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.
Banking goes mobile despite concerns on security
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.
Wachovia’s-Wells Fargo’s-Citigroup’s deal still hanging in the air
Wachovia drops Citigroup bid for Wells Fargo
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
Wachovia banking operations acquired by Citigroup
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
Rewards and Cash Back Offers for New Accounts
Do you like cash back and free gifts? Check out these offers running now across the banks. Qualify for gift cards, free iPods, or just plain cash for opening accounts with these banks. Get the Chase Freedom Visa Card today, and earn 5,000 points automatically that you can spend like cash. Additionally, get $50 back with your first purchase. To apply, click here You’ll receive up to a $125 value when you sign up for a Free Checking Account with Commerce Bank. To open an account, go to Commerce Bank. Flagstar Bank will put $100 in your account, when you open a checking account with them. Click here for the promotion.
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