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The rule of 72 is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest. By dividing 72 by the annual rate of return investors can get a rough estimate of how many years it will take for the initial investment to duplicate itself.
Interest is the price that someone pays on the temporary use of someone else’s funds or more accurately, the cost of borrowed money or capital. Interest is a fee or price paid on the borrowed capital. The interest is paying for the use of others savings over a given period of time.
Any and all persons designated and authorized to transact business on behalf of an account. Each account holder’s signature needs to be on file with the bank. The signature authorizes that person to conduct business on behalf of the account.
Short term savings refers to money that you keep out of your checking account and stash away somewhere close in case of an emergency or a planned expense in the not too distant future.
This may be a fund for something unexpectedly unhappy like car repairs, or it may be for something like college tuition in
If the account has a standard POD or pay on death beneficiary assignment, the beneficiary has no liability for bounced checks. The designation of the beneficiary isn’t final until the death of the owner. A beneficiary has no ownership interest in the account until the owner dies. Therefore, the beneficiary isn’t responsible for
Interest rates market movements were fairly subdued with the all of weeks trading in Treasuries and mortgage markets contained inside a fairly narrow range. The news for borrowers was mostly positive with mortgage rates moving to the downside and credit card rates holding even. CD rate investors have nothing to cheer about with pathetic yields
If a prospective account holder has had a bad credit history pertaining to bank accounts this may prevent you from opening a new account. Mishandling bank accounts is the primary reason one may be denied a new bank account. Most banks check the background of new account holders to see if they had
A more appropriate title would be, the best CD rates in Washington the home town of our President. Washington D.C is buzzing with excitement over the new resident in Washington, but no one is covering the bank CD rates offered in Washington. SelectCDrates.com, in the interest of fair coverage, is reviewing the CD rates of
When the economy shows signs of growth bond yields generally rise resulting in higher bank rates and mortgage rates. This past week, there was little evidence that the U.S has slowed down yet bond rates dropped, mortgage rates fell and CD interest rates moved marginally lower.
Bank rates were mostly affected by uncertainty in the
A savings account that offers a higher rate of interest in exchange for larger than normal deposits. Insured by the FDIC, these accounts have limits on the number of transactions allowed and may require higher balances to receive the higher rate of interest.
Online banking has become much more prevalent among banks and consumers. With the growth of online transactions for chekcing accounts and savings, bank safety and security has been enhanced. However, it is always prudent to take standard precautions to avoid identity theft or financial loss. Keep your online identification and passwords private and secure. Change your
Dime Savings Bank is advertising a 4.10% interest rate on either a one year CD or money market account. The one year CD requires a minimum $500.00 to open the account and receive the advertised yield. The money market account has a 4.10% APY that is guaranteed for 3 months on balances up to $100,000.00.
Fair Housing Act (1968)
Prohibits discrimination in the extension of housing credit on the basis of race, color, religion, national origin, sex, handicap, or family status.
Truth in Lending Act (1968)
Requires uniform methods for computing the cost of credit and for disclosing credit terms. Gives borrowers the right to cancel, within three days, certain loans secured by
Banks offer several different types of savings accounts from which a customer can choose. The bank certificate of deposit usually has the highest interest rate of all the bank products available. A certificate of deposit, or CD, is a financial instrument in which a bank customer deposits money the bank for a fixed period of
WaMu is running an advertising campaign with the focus on the size of their ATM network. An ad for WaMu in the December 3rd, 2008 Orange County Register reads, “14,000 more reasons why we’ve got the best checking”. Now that WaMu is part of Chase, the combined ATM network is in excess of 14,000 machines.
Generally, a traditional IRA owner must begin taking money out of the account by April 1 of the year after he or she turns 70 1/2. The amount is a minimum distribution determined by the account holder’s age and life expectancy. The IRS has established simplified tables that a traditional IRA owner can
Yes, FDIC insures each account holders deposits separately from any deposits at another FDIC insured bank. If the bank is a branch or an internet division of the same banking institution, the accounts are considered insured at the one bank and the deposits are not insured separately.
Chevy Chase Bank offers over two hundred bank branch locations and more than 1,000 ATMs. Chevy Chase Bank has bank branches in Maryland, Washington, D.C., Virginia and Delaware. Chevy Chase Bank was acquired by and became a wholly owned subsidiary of Capital One Financial Corporation. The combined banking organization has approximately 1,000 bank branches and over
Interest rates adjusted for the expected erosion of purchasing power resulting from inflation. Technically defined as nominal interest rates minus the expected rate of inflation.
The property or a portion of property offered as security.