4 to Watch: How Many Bank Accounts Is Too Many?

By FeaturesFOXBusiness

1. Occupy Wall Street anniversary focuses on Robin Hood tax

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Steal from the rich and give to the poor? On the second anniversary of Occupy Wall Street, protesters are taking to the streets to campaign for a Robin Hood tax, which would tax financial transactions. The Center for American Progress’ Jennifer Erickson says it would take a tax of approximately 0.5% on trades in derivatives, stocks, bonds and foreign currency exchanges. But Americans for Tax Reform’s Patrick Gleason says the tax will significantly affect middle Americans investing in 401(k)s and IRAs.

2. How many bank accounts is too many?

A married couple can have up to six bank accounts, spread across multiple banks and even states. Bankrate.com senior financial analyst Greg McBride says if you’re at the point where you can’t keep track of your accounts, then you clearly have too many – especially since many accounts have minimums you have to keep up with. McBride says even if husbands and wives share the bills equally, he says he’s a fan of each individual having separate accounts for discretionary spending.

3. Does a minimum wage hike increase unemployment?

Switzerland, which doesn’t have a minimum wage, has an unemployment rate of only 2.1%. Lou Dobbs says raising the minimum wage in the U.S. won’t help poverty, because most of the poor people in the country don’t have jobs to begin with. Only 1.6 million of the 46.2 million people in poverty are earning the minimum wage currently.

4. What to consider when picking a college

U.S. News and World Report Editor Brian Kelly has been taking heat for his list, which ranks 1,800 colleges around the country. But Kelly says U.S. News has been creating the ranking for 30 years, and that the metrics have stood the test of time. Admissions strategist Steven Goodman advises students directly on how to choose a school, and says the most important question is figuring out exactly what individual students and their families want from a college experience.

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