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Tuesday, August 26, 2014 - 5:26 PM
Reaching Another Milestone, The Standard & Poor's 500 Index Closes Above 2,000
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
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Tuesday, August 26, 2014 - 2:23 PM
Big Banks Mislead Customers About Overdraft Protection
First I've heard someone suggest banning this product!
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:
cumuluscumulus362 posts since
Jan 16, 2010
Rep Points: 1,700
Tuesday, August 26, 2014 - 7:42 AM
San Diego County CU (29 Mo CD, 2%APY) Limited Time Offer
San Diego County Credit Union
The credit union is on Ken's big list of credit unions open to anyone and has a health grade of A+. 

The CD requires a minimum deposit of $2k as well as an active checking account.  Without an active checking account, the CD pays 1.74%APY.  

This CD is being offered as part of Member Appreciation Week, which ends 8/30. 
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
Monday, August 25, 2014 - 6:18 PM
The Vanguard Simple Retirement Nest Egg Calculator
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.

https://retirementplans.vanguard.com/VGApp/pe/pubeducation/calculators/RetirementNestEggCalc.jsf
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Monday, August 25, 2014 - 5:54 PM
The Last Time CD Yields Were At 10%
By Allison Ross @ Bankrate.com 
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.
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Monday, August 25, 2014 - 7:20 AM
Yes, The Risk Is “In There”: High Yield Municipal Bond Funds
By Scott Burns
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

http://assetbuilder.com/scott_bur..._bond_fund
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Sunday, August 24, 2014 - 6:16 PM
Pressure Builds Within Fed To Signal New Policy Course
A breath of hope for better rates?
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:
cumuluscumulus362 posts since
Jan 16, 2010
Rep Points: 1,700
Saturday, August 23, 2014 - 7:17 PM
Earn Up To $125 With A New Callaway Bank Ultimate Checking Account
The Callaway Bank
The Callaway Bank (Missouri) will reward you with up to $125 when you open a new Ultimate Checking Account.  All bonuses will be credited to your new Ultimate Checking Account 6-8 weeks after direct deposit and debit card transactions are completed.  

Setup Direct Deposit within 60 days and receive $75.
Use your Debit Card 15 times within 60 days & receive $25.
Add a Savings Account within 60 days & receive $25.
Cas Saint DenisCas Saint Denis26 posts since
Jun 24, 2014
Rep Points: 83
Saturday, August 23, 2014 - 7:49 AM
Gov't Warns US Retailers About Hacking Software
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.

Associated Press
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Friday, August 22, 2014 - 9:08 PM
Possible expanded membership eligibility for Randolph-Brooks Federal Credit Union
Randolph-Brooks Credit Union
While in Frisco, Texas today, I was surprised to notice construction in progress which displayed the distinctive RBFCU logo prominently.   The most recent newsletter from the credit union mentioned nothing about plans to enter the North Texas market. 

Nonetheless, this press release confirms that the credit union is expanding into the Dallas area.  The new branch, as well as new locations planned in Plano and Allen, are scheduled to open by the end of the year.    Based on current eligibility criteria,  individuals who live, work, worship, volunteer or attend school in Collin County in Texas may soon be eligible for membership. 

Randolph-Brooks has a health grade of A+ on DA, and is considered one of the top 200 healthiest credit unions.     Although they have not offered great CD rates for some time, perhaps they will offer special rates to celebrate their entry into a new market. 
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
Ally6770Ally6770941 posts since
Jan 16, 2010
Rep Points: 2,739
Friday, August 22, 2014 - 5:48 PM
Mortgage Rates Plunge To 2014 Lows
by Mike Sante at interest.com
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
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Friday, August 22, 2014 - 5:22 PM
Watch Out For ‘Pension Predators’ Promising Quick Cash
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
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Friday, August 22, 2014 - 5:03 PM
Here’s How Much Banks Have Paid Out Since The Financial Crisis
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
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Friday, August 22, 2014 - 4:52 PM
Europe Fears Banks Lack Cash Cushion To Cover Bad Loans
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
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Friday, August 22, 2014 - 4:07 PM
Banks Worried They’re Going To Have To Start Paying Savers For Their Money
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.

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.
Note the two graphs (1) deposit increases  (2) 5-year CD rates
read more:
cumuluscumulus362 posts since
Jan 16, 2010
Rep Points: 1,700
Ally6770Ally6770941 posts since
Jan 16, 2010
Rep Points: 2,739
Ally6770Ally6770941 posts since
Jan 16, 2010
Rep Points: 2,739
Friday, August 22, 2014 - 7:28 AM
Navy Federal CU In Virginia Hit With ATM Skimmer Devices
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
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606
Ally6770Ally6770941 posts since
Jan 16, 2010
Rep Points: 2,739
Ally6770Ally6770941 posts since
Jan 16, 2010
Rep Points: 2,739
Thursday, August 21, 2014 - 6:20 PM
Credit Unions Are Starting To Look More Like Banks
From MarketWatch:

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.

Read more
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
Thursday, August 21, 2014 - 3:23 PM
High Rate Short-Term CDs. Quick Look.
INOVA Federal Credit Union
31-day 1.00% APY & 61-day 1.05% APY CDs
$200 minimum deposit
membership to anyone via non-profit organization
Buy CDs via phone or in person
INOVA Federal Credit Union

read more
cumuluscumulus362 posts since
Jan 16, 2010
Rep Points: 1,700
Thursday, August 21, 2014 - 11:38 AM
General Electric Credit Union 1 Yr CD 1.5%APY
General Electric Credit Union
The credit union has a health grade of A+ on DA.  Minimum deposit for this jumbo CD is $100k.

Membership eligibility is described here.  EWP is 90 days of dividends on the amount withdrawn, described on page 4 of the credit union's "Know your Certificate" brochure.
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
Thursday, August 21, 2014 - 11:35 AM
Bank Of New Jersey Offering 1% Money Market Until March 15, 2015. $25,000 Min
Bank of New Jersey
Bank of New Jersey offering 1% Money Market until March 15, 2015. $25,000 Min

Small bank in Bergen County NJ (North East NJ).  Right across the GW bridge in Fort Lee.

This was advertised in the Bergen Record.
stormdog123stormdog12318 posts since
Feb 20, 2011
Rep Points: 207
Thursday, August 21, 2014 - 11:32 AM
General Electric Credit Union 5 Yr CD 2.50%APY
General Electric Credit Union
The credit union has a health grade of A+ on DA.  Minimum deposit for this CD is $500.

Membership eligibility is described here.  EWP is 180 days of dividends on the amount withdrawn, described on page 4 of the credit union's "Know your Certificate" brochure.
pearlbrownpearlbrown1,482 posts since
Nov 2, 2010
Rep Points: 6,440
Thursday, August 21, 2014 - 9:48 AM
Watch Out For Credit Cards Issued By Retailers
Though I have used them for 15% to 45% off a purchase but paid the card off in full. Most in store purchases will allow you to pay it off at the time of purchase. Using some of the cards will get you free shipping with no minimum purchase. Have gotten a $100 dress not carried in the store for $9.99 on clearance. A 7 piece comforter set for $39 when just the duvet sold for $279 at Pottery Barn. Like everything else use your judgement. 
Watch out for credit cards issued by retailers 
Ally6770Ally6770941 posts since
Jan 16, 2010
Rep Points: 2,739
Thursday, August 21, 2014 - 8:51 AM
Earn Up To $100 With By Opening A New Checking Account At Fox Valley Savings Ban
Fox Valley Savings Bank
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.  
Cas Saint DenisCas Saint Denis26 posts since
Jun 24, 2014
Rep Points: 83
Thursday, August 21, 2014 - 8:35 AM
BOA $17 Billion Settlement To Include Nearly $7 Billion In Relief To Homeowners
The Justice Department has struck a $17 billion deal with Bank of America to settle government charges over toxic mortgage-backed securities sold to investors in the years leading up to the 2008 financial crisis, the bank announced on Thursday.

The bank will pay a $9.6 billion fine and will provide roughly $7 billion in relief to struggling homeowners under the terms of the deal.

Attorney General Eric Holder will hold a news conference Thursday morning to discuss the settlement. 
Ally6770Ally6770941 posts since
Jan 16, 2010
Rep Points: 2,739
Thursday, August 21, 2014 - 8:17 AM
Which Credit Cards Allow Co-Signers?
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.

http://www.bankrate.com/finance/c...igners.asp
ShorebreakShorebreak2,694 posts since
Apr 6, 2010
Rep Points: 14,606