Bank of America and Wachovia followed by KeyCorp cuts prime rate to 4 percent
Bank of America and Wachovia announced that it is lowering its prime-lending rate to 4.00 percent from 4.50 percent, followed by KeyCorp on October 30th.
The cut in the prime rate matches the 0.5 percent rate cut the Federal Reserve Board announced Wednesday. The prime rate is often used for consumer loans such as car loans and home equity loans.
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