Rates Current as of Friday February 10, 2012

« When interest rates have gone up, banks seem to refuse to raising the rate on my certificates of deposit, why?

I cashed in my CD before it matured, and the bank charged me an early withdrawal penalty. Can it do this? »

I received a check payable to both my spouse and myself. Do both of us have to endorse or sign the back of the check?

If a check is issued to you and your wife, the check is payable to all payees. It must be endorsed and negotiated by all of them. If the check were issued to you or your wife, the check is payable to each payee. It may be endorsed and negotiated by either or both of you. If the check is unclear as to whether it is payable to both payees or just one payee, such as being payable to you and/or your wife, then the check is payable to each payee. It may be endorsed and negotiated by either of you or both of you.

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Banking & CD FAQs

How am I notified when my bank has been closed by the FDIC?

The FDIC notifies each depositor in writing using the depositor’s address on record with the bank. This notification is mailed immediately after the bank closes. When the failed bank is acquired by another bank; the assuming bank also notifies the depositors. This notification usually is mailed with the first bank statement after the assumption.

I have an emergency fund so I don’t need to worry about early withdrawal penalties on my certificates of deposit, do I?

Having an emergency fund of savings and investment in CDs should certainly alleviate any problems with short term unexpected cash needs. With an emergency fund in an account that does not penalize early withdrawal would certainly make it highly unlikely you would need to cash out a long term CD for unexpected short-term money

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