4 The Hampton Roads Messenger Editorial


What Does a Second Obama Term Mean for Your Finances?


an Obama second term as president, if sequestration does not go into effect. Now that the elections are over, Republicans can stop pretending that they are not fond of the Patient Protection and Affordable Care Act, which is almost identical to the healthcare plan Governor Romney enacted in Massachusetts. At least, Governor Romney’s plan included a public option.


Americans believed the BY ANGELA JONES With the threat of sequestration


looming, all Americans should brace ourselves for the possibility of a disruption to life as we know it. People living in areas which depend heavily on the federal government for revenue should be especially concerned.


The automatic cuts to the federal


budget for each of nine years, fiscal year 13-21, totaling $1.2 trillion, would be "Deeply destructive to national security, domestic investments and core government functions," according to a report offered to Congress by the Office of Management and Budget (OMB). The report, which is a requirement of the Sequestration Transparency Act of 2012, reveals that sequestration would result in a 9.4 percent reduction in non-exempt defense discretionary spending and an 8.2 percent reduction in non-exempt nondefense discretionary spending. Sequestration would also impose cuts of 2.0 percent to Medicare, 7.6 percent to other non-exempt nondefense mandatory programs and 10 percent to nonexempt defense mandatory programs. The cuts will begin on January 2, 2013, if Congress does not act swiftly.


One way Congress could avoid


sequestration is by increasing taxes on Americans earning more than $250,000 per year, as President Obama has suggested. It will be interesting to see if the president continues to push for this tax increase now that the elections have been held. We will soon discover if the tough tax talk for the wealthiest Americans was real or rhetoric.


It is not expected that there will


be any changes to Medicare, Social Security or any entitlements, during


Republicans who claimed to be appalled by "ObamaCare"; therefore, no one else bothered to seriously challenge the legislation, which lacked a public option. The current plan constitutes a windfall for insurance companies by increasing the number of insured but offering no incentive that would keep premiums from sky rocketing, as a public option would have provided. If President Obama is genuinely concerned about making health care affordable for all Americans, he will push for a public option during his second term in office.


It would not be wise for anyone


to ever become dependent on food stamps or unemployment, especially now that the massive federal budget cuts may be a real possibility. The last time consumers did not look for the other shoe to drop before they participated in something that seemed too good to be true, such as no doc loans and refinancing options, many found themselves entangled in the foreclosure fiasco.


If food stamps and unemployment


ended today, chaos would ensue. How many Americans would not be able to eat or pay for other basic necessities? That should not be a gamble anyone would be willing to take.


Rather than gambling with their


economic future, many Americans are saving every possible penny they can. When looking around restaurants and department stores, the “usual suspects” are not there. It is as if a memo was sent that said “Save your disposable income;” however, everyone did not get the memo.


If anyone is unemployed today and


has an offer for a job on the table, they should accept it immediately. If those who are unemployed cannot find jobs, they should consider starting a business. There are business opportunities, for almost anyone who wants to own a business, which require little or no startup capital. Some enterprises may require more capital; therefore, a small business administration loan may be beneficial. From franchises to internet


startups,


Established 2006 Angela Jones, Publisher Chris Parks, Editor


Rae Willis, Graphic Designer Ida Davis, Contributing Writer


PO Box 10354 ● Norfolk, VA 23513


Sales and Information 757-575-1863 info@hamptonroadsmessenger.com Copyright pertaining to contents of this edition. All rights reserved.


the possibilities are endless. The local economic development department is a good place to start when gathering information to free one's self from the uncertainty of the job market, the uncertainty of an unemployment check and the uncertainty of the whims of politicians.


Volume 7 Number 3


November 2012 Langley FCU Matching Disaster


Relief Contributions Up to $10,000 Funds Raised Will Help Victims of Superstorm Sandy


NEWPORT


NEWS, VA - Langley Federal Credit


Union


announced they will match disaster relief donations dollar for dollar, with a total LFCU contribution to the American Red Cross Disaster Relief Fund of up to $10,000. Members and non-members may visit any LFCU branch to make a cash or check donation now through November 30, 2012. Checks should be made payable to LFCU, c/o Disaster Relief Fund.


Hu r r i c a n e


Sandy was a massive storm that barreled up the East Coast, making landfall in the New Jersey and New York area. The American Red Cross is working to assist those affected by this disaster.


Contributions to the American


Red Cross Disaster Relief Fund will support emergency relief and recovery efforts to help those people affected by Hurricane Sandy, and may


Everyday Banking FROM PAGE 1


online bill-paying services include a confirmation that you paid the bill, and with some institutions, a guarantee that any payment you originate will be delivered on a set day,” noted Luke W. Reynolds, Acting Associate Director of the FDIC’s Division of Depositor and Consumer Protection. “Some banks’ bill-payment services will even electronically deliver your bills from certain companies you do business with, which can save you time and hassles.” These online programs vary, he said, so check on any limitations, such as on what bills can be paid through the service.


Also, if you’d like to electronically


pay other people (as opposed to companies), find out about your options. They may include payment by phone, computer or smartphone. Again, ask about any limitations and fees.


3. Do I want to monitor my account


electronically? Telephone and online access to accounts is increasingly becoming the norm. But if you want to monitor your account activity and balance using a smartphone or tablet computer, find out whether these features are available.


Electronic alerts from your


bank can save you money. Options may include text or e-mail messages if your account balance reaches a threshold you set (say $10), so you can curtail spending or add funds to avoid overdraft fees.


4. What are my options for


withdrawing cash? Find out if the bank has branches or fee-free ATMs you


include deploying personnel, sending relief supplies, or providing financial resources.


Langley Federal Credit serves


over 167,000 members and has $1.7 billion in assets, ranking the financial institution as one of the top 100 largest credit unions in the nation. Located in Hampton Roads, LFCU has served the community for more than 76 years.


can use close to where you think you need them, perhaps near your home or work.


You also may be able to get


cash from your account when you make a purchase with a debit card at certain merchants, but this can lead to unnecessary expenditures.


5. Are there features that can help


me put more money into savings? Many consumers find that setting their savings on auto-pilot — by automatically transferring money into a savings account on paydays or at other regular intervals — is the easiest way to build a rainy-day fund or achieve other savings goals. “Paying yourself first is the most effective way to ensure that you set money aside because, as the saying goes, ‘What you don’t see you probably won’t spend,’” noted Lekeshia Frasure, Acting Chief of the FDIC’s Outreach and Program Development Section.


6. What will the new account


cost? Pay careful attention to how much money you may need to open and maintain the account. For example, what does the bank charge for falling below the minimum balance requirement?


Making Your Decision By now you should have a better


idea of the features you want in a bank account and how much they’re likely to cost. Here are other questions to ask before you make a final decision:


7. Have I compared several


institutions? Look at each bank’s disclosure of fees and key terms. The types of fees may vary considerably from bank to bank. Also compare the products and features a bank offers


EVERYDAY BANKING PAGE 14


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