Articles

Selected category: Banks

An article in CNN Money piqued my interest. It states that many banks are worried about a future of rising rates on deposits.

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A CD I opened with Ally Bank a year ago matured a few days ago. I called to cash it out, and was very pleasantly surprised by their response.

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Even in the midst of the worst financial meltdown since the Great Depression, the biggest Wall Street banks, the same banks that relied on hundreds of billions in government cash to stay afloat, are paying out record bonuses to their emp... Read →

Complex financial modeling is at the heart of risk management and dictates how much capital banks, insurance companies, pension funds, corporations, and individuals need to hold in order to meet all of their financial liabilities. This topic is important to understand because it played an integral part in the massive financial destruction that was 2008.

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The FDIC released numbers for the third quarter of 2009 and they weren't pretty. While banks earned a bit more money, losses continued, more banks were added to the ... Read →

Bank of America is offering a Special Rate Money Market Savings Account that pays 1.5% APY, guaranteed until April 1. The money is totally liquid.

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The FDIC announced two significant pieces of information today: it estimates that the cost of bank failures would rise to $100 billion over the next four years, and that... Read →

Judge Jed Rakoff, a Federal District Judge in lower Manhattan today rejected the $33 million settlement between Bank of America and the SEC over $4 billion in bonuses paid to Merrill employees days before the Bank of America/Merrill merg... Read →

Congress is now turning its attention to the enormous $27 billion bank overdraft market and is considering legislation to alert customers when they are about to overdraw an account. Banks are fighting back, since overdraft fees are a big... Read →

The FDIC reported today that the situation is still grim in the nation's banking sector. The number of problem banks rose from 305 to 416 and the FDIC's deposit insurance fund fell to $10 billion from over $40 billion last year. Is your money safe?

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Corus Bankshares, the parent company of Corus Bank may be taken over by an investment consortium, with the financial support of the FDIC. Corus has long offered competitive CD rates and currently has rates that are at the top of the BestCashCow rate charts. The bank may be seized by the FDIC as soon as August 6.

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Caving in to the American Banker's Association, the FDIC has stipulated that the amount of loan debt it provides Ally Bank will be dependent on the deposit rates it offers. We've already seen Ally Bank lower its rates once after the ABA letter and I suspect we'll see more reductions in the future.

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Promotional savings rates - especially those where the bank commits to locking a certain rate for a certain period - are a win-win.

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The FDIC today passed a final ruling limiting the rates that undercapitalized banks can offer on savings, certificates of deposit, and other deposit products.  The ruling leaves a lot of unanswered questions, including how much of a... Read →

The American Banker's Association sent a ltter to the FDIC's Sheila Bair on May 27th, requesting the agency take action to force Ally Bank to lower its rates. They claim Ally Bank is acting irresponsibly by offering above market rates. I don't see the ABA sending letters to agencies when banks raise the rates on their credit cards to usurious levels.

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