The FDIC recently released its Q3 banking report, and the headliner sounds like good news. According to the report, the overall industry earned a profit of $2.8 billion this quarter compared to a total industry loss of $4.3 billion for the second quarter of 2009.
However, there are reasons to believe these profits are misleading, especially since other statistics show again that the banking industry is getting worse as opposed to better. The report also revealed the following ...
Planning to withdraw money from an ATM next time you travel abroad? If so, check in advance how much your bank will charge you in fees. Financial institutions differ dramatically in their policies, and you may be surprised at how much you will ultimately pay.
To illustrate these discrepancies, we examined the policies of five popular U.S.-based banks to assess how much it would cost for someone with a minimal balance to withdraw 100 Euros from a foreign ...
This year has been tough for savers. Record-low interest rates have made it difficult to grow money stashed in savings accounts or CDs, and many retirees have had to dip into their principal savings because their interest earned hasn’t been enough to pay their bills.
The plight of savers have led many to start advocating that the government needs to raise interest rates sooner rather than later. Both Barron's and The Washington Post recently published widely-read articles that ...
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 ...
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