Dedicated to Deposits: Deals, Data, and Discussion

FDIC's Winter 2010 Consumer News - Safe Online Banking, Overdrafts, Business Accounts


The FDIC just released its Winter 2009/2010 Consumer News. Some excerpts that I thought would be useful to highlight include:

  • Online Banking, Bill Paying and Shopping: 10 Ways to Protect Your Money.
    Nelson suggested checking your accounts online about once or twice a week, but he also noted that "more and more banks are making it easier for their customers to keep an eye on their accounts electronically. For example, many banks offer e-mail or text message alerts when your balance falls below a certain level or when there is a transaction over a certain amount."
    Consider using a separate computer solely for online banking or shopping.
    Using a credit card generally offers more purchase protection than a debit card or other electronic forms of online payment.
  • New Federal Rules Highlight Overdraft Costs, Limit Fees
    when an institution provides a consumer with account balance information through an automated system - including an ATM, Web site or telephone - it must provide the actual balance, without additional amounts that could be used to cover overdrafts.
    And, under another new rule from the Federal Reserve Board, beginning on July 1, 2010, financial institutions will be prohibited from charging fees for overdrafts on ATM withdrawals and one-time debit card transactions at "point of sale" (POS) terminals in stores unless the individual agrees up front ("opts in") to pay those fees.
  • Ideas for Growing a Small Business
    Money that your business has on deposit with a bank is insured separately from your personal accounts at the same institution if the funds are in an account opened in the name of a corporation, partnership or other legal entity. But if you operate your business as a sole proprietorship, your business' funds are insured together with your personal deposits at that same institution in the "single account" category (those in your name alone and not including certain Individual Retirement Accounts), rather than being insured separately.

Refer to my November post for highlights of the FDIC's Fall 2009 Consumer News.



Related Posts

Comments
2 Comments.
Comment #1 by Hoody (anonymous) posted on
Hoody
Only "news" from the FDIC I wana see is  them sayin Uncle Bennie decided to raise the ****ed fed fun rate.

I just got my bank statement from SunTrust, my MM was sittin at .1% are U kiddin me, I did manage to get it back to a full 1% but only for 90 days.

This is insane, I  see NO ****ed “deflation” everything I buy, or pay for is UP, I don’t buy 10 tons of iron ore to dump in my back yard, I buy things I need to live. which the CPI seems to thing don’t need to be counted.

with no COLA and higher co-pays, higher deductibles, and higher fees on licenses its only the rates on savings that help to off set these,  when the rates are at least 4% that is,  At this 1% or less is ridicules

 

2
Comment #2 by Anonymous posted on
Anonymous
Well, I have a SunTrust checking account that pays 0.01%, so it can go even lower.  The offered interest rate has nothing to do with the inflation rate (or prices in general).  It has only to do with what the bank can make on the interest from the borrowed money that they get from the loans versus the people who deposit money into that bank and the interest that they will pay out from them.  Remember back in the early 1970s when the Arab Oil embargo pushed oil prices way up, bank interest rates did not shoot up (the passbook savings rate just inched up slightly).

2