Bankrate.com Editorial Policy

Corrections

Feb. 4, 2020 — A story titled “With mortgage rates near historic lows, buying power is sky high” was corrected to show the all-time low for mortgage rates was Dec. 5, 2012, according to Bankrate data.

Jan. 31, 2020 — A story titled “Mortgage rates are falling, but how low can they go?” was corrected to show the all-time low for mortgage rates was Dec. 5, 2012, according to Bankrate data.

Oct. 2, 2019 — A story titled “Survey: Rising ATM and overdraft fees leave consumers paying much more than they did 20 years ago” has been updated to show the average ATM surcharge as reaching a record high for the 15th consecutive year rather than reaching a 15-year high. The article also misstated in a reference that the average ATM fee from your own bank or credit union had increased from last year.

May 8, 2019 — A story titled “PMI: Learn the basics of private mortgage insurance” has been updated to include correct average PMI costs, the loss of tax deductibility of mortgage insurance under the new tax law and that loan servicers are required to terminate PMI automatically once a loan’s principal balance is scheduled to reach 78 percent of the property’s original value.

July 11, 2016 — In a story titled “Home Loans for Veterans: Everything You Need to Know,” we incorrectly stated that co-borrowers of VA loans must be married and that borrowers may have only one VA loan at a time. In fact, non-married borrowers are eligible for a VA loan with a minimum down payment of 12.5%. If both borrowers are veterans, a down payment is not required. In addition, it is possible to have more than one VA loan at a time, depending on how much of the veteran borrower’s eligibility has been used.

April 21, 2016 — In the story, “8 crazy investments for your IRA,” the name of the craft beer company, Oskar Blues Brewery, was incorrect.

Jan. 4, 2016 — In a “Dear Dr. Don” adviser column, “How can I use tax break and savings bonds?,” published on April 3, 2013, we incorrectly stated that a payable-on-death beneficiary of U.S. savings bonds could capture a tax break while financing a daughter’s college expenses. In fact, the payable-on-death beneficiary on the bonds cannot use the education tax exclusion for qualified education expenses even if they meet the other requirements for the education tax exclusion.

Nov. 5, 2015 — In Liz Weston’s column, “Contribute to a 403(b) retirement plan or Roth IRA?“, we incorrectly stated that direct transfers from workplace retirement plans to Roth IRAs aren’t allowed.

July 10, 2015 — In the story “What if you invested a $100,000 windfall in one of these 6 portfolios,” published April 27, 2015, we incorrectly stated that the return from the Gone Fishin’ portfolio was 18.3%, due to an error in the data used. The allocations for the Vanguard REIT Index fund and the Vanguard Precious Metals and Mining funds each were 10% rather than 5%, making the total allocation of the portfolio 110% rather than 100%. The actual return of the portfolio over the 10-year period studied was 7.51%.

April 21, 2015 — In the blog post “Cap One gets you Uber rewards,” published April 21, 2015, we incorrectly stated the annual fee and annual percentage rate, or APR, of the Capital One Quicksilver card. The credit card has no annual fee and charges an APR of between 12.9 percent and 22.9 percent, depending on creditworthiness.

Feb. 17, 2015 — In “Smart Banking: Checking versus savings,” published Feb. 17, 2015, we incorrectly spelled the name of Consumer Reports Senior Editor Jeff Blyskal.

Jan. 23, 2015 — In a Jan. 13, 2015, blog “Auto insurance from Google?” it was implied that Mark McElroy, executive vice president of TransUnion’s insurance business, commented on the prospect that Google would be selling auto insurance through a comparison shopping site. That is not correct. McElroy’s comments were in regard to online shopping for auto insurance in general. The blog has been corrected. We regret the error.

Dec. 15, 2014 — In “Military pension reforms considered,” we incorrectly stated that members of the U.S. military cannot participate in the Thrift Savings Plan, a defined contribution retirement savings plan for federal employees. Members of the military can participate, but the government offers no matching contributions.

Oct. 30, 2014 — In “401(k) required minimum distribution rules,” the section on “How to determine your RMD for this year” stated that you can aggregate the balances of all your qualified tax-deferred plans when figuring your RMD. In fact, you have to take RMDs from each of your workplace accounts separately, though you can aggregate the balances in all your IRAs and withdraw the total RMD from just one of them.

Oct. 21, 2014 — In “How to make money on the side,” published Oct. 16, 2014, we incorrectly stated that a senior manager at eBay spent $2.50 a night on his sideline business. In fact, he spent two and a half hours a night on it.

Sept. 2, 2014 — In “Using 72(t) rules for penalty-free income,” we incorrectly stated that you can take penalty-free withdrawals from a 401(k) or 403(b) plan if, after separating from service at age 50, you wait until age 55 to take distributions. However, IRS Publication 575 states that you must have separated from service in or after the year in which you reach age 55 to make penalty-free withdrawals.

Aug. 1, 2014 — In “Unclaimed funds: Where are Mom’s IRA CDs?,” we incorrectly stated that MissingMoney.com is the sponsored website of the National Association of Unclaimed Property Administrators. In fact, it is NAUPA’s sponsored search engine. Unclaimed.org is NAUPA’s sponsored website.

July 18, 2014 — In “6 Klutzy Steps to Debt Mismanagement,” published July 17, 2014, we incorrectly stated that the National Foundation for Credit Counseling is in Silver Spring, Maryland. It is based in Washington, D.C.

June 26, 2014 — In our 2014 prepaid debit card survey, under our Wells Fargo EasyPay Card analysis, we incorrectly stated the paper statement fee as $5. The actual cost is $0.

June 23, 2014 — In “Cashing in savings bonds to fund 529 plan” published June 1, 2009, we incorrectly stated that the savings bond education tax exclusion could not be used in redeeming qualified savings bonds to fund a Section 529 College Savings Plan. In fact, certain tax filers may use the exclusion to fund contributions to a 529 plan, where their savings bonds qualify.

May 12, 2014 — In “Use a smartphone money transfer app?” published May 8, 2014, we incorrectly stated that the peer-to-peer money transfer service Popmoney provides money transfer services to the major banks Wells Fargo, Chase and Bank of America. In fact, Wells Fargo and Bank of America use a service called clearXchange, and Chase has its own proprietary money transfer service.

Feb. 14, 2014 — In “What’s all the fuss about myRA accounts,” published February 12, 2014, we incorrectly stated that employers are not required to offer myRAs unless they do not provide any employer-sponsored savings plan. In fact, employers are not required to offer myRAs at all. In addition, we incorrectly stated that small businesses will receive tax breaks to help defray the administrative costs associated with the program. A separate proposal by President Barack Obama would require that employers offer a payroll deduction IRA if they do not already provide an employer-sponsored savings plan. The payroll deduction IRA and the myRA are two different types of plans. Tax breaks to small businesses would apply to the �auto-IRA,� not the myRA.

Sept. 24, 2013 — In “Cybersecurity stocks in an insecure worlds,” published Sept. 11, 2013, we incorrectly stated that the theft of intellectual property cost U.S. consumers $110 billion in the year ending in September 2012. In fact, it is the global cost of cybercrime for consumers that reached $110 billion, and the report from Symantec was released in September 2012, though the research was completed on July 30 of that year.

July 22, 2013 — In “Golden retirement benefits for Congress,” published July 22, 2013, we incorrectly stated that members of Congress serve four-year terms. In fact, U.S. representatives each serve a two-year term, and U.S. senators each serve a six-year term.

May 10, 2013 — In “Best U.S. cities for an airport layover,” published March 27, 2013, we incorrectly included Vancouver International Airport among the best U.S. airports for a layover. It is in Canada.

April 25, 2013 — In “Basics of IRAs,” updated Jan. 11, 2012, we incorrectly stated that contributions to a traditional IRA are not deductible if you are already covered by a workplace retirement plan. In fact, some or all of the contributions may be tax deductible, depending on your earnings. Also, we incorrectly stated that you can only take distributions from an IRA at age 59 � as long as the account has been open at least five years. In fact, that rule only applies to Roth IRAs, not traditional IRAs.

April 24, 2013 — In “Compare credit union accounts,” published March 18, 2013, we incorrectly reported checking account yields of 5 percent for America First Federal Credit Union, American Airlines Federal Credit Union, BECU and Delta Community Credit Union. They are 0.05 percent.

Nov. 16, 2012 — In “Check-in apps: Dart into stores, get rewards,” published Nov. 13, 2012, we incorrectly identified the university where Marilyn Prosch is a professor. It’s Arizona State University.

Oct. 26, 2012 — In “Going abroad: Who offers EMV cards?,” published April 9, 2012, we inaccurately reported that credit cards issued by U.S. Bank require a PIN. These cards require a signature, not a PIN.

Oct. 23, 2012 — In Student financial aid: Obama vs. Romney, we clarified the student loan default rate to instead reflect the student loan repayment rate.

August 29, 2012 — In the story 6 cheap places to retire abroad that published August 14, 2012, the island Guam was identified as a country and an American territory rather than a U.S. territory.

August 16, 2012 — In the story Short selling: A strategy fraught with risk that published August 15, 2012, an explanation about buying put options was incorrect. A put gives you the right, but not the obligation, to sell the stock or index at a preset price.

July 31, 2012 — In the story Earthquake insurance: Sturdier home coverage that published July 26, 2012, the average annual premium for earthquake insurance through the California Earthquake Authority was incorrect. The correct average rate is about $2 per $1,000 of coverage.

July 18, 2012 — In the story 7 legit work-at-home jobs for 20-somethings that published May 29, 2012, the mystery shopper site referenced did not have up-to-date, valid information. This has been updated with new information.

June 19, 2012 — In the story 6 overseas vacation spots for a song that published June 15, 2012, the name of a tour operator was incorrect. The correct name is Friendly Planet Travel.

June 7, 2012 — Due to a processing error May 31, 2012’s “Interest Rate Roundup” showed an incorrect rate for the 30-year jumbo mortgage. The 30-year jumbo mortgage rate for that date has been changed from 4.54 percent to 4.5 percent to correct the error.

March 3, 2012 — The article “International investments: Bite the bullet?” published Feb. 27, 2012, originally stated that new retirees should allocate 12.5 percent to 25 percent of the stock portion of their portfolios to international investments. The story has been amended to read: For new retirees, the stock portion may be 50 percent, so the international exposure may be 10 percent to 15 percent of the total portfolio.

Feb. 24 , 2012 — In Bankrate’s stories, “Top 10 states for foreclosure: January 2012” and “January 2012: Top 10 states for foreclosure,” it was incorrectly stated that foreclosure filings had dropped. They had, in fact, increased. We regret the error, and this has been corrected.

Jan. 17, 2012 — The article “Top 1 percent: How much do they earn,” published October 24, 2011, incorrectly stated that roughly 44 percent of New York City residents made the top 1 percent in 2007 in a bulleted highlight at the top of the story. In fact, the share of income among the top 1 percent of NYC households rose from 12 percent in 1980 to 44 percent in 2007, as was correctly stated in the article itself.

Nov. 22, 2011 — The article “Tips for getting a mortgage loan modification,” published May 19, 2010, provided the wrong first name for Lisa Langlois.

Oct. 25, 2011 — The following stories “Credit scores influence more than lenders,” “High credit scores can save you plenty,” “5 lessons from free credit score notices” and “Bad credit hurts” incorrectly stated that employers may check a prospective hire’s credit score. Employers do not check credit scores. What can be checked, with the permission of the candidate, are credit reports.

Oct. 4, 2011 — The article “Higher banking fees on the horizon,” published Aug. 8, 2011, incorrectly stated that swipe fee caps imposed under the Durbin Amendment don’t apply to financial institutions that have less than $10 million in assets. The asset level for that exemption is $10 billion.

Sept. 13, 2011 — The article “3 ways to save money on medical costs,” posted Sept. 12, 2011, incorrectly stated that an average U.S. family spends five times more on medical costs than they did five years ago, according to Simplee.com. In fact, Simplee’s data show the average U.S. family has experienced a 50 percent increase in medical costs over the last five years.

July 29, 2011 — The article “5 major must-haves for a fab first home,” posted July 26, 2011, incorrectly stated that first-time homebuyers should seek an appraiser to check that a prospective home has been properly maintained. In fact, they should seek the services of an inspector.

June 30, 2011 — The article “Group coupon craze comes to real estate,” posted June 29, 2011, incorrectly said that real estate agents are not always allowed to give commission discounts. In fact, some states do not allow commission rebates.

June 6, 2011 — The article “Pros and cons of prepaid tuition plans,” posted June 3, 2011, incorrectly stated that Tennessee’s prepaid college plan has recently shut down. In fact, it has simply suspended enrollment, but remains open to current enrollees.

May 31, 2011 — In the story “7 money moves for living abroad,” posted May 27, 2011, Steven Elliott, tax director of Schwartz & Co., was incorrectly identified as Steven Schwartz.

April 22, 2011 — The Real Estate Adviser column “Heed taxes when passing home to offspring,” published April 17, 2011, incorrectly referred to Medicare instead of Medicaid. The column said the homeowners could incur gift taxes for giving the home to the children, when the lifetime gift-tax exemption makes that unlikely for a couple of modest means.

April 14, 2011 — The story “5 little-known facts about Social Security,” originally published Sept. 10, 2010, stated that eligibility for Social Security required 40 quarters of employment with a minimum income of $1,000 per quarter. The minimum income required for 2010 and 2011 is $1,120 per quarter.

Jan. 4, 2011 — The story, “10 years that shook America’s finances,” incorrectly stated the rise in the Dow Jones industrial average from the low set in March 2009 and the intraday high Dec. 15, 2010. The Dow Jones rose just under 76 percent during the period.

Dec. 6, 2010 — In the Dr. Don column Dec. 6, “Best place to park short-term savings,” there was an error. His statement about bonds and price risk should read: “there is not a lot of room for interest rates to go lower.”

Dec. 6, 2010 — The story, “Reverse
mortgage gets affordable,” incorrectly estimated the cost of
an annual mortgage insurance premium. It was based on the hypothetical
value of the home rather than an outstanding loan balance.While the upfront
MIP is based on the value of the house, the annual MIP is based on the
loan balance of a reverse mortgage.

Oct. 19, 2010 — The story, “6
questions before you refi,” contained an error about the percentage
of equity a homeowner needs to avoid being required to purchase private
mortgage insurance. The correct percentage of equity is 20 percent or
more.

Aug. 27, 2010 — The Retirement blog, “Social Security cutting do-overs,” incorrectly stated that the Office of Management and Budget and the Social Security Administration proposed a change to the policy that allows recipients to change their minds about collecting Social Security. The proposal was sent by the Social Security Administration to the Office of Management and Budget. The blog also stated the proposed rule change would go into effect Oct. 1. No date has been set.

Aug. 17, 2010 — The article, Changes to college loans and financial aid posted Aug. 16, 2010, identified the Project on Student Debt as a nonprofit student debt relief agency. In fact, it is actually a nonprofit research and policy organization.

Aug. 16, 2010 — The national average for closing costs in Bankrate’s 2009 Closing Costs Study was incorrectly stated. It should be $2,739.

Aug. 5, 2010 — The story “7 crucial facts about FHA loans” incorrectly stated the amount of money available to borrowers to finance repairs through a so-called “streamlined” 203(k). The correct amount is $35,000.

June 25, 2010 — In the story “Sharing credit card accounts,” Gaurav Gupta originally was misidentified.

June 18, 2010 — In the Bankrate article “Community vs. big banks,” there were three misleading or incorrect statements. Read the correct version here.

May 27, 2010 — The May 23 Real Estate Adviser column, “Home builder must pay for contract typo,” incorrectly reported the average cost of asphalt-shingle and clay-tile roofing materials. The correct average cost for asphalt-shingle roofing is $50 to $150 per square, while clay-tile roofing averages $300 to $500 per square.

Feb. 25, 2010 — The Dec. 30, 2009, story “7 steps to a 2010 Roth IRA conversion” incorrectly stated that converting a 401(k) or 403(b) from a former employer into a Roth IRA is a two-step process. In fact, the conversion can be made directly into a Roth IRA in one step, says Melissa Labant, a technical manager with the American Institute of Certified Public Accountants in Washington, D.C.

Feb. 3, 2010 — The Stratus Rewards Visa is no longer issued by U.S. Bank.

Jan. 29, 2010 — In “Credit do’s and don’ts before a refinance,” it was implied that collection agencies can remove listings they have placed on a consumer’s credit report. In fact, this practice violates the Fair Credit Reporting Act.

Nov. 6, 2009 — In an Oct. 28, 2009 Dr. Don column, it was incorrectly stated that a woman who planned to take ownership of a home currently owned by her father could qualify for the federal first-time homebuyer tax credit.

Oct. 7, 2009 — In the Sept. 18, 2009, Dr. Don column “Hardship rule can tame 401(k) tax,” it was incorrectly stated that account holders who qualify for a hardship distribution are not subject to a 10 percent penalty tax.

Sept. 25 2009 — The article “7 steps to a 2010 Roth IRA conversion” incorrectly identified Gilman Ciocia Chairman Jim Ciocia as a certified public accountant. He does not hold a CPA designation. The story was originally posted on Sept. 1, 2009.

Sept. 4, 2009 — The article “Should
you work in retirement?” stated incorrectly that individuals
earning more than $25,000 ($32,000 for married couples filing jointly),
could lose up to 85 percent of their Social Security benefits to income
taxes. In fact, up to 85 percent of their Social Security benefits would
be subject to tax.

Aug. 21, 2009 — The article “Campus
health insurance or family plan?” should have said that James
Boyle, president of College Parents of America, points to low ceilings
for catastrophic coverage, high deductibles, short coverage windows (i.e.,
only during the school year) and the lack of portability when the student
moves to another school or into the work force when discussing the pros
and cons of college health insurance policies. It has been corrected.

July 16, 2009 — The following quote was misattributed in a story about the use of social media by small businesses: “Think of social media as a cocktail party. You don’t go into the cocktail party and go into the middle room and scream at the top of your lungs and say, ‘Buy my products.’ … What works is you have some meaningful conversation first. And that’s just how social media works.” The comment was made by David Meerman Scott, author of “The New Rules of Marketing and PR” and “World Wide Rave.”

June 30 , 2009 — The article “7 ways to avoid tapping retirement cash” should have said that reverse mortgages are available to homeowners older than 62 who fully own their homes or have a small mortgage.

In addition, income from an unqualified 529 plan withdrawal is assessed at the recipient’s federal income-tax rate (plus a 10 percent penalty), whether that recipient is the parent or the child.

June 10, 2009 — In the story “When not to use a 529 plan,” it was incorrectly stated that taxes are deferred on a child’s custodial account until withdrawal, and that unqualified 529 plan withdrawals are taxed at the child’s rate. In fact, taxes are not deferred on a child’s custodial account. They are assessed each year, as follows: If the child is older than 19 and not a full-time student at year-end, the income is taxed at the child’s’s rate. Otherwise, through age 23 the first $950 of income is tax-free, the next $950 is at the child’s rate, and any income above that is at the parent’s rate.

In addition, income from an unqualified 529 plan withdrawal is assessed at the recipient’s federal income-tax rate (plus a 10 percent penalty), whether that recipient is the parent or the child.

June 10 , 2009 — In the story “When 2 heads are better than 1,” Ruth Walker was incorrectly identified.

March 31, 2009 — In Dr. Don column “Choose retirement plan that matches you,” it was incorrectly stated that income limits on Roth IRA contributions will be eliminated in 2010. In fact, limits on Roth IRA contributions will remain in effect. It is income limits on conversions (from traditional IRAs to Roth IRAs) that will disappear.

March 12, 2009 — In the story “Are you eligible for mortgage help,” it was incorrectly stated that the federal government’s Home Affordable Refinance program requires eligible homeowners to demonstrate financial hardship. The program does not have this requirement.

March 12, 2009 —

The tax tip discussing the first-time homebuyer credit incorrectly stated that unmarried individuals who purchase a “first” home must each qualify in order to claim any of the credit. In the case of unmarried purchasers, eligibility is determined separately and the credit can be allocated between each eligible homeowner.

Nov. 21, 2008 — In the story “4 steps to boost car trade-in value,” ZAG was incorrectly identified as an “automotive research company.” It should have been identified as an “auto shopping, research and pricing technology platform to affinity buying groups.”

Aug. 11, 2008 — Bankrate’s article on asset
allocation presented an oversimplification of the results of a famous
study by Brinson, Hood and Beebower. The article said the study concluded
that asset allocation accounts for more than 90 percent of a portfolio’s
return. In fact, asset allocation accounts for more than 90 percent of
the variance of a portfolio’s return.

July 28, 2008 — On Bankrate’s Fed
news page, Federal Open Market Committee Chairman Ben S. Bernanke
was incorrectly identified.

May 14, 2008 — In Kay Bell’s story on deducting private mortgage insurance, the phase-out thresholds were incorrect. The deduction is limited for homeowners with adjusted gross income of $100,000 (single or married filing jointly) or $50,000 for homeowners who are married and file separate returns. The article was originally published March 7, 2008.

April 24, 2008 — In an interactive story titled, “What can you buy for $400,000?” we mistakenly implied that Bangor, Maine, is a coastal city. The article was originally published April 14, 2008.

March 19, 2008 — In the Bankrate story “Solo home sellers find FSBO help online,” Phil Gons was touted as an FSBO success story after he found a buyer for his condominium in Greenville, S.C. However, the sale fell through when the buyer could not obtain financing. Gons is now using a Realtor to sell his home.

Feb. 8, 2008 — The story “6 steps to better, cheaper car insurance” mistakenly implied that property damage coverage applies to the policy holder’s vehicle. In fact, property damage coverage insures damage that a policy holder causes to another person’s vehicle. The story was originally published Nov. 30, 2007.

Jan. 31, 2008 — A story on Health
insurance for the over-50 crowd incorrectly listed New Hampshire among
the states that allow residents age 55 and older to continue COBRA coverage
until they are eligible for Medicare. In fact, in New Hampshire, this
applies only to the separated, divorced or surviving spouse of the policy
holder. The story was originally published Jan. 22, 2008.

Nov. 15, 2007 — A Dr.
Don column incorrectly stated that a husband and wife who each have
$100,000 as insured deposits in individual accounts are not eligible to
have an additional $100,000 each insured in a joint account. In fact,
joint accounts are a separate type of account ownership and as such have
separate insurance limits. Coverage limits are up to a total of $400,000
in insured deposits for the two types of accounts. The column was originally
published Nov. 8, 2007.

Nov. 8, 2007 — A Real Estate Adviser column, “Home auction best left to pro” incorrectly stated that National Association of Realtors estimates that by 2010, one-third of all U.S. properties sold will sell by auction. The statistic did not come from the NAR. The column was published Nov. 4, 2007.

Aug. 7, 2007 — A story
about emergency savings strategies incorrectly stated that a $200 investment
earning 10 percent would grow to $835 after five years. In fact, it would
grow to that amount after 15 years.

May 22, 2007 — An interview with the Frugal
$ense winner incorrectly stated that plastics discarded as municipal
solid waste in 2003 accounted for 26.7 tons. The total weight of plastic
refuse in 2003 was 26.7 million tons.

April 23, 2007 — We incorrectly identified Steve Brobeck in a story on
retirement planning, published April 23, 2007. Mr. Brobeck is the executive
director of the Consumer Federation of America.

April 19, 2007 — A story on congressional
hearings into foreclosures, as originally published, overstated the
recent rate of foreclosures.

April 10, 2007 — A column on
retirement as originally published in September 2006 listed incorrect
dollar amounts on the table.

April 6, 2007 — A tax column on the
Pension Protection Act originally published on Oct. 6, 2006 inaccurately
stated that IRA beneficiaries could defer withdrawing inherited IRA funds
until age 70 1/2. In fact, that is not true.

March 21, 2007 — A story on medical
tourism inaccurately illustrated the maps of Thailand and Singapore.
The maps shown in the illustration have been corrected.

March 8, 2007 — A Dr. Don column published March 5 incorrectly described Roth IRA contributions. They are made with after-tax dollars, not pretax dollars as the column originally stated.

Jan. 31, 2007 — A column
on how the young can get rich contained an inaccurate calculation pertaining
to the example of Shirley, who beginning at age 25 invested $4,000 a year
in a Roth IRA for 10 years and then stopped making further investments.
At 9 percent, her nest egg would have grown to $806,303, not $1.3 million
as the original article stated.

Jan. 24, 2007 — A column
on long-term care insurance, originally published Jan. 17, stated that
beginning in 2010, consumers can take money out of an annuity tax free
if they use the cash to purchase a long-term care policy. In fact, the
provisions of the new law will allow consumers to have the cost of long-term
care coverage subtracted directly from the cash value of a hybrid annuity-LTC
product without having the payment be taxed as a distribution (however,
the long-term care costs expended will reduce the annuity’s cost basis).
Hybrid products eligible for these rules do not yet exist. For more details,
see the subsequent
column published Jan. 25.