Posts Tagged ‘Bank of America’
Markets get Crushed, Big Banks Follow Suit
Wall Street’s taking another beating today, with the the Dow looking to close down around 4.20 percent.
The roller coaster highs and lows we’ve been seeing appear to be here to stay, and whenever the markets get crushed the major publicly traded banks at least follow suit with equal losses – and in some cases much more.
Current Status of Publicly Trade Banks:
1) Citigroup Inc: (NYSE: C) – Down roughly 7.50%.
With a market cap of $70 billion (and almost twice that amount earlier in 2011) Citigroup is still one of the largest banking institutions in the United States. Thanks to the repeal of the Glass-Steagall Act of 1998, which allowed consumer banks to merge with investment banks and insurance institutions, Citigroup rose to mammoth heights almost over night in 1998. With their current market cap of $70 billion they are just a small fraction of their original size – once controlling $700 billion in assets.
2) Bank of America (NYSE: BAC) Down roughly 5.60%
Even with the help of a $5 billion injection from Warren Buffet at the end of last month, Bank of America still encountered substantial losses today. In fact, they lost more than half of what Berkshire invested in market cap losses from today’s trading alone. And even though Warren negotiated a nice little 6% annual dividend for his holding company, it seems gains from an increase in stock price wont be encountered anytime soon.
3) JPMorgan Chase & CO (NYSE: JPM) Down roughly 5.60%
Looks like JPMorgan Chase will end up with an almost identical percentage loss as Bank of America (although they have almost twice the market cap). That’s a big hit for what Forbes once called the “world’s largest publicly traded company.” JPMorgan Chase controls roughly $2 trillion in assets.
4) Wells Fargo (NYSE: WFC) Down roughly 3.50%
Considering the circumstances, Wells Fargo actually made out alright.
5) US Bancorp (NYSE: USB) Down roughly 1.31%
US Bank is today’s big winner! Down just 1.31% it managed to only lose a half of a billion dollars in market cap. Congrats.
No Bailout for Banks Second Time Around
The FDIC (federal deposit insurance corporation) voted unanimously today to require banks with $50 billion plus in assets to write “living wills to the FDIC” should their institution face the potential of bankruptcy in the event of another financial meltdown.
According to this Associated Press article featured on Yahoo News, “The largest U.S. banks will be required to show regulators how they would break up and sell off their assets if they are in danger of failing.”
On top of this measure, these banks will need to rework their “wills” and send their revisions to the FDIC annually. These revisions will be kept on file and essentially treated as contracts should any of the FDIC-insured institutions begin to show signs of imminent bankruptcy in the wake of another financial crisis.
If the balance sheets and assets of the reported 126 financial institutions participating in this measure are compromised, regulators would then have the power to seize and dismantle the bank(s) that threaten the broader financial system.
Furthermore, the FDIC will also have the power to designate other financial firms as potentially threatening to the financial system and require them to submit plans.
The largest banks affected are Chase Bank, Bank of America, Citigroup and Goldman Sachs.
Lowest Auto Loan Rates in Indiana (Top 5)
We were forwarded a few exceptional auto loan rates being offered in Indiana this weekend. The top 5 rates were all for 36 month new car loans assuming a loan amount of $25,000 or greater, however, these institutions also offer used card loans with lower minimum requirements but you’ll have to contact the bank or credit union directly for updated APR’s, terms and conditions. If you happen to live in Indiana and are in the market for a new car loan, you’ll certainly want to see if you’re eligible to join these credit unions and/or banks to obtain their unusually low APRs. To put the numbers in perspective, the national average for auto loan rates with 36 month terms sits at roughly 3.70% APR.
Why obtain financing from a bank or credit union before purchasing a new car? The primary advantage of having an auto loan established before entering a dealership is that you will have to be treated as a cash buyer. This gives buyers significant leverage in the negotiation process.
Best Auto Loan Rates in Indiana – Top 5:
(Rates accurate as of July 2011. Visit the individual institutions’ website for update rates, terms and conditions.)
- Indiana Members Credit Union (Noblesville, IN) has a 36 month auto loan featuring an interest rate of 1.99%.
- Fort Financial Federal Credit Union (Syracuse, IN) has a 36 month auto loan featuring an interest rate of 2.49%.
- Indiana University Credit Union (SouthBend, IN) has a 36 month auto loan featuring an interest rate of 2.50%.
- State Farm Federal Credit Union (West Lafayette, IN) has a 36 month auto loan featuring an interest rate of 2.50%.
- Bank of America (South Bend, IN) has a 36 month auto loan featuring an interest rate of 2.74%.
If you live in Indiana and have obtained a better interest rate on a new or used car loan, please share by leaving a comment!
Bank of America CD Rates 2011
In our latest coverage of CD rates offered by the largest banks in the country, we tracked down Bank of America’s current CD rates as of March 2011. BofA’s CD rates in 2011 aren’t much different then they were last year – they are still sitting below the national average by a decent sized margin and their product offerings remain the same. If you must open a CD with BofA, we’d probably recommend their “Opt-Up” CD so that you’re not locked in to the same abysmal rate for the entire duration of your deposit. Complete terms and conditions of Bank of America’s Opt-Up CD can be found at the bottom of this post.
Bank of America CD Rates 2011:
(rates accurate as of March 2011 in Florida branches. Visit BankofAmerica.com for updated rate info or to change your state of origin.)
- 6 to 11 month CD yielding 0.30% APY with a minimum deposit amount of $1000 required.
- 12 to 17 month CD yielding 0.45% APY with a minimum deposit amount of $1000 required.
- 18 to 23 month CD yielding 0.60% APY with a minimum deposit amount of $1000 required.
- 24 to 35 month CD yielding 0.65% APY with a minimum deposit amount of $1000 required.
- 36 to 47 month CD yielding 1.00% APY with a minimum deposit amount of $1000 required.
- 48 to 59 month CD yielding 1.31% APY with a minimum deposit amount of $1000 required.
- 60 month CD yielding 2.01% APY with a minimum deposit amount of $1000 required.
Terms and Conditions of Opt-Up CD:
If you’ve opened an Opt-Up CD and rates rise, contact BofA anytime after your CD has been open for at least six months to request your one-time rate increase. This new rate will apply only to the remaining term of your CD. All other terms and conditions, including penalties for early withdrawal, remain the same.
For example, if your opening interest rate was 2.00%, after six months, if a new Opt-Up CD is offered at 2.50%, your rate could increase to 2.50% for the remainder of the term.
San Francisco, CA: Low Auto Loan Rates and Special Offers
Anyone in the Bay Area looking to obtain an auto loan without messing around with dealer financing might want to check out the institutions we’ve highlighted below. Over the course of the last month or so we’ve been sent some pretty noteworthy auto loan rates in San Francisco and the Bay Area in general. For those of you that have been periodically stopping by BankVibe.com to check out our featured auto loan rates, you’ll want to note that Bank of America is still offering their 2.99% APR auto loan with 36 month terms. This offer has been touted across the country and is still available in San Francisco as well as other various locations in the south west. You can see Bank of America’s auto loan rates in our recent coverage or by checking out BankofAmerica.com.
Best Auto Loan Rates in San Francisco, CA:
(Rates accurate as of March 2011. Visit the individual institution’s website for current rate info.)
- Bank of America National Association has a 36 month auto loan with an APR of 2.99% based on $25,000 financed.
- Chevron Federal Credit Union (San Francisco, CA) has a 36 month auto loan with an APR of 3.59% based on $25,000 financed.
- Golden 1 Credit Union (San Francisco, CA) has a 36 month auto loan with an APR of 3.64% based on $25,000 financed.
- Wells Fargo (Daly City, CA) has a 36 month auto loan with an APR of 3.70% based on $25,000 financed.
To put the offers above in perspective the current national average for 36 month new car loans and 48 month new car loans sits at 4.77% APR and 4.89% APR, respectively.
Today’s Lowest Adjustable Rate Mortgages in Texas
Recognizing the rising trend in mortgage rates recently has had many people rushing to their banks and/or credit unions to refinance their mortgage. Last week we saw mortgage refinance applications rise for the 3rd straight week with the trend expecting to continue. And since this rise, we’ve been taking note of some decent local offers from around the country. This week we wanted to narrow our focus to the state of Texas, and more specifically, to some of the lowest adjustable rate mortgages offered there.
And for those looking to purchase a new home in Texas, there’s still plenty of reason to believe it’s a buyers market.
According to our surveyed data on home prices in Austin, Texas, current homes on the market which have recently seen a price reduction come in at 30% of all homes listed for sale, while the national average for home price reductions sits at just under 25%.
Below are this week’s best ARMs (adjustable rate mortgage) offers in Texas. Please note these offers come with the assumption of 20% down and a home loan under $400,000.
Lowest ARMs in Texas:
(Rates accurate as of Jan 2011)
- Wells Fargo Bank out of Wimberly, Texas, has a 7/1 ARM (adjustable rate mortgage) going for 3.370% APR with origination fees of 1.00%.
- Bank of America out of Dallas, Texas, has a 5/1 ARM (adjustable rate mortgage) going for 4.125% APR with 1.00% points.
- Bank of the Ozarks out of Texakana, Texas, has a 5/1 ARM (adjustable rate mortgage) going for 3.500% APR with no origination fees or points.
- Sabine State Bank and Trust Company out of Jasper, Texas has a 3/1 ARM (adjustable rate mortgage) going for 4.75% interest with no origination fees or points.
- The same Wells Fargo (out of Wimberly, TX) that we mentioned earlier has a 3/1 ARM going for 3.378% APR with 0.25% points and 1.00% origination fees.
- Sabine State Bank and Trust Company out of Jasper, Texas also has a 1/1 ARM (adjustable rate mortgage) going for 4.125% interest with no origination fees or points.
If you live in Texas and happen to know of a better adjustable rate mortgage deal going on through your local bank or credit union, please share by leaving a comment!
Current CD Rates from Big Banks
Below is a comparison of CD rates (certificate of deposit) rates offered by three of the largest banks in the United States. If you’ve been in the market for an FDIC insured savings product then you’ve undoubtedly noticed that rates are sitting at some of the lowest levels in recent history. You’ll also see that the largest banks in the country are generally offering APY’s significantly under the already abysmal national average. The list we’ve compiled below shows the interest rates offered on deposits through Chase Bank, Bank of America and Wells Fargo. We’ve compiled a list of the bank’s standard term CD rates which include 6 month CDs, 12 month CDs, 2 year CDs, 3 year CDs and 5 year CDs as well as any promotional offers they have. Frequently banks and credit unions will offer promotional CDs with odd-ball terms such as 9 months, 18 months or 30 months, however, you’ll see that even the promotional offers by these big banks are struggling to keep up with the national average.
For the most part large banks such as these are able to offer much lower savings rates due to their vast branch networks. Because of their constant visibility and reach they are able to service savings accounts to many consumers even though their APY’s significantly lack a competitive edge. To get a better idea of this compare the rates below with some of the top CD rates in our database.
Bank of America’s CD Rates:
(rates accurate as of Nov 23, 2010)
- 6 month CD yielding 0.05% APY with a minimum deposit of $1,000 required.
- 12 month CD yielding 0.20% APY with a minimum deposit of $1,000 required.
- 24 month CD yielding 0.40% APY with a minimum deposit of $1,000 required.
- 36 month CD yielding 0.75% APY with a minimum deposit of $1,000 required.
- 60 month CD yielding 0.95% APY with a minimum deposit of $1,000 required.
- Bank of America’s Promotional CD: 9 month “risk free” CD (available online only) yielding 0.35% APY with a minimum deposit of $5,000 required.
Chase Bank CD Rates:
(accurate as of Nov 22, 2010)
- 6 month CD yielding 0.25% APY with a minimum deposit of $1,000 required.
- 12 month CD yielding 0.25% APY with a minimum deposit of $1,000 required.
- 24 month CD yielding 0.50% APY with a minimum deposit of $1,000 required.
- 36 month CD yielding 1.01% APY with a minimum deposit of $1,000 required.
- 60 month CD yielding 1.75% APY with a minimum deposit of $10,000 required.
Chase Bank Promotional CD Rates: 9 month and 13 month CD yielding 0.50% APY and 0.60% APY respectively with minimum deposit requirements of $10,000 required.
Wells Fargo CD Rates:
(accurate as of Nov 22, 2010)
- 6 month CD yielding 0.10% APY with a minimum deposit of $2,500 required.
- 12 month CD yielding 0.15% APY with a minimum deposit of $2,500 required.
Wells Fargo CD Rate Promotions: 11 month, 39 month and 58 month CD’s yielding 0.20% APY, 0.90% APY and 1.65% APY respectively. All promotional CDs require a minimum deposit of at least $5,000.
To put the offers above in perspective the national average for 6 month CDs, 1 year CDs, and 3 year CDs sits at roughly 0.65% APY, 0.90% APY and 1.50% APY respectively.
Bank of America Credit Card Holders: $200 Bonus Available
Back in September we noted Bank of America’s potential bonus to credit card holders whom also open a checking account with them. This deal still stands, however, it is due to expire on the fourth of next month so we thought we’d give it one more mention if you happened to miss it last time around. Keep in mind, to even be eligible for this offer you must first have at least one credit card from Bank of America.
Here is how it works:
Get more than $200 in statement credits on your credit card when you bank with BofA:
- Earn $100 for setting up Direct Deposit within 3 months.
- Earn $20 each month for six months for paying your Bank of America credit card online from your new Bank of America checking account.
The first step to getting a bonus is opening an account. Make sure CHC220OL appears in the offer code section of the application then…
- Complete the online application
- Establish Direct Deposit within 3 months and receive $100 in statement credits
- Pay your Bank of America credit card online from your new checking account and earn a $20 statement credit—every month
Terms and Conditions (read terms and conditions –> here)
Tags: Bank of America
Virginia Auto Loan Rates – This week’s lowest APR’s
After sifting through numerous auto loan rate pages of both banks and credit unions serving the state of Virginia we’ve compiled this week’s top five APR’s. (Thanks to the BankVibe.com readers who tipped us off on some decent auto loan rates going on through their local banking institutions as well!)
The five institutions with locations or headquarters in Virginia that we mention in this post may also have a presence outside of the state, so even if you don’t live in Virginia you may be eligible for some of these products.
Why use a bank or credit union to finance your new car or truck?
By coming to a dealership with financing in place (through your banking institution) you will essentially be treated as a cash buyer. This could provide you with greater leverage in the negotiation process.
Lowest Auto Loan Rates in Virginia (TOP 5):
*Rates accurate as of 10/2010. Visit the bank or CU’s homepage for updated info and rates.
1) Navy Federal Credit Union (Virginia Beach, VA) has a 36 month new auto loan featuring an APR of 1.99%.
2) Partners Financial Federal Credit Union (Richmond, VA) has a 36 month new auto loan featuring an APR of 2.75%.
3) Apple Federal Credit Union (Woodbridge, VA) has a 36 month new auto loan featuring an APR of 2.99%.
4) Bank of America (Wytheville, VA) has a 36 month new auto loan featuring an APR of 2.99%.
5) United States Senate Federal Credit Union (Alexandria, VA) has a 36 month new auto loan featuring an APR of 2.99%.
*Rates based on $25,000 financed. Similar rates may be offered for used cars and trucks as well as on longer terms than 36 months.
If you live in Virginia and know of a better auto loan rate going on through your local banking institution, please share by leaving a comment.
Bank of America’s Small Business Checking Account: $200 Bonus!
Bank of America is certainly not against offering cash bonuses to new customers signing up for one of their advertised accounts. Within just the last year they have been featured on BankVibe.com several times for offering personal checking accounts with $50 incentives to sign up. And now we are just getting word that they are offering new small business checking account customers up to $200 in bonuses for opening a new account. Thanks to BankVibe reader Stephan for submitting us this offer!
Bank of America Small Business Checking Account Bonus Details:
- Earn $150 when you deposit at least $750 per month into your new small business checking account for 3 consecutive months between September 20, 2010 and November 21, 2010.
- Earn another $50 when you pay at least 2 bills during one of those same 3 months through Online Bill Pay, accessed through Online Banking. You can pay virtually anyone, anytime, anywhere in the United States.
With a Business Economy Checking account from Bank of America there’s also no monthly maintenance fee for checking when you make business purchases with your Visa® Business Debit Card every month as part of our Business Fundamentals package.
- 24/7 business online banking services including Bill Pay
- Deposit accounts are insured by the FDIC for an added layer of protection
- Enjoy convenient access to your accounts when you’re on the go with over 18,000 ATMs and 6,100 Banking Centers coast to coast
note: THIS OFFER IS ONLY AVAILABLE ONLINE
Visit promo page here.
Tags: Bank of America
