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 Read more...]]> 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.

Here’s how it works:

Visit a participating Read more...]]> Below is a solid savings account bonus from US Bank (thanks to BankVibe.com reader Jennifer for tipping us off on the offer!). Currently US Bank is giving away $50 Rewards Visa Cards for those that can stash away $1,000 in the account (as well as meet a few other account requirements). That’s equivalent to a 5% APY – try getting that from a CD rate!

Here’s how it works:

Step 1

Visit a participating branch, call us toll-free at 800-593-6087 or enroll now and choose the U.S. Bank Package that works best for you.

Step 2

Enroll in S.T.A.R.T. and create your savings plan. Set up one or more of the following qualifying transfer options from your Package Checking account to your Package Money Market Savings account:

Transfer an amount you choose on a specific day of the month, OR

Transfer an amount you choose for each U.S. Bank Check Card purchase, OR

Transfer an amount you choose for each U.S. Bank Credit Card purchase.

What you get:

Enjoy rewards from US when you reach one or both S.T.A.R.T. goals:

• When your savings balance reaches $1,000, we’ll recognize your achievement with a $50 U.S. Bank Rewards Visa® Card⁴.
• Maintain a balance of $1,000 or more in your account for one year, and earn another $50 U.S. Bank Rewards Visa Card.

To help accomplish your goals, you will also receive:

• S.T.A.R.T. goal progress and transfer summary information within U.S. Bank Internet Banking
• S.T.A.R.T. details on your monthly account statement
• 24/7 assistance from our bankers

Go the the promotional offer here.

Keep in mind the mortgage rates we’re covering Read more...]]> Since we were forwarded a couple of fixed rate mortgage deals out of California that deserve mentioning this weekend, we figured we’d devote a post to highlighting the most attractive APR’s in CA. These fixed rate mortgages are available in certain parts of California BUT may also be available in neighboring states. You’ll have to contact the institution directly to see if you’re eligible.

Keep in mind the mortgage rates we’re covering assume a home loan or home refinance of $417,000 or less. Jumbo mortgages are provided but you’ll have to visit the bank (or credit union’s) website for their APRs.

Top California Fixed Rate Mortgages:

(Rates accurate as of June 2011.)

- Mechanics Bank (Walnut Creek, CA) has a 30 year fixed rate mortgage with an interest rate of 4.875% assuming a down payment of 20%.

- USE Credit Union (San Diego, CA) has a 30 year fixed rate mortgage with an interest rate of 4.59% assuming a down payment of 20%.

- First Technology Federal Credit Union (Santa Rosa, CA) has a 30 year fixed rate mortgage with an interest rate of 4.50% assuming a down payment of 20%, 0.125% in points and 0.50% origination fees.

- Mechanics Bank (Walnut Creek, CA) also has a 15 year fixed rate mortgage with an interest rate of 3.750% assuming a down payment of 20%.

- US Bank National Association (Rancho Santa Margarita, CA) has a 15 year fixed rate mortgage with an interest rate of 3.625% assuming a down payment of 20%, 0.875% in points and 1.00% in origination fees.

- Wells Fargo (multiple locations in CA) has a 15 year fixed rate mortgage with an interest rate of 3.625% assuming a down payment of 20%, 0.875% in points and 1.00 origination fees.

If you live in California and have locked in a better interest rate on a fixed mortgage lately, let us know about it by leaving a comment!

For example Columbia Credit Union out of Washington state is offering auto loan rates as low as 3.74% APR, if your vehicle is eligible for their “E-Go loan discount” of 0.25% APR. 

US Bank has an even more enticing offer on their Read more...]]> A number of local banks and credit unions (and even one large national bank) are offering fairly noteworthy discounts on auto loans if you’re purchasing a new or used “green vehicle.” 

For example Columbia Credit Union out of Washington state is offering auto loan rates as low as 3.74% APR, if your vehicle is eligible for their “E-Go loan discount” of 0.25% APR. 

US Bank has an even more enticing offer on their green auto loan rates. For a limited time, U.S. Bank and the U.S. Environmental Protection Agency (EPA) want to help you save fuel, money and the environment with “SmartWay.”

What is SmartWay?

When you identify a cleaner, more fuel efficient vehicle through the EPA Green Vehicle Guide, and choose to finance or refinance that new or used U.S. EPA Certified “SmartWay” vehicle with U.S. Bank, you can get .50% off the interest rate on your U.S. Bank direct auto loan.

US Bank claims to set them self apart from other financial institutions offering similar deals in that – some lenders offer green vehicle programs only on new or nearly new vehicles, hybrids or high gas mileage vehicles. However, at U.S. Bank, eligible vehicles include all EPA Certified SmartWay autos and light trucks from the current model year through the six previous model years.

If you know of a similar deal offered through your bank or credit union, please share by leaving a comment!

US Bank offers certificate of deposit accounts, money market accounts as well as other FDIC insured savings vehicles which help Read more...]]> U.S. Bancorp (NYSE: USB), with $265 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,851 banking offices and 5,175 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

US Bank offers certificate of deposit accounts, money market accounts as well as other FDIC insured savings vehicles which help your money grow over time. 

To open a US Bank deposit product, you will need to visit one of your local branches to apply. Rates vary from branch to brach. Some of the deposit rates available nationwide through US Bank are listed below. These deposits require a minimum deposit of $1,000 to open. 

US Bank CD Rates:

• 21 month CD pays interest rate of 1.00% and 1.01% APY. Interest is paid annually and at maturity.
• 42 month CD pays interest rate of 1.98% and 2.00% APY. Interest is paid annually and at maturity.
• 59 month CD pays interest rate of 2.71% and 2.75% APY. Interest is paid annually and at maturity.

Currently US Bank has a 59 month CD with an interest rate of 3.92% or 4.00% APY, the national average sits at around 3.0% APY. I’ve seen a few national banks Read more...]]> This is one of the first decent savings rates I have seen come out of US Bank in a while. If you happen to be in the market for a certificate of deposit with a long maturity …say 59 months to be exact, then this may be your best bet.

Currently US Bank has a 59 month CD with an interest rate of 3.92% or 4.00% APY, the national average sits at around 3.0% APY. I’ve seen a few national banks raise the rates for their long maturity CD products lately and slim down the rates for their short term CD’s. Both Ally bank and Discover bank have made somewhat similar moves lately.

US Bank doesn’t offer any great shakes on it’s 6 month CD, 12 month CD, or 24 month CD. In fact they have a 13 month CD that is only yielding 1.00% APY which is about 40% below the national average of 1.75%.

As always, here is a magnifying glass over the fine print:

• must open a CD in person at a local US bank branch
• CD will automatically renew upon maturity without prior written notice
• Penalty for early withdrawal
• Rates subject to change without notice
• Fixed rate CD (once you’re money is locked in, the rate will remain the same until maturity)

As always, pay close attention to the fine print before signing up for this Read more...]]> Thanks to BankVibe reader, BloggingBanks.com who tipped me off on a sweet deal going on this month through US bank. Currently, US Bank is giving away $100 when you open one of two different checking accounts. To receive the bonus either open their “Platinum Package” or “Gold Package” and deposit $50 into this account by March 31st, 2009.

As always, pay close attention to the fine print before signing up for this deal.

Terms and Conditions

• Set up a recurring direct deposit of at least $100 within 60 days of account opening.
• Your bonus will be reported as interest earned on IRS Form 1099-INT and will be credited to your new checking account within 6-8 weeks after direct deposit is established assuming account is open and in good standing.
• Offer may not be combined with any other cash bonus or marketing offers. One offer per household. Offer is not transferable. Deposit Products offered by U.S. Bank, N.A. Member FDIC.
• $50 minimum to open account