The Top Online Banks Just a Click Away
Online or internet banking is not a new concept to many people nowadays. While some are still more comfortable with the brick-and-mortar banks, a growing number of consumers today are also adapting to the more convenient method of handling one’s finances which is through online banking.
Plus, an online bank ideally offers higher yields and lower fees because it is able to do away with overhead expenses normally maintained by the traditional bank. Everything is transacted online, through the phone, or by mail.
Investors looking for low-risk investments that are easily convertible to cash should look into the certificate of deposit (CD). It is a special type of deposit account offered by most banks and thrift institutions around the country. Because it’s an instrument that provides stable return on your investment, CDs are considered to be more “secure” compared to stocks, mutual funds, and private equity investments. In addition, unlike other types of investment instruments, CDs have Federal Deposit Insurance worth up to $100,000.
What does it Offer?
Just about everyone needs a checking account when they reach adulthood. And free checking accounts seem to be everyone’s preference because of its perceived “no strings attached” feature. There are no monthly charges and no minimum maintaining balance required. You can keep your balance as low as you like without incurring penalty fees. However, is the free checking account really free? Many people seem to think it is but if when you analyze it deeper, it would appear that “free” checking accounts are not so free after all.
Bank of America and JP Morgan Chase — two of the US’ top banks, and now both in the limelight.
Aside from having equally received a huge chunk of the $700 billion government bailout plan, $25 billion each to be exact, the two banks have also been rather busy lately expanding their respective financial empires with a series of takeovers and mergers involving no less than once-mighty names in the banking and investments industry: Bear Stearns and Washington Mutual, Countrywide Financial and Merrill Lynch.
Yet 50% Believe They Are on Right Track for Long Term, PNC Survey Finds
The number of wealthy Americans who feel pessimistic about the stock market and real estate has nearly doubled in the past year, according to a survey by PNC Wealth Management, a member of The PNC Financial Services Group, Inc.
More than half — 53 percent — have a gloomy outlook about stock market performance in 2009, the fifth annual Wealth and Values Survey found. Only one in four (25 percent) are optimistic about the market next year.
Don’t lose hope if you find yourself suffering from bad credit. Bad credit can happen to anyone whether you’re financially responsible or not. Sometimes, there are unforeseen circumstances that can affect your credit rating. The good news is that there are still some ways you can get your credit back into shape.
The important thing is for you work on rebuilding your credit starting today. Show potential lenders that you’re serious about your financial responsibilities. And as you do so, you credit worthiness will show significant improvement and you will begin to see savings on interest payments. There are no shortcuts when it comes to improving your credit rating over the long term. Accurate credit reporting cannot be easily removed from your credit report. The only viable solution to reestablishing your credit is to have a significant change in mindset and behavior.
While a number of government officials still would like to avoid using the seemingly taboo “R” word (recession) in referring to the state of the US economy, a number of factors would otherwise indicate that in fact, it has been in that condition for almost a year now, without showing any signs of letting up.
Plummeting stocks, rising unemployment, investment houses, once thought to be bastions of high finance, closing shop one after another, and a general feeling of alarm among the American people only support the inescapable fact that indeed, the US is facing an economic crisis such that has not been known since the Great Depression in the 1930’s.
Commentary by Mark W. Riepe, CFA, Senior Vice President, Schwab Center for Financial Research
The following are six recommendations designed to help people assess their 401(k)s in the current market environment:
1. Keep doing the right thing
Continue to make contributions to your retirement accounts. Our economy isn’t the greatest right now, but the fact remains that practically all of us will retire from the work force at some point in our lives. Even those of us who love work and can’t imagine doing anything else will come to a point where we can’t work any longer.
Comerica Bank’s preliminary September Michigan Business Activity Index fell 1 point, to a level of 85. The Index is currently 1 point below August’s revised level of 86. September’s advanced figure is the lowest level in 14 years. Compared to a year earlier, the September Index is down 9 points on balance. Over the first nine months of 2008, the Index has averaged 4 percent below the average for all of 2007.
“Even before the worst of the credit crunch slammed the national economy, our index shows the Michigan economy contracting again in September,” said Dana Johnson, Chief Economist at Comerica Bank. “With most national numbers worsening dramatically in October, the drag on the Michigan economy almost certainly will get more intense over the next several months, particularly given the emerging cutbacks in the Michigan-based auto sector.”
The Michigan Business Activity Index equally weights nine, seasonally-adjusted coincident indicators of real economic activity. These indicators reflect activity in the construction, manufacturing, and service sectors as well as job growth and consumer outlays.
The Federal Reserve Board on Thursday announced the issuance of a consent Cease and Desist Order against CapitalSouth Bancorp, Birmingham, Alabama, a registered bank holding company, and CapitalSouth Bank, Birmingham, Alabama, a state-chartered member bank.
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