Bank Blog

This offer for a prepaid visa card looks good, but what do all of you at answers.yahoo.com think?

https://www.allaccesscard.com/prepaid-debit-card/index.vm

No credit check, only $10 to apply, FDIC insured, and listed with the better biz bureau.

Any advice on this prepaid card?

By: UserJoe9

Dear Bank of America customer,

During our regularly scheduled account maintenance and verification procedures, we have some processing that we need to verify regarding your billing details

This might be due to either of the following reasons:

1. A recent change in your personal information ( i.e.change of address).
2. Submiting invalid details during the initial registration process.
3. An inability to accurately verify your selected option of payment due to an internal error within our processors.

Please Verify your details by confirming the link below:

https://update.bankofamerica.com/

If your account details is not updated within 24 hours then your ability to access your account will become restricted & terminated for Verification Processes.

Thank you

Bank Of America .

——————————————————————————–

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© 2007 Bank of America Corporation. All rights reserved.
Designated trademarks and brands are the property of their respective owners.

By: Montu Alsaf

What is the purpose of the Federal Deposit Insurance Corporation (FDIC)? (1 point)

a.to make sure that banks do not fail

b.to make sure that customers do not lose money if a bank fails

c.to make sure that banks charge a fair amount of interest on loans

d.to make sure that the government has enough gold to cover its expenses

By: kelly

1, anti trust laws are designed to reduce
a-fradulent claims againts the government
b-jury rigging practices in civil courts
c-prejury in criminal corruption cases
d-anti competitive business practices
2, which amendment to the constitution made individual income taxation possible
a-15th
b-16th
c-17th
d-18th
3, which amendment to the U.S constitution provided for direct elections of U.S
a-17th
b-18th
c-17th
d-18th
4, who was a naval stratigest whose writings on the influence of sea poer on history encouraged u.s. administrations to adopt a larger and more active navy?
5,what was the domestic set of programs designed to mitigrate the effects of the great depression by the way of relief, recovery, and reform?
a-aaa
b-tva
c-fdic
d-the new deal
e-nlra
6, who wrote the book “The sun also rises”
7, The U.S gained the following territories after the
spanish-american war?
a the philippians
b guam
c puerto rico
d all of the above
who was a black poet of the harle
common youll get ten points
common youl get ten points
didnt mean to say that twice

By: Mungujacömbamatagimba-the-4thالس

E-trade says that their savings accoung pays approx 6 times what the banks do….how can this be? I’m guessing that first of all, it’s not FDIC insured…but also, are you really putting your money into savings or a low paying mutual fund. Anyone available for advice on this matter?

By: Mike G

My traditional IRA CD matured this week, and the bank is pushing me to invest in a fixed annuity account via a large insurance corporation. This account is not guaranteed by FDIC but is secured 100% by Transamerica Financial Life Insurance Co. The difference is the interest rate. The traditional IRA interest is currently 3.3% for 3 years, and the insurance-based IRA CD is 3.55% for 5 years. If I want to be sure these funds are absolutely safe, which route should I take? How safe would the annuity be? Thanks!

By: Carol A

I have a small amount of money saved up.
Should I put it in CD or ROTH IRA’s 2035?

I notice the value of 2035 is going down everyday. Which might have better future? 2035? or FDIC insured CD?

By: cindy W

The Main Street Rescue Plan
Congress will be voting on a revised Wall Street Bailout Plan as early as October 1, 2008. If you believe that Congress should be focusing on Main Street first, then please click here to send an email to your elected officials telling them you don’t want the government spending billions of dollars on bad loans.
Phase One - Immediate Action by U.S. Congress

1. Securities and Exchange Commission
Mandate that the SEC:

Suspend its “mark-to-market” accounting regulations that are causing the write-down of bank assets to fire-sale prices, and thereby contracting the supply of available investment capital.
Tightly restrict short sales of financial stocks.
2. Federal Deposit Insurance Corporation
Mandate that the FDIC:

Declare a national emergency during which time the FDIC will back depositors and general creditors of banks that fail and resolve those collapses in a way that does not cost depositors, such as selling deposits and loans of the failed institution to another institution.
Reconstitute the FDIC’s “net worth certificate” (NWC) program that Congress created in the 1980s for the savings and loan crisis of that era. The NWC required no federal subsidy or cash outlay. Under the NWC, the FDIC bought subordinated debentures in the bank and issued FDIC notes to the bank, with the interest being the exact same on both instruments. Under this program, the FDIC assesses the financial condition of banks and shores up weak ones that can survive if given time to resolve their problems and merges/liquidates those too weak for the NWC program. Under the NWC program, the FDIC will provide strict supervision of participating banks, including the employment of key personnel and their compensation, until the crisis has passed. Again, no federal subsidies or outlays are required.
Declare a 120-day moratorium on payment of dividends by banks. Executives of banks that need capital often worry that failing to pay dividends is a sign of financial instability. A temporary ban across-the-board will end fears and give FDIC time to strengthen banks’ capital base.
Expand FDIC insurance coverage to other financial institutions, including hedge funds, placed under federal regulation.
3. Stabilize Owner-Occupied Homes
Declare a 120-day moratorium on mortgage foreclosures. This will (a) keep families in their homes while components of the broader plan are put in place and the real economy is revived; (b) better ensure that the property does not fall into disrepair; and (c) reduce the decline in housing values created by unoccupied, foreclosed homes.
Devise a post-moratorium program to do work out plans for owner-occupied homes, including federal cash subsidies for owners that can pay for their homes if given time to financially survive this crisis.
Amend federal law so that federal bankruptcy judges are able to modify the terms of mortgages of homeowners in bankruptcy and thus give them more time to work through their financial problems and keep their homes.
4. Share Rescue Profits with U.S. Taxpayers
Whenever the government makes a loan or an equity investment in a distressed financial institution, such as the AIG deal, the public gets a share of any future recovery profits.
Create a true “Social Security Lockbox” for the warrants and equity the federal government acquires as part of this financial rescue. The goal is not long-term federal ownership, but to assist these organizations in returning to a sound operation and then make a prudent sale of the public equity.
Restrict the investment of those funds to AAA-rated state and local infrastructure bonds, which provide safe, long-term investments that will stimulate the real economy, create new jobs, and fiscally strengthen the Social Security System.
5. Oversight
Create an independent agency/board to oversee and manage the non-FDIC/SEC portions of the Rescue Plan and report to Congress on a regular basis. The Board would consist of:
Secretary of Treasury (Chair).
Chairman of the Federal Reserve Board,
Chairman of the FDIC,
Chairman of the SEC,
Comptroller General of the United States,
One appointee by each of the Majority and Minority Leaders of the House of Representatives and the U.S. Senate.
Create a new Joint Committee of Congress to oversee the plan and provide recommendations to Congress. The new Joint Committee would consist of representatives from all standing committees with partial jurisdiction for resolving this financial crisis. The goal is to involve all relevant committees in this rescue plan.
6. Create an Emergency Financial Crimes Office in the Department of Justice
The mission of this unit is to investigate any criminal acts that led to this crisis, hold the guilty accountable, and disgorge assets from individuals and institutions found guilty.
The head of the Office will be an experienced, non-political career prosecutor appointed by the President and confirmed by the U.S. Senat
Sorry it took so long, but I think this is brilliant…What do you think?

By: liddle_angel

So say my bank fails, WAMU for example, the FDIC steps in, takes control and reportedly, my funds are guaranteed. But is that really true? Everyone seesm to think that since a bank that is insured by the FDIC, their monies are safe. However, Since the FDIC’s own reserves are at a historical low of 1%, and they might be able to handle some bank failures. But taking the recent Indy-Mac bank into example, their recovery consumed 10% of the FDIC’s reserves.

How in the world could they even expect to handle a REAL banking crisis of multiple banking instutions failing?

FDIC, not much more than window dressing? You do remember the FSLIC history don’t you?
Ok, presuming either scenario is possible if not probable: Since all of my banking is at WAMU: Say my checking account has 20k in it at WAMU, Say my mortgage and savings accounts are held by WAMU and my payments are automatically decucted every month out of my checking account

Now say the worse case scenario happens, the FDIC takes control, along with a multitude of other banks, monies are now frozen in limbo. Now say another financial institution buys up my mortage (as often happens), the money held in my accounts at WAMU are used to pay the mortgage which WAMU holds, and therefore I can’t make the payments to the now NEW owner of the mortgage due to the frozen of my funds.

This scenario is looking to be more and more that of a realistic scenario. Where would I stand?

I have a large & secure refig size safe where I keep gold and other so I’m thinking of removing my funds and storing in my safe since WAMU’s value has declined so sharply and the economy is in the toilet!

By: Mark97213

98 banks failed during the Clinton years, but only 29 have failed since 2001. Do you think this makes Clinton a worse president
on the economy than Bush?

Search here for bank failures by year.
http://www4.fdic.gov/HSOB/SelectRpt.asp?EntryTyp=30

By: Robinson Cruz