Rates Current as of Friday February 10, 2012

« I just took a job teaching at a university that has a credit union and have been urged to join. What are the benefits for me?

When I bank online how often is my account updated? »

I was looking at the Prime Rate at two different banks and got two different numbes. Isn’t the Prime Rate the same at all banks?

No, it isn’t. The Prime Rate was initially established as the interest rate banks set for the most credit worthy clients to lend at, hence it is the “Prime” rate. It no longer carries that connotation; loans are often pried below or above prime for the lowest risk clients. Each bank in accord with other rates arbitrarily sets the Prime Rate. Some banks set their Prime Rate 300 basis points above the Federal Funds Rate. Some base it on the market with other interest rates such as the LIBOR rate. Some banks update on the day of a change in the Fed Funds rate. Others wait a few days or longer. The rate is often adjusted very closely between large banks, soon after rates change it is common to see all large banks offering the same prime rate. So, the Prime Rate isn’t one thing for all institutions, but it does not differ much from one to another.

This entry was posted on Saturday, October 11th, 2008 at 9:21 pm and is filed under FAQs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

No user commented in " I was looking at the Prime Rate at two different banks and got two different numbes. Isn’t the Prime Rate the same at all banks? "

Follow-up comment rss or Leave a Trackback

Leave A Reply

Similiar Content You Might Enjoy

CD Rates, Savings Rates and Credit Card Rates Yawn while Mortgage Rates Up a Tad February 6, 2012

CD interest rates were little changed for the week ending February 3, 2012 along with credit card rates and savings account rates. Mortgage rates, on the other hand, were boosted up slightly along with Treasury rates after the better than expected jobs report on Friday. Working against savers, those consumers holding funds in bank savings accounts

CD Rates in New York at Bank of Smithtown

Bank of Smithtown is a 98 year old community bank headquartered in Hauppauge, New York. The bank has 15 bank branches located along the north shore of Long Island. It is a full service commercial bank focused upon serving small business customers and consumers. The bank also offers insurance, trust and investment services. The bank

VA CD Rates at Bank of the James

Bank of the James opened its doors in 1999 and was organized under the laws of the Commonwealth of Virginia to engage in retail and commercial banking business. Bank of the James is a locally owned community bank and serves individuals, small and medium sized businesses and professionals in central Virginia. The Bank’s services include

Highest Short Term CD Rates in Florida

After the most recent and dramatic reduction in the fed funds rate, short term CD rates in the range of 4.00% are becoming more difficult to track down. In order to obtain yields this high it is frequently required to extend the term of the CDs from one year to four and even five years.

Can someone increase their FDIC covered CDs by holding accounts at different banks?

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.

To convert assets into money.

Why do certificates of deposit pay more than a savings account?

Most banks pay a higher rate on certificates of deposits because the CD’s have a set length of maturity. This means the bank can use those funds for predetermined period of time without worrying about losing the funds via sudden customer withdrawal. Remember, banks make money by loaning out the deposits or investing

The period of time and the interest rate arranged between creditor and debtor to repay a loan.

Bank of Zachary CD Rates

The Bank of Zachary was founded in 1904, in Louisiana. The locally owned bank is the oldest State chartered bank in East Baton Rouge Parish. The bank has been FDIC insured since 1934. The Bank of Zachary is a Federal Reserve Non Member and the primary regulator is the FDIC. The bank ended 2008 with

A variable rate agreement, as distinguished from a fixed rate agreement, calls for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. A fluctuation in the rate causes changes in either the payments or

Bank CD Interest Rates at Cumberland Security Bank Kentucky

Bank CD rates are as competitive in Kentucky as they are in the more populated states. One bank in Kentucky that offers competitive CD interest rates as long with a host of other consumer products and services is Cumberland Security Bank. Cumberland Security Bank offers personal and commercial banking services in their four bank branches found

Open-End Investment Company

The legal name for a mutual fund, indicating that it stands ready to redeem, buy back, its shares from investors on any business day.

Bank Rates, First Federal Bank Kentucky

First Federal Bank is a full service bank specializing in home lending. First Federal Bank has been serving the Central Kentucky area since 1935. First Federal Bank has been FDIC insured since December 26, 1935. First Federal Bank is chartered as a Savings Association. Therefore the primary regulator is the Office of Thrift Supervision (OTS).

Retail Sales November, 2008 – Down 7.4% from Previous Year

The U.S. Census Bureau, a division of the Commerce Department, announced today that advance numbers for U.S. retail and food services sales for November were $355.7 billion, a decrease of 1.8 percent from October, the previous month. The total sales figure was a decrease of 7.4 percent below November 2007 numbers. These figures are adjusted

Weymouth Bank, Massachusetts

Weymouth Bank is a state-chartered mutually owned institution chartered in 1889 under the laws of the Commonwealth of Massachusetts. Weymouth Bank serves customers throughout the South Shore of Massachusetts. The bank is a federally insured bank and is also insured by the Share Insurance Fund of the Co-operative Central Bank. Weymouth Bank has been FDIC

A teller in my bank told me I should sign up for overdraft protection. I had bounced check once before, but just once. Why should I sign up?

Banks maker money covering bounced checks because they get to charge you a big fee to do so. This is a form of overdraft protection more specifically courtesy overdraft protection because you don’t choose to use it, the bank simply adds the feature to your account. Check with your bank to see if

Investment Adviser

An organization employed by a mutual fund to give professional advice on the fund’s investments and asset management practices.

Century Bank, Massachusetts

Century Bancorp, Inc. is a Massachusetts state chartered bank holding company headquartered in Medford, Massachusetts. The holding company is a Massachusetts corporation formed in 1972 and has one banking subsidiary, Century Bank and Trust Company that was formed in 1969. The bank had total assets of approximately $1.7 billion as of September 30, 2008. The

Wisconsin CD Rates at Tri City National Bank

Tri City National Bank is a Wisconsin based financial institution headquartered in Oak Creek, Wisconsin. Tri City National Bank branch offices and ATMs are located throughout southeastern Wisconsin. TriCity National Bank offers a full range of consumer and commercial banking products and services at all of its bank branches including competitive Wisconsin CD rates. Tri City

I want to know what kind of supervisory action was taken against the bank as a result of my complaint.

Federal law prohibits this information from being made public. The OCC cannot release any information relating to any supervisory actions or whether a violation of law or regulation occurred in connection with your complaint.

CD Rate Updates

CD Interest Rates Mildly Lower January 30, 2012

In the most recent survey of bank CD rates conducted by Selectcdrates.com, CD rates slumped slightly compounding last week’s similar dip. The average yield on the Selectcdrates.com CD rate index moved down to 1.081 percent from an average rate of 1.087 percent found in the previous rate survey. The Selectcdrates.com index covers the top ten [...]

CD Interest Rates Hold Steady January 23, 2012

CD rates remained relatively stable in the most recent survey of the top national CD rates. The average CD rate, as measured by the rates on the best three month, six month, one year, two year and five year CD rates, was unchanged from the previous week. The Selectcdrates.com weekly CD rate survey showed the [...]

CD Interest Rates Display Little Change January 16, 2012

The best CD interest rates available were little changed over the past week. Based on the most recent survey of bank CD rates performed by Selectcdrates.com, the average CD rate gave up less than one basis point or 1/100th of a percent week over week. The average CD rate on the highest three month CDs, [...]

Banking & CD FAQs

I work at a small company that has certain transactions for purchases be done with cash. Someone told me the company is asking for an IRS audit because they cash so many checks, is this true and how would the IRS know about the cash if they don’t audit the company first?

Banks are required to report all cash transactions in excess of $10,000.00. However, they are also responsible for reporting suspicious activity. If someone is cashing a significant amount of checks, the bank may very well report the activity to the IRS. Of course, if this does not happen, should the company be

My bank’s ATM indicated that I had a positive balance. But when I wrote a check, the bank charged an overdraft fee. How is this possible?

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,

I want to know what kind of supervisory action was taken against the bank as a result of my complaint.

Federal law prohibits this information from being made public. The OCC cannot release any information relating to any supervisory actions or whether a violation of law or regulation occurred in connection with your complaint.

My bank refused to open a NOW account for my business. Why?

A NOW account is an interest-earning bank account with which the customer is permitted to write drafts against money held on deposit. Entities organized or operated to make a profit (e.g., corporations, partnerships, associations, business trusts) may not maintain NOW accounts. However, an individual doing business as (DBA) a sole proprietor or under

Best Rates on CDs
Best Interest Checking Account Rates

Discover Bank IRA CD Rates

Emigrant Direct
Sallie Mae Savings

Bank Deals
Checking Account Promotions
Chase Bank Promotions Bank of America Promotions
Capital One Promotions
Citibank Promotion

Second Chance Bank Account
Online Checking Accounts Roth IRA Accounts

Best Credit Card Rates Low Interest Credit Cards Business Credit Cards Credit Cards with Cash Back Credit Card Applications
Best Credit Card Offers
Low Interest Rate Credit Cards
Credit Cards for Bad Credit

Best Prepaid Cards
Chase Bank Credit Cards
Chase Credit Card Offer Chase Freedom Card
Chase Credit Card Interest Rates
Wells Credit Cards
Apply for Citibank Credit Card
Citicreditcard
Student Citi Card
Citibank Dividend Card Balance Transfer Credit Card HSBC Bank Household Bank Credit Card

Personal Checking Account
Bank Certificates of Deposit
Compare Savings Accounts
Setting Up a Bank Account Online Bank Services
Bank Information
Open a Bank Account
Bank Money Markets
Bank IRA Accounts

Mobile Banking Online Banking

CD Ladder
CD Loan

Best Checking Accounts

Senior Checking Account

Car Loan Rate

Business Checking

Online Brokers

----------Calculators ---------

Savings Account Calculator
Compound Interest Calculator
Mortgage Payment Calculator

About Us | Contact Us | Privacy Policy