Rates Current as of Thursday February 09, 2012

Credit Card

Any card, plate, or coupon book that may be used repeatedly to borrow money or buy goods and services on credit.

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Balance of Account

The amount that remains in a customer bank, checking or savings account, or the amount that remains due from a customer on a loan account.

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Payor

The person or organization who pays or is delivering funds.

The bank where I have my CDs says that interest on the CD account is compounding daily. If the interest earned from the CD is paid monthly, how can they say they are compounding it daily?

When your bank states it compounds the interest daily on a CD but it pays out that interest monthly, it is engaging in a fairly standard process. The bank calculates your interest each day on the CD and simply processes that amount as a computer entry without actually paying that interest out.

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Periodic Rate

The interest rate described in relation to a specific amount of time. The monthly periodic rate, for example, is the cost of credit per month; the daily periodic rate is the cost of credit per day.

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If one of my twenty-dollar bills was partially destroyed in my washing machine will it still be any good?

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An electronic communications network owned by an association of banks and used to transfer messages between subscribing banks. Bankwire also offers a clearing service called Cashwire that includes a settlement facility.

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Banking & CD FAQs

If the Federal Reserve cuts interest rates isn’t that always good?

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Can the bank place a hold on deposits made in cash?

Yes, generally a national bank shall make funds deposited by cash available for withdrawal by the next day, or not later than the business day after the banking day on which the cash is deposited. A business day is a calendar day other than a Saturday, Sunday, or a Federal holiday. A banking day is a business

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I have a cashiers check from a bank after an insurance settlement, the check is written as payable to just myself. Can I deposit this into my joint account or do I need to open a single account?

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