What I’ve Been Up To

If the pictures and videos emerging from a flooded Atlantic City and downtown Manhattan aren’t enough proof of Sandy’s severity, consider the following: the New York Stock Exchanged was closed yesterday and today, marking the first time since 1888 that the markets have been closed for two consecutive days due to weather. This Forbes piece provides some great context to the closing, highlighting ten other events that forced the floor to go dark. Fun fact: one of the events that closed Wall Street was a  “paperwork crunch” in 1968. The NYSE found itself sitting on more than $4 billion in unprocessed transactions, so the markets closed on Wednesdays for six months that year, so that bankers could catch up on the paperwork.

But as I imagine that you don’t open this newsletter for a history lesson, allow me to share two other Sandy-related articles that you might actually find useful. The first is a Marketwatch piece on how consumers are likely to fight storm-induced cabin fever with online shopping. (If you just got a confirmation email from Zappos about an extra pair of rain boots that you really don’t need, you know what I mean.) While this shopping is good if you’re catching good deals and getting a jump on holiday shopping, it’s bad if it’s all impulse shopping. And, as the article notes, “Shoppers’ anxiety about the weather could prompt them to buy more than they might under normal circumstances.” So if you’re looking at an online shopping cart full of goodies, sleep on it. Come back in 24 hours. Only hit the checkout button if you find you still really want those items.

The second article is one that I hope none of you actually have to use: it’s a Reuters piece on how to getyour homeowners claims paid quickly in the event your house does sustain damage. Among the great tips listed within: take pictures as soon as possible (especially in the case of water damage, which looks different when it dries), file your claims promptly, and know your state’s insurance rules.

Finally, before I get to the other headlines for this week, an update from me on the NYC Marathon.  As I’ve told you before, I’m planning to run this coming Sunday and am one of the captains of Team Healthier Generation, a part of the Clinton Global Alliance organized to fight childhood obesity.  My co-captain, Richard Blais (of Top Chef fame) challenged me to a bet to see who could raise the most money — and he’s winning.  But I think I can stage a comeback with your help.  If you feel inspired to give, here’s the link: http://giving.healthiergeneration.org/site/PageNavigator/BlaisVSChatzky.html .  If I win, he’ll be making dinner for me and one of my donors (randomly selected).  If he does, I’ll be having a financial pow-wow with one of his.  And thanks!

Keeping cash on hand, just in case?

This story was published in the New York Times’ Bucks Blog well before the storm, but it’s certainly a case of good timing. It asks, “Is having some cash on hand, in case of an extended outage, a good idea? And how much is reasonable?”

Personally, I don’t think you should have thousands of dollars hidden under a mattress in case you can’t get to a bank or log into your online account, but I do understand the impulse of wanting to have at least a little something that you can actually grab. However, don’t think of this as your emergency savings pile. That should be in a savings account, so it’s safe and earning whatever interest it can. This is your “Oh-my-goodness-there’s-a-hurricane-and-I-can’t-even-get-to-a-bank” stash. I would cap it at $200.

Complain, complain, complainNo, really, please do — to the Consumer Financial Protection Bureau, that is. Last week, the consumer agency created a complaint portal specifically for credit report errors. Specifically, you can head to the complaint database (located here) if you have a complaint about credit report fraud, a credit monitoring service, or improper access. However, the CFPB doesn’t want to be your first stop in the event of an issue. They advise (and I agree with them) going first to the company with which there is an issue and filing a complaint with them. If you’ve taken all the necessary steps to resolve a credit report dispute and nothing has changed, it is at that point that you involve the CFPB.

A final note on Sandy and your wallet

There’s a bit of good news for those of you without power in the Northeast: your bank may be cutting you a break. PNC and JP Morgan Chase have announced that, until November 1st, they are suspending overdraft fees and late fees on credit card bills, mortgages and other loans. You can read more about the measures banks are taking to help affected customers here. And, if your bank or state is not listed in the article but you find yourself unable to make a payment due to the hurricane, reach out toyour bank immediately. It’s much better to try to talk to someone rather than assume you can miss a payment because of a natural disaster!

Have a great (and dry) week!