Rates Current as of Thursday February 09, 2012

Series Fund

A group of different mutual funds, each with its own investment objective and policies that is structured as a single corporation or business trust.

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My son has a small savings account that was opened a few years ago. When I recently checked the balance it was close to zero. It appears the bank has been assessing fees on the balance bringing it to almost nothing. Can they do that on his account?

There is no Federal regulation that would stop a bank from continual assessing account fees as long as these fees were disclosed in advance to your son. The bank should have disclosed its fees to your son either at the time of account opening or at a later date if the fees were initiated

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Checking Account

A demand deposit account subject to withdrawal of funds by check.

After Tax Return

The total return of a fund after the effects of taxes on distributions and/or redemptions have been assessed. Funds are required by federal securities law to calculate after-tax returns using standardized formulas based upon the highest tax rates. Consequently, they are not representative of the after-tax returns of most mutual fund shareholders.

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Investment Objective

The goal that an investor and mutual fund pursue together such as current income, long-term capital growth.

Satisfaction of Mortgage

A document issued by a mortgage, the lender, when a mortgage is paid in full.

Income

Dividends, interest, and/or short-term capital gains paid to a mutual fund’s shareholders. Income is earned on a fund’s investment portfolio after deducting operating expenses.

Rate

Percentage a borrower pays for the use of money, usually expressed as an annual percentage

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How can someone avoid fake check scams?

Most fake scams work only when the recipient is required to send money back to the scam artist. There is no legitimate reason for someone who is giving you money to ask you to wire money back and that’s a clear sign that it’s a scam. If you think someone is trying to

Who sets the interest rates on savings accounts?

A national bank is a private business. Generally, it sets its own interest rates on savings accounts. If you feel that your bank does not pay an adequate interest rate, shop around—and purchase your financial services accordingly.

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If I want to set up an account at the local bank for my nephew under the Uniform Transfers to Minors Act (UTMA). Can I set up the account, or do his mother or father need to set it up?

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