Jill Russo Foster

Guarding your personal information

I have been double checking my personal information and making sure that I have opted out with the companies I am dealing with That got me thinking about what happens to my information when a company closes.

So I started to do some research and don’t seem to find any answers I wanted When a company is open and they have your personal non-public information on file (name, address, account number, checking account number etc) most companies are required to comply with the Gramm Leach Bliley Act to protect your personal information They are required to disclose to you what they do with your personal non-public information Then you have the right to opt out so that they don’t share your information with non-affiliated third parties.

With that said, what happens when that company closes? Not much Recently a company that had your personal non-public information on file to expedite you clearing airport security closed There don’t appear to be any requirements of what to do with all the information they have on file.

At this point, the only thing you can do is to check your credit report and accounts on a regular basis to give yourself piece of mind.

Checking for counterfeit bills

In these challenging economic times and with technology being readily available, counterfeit money is in circulation In 2008, $64.4 million was in the US economy.

How to check if your bills are real? According to the US Secret Service, you should be looking for the differences between the same denominations of bills Check the portrait, the Federal Reserve and Treasury seals, border, serial number and the paper If you think the money is not real, refuse to accept it Ask for another bill If the bill is real, the person who has possession can easily exchange it at their bank.

Older bills, before 1996 are still in circulation and do NOT have these new security features and therefore may seem counterfeit to you Older bills are harder to detect Again, you simply refuse to accept them when receiving money.

Counterfeit bills are out there everywhere The person who possesses the counterfeit money is the person who loses So if you accept counterfeit bills and attempt to use them, it’s your loss (regardless of where you got them from) Check your change before you accept it to be safe.

Your Debit Card Declined?

Just like the changes to the credit card rules back in February, July 1 started one big change to your checking account If you overdraw your checking account with a debit card transaction, your charge will be declined That’s the change If you are someone who keeps detailed records and knows what you have in your checking account this won’t affect you If you cut it close and it happens to you, you are in for a change Your transaction will be declined and you may be embarrassed at the register.

In the past, the banks were more than happy to let you overdraw your account They would receive the overdraft charge of $30 plus dollars This was a big revenue source for banks With this change, banks are offering you another option of overdraft protection This is associated with your checking account If you spend more than you have, you will be using the bank’s money as a loan to cover the additional amount needed You will have to repay the loan amount plus additional interest charges as incurred.

Know how much you have available in your checking account before you make a purchase and you will be fine.

Who Knows You’re On Vacation?

Now that summer is here and school is just about out, people start to think fun and sun and for many of us, vacations Summer is prime vacation season, and while you’re anticipating the excitement of getting away from it all, you should also anticipate a little extra upfront work to help make your vacation worry-free.

To help prepare for your family’s vacation, I wanted to share with you a few tips to offer you some peace of mind while you’re away:

Stop your mail and newspaper delivery a few days before you go to make sure your request has taken effect.
Check out your yard and put away anything that could be used to gain entry to your home A ladder outside gives easy access to your home.
Make sure your services are maintained while you are gone landscaping and lawn mowing sure signs that someone is away if left undone.
If your home is empty, use timers for lights and appliances (radios, TV etc for noise).
Remember to turn off icemakers and other automatic appliances in your absence.
Don’t change the answering machine to say you will be away Inform the important people in your life directly.
Don’t post this information on social media websites before you go.
Clean out your wallet and/or purse before you go Remove items you will not be using and place them in a secure location.
Call your credit card companies to tell them where you will be going, so that they know to authorize a charge in a different location and make sure they have your cell phone numbers to contact you with any questions.

Hope these tips will help you have a great vacation!

Reduce Interruptions, Retake Your Time

This is the second part of streamlining the interruptions in your life.

As of January 1, 2005, the Do Not Call list went in to effect Adding your phone number(s) to the list prohibits companies with who you do NOT have a direct relationship (non-profits and political organizations are exempt) from contacting you for solicitation purposes You can register your telephone number(s) (cell phones too) so that unwanted calls are substantially reduced To register your phone numbers go to www.DoNotCall.gov or call 800-382-1222 Registration takes 31 days to take effect and numbers remain on the list for 5 years, at which time you should re-register So if you registered when the law started, it’s time to re-register.

Also in 2005, the Junk Fax Protection Act was enacted Each fax should include the option for you to remove yourself from that companies fax list, by providing you with a toll free number to call to get your number removed from their list.

Sometimes after all your efforts, you continue to receive unwanted communications, and you have made it clear to the company that you do not wish to be contacted and you have no relationship with them or a sister company and you continue to get contacted, you have the option of reporting the company to their regulatory agency For example, for calls and faxes contact the FTC to file a complaint.

The system is not perfect, but I personally have eliminated most unwanted mail, calls and faxes.

Jill interview in the Greenwich Time

Small steps make big difference for financial health: experts

Karen Kovacs Dydzuhn
Published 3:51 pm, Thursday, June 24, 2010
Original article link in the Greenwich Time

Given today’s shaky economy, more women are seizing control of their finances and, at the very least, are determined to learn more about the basics of money management and how to invest their assets wisely.

Last Tuesday’s “Living A Health Financial Life” seminar, sponsored by Mutual Security Credit Union, in partnership with Hearst Media and its HealthyLife magazine, drew a large turnout of women — and men — eager to listen to financial experts talk about budgeting, credit reports, estate planning and finding a competent financial planner.

Against picturesque views of the Long Island Sound from the Inn at Longshore’s Grand Ballroom, four panelists — including Westport’s own local radio celebrity Lisa Wexler — offered the audience tips on how to make small changes that could positively affect their personal finances.

Noting that people today are living longer lives, Stephanie Giletto, divisional vice president of Nationwide Financial, stressed the importance of getting organized, determining one’s goals and taking actions, no matter how small a step it may be.

“Do not procrastinate,” she advised. “You came here tonight for some information, so use it. Knowledge is not power; it is the application of knowledge that is power.”

Jill Russo Foster, a financial coach and author of Cash, Credit and Your Finances: The Teen Years, also encouraged people to take control of their finances by making a budget. Russo described budgets as “the starting point” that will lead to increased savings.

“You know the big items, such as your mortgage or car payments,” Foster said. “It’s the holes in the budget that get you in trouble. It’s the things that you don’t realize that you are spending money on that are the problem. It’s the little things that add up.”

Ideally, she added, you want to change your habits so that you could maintain your lifestyle but spend 10 percent less.

Foster also described the importance of having stellar credit. This could be obtained, she said, by paying bills on time and keeping a balance on credit cards that is no more than 30 percent of the card’s total limit. “This is not the time to max out your credit cards,” she said.

Likewise, if you are planning to buy a house in the near future, Foster said that it’s not a good idea to open up new credit cards. Contrary to what many people think, having credit cards is a good thing.

“Throw it in the refrigerator if you’re afraid that you will use it, but don’t close out your account,” Foster said. “Having long-term credit cards show that you can handle it regardless of what the economy is like. You have to learn to act responsibly, which is what this whole seminar is about.”

Wexler, acting as the seminar’s master of ceremonies, as well as its keynote speaker, pointed out that change happens in “small steps.” However, she also added that “The enemy is complacency.”

She described in detail her own journey of moving from owning her own law practice to essentially taking on two new businesses in the radio broadcasting industry.

“I am now responsible for creating a really fabulous show that people want to listen to, and selling advertising and marketing the show so it’s a financial success, too,” she told the audience.

Wexler recently wrote and published with her mother, Gloria Kaman, and sister, Jill Zarin of “The Real Housewives of New York,” what is becoming a best-selling book, Secrets of a Jewish Mother.

On Tuesday night, she credited her mother, who was in the audience with Wexler’s father, for instilling in her an entrepreneurial spirit.

“My mother taught me that women need to be financially independent,” Wexler said. “We must pass this along to our daughters.”

Also referring to family members, Dr. David Carboni, a certified financial planner and expert on retirement issues, spoke about the need to have an up-to-date will, durable power of attorney, health care representative and appropriate life insurance beneficiaries in place.

Vivian Werner, of Stamford, said that all of the speakers made interesting points. She was initially drawn to the seminar for its opportunity to network. Werner recently got laid-off from her marketing manager position at IBM after 30 years of service.

As a single woman, though, Werner explained that she has already “done a lot of work on my finances.” In fact, she used money received from IBM’s final package to pay for tuition to an interior design program. Werner’s goal is to open a marine upholstery and canvas business, she said.

And, referring to Giletto’s advice about using a financial planner, Werner said that she is presently working with someone she trusts.

Giletto — whom Werner described as a “dynamic speaker” — stressed the importance of letting one person get to know your entire portfolio.

“Everyone sitting here today is long-term investors, even if you think you are more short-term,” Giletto said.

Larry Holderman, president and chief executive officer of Mutual Security Credit Union, was pleased with the seminar’s turnout.

“Providing information to the people in the communities that we serve is a large part of what we do,” he explained.

Get Organized by Reducing Junk Mail

Does this sound familiar? You come from after a long hard day You check your mail and more than half of its junk mail Then your phone begins to ring with unsolicited calls interrupting dinner If you have a fax machine, you find pages of unwanted offers for you to go through to find the one page you want You didn’t ask for any of this stuff! So what is a person supposed to do?

For many, simply ignoring the calls, throwing away the junk mail and faxes is the easiest way to deal with the problem However, there are several simple things you can do to help eliminate the problem altogether It’s time to start opting out.

Opting out of junk mail can eliminate a good percentage of unwanted mail Most of your accounts (banks, credit card companies, etc) give you a choice in the form of an opt-out notice It’s typically the insert in the bills the one you usually ignore and toss out Anytime you see the notice that gives you the option of receiving or allowing others to send you information, check the NO box, if you don’t want your information being sold or shared from one company to another For all those other junk mailings that make you say how did I get on this mailing list? Remember that your name and address can be obtained in a variety of ways – credit bureaus, magazines or catalogue subscriptions, published information, etc It’s worth a few minutes to write or call and ask to be removed from the mailing list; you can also specify that your information not be distributed to anyone else For ways to better protect your personal information and to opt-out, check out http://opt-out.cdt.org They offer online opt-outs, as well as a link for automatically generating opt-out letters for you to print and mail.

Next week, I’ll continue with your phone and fax information.

Check Your Phone Bill for Fraudulent Charges or "Cramming"

You may have unauthorized charges on your phone bill.

Phone bills can be confusing There are various services charges and taxes associated with using a phone number You may be tempted to ignore the fine print However, I suggest you check your phone bill carefully Circle any charges you don’t understand and call your phone company for an explanation You may be a victim of “cramming.”

What is cramming? According to the FCC: “Cramming is the practice of placing unauthorized, misleading, or deceptive charges on your telephone bill Crammers rely on confusing telephone bills in an attempt to trick consumers into paying for services they did not authorize or receive, or that cost more than the consumer was led to believe.”

Could cramming happen to you? Yes Here are two common examples:

1 You signed up for a new phone service because they offered a low monthly fee However, you weren’t told that common services, like texting or long distance, weren’t included in the fee and you’d be charge extra for each message.

2 You used your phone to donate money to the earthquake in Haiti They said it would be simple and the charge would appear on your phone It did But then you find a new recurring “membership” fee on your account after that donation That’s a classic example of “cramming.”

Here’s the bad news Unlike a credit card company, you cannot contact your phone provider and dispute the charge Typically, the phone company refuses to get involved and you are left to fight this on your own.

So what are you supposed to do? You can contact your phone company to request to block third party charges on your phone bill Once you do this, you can no longer authorize charges either, so texting donations is out It’s an all or nothing option

You should be aware of your bills and look at them closely for anything unauthorized and take appropriate action Do you remember the telephone days of Ma Bell and the breakup back in 1984? Before the breakup, there was only phone company and charges were easy to trace Shortly after the breakup, it was still easy to track your charges because you were billed on one statement regardless of how many companies you used Those days are over Today, you need to carefully review your phone statements to protect yourself against fraud.

For more information on cramming, visit the FCC at www2.fcc.gov/cgb/consumerfacts/cramming.html

Replace an Appliance using the Federal Rebate Program

Have you been thinking about replacing an appliance for another more efficient one? Were your appliances damaged in one of the storms this spring? Now may be a good time to make a purchase.

Connecticut is one of 14 states participating in the Energy Efficient Appliance Rebate Program The Federal Government gave Connecticut $3.4 million to use for this program The program started January 25, 2010 and will run out when the funds are used up So if you are thinking about replacing that old appliance for a more efficient one or you lost one in the storm damage, this is the time to consider buying one or more.

This program is designed to stimulate the economy with sales that will help retailers and to provide you with a more efficient appliance that will lower you energy usage (therefore lower you utility bill) If you live in Connecticut, go to www.ct.gov/opm/ApplianceRebates If you live in another state, search your state government’s website for more information.

You will get the following rebates:

Clothes washer $100
Refrigerator $50
Freezer $50
Room A/C units $50*
Central Air units $500

*You are allowed one each except for room a/c where you are allowed 3.

Only buy an appliance if you can afford it, or if you know your insurance company will reimburse you for your claim Buying something you don’t need or can’t afford will not do you any good, even if you get a rebate As always, consider how you will pay for it before you buy This is one of those things that you should be able to pay for from money in your savings account This is not a good purchase for to put on a credit card and make minimum payments for years to come.