Sixty nine banks have gone bust this year so far, and some additional big bank failures are reportedly on their way. More banks have gone bust this year than in the past decade, and it’s only August!
Luckily, because of the FDIC’s mechanisms to protect consumers, most people who deposit their money with failed banks are barely affected. Generally after a bank fails, the FDIC steps in with a team of people to continue running the failed bank ...
Over the years, banks have set many policies to more easily earn money from their customers – one example is how difficult some make it to close CDs when they mature.
Almost any time you buy a CD, the bank sets it to automatically renew by default at its maturity. And in many cases, the yield of the renewed CD is well below the rate of the original term, allowing the bank to lock you in at a low rate if ...
If you hate going to the bank to deposit checks, you may now have the opportunity to avoid the trip. A handful of banks have recently launched or plan to announce services that will allow you to use your home computer to scan checks and upload them via their websites.
The technology isn’t just for customers of brick and mortar banks – it’s also targeted at customers of online banks who have historically needed to mail deposits to their ...
What’s the difference between a bank account called a “savings” account and one called a “money market” account? Technically, very little.
Usually money market accounts will allow consumers to have some sort of limited check writing and debit card capabilities, whereas savings accounts do not. However, the reverse can also be true. But other than this one general trend, there’s no actual difference between these accounts other than their names.
Nevertheless, many consumers have incorrect notions about money ...
This past decade has been a disaster for stocks. Even before the financial crisis, the market had been relatively flat for ten years, and the events of the past 9 months have sent it down about 25% since then.
But the real effect on people who have had money in the market over the past decade is a lot worse when you consider that they could have been earning interest on their money in a savings account or in a ...
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