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Archive for Bank Info – Page 3

Popular Community Bank Offers Highest 1-Yr CD at 1.15%

By BankAim · Comments (0)
Sunday, October 30th, 2011

For a couple of weeks now, the highest 1 year CD rate offered by banks was at 1.15%. Before, it was only Doral Bank who offered this rate, but now Popular Community Bank is offering the same along with CIT Bank.

Is Popular Community Bank the same as Banco Popular?

For those who are familiar with Banco Popular, Popular Community Bank is actually one and the same since the company decided to rebrand itself last August. The rebranding was a strategy in order to demonstrate that the bank wants to serve the entire community and not just limit its services to Hispanics.

Since the rebranding was meant to capture a larger audience, it seems Popular Community Bank is living up to its promise as it offers one of the highest CD rates nationally available. Check out these other rates below:

Popular Community Bank CD Rates

3 month CD – 0.25% APY
6 month CD – 0.30% APY
12 month CD – 1.15% APY
18 month CD – 0.85% APY
60 month CD – 1.60% APY

How Does Popular Bank Compete with Other Banks?

Although Popular Community Bank is offering a juicy 1 year CD rate, the other rates in different terms are somewhat lower than those nationally available. The leading 3 month CD is from Onewest Bank at 0.60%, while the highest 5 year CD is being offered by First Indiana Bank and Intervest National Bank at 2.00% APY.

Popular Community Bank Background

The bank now has over 117 years in experience since it was built in 1893. It was first established in the United States in 1961 and has grown to have about 100 branches in these five states: California, Florida, Illinois, New Jersey, and New York. The bank also caters to online deposit accounts through E-Loan, a subsidiary of the bank. Popular Community Bank has steadily grown as it is now the 19th largest bank in Central Florida with over $264.1 million in deposits.

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Categories : Bank Info

The Good Ones: Banks Who Still Offer Free Checking

By BankAim · Comments (0)
Monday, October 17th, 2011

With the sudden barrage of debit card fees and the plummeting interest rates, consumers are wondering if all banks are going downhill. Luckily for us, there are still some banks who are sticking to their free checking promotions, and who continue to offer great rates. For those of you who want to transfer banks, but are unsure about joining a credit union, here are some banks that may be worth your while:

1. Ally Bank - This bank has been around for a long time, with over 90 years of experience. It has been dubbed as one of the best banks in 2011 by Money Magazine and it serves over 15 million customers nationwide. Ally still offers a free checking account with no monthly maintenance fees for the everyday management of your checking account. Ally also offers competitive CD rates and is often one of the top providers of the best CD rates. They also give out interesting promotions such as the Raise your Rate CD and the No Penalty CD.

2. Classic Bank -For the regular checking account, Classic Bank advertises a monthly fee of $7.50 for its checking account. However, this only applies should your balance fall below $750. Aside from that, Classic Bank also offers a totally free checking account with absolutely no minimum balance and no monthly fees. If that’s not enough, Classic Bank is also giving away a rewards checking with a whopping 3.01% APY. How’s that for high interest?

3. Incredible Bank – This bank was featured by CNN as the one of the top online banks because of its high yield checking and no ATM fees. Right now the checking account can offer a yield of as much as 1.06% APY on balances up to $249,000.

4. PNC Bank – Although PNC Bank is best known for its student loans and mortgages, it also offers a free checking account which can be rare nowadays. PNC Bank offers free ATM transactions, no monthly service charge, free online banking and bills payment, plus unlimited check writing. Also, there is no minimum monthly requirement to keep your account free.

These are only some of the banks who still offer totally free checking accounts and high interest rates. For sure there are more banks out there who may have better deals to offer. If your bank is offering a great rate or charges less in fees, feel free to share by commenting below.

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Categories : Bank Info, High Interest Checking Accounts
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Credit Unions VS Banks: Which One To Choose?

By BankAim · Comments (0)
Saturday, October 15th, 2011

We all know how the US economy has been struggling for stabilization. But with the uncertainties of countries in Europe such as Greece, the US can’t help but be swept along with the tide. This of course leads to lowered interest rates with bank CD’s and savings accounts, and to top it all off, banks are now announcing that they will be charging monthly fees to debit cards. With all the hullabaloo going on with our trusted banks, many consumers are starting to look for better options. And right now, credit unions have got their attention.

The popularity of credit unions is slowly growing, but what do we really know about them and what is their difference to banks? Below is a quick comparison of credit unions and banks.


Ownership

This is where the big difference lies. Banks are for-profit organizations that are owned by shareholders. Since it is an institution where profit is foremost at their minds, this could mean that customers can become a means towards that end. This doesn’t mean that banks don’t care about their consumers, but it does mean that they are still looking to make a profit without driving their customers away.

Credit unions on the other hand is a non-profit organization that is owned by membership. Meaning, once you join a credit union, you will be a member and an owner at the same time. This gives you the right to run for the Board of Directors, and each member will get one vote regardless of how much money he has in the union. The ownership allows members some control on how the union is run, and even the directors are all volunteers without a salary. This process ensures that the union will look out for the financial interest of the members, and not a small group of private shareholders. Credit unions are also allowed to make a profit using the pooled money of its investors, but the reserve earnings is just to ensure the safety of the union in case of economic turmoil. The Board can also agree that once the reserve amount is reached, the excess can be given back to its members in the form of lowered interest rates or even bonus checks.

The only downside to credit unions is its membership. Most CU’s have a restriction with regards to eligibility because the members share a common denominator such as belonging to the same community, or having the same occupation. Bank membership however, is open to all.

Products

Banks and credit unions basically have the same products to offer. Whether it’s savings accounts, checking accounts, loans and certificates of deposit, you name it, credit unions have it too. The advantage that credit unions usually have over banks is that they can offer better rates such as higher interest rates for CD’s and lower mortgage amortizations. Banks on the other hand are often much larger than credit unions and may be able to offer more services and promotions as compared to smaller credit unions. Aside from that, banks also offer excellent online banking services and much more efficient customer service that is available 24/7.

Safety

Banks are insured by the Federal Deposit Insurance Company or FDIC for a maximum amount of $250,000 while Credit Unions are also insured by a different entity called National Credit Union Share Insurance Fund or NCUSIF. Some claim that the NCUSIF is arguably stronger than the FDIC. When it comes to choosing banks or credit unions however, aside from checking whether they are insured, it is also important to look at the reputation and the number of years the institution has been in service. Banks are generally larger and thus harder to topple down when an economic crisis hits, and insurance or not, it does take some time before depositors can claim their money should a financial institution closes.

As we can see, both banks and credit unions have their own pro’s and con’s. Banks are larger, considered to be safer, and may offer more services. Credit Unions on the other hand offer better rates, and are geared towards the financial interests of its members rather than private shareholders. It’s really up to the consumer which institution caters to their needs best. What about you? Which one do you prefer?

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Categories : Bank Info, Credit Union, Credit Unions
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Bankruptcies on a Nationwide Decline

By BankAim · Comments (0)
Saturday, October 15th, 2011

Sure, our economy is bad, but there are subtle signs that it’s getting a little better. While we may not be able to reach pre-recession norms, we are getting closer daily. According to the American Bankruptcy Institute, personal bankruptcy filings decreased in the first nine months of this year, compared to data from last year.

While this is good news, it can also be interpreted in a different manner. Last year, the Institute recorded the highest number of personal bankruptcy filings since 2005. Bankruptcies are usually the last way out as the consequences of a bankruptcy on your credit report can have resonating effects for up to ten years.

Bankruptcy is an option for consumers who have no other option, and are afraid of losing their personal property, such as homes, cars, large appliances, etc. Also, once one files for Chapter 7 bankruptcy, they are not allowed to apply again for another eight years. So the recent decrease in personal bankruptcy is not only indicative of struggling consumers. In the past eight years, 10 million consumers have filed for personal bankruptcy. So that means 10 million people are unable to file for bankruptcy at this period in time.

According to the National Bankruptcy Research Center, one out of 50 people in the United States have filed for either Chapter 7 or Chapter 13 bankruptcy in their lifetime. This becomes an important issue when consumers apply for credit cards. Consumers that recently file for bankruptcy can find it increasingly difficult to find a good credit card that suits their needs. Banks and credit card issuers generally clump consumers who recently filed bankruptcy along with consumer who have bad or no credit. This means that there are a select amount of credit cards, mortgage loans and auto loans available for you. These loans will more than likely be offered at a higher interest rate or with an annual fee.

Even if the data shows that bankruptcy is decreasing, it’s still clear that consumers are filing for bankruptcy at high rates. This is due to our current economic state, and while signs may point to progress, we still haven’t reached the light at the end of the tunnel. But some good news comes in the form of the strengthening of the creditor/debtor relationship. Now, it seems that creditors are more understanding of consumers’ financial situations and are more likely to set up payment plans that accommodate the consumer.

In fact, it is commonplace now to see consumers of all income brackets on set monthly credit card payment plans and lower interest rates that they negotiated.  Also because of the increase of homes going into foreclosure for delinquent payments has surged over the past decade, it could be anywhere from 18 to 24 months before the banks actually remove you from your home. This extra time could be enough time for the consumer to pay off any excess debt and to save themselves from being kicked out of their homes. The banks have become desperate as well, they are now more inclined to take any form of payment, before sending you to the debt collector.

In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act passed and made it harder for consumers looking to file Chapter 7 bankruptcy. The Act also made it harder for consumers who filed to see the full list of their released debts. Previously, bankruptcy meant exemption from all debts, but the Act changed that. Now, consumers may be forced to pay back some of their other debts. This is a notable change for the face of bankruptcy, which used to be the end-all, be-all solution for a cash and credit strapped consumer.

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How to Get a Credit Card with Bad Credit

By BankAim · Comments (0)
Monday, October 10th, 2011

The economy is still in the dumps and thousands of people are without a job. No income leads to the inability to pay bills, which leads to bad credit.

Once you are out of your situation it is wise to begin rebuilding your credit, but what is the best credit card to get if you have bad credit? Where do you start? and How do you apply for a credit card with bad credit?

Applying for a credit card when you have poor credit is actually no different than if you have great credit. Your options will be far less and fees may be higher, but the process itself is the same.

Is there a ‘best card’ to get for this situation? There are a lot of credit cards out there for people in this predicament. Especially as of late because the number of people that are applying for “Bad Credit Credit Cards’ has increased. Therefor there may not be one best card, but you do have options.

Many cards that are offered for poor credit individuals are secure credit cards (read here about the difference between secure and unsecured credit cards.) If you have been unsuccessful in applying for a traditional credit card a secure credit card may be right for you. More often than not you can get approved. Some secure credit card offers do not even require a credit pull.

So the next question is “Where to get a credit card with bad credit?”

Here are a couple of bad credit credit card offers you can start with.

The Orchard Bank card is the best place to start. This is a card with low fees created for individuals with poor credit. If you cannot get approved there see the Horizon Gold Card below.


The Horizon option is expensive, but offers no credit check and guaranteed to report to the major credit bureaus.

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Low Mortgage Applications Leave Bankers Asking Why

By BankAim · Comments (0)
Monday, October 10th, 2011

Since last August, America has yet again fallen into another economic slump. It somehow seems all too soon with the 2008 recession still fresh on our minds, but with the ongoing debt issue in Greece and the instability of the European market, it seems rumors about another recession may not be too far from the mark. One consequence of a bad economy is of course, a poor housing market. This results in lowered mortgage rates, making today the perfect opportunity for home buyers and refinancers to take on a new mortgage. And if that isn’t enough, large banks are now slashing fees on closing costs, making the acquisition of a new home more affordable than ever.

Recently, Capital One Bank waived some of their closing fees for refinancers, resulting in a whopping savings of $3,300 on the average. Bank of America and Citibank also placed a discount on their fees by as much as 0.75 percentage points. Mortgage rates are also hitting record lows week after week. Just a few days ago the benchmark 30-year fixed rate mortgage fell to 4.18 percent, this is one of the lowest rates that the nation has ever seen for the past 50 years. However, despite these ridiculously low rates and tempting offers, bankers remain puzzled by the lack of mortgage applications. The question now is, why aren’t mortgage applications coming in by the bulk?

Why Mortgage Applications Remain Low

There are several reasons why mortgage applicants are keeping their feet off the water. First of all, potential borrowers are still wary of the economy’s current standing. Although the problem lies mainly in Europe, this still holds a negative impact on the US stock markets. Potential homeowners are also aware of the poor resale values their new homes might have. Since the peak of the housing boom in 2007, homes have lost nearly a third of their value. This instability in housing prices have borrowers wondering if they will be paying too much for their home in the long run.

The second reason why mortgage applications haven’t risen as expected is clearly because of unemployment status. No matter how low mortgage rates are and how juicy bank promotions will be, the bottom line is that many potential homeowners just can’t afford to get a new mortgage. America’s unemployment rate is currently at 9.1% last September, when supposedly the average since 1948 is only at a low 5.7%. This means roughly 14 million Americans without a job. Aside from that, private payrolls rose to only 100,000 jobs per month which is half of the rate posted earlier this year.

And finally, the irony of it all lies in the qualifications that banks are setting. Apparently the incentives that banks are offering come with a catch. For those who wish to avail of Bank of America’s offer, borrowers must at least have $50,000 in savings. Other banks are also looking to give their low mortgage rates to those who have near perfect credit scores.

With all these setbacks that are causing a halt on mortgage application, it is interesting to note that there are some consumers who are simply waiting out for an even lower rate to come their way. It has also been reported that some banks are not yet releasing the lowest rates they’ve got simply so they wouldn’t be overwhelmed by the number of loan applications.

Apparently there are a number of reasons why loan applications haven’t risen as expected. It now is a question of which among these reasons is the most prevalent. What about you? What’s keeping you from getting that new mortgage?

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Categories : Bank Info, Mortgage
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Credit Card Security Gets Futuristic With Finger Scans

By BankAim · Comments (0)
Sunday, October 2nd, 2011

Smart Metric is ushering in the future of banking with a recent announcement. Issued out of Buenos Aires from company president and CEO C. Hendrick, the company unveiled its latest innovation. Hendrick’s claim that the next generation of EMV credit and bank cards are capable of containing the technology necessary to make them Biometric Fingerprint activated Cards is based upon advancements made by his company in integrating a fingerprint scanner inside a SmartCard.

The technological platform that would result of such a unification between scanner and card could then be combined with a global-standard standard EMV (Europay, MasterCard and VISA) application that would allow for the highest-ever security on credit and debit ATM cards.

According to the information provided in a press release on Marketwatch, the EMV Co. website published that at the end of last year, there were well over 1.24 billion chip-based payment cards in circulation around the globe that were EMV compliant.

Additionally, the close of 2010 saw more than 15.4 million EMV terminals available for SmartCard-carrying consumers to use in stores worldwide.

A SmartCard has the same shape a feel of a standard credit card, and can be designated by a chip that in mounted on its surface. This chip contains the card’s information and can be scanned by a reader that is EMV compliant.

This, along with a PIN number that is typed in by the cardholder, enables the card to be used for a purchase. Such cards are often referred to throughout the banking industry as “chip and PIN” credit or bank cards.

The technological developments made by Smart Metric will finally do away with the “PIN” number portion of SmartCard transactions which is, in fact, the least secure aspect of EMV cards. The “PIN” component of card transactions will be replaced with the Biometrics finger scan, which is much more secure.

After long being a European standard, EMV cards are now being implemented in the United States. Already available to those Americans going abroad for business, “chip and PIN” cards should soon be attainable by leisure travelers as well so they can carry a card out of the country that will be seamlessly compatible at all European points-of-sale.

The “traditional” American credit card with the magnetic swipe strip on the back occasionally does not work in other countries, especially at self-service kiosks that can be found at many bus and train stations.

The “Banking Industry Fingerprint Activated Card technology” is scheduled to launch in the first quarter of 2012, after Smart Metric finishes constructing a facility in Latin America intended for the mass production manufacturing of these new cards.

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