With interest rates at all-time lows, people looking to invest cash in CDs face tough decisions about how long they should lock up their money. Should they invest in a short-term CD that earns only a little bit more than a regular savings account? Or should they lock up their money in a longer-term CD that earns more, but risk that rates will skyrocket shortly and they’ll be stuck in a relatively low-interest CD?
Although many economists and journalists ...
In recent years, it’s become increasingly difficult to tell the differences between savings and checking accounts. Many banks now offer savings accounts that allow some sort of check writing, online bill pay, and debit card use, features historically only available with checking accounts. Meanwhile, many checking accounts now pay interest, a perk historically only associated with savings accounts.
Despite these similarities, there is still one main difference that separates checking and savings accounts - a wonky government restriction known as ...
Over the past decade, many banks have added a feature to their websites allowing customers to transfer money to and from accounts at other banks. This feature, called Online ACH Transfers, is especially prevalent among online banks with no branches, and in some cases is the only way to get money in and out of a savings account.
Although it’s not generally advertised, many banks set limits on the amount of money that can be withdrawn on a daily ...
The FDIC released updated financial information for all banks it insures last week, and the results are worse than even last quarter. Most notably, overdue loans have reached an all time high – 4.35% of all loans are overdue which means about $320 billion in borrowed money has stopped being paid back.
Obviously some banks are in more trouble than others. For instance, Corus Bank (one of the top 100 largest banks in the U.S. by deposit size) reports ...
A few weeks ago, we wrote about how banks are beginning to let consumers deposit checks online with their scanners. As we mentioned in that article, USAA was the first of the banks to offer this service with their Deposit@Home technology.
Now USAA has recently announced that they’ve developed a follow-on service called Deposit@Mobile which allows customers to deposit checks using their iPhones. To use the service, customers download an application and use it to take a ...
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