Personal Finance Articles and financial news from the Chicago Sun-Times

Art Institute of Chicago sells bonds to shore up employee pensions

The Art Institute of Chicago is selling $101 million in bonds to shore up its employee pensions. Moody’s Investors Service is giving the bonds an A1 rating, its fifth highest grade, with a stable outlook. The ratings service said the museum enjoys a “sold market …

Closing bank account will cost you, Consumers Union survey finds

Want to close your bank account? It could cost you as much as $55. In a survey of the practices of the 10 largest banks in the country — including JPMorgan Chase, Bank of America, Citibank and Wells Fargo — Consumers Union found that people who want to close their accounts at big banks and switch to a smaller bank can face costly obstacles.

Looks like gas price surge is over for 2012

This year’s surge in gasoline prices appears over. Prices have held at a national average of $3.92 a gallon the past week, below July 2008’s record $4.11. Gas prices in Chicago and Los Angeles — already have dropped 12 to 20 cents a gallon.

Income-tax refunds taking their sweet time

Taxpayers are continuing to wait longer than usual to receive their federal income-tax refunds from the IRS.

Earliest tax-filers face a 1-week delay in getting refunds from IRS

Some taxpayers who filed their federal income-tax returns early this year will have to wait a week longer than initially projected to get their refunds. The problem affects taxpayers whose returns were filed before Jan. 26. Taxpayers whose returns were accepted on or after that date won’t be affected, the IRS says.

Beef prices, already near record highs, going up again this year

Beef prices, already at near-record-high prices, are expected to be driven up for the second year in a row this year because of a limited supply of cattle. There were about 91 million head of cattle in the United States as of Jan. 1, according to the U.S. Department of Agriculture. That’s down 2 percent from a year ago — and the lowest level since 1952.

Amazon.com, Indiana reach online sales-tax deal

Amazon.com will begin collecting Indiana’s 7 percent sales tax from customers in 2014.

Say good-bye to the $1 coin

Say good-bye to the $1 coin. People have rejected them, so the Treasury Department will stop mass-producing them. “Nobody wants them,” says Vice President Joe Biden. The U.S. Mint will make a limited number of presidential dollars available only to collectors willing to pay several times face value — beginning with one featuring Chester A. Arthur next spring.

Fresh-cut Xmas trees — via the Net

The family trek to the Christmas tree farm has a competitor getting special buzz this season: the Internet. Some retailers’ websites, including Target, Costco and, as of this week, Sears and Kmart, are hawking freshly cut trees delivered door to door anywhere in the continental …

Stamp will cost a penny more — 45 cents

It’ll cost a penny more — a 45-cent stamp — to mail a letter starting Jan. 22, and mailing a postcard will go up three cents, to 32 cents. Letters to Mexico and Canada will increase a nickel, to 85 cents.

Consumers could see lower food, gas prices

Consumers may catch a break on the price of gasoline and baked goods and sweets as the Thanksgiving-Christmas season approaches, thanks to a sudden tumble in worldwide commodity markets. The consumer price outlook has brightened, in part, because commodity speculators have fled the energy and …

1 in 7 drivers not insured

Despite laws in nearly every state requiring auto insurance, one in seven drivers nationwide goes uncovered. That’s according to an industry group that estimates 13.8 percent of drivers are uninsured, a number that’s climbed during the economic downturn as many financially pressed Americans let their …

Savings bonds going paperless after Dec. 31

For the first time in 76 years, paper U.S. Savings Bonds will no longer be sold at banks and credit unions, the Treasury Department reports.

Hatchbacks are making a comeback

Hatchbacks are coming back as drivers look for roomy, fuel-efficient alternatives to big cars and crossover vehicles.

Tires for pickups, SUVs become harder to find

As if high gas prices weren’t enough, now drivers are facing shortages of some tires, especially for sport-utility vehicles and pickups.After a number of plant closings and the reduction of inventories during the recession, some tire makers have been caught short as demand picked up …