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Major Regional Banks: Their Latest Losses and CD Deals

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POSTED ON BY Ken Tumin

As this NY Times article describes, four large regional banks reported their third quarter results today. As you might expect, they continue to have problems. Here's a summary of their results:
  • National City - fifth quarterly loss, announced a 14% work force reduction
  • Fifth Third - second quarterly loss
  • KeyCorp - second quarterly loss
  • US Bancorp - reported a quarterly profit, but it fell 47% which was more than expected
Their troubles have probably been the reason behind their CD specials that they've offered for the last several months as they continue to be in need of deposits. If you stay under the FDIC limits, these can be good and safe deals. Here are the latest CD deals from these four banks:
  • National City - 5.00% APY 19-month w/ckk, 4.75% w/o chk (CD review)
  • Fifth Third - 5.05% APY 37-month (CD review)
  • KeyDirect - 5.25% APY 29-month w/chk, 5.00% w/o chk (CD review)
  • US Bank - 4.75% APY 59-month (had been 5%) (CD review)
There are some good deals on longer and shorter term CDs, but the above CDs are just a sample of the most competitive rates. Please note that these specials are not available in all states. Also note that the rates listed in the CD reviews may be out-of-date. Please check the banks' websites for the latest rates. The links to the banks' rate tables are in the reviews.
  Tags: KeyDirect, US Bank (OH), CD rates

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4 comments.
Comment #1 by Anonymous posted on
Anonymous
I recently opened a 59 month c.d. at us bank and was disappointed that I could not go online and check my balance unless I opened a checking account also. Nor did I receive any paper work from them showing the term and interest rate I received. The only way to varify my account is to call the bank. I called the bank several times and asked for something in writing showing my deposit and was told that they will send out a letter showing the amount of deposit, but they never did. They asked why I was concerned and said I will get a tax statement at the beginning of 2010, over a year from now! This is unacceptable to me and I will not deal with this bank again.

1
Comment #2 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info. Sorry to read of the bad customer service and poor account features. You would think they would feel it necessary to at least send you a receipt for the CD.

1
Comment #3 by Anonymous posted on
Anonymous
No paper work at all after opening a new CD account? That would be totally unacceptable for numerous reasons!

1
Comment #4 by Anonymous posted on
Anonymous
Yeah, if they did that to me, I would ask them if they know what CD stands for. If they do, I would ask where my certificate is!

1