It was a big round-number day for the stock market. The Standard & Poor's 500 index closed a hair above 2,000 points Tuesday, 16 years after it finished above 1,000 for the first time. The move extended the stock index's record-shattering run this year. The latest milestone comes as investors see new signs that the economy is strengthening, a driver of stronger company earnings.
Reaching another milestone, the Standard & Poor's 500 index closes above 2,000 points | Star Tribune
Overdraft on ATM withdrawals and debit purchases is a debt trap that pushes lower-income people out of the banking system. Regulators should ban this product,” said Josh Zinner, co-director of New Economy Project.read more:
How long will your retirement nest egg last? How much could your investments grow? Answer a few questions to see a long-term projection. Then try making a few changes to view the impact on your results.
It's no secret that yields on certificates of deposit are in the dumps. Bankrate has probably written that sentence, or at least sentences like it, at least 20 times now. That's because CD yields have been plummeting since the Federal Reserve dropped short-term interest rates close to zero several years ago. Interest rates will rise at some point, although the Federal Reserve is still debating exactly when the first rate hikes will occur. Until then, let's wistfully look back on the good ole days when CD yields were much higher.
The last time CD yields were at 10% « Bankrate, Inc.
Q. How about municipal bond funds rather than individual bonds? Do they make sense? I have money in a closed-end muni fund (MAV) that’s paying over 7 percent. The interest income comes in at the end of the month, every month. I know that can’t go on forever and I would imagine when interest rates go up I will need to make an adjustment. But 7 percent and no tax ain’t bad! That works for my math. — R.H., by email
Pressure is building within the Federal Reserve for officials to move as early as next month to more clearly acknowledge improvements in the U.S. economy and lay the groundwork for the central bank’s first interest rate hike in nearly a decade.read more:
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WASHINGTON (AP) — More than 1,000 U.S. retailers could be infected with malicious software lurking in their cash register computers, allowing hackers to steal customer financial data, the Homeland Security Department said Friday.
A funny thing's happened to mortgage rates this year. They've gone down. Every expert we spoke with said mortgage rates had nowhere to go but up in 2014. So what's happened?
Mortgage rates plunge to 2014 lows | Interest.com
A pension, for those lucky enough to have one, offers a guaranteed check every month for the rest of your life upon retirement. But a number of companies are now offering an alternative: a pension advance, typically made in one lump sum payment. Their pitch, aimed at military and government retirees with generous pension benefits and those with bad credit, is mighty appealing: cash now to pay today’s bills. Of course, to get tomorrow’s money today, you have to sign over your future pension payments for a specified number of years.
Watch out for ‘pension predators’ promising quick cash - Money - TODAY.com
The Bank of America $16.65 billion deal announced Thursday caps a string of settlements that the Justice Department and other regulators have imposed on banks in the wake of the recession. Since the crisis, the six largest banks by assets have paid more than $123.5 billion in settlements over faulty mortgages, according to previous data from SNL Financial and incorporating the latest settlement. Authorities have forced the banks to pay the majority of that amount, and more deals are likely: Goldman Sachs and Wells Fargo are both reportedly on deck. Here are seven of the largest government settlements:
Here’s How Much Banks Have Paid Out Since the Financial Crisis - TIME
As Europe slogs through its latest round of bank stress tests, a growing number of analysts have already reached their own conclusion: Eurozone banks need additional cash. To buttress their case, some analysts have dusted off an obscure American bank metric that highlights the extent to which Europe’s increasing number of nonperforming loans is threatening to overwhelm existing bank cushions.
Europe Fears Banks Lack Cash Cushion to Cover Bad Loans - NYTimes.com
With worry-wart headlines like “Bankers Fret About Risk of Higher Deposit Costs” and “Bankers Brace for Deposit Losses as Higher Rates Loom,” you’d think the banks fear going out of business.Note the two graphs (1) deposit increases (2) 5-year CD rates
No, they’re just worried about losing all that free money. Banks expect customers to flee from low- or no-interest accounts once deposit yields begin to rise.
A Navy Federal Credit Union ATM in Reston, Virginia was among three banks recently discovered as a target for ATM skimmers, Fairfax County Police said. Police have released a video of the skimming device being installed and removed at that location on July 9 and 11. Other recent devices have been found at two other Navy Federal Credit Union branches in Fairfax (July 1 and July 6) and in Alexandria (June 28 and July 6).
Police: Reston Bank Hit With ATM Skimmer Device | Reston Now
Beware: Your credit union may now be charging almost as much as a bank if you overdraw your account.
Once considered the consumer-friendly alternative to a big bank, credit unions are adopting more punishing policies. Economic research firm Moebs Services released data on Wednesday showing that when it comes to overdraft fees, credit unions are closing in on banks.
Offer expires October 31, 2014. Direct deposit and 3 transactions per month with checking account are required to be eligible for bonus. After 90 days, the checking account will be credited up to $100 for the following: $25 Estatements, $25 for mobile banking, $25 for online banking, and $25 for a debit card. Minimum balance to open is $50. New personal, non-interest bearing checking accounts only. Offer and terms subject to change at any time.
Despite the fact that co-signing is one of the only ways for young consumers to obtain a credit card, not every card issuer allows consumers to apply with a guarantor.