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Money market fund managers voluntarily waive fees they have a contractual right to claim. Accordingly, the effective fee charged may be substantially less than indicated in expense ratios and may vary over the year despite a constant contractual fee. Retail fund managers use fee waivers to strategically adjust net advisory fees to current realizations in
An alternative to a traditional IRA. The most notable thing about a Roth is withdrawals are tax-free if the account has been open for at least five years and you’re at least 59 1/2 when you start to withdraw money. Contributions to a Roth are not tax deductible. The Roth is named
Large banks often offer the worst CD rates. The largest US banks are awash in excess reserves. These banks are in little need of new funds since their loan activities are low and their cash on hand is high. Since they have little need for new customer funds in which they would
A savings account that offers a higher rate of interest in exchange for larger than normal deposits. Insured by the FDIC, these accounts have limits on the number of transactions allowed and may require higher balances to receive the higher rate of interest.
The best national CD rates stayed within a tight range for the week ending April 24, 2009. The short term rates increased slightly, with the six month term CD rates bumping up two basis points while the one year CD rates dropped by two basis points, a basis point is 1/100 of a percent. Mid
A signature made by a person unable to sign his or her name. To be legally valid, the signature must be witnessed by another person.
When you buy a CD, you enter into a contract involving a fixed amount of money, the principal, for a predetermined period of time, the term, and an agreed-upon interest rate and yield. The bank is simply honoring the terms of the contract; it is not obligated to change those terms when interest rates
An investment company, typically a mutual fund or unit investment trust, whose shares are traded intraday on stock exchanges at market-determined prices. Investors may buy or sell ETF shares through a broker just as they would the shares of any publicly traded company.
Peoples Community Bank is running a special promotion on their interest bearing checking account. Peoples Community Bank has been reviewed by us with in the last 2 months because of their ranking in the state of Ohio for high interest rate CDs. The account being reviewed presently is a checking account that pays an interest
Yes. Federal banking laws and regulations do not address the closing of deposit accounts by banks. Therefore, a national bank can close an account at any time and for any reason. Generally, a bank would close your account for your protection—to prevent more fraudulent withdrawals. This area is governed by the
The FDIC’s two week bank closing rampage has driven the number of banks closed this year to over 100. Seven banks were closed by the FDIC on Friday July 23, 2010. This follows the six banks the FDIC shuttered in the previous week and brings the annual total of bank closings up to
Under the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit requested.
A term used to describe a debt security the title to which is transferred by delivery.
The last couple of weeks have been tumultuous times in the stock and interest rate markets. The debt crisis in Greece has created havoc in the markets resulting in wild swings in the stock market and a flood of funds into the safe harbor of the Treasury market driving bank rates and CD interest
Try to avoid the ancillary services provided by your bank that may be cheaper to get elsewhere. For instance, you may want to avoid getting your checks for your checking account through your bank. Banks know that it is convenient for you to order your checks through them when signing up for your new checking
The current dollar value of the pool of money shareholders have invested in a fund.
Do not give control of your money to someone else without monitoring and understanding every detail. This is not saying that you should not let someone else help you manage your money. It means you should not blindly follow someones advice or money management techniques whether this advice for stock holdings, the direction of interest
Many banks are offering an interest rate increase on your checking account if your paycheck is deposited electronically. Your bank can help arrange for the direct deposit of your pay checks, pension or social security checks without charge. Direct deposit results in no delays in getting funds deposited because checks may get lost in the mail,
Bank checking accounts come with numerous features and services. One checking account feature can be applied for most any checking account, a check book that has carbon prints for record keeping. Checkbooks that automatically make carbon copies of checks may be a good idea if good record keeping isn’t your strong suit.
An account in the name of one individual.
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