Personal Finance Daily: Is it time to fire your big bank?

Personal Finance Daily OCTOBER 07, 2011 Is it time to fire your big bank? By MarketWatch Don't miss these top stories: High fees? Here's how to fire your bank IRS offers break to employers who hire freelancers Don't fall for get-rich real estate schemes Charting jobs data from underemployment to race Changing banks can be such a hassle, sometimes it doesn't seem worth all the effort. But when you find your big bank is heaping on the fees — to use your own money, no less — you might start to wonder if it isn't time to give it the boot. Jennifer Waters writes today in her Consumer Confidential column about whether you should fire your big bank, what your options are and some of the things you should consider when making the transition. Changing banks depends a lot on which conveniences and services best fit your needs and deciding if the fees are worth it. Also in today's Personal Finance coverage on MarketWatch, Eva Rosenberg explains how business owners who may have been improperly classifying their workers as independent contractors when they should have been employees can take advantage of an amnesty program from the IRS. — Anne Stanley , Managing Editor, Personal Finance High fees? Here's how to fire your bank If you're among the throngs of consumers who would rather stuff cash under their mattress than pay fees to a bank for the privilege of using their own money — particularly at a time when they're not earning much in interest on their accounts — there are alternatives to doing business with the big banks. Read more: High fees? Here's how to fire your bank. IRS offers break to employers who hire freelancers If you're a business owner who classified workers as freelancers when they should have been logged as employees, the IRS has a new amnesty program for you. Read more: IRS offers break to employers who hire freelancers. Don't fall for get-rich real estate schemes A three-day course on investing in real estate sounds like just another way of separating suckers from their money. Read more: Don't fall for get-rich real estate schemes. INVESTING Where next for oil — $50 or $100? The U.S. oil market has been struggling for the past five months to get itself back above the $100-a-barrel level, but it doesn't have to look very far to find the fuel it needs to do it. Demand growth in emerging markets, high global oil prices, smaller spare production capacity from the world's big oil producers and further political tensions in the Middle East and North Africa are just a few good reasons why many analysts expect oil prices to head higher in the long term. But just when they begin that turn higher is a much more difficult thing to predict. Read more: Where next for oil — $50 or $100? Five money moves a yield-hunting trader is making now Bond trader Abdullah Karatash points out that the corporate bond market nowadays has little tolerance for risk. In this storm, steerage-class borrowers need money the most — yet are the most unlikely to get it. Money instead is hunkered on the top deck. Read more: 5 money moves a yield-hunting trader is making now. Stock funds head into rally season "We'll remember in November" is a rallying cry for disaffected voters. Will disgruntled investors in stock mutual funds and exchange-traded funds feel the same way about buying once the market enters its best six-month stretch between the beginning of November and the end of April? Read more: Stock funds head into rally season. ECONOMY & POLITICS Economy weathered the summer surprisingly well The U.S. economy performed a lot better during the summer than most people expected it would, but it didn't do nearly well enough, writes Rex Nutting. Read more: Economy weathered the summer surprisingly well. Charting jobs data from underemployment to race While Wall Street was happy to see a triple-digit reading on jobs creation, the labor market picture is still weak. How so? Have a look. See charts: Charting jobs data from underemploment to race. How bad would a recession be? Bad enough There are reasons to think that a recession — if it comes — would be relatively mild, but there are also forces that could prolong the pain. Read more: How bad would a recession be? Bad enough. Data show need for jobs bill: White House Lawmakers of both parties, the White House and Wall Street analysts react to Friday's news that the U.S. added a better-than-expected 103,000 jobs in September. Read more: Data shows need for jobs bill. September data show improvement in jobs market Although the jobless rate holds steady at 9.1%, nonfarm payrolls expand by 103,000 in September, nearly double the growth expected by economists. Read more: September data show improvement in jobs market. A lending model that could alleviate poverty Financial instruments geared to the less well-off should be in high demand and should be looked at seriously by investors. In fact, it's exactly these types of vehicles that the "occupiers" on Wall Street should be embracing to effect change. Read more: A lending model that could alleviate poverty. Bank of Japan stands pat, sees recovery on track The Bank of Japan's policy board keeps its monetary policy on hold, saying economic recovery remains on track but extending a special lending program effected following the March earthquake and tsunami. Read more: Bank of Japan stands pat, sees recovery on track. Get the latest news on our mobile site: http://www.marketwatch.com/m MarketWatch has sent you this newsletter because you signed up to receive it. To ensure you receive this newsletter in the future, please add marketwatchmail.com to your list of approved senders. 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