Rates Current as of Thursday February 09, 2012

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

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Reconciliation

When you have verified that your checkbook balance is the same as your financial institution’s balance for your account.

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Banking & CD FAQs

What is the discount method of calculating interest?

Under the discount method of interest calculations, the interest that will be due on an investment is calculated and withheld from the borrower when the loan or investment is made. For example, someone who borrows $1,000 for a year at a 10% interest rate would actually receive just $900 ($1,000 minus 10% of $1,000,

Are money market mutual funds rated?

Retail money market mutual funds are not rated by rating agencies. All of the underlying securities these funds invest in are rated by credit-rating agencies, but only institutional portfolios tend to be rated.

Why do longer term CDs pay a higher rate than the short-term CDs?

As a rule, in financial markets, the longer money is being used or provided by a borrower or a lender, respectively, it is going to carry a higher rate of interest. We generally think of banks as lenders, but, obviously, for a bank to lend money it must obtain funds to perform this function.

What is an enhanced cash management funds?

An enhanced cash product is a general term that refers to funds that are typically not registered with the SEC and that seek yields slightly higher than those of money market funds. In seeking those yields, however, enhanced cash products can exceed the SEC rule restrictions imposed on money market funds governing the credit

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