Your Money's Worth

Monday, August 26, 2013

Not so much pain

Drivers have good news as we head into Labor Day weekend: Gasoline prices are lower than they have in the past three years.

Drivers in the Bergen-Passaic area were paying, on average, $3.47 a gallon on today, according to the AAA Fuel Gauge. By comparison, regular cost $3.67 last year and $3.54 on the same date in 2012. Even so, we’re still paying about $1 more than in we did in 2010 and 2009.

Significantly, prices were on the rise as Labor Day approached in each of the past two years, but they’ve been falling slowly, but steadily, over the past five weeks from a high of $3.63 a gallon on July 23. Best of all, bargain hunters can find many stations selling regular for less than $3.29 a gallon. Even better, analysts at GasBuddy.com, which tracks pump prices across the United States, predict that retail gasoline prices are likely to slip lower in the last four months of 2013.

For now, you could really feel the pain if you need a fill-up outside New Jersey this weekend. In Connecticut, regular averages about $3.91 a gallon, the highest among the 48 contiguous states, while you’ll pay $3.83 in New York, $3.72 in Rhode Island, and more than $3.70 in much of the western third of the nation. If you’re looking for a bargain, the Southeast is the place to go.

These, of course, are statewide averages, but they come with big local variations. That’s why, if you are traveling, you might want to download the free GasBuddy app on your smartphone.

As you can see if you drive around North Jersey, prices often vary widely from station to station, such as in Little Ferry, at the intersection of Route 46 and Liberty Street, where you could pay $3.49 a gallon at a Lukoil station, while the Enrite across the highway was priced at $3.31.
GasBuddy prices for individual stations come from drivers, so they are neither scientifically compiled nor complete.

But they are a lot better than anything else that I know of, and, as my buddy Mike Frantz discovered on a recent trip from New Jersey to North Carolina, they could save you a couple dollars per fill-up.

Tuesday, August 20, 2013

Heat check

We’re having another heat wave this week, but it won’t be long before the AC gives way to the furnace. Will you be ready?

Public Service Electric and Gas Co. is recommending that gas heating customers test their heating systems now, before chilly weather arrives. The utility will even come to your home to start the unit — at no charge — through Sept. 8.

It’s a good idea to check your heating system before starting it. That includes checking that the area surrounding the unit is free of combustible items like boxes, paper, clothing, paint and other flammables and that the flue pipe is connected and in good condition.

If you have a hot water boiler, check that the indicator on the pressure gauge falls into the normal range (12-15 psi cold), and check the water level in the sight glass if you have a steam heating system. If the level is low, turn on the water supply valve to bring the water level up to the half-way mark. Turn off the valve.

For warm-air furnace systems, replace dirty air filters, check that the blower door is closed tight and correctly secured, and make sure that all controls, valves, and electrical switches are in the “On” position.

Monday, August 19, 2013

Guaranteed loans/upfront fees

You’ve heard the ads from companies advertising guaranteed loans, regardless of credit history or collateral, but they may not be what they seem.the Better Business Bureau Serving Metropolitan New York says.

The BBB issued an alert today, saying it has received an increased number of complaints filed by consumers who allege that several operating in the Metro area, made false promises to arrange for a loan in return for fees paid upfront by the applicant, but never delivers.

“Despite a broker’s assurances, would-be borrowers should understand that it is illegal for anyone to ask you to pay in advance for a loan or credit card,” said Claire Rosenzweig, President and CEO of the BBB chapter. “In the cases filed with BBB, consumers alleged that scammers fraudulently pocketed the fees and made no effort to find the funds promised, leaving the financially strapped client in an even worse position; no loan and lost fees.”

Consumers reported applying for and being approved for loans online, but were then asked to “secure” the loan by paying additional fees, ranging from $150 to $500, the BBB said. They were variously described as the first few months of payments, interest fees, collateral or insurance costs on the loan, or a lender or broker’s fee.

Consumers report being instructed to transfer the fees to the company via Western Union or re-loadable credit cards like Green Dot MoneyPak—two favorites of scammers. Consumers complained that they never received the money from the loan, or a refund of the advanced fees that were paid, and in many cases, the business has allegedly disappeared, shutting down their website and disconnecting the phone lines.

Always be wary of a lender who asks you to wire money, load a pre-paid debit/credit card, or pay an individual to obtain a loan, the BBB says. You’ll have little recourse if there’s a problem with a wire transaction or the money is transferred from the re-loadable card.Also, keep in mind that legitimate lenders don’t pressure customers to wire funds, transfer money, or send them by courier.

For more informaiton, check out this from the Federal Trade Commission: http://www.consumer.ftc.gov/articles/0078-advance-fee-loans.

Sunday, August 18, 2013

Minimum charge

A sign in the background of a recently published picture of President Obama caught Pat Arbuckle’s eye. “$10.00 minimum Credit Card Charge,” it said.

“I thought this was settled a long time ago, and that the agreement between the merchant and the credit card issuer did not allow merchants to refuse use of the card for any amount,” the Mahwah woman wrote. “Is it legal or allowed?

Until three years ago, that was true; most card networks prohibited merchants from setting minimums for credit card transactions, and even set up methods for consumers to turn in violators, CreditCards.com says

But that all changed in 2010, when a little-noticed section on page 698 of the 848-page Dodd-Frank Wall Street Reform and Consumer Protection Act allowed merchants to impose a $10 minimum. The law says that merchants can set a minimum as long as they treat all cards the same.

A coalition of retail and small business organizations asked Congress to change the rule that banned minimums because it costs retailers money to accept cards, small transaction amounts can make accepting cards unprofitable, especially at places such as convenience stores and gas stations, where profit margins are paper-thin.

For the same reason, many gas stations have different prices for cash or credit. Consumer convenience comes out of the merchants’ pockets.

Tuesday, August 06, 2013

Can anyone explain?

Can anyone predict where gasoline prices are headed? Or why?

A couple months ago we were writing about falling gasoline prices. So, of course, the started to rise. But no sooner had we accepted the fact that prices would be higher during much of the summer travel season than they started to fall—and continue to do so.

What makes the recent trends so unusual is there have been unusually long stretches in one direction or the other, followed by an abrupt change in direction. Back on July 5, the average price for regular in the Bergen-Passaic area was $3.36, but the price rose for 18 consecutive days to $3.63 by July 23, according to the AAA Fuel Gauge. Since then, however, the price has dropped in 12 of the next 13 days to $3.57—exactly where it was in mid-March and a year ago!

Sunday, August 04, 2013

Phony emails

It’s easy enough to spot suspected spam when the email comes from an unknown source, but I’m finding an increasing number of unwanted – and potentially dangerous – messages that appear to be from family and friends.

Just recently, I’ve gotten mail identified as being from my son in England and a friend in California. But even without opening the email, a quick look at the wording on the subject line and the preview box, with a return address I knew wasn’t theirs, convinced me that someone had hijacked my address book.

So I deleted both without opening them or clicking on the link, and I notified my son and friend – using the correct email address – to be on the lookout for other phony mailings.

Was it a virus or spam? I don’t know, but you can’t be too cautious. If you think it might be legit, send an email to the supposed sender, using the address in your address book, and ask.

I’m not alone. Last week the Federal Trade Commission issued new tips to help people deal with email and social networking hacks, whether it’s lessening the chances of a hack in the first place, or recovering from a hack once it happens. Hacked Email – at http://www.onguardonline.gov/articles/0376-hacked-email – is a web site developed by the FTC. It helps you identify signs an account may have been hacked, what to do when you’ve been hacked and how to lessen the chances that you will be hacked.

Tuesday, July 30, 2013

Ad rules

“Must a retail store have a copy of its current newspaper advertisement readily available or conspicuously posted so that a consuemr can make reference?” asked Ray Pharao of Fair Lawn.

The ad itself doesn’t have to be available, but the information contained in it must be readily available under state law.

The regulation, under the general advertising practices of the administrative rules of the Division of Consumer Affairs, says it is unlawful if the merchant fails “to conspicuously post notice of advertised merchandise, on the business premises to which the advertisement applies, in proximity to the advertised merchandise or at all entrances to the business premises.”

The rules say such notice “may consist of a copy of the advertisement or may take the form of a tag attached to the merchandise or any sign with such terms as ‘sale,’ ‘as advertised,’ ‘20% off.’

Tuesday, July 23, 2013

Big prizes? Highly unlikely

We hear so much about online scams and misleading promotions that we often overlook some that still arrive in the U.S. Mail, such as the one that Johann Weiss recently received at his Rochelle Park home.

From the official-looking envelope from the “Department of Records” to the “confirmation of available win-opportunities” to the “Special Invitation,” it looked as if Weiss hadwon $1.2 million from a company listed as Wynfel Advisory Services of Huntington Station, N.Y.

“Your Name has been identified from a list of thousands of sweepstakes participants to receive this Notification of Available Awards advising that You are entitled to receive ***$1,200,000.00 in Cash and Awards*** Win-Opportunities . . . .”

But a close reading shows that Weiss had won nothing, only that for a one-time fee of $19.99, he would become “eligible to receive the available Prize Win-Opportunities.” And what does that mean? Read the fine print and you find that Wynfel is unaffiliated with any sweepstakes, is not a lottery company, “and does not offer lottery , contest or sweepstakes entries. Instead, it supposedly compiles lists of “sweepstakes opportunities” that you’re welcome to enter.

Weiss said he sent the form back to Synfel with a note to deduct the fee from hiswinnings.

“But so far, I did not win anything.”

Monday, July 22, 2013

No toys

.“20% off one regular-priced baby item.”

That’s what it said in big bold type on the front of the coupon the new mother from Lincoln Park received in the mail from Toys “R” Us and its sister store, Babies “R” Us. But what you see is not what you get, as she discovered when she turned it over. The front says “Choose from thousands of items!” but the first line of the rules printed on the back says, “Excludes ALL toys,” followed by a list of other items not eligible for the discount. That includes baby food, diapers, formula, car seats, electronic learning toys, video games, and a long list of specific brand items.

“I mean, come on!” the mother said. “It’s like saying a shoe store coupon excludes all shoes. Toys ‘R’ Us and Babies ‘R’ Us get plenty of money with baby registries and toddler birthday wish lists.’

“The least they can do is offer parents a deal every once in a while that will actually help us and give us a break on what we constantly buy at their stores, which is toys, diapers, wipes and formula,” she said.”

Exclusions are not unique to Toys “R” Us; they often show up in department store promotions, especially for high-end brands. But I’ve never seen discount coupons that exclude the very items that bring most consumers to the store in the first place.

Toys “R” Us did not immediately respond to a request for comment.

Contractor patrol

Undercover state regulators have been quietly patrolling the Jersey Shore, seeking out unregistered home improvement contractors looking to cash in on Superstorm Sandy, and their investigations have led to criminal and civil complaints filed against contractors.

The sting operation was carried out by the Statewide Sandy Fraud Working Group within the Attorney General’s Office. The investigators identified home improvement contractors via internet listings, and after checking each for annual registration with the Division of Consumer Affairs, scheduled individual appointments with suspected unregistered contractors at a severely-damaged house on Second Street in Highlands.

“These so-called contractors offered wildly varying assessments of the damage to the home and cost estimates for rebuilding,” said Eric Kanefsky, director of the state Division of Consumer Affairs. “Consumers depend on the skill and expertise of legitimate contractors and this investigation shows the pitfalls that vulnerable homeowners face when trying to rebuild.”

The state Contractors’ Registration Act, in effect since 2006, requires annual registration of those who perform home improvements of $500 or more. Among the requirements for annual registration is submission of proof that the applicant has a minimum of $500,000 in commercial general liability insurance coverage.

At first glance it seems to be over-regulation, forcing some independent contractor looking to make a few bucks to register. But the registration law is designed to protect consumers from unqualified and unscrupulous contractors, especially the ones who take the money and run, disappearing after doing a shoddy job. It happens more than you think, especially in emergency situations, such as for post-Sandy repairs.

Under its former director, Tom Calcgani, Consumer Affairs made undercover sting operations a key part of its operations, and it’s good to see the practice continue under Kanefsky.