Rates Current as of Friday February 10, 2012

« My bank paid my largest check first and then the smaller ones. Doing so created more overdraft fees on my account. Why did the bank pay in this order?

I wrote a check that was returned because of insufficient funds (NSF) in my account. But the bank never notified me, so other checks bounced and I got hit with several overdraft fees. Shouldn’t the bank have sent me a notice? »

Is there a limit to the interest rate a bank can charge?

The rate of interest national banks may charge on credit cards and other types of loan accounts is not determined by Federal banking laws and regulations. The maximum interest rate is set by State law in the State where the bank is headquartered. Moreover, national banks can export the interest rates of that State to any State in which the consumer resides.

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If a person is added to someone’s checking account are they both responsible for an overdraft?

Yes both parties will be responsible.

Is it possible to increase FDIC insurance coverage by dividing my bank deposits into several different accounts at the same bank?

Yes, deposit insurance coverage can actually be increased if the accounts are held in different categories of ownership. These categories include single accounts, retirement accounts, joint accounts and revocable trust accounts. The accounts must be distinctly, different owned accounts.

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