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Personal Finance Blog By MoneyRates - Bank Update

Reflections on Bank Transfer Day

November 18, 2011

Thousands reportedly dumped their big banks for credit unions on November 5, and they may find it's one of the best financial decisions they've made.

New Debit Card Overdraft Fees: Simpler, but Still Expensive

June 29, 2010

There's good news and bad news for consumers as banks comply with new Federal Reserve rules for overdraft fees. The good news: Banks are simplifying their complicated overdraft fee structures, according to a June survey of the 15 largest banks by the Consumer Federation of America. The bad news: Many are eliminating their lowest fees. [...]

Checking Account Overdraft Protection: Would You Pay $30 for a Latte?

June 8, 2010

If you run your checking account close to the line, it's time to decide how to handle overdraft protection, or you could find yourself stammering at the cash register unable to pay. Under a new Federal Reserve rule going into effect this summer, you have to "opt in" for the ability to overdraw your account [...]

Why Tax-Exempt Investments Are No Longer So Exciting

March 4, 2009

It used to be that there was a difference between investments with taxable dividends and those which were not taxable. If your tax bracket was high enough, tax-exempt investments made real financial sense. For instance, back in the 1950s and 1960s the federal income tax rate was as high as 91 percent for earnings over $400,000. [...]

Is Citigroup too Big to Fail?

January 18, 2009

The latest news from Citigroup Inc. is their deal with Morgan Stanley which combines their brokerage business which runs under the Smith Barney name and the wealth management business operated by Morgan Stanley. The deal brings Citi some much-needed cash, but won't let them escape from their sub-prime nightmare. Already as a recipient of TARP [...]

The Fed Goes to the Mat

December 16, 2008

The Federal Reserve delivered another strong shot of adrenaline to the sagging U.S. economy by reducing the federal funds rate to an all-time low of 0.25%. The benchmark rate used by banks for lending is likely to stay low for quite a while according to the language in the released statement from the policy-making committee. [...]

Global Economic Forecasts from Wachovia

November 13, 2008

The latest economics forecast from Wachovia Economics Group has been released and includes predictions for negative economic growth in the United States and Europe for 2009 with a return to positive growth in 2010. The forecasts calls for continued growth in some Pacific Rim countries and South American countries contributing to a global growth rate [...]

Free Coffee at ING Direct Cafes

October 29, 2008

ING Direct owns cafes in six different locations across the country with free internet access and financial ING Direct seminars. The current seminars are titled, "Improving Credit Scores" and "Green With Envy" and have received very favorable reviews. Even if you skip the seminar use the coupon below for a free drink at an ING [...]

Washington Bank Offering High Yield Savings Account

October 16, 2008

It is always a good week for a savings account customer when the Fed lowers short-term interest rates by 50 points, but their bank increase the rate on their savings accounts. Customers of Venture Bank in the state of Washington were fortunate enough to benefit this week from an increase up to 3.80% APY on [...]

National City Corp Next?

September 30, 2008

It goes without saying that when a bank stock loses over 95% of its share value in just over a year that the bank is facing some trouble. National City Corporation (NCC) is being openly discussed by banking analysts as the next bank with their head on the chopping block. It appears that after the [...]
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