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.

With 23% of mobile phone user’s activity performing mobile banking in the US, it has become an important venture not only for the banking industry, but the cellular companies as well. For consumers it’s safe to say adapting this form of banking will take time, but as more users begin to leverage their phone for financial needs, ensuring we are doing so safely is the right step to success.

At stake is the $339 billion in Wachovia deposits and its network of more than 3,300 branches throughout the country that would solidify the winner as being in the top tier of U.S. retail banking. Here is quick overview from last week events:

Wells Fargo is buying Wachovia at about $7 / share ($15.1 billion). Wachovia stock price is up over 66% in pre-market trading. Bank consolidations will continue to happen. You still should make sure you are within FDIC limits, but Wachovia customers, your money appears safe. Stay tuned My Bank Tracker for more advice on what to do with your money in these crisis times. Source: http://www.reuters.com/article/innovationNews/idUSTRE4923HU20081003

The FDIC has stepped in to facilitate the acquisition of Wachovia by Citigroup. The FDIC stresses that Wachovia did not fail, it has been acquired. "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." Wachovia customers should contact their normal banking representative with any further questions. 1-800-922-4684 or visit www.wachovia.com Source: http://www.fdic.gov/news/news/press/2008/pr08088.html

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