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Archives for September 2008
The rate banks charge each other for loans (the LIBOR - the London Interbank Offered Rate) has shot up overnight. For example, the 3 month LIBOR is at 4.05%, up from 3.88% and the rate banks charge each other for overnight loans is at 6.88%. The Federal Reserve has been doing its part to ease the crunch by pumping money into the markets to provide liquidity but banks just aren’t lending because they are scared to lend. All types of lenders had already been raising the bar for borrowers and were only lending to the best customers. With the uncertainty of the bailout they became even less willing to lend their money, further crimping the crunch. Banks are even cutting back on credit cards and lowering the credit limit on borrowers, further squeezing borrowers. American Express has lowered the credit limit on about half its credit card holders. Amex is also offering fewer credit cards in areas where housing prices have fallen the most, which includes California, the southwest and Florida. How does this affect you? Need a mortgage or home equity line of credit?
Worried about being laid off? Many companies fund their day to day operations and grow using short term credit. They accomplish this by selling short-term and long-term bonds in the credit markets. Right now, the short-term debt markets are at a standstill and the long-term debt markets are a bit more functional, but rates are high. Companies with high levels of debt will be the first ones in trouble, but even companies with low levels of debt might have to resort to layoffs if they can’t get access to credit and the economy stalls. What can you do to survive the pending credit crunch? Start a budget and fund an emergency fund (if you don’t already have one).
Another way to survive this uncertain economic period is to make sure your bank deposits are within the FDIC insurance limits. The Certificate of Deposit Account Registry Service (cdars.com) allows you to deposit up to $50 million in Certificate of Deposit accounts. You earn the same CD rate across all banks your money is deposited in. Here is a MarketWatch.com video on spending less and saving more. Updated 10/3/08: Wachovia said Friday it agreed to be acquired by San Francisco-based Wells Fargo & Co. in a $15.1 billion all-stock deal that trumps Citigroup’s plan to acquire Wachovia’s banking operations and avoids government assistance. Citigroup will acquire the banking operations of Wachovia. All depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. “For Wachovia customers, today’s action will ensure seamless continuity of service from their bank and full protection for all of their deposits.” said FDIC Chairman Sheila C. Bair. “There will be no interruption in services and bank customers should expect business as usual.” The special promotional 7 month CD rate of 4.00% APY is still active on Wachovia’s website. Take advantage of one of the best CD rates, CitiBank might withdraw the offer soon because the rate on a 9 month CD offered at citibank.com only has a 3.25% APY. AmTrust Direct is offering one of the best CD Rates for a 6 month CD at a rate of 4.35% APY. The minimum deposit is $1,000. Interest is compounded daily and the CD account is insured to the maximum allowed by the FDIC. You can receive interest payments on a monthly or semi-annual basis on accounts over $5,000. Interest disbursements can be posted to an AmTrust Bank checking or savings account or mailed to you by check. There is a $5.00 fee to receive interest disbursements by check. AmTrust Direct’s penalty for an early withdrawal is 6 months of interest. That means that you would lose all of the interest you would have earned, so be sure you can afford to lock your funds up for 6 months before signing up for this CD Rate. AmTrust Direct has been around for over 100 years and was founded in Cleveland, Ohio in 1889 as Ohio Savings. The bank changed its name to AmTrust Bank in 2007 to better reflect its national presence. AmTrust Direct has one of the best online savings accounts offers - their e-Savings Account currently has a 4.00% APY. The minimum deposit is $500. The 4.00% APY is for balances up to $99,999.99 and balances $100,000 and over receive a rate of 2.50% APY. This promotional rate is only available for new money (money not already deposited at AmTrust) and the account limit is 1 per customer. Initial deposits can be made by check or electronic transfer and you can link up to 6 external accounts to your e-Savings Account. Wachovia Bank is offering one of the best CD rates for a 7 month CD, the promotional yield is currently 4.00% APY. The minimum deposit is $5,000. Interest is compounded daily and the CD is insured to the maximum allowed by the FDIC. The interest you earn on the CD account can be withdrawn at anytime or you can choose monthly or quarterly withdrawals. There are steep penalties for early withdrawals of principal before your CD matures, which is based on the CD term and the amount withdrawn.
An account can be opened online in 8 minutes, by calling 1-800-WACHOVIA or at your local Wachovia branch.
What does this mean for WaMu’s customers? According to the FDIC the transition will be seamless, there will be no interruption in service. JPMorgan Chase Bank is honoring all deposits. The following Q&A session will help you decide whether or not to continue banking with JPMorgan Chase Bank. Are my deposits transferred from Wamu to JPMorgan Chase still FDIC insured if I already have an account with JPMorgan Chase? All deposits that are transferred from WaMu to JPMorgan Chase will be separately insured for six months after the sale of Washington Mutual Bank. So if your combined deposits are over the FDIC insured limit you have 6 months to withdraw funds to stay within the limit. Will JPMorgan Chase Bank honor WaMu’s 5.00% APY 1 year CD rate? Yes, JPMorgan Chase Bank is honoring all deposits, including WaMu’s promo 5.00% APY 1 year CD. At this time JPMorgan Chase Bank is still offering the promo 5.00% APY 1 year CD, which is one of the best CD rates available. JPMorgan Chase Bank 5.0% APY 1 year CD Rate Application Will checks that I have written on my WaMu checking account clear? All checks drawn before WaMu closed will be honored as long as there are sufficient funds in the account. Can I withdrawal funds without incurring an early withdrawal penalty? Yes, you can withdraw funds from any account transferred to JPMorgan Chase before you enter into a new deposit agreement with JPMorgan Chase. Will I receive interest accrued on my accounts from JPMorgan Chase? Yes, all interest accrued through 9/25/08 will be paid at the same rate. What about future interest rates? JPMorgan Chase is reviewing rates and will provide further information shortly. Do I continue paying any loans I have with WaMu? Yes, you need to continue to honor any loans you had with WaMu with JPMorgan Chase since you are contractually required to do so. According to the FDIC website, “The terms of your contract will not change because they are contractually agreed to in your promissory note.” Where should I send my loan payments? You should send checks to the same address until further notice from JPMorgan Chase Bank.
The current annual percentage yield on the account is 3.30%. The account is FDIC insured up to $100,000. The savings account can be opened online in 10 minutes or by calling 1-800-ETRADE-1, mention offer code 9301. You will need the following information to open the account.
The checking and savings account can be opened online. No direct deposit is required for the checking account and checks can be ordered online. There is a minimum deposit of $1.00 for each account. ING Direct is offering $25 for opening an Orange Savings Account. You can open the special promo account online here ING Orange Savings Account. There is no minimum balance requirements for opening the account. The savings account currently has an annual percentage yield of 3.00%. Be sure to use reference code D286W when you open the account.
Most banks are now offering a 1 year CD Rate between 3.50% to 4.50%. Bankrate.com list the national overnight average of 3.67%. Here is a list of five national banks offering 1 year CD rates higher than the national average.
Special 6 month CD Rate from a local bank. Dime Savings Bank of Williamsburgh Brooklyn (New York) is offering one of the best cd rates, a very special promotional deal on a 6 month CD, the 6 month CD rate is currently 5.00% APY, that’s right, 5.00% APY for a 6 month CD! The minimum opening deposit is $500. The bank has been around for over 100 years in the New York area. To qualify for this high cd rate you have to open a Prime Dime Checking account, use direct deposit or pay one bill online each month. You have 90 days to meet both conditions, if you fail to meet the conditions the rate you receive on the 6 month CD will be 3.00%. After 90 days if you meet one of the conditions the CD rate will be raised to 5.00%. Citibank is offering $100 when you open a CitiBank Checking Account. You have to be an existing CitiCard credit card holder and the offer isn’t available for existing CitiBank checking account customers. To qualify for the $100 you have to also do the following:
The $100 will be deposited into your account within 120 days after you meet the requirements. Be sure to use offer code CYBA when signing up for the checking account.
Money market mutual funds invest in what was thought to be highly liquid safe securities. Safe, that is, until this past week. Money market mutual funds make investments in asset backed commercial paper, certificates of deposits and government securities. One money market mutual fund, The Primary Fund, froze redemptions for seven days because the fund “broke the buck”, which means each share in the fund is worth less then $1.00, in this case each share is now worth 97 cents. The Primary Fund got into trouble because of its exposure to Lehman Brothers (Lehman filed for bankruptcy this week), the fund invested in Lehman debt. Money market deposit accounts are FDIC insured up to $100,000 per account, $200,000 for joint accounts and up to $250,000 for some retirement accounts. Be sure to check with your financial institution to see which type of money market account you have money invested in. Update: 9/19/08 Treasury Department to guarantee Money market mutual funds The Treasury said it will tap into a Depression-era fund to provide guarantees for the money market mutual funds. The Treasury also said it would use its $50 billion from the Exchange Stabilization Fund to provide the guarantees for the money market mutual funds. The fund was created in 1934 to provide support for the dollar. E-Loan is currently offering one of the best cd rates for a 6 month Certificate of Deposit (CD) Rate of 4.02% APY. The minimum opening deposit is $10,000. As with all E-Loan accounts you are actually opening an account with Banco Popular North America, the parent company of E-loan. The CD Account is FDIC insured up to $100,000. The early withdrawal penalty is 3 months of simple interest.
Monthly qualifcations to receive the rewards checking rate:
The checking account has the following benefits:
You will need the following to sign up for the account:
Community Bank of Pleasant Hill is located in Pleasant Hill MO. The Rewards Checking Account can be opened online. Community Bank of Pleasant Hill Rewards Checking Account Application
The early withdrawal penalty on the 7 month CD is 3 months of interest. There is a 7 day grace period beginning the day after the CD matures to withdrawal or transfer your funds to another account. The CD will renew with the same term at the current available CD rate. IndyMac Bank failed on July 11th and went into receivership and became IndyMac Federal Bank. Deposits are FDIC insured up to $100,000. |
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