OPEN finance expert Mike Periu on the insurance industry and its ability to pay out claims for Sandy. The insurance industry was not prepared for Hurricane Katrina, which caused over $75 billion in insured losses (in 2012 dollars). For Hurricane Sandy, it's a far different story. While the overall economic damage has yet to be calculated, insured losses are estimated at only $10 billion, ranking it as the 7th or 8th most costly hurricane. According to the Insurance Information Institute, the … [Read more...]
Banks waiving fees to help those affected by Sandy
OPEN finance expert Mike Periu on banks, such as Wells Fargo, Citibank, and Bank of America, waiving fees to help those affected by Sandy. Banks Waive Fees to Customers Affected by Sandy Most large banks have announced that they are temporarily waiving fees to customers that have been affected by Hurricane Sandy. The fees being waived include: out-of-network ATM surcharges, overdraft fees, late payment fees, and early withdrawal penalties on certificates of deposit. Some banks are … [Read more...]
Disaster-recovery resources available for small business
OPEN finance expert Mike Periu on state, federal and private sector disaster-recovery resources available. As small businesses in the northeast begin to assess damage and losses due to Hurricane Sandy, a number of state, federal and private sector resources are available to provide assistance. In addition to SBA disaster recovery loans, the U.S. Department of Agriculture and FEMA offer loan assistance programs as well. FEMA also offers legal counseling and the IRS allows for expedited tax … [Read more...]
Warning Against New Small-Business Fraud
OPEN's financial expert, Mike Periu, on protecting against new small-business fraud. Frank Abagnale became a household name when Leonardo DiCaprio starred in the movie Catch Me If You Can based on Abagnale's infamous frauds as a youth. For the past 30 years, he has used his expertise to prevent fraud instead of causing it. Abagnale recently discussed in a webcast how small businesses are being targeted by new types of check fraud. While consumers have largely abandoned checks for electronic … [Read more...]
U.S. Financial Markets Close Due to Hurricane Sandy
OPEN's finance expert Mike Periu on Financial Markets Close Due to Hurricane Sandy For the first time in nearly thirty years, all major financial markets in the United States will be closed today due to weather conditions in anticipation of Hurricane Sandy's arrival. The decision was made late Sunday night to halt both physical and electronic trading at the New York Stock Exchange, NASDAQ, BATS and all CME Group exchanges including the NYMEX. The Securities Industry and Financial Markets … [Read more...]
Use “Financial Bucket” to Make Your Retirement Money Last
Finance expert Mike Periu on the "financial bucket" concept for retirement planning. October 26, 2012 A successful investment portfolio needs to include a combination of investment types with different risk/reward profiles. But how do you translate that into specific decisions that will build the investment portfolio you need to enjoy a good retirement? Many people are turning to the "financial bucket" concept. Each bucket represents a different phase of your retirement. The first bucket … [Read more...]
New Tool to Stop Cyberattacks
OPEN's finance expert, Mike Periu, on a new cybersecurity planning tool to Stop Cyberattacks. During the first six months of 2012, over one-third of all cyber-attacks were targeted at small businesses. This trend is expected to increase as more hackers realize that small companies are easier targets for theft compared with larger companies that are spending more on cybersecurity. To help deal with this threat, the Federal Communications Commission (FCC) has launched an updated version of the … [Read more...]
how to find out if your bank is in trouble
OPEN finance expert Mike Periu on how to find out if your bank is in trouble. Small-business owners need to know that that their bank is financially stable. The Office of the Comptroller of the Currency (OCC) and state agencies monitor banks for signs of financial stress and issue "enforcement actions" in an attempt to put problem banks on the right track. If these efforts fail, the Federal Deposit Insurance Corporation (FDIC) takes over and transfers the banks deposits and loans to more stable … [Read more...]
The Housing Market is Turning Around
OPEN finance expert Mike Periu on banking news. The Housing Market is Finally Turning Around. Small-business owners need to know that that their bank is financially stable. The Office of the Comptroller of the Currency (OCC) and state agencies monitor banks for signs of financial stress and issue "enforcement actions" in an attempt to put problem banks on the right track. If these efforts fail, the Federal Deposit Insurance Corporation (FDIC) takes over and transfers the banks deposits and … [Read more...]
Use an Employee Stock Ownership Plan (esop)
Use an ESOP to Blunt the Fiscal Cliff Tax Increases OPEN's finance expert Mike Periu on Employee Stock Ownership Plan (esop) to Blunt the Fiscal Cliff Tax Increases. Starting in January, capital gains taxes on investments held more than a year will increase to 20 percent from 15 percent. An additional 3.8 percent tax on unearned income also goes into effect at the start of the year. Business owners who want to take equity out of their companies or that have been unable to sell their businesses … [Read more...]