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CD rates continue to remain extraordinarily high during the fourth quarter. Competition among banks has kept interest rates up for most of this year. With the funds rate pushed down to a meager 1% and fruther economic weakness showing no sign of letting up, it would certainly not be surprising to see some declines in
If you maintain a low average balance in your primary checking account, be careful when you use your check card or debit card frequently. Just because the card it works doesn’t mean there is sufficient funds in the account. You can still overdraw your checking account, be cautious when you know your funds are low.
When your certificate of deposit matures you usually have a window (10-15 days in many cases) of time to decide what to do next. This is often referred to as the grace period before automatic renewal of the CD kicks in. Usually, your bank will automatically reinvest into a new CD if you don’t give them alternate
A check drawn by a bank on itself, signed by a cashier or bank officer and payable to a third party named by the customer. An instrument used to guarantee funds are available. There is usually a fee associated with cashier’s checks.
Nonfarm payroll employment dropped by 533,000 in November. With the revised figures for the previous two months, November’s drop in payroll employment followed declines of 403,000 in September and 320,000 in October. The unemployment rate moved in the opposite direction and rose to 6.7 percent. This rate has been persistent in its movement upwards. The
Located in the Ozark Mountains of North Central Arkansas, the Bank of Mountain View has been serving the people of Stone County since 1915. The Bank of Mountain View continues to be the area’s only locally owned and operated bank. Bank of Mountain View has two bank branch locations. The bank is chartered as a
An endorsement on a check by a bank customer put there only to get the bank to cash the check for someone else, usually a non-customer. The endorser making the accommodation doesn’t benefit from the check or otherwise use it, but agrees to pay for the check if it bounces.
First State Community Bank is a community bank located in southeast Missouri. First State Community Bank has been a locally owned, community bank and a Farmington landmark since its grand opening as First State Bank of Farmington on May 9, 1954. The bank has grown to become the second largest banking corporation headquartered in southeast
Non Sufficient Funds or A balance in a deposit account that isn’t large enough to pay the checks and other items presented for payment.
An agreement in which advanced credit, plus any finance charges, are expected to be repaid in full over a definite time. Most real estate and automobile loans are closed-end agreements.
A checkless system for paying recurring bills with one authorization statement to a financial institution. The necessary debits and credits are made through an Automated Clearing House (ACH).
Insurance offered by a private insurance company that protects the bank against loss on a defaulted mortgage up to the limit of the policy, usually 20 to 25 percent of the loan amount. PMI is usually limited to loans with a high loan-to-value (LTV) ratio. The borrower pays the premium.
Tompkins Financial is in the business of banking, insurance, and financial planning in New York. The company is a bank holding company that owns and operates three community banks. For 2008, the stock of Tompkins Financial is up 49%. One of the banks owned and operated by Tompkins Financial is Tompkins Trust Company. Tompkins Trust
Some banks would prefer that you bank online or use an ATM for deposits and withdrawals. So, use the teller whenever you must, but learn to transfer funds online and make deposits using the ATM. The bank is able to greatly reduce costs by having their customers use automated services but often these
Farmers National Bank of Lebanon is a full service intrastate bank that has been serving customers of the Lebanon and Marion county area in Kentucky since 1890. The bank offers sensible financial services to thousand of customers. The bank has two bank branch locations to serve its customers. The main office is Main Street in
Union Bank of Kansas City Missouri is offering a great short term CD rate. The bank has a promotional CD with a 10 month term that yields 4.00% APY. This interest rate is one of the top CD rates in Missouri for bank CDs with terms of less than one year. The 10 month CD
Bloomberg.com has a great article discussing some of the unusually high CD rate promotions that keep popping up. The article is titled, “AIG, GMAC Help Drive Up Bank Rates Amid ‘Insanity’ for Deposits”. The theme of the article is one that has struck a chord with us for last 2-3 months. Some banks continue to
The FDIC has recently released a list of minority owned banks that are FDIC issued banks. There are 217 minority owned banks or deposit institutions listed with the FDIC. The FDIC employs the definition for a minority owned bank from Section 308 of FIRREA. This definition is quite broad and states that the term “minority
A national bank is a private business. Generally, it sets its own interest rates on savings accounts. If you feel that your bank does not pay an adequate interest rate, shop around—and purchase your financial services accordingly.
To unbound a piece of real estate from a mortgage.
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