Archives for October 2008

Bank of America will give you $75.00 for opening a My Access Checking account online with a $25.00 opening balance.

This promotional offer is only available online and expires on November 30th 2008. Use promo offer code CH75EM1 when opening the checking account.

There are some restrictions for this checking promo.

To qualify for this offer you must be an existing Bank of America credit card holder and the offer is only available for new MyAccess Checking accounts.  This offer isn’t available to current checking customers or student checking accounts. There is a limit of one $75.00 incentive per household every six months.

When opening the checking account be sure to use promotional offer code CH75EM1.

www.bankofamerica.com

Chase Bank will give you $100 when you open a Chase Checking account.  This checking offer is available until December 14th, 2008. This offer has been extended until December 31st, 2008.

To qualify:

• Open a new Chase Checking account with a minimum $100 deposit of new money (money not currently held in a Chase or affiliate bank account). The bonus will be deposited in your account within 10 business days of opening the account.
• The checking account must be open for a minimum of 6 months.
• Limited to one checking account related reward/premium per customer per calendar year.

Chase Checking Account benefits:

• Free online bill pay
• No minimum balance required to maintain the account ( $100 minimum to open the account and receive the bonus offer).
• No monthly fees when you have a direct deposit or five or more debit card purchases posted to your account each statement period.

www.Chase.com

The Federal Housing Finance Agency’s (FHFA) monthly House Price Index fell 0.6 percent on a  seasonally adjusted basis from July to August which is less than the 0.8 decline in July. The index is also down 5.9 percent for the year ending in August and 6.5 percent from the April 2007 peak in housing prices. Mortgage rates have declined during this period.

The index is widely followed but is limited because the index only tracks purchase prices of houses backing mortgages that have been sold to our guaranteed by the two federal housing agencies, Fannie Mae and Freddie Mac.

Do you owe more then your home is worth? You’re not alone, over 12 million americans are upside down their mortgage.

Bank of America is offering one of the best CD rates for 7 month CD, this promotional CD rate is currently 3.68% with an APY of 3.75%.  The rate is only available online at bankofamerica.com and is only for the initial term of a new CD. The minimum deposit to open a High Yield CD is $5,000 and B of A might limit the amount you can invest to $500,000.

You will need the following information to open a CD account.

• Social Security Number
• Credit card, debit card, or bank account number
• Current email address
• Online Banking ID and passcode (if applicable)
• Co-applicant’s personal information (if applicable - Social Security number, home address, and email address)

Be sure to use promotional offer code HYCD

Bank of America 7 month CD Application

There is a controversial practice known as balance billing, health care providers have been going after patients for money they do not owe. I have experienced this first hand and all it took was a couple of phone calls to make the bill disappear.

Balance billing occurs when your insurance plan covers less than the health care provider wants to be paid. The hospital, doctor or lab demands the patient pays the balance. The trouble is, more often then not, the patient doesn’t have to pay the balance and in some cases the practice is illegal.

In my case, the hosptial bill was $245 for an emergency room visit at Falmouth hospital in Massachusetts, my insurance company paid $170 and I was sent a bill for the remaining $75. My first reaction was to write a check for $75 and be done with it, but then I remembered reading an article about this practice and I decided to call the hospital to inquire about the bill. The hospital billing representative said my insurance company paid $170 and I was responsible for the rest, I then decided to check with my insurance company. What do you know, my insurance company said the hospital was “in network” and the hospital had to accept the “contracted rate”, which means the hospital had to accept the amount my insurance company was willing to pay and couldn’t bill me for the rest.

45 states ban “in network” providers from billing insured patients for the balance and federal law bans health care providers from billing Medicare patients for unpaid balances. Unfortunately, most people don’t realize they are NOT responsible for the balance and don’t take the time to inquire. Thankfully in my case the bill wasn’t that much but imagine paying hundreds, thousands or ten of thousands of dollars that you don’t have to? Many states also don’t require patients to pay balance bills to doctors or hospitals in emergency cases, the thought being you can’t control which provider you see during an emergency.

So the next time you receive a bill for a medical procedure check with you insurance company to see if you are responsible for the balance.

CBS News recently reported on balance billing.

Watch CBS Videos Online

E-Loan is offering their “Savings Plus” online high yield savings accounts with rates as high as 3.85% APY. There is a minimum open deposit of $5,000. The 3.85% rate is for balances of $100,000 and above.

To qualify for these rates you must make regular monthly deposits into your savings account of at least $100. If you fail to make monthly deposits the savings rates will revert to the ”Standard Savings” listed below.  E Loan’s Savings Plus is a money market deposit account that allows up to six withdrawals per month. Individual accounts are FDIC insured up to $250,000.

 
E Loan CD Rate Table and CD Account Application

Corus Bank of Chicago, Illinois is offering a 6 month CD with an annual percentage yield of 4.25%. The minimum deposit is $10,000.

The CD account can be opened online, by calling Corus Bank’s Telephone Banking Center at 1-800-555-5710 or at a local branch.

Corus Bank 6 month CD rate application

Bank of America NEA is offering some of the best CD rates available, particularly for shorter term CD rates.

The current yield on a 3 month CD is 4.39% APY. These rates are only available to National Education Association (NEA) members. The minimum opening balance is $1000.

Additional CD rates and terms offered by Bank of America NEA.

Bank of America NEA CD Application

From now until October 31st, TradeKing will give you $50 for opening a brokerage account.

To qualify for this offer, new accounts must be opened and funded with $2,500 or more. Account funding must occur within 30 days of account opening, and one trade must be executed within 180 days of account opening. One offer per household. 

A minimum balance of $2,500 is required in the account (minus any trading losses) for the first six months or the $50 credit may be surrendered.

TradeKing only charges $4.95 per stock trade and .65 cents per option contract or market or limit orders.

Open an account at TradeKing and get $50

The Federal Deposit Insurance Corporation (FDIC) maintains a list of problem banks that isn’t published or shared with anyone else. So how can the average depositor or lendee know if their bank is a problem bank about to fail?

The Texas Ratio is one measure that might offer a clue. The ratio was developed by RBC Capital Markets analyst Gerard Cassidy in the 1980’s to forecast which banks could fail during the 1980’s real estate bubble…deja vu, anyone?

The ratio is devised by comparing a bank’s troubled loans to its capital. If the amount of bad loans equals or exceeds its capital, a ratio of 100% or higher, the bank might not have enough capital to cover its losses related to the bad loans on its books.

If a bank’s Texas ratio is 100% or higher it doesn’t necessary mean the bank will fail, a bank can raise more capital to cover its losses, though not an easy thing to do these days during the credit crunch.

Individual deposits are now covered by FDIC insurance up to $250,000 so most depositors don’t have to worry about a bank failing but if you have a business line of credit or are planning to obtain a mortgage from a bank that is on the list you should start thinking about banking elsewhere.

Here is a list of unofficial troubled banks compiled from the FDIC’s Statistics on Depository Institutions at http://www.geocities.com/tubeguy@rogers.com/troubledbanks.htm

To compile your own Texas Ratio list using the FDIC’s statistics, visit http://www2.fdic.gov/sdi/main.asp and use the following equation, Non-performing Assets and bank real estate owned (REO) divided by Equity and Loss Reserves.

ABC News recently reported on the Texas Ratio just after IndyMac Bank failed.

Search and Compare Credit Cards by Category from Several Banks.

In a coordinated global effort, The Federal Reserve Bank along with The European Central Bank, Bank of England and Swiss, Canadian and Swedish banks cut rates by 1/2 percent.

The Federal funds rate is now 1.5%. Rates on deposits which have been going up might start to head south again. The average 1 year CD rate currently is 3.70% and the average 5 year CD rate is 4.13% as reported by bankrate.com.

Competition is heating up with the major bank’s CD rates. HSBC Bank is now offering one of the highest CD rates, a 6 month CD that has a 4.00% APY. The CD rate is only available online. The minimum deposit is $1,000. Citibank’s minimum deposit for a 6 month CD is only $500.

To qualify for the 4.00% APY you must deposit “new money”, meaning money not already deposited with HSBC Bank. After you complete the application online ( takes 10 to 15 minutes ) you will receive an application status via email. Your opening deposit can be made by transferring funds from any HSBC or other financial institution checking account or savings account. You can also mail a check made payable to HSBC Bank USA, National Association.

You will need the following information to open an account.

You must be at least 18 years of age and have a U.S. address to apply for a deposit account online. If you do not have a U.S. address, please call 1-800-975-HSBC (1-800-975-4722) Option 2.

The deposit application requires the following information:

• Social Security Number or Tax Identification Number
• If you are a non-US Citizen - Your Country of Citizenship, visa expiration date (if applicable), and Resident Alien Card Number (Green Card) or Passport Number, Country of Issuance, and expiration date
• Current driver’s license is required to open your account online
• Date of birth
• Mother’s maiden name
• Current address
• E-mail address
• Employment information
• Primary bank name, address and account number

HSBC 4.00% 6 month CD Rate Application

Citibank is offering one of the best CD rates for a 6 month CD. The annual percentage yield of 4.00% is very competitive for a major bank. The average 6 month CD rate is 3.17% as reported by bankrate.com.

The minimum opening balance for the CD account is $500. You can choose to have Interest paid monthly or at maturity.

The early withdrawal penalty is 30 days of interest, 90 days of interest if you reside in California or Nevada.

Be sure to use promotional offer code CKC6.

Citibank 6 month CD Application