they often are not charged unless an account drops below $100.
BUSINESS
February 14, 1997
Glendale Federal Bank, one of the largest thrifts in the U.S., said it will offer medical savings accounts. The Glendale-based thrift said it will be the first in the state to offer the accounts, which enable customers to set aside funds earmarked for health expenses. Contributions are tax deductible. More financial institutions are expected to begin offering the accounts in a bid to attract customers.
BUSINESS
October 9, 2013 | By Michael Hiltzik
During his news conference Tuesday about the fiscal standoff and the risks of a U.S. default, President Obama repeatedly cited Americans' experience with their mortgages to explain why you don't monkey with your credit rating. If you don't pay your mortgage, he said, you're a "deadbeat. " You'll find it harder to borrow in the future, and if you do get a loan, you'll be paying a higher rate. The problem is he's not being scary enough. The consequences of a government default are truly terrifying.
BUSINESS
October 1, 2013 | By David Lazarus
As pre-enrollment begins for Obamacare, Albert is exploring his options. He wants to know more about health savings accounts. Good idea. Health savings accounts, or HSAs, can be a good fit for some, but not for all. Basically, a health savings account is like an IRA for healthcare. Money you put into it isn't subject to federal taxes. It can also roll over from one year to the next if unspent. ASK LAZ: Smart answers to consumer questions If you withdraw money from an HSA for non-medical purposes, there are penalties.
BUSINESS
July 23, 2013 | By E. Scott Reckard
In a blockbuster L.A. financial merger, Pacific Western Bank plans to acquire CapitalSource Bank, creating a robust regional bank with a national commercial lending arm - but wiping out a source of high-yield savings accounts for Southern Californians. CapitalSource had specialized in providing savings options for conservative investors, offering among the best rates in the country at a time when many institutions are paying virtually zero interest. The banks' parent firms, PacWest Bancorp and CapitalSource Inc., said late Monday that PacWest would pay CapitalSource shareholders about $2.3 billion in cash and stock.
NEWS
July 10, 2013 | By Jon Healey
Top Senate Democrats tried again Wednesday to push through a bill to extend for one year the just-expired 3.4% interest rate on some federal student loans. And predictably, the bill was blocked by a filibuster, with one Democrat and one Independent joining all 46 Republicans in opposition. The two camps are divided over whether to adopt a stopgap solution or a long-term one that shifts from fixed to adjustable rates. That divide seems too wide to be bridged before low- and moderate-income students start having to take out loans at the new interest rate.
NEWS
April 12, 2013 | By Jon Healey
President Obama's budget proposal included a number of proposals to increase tax revenue not by raising rates but by cutting back on tax breaks. The Wall Street Journal's editorial board singled out one such measure for ridicule Friday: a cap on an individual's tax-sheltered retirement accounts at "an amount sufficient to finance an annuity of not more than $205,000 per year in retirement, or about $3 million for someone retiring in 2013. " The board's members seem to think that people won't save for retirement unless they're given a tax break to do so. Perhaps they're right about that; the savings rate in this country is abysmal , and about three-quarters of the people nearing retirement age have less than $27,000 saved for their dotage, according to a 2010 study . But think about that statistic for a moment.
SPORTS
March 28, 2013 | By Andrew Tangel
NEW YORK -- The broad Standard & Poor's 500 index broke a half-decade-old record, another sign of stocks' continuing rally this year. The S&P 500 added 6.34 points, or 0.41%, to 1,569.19 Thursday, the last trading day of the first quarter. The S&P 500 fell short of its all-time intra-day high of 1,576.09, however. The index reached its previous all-time closing of 1,565.15 on Oct. 9, 2007, only weeks before the Great Recession officially began. The next year's financial crisis led the stock market to its low in March 2009.
BUSINESS
December 23, 2003 | From Bloomberg News
The Treasury Department issued rules Monday governing how companies will market tax-free savings accounts that Americans can use to pay for medical expenses under the new Medicare law. The so-called health savings accounts, included in the Medicare overhaul legislation President Bush signed into law Dec. 8, are designed for Americans in health plans with high out-of-pocket costs and those who anticipate needing long-term care when they retire.
BUSINESS
November 28, 2012 | Kathy M. Kristof, Personal Finance
When Andre Soto heard about a new program that could turn $500 of college savings into $2,000 almost overnight, the Lincoln Heights father of two assumed it was a Ponzi scheme. "There are so many scams going on, and this was clearly too good to be true," he said. But the account he stumbled across, called Triple Boost, is no Ponzi scheme. It's part of an anti-poverty program offered by San Francisco nonprofit Earn. Launched in 2001, Earn is one of hundreds of purveyors of so-called Individual Development Accounts, which are matched savings accounts aimed at helping low-income Americans build economic stability through savings.
BUSINESS
September 28, 2012 | By Tiffany Hsu
Americans spent more in August than the month before, buying more cars and paying up for gas. But many funded their expenditures by raiding their savings accounts. Consumer spending, a major contributor to the country's economic activity, increased 0.5%, or $57.2 billion, to a total of $11.2 trillion. The gauge had risen 0.4% in July, according to the Commerce Department . But personal income only grew 0.1%, the same amount as in July. The savings rate slipped to 3.7% of after-tax income after reaching 4.1% the previous month.
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