Personal Finance Blog By MoneyRates - Bank Update

California Bank Offering Online Money Market with 3.75% APY

September 26, 2008

Hanmi Bank, a California bank with branches in Los Angeles, San Diego, San Francisco, and Silicon Valley, is offering a 3.75% APY on their Worry Free Money Market Account for customer who also open a checking account with Hanmi Bank. The minimum deposit is $10,000 which is also the average monthly balance with must be [...]

IndyMac Federal Bank Restructuring Loans and Offering High Rates on Deposits

September 25, 2008

IndyMac Federal Bank is a new bank created when the FDIC closed the old IndyMac Bank. The large bank failure on July 11th, 2008 of IndyMac Bank was one of the first warning signs of the financial chaos to come later in the summer. Now that the federal government is running the bank some progress [...]

Who Will Buy Washington Mutual Bank?

September 18, 2008

Online reports are indicating that large institutional shareholders of Washington Mutual Inc. have cleared the way for the troubled banks to be purchased. Goldman Sachs and the federal government have both been rumored to be assisting in finding the right buyer. The orderly purchase of Washington Mutual Bank and unwinding of its suprime mortgage exposure [...]

FDIC May Need to Tap Treasury for Bank Failures

September 16, 2008

The FDIC insurance fund, strained by eleven bank failures this year already, is at its lowest level in over five years. Although FDIC Chairman Sheila Bair has been quick to point out that over 98% of the nation's banks are categorized as adequately capitalized by regulators, the failure of a major bank could force the [...]

New 5.00% Checking Accounts

September 5, 2008

ebank.com is an online bank which has increased the yield on their personal checking account to 5.00%. It only takes $100 to open an ebank checking account, but to earn the 5.00% yield accountholders need to have an average daily of over $10,000 or the yield drops to 1.00%. ebank is a FDIC-insured bank based [...]

Online Auctions Still Lagging on Rates

August 27, 2008

Moneyaisle.com and Zionsdirect.com are two online CD auctions where visitors can compete in a bidding process to find rates on CDs. A comparision made today on the two sites shows that the auction process (while very cool to watch) returns much lower rates than the rate aggregator sites:5-year CD rates5-year CDs on Moneyaisle.com ended up [...]

Intrade Members Trading Contracts on FDIC-Bank Failures

August 19, 2008

Intrade.com is the prediction market where members can buy contracts on the likelihood of certain future events occurring. Whether it be the next US President or the Academey Awards this site will let members bid on the outcome. A contract for Barack Obama winning the US presidency will cost a member a price of [...]

An Online Savings Account with No Fees and a High Rate

August 14, 2008

Many banking consumers who shop for rates online are looking for a bank that offers a simple savings account with a good rate and an easy sign-up process. Finding that bank is not as easy as it sounds with all the promotional teaser-rate deals, complicated applications, extra fees, and confusing tiered-rate structures. Heartland Bank based [...]

Kudos to ING Direct

August 12, 2008

Many Americans are quick to criticize banks for their never-ending fees and spotty customer service. The larger the bank, typically the more greedy and uncaring we assume that bank will be. This month one bank has shown us that greed is not good and that banks can be charitable. ING Direct has launched a program [...]

Spanish Language Online Banks

August 5, 2008

With over 40 million Spanish speaking people living in the United States it is surprising how few banks offer a Spanish-version of their site or promote their services in Spanish. Google and Yahoo both offer language-conversion software which will convert sites into foreign languages, but this method of translation is notoriously inaccurate in the financial [...]
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