My Banking Direct is a service of Flagstar Bank N.A. The parent company is NY Community Bank which is having financial difficulties. You can Google it. But all funds up to $250K is FDIC insured.
A: In the unlikely event of a bank failure, the FDIC responds in two capacities.
First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.
i did, the rate is 5.15 which is not what you claimed
Most rates came down with bonds, I think they reset monthly.. cd currently 5.25, but this is a stable bank. You may get a higher rate but may end up with lower quality customer service, worse account terms and conditions or bank failure
A bit of a rant after running around trying to open this account at a local branch. I have had a continuous relationship with these people for a lot of years. A lot of years. And they couldn't get out of their way to keep my existing, just matured CD in their bank. If this is how they are planning to attract new money, they will have a very uphill battle.
Not just the initial deposit I've learned. If you setup the transfer through MBD from your external account it also holds it for 9 business days. They do this for the first 30 days of a new account. Never seen this before at any of the banks I have used. They already take 2-3 days for an incoming transfer that is processed on their website to even show. Then have to wait an additional 9 business days is crazy.
Most rates came down with bonds, I think they reset monthly.. cd currently 5.25, but this is a stable bank. You may get a higher rate but may end up with lower quality customer service, worse account terms and conditions or bank failure
Bonds have not come down at all, in fact they're higher than they've been all year. Some banks pre-emptively started to lower rates based on Fed rate predictions, but those didn't materialize...
Bonds have not come down at all, in fact they're higher than they've been all year. Some banks pre-emptively started to lower rates based on Fed rate predictions, but those didn't materialize...
Actually, some got caught with higher rates than the bonds would support and then went under water on loans and savings products. The higjer bonds today are trying to compensate for that without tanking the economy or more banks.
Actually, some got caught with higher rates than the bonds would support and then went under water on loans and savings products. The higjer bonds today are trying to compensate for that without tanking the economy or more banks.
No, you misunderstand the situation.
Some got "caught" with bonds (including treasuries) that were purchased years ago, that had low rates compared to today's market. Thus, due to inflation and customer demand to get their cash, they were forced to sell the bonds at a loss to raise capital.
Not just the initial deposit I've learned. If you setup the transfer through MBD from your external account it also holds it for 9 business days. They do this for the first 30 days of a new account. Never seen this before at any of the banks I have used. They already take 2-3 days for an incoming transfer that is processed on their website to even show. Then have to wait an additional 9 business days is crazy.
It is normal to hold deposit for new accounts, number of days differ though. Discover savings bank do hold large deposit for few days even after 10 years.
Some got "caught" with bonds (including treasuries) that were purchased years ago, that had low rates compared to today's market. Thus, due to inflation and customer demand to get their cash, they were forced to sell the bonds at a loss to raise capital.
None of those bonds were purchased recently.
We are getting at the same idea. Banks are buying bonds to fund loans and savings products but inverted yield curve on low rates created free money syndrome driving inflation. Its banks that had to buy recent bonds at lower rates got caught selling at a loss.. long term bond were way higher than the current market 1994-2004.
We are getting at the same idea. Banks are buying bonds to fund loans and savings products but inverted yield curve on low rates created free money syndrome driving inflation. Its banks that had to buy recent bonds at lower rates got caught selling at a loss.. long term bond were way higher than the current market 1994-2004.
Inflation wasn't caused by inverted yield curves, it was (and is) caused by the gov't printing money and then spending it, along with policies which increase energy prices. Energy prices go into pretty much every facet of every product or service.
Inflation wasn't caused by inverted yield curves, it was (and is) caused by the gov't printing money and then spending it, along with policies which increase energy prices. Energy prices go into pretty much every facet of every product or service.
0 to 3% interest is just the same as printing money. This is a loan vs the covid "relief" and subsequent fraudsters coming out of the woodwork
Anyone have any experience with them? Just opened up a CITBank account at 5.05%. A bit worried as I've never heard of them.
Had nothing but good experiences with them the last 7 years. They always have among the highest yielding savings accounts, but every few years they change the yield and introduce a new savings account with the higher yield. All you have to do is open the new account and transfer in, which takes a few minutes online.
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A: In the unlikely event of a bank failure, the FDIC responds in two capacities.
First, as the insurer of the bank's deposits, the FDIC pays insurance to depositors up to the insurance limit. Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank.
https://www.depositacco
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shady bank not put their name on it, it is a sign of risk to begin with...
you seek higher interest rate, they want your principal
Most rates came down with bonds, I think they reset monthly.. cd currently 5.25, but this is a stable bank. You may get a higher rate but may end up with lower quality customer service, worse account terms and conditions or bank failure
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Actually, some got caught with higher rates than the bonds would support and then went under water on loans and savings products. The higjer bonds today are trying to compensate for that without tanking the economy or more banks.
Some got "caught" with bonds (including treasuries) that were purchased years ago, that had low rates compared to today's market. Thus, due to inflation and customer demand to get their cash, they were forced to sell the bonds at a loss to raise capital.
None of those bonds were purchased recently.
Some got "caught" with bonds (including treasuries) that were purchased years ago, that had low rates compared to today's market. Thus, due to inflation and customer demand to get their cash, they were forced to sell the bonds at a loss to raise capital.
None of those bonds were purchased recently.
We are getting at the same idea. Banks are buying bonds to fund loans and savings products but inverted yield curve on low rates created free money syndrome driving inflation. Its banks that had to buy recent bonds at lower rates got caught selling at a loss.. long term bond were way higher than the current market 1994-2004.
0 to 3% interest is just the same as printing money. This is a loan vs the covid "relief" and subsequent fraudsters coming out of the woodwork
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