Search found 36 matches

by Bambuk
Fri Sep 13, 2019 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Geico subrogation claim
Replies: 22
Views: 2977

Re: Geico subrogation claim

I would just let GEICO pay your claim from uninsured motorists and they can try and recover from the other party. You can also sue in small claims for the rental costs if GEICO doesnt reimburse you for that as well... I thought that uninsured/underinsured coverage is only works for medical bills, n...
by Bambuk
Fri Sep 13, 2019 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Geico subrogation claim
Replies: 22
Views: 2977

Re: Geico subrogation claim

If you want to add a CDW (collision deductible waiver) to your policy, Geico will pay the deductible if the 'At Fault' party has no insurance. If you have CDW, your policy statement will say 'WAIVER' on it. The State allows drivers to drive without insurance, and we (responsible citizens) are expec...
by Bambuk
Tue Jul 09, 2019 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Multiple Beneficiaries on a bank account
Replies: 17
Views: 1419

Multiple Beneficiaries on a bank account

What would happen if there are 2 beneficiaries listed on a bank account and there are no percentages specified? Is it a) Beneficiary #1 would receive 100% of the assets and only if the Beneficiary #1 is also dead, then Beneficiary #2 gets the assets. or b) the assets will be split 50/50 I thought it...
by Bambuk
Thu Jul 04, 2019 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Cashier's check question
Replies: 6
Views: 753

Re: Cashier's check question

The simplest way was to do a wire transfer, which I did. But CapitalOne360 couldn't process it since they would only wire money to very select group of institutions or if the account has been linked for at least 60 days. Neither the CU on the Bank offer ACH. I could do the Bill Pay but that would ta...
by Bambuk
Wed Jul 03, 2019 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Cashier's check question
Replies: 6
Views: 753

Cashier's check question

I am trying to fund my savings account at a Credit Union by a cashier's check which is going to deliver to a shared branch location by someone else. My questions: 1. When ordering the check at my bank, what should be the Payee Name? The Credit Union Name or my name? 2. Should I put my account number...
by Bambuk
Mon Jul 01, 2019 7:44 pm
Forum: Personal Investments
Topic: 2.88 apy 56 months bump-up CD with 90 ewp - is there a catch?
Replies: 0
Views: 275

2.88 apy 56 months bump-up CD with 90 ewp - is there a catch?

Looking for a longer term CD and this deal from Interior FCU looks compelling to me: The APY is average , but it provides an additional features as 1 time bump up in case the rates go higher and 90 EWP for the bump up CDs while regular 5 year CD EWP is 365 days. See 8A here: https://www.interiorfcu....
by Bambuk
Fri Jun 28, 2019 11:35 am
Forum: Personal Investments
Topic: Applied for an account at CU and the CD rates dropped the next day
Replies: 11
Views: 712

Re: Applied for an account at CU and the CD rates dropped the next day

Thanks everyone. I doubt they will want to honor the old rate since the change was very drastic almost 1% drop on 5 year CD. The new rate doesn't make any sense for me to even to proceed with the application. Will probably call them soon and if they don't honor the old rate - I will stop the whole a...
by Bambuk
Fri Jun 28, 2019 10:53 am
Forum: Personal Investments
Topic: Applied for an account at CU and the CD rates dropped the next day
Replies: 11
Views: 712

Re: Applied for an account at CU and the CD rates dropped the next day

I understand that it is the CU that has a final say and not posters here.

What I am trying to figure out how the process works usually and what are the chances they might honor the old rate. I assume they are not obligated to do so.
by Bambuk
Fri Jun 28, 2019 10:25 am
Forum: Personal Investments
Topic: Applied for an account at CU and the CD rates dropped the next day
Replies: 11
Views: 712

Re: Applied for an account at CU and the CD rates dropped the next day

There was no paperwork yet. I just applied online and they are reviewing the application.
And when applying online, I only chose to open a CD and it did not specify the APY.
by Bambuk
Fri Jun 28, 2019 10:16 am
Forum: Personal Investments
Topic: Applied for an account at CU and the CD rates dropped the next day
Replies: 11
Views: 712

Applied for an account at CU and the CD rates dropped the next day

Yesterday I applied to join a Credit Union and open a CD there. The application review is supposed to take several days. Now I see that their CD rates dropped significantly effective today. If my application is approved (I don't see why not) - will they still honor the old higher rates that were in ...
by Bambuk
Tue Jun 25, 2019 11:23 am
Forum: Personal Investments
Topic: FED cutting rates affect on 3 year CD
Replies: 9
Views: 1026

Re: FED cutting rates affect on 3 year CD

I'm sure there will be a recession as well - I'm just not sure if it will happen in 2019, 2020, or beyond. IMO, articles predicting the future are nothing more than noise. Some will be correct, but most will be wrong. I'm not willing to bet on the reliability of anyone's predictions and will keep m...
by Bambuk
Tue Jun 25, 2019 10:42 am
Forum: Personal Investments
Topic: FED cutting rates affect on 3 year CD
Replies: 9
Views: 1026

Re: FED cutting rates affect on 3 year CD

Or will I be able to find some Credit Unions CDs that would still pay CD rates close to ones they pay now?
by Bambuk
Tue Jun 25, 2019 9:30 am
Forum: Personal Investments
Topic: FED cutting rates affect on 3 year CD
Replies: 9
Views: 1026

FED cutting rates affect on 3 year CD

Just read an article about the FED expected to cut rates by 50bp in July and them 100bp more later in 2019. And if there is a recession - they might cut the rates to 0. And I am sure there will be a recession. I bought 1 year CDs that will expire in January and April 2020 and I am afraid that rates ...
by Bambuk
Wed Jan 23, 2019 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Transferring an ownership of a CD account as a gift?
Replies: 5
Views: 163

Re: Transferring an ownership of a CD account as a gift?

One more question so I don't open another topic: The annual gift limit is $15K. Can a person give another person 3 checks worth $5K each during the year or should it be a one time $15K check? I am almost sure 3 checks is ok as long as the total doesn't exceed $15K , but I couldn't find any definite ...
by Bambuk
Wed Jan 23, 2019 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Transferring an ownership of a CD account as a gift?
Replies: 5
Views: 163

Transferring an ownership of a CD account as a gift?

My MIL would like to gift my wife $50K which she just put into a CD account for 15 months and would not want to withdraw before the CD matures. Is there an easy way to transfer ownership of this account to my wife without disrupting the CD? Also about the taxes. My understanding that MIL won't have ...
by Bambuk
Thu Jan 10, 2019 10:20 pm
Forum: Personal Investments
Topic: CD at 2.70 APR - 1, 2 or 3 years?
Replies: 20
Views: 3031

Re: CD at 2.70 APR - 1, 2 or 3 years?

I don't know. But this is best guess scenario.
And I don't short (market can stay irrational longer than you can stay solvent). And I have stocks in case there is no recession.
This is money that I might need in 3 years so I want to have them intact.
by Bambuk
Thu Jan 10, 2019 10:11 pm
Forum: Personal Investments
Topic: CD at 2.70 APR - 1, 2 or 3 years?
Replies: 20
Views: 3031

CD at 2.70 APR - 1, 2 or 3 years?

Capital One 360 currently offers pretty much the same rate (2.70% - 2.80) for 1 , 2 and 3 year CDs. Assuming the FED will raise rates 1 more time in 2019 and then a recession starts in 2020 and the FED either start cutting the rates (lets say a year from now) and/or indicates the cuts are coming lat...
by Bambuk
Mon Oct 22, 2018 8:02 pm
Forum: Personal Investments
Topic: Best broker for buying US Treasures
Replies: 10
Views: 1105

Re: Best broker for buying US Treasures

Thanks everyone. Looks like Fidelity it is. I am not going to auto roll for now, but in the future might be. Another question. Considering the FED is going to raise rates in December , will it make sense to buy 8 weeks notes and then in December buy 26 week notes? Will the yields go up by 25 points ...
by Bambuk
Mon Oct 22, 2018 4:30 pm
Forum: Personal Investments
Topic: Best broker for buying US Treasures
Replies: 10
Views: 1105

Re: Best broker for buying US Treasures

DarkHelmetII wrote:
Mon Oct 22, 2018 3:54 pm
Bambuk wrote:
Mon Oct 22, 2018 3:49 pm
From what I read, my options are: Fidelity, Vanguard, Schwab and Treasuresdirect.com.
Do you mean https://www.treasurydirect.gov/?
Yes.
by Bambuk
Mon Oct 22, 2018 3:49 pm
Forum: Personal Investments
Topic: Best broker for buying US Treasures
Replies: 10
Views: 1105

Best broker for buying US Treasures

I am thinking about buying US Treasures directly. From what I read, my options are: Fidelity, Vanguard, Schwab and Treasuresdirect.com. I would much rather prefer online broker (Fidelity, Vanguard or Schwab) since I might want to buy something else in a year or two. So what are the disadvantages of ...
by Bambuk
Tue Jun 12, 2018 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: NYC 457 Deferred compensation plan - is it safe?
Replies: 5
Views: 868

NYC 457 Deferred compensation plan - is it safe?

My wife works for the City and she can put some money into both 401K and/or 457 Deferred compensation plan. On the first glance , the 457 plan is better since there is no early withdrawal penalty. I read some article advising against such plans offered by private companies since if the company goes ...
by Bambuk
Wed Apr 25, 2018 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Applying for 2 life insurance policies at the same time
Replies: 4
Views: 767

Applying for 2 life insurance policies at the same time

I would like to purchase $1 mln in term life and I think I should have two $500K policies. Just in case the insurance company folds and the state guarantees only $500K. My question is about timing. My birthday is in December so in June I am becoming a year older by the insurance standards. Which mea...
by Bambuk
Fri Feb 02, 2018 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Term insurance premiums: buy now or wait a year or two
Replies: 23
Views: 1221

Re: Term insurance premiums: buy now or wait a year or two

Get it NOW. Feel free to shop around in a few years to try and beat your current rates. If you find a lower rate, GREAT. If not, oh well. You have a baby at home who is relying on you and it is not worth the risk to that kid to worry about saving a few bucks on some maybe's. +1, see if you can qual...
by Bambuk
Fri Feb 02, 2018 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Term insurance premiums: buy now or wait a year or two
Replies: 23
Views: 1221

Re: Term insurance premiums: buy now or wait a year or two

OnTrack2020 wrote:
Fri Feb 02, 2018 11:58 am
Do you have dependents? A mortgage? Debts?
Wife and 1 yo daughter. The apartment is almost paid off and we don't have debt, but not much savings.
Because of a daughter I am looking at 20 year term. But maybe 15 year makes sense as well considering I have no idea at what age I will retire.
by Bambuk
Fri Feb 02, 2018 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Term insurance premiums: buy now or wait a year or two
Replies: 23
Views: 1221

Term insurance premiums: buy now or wait a year or two

I am 48 yo with no serious medical problems and thinking about buying a 20 year term insurance. Or maybe two policies: 10 year and 20 year. Should I wait a year? I have two reasons: 1. The interest rates are supposed to go up this year and the FED seems to be inclined to tighten the money supply. Wi...
by Bambuk
Thu Apr 06, 2017 4:29 pm
Forum: Personal Investments
Topic: Roth conversion and moving to another state (NY)
Replies: 7
Views: 934

Re: Roth conversion and moving to another state (NY)

Hi, I am thinking of converted my IRA to ROTH this year and I will be moving from MD to NY in couple of weeks because of the job change. I think that NY state and NYC taxes are several percent more than in MD , so will it make sense for me to do the conversion before I move? In other words, if I do...
by Bambuk
Fri Apr 08, 2016 6:36 am
Forum: Personal Finance (Not Investing)
Topic: Claimed loss in ROTH IRA: can I use its basis later?
Replies: 7
Views: 1082

Re: Claimed loss in ROTH IRA: can I use its basis later?

In 2008 I closed my only ROTH IRA account (#1) that had some $30K in contributions and conversion. I received a distribution of some $3000 remaining , closed the account and claimed losses on the $27000. In 2010 I made a Roth IRA conversion to another account (#2) in amount of $10K. In 2015, I had ...
by Bambuk
Thu Apr 07, 2016 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Claimed loss in ROTH IRA: can I use its basis later?
Replies: 7
Views: 1082

Re: Claimed loss in ROTH IRA: can I use its basis later?

You can't claim losses in a roth. Losses are gone and cannot be used in anyway from a roth. Basis for roth means actual contributions and conversion amounts less distributions. I was initially thinking the contributions/conversion basis from roth #1 would carry forward but that would be odd since y...
by Bambuk
Thu Apr 07, 2016 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Claimed loss in ROTH IRA: can I use its basis later?
Replies: 7
Views: 1082

Re: Claimed loss in ROTH IRA: can I use its basis later?

TaxAct has it right. There is no tax as that was paid at the time of conversion. There is no penalty to exempt using form 5329 after the conversion amount is in the Roth IRA for 5 years. One more question: The distribution happened in 2015. In 2016 I contributed $800 to the Roth #2 (same with the c...
by Bambuk
Thu Apr 07, 2016 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Claimed loss in ROTH IRA: can I use its basis later?
Replies: 7
Views: 1082

Claimed loss in ROTH IRA: can I use its basis later?

In 2008 I closed my only ROTH IRA account (#1) that had some $30K in contributions and conversion. I received a distribution of some $3000 remaining , closed the account and claimed losses on the $27000. In 2010 I made a Roth IRA conversion to another account (#2) in amount of $10K. In 2015, I had a...
by Bambuk
Wed Apr 06, 2016 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-R for recharacterization
Replies: 1
Views: 263

1099-R for recharacterization

I did a Roth IRA conversion in 2014 and recharacterized it in 2015. In 2014 Tax return I put an explanation something like: "On 04/04/14 I converted an IRA account valued at $20000 to ROTH IRA. On 02/11/15 I recharacterized the entire conversion valued then at $16000". Now I got 1099-R with code 'R'...
by Bambuk
Tue Feb 09, 2016 6:44 pm
Forum: Personal Investments
Topic: Roth conversion and moving to another state (NY)
Replies: 7
Views: 934

Re: Roth conversion and moving to another state (NY)

Keeping the records of the conversion is not a problem. The problem might be how do I prove when I actually moved. I am going to live with a friend for a while so there won't be any lease or something. So let's say I do a conversion on 2/15, but will actually move to NY on 2/20. How can I prove I w...
by Bambuk
Tue Feb 09, 2016 1:22 pm
Forum: Personal Investments
Topic: Roth conversion and moving to another state (NY)
Replies: 7
Views: 934

Re: Roth conversion and moving to another state (NY)

Hi, I am thinking of converted my IRA to ROTH this year and I will be moving from MD to NY in couple of weeks because of the job change. I think that NY state and NYC taxes are several percent more than in MD , so will it make sense for me to do the conversion before I move? In other words, if I do...
by Bambuk
Tue Feb 09, 2016 6:46 am
Forum: Personal Investments
Topic: Roth conversion and moving to another state (NY)
Replies: 7
Views: 934

Re: Roth conversion and moving to another state (NY)

I saw that, but I am not sure I understand it relating specifically to Roth conversion. "You will compute a base tax as if you were a full-year resident, then determine the percentage of your income that is subject to New York State tax and the amount of tax apportioned to New York State." So based ...
by Bambuk
Mon Feb 08, 2016 9:38 pm
Forum: Personal Investments
Topic: Roth conversion and moving to another state (NY)
Replies: 7
Views: 934

Roth conversion and moving to another state (NY)

Hi, I am thinking of converted my IRA to ROTH this year and I will be moving from MD to NY in couple of weeks because of the job change. I think that NY state and NYC taxes are several percent more than in MD , so will it make sense for me to do the conversion before I move? In other words, if I do ...
by Bambuk
Sun Apr 05, 2015 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: roth conversion recharacterization
Replies: 9
Views: 1219

Re: roth conversion recharacterization

I have the same issue (Did a TIrA to RIRA convsersion in 2014 and recharacterization in 2015 for the full amount).

I am not clear if I need to report the RIRA Conversion (with all the data from the 1099R form) or should I just provide an explanation.
Thanks.