European Stars and Stripes (Newspaper) - July 15, 2007, Darmstadt, Hesse                                July stars and stripes Page 29 your Money overdrafts big business or exploiting customers by Kathy Kristof and Andrea Chang los Angeles times Consumers Are paying huge flees on Short term Loans that cover them when they Over draw their checking under programs that and credit unions often enrol customers in without their knowl a new study fees to Coyer overdrafts Are taking advantage of americans rising use of debit cards to make even Small the Cen Ter for responsible lending said in the study released on debit cards typically draw directly on Consumers checking f Consumers May be caught us aware that they overdraw ing their because they May assume debit transactions simply  go through if their accounts lacked sufficient the Center the released hours be fore a House hearing on a Bill that would require Clear disclosure of overdraft Esti mated that the programs Cost Consumers billion in fees last up sharply from billion two years the average charge for an overdraft loan the fees now exceed the billion a year that Banks temporarily lend customers via the overdraft Accord ing to a nonprofit consumer advocacy at Many Banks and credit customers Are enrolled in abusive overdraft loan sys tems by default when they open checking often with out their express the study at the hearing held by a sub committee of the House Finan Cial services Carolyn said the now dominant prac Tice of overdraft charges is any thing but fair and transparent for Bankers who testified at the hearing said it want difficult for customers to avoid getting knowing How much is in their accounts is certainly some thing that Consumers Are in control said John a spokes Man for the american Bankers they know what checks they have the automatic payments they have a overdraft fees can clearly be the increasing automation of overdraft programs has allowed a larger Swath of americans to receive arguably valuable Bankers they also said that although Consumers might not have to sign a specific agreement acknowledging that that they have the they Are told of the services their checking accounts pro and what they when their accounts Are invest relax later dear Liz my husband and i have been married for a we finished school and Are starting our i am interested in finding out How to Start out on the right foot we have an Auto Matic Transfer set up to our savings account and have put Money into a certificate of Deposit but Are looking to invest More i am trying to save a month toward a Home Down payment with the goal of buying in five or six answer How delightful to hear from graduates who Are saving instead of struggling with debt before you tackle any other Howe you need to make sure youre saving for it seems impossibly far off but the More you tuck away while youre the More flexibility youll have in later retire Stop working to raise a family or pursue other time will never be As much on your Side As it is right every you invest in your Early 20s can grow to or More by the time you reach retirement As suming 8 percent average annual wait just 10 years and the same contribution would grow Only half As setting aside 10 percent of your incomes for retire ment is Good 15 percent is even if you can swing and you can count employer contributions to your 401 k toward those youll want the bulk of your Money to be in Stock Mutual funds for maximum once your retirement savings Are on youll want to build up an emergency fund of three months Worth of this is particularly important when you plan to become since houses have a Way of surprising you with unexpected you cant be particularly aggressive with this it needs to be in a liquid account that you can easily there Are plenty of online Banks including ing and Hsc direct that offer relatively Good rates percent to 5 percent on their Fri insured savings dear Liz i need your advice on How to Start Over Money talk when saving for As a result of being unemployed for a my wife and i completely depleted our 401 k funds and All of our other savings to cover the House payments and other i have since obtained another decent Job and am nearing the end of paying off credit card debts that we had to Stop paying during my unemployment we now wish to rebuild our retirement both my wife and i Are while we Are still actively working on paying Down our past we have managed to put away a emergency fund and add to that each in were Able to invest a month for that amount will increase As we continue to pay off the past i was hoping that you could recommend some ways for us to help rebuild our retirement funds from answer you dont say How much you How Long you plan to work or How much you expect to need in if youre hoping to retire by 67 and live on 80 percent of your current you May not be Able to rebuild a truly Ade quate retirement fund unless youre Able to devote at least 15 percent of your incomes to that purpose starting of anything you manage to save is better than but your situation vividly illustrates Why its important to Start putting aside Money for retirement As Early As possible and to leave that Money losing a Job int reason enough to Drain your funds most folks can find some kind of even if its flipping to pay the Bills while they wait for something better to come there Are plenty of retirement planners on the web to help you calculate How far your savings will youll find a helpful one at Money Cen Liz Pulliam Weston is the author of the books your credit score and Deal with your both published by Prentice questions for her column May be sent to 3940 Laurel Canyon studio Ca or via the con tact Liz form at distributed by no More red Liz Pulliam Weston fridays Market 1 52week net Ltd 52wk High Low name last chg Dow Jones industrials Dow Jones transportation Dow Jones utilities nose composite amex Index Nash a composite Russell 2000 do Wilshire 5000 1 ii most Active or More name last Active Oft More 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advisor Putnam funds a gig a p Exchange rates military rates euro costs july Dollar buys july British Pound july japanese yen july South korean won july commercial rates Bahrain British Canada China Denmark Egypt Hong Kong Hungary Israel Japan Kuwait Norway Philippines Poland saudi Arabia Singapore South Korea Switzerland Thailand Turkey new military Exchange rates Are those available to customers at military Bank ing facilities in the country of issuance for South the Netherlands and the United for no local currency Exchange rates purchasing British pounds in Germa Check with your local military Bank ing commercial rates Are inter Bank rates provided for reference when buying All figures Are foreign currencies to one except for the British which is represented in and the which is precious metals new York merc close Gold Silver interest rates prime discount Federal funds Market rate 3month 30year sources the associated Bank of America and sensibility Money tip of the Day keys to saving at outlets by Marshall Loeb Market watch new York bargain Hunt ers Are often lured by Nam Brand goods at outlet but does shopping there really save you Money say the experts at con Sumer if you shop care you can get discounts of up to 50 percent at designer Here Are five tips for getting the most for your Money shop for the Best selection with the least consumer reports recommends visiting outlets at arrive As Early As you can to beat the prepare to while Many outlet malls offer a wide Range of designer the discount stores Are unlikely to carry the same Stock As the store you typically shop the banana Republic and Gap out for carry an entirely separate line of Low Cost this int always the the styles on Sale at outlet stores May also be discounted because there out of buy if youre More concerned with Price than look for irregulars with minor irregulars Are deeply discounted and the flaws Are typically too Small to be watch for before you head to the Check your favorite stores web Sites for Cou Many outlet malls let you sign up to receive email alerts when your favorite brands go on take advantage of fre Quen shopper if you regularly shop at the same you can save a lot by joining the outlet chains discount prime a Chain with shop Ping centers throughout the offers the 1 club card and Chelsea Premium has the vip lounge both member ships Are just sign up on line to begin receiving weekly discounts via for More info visit or