Archive for Financial News
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US Unemployment Rate Tops 9.8% in September 2009
The U.S. unemployment rate rose to 9.8 percent in September 2009, the highest since June 1983, as employers cut far more jobs than expected. The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month. Over 500,000 unemployed Americans gave up looking for work. ...
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Bank of America Revises Bank Fees
Staring this October 19, Bank of America will allow current customers to turn off the ability to spend when their account hits zero thus eliminating overdraft fees. Next June, the bank plans to limit the number of times each year that current customers can overdraw their accounts when using a debi...
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Chase Bank Cutting Overdraft Fees
JPMorgan Chase, the parent company of Chase Bank, just announced it will be eliminating some overdraft fees altogether and trimming other fees. Chase Bank will stop charging fees when accounts are overdrawn by less than $5. Chase’s overdraft fees are $25 for the first fee each year, $32 for the ...
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Average Mortgage Rates for September 2009
The average mortgage rates in US Metro areas for September 2009. The mortgage rates are near all-time lows. With housing market somewhat stabalizing, $8,000 first time home buyer credit and low mortgage rates, now might be a good time to buy a home for those who qualified. Average ...
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American Express and Discover to Eliminate Overdraft Fees
Starting October 2009, American Express and Discover will eliminate the over the limit fee. This move comes 6 months ahead of the new credit card rules that would eliminate such overdraft fees. More companies are expected to follow suit. Ironically, American Express announced today they wi...
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New Credit Card Fees – Be Careful
As the new credit card laws goes into law next year reducing the revenues for major banks and credit card companies, more companies are looking for creative ways to add fees to cardholders. Fifth Third Bank (53 Bank) began charging a $19 fee if cardholders have no account activity in the last 12-...
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Credit Union Customers hit with Overdraft Fees
Big national banks are known to hit customers with overdraft fees, bounce checks, ATM Charges and late penalty charges. In 2008, banks collected over $35 BILLION dollars just from overdraft fees. Now Credit Unions are getting into the act. Traditionally credit unions offer lower fees and ...
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Another 5 Banks Shutdown – Total 69 Banks Closed in 2009
FDIC announced another 5 bank failures on July 31, 2009. We still have 5 months to go in 2009 and already 69 banks have failed. At this pace, total bank failures will reach pass 100 banks this year Bank Name Amount of Asset Closing Date First State Bank, Altus, OK $103 Million...
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New Federal Minimum Wage 2009 Going Up to $7.25 per hour
The new federal minimum wage was increased to $7.25 per hour effective as of July 24, 2009. The change reflects the third and final installment federal minimum wage increase as amended under the Fair Labor Standards Act (FLSA). Most States follow the federal minimum wage with few exceptions...
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Prosper Peer Lending is Back
Prosper is back and open for business after being closed for 9 months. They are approved in 14 states for lending and virtually all 50 states for borrowing. Starting today, Prosper is available to lenders in California, Colorado, Delaware, Georgia, Illinois, Minnesota, Montana, Nevada, ...
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2009 State Sales Tax Holiday Schedule
Sales Tax brings a lot of revenue to the States but every Summer many States participate in the Sales Tax Holiday where they eliminate Sales Tax for certain items. Usually items that are excluded are Clothing, Computers, School Supplies and Energy Star products. The date to remember is Augu...
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Average Mortgage Rates for US Major Cities July 2009
Average Mortgage Rates for major US cities for July 2009. Use the rate as an indication whether you're getting a good mortgage rate. The mortgage rate is as of July 2, 2009. 30 Year Fixed 15 Year Fixed 1 Year ARM Metro Area Interest Rate Total Points Interest Rate Total ...
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US Unemployment Rate for June 2009 9.5% – 26 Year High
US Dept of Labor just released their monthly unemployment report for June 2009 reached 9.5%. As bad as it sounds, most economists expected higher rates in the future. The unemployment report does not include people who gave up looking for jobs. If laid-off workers or out-of-work workers were t...
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Warren Buffet Nets $1.68 Million for annual Ebay Charity Lunch
Warren Buffett’s annual charity auction of lunch closed on eBay at $1.68 Million on Friday. This is the first time the actual winning price has gone down. Last year, Zhao Danyang who runs the Pureheart China Growth Investment Fund paid $2.1 million for the winning lunch. The proceeds go...
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Five Banks Closed on Friday – Total of 45 Bank Failures
FDIC announced another 5 bank failures on June 26, 2009. Two banks were in Georgia, another two banks in California and one bank in Minnesota. Only half way through the year, there is already 45 bank failures for 2009. Bank Name FDIC Certificate # Closing Date Mirae Bank, Los A...
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US Average Mortgage Rates for June 2009
The average mortgage rates for the top 10 US cities for June 2009. There was a gigantic mortgage rate change compared to last month. 15 Year Mortgage rates increased by 30 basis point while the 30 Year Mortgage rates increased by 50 basis point. . Last month, 15 Year Mortgage and 30 Year Mortgag...
