News and Notes

President Obama’s approval rating on the economy is at its lowest level ever, according to a new McClatchy-Marist Poll. The survey found that 57 percent of registered voters disapprove of how Obama is dealing with the nation’s economy, compared to 40 percent who approve.

“These economic numbers could spell trouble for President Obama’s re-election prospects,” Dr. Lee M. Miringoff, Director of The Marist College Institute for Public Opinion, said in a statement. “Oddly, though, he still isn’t being faulted for the sluggish economy. Most think it was there waiting for him when he took office.”

Of the people who are not happy with Obama’s performance, 65 percent do not blame him for the problems, which they say he inherited. But 30 percent of people say the economy is in a shambles because of Obama’s policies.

There also is a greater feeling that things may get worse before they improve. When thinking about the economy, 57 percent believe it will get worse, while only 39 percent say the worst is in the past. That compares with January when only 39 percent believed things would get worse and 54 percent thought the worst was behind us.

If you believe the economy will get worse, make a plan to pay down debt, cut expenses and beef up your savings account. People who have a healthy emergency savings fund stand a better chance of weathering economic woes unscathed.

A recent survey by J.D. Power and Associates found that customers had more satisfaction with banks this year than in 2010. Customers satisfaction rose 4 index points to 752 (based upon a 1,000 point scale), with improvement seen in the areas of account information, facility, problem resolution and product offerings.

However, satisfaction with bank fees fell even though the number of customers who were charged fees fell to 43 percent in 2011 from 53 percent last year. Of those customers charged fees, 18 percent said their fee structure had changed during the past 12 months, compared with 16 percent last year.

“While there has been a concerted effort made by the banking industry to get back to basics and provide customers with a satisfying retail bank experience overall, the well-publicized attempts by banks to recoup lost revenue due to Reg E debit card revisions by dropping free checking and repricing accounts has clearly had a negative effect,” said Michael Beird, director of banking services at J.D. Power and Associates. “The good news for consumers, and the challenge for the industry, is that banks are being forced to clearly define the value they’re providing for the prices they’re charging.”

Beird also noted that being charged higher fees does not necessarily translate into lower customer satisfaction. “Customers who completely understand their bank’s fee structure and value the products and services they receive tend to have higher levels of overall satisfaction, despite paying fees.”

With U.S. savings rates currently averaging just 0.15 percent it’s important to shop around for the best deals from banks that consistenly offer competitive rates. To find the banks with the best interest rates MoneyRates.com has done an analysis of what was offered for the first quarter of 2011 in its America’s Best Rates feature.

MoneyRates.com found 7 banks that had savings rates that were above 1 percent on average during the first quarter. American Express topped the list with an average savings rate of 1.269 percent. Discover Bank came in second with 1.224 percent, followed by Capital One Bank with 1.221 percent.

Banks that made the list consistently have more competitive rates. But overall they all saw savings account rates slip in the quarter, reflecting a national trend. Eight of the ten banks listed for the first quarter were also on the list in the previous period.

The analysis also found three money market rates that averaged over 1 percent during the quarter. OneWest had the highest money money market rate at 1.100 percent, followed by Discover Bank (1.079 percent) and Ally Bank (1.070 percent ).

Are you thinking of dipping into your savings account to donate money to help victims of the earthquake and tsunami in Japan? Before you write a check or text a donation, make sure you know exactly where the money it going so you don’t end up being scammed.

Recognize some red flags

When choosing an organization to help, keep the following tips given by the Federal Bureau of Investigation (FBI) in mind.

• Avoid responding to unsolicited emails urging you to donate, because clicking on the links could unleash a computer virus.
• Just because someone says he represents an organization you’ve heard of doesn’t mean he does. Take time to check out individuals soliciting donations.
• Watch out for organizations that use names that sound very similar to well-known groups.
• Avoid opening links to photos that are supposedly from the disaster area. They could have a computer virus.
• Avoid making donations with cash or making checks out to individuals.
• Legitimate organizations won’t pressure you to donate.
• Be suspicious of organizations that solicit donations by money transfer services.

Do you have enough savings?

Donating money to help good causes is a great idea if you can afford it. But if you have little to no savings and are barely making ends meet, it’s probably a good idea to work on beefing up your savings account now so that you will be in a better position to give later.

Americans are more worried about the economy than they were a year ago, according to a new Gallup poll. When asked what is the “most important problem” facing the U.S. today, 72 percent said the economy. That’s the highest mention of the economy in the poll since February 2010, but still below 86 percent in February 2009.

Respondents to the poll said the top five economic problems facing the country are the economy in general (28 percent), unemployment (26 percent), the federal deficit or debt (13 percent), gas prices (6 percent), and lack of money (4 percent). In regards to non-economic problems, 11 percent were dissatisfied with the nation’s government or leaders and 9 percent with health care. Only 1 percent of Americans mentioned the turmoil in the Middle East as the country’s most important problem.

The poll found that concern about gas prices rose to 6 percent from 1 percent over the past month. But Gallup concluded that any real alarm about gas prices would probably remain subdued until the average price per gallon reaches a new record high, which would be over $4.11 a gallon.

Gallup polled 1,021 adults aged 18 and older by phone during the first week of March, 2011.