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(FACT Act or FACTA)
The purpose of this Act is to help consumers protect their credit identities and recover from identity theft. One of the key provisions of this Act is that consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies
Generally, a national bank will redeposit the check twice. However, there are no laws that determine how many times a check may be resubmitted.
The minimum dollar amount that must be paid each month on a loan, line of credit, or other debt.
Most banks offer a great variety of different accounts, but they generally fall within one of these four types: savings accounts, checking accounts, money market deposit accounts, and certificates of deposit. Most banks offer all of these types of accounts although they may fall under different names. With the variety of account types
Acacia Federal Savings Bank is a thrift institution which has been operating in the Washington DC Metro area since it opened in March 1985. Acacia Federal runs its nationwide deposit operation and conducts regional loan production from one location in Falls Church, Virginia. Acacia Federals primary transactions and services are retail mortgage lending, construction lending,
Financial cooperative organization of individuals who have a common bond, such as a place of employment, residence, or membership in a labor union. Credit unions accept deposits from members, pay interest, in the form of dividends, on the deposits out of earnings, and use their funds mainly to provide consumer installment loans to members.
The FDIC has just made a press release entitled, FDIC to Tighten and Clarify Interest Rate Restrictions on Institutions That are Less Than Well-Capitalized. The releases is regarding an FDIC proposal to reign in banks that are classified as less than Well Capitalized from attracting depositor funds with above average market interest rates. The intentions
Certificates of deposit generally pay a higher rate of interest than similar type bank accounts. They pay a higher rate because they have a fixed maturity date that for the most part guarantees the bank has the ability to use these funds for investment and lending activities. One way the bank can make
A form of payment that automatically deposits wages or benefits to a customer’s bank account.
Represent ownership in the same fund, but charge different fees. This can enable shareholders to choose the type of fee structure that best suits their particular needs.
All bank rates made a modest drop again this past week with the key exception in mortgage rates. Mortgage rates rose measurably by week’s end as did mid and long term Treasury rates.
Excluding mortgage rates, bank savings rates and lending rates were lower on the week. CD interest rates were either
FirstBank is offering a $50.00 bonus for customers that open a CollegeInvest 529 Savings Plan Account. The bank bonus is earned by opening a FirstBank CollegeInvest Smart Choice College Savings Plan online with a minimum opening deposit of $50.00 and an automatic transfer into a FirstBank College Savings Account of at least $1.00. The automatic
Inflation is a major factor determining the level of interest rates. The longer the duration of the loan, the greater the risk that inflation can accelerate, reducing the purchasing power of the loan repayment. So, rates generally are higher on long-term loans than on short-term loans, because people who lend for longer periods
1st National Bank of South Florida is a community Bank headquartered in Homestead, Florida. The bank was established in 1932 and now operates seven bank branch offices in Florida.
1st National Bank of South Florida provides personal and business banking services primarily in South Florida. The bank provides financial services through various bank products and services
Union Bank of California is running advertisements promoting their one year CD and money market account. The one year CD has an interest rate of 3.15% APY and the money market account earns an interest rate of 2.52% APY. The consumer bank CD requires a linked checking account to qualify for promotional rate. If linked
Market news was rather subdued last week relative to the previous week’s torrent of news reports from around the globe. While the market news settled down so did interest rates. Interest rates were lower across the board which included CD interest rates, money market rates, mortgage rates and Treasury rates. Only credit
A line of credit secured by the equity in a consumer’s home. It can be used for home improvements, debt consolidation, and other major purchases. Interest paid on the loan is generally tax deductible (consult a tax advisor to be sure). The funds may be accessed by writing checks against the line
A measure of a fund’s performance that encompasses all elements of return: dividends, capital gains distributions, and changes in net asset value. Total return is the change in value of an investment over a given period, assuming reinvestment of any dividends and capital gains distributions, expressed as a percentage of the initial investment.
Newport, Rhode Island is located in an absolutely gorgeous section of New England. Known for being a New England area summer resort and for the famous Newport Mansions. The land and coastline of Newport is unsurpassed in its beauty. A brief trip along the shore and it is easy to see why the mansions of
MainStreet Savings Bank was founded in 1924 as the Hastings Building and Loan Association. The bank has two bank branches and a loan production office in Kalamazoo. The bank serves the region that includes Barry, Kalamazoo, Eaton, Ionia, Allegan, Kent, Calhoun and Van Buren counties in Southwest Michigan.
The bank has a wide range of savings products