Entries Tagged as 'Finance'

MoneyDance

A little over a year ago Microsoft announced the end of Microsoft Money…

In the beginning I used a program written by a friend of mine to manage my check book (he actually marketed it), it was basic, and worked reasonably well.

Then I switch to Quicken… which never worked reasonably or well… but did the job (sort of like hammering a nail with a screwdriver rather than a hammer).  Obviously from what I’ve said I never liked it and never wanted to contemplate going back — financial management is about function, not form (or in Quicken’s case, pretty pictures, graphics, and selling as much of your information to anyone who will pay anything for it they can).

One of my friends used MoneyDance, and I’d pointed him that way when he decided gnucash just wasn’t what he wanted… so at the end of last year when I decided to make a decision to move to a financial management (tracking) software that was a little more current I paid for MoneyDance… and honestly, I’ve regretted it ever since.

The program basically works, and works on OS-X, Linux, and Windows… but one of the whole reasons to use financial management software is to be able to download transactions from your financial institutions and them just basically automatically match up with what you’ve entered and be done with balancing your records with your statement in a matter of a very few minutes…

And there in is the problem.

If you just let MoneyDance import and process those imported transactions you will have the biggest mess you’ve every seen — and the more accounts you have and the more transfers between accounts you do — well, let’s just say “exponential” growth only give you an idea of how bad it gets.

But, of course, like most “commercial” pieces of software, MoneyDance recently released a new version (I’m never in a hurry to upgrade to anything — even if I’m having minor problems I like to wait and make sure there’s no major regressions).  I did, however, install the update this weekend.

All I have to say is: are you F^(#ing kidding me… how is is possible to make an almost completely broken “feature” worse???

Now the transaction matching not only seems to do a worse job, but it’s on the side now rather than the bottom, so it obscures most of the (wrong) transaction it wants to match to so you have no idea what the F^(# it’s about to screw up…

My personal feeling is that you’re better of using crayons in a drawing book to track your financial records than wasting your time or money on MoneyDance… this has to be one of the absolute worst products I’ve ever seen, and based on the “features” that actually work you can stick with Microsoft Money, a 20 year old version of Quicken, or use a free program like gnucash… or a spreadsheet, because at the end of the day all you’re going to get with MoneyDance that works well enough to trust is a simple ledger.

Needless to say at the end of the year, I won’t be using MoneyDance, and if I can figure out how to get this years financial data out of it I will delete it (of course, this years data has very little value since to really “fix” the issues I’d have to go back and manually re-key everything).

Do before you reach for your credit card; consider saving your money and trying something else.

Originally posted 2011-08-08 02:00:00.

Report Fraud

Each and every time you encounter someone trying to defraud you make sure you report it.

Phishing scams, money scams, premium SMS message, suspicious phone calls, un-authorized phone charges, un-authorized credit card charges, etc — go ahead and visit the IC3 (Internet Crime Complaint Center; a partnership between the Federal Bureau of Investigation [FBI], the National White Collar Crime Center [NW3C], and the Bureau of Justice Assistance [BJA]) and file a report.

Take action and let the law enforcement community decide what’s a threat and what’s not – but DO NOT remain silent or these problems will continue.

http://www.ic3.gov/

 

NOTE:  If you have an un-authorized charge on any of your bills you will also want to contact your billing company and dispute the charge with them; the IC3 will not do this for you.

Originally posted 2008-10-24 13:00:38.

Volcker’s views being echoed by Obama

Paul Volcker for years has been adamant that banks should not be allowed to use federally insured money to gamble on the market.

Hard to deny that we need to make changes in the way Wall Street and Big Banking does business; remember, we’ve done nothing but bail them out and allow them to make record profits using tax payer money.

I personally believe the right solution is to tax big banking and to make it more profitable for them to break up into smaller (more easily regulated) business units.  This would also make small banks and credit unions much more capable of competing as well as prevent an economic collapse when one or two banks make bad investment decisions.

Originally posted 2010-01-27 01:00:33.

Citibank World Dividends Master Card

I got home Friday evening and had an alert from Citibank that a statement was ready on my Citibank World Dividends Master Card account… this is an account they’d converted from their Dividends reward card that had a really nice cash back program to a card that really didn’t have a very good program at all, so I really didn’t use the card much; but I’d done a small charge on it a couple months ago, and then paid it off when the bill was issued.

So, the alert was notifying me that I had a statement ready that would have a zero balance, and would only be showing a posted payment.

The problem was… there wasn’t a PDF of the statement available.  And the same thing had happened to me about eight months previously; so I actually knew exactly what it was.

The bottom line was some programmer at Citi decided (or was instructed to) not produce PDF statements for account with zero balances period… ignoring the fact that federal law requires a credit card company to issue out a statement with a zero balance should there be any transactions in the period the statement covers.

Certainly the supervisor I was transferred understood the requirement that a statement be issued when there was transactions during that period…

But, once again, I was sent over to a on-line technical support agent; who insisted the problem was my browser… Firefox 8; so we tried it in Internet Explorer 9… same thing, no PDF statement… then we tried it in Internet Explorer 8, Internet Explorer 7, and Firefox 5… guess what, still no PDF statement (she of course wouldn’t have it that I’d gone through all of this before — she had to make sure she wasted the maximum amount of my time that she could); then the technical support representative decide that maybe she should actually ask someone about this issue… and –SURPRISE– she was told that there was an issue in the system and in fact PDF statements were not issued out on account that had a zero balance, that they had to be requested to be generated.

While normally I believe in the three strikes you’re out paradigm, for a financial institution as well run as Citibank I made an exception… I decided because they managed to waste 50 minutes of my life today; and another about 90 minutes of my life several months ago on the exact same issue, that they were OUT!

I requested a return to a supervisor and canceled my account.

As always, I wished her the best of luck finding another job when the financial institution she worked for went out of business, and assured her that I would do everything in my power to encourage everyone I knew to dump Citibank.

The only unfortunate thing about cancelling the account was losing the $13.56 in Dividend reward points, but I certainly wasn’t going to keep the card until I had accumulated the $50.00 in reward points necessary to request a check.

I still have a two other Citibank credit cards (one VISA and one Master Card)… and while I may keep those cards for the moment (since Citibank and Bank of America are the only two financial institutions in this country that provide virtual credit card numbers)… but I will guarantee you I’ll make sure as little money as possible is charged through Citibank, and should one of my credit unions add virtual credit cards Citibank will be history for me.


UPDATE:

On Sunday I received an email from Citibank telling me that there was a PDF of my statement available for download.  Guess what — no statement.  I called up the clueless people at Citibank (again) to waste (more) of my time…

I guess maybe they’ll just have to change the spelling of their company to Shittybank.

Originally posted 2011-11-20 02:00:27.

High Speed Rail might be de-railed

It’s very likely that one of the casualties of the mid-term elections will be the high-speed-rail grants.

Representative John Mica (R-FL) who is in line to be chairman of the House Committee on Transportation and Infrastructure has indicated he wants to re-examine all $10 billion worth of high-speed-rail grants that have already been awarded around the country.

High speed rail service would be an extremely cost effective competitor to increasing air transportation; it would be far more eco-friendly; use less energy; potentially use renewable energy; and unlike airports, high speed rail stations could be in the middle of busy metropolitan areas.

No question the US has to tighten it’s belt and bring it’s spending in line with it’s bank accounts — but investments in long term infrastructure improvements are likely what will allow the economy to rebound and gain a solid footing.

I’d say we need to look at all the spending and make sure we make cuts where it’s waste first — and then weigh the costs and benefits before making other cuts.

As I’ve posted before — we could cut down the salaries, retirement pensions, and health insurance costs for elected official… that’s a good start to savings — and elected officials should get the same “benefits” they approve for the American people.

Originally posted 2010-11-23 02:00:13.

Goog-rola

What does $12.5 billion get you in today’s economy?

For Google, it just might get them Motorola Mobility.

For me, I’m wondering what’s going to happen to the Open Handset Alliance.

Motorola is a very large manufacturer of mobile devices (cell phones, smart phones, and tablets) — and it’s roots are over 80 years old.

Google’s CEO Larry Page stated that (at least for the time being) Google intends to run Motorola Mobility as a separate company, and that there will still be the exchange of license fees for Android, and that they will need to bid on manufacturing future Nexus phones just as every other vendor would.

Right…  I believe all that.

My gut tells me this is all subject to change (quickly) that Google will use it’s acquisition of Motorola to change the landscape of Android devices and they won’t be a separate company; while they might not be tightly integrated into Google they will be very coordinated with Google.

One has to wonder, what’s next for Google — a cellular carrier (or maybe a few)…

Originally posted 2011-08-15 10:00:59.

Spending chill…

Obama may propose a discretionary spending freeze for three years.

Hopefully he’ll fully define what discretionary means; I remember the budget surplus (you know, “extra” money when the country had a trillion dollar debt) so I don’t make any assumptions what politicians in Washington mean by any term that they don’t have a clear track record using.

Of course, he’s already exempted the departments of Defense, Homeland Security, and Veterans Affairs (sound like he’s playing to the political right) from the freezes.

I think it’s great to implement “new” ideas to reign in government spending — of course I’d like to see some the “old” ideas (you know — those campaign promises Obama made that got him elected) implemented.

In the back of my mind I see this a yet another failure looming for the Obama presidency.

Originally posted 2010-01-25 20:00:46.

Connect for the Cause

I’m a huge fan of credit unions; be they state or federal chartered; and I hate banks (all banks).  There’s a huge difference between what motivates a credit union and what motivates a bank, and dealing with even a bad credit union is generally much more satisfying than dealing with the best bank!

Personally I use credit unions when I can; and soak banks for their “give mes” on credit cards… I never pay a bank a penny further if they don’t pay me — I don’t make money for them, and my credit unions never charge me a penny (seems like a good arrangement to me) .

The quote below is from a web site that’s designed to keep you informed about legislation that might effect the services credit unions can provide to you; below it are two links to (California) organizations that support credit unions — while all of whats on those sites might not be important to you, certainly any of the federal changes proposed will likely effect you.

Support your credit unions in every way you can — and fight back against the greedy banks that feel you as a tax-payer (and a customer) should pay for their mistakes while they continue to pay the executive staff (who made the mistakes) huge bonuses.

Take back America… take it back from the greed that destroys the very foundation of our society!

 


As a credit union supporter, you are aware of the need for grassroots action and mobilization efforts to inform our elected officials about credit union issues. Thank you for your active support, and please visit this network frequently to stay informed about legislative issues that are important to your credit union.

Connect for the Cause

California Credit Union League

Originally posted 2009-11-28 01:00:29.

Gas Prices

So have you filled up your tank lately?

Gas is now less than two dollars a gallon in much of the country again; including California and the Northeast (NY/CT).

Less two months ago gas had hit five dollars a gallon, and had taken three years to rise to that price from it’s current level.  Actually it took one year to go up a dollar, and then the next year it went up two (and most of that in just a few months).

Why?

How?

Oh… right — who was in charge of the US Petroleum Reserves… and who are his friends and business associates?

My feeling is this begs for a congressional investigation and some punitive action against those responsible.

My rational is simple.  Many American’s that were hardest hit this Summer by gasoline prices had their budgets totally destroyed by the price gouging… and some of them likely lost their houses or had to dip into their retirement saving because of it.  So once again, the middle class Americans pay for big business (read that as big oil) to make even more money.

Greed… pure adulterated greed!

I certainly have no issues with capitalism and fair market economies; but we don’t have a totally open economy, the government exercises control over many facets of it, and that requires that the government keep a watchful eye over all of it.

Originally posted 2008-11-17 12:00:11.

STOP • THINK • CLICK

I’ve mentioned the Internet Crime Complain Centerbefore, but the US Government also sponsors OnGuard Online with the slogan

STOP • THINK • CLICK

While most savvy internet users should be aware of most everything on the site, there’s no harm in taking a minute out and visiting it to see if there’s any suggestions that might make your online experience safer.  You may also want to recommend that your bank, credit union, and credit card company link to them.

Originally posted 2009-01-07 12:00:50.