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CD rates and mortgage rates were mostly higher for the week ending August 26, 2011. The rate increase for home mortgages was quite pervasive, covering almost all home loan terms, while the interest rate increases in bank CDs was sporadic across different maturities.
The average CD interest rate, as measured by the Selectcdrates.com composite CD rate
Oceanside Bank is a Florida based bank headquartered in Jacksonville Beach, FL. The bank has been in business for over 12 years and now operates four bank branches in the region.
As a local bank, Oceanside Bank possesses some significant advantage over the large money center banks operating in the region. The local
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.
Accepting checks is part of contract law and usually governed by the Uniform Commercial Code. Individual states set the standards for the acceptable term on a check. It is a general standard that a check over 6 months old.
The Wall Street Journal surveys large banks and publishes the consensus prime rate. It’s the most widely quoted measure of the prime rate, which is a common benchmark for consumer and business loans set by banks, often at a level 3 percentage points higher than the federal funds rate. The prime rate will
A money market fund is a type of mutual fund that invests in high-quality, short-term securities that present minimal credit risk. These funds also pay dividends that generally reflect short-term interest rates. Although the net asset value per share of a traditional mutual fund changes daily in response to market factors, money market
The Twist pushes CD interest rates lower. After the Federal Reserve announcement on Thursday when the Fed discussed the Twist, short term and long term bank CD rates moved lower. The Twist is term given to the FOMC program where the Fed sells short term bonds and buys long term bonds in an effort to
Bank capital is the ownership interest in a bank. Equity capital represents a bank’s net worth, the difference between its assets and liabilities. It’s the value of assets financed by the bank’s owners, rather than depositors or other sources of funds. The depositor’s funds are liabilities of the bank, not assets, and
A line of credit secured by the equity in a consumer’s home. It can be used for home improvements, debt consolidation, and other major purchases. Interest paid on the loan is generally tax deductible (consult a tax advisor to be sure). The funds may be accessed by writing checks against the line
Identity theft happens when someone gets your personal information and makes purchases, financial transactions and other unlawful activities under your name. Identity theft is a federal crime. The crime of identity theft is rising and can cost banks, financial institutions and consumer’s time and money.
Thieves steal and fraudulently use the names, addresses, social security
The per-share value of a mutual fund, found by subtracting the fund’s liabilities
from its assets and dividing by the number of shares outstanding. Mutual funds calculate their NAVs at least once daily.
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
An overdraft occurs when the balance in a checking account is negative, resulting from writing a check or making a withdrawal for an amount totaling more than the amount of available funds in an account. When this happens, the check will be returned to the originating account marked non-sufficient funds or insufficient funds.
Whether interest rates are low or high, compound interest shows its real power over longer investment horizons. More frequent compounding periods further increases the accumulation of interest earned on interest with any type of savings account. Start with small investments in a low minimum balance money market account or bank certificate of deposit if that’s
“Breaking the buck” occurs when a money market fund is unable to repay its $1.00 NAV per share. Since Rule 2a-7 was adopted in 1983, only once has a money market fund failed to repay the full principal amount of its shareholders’ investments. In that case, a small institutional money market fund in 1994 “broke
The CD rate blues concerns the bank CDs rates of Blue Ridge Bank of Walhalla. Blue Ridge Bank is a full service bank that prides itself on service to its customers and conservative banking practices. The bank has been FDIC insured since June 17, 1957. Blue Ridge Bank of Walhalla is chartered as a Federal
Midwest Bank has a short term CD rate promotion that popped up in the December 21, 2008 Sunday Chicago Tribune. The banks promotion includes a CD with a term of 91 days that earns an interest rate of 3.10%. There is a $10,000 minimum balance to open the account and earn the APY. Interest is
One Georgia Bank is doing a great job of offering some of the highest CD rates in Georgia. As of December 19, 2008 One Georgia Bank has a promotional 7 month CD with an interest rate of 4.25%. Most of the more popular web sites that track CD rates are showing rates significantly less that
Copper Star Bank is an Arizona based bank. The bank is a community bank that is based in Scottsdale. Copper Star Bank was established to serve as a commercial bank working with the needs of small to medium-sized companies and their employees. Copper Star Bank was founded in 2000 under its original name of Scottsdale
Many bank transactions are processed overnight. These transactions may not be reflected in an available balance in real time, such as an ATM balance, that you see during the day. On checking accounts, national banks generally post deposits before withdrawals. However, banks aren’t required by law to do this. In addition,
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