Mentioned in MarketWatch

July 22, 2009 on 11:33 am | In Economy | No Comments

Our company was mentioned in a recent Article that MarketWatch wrote. Reading the comments on the article is almost as much fun as the article itself. :O) The article mostly focuses on Discover Bank which we also advertise for. They did also get the industry standard digs against brokered deposits, but overall a good read.

A commenter even mentions a site I hadn’t heard of for CD rates before. I’ll even be nice and post the link. After all, it helps our loyal readers ,which in the big scheme of things helps us. Check-out, Bankfox. Who knows, maybe they’ll see a bunch of traffic from us and want to repay in kind. :O) They do have a 4-month CD advertised for 2.50% APY. If you want a “good” rate without locking it up too long, that maybe a good bet.

BTW, here is the link to the article. If you leave a comment, let me know. You do have to sign up for a free account in order to leave comments. I did. Market Watch Story.

Finally, just some quick commentary since I seem unable to get an actual newsletter out. Big Ben (Ben Bernanke) commented yesterday that rates would remain low for an extended period of time. That was like dropping a cup of blood in a pool of sharks. Bankers have swarmed around that tender morsel and begun to lower rates. On average, we’ve seen a 20 to 30 Basis point (0.20 to 0.30%) drop in rates. This coupled with continued weaknesses in the economy leads me to believe that even when the Fed does start to increase rates, it will be in quite a slow fashion.

We do still have a 1Y at 2.50% APY. It does require a $100,000. I can’t give out the info for free, but if you contact us from our site or the blog alert, I’ll give you a 30% discount on our fees. This is only good for non-IRA personal funds.

Have a great rest of your week.
ChrisCD :O)

Brokered Deposits, FDIC Scrutiny, Low Rates – Oh My

July 17, 2009 on 2:00 pm | In Bank CD Rates | No Comments

I really just wanted to bring a couple of articles to your attention and certainly be curious what your thoughts are. So please feel free to visit them, leave a comment, and let me know your thoughts.

The first involves a fraud case with a bank called MetaBank. Unfortunately, a few of our clients have been involved. I almost don’t want to post this, because I don’t want to cause a panic. In all of our years, we have never experienced a situation like this. Here is the link “customers sue bank to get back CD money”. On this one especially I would like to know your thoughts as CD investors.

The second as an article on Kiplinger about how FDIC scrutiny has banks worried and the banks are using some fear tactics that this will prolong the recession. I don’t really way in on that, but I think the banks should look in the mirror. They certainly helped us get into this mess. And the link for that is: FDIC Scrutiny to Lengthen Recession

Finally, yes rates continue to be low and probably will for awhile yet. In my last commentary I suggested it could be six to nine months before the Fed begins raising rates. We do have a 1Y at 2.50% APY and a 2Y at 3.05%. I’ll give a 30% discount to our loyal readers who would like to open a CD at either (or both institutions :O) ). One bank requires $100,000 and the other would need a minimum of $50,000. These are for personal funds only.

Have an awesome weekend.
cd :O)

Highest CD Rates Commentary – Updated July 2009

July 3, 2009 on 10:24 am | In Articles | No Comments

Updated our running commentary.

Highest CD Rates

cd :O)

FDIC closes seven banks

July 3, 2009 on 9:08 am | In Economy | No Comments

Last night, July 2, 2009, the FDIC closed seven banks. Last week they closed 5. The week before that was 3. Seems like they have run out of patience with underperforming banks (unless your assets are above $100 BB or so :O) ).

The banks closed last night were:

• Founders Bank, Worth, IL — FDIC 18390. Acquring Bank: The PrivateBank and Trust Company, Chicago, IL
• Millennium State Bank of Texas, Dallas, TX — FDIC 57667. Acquiring Bank: State Bank of Texas, Irving, TX
• First National Bank of Danville, Danville, IL — FDIC 3644. Acquiring Bank: First Financial Bank, National Association, Terre Haute, IN
• Elizabeth State Bank, Elizabeth, IL — FDIC 9262. Acquiring Bank: Galena State Bank and Trust Company, Galena, IL
• Rock River Bank Oregon IL 15302. Acquiring Bank: The Harvard State Bank, Harvard, IL
• First State Bank of Winchester, Winchester, IL — FDIC 11710. Acquiring Bank: The First National Bank of Beardstown, Beardstown, IL
• John Warner Bank, Clinton, IL — FDIC 12093. Acquiring Bank: State Bank of Lincoln, Lincoln, IL

Since the FDIC found buyers for all of the closures there will be no interruption in service for the customers of the closed banks. If you had CDs though, keep in eye on your mail. The acquiring bank often takes the opportunity to lower your rate. If you get such a notice, you can close your CD without penalty.

Have a great 4th of July. May Freedom Ring.
cd :O)

President Obama signs bill to increase FDIC coverage