Rates Current as of Thursday February 09, 2012

Purchases and sales of government securities and certain other securities in the open market, through the Domestic Trading Desk at the Federal Reserve Bank of New York as directed by the Federal Open Market Committee (FOMC), to influence the volume of money and credit in the economy. Purchases inject reserves into the banking system and stimulate growth of money and credit; sales do the opposite.

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Banking & CD FAQs

What is the Federal Reserve?

The Federal Reserve is the central banking system for the United States.

Why does a bank pay a check or debit transaction when the account is overdrawn?

National banks can either return the check unpaid or advance sufficient funds to your account to pay the check or debit item. In either case, your bank can assess an insufficient funds fee against your account.

Is my bank permitted to charge me an overdraft fee as well as a fee for each day during the period my checking account is overdrawn?

Yes. Banks are allowed to charge fees for returned checks and overdrawn balances. The assessment of account fees is governed by the terms of your deposit account agreement, which you should have received when you opened the account. Review your account agreement and contact the bank for more information.

If the Federal Reserve cuts interest rates isn’t that always good?

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