The FDIC has announced the results of a two-year pilot program designed to help banks offer alternatives to payday loans that would be “safe, affordable and feasible.” Under the test program, participating banks offered loans of up to $2,500 at maximum interest rates of 36% — instead of the 400% offered by some payday lenders. [More]
During the President’s address to Wall Street bankers today in New York City, he reminded them that their predecessors had completely flipped out about a bill that passed through Congress way back in 1933. It was, in their view, sure to “not only rob them of their pride of profession but would reduce all U.S. banking to its lowest level.” What was this reform bill? [More]
So you’re tired of banking at one of the big, faceless national chains and want to keep your money local? You can try one of the recent sites devoted to the local bank movement, like anewwayforward.org or moveyourmoney.info, or you can follow this Kiplinger columnist’s lead and do it yourself with a little online research. [More]
The Federal Insurance Deposit Corporation announced today that it had added 450 more banks to its troubled bank list. The list is secret, because announcing that a bank is in trouble is a good way to kill it for good. [More]
An email claiming to be from the FDIC is making the rounds on the internet. It supposedly contains a “personal FDIC insurance file” that is really some sort of badness that will ruin your day. Do not click.
Due to the record number of bank failures this year, the FDIC is low on funds. Instead of borrowing from the Treasury as they did in the early ’90s savings and loan crisis, regulators have a new idea: asking banks for a bailout.
Given how many banks have failed and been taken over by the FDIC this year (84, including three yesterday), it’s not one bit surprising that the FDIC isn’t doing too well, funds-wise. It’s down to $22 billion, the lowest the failed bank fund has been since the savings and loan crisis of the early ’90s, when it needed to borrow money from the Treasury Department to keep going.
Just when we though the financial crisis might be over…or starting to be over, at least…came two more bank failures today. The larger one was Colonial BancGroup of Montgomery, Alabama. Colonial is the sixth largest bank failure in American history. The FDIC swooped in to save the day, and competitor BB&T will buy the bank’s assets.
Reader Stephen says that a NYC Taxi driver tricked him into using an ATM skimmer-like-device instead of the normal credit card machine and made off with his card and PIN. The NYPD made an arrest, but Stephen says he’s still battling with Chase/WaMu.
A few weeks ago, we posted about the rebranding of and promising new start for Ally Bank, formerly GMAC. But one new customer isn’t very enthusiastic about their services.
So you know that the Federal Deposit Insurance Corporation (FDIC) protects your money in deposit accounts at FDIC insured institutions up to $250,000, but have you ever wondered how they pay for it?
This week, President Obama signed a law that includes provisions that extend the $250,000 FDIC & NCUA deposit insurance limit to December 31st, 2013.
More and more local banks are turning to the internet to entice deposits, offering high yields and favorable loans terms. But how do you know if a bank is legit? Ask the FDIC.
The nation’s banks lost a staggering $32.1 billion in the final three months of 2008, according to the FDIC. [AP]
You read the title right. When you’re a high roller, the $250,000 limit of FDIC insurance just isn’t going to cut it. Let me show you how you can get $50 million. It’s all about rocking the CDARS.
For 10 years—including the boom times banks enjoyed in the first half of this decade—the FDIC was prevented from collecting fees from 95% of financial institutions, which it would have used to further build up its safety net in the event it would someday have to bail out a bunch of stupid losers who confused banking with alchemy.
It took 18 months for the FDIC to figure out that banks’ practice of clearing checks largest to smallest makes banks a lot of money.