Even when a bank closes, its CD rates are still an issue. The FDIC closed down three more banks last Friday, bringing the total number of bank failures this year to 98.

This week is crucial for banks, business groups, investors, and depositors alike as the Fed holds a two-day meeting to decide on whether it is still feasible to keep interest rates at the historically low levels they are in now – close to zero.

Despite the big banks' surprisingly solid first quarter performances that were reported over the past week or two, many banks are still struggling to overcome the effects of the economic downturn. In fact, just last Friday April 17th 2009, two more banks went into the receivership of the FDIC. This brings the number of failed banks for the year to a total of 25 – the total number for last year (2008). While the public's growing optimism and hopes of the economy bottoming are all good news, so far it hasn't quite translated yet to an ease in the bank failures that continue to threaten the smaller banks.