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The magnetized recording of data on a magnetic strip or the process used to imprint or inscribe MICR characters on checks, deposits, and other financial instruments. Magnetic Ink Character Recognition (MICR) is a character-recognition technology adopted mainly by the banking industry to facilitate the processing of checks. Each check in encoded at the
Rates are shooting higher as the yield curve steepens dramatically. The main headline to start the week is that bank rates are moving demonstrably higher. The footnote regarding this most recent interest rate activity is that rates are rising on the mid and long end of the curve and not the short side which has
Huntington is marketing a linked CD account in the local newpapers and online. The CD account is for a 13 month term and earns an interest rate of 4.10%. In order to obtain that yield the CD account holder must have a qualifying Huntington deposit account. The monthly CD interest payments will be deposited directly
Continuing the search for the best CD rates in Maryland to coincide with honoring the Baltimore Ravens after their win this weekend, we review the products of Bradford Bank. Bradford Bank has a full range of banking products and services to assist its customers in Maryland. The bank began operation in Maryland back in 1903.
An expression given to financial institutions that offers a wide array of financial services in one company. Financial supermarkets can be brokerage companies, savings banks or banks. Most of these institutions will offer checking or checking like products such as money market mutual funds, mutual funds, insurance, bank credit cards, CDs, loans, insurance
A Money Market Fund is a mutual fund that is required by the US Securities and Exchange Commission to invest in low-risk, high quality securities. Unlike a Money Market Account, a Money Market Fund is not insured by the FDIC (Federal Deposit Insurance Corporation.) However, the underlying investments that make up the fund
Investors shopping for FDIC insured certificates of deposit nationwide saw some mild swings in the best CD rate averages for different terms. The short end of the curve dropped measurably from 2.22% average on the top 10 best six month CD rates last week to 2.14% this week. All other terms experienced a mild increase
Cole Taylor Bank has one of the top CD rates advertised in the Nov. 12th issue of the Chicago Tribune. The CD rates promoted are for a 15 month term CD and an 11 month term CD. The ad refers to the CD product as a “Stock Up CD.” The interest rate on the 15
A state or federally chartered depository financial institution that was primarily a provider of home mortgages but since deregulation in the 1980’s to offer services similar to a commercial bank.
Bank mortgage rates and Treasury rates moved measurably higher for the week while bank savings rates were mostly unchanged. Bank CD rates held fairly steady with the Selectcdrates.com composite rate index increasing by just 1/1000th of a percent for the week. Mortgage rates made their largest weekly move this year. Bank money
The amount paid by a mutual fund to the investment adviser for its services.
Platteville is a city located in the southwest corner of Wisconsin. The city is home to the University of Wisconsin,Platteville. Platteville gets its name from the Platte river that runs through this community that was once populated with mostly fur traders and farmers. First National Bank of Platteville is an independent, locally owned community bank
GMAC Bank is part of GMAC Financial Services. GMAC Financial Services was founded in 1919 as a wholly owned subsidiary of General Motors Corp. GMAC Bank was estabblished in 2001. GMAC Bank is an online bank. As of Dec. 31, 2007, GMAC Financial Services had $249 billion in assets and serviced 15 million customers.
The Federal Deposit Insurance Corp released the quarterly banking industry profile report this morning. This FDIC report provides a summary of financial results for all FDIC insured institutions. This morning’s report indicated some encouraging numbers for the bank industry. Unfortunately, these encouraging numbers will not help those placing their investments or savings
Community State Bank of Orbisonia opened its doors for business in 1951. It is Huntingdon County Pennsylvania’s only locally owned bank. In addition to its main office in Orbisonia, the bank now has five bank branches in the surrounding area.
The Community State Bank of Orbisonia offers several CDs with above average rates including the following
The reserves of a bank accounted by the Federal reserve which are in excess of the banks legal requirement.
While the economy stumbles along, certificates of deposit rates grew weaker yet again. For the week ending August 19th, CD interest rates dropped across all maturities measured in the Selectcdrates.com bank rate survey. The movement in CD interest rate reductions has become unstoppable. The deterioration in rates among the top ten highest CD rates this
The Fed Wire is an electronic communications network connecting the Federal Reserve Board of Governors, the 12 Federal Reserve Banks, the U.S. Treasury and some other federal agencies. The Fed Wire is used by Reserve Banks for Fed Funds transactions, U.S. government securities sales and financial transfers from the connected institutions.
Better-than-expected economic data had driven investor confidence higher and brought on rising rates for mortgages and Treasury securities. Unfortunately, CD rates had yet to participate in the rising rates movement. This positive view on an improving economy appears to remain the consensus position of investors but has taken a bit of pause over the past
You can open as many accounts as you like with your bank. There is no legal limit to the number of checking accounts, money market accounts or CDs you can hold at any one institution.