Comments on: FDIC Establishes A National CD Rate http://jumbocdinvestments.com/cd_rates_blog/2010/03/fdic-establishes-a-national-cd-rate/ Blogging through the CD Rate World Tue, 03 Aug 2010 16:23:37 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: CD Rates Blog http://jumbocdinvestments.com/cd_rates_blog/2010/03/fdic-establishes-a-national-cd-rate/comment-page-1/#comment-3764 CD Rates Blog Tue, 06 Apr 2010 20:13:08 +0000 http://jumbocdinvestments.com/cd_rates_blog/?p=515#comment-3764 Two Notes. First the 60-Day Penalty at Ally Bank is supposed to be on all CD terms although some other forums have indicated that Ally Bank representatives had refused to say that it wouldn't change in writing. However, penalty disclosures are part of the CD when it is issued and it is a contractual agreement. So if your disclosure indicates the 60-Day penalty, you should be okay. On the other hand, if a bank refused to honor it, you would have to take them to court. The FDIC doesn't weigh in on those type of issues. Secondly, interesting feedback on the ABA. I've read that charge elsewhere. If it is true, they should consider changing their name to MegaBanks-R-Us or something. cd :O) Two Notes. First the 60-Day Penalty at Ally Bank is supposed to be on all CD terms although some other forums have indicated that Ally Bank representatives had refused to say that it wouldn’t change in writing. However, penalty disclosures are part of the CD when it is issued and it is a contractual agreement. So if your disclosure indicates the 60-Day penalty, you should be okay. On the other hand, if a bank refused to honor it, you would have to take them to court. The FDIC doesn’t weigh in on those type of issues.

Secondly, interesting feedback on the ABA. I’ve read that charge elsewhere. If it is true, they should consider changing their name to MegaBanks-R-Us or something.

cd :O)

]]> By: Shorebreak http://jumbocdinvestments.com/cd_rates_blog/2010/03/fdic-establishes-a-national-cd-rate/comment-page-1/#comment-3762 Shorebreak Tue, 06 Apr 2010 19:31:14 +0000 http://jumbocdinvestments.com/cd_rates_blog/?p=515#comment-3762 The American Banking Association (ABA) and it's President, Mr. Yingling, brings a lot of influential pressure on the FDIC to persuade banks to hold deposit rates down. The ABA mainly represents the "too big to fail" banks who generally offer the lowest rates to savers. They don't like competition from the smaller institutions. A good example is how they got the FDIC to pressure Ally Bank to significantly lower their deposit rates. Additionally, the ABA is always trying to get Congress to put limits on credit unions as far as membership restrictions and product limitations. The American Banking Association (ABA) and it’s President, Mr. Yingling, brings a lot of influential pressure on the FDIC to persuade banks to hold deposit rates down. The ABA mainly represents the “too big to fail” banks who generally offer the lowest rates to savers. They don’t like competition from the smaller institutions. A good example is how they got the FDIC to pressure Ally Bank to significantly lower their deposit rates. Additionally, the ABA is always trying to get Congress to put limits on credit unions as far as membership restrictions and product limitations.

]]> By: CD Rates Blog http://jumbocdinvestments.com/cd_rates_blog/2010/03/fdic-establishes-a-national-cd-rate/comment-page-1/#comment-3722 CD Rates Blog Fri, 12 Mar 2010 14:07:29 +0000 http://jumbocdinvestments.com/cd_rates_blog/?p=515#comment-3722 Thank you for that note. Is that for CDs that are 1-year or less? cd :O) Thank you for that note. Is that for CDs that are 1-year or less?

cd :O)

]]> By: JOHN http://jumbocdinvestments.com/cd_rates_blog/2010/03/fdic-establishes-a-national-cd-rate/comment-page-1/#comment-3721 JOHN Fri, 12 Mar 2010 04:43:07 +0000 http://jumbocdinvestments.com/cd_rates_blog/?p=515#comment-3721 ALLY BANK 60 DAY Penalty ALLY BANK

60 DAY Penalty

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