Rates Current as of Tuesday February 07, 2012

Some longer term high yielding CDs have “call” features, meaning that the issuing bank may choose to terminate or call the CD after a fixed period of time. Only the issuing bank may call a CD and not the investor. For example, a bank might decide to call its high-yield CDs if interest rates fall. But if you’ve invested in a long term CD and interest rates subsequently rise, you’ll be locked in at the lower rate.

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Banking & CD FAQs

My checking account has unauthorized monthly charges/withdrawals from a merchant. The charges started eight months ago, but I just noticed them. The bank won’t reverse the charges. How can I stop this?

First, contact the merchant in writing. Ask them to cancel both the service and the charges to your checking account. Send a copy of this letter to your bank. You should also notify the bank that these charges are no longer authorized. The bank may require you to complete an affidavit.

When are direct deposits available for withdrawal?

National banks must make funds available for withdrawal on the “payment date.” This is the date on which the funds are actually payable, not the date on which the bank received the deposit.

What is the difference between a zero-coupon bond or zero coupon CD and a regular bond or CD?

The difference between a zero coupon bond or CD and a regular bond or CD is that a zero-coupon bond does not pay coupons, or interest payments, to the bondholder or CD holder while a typical bond and CD does make these interest payments. The holder of a zero-coupon bond or CD only receives the

I wrote a check for $250, but the bank posted it as $2,500. The bank told me to get the money from the other party. Is this correct?

No. This appears to be a check posting error. The bank must correct it. You should notify your bank so it can investigate the error. The bank may require you to complete an affidavit. The time period for this prompt notification may vary by bank and State. deposit account agreement specifies

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