Rates Current as of Friday February 10, 2012

« I received my payroll check and went to the bank the check was drawn on to cash it. The bank refused to cash the check since I do not have an account with them. Is this legal? I went to a bank to cash a check that was drawn on the bank. I do not have an account with the bank and they refused to cash the check. Can it do this?

I received a check payable to both my spouse and myself. Do both of us have to endorse or sign the back of the check? »

When interest rates have gone up, banks seem to refuse to raising the rate on my certificates of deposit, why?

When you buy a CD, you enter into a contract involving a fixed amount of money, the principal, for a predetermined period of time, the term, and an agreed-upon interest rate and yield. The bank is simply honoring the terms of the contract; it is not obligated to change those terms when interest rates change. If you are wondering why banks don’t raise their rates on new CDs when market interest rates rise that is generally a reaction to competitive market conditions. Banks will raise their rates as they find it necessary to attract additional deposits.

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