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Wal-Mart, Amex take on banks with Bluebird debit card

Wal-Mart, Amex take on banks with Bluebird debit card

Old Nov 22, 12, 5:53 pm
  #3031  
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Yes it is normal, and the second question I can only answer for myself. If you have an Amex credit card, Amex already has that info anyway. Due to federal regulations, they must collect that information. If you're not comfortable inputting that info, this game might not be in your best interest. And that is fine, I feel like I enter my SSN 3-4 times a week at times, and that would make a lot of people uncomfortable. I monitor my credit reports very frequently so I am not overly concerned.
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Old Nov 22, 12, 6:03 pm
  #3032  
fti
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Originally Posted by shoreline View Post
well, not in this context.

however, if you combine it with investment property and are collecting more than the mortgage + the mortgage interest deductions, it pans out pretty well.

also, for those who depend on mortgage tax deductions to itemize, I think it's beneficial (considering if the alternative is to not itemize). it's def. one of the largest deductions one can have (on a personal note, not speaking for those who are self employed with large business tax deductions).


about the BB: I am hoping BoA post in a timely manner. but, I will def. send early to 'test the waters'; I am not as lucky as deant with no mortgage.
Obviously you dont understand what he was trying to say. To carry a mortgage just to have mortgage interest and a +-25% tax deduction might in fact make you poorer in the long run than paying off your mortgage and just using the standard deduction. Your tax rate is not 100%

Happy: the issues of people's paper losses and their effect is more a result of improper investment allocation than anything. The market will go down, again, and will go down again a lot. The key is a correct allocation based on long term and short term needs. There is no 20 year period when the stock market has lost money. In fact over any 20 year period the avg stock market gains have been 7.9%. Since none of us know when the next crash will come you either get out of the market (dumb), get lucky and time the market like in your example (very risky) or have a good allocation plan (wisest of the options).

Now back to our regularly scheduled programming!
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Old Nov 22, 12, 6:31 pm
  #3033  
 
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Originally Posted by fti View Post
Obviously you dont understand what he was trying to say. To carry a mortgage just to have mortgage interest and a +-25% tax deduction might in fact make you poorer in the long run than paying off your mortgage and just using the standard deduction. Your tax rate is not 100%

Now back to our regularly scheduled programming!
fti,

I thought I understood. My response was that if you have investment property, carry a mortgage (yes with interest) and you rent it for double the payment, the renter is paying the mortgage the interest and more. Meaning that makes up for some of the loss from a personal property with this going on, + the itemization on tax deductions + other things you can deduct due to itemization = alleviating some personal loss. (am I confused or thinking incorrect? )

I know my personal tax bracket is much higher if I don't have these deductions, rental property, mortgage, etc.

Yes, of course, I wish I were debt free. But, I can see the positive side with investment property alleviating some of the loss, (correct?)

Now, as fti says: back to our regular programming.

fti, you can pm me if you wish. this is probably not the best thread for a tax discussion. It was simply a side note from the BB mortgage discussion.
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Old Nov 22, 12, 6:40 pm
  #3034  
 
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Originally Posted by shoreline View Post
fti,

I thought I understood. My response was that if you have investment property, carry a mortgage (yes with interest) and you rent it for double the payment, the renter is paying the mortgage the interest and more. Meaning that makes up for some of the loss from a personal property with this going on, + the itemization on tax deductions + other things you can deduct due to itemization = alleviating some personal loss. (am I confused or thinking incorrect? )

I know my personal tax bracket is much higher if I don't have these deductions, rental property, mortgage, etc.

Yes, of course, I wish I were debt free. But, I can see the positive side with investment property alleviating some of the loss, (correct?)

Now, as fti says: back to our regular programming.

fti, you can pm me if you wish. this is probably not the best thread for a tax discussion. It was simply a side note from the BB mortgage discussion.
If you have an investment property and collect rent, then you file your income/expenses on Schedule E. Investment property mortgage interest does not go on Schedule A (itemizing).
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Old Nov 22, 12, 6:43 pm
  #3035  
 
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Originally Posted by LivelyFL View Post
If you have an investment property and collect rent, then you file your income/expenses on Schedule E. Investment property mortgage interest does not go on Schedule A (itemizing).
oh, I see.

Thanks for the info.

Last edited by shoreline; Nov 23, 12 at 9:36 am Reason: removed. no need to continue tax discussion in this thread.
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Old Nov 22, 12, 6:48 pm
  #3036  
 
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Originally Posted by Dangjr213 View Post
How did you manage to get a room? I tried booking for a few friends but everything was sold out months in advance. Had to drive up and back each day
I booked the same day they moved the date from June to November. I've already got the room lined up for next year as well. Will be booking flights as soon as the 330 window opens.
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Old Nov 22, 12, 8:03 pm
  #3037  
 
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icecream

I searched high and low in the Pasadena area for icecream. All CVS stores are out of them Anyone know any store nearby that has it in stock? I only need a couple
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Old Nov 22, 12, 9:10 pm
  #3038  
 
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Originally Posted by Achilles View Post
I searched high and low in the Pasadena area for icecream. All CVS stores are out of them Anyone know any store nearby that has it in stock? I only need a couple
in the area and did not find either.
in fact, it looked like they weren't even carrying them around this area yet.
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Old Nov 22, 12, 9:12 pm
  #3039  
 
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Originally Posted by brownie20 View Post
sorry if this has been answered before, i searched the thread and couldn't find an answer. if i close my serve account to open a bluebird account will amex be able to transfer the leftover serve funds to bluebird or will they send a check? i'm trying to avoid withdrawing the funds directly to my bank because i used a credit card to add the funds and i'd prefer not to have the account flagged! thanks in advance for any insight!
They will cut you a check if you prefer - that's what I did.
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Old Nov 22, 12, 9:19 pm
  #3040  
 
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Originally Posted by deant View Post
Sounds like a great way to get your CC and your BB accounts shut down.

Normally refunds are processed the same way the money was received. However with BB being new I don't suspect that anyone has definitive information on how a BB payment would be "reversed".

Also, even if you were able to overpay and request a check, you would need to not make any charges to the CC until AFTER they have processed the refund.
BB will never know...

In any case, don't do it again. Best to spend on the CC. However, it's the CC that frowns on this practice. The most common abuse of this is a balance transfer (0%) from another card, sending different one into the positive and cashing it out via a check. Other uses include money laundering.

I think for just once, the CC company will overlook it.
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Old Nov 23, 12, 1:09 am
  #3041  
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Originally Posted by UpstatePoints View Post
Another data point from Upstate NY. No luck at Walgreens buying VR. No problem buying VR at CVS.

At CVS there were 5 beans, picked up one, went to register just as manager came over to open another line, manager rung up the VR with no issues. I used my ink card to purchase as part of the 5K spend.

Now to see if I can figure out how to load to BB and pay my auto loan.
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Old Nov 23, 12, 1:35 am
  #3042  
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Originally Posted by Achilles View Post
Is it possible to overpay a credit card using BB and then request a refund check from the credit card?
Yes. Just don't do it often. And, assuming you are funding via a credit card, how would your cc balance fall below your Bb balance?

Originally Posted by deant View Post
Sounds like a great way to get your CC and your BB accounts shut down.

Normally refunds are processed the same way the money was received. However with BB being new I don't suspect that anyone has definitive information on how a BB payment would be "reversed".
Your second statement is incorrect. CC credit balances are always refunded by check upon request. A bb payment simply shows up as a payment to the card issuer. Very different than "reversing" a transaction.

Your first statement also could use some clarification. If the cc being paid isn't an Amex, bb would not even know about the credit balance on the card. That part of shut down risk is nil.

Your cc issuer, however, would look oddly upon having repeated credit balances and check requests. I go back to my earlier statement...with bank to bank eft as a fallback and the high likelihood you have charges equal to your bb balance, why would you do this more than infrequently?
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Old Nov 23, 12, 1:39 am
  #3043  
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Originally Posted by LivelyFL View Post
If you have an investment property and collect rent, then you file your income/expenses on Schedule E. Investment property mortgage interest does not go on Schedule A (itemizing).
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Old Nov 23, 12, 6:51 am
  #3044  
 
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Originally Posted by NYBanker View Post
Yes. Just don't do it often. And, assuming you are funding via a credit card, how would your cc balance fall below your Bb balance?
I'll probably do it infrequently as you suggest. In my case, I buy ice-cream using Amex Hilton. Just wanted to pay some other card (Chase) which has a lower balance.
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Old Nov 23, 12, 9:34 am
  #3045  
 
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