Bank Deals Weekly Summary for August 1, 2009

Hot Deals, Quick Link for Rates, Recap of this week's posts

Five more banks were closed yesterday by regulators. The largest failure was at Mutual Bank. Many of you might have CDs at Mutual Bank. For several years they've been offering competitive money market accounts and CDs nationwide. There should be no worry about losing any money. The FDIC arranged for United Central Bank to assume all deposits of Mutual Bank even those above the FDIC limits. However, there is a concern about losing the high rate of a Mutual Bank CD. United Central Bank has not yet decided about the interest rates of Mutual Bank accounts. It has the right to lower the CD rates. Customers will have the right to make a penalty-free early withdrawal. However, it'll be very unlikely that customers will be able to replace 5%+ Mutual Bank CDs with something comparable in today's environment.

The failure of Mutual Bank shows one reason it's important to consider the financial strength of a bank when you're shopping for CDs. Having your CD rate downsized can be painful. The FDIC often does not report on the rate cut decisions of the banks. There have been a few cases in which the FDIC will report at the time of the closure that the assuming bank will honor existing CD rates. However, in most cases the FDIC just states that the assuming bank will review rates and will notify customers. I have more details about this issue in yesterday's post. I also have a review of an article that reports on the CD rate downsizing at two recent California bank failures.

Savings Account Rates

There was a rare rate hike of a competitive savings account this week. ShoreBank raised its online savings account rate from 2.05% to 2.15% APY. But as I described in my post, this rate increase may have more to do with ShoreBank's worsening financial condition than a change in the interest rate environment. Nevertheless, if you keep under the FDIC limits, there is little to worry about for savings accounts. Unlike CDs, there's no worry about losing your rate lock.

Another bit of good news doesn't involve a rate hike but just the holding of a rate. Alliant Credit Union has finally decided not to reduce its savings account rate at the start of a new month. The savings account rate is holding at the very competitive rate of 2.00% APY for August. The savings account rate had been falling 25 basis points every month since April. For those looking for a savings account from a financially healthy institution with good customer service and that has a long history of competitive rates, Alliant Credit Union should be given consideration. To see the savings account rate history for the last three years, refer to my Alliant CU account review.

Below is the list of rate changes this week.

Rate Hikes:

1. ShoreBank Savings - 2.15% (was 2.05%)
2. UmbrellaBank MMA - 1.74% $50K+ (was 1.50%)

Rate Drops:

1. Bank of Internet Advantage Savings - 2.25% (was 2.50%)
2. Centennial Bank Savings - 1.01% to 2.02% (was 1.26% to 2.28%)
3. Union Federal Savings - 1.85% (was 2.00%)
4. Nationwide Bank MMA - 1.85% (was 1.90%)
5. OneWest/IndyMac Savings - 1.85% $50K+ (was 2.00%)
6. Bank of Internet Savings - 1.81% (was 2.06%)
7. AIG Bank MMA - 1.81% $10K+ (was 1.86%)
8. ADB Bank MMA - 1.80% (was 2.05%)
9. Corus Bank MMA - 1.79% (was 1.85%)
10. Ally Bank Savings - 1.75% (was 1.85%)
11. iGObanking Savings - 1.67% (was 1.81%)
12. Bank Provident Online Savings - 1.65% (was 1.75%)

Certificate of Deposit Rates

CD rates continued to trend lower overall. We lost the 4% 50-month CD July special at NASA FCU. They have a new August CD special, but it's a letdown compared to July with a 1.50% 9-month CD and a 2.00% APY 15-month CD.

There were a few bright spots with some small rate increases on mid-term maturities. Examples of this were seen at Discover Bank, MetLife Bank and UFB Direct. However, they still remain below the rate leaders even with these rate increases.

I added a few new banks to the CD lists below with top rates for terms of 12 months and longer. These include Equity Bank's 2.55% 18-month CD, Security Savings Bank's 2.47% 17-month CD and Citizens First's 3.15% 22-month CD. These are small banks which don't have the best financial health. So make sure you stay under the FDIC limits and consider the risk of losing your CD rate lock if the bank should happen to fail. I've contacted these banks and confirmed people from any state can apply. Note, it's common for small banks to change their policies on applications so be sure to call for the latest details. And also be sure to call for the latest rates since top rates haven't lasted long at any bank or credit union.

For those who want to avoid being stuck in a CD if rates start shooting up sometime in the future, a no-penalty CD is something to consider. Ally Bank still offers its 1.90% APY 9-month no-penalty CD. HSBC Direct's Online CDs have early withdrawal penalties, but according to HSBC Direct's website, the penalty is only 30 days of interest. Most of their CD rates are not competitive except the 12-month CD which currently has an APY of 2.00%. Let's say rates do shoot up 6 months from now, and you want to take that money from the 12-month HSBC Direct CD and move it to a higher-paying CD. You'll lose 30 days of interest. So after the penalty, you'll retain 5 out of 6 months of interest which results in a rate over those 6 months of about 1.67% APY. With savings account rates continuing to drop, you may make more money with this type of CD than a savings account (see account review).

A lesser known bank with CDs available nationwide is Wilshire State Bank which also offers no-penalty CDs. They currently have the best no-penalty CD deals with a 2.30% APY 12-month CD and a 2.40% APY 18-month CD. In addition to penalty-free early withdrawals, you're also allowed additional deposits. With this type of CD you get much of the liquidity of a savings account, and you also get the rate lock of a CD (see account review).

Below are some of the best CD deals that are still active.

Best Nationwide CD Deals as of 8/01/09: Also listed are a few savings accounts with rate guarantee periods. The full list of nationwide CD rates is farther down.

1. 3.01% 3-mo money market/checking promo at EverBank (account review)
2. 2.50% 3-mo savings account promo at 1st Constitution Direct (account review)
3. 2.50% 3-mo savings account promo at ProvidentNJ Direct (account review)
4. 2.50% 12-mo CD at Connexus CU (account review)
5. 2.30% 12-mo & 2.40% 18-mo Flex CD with Liquid Features at Wilshire State Bank (account review)
6. 2.55% 18-mo CD at Equity Bank (account review)
7. 2.47% 17-mo CD at Security Savings Bank (account review)
8. 3.15% 22-mo CD at Citizens First (account review)
9. 2.75% 24-mo CD at Southeast Financial FCU (account review)
10. 3.91% 60-mo CD at Melrose CU (account review)
11. 3.50% 60-mo CD at iGObanking (account review)

Best Local CD Deals as of 8/01/09: Some of the best CD deals are from banks and credit unions that don't offer accounts nationwide. Refer to the recap section and the state index section to find all the recent local deals. Here are some of the best deals to note.

1. 5.00% 6-mo CD ($25K max) at Tyndall CU in Panhandle FL (account review)
2. 2.50% 6-mo CD ($25K max) at STC Capital Bank in Chicago (account review)
3. 2.50% 7-mo CD & 3% 13-mo CD at Members First CU in NH/MA (account review)
4. 2.25% 3mo to 12mo CD at CoreFirst Bank at CO & KS (account review)
5. 3.00% 9-mo CD at Bartow County Bank in GA (account review)
6. 3.05% 12-mo CD at Self Reliance New York FCU (account review)
7. 2.84% 12-mo CD at Fort Bragg FCU in NC (account review)
8. 2.53% 12-mo CD at American Plus Bank in Southern CA (account review)
9. 2.50% 13-mo CD at Umpqua Bank in WA, OR & N. CA (account review)
10. 3.75% 27-mo CD & 2.75% 15-mo CD at Enterprise Bank of SC (account review)
11. 3.25% 24-mo CD at Jefferson Financial CU in Louisiana (account review)
12. 2.75% 24-mo CD & 3.50% 48-mo & 2.50% 18-mo CD at Montauk CU in NY (account review)
13. 2.85% 25-mo CD at First National Bank in TX (account review)
14. 3.25% 42-mo CD at Regions Bank in Several States (account review)
15. 4.07% 60-mo CD at United Community CU in IL & MO (account review)
16. 3.75% 60-mo CD at Fidelity Bank of Florida (account review)

Reward Checking Accounts

I reported on two new reward checking accounts this week with rates of 4.01% APY and 5.01% APY. Both are local deals.

I just learned this week that one bank that I first reported on in 2008 is now offering their 4.50% reward checking account nationwide. In addition, they're guaranteeing the 4.50% APY until May 2010. The 4.50% APY applies to balances up to $25K if the typical reward checking requirements are met (see post). With such a hot deal, I would be surprised if this lasts more than a month. It doesn't take long before small banks get so many deposits that they'll either lower the rates for new customers or reduce availability to their local area. To find other reward checking accounts with rate guarantees refer to this post.

To see all of the high yield reward checking accounts available throughout the nation, please refer to my High Yield Checking website.

Recap for the Week - Links to This Week's Posts

Banking News

* Five Banks Close Including Mutual Bank - 69 Bank Failures So Far This Year
* Review of Market-Indexed CDs
* Useful IRA CD Feature at Pentagon Federal Credit Union
* Those 5% WaMu CDs Are Nearing Maturity - Issues to Consider


Savings Accounts - National

* ShoreBank Direct Online Savings Account Rate Increased to 2.15%


CD Deals - National

* 2.25% 11-Month CD at First National Community Bank - YMMV
* 2.47% 17-Month CD at Security Savings Bank in Kansas - Available Nationwide
* 2.25% 12-Month CD & 2.70% 24-Month CD at Equity Bank in Dallas - Available Nationwide
* Discover Bank's CD Promotion for Discover Credit Card Customers
* 2.40% 12-Month CD & 2.80% 24-Month CD at Frontier Bank in WA & OR - Available Nationwide
* E-LOAN's CD Rates and Warnings About CD Maturity
* 2.60% 24-Month CD at Kaiser Federal Bank in California - RATE DROP
* 2.75% 25-Month CD at Crane Federal Credit Union in Indiana - Available Nationwide
* 3.15% 22-Month CD at Citizens First Bank in Michigan - Available Nationwide


Reward Checking Accounts

* 5.01% Reward Checking Account at First National Bank of Pontotoc in MS - Local Only
* Update on Rate Guarantees and Availability of Reward Checking Accounts
* 4.01% Reward Checking Account at Brenham National Bank in Texas - Local Only


CD and Money Market Deals - Local

* 2.53% 12-Month CD & 2.78% 24-Month CD at American Plus Bank N.A. in California - Local Only
* 2.25% 10-Month CD at American Heritage FCU in Philadelphia - Local Only
* 2.75% 15-Month CD & 3.75% 27-Month CD at Enterprise Bank of South Carolina - Local Only
* 2.05% 7-Month CD at MidCoast Community Bank in Delaware - Local Only
* 2.85% 25-Month CD at First National Bank in Texas - Local Only
* 2.78% 24-Month CD & 3.05% 36-Month CD at Orange Bank of Florida - Local Only
* 3.25% 37-Month CD at Florida Bank - Local Only
* 2.11% Money Market Account Indexed to the Prime Rate at Signature Bank of Georgia - Local Only
* 2.28% 12-Month CD and 1.81% Money Market Account at Gold Canyon Bank in Arizona - Local Only
* 2.01% Short-Term CDs at Stearns Bank in AZ & MN - Local Only
* Competitive CD Rates at State Bank of India's U.S. Subsidiaries
* 3.25% 42-Month CD at Regions Bank in Several States


The rates listed below are based on Annual Percentage Yield (APY). No minimum balances are required unless noted. MMA next to the rates indicate a money market account. Most MMAs have check writing and ATM cards. Online savings accounts usually lack both of these. The top lists include banks and credit unions with broad availability and with minimums around $10K or less. Previous weekly summaries are available at this page. Quick Links: Refer to the following links for the savings accounts and CDs that interest you: Liquid Account Rates: Savings Accounts, Reward Checking, Bank alternatives CD Rates: 3 Mo CDs, 6 Mo CDs, 9 Mo CDs, 12 Mo CDs, 18 Mo CDs, 24 Mo CDs, 36 Mo CDs, 48 Mo CDs, 60 Mo CDs, 84 Mo CDs, CDs by state Comments: read and discuss

As of August 1, 2009

Checking/Savings/Money Market Accounts:

* Reward Checking Accounts with Yields up to 6.01%


* EverBank - 3.01% ($5K min), 3 mo promo rate up to $50K (1.85% stnd) account review
* SmartyPig - 2.75% (min $25) withdrawal restrictions, account review
* 1st Constitution Direct - 2.50% (min $100), 3 mo promo (2.25% $10K+ stnd) account review
* ProvidentNJ Direct - 2.50% (min $50), 3 mo promo (2.00% $10K+ stnd) account review
* Tennessee Commerce Bank - 2.30% (min $250) withdrawal restrictions, account review
* SFGI Direct - 2.25% ($25 min) account review
* Wilshire State Bank - 2.25%, chk required (min $500) account review
* Acacia Federal Savings Bank - 2.25% (guaranteed to 9/30/09) account review
* Bank of Internet - 2.25% Advantage Savings (min $100) account review
* ShoreBank - 2.15%, account review
* First Trade Union Bank - 2.06% ($2.5K min) account review
* Seacoast Commerce Bank - 2.05% (min $25K) account review
* Peoples Bank - 2.02% ($500 min) account review
* UFB Direct - 2.01%, account review
* Solera National Bank - 2.00% Checking ($20K min) (2.50% $100K+, 3% $250K+) Also has a savings account, account review
* Discover Bank - 2.00% Savings (min $500) account review
* CNB Bank Direct - 2.00% account review
* Delta Community CU - 2.00% MMA (min $25K) 2.25% $100K+, account review
* Redneck/AmericaNet/Evantage Bank - 2.00% (up to $35K, 1% over) rates starting 5/5/09 account review
* Alliant Credit Union - 2.00% (min $100), account review
* Clear Sky Accounts - 1.95% account review
* United Central Bank - 1.95% MMA (min $5K) (2.15% $75K-$300K) account review
* Savings Square - 1.90%, account review
* Capital One/Costco - 1.85% InterestPlus Savings ($5K min) quarterly bonuses for $15K+, account review
* American Express Bank - 1.85%, account review
* Nationwide Bank - 1.85% MMA (min $1K) account review
* Union Federal Savings - 1.85% account review
* AIG Bank - 1.81% MMA (min $10K+) account review
* Bank of Internet - 1.81% (min $100) account review
* Flagstar - 1.80% MMA, account review
* CapitalOne/Costco - 1.80% Savings (min $10K, Costco members only, $60 deal for exec. members)
* Newtown Savings Bank - 1.80%, account review
* ADB Bank - 1.80% account review
* Corus Bank - 1.79% MMA (min $10K) account review
* Centennial Bank - 1.77% ($50K min), 2.02% ($100K min) account review
* WTDirect - 1.76% ($10K min), (up to $150 bonus) account & bonus review
* Heartland Bank Direct - 1.76% ($500 min), account review
* Bank of American Fork - 1.75% (min $1K) account review
* FNCB Bank - 1.75% (min $100) account review
* Presidential Bank - 1.75% (min $5K, 1.25% over $35K), account review
* BankUnited - 1.75% (min $5K), account review
* Capital One - 1.75% (Savings) (min $10K) account review
* Alliant Credit Union - 1.75% Checking, required direct deposit, account review
* Hudson City Savings - 1.75% (min $2.5K) account review
* Ally/GMAC Bank - 1.75% Savings account review
* Ally/GMAC Bank - 1.70% MMA account review
* grand yield direct - 1.70% (min $2.5K) account review
* Bank of Internet - 1.70% MMA (min $100) account review
* DollarSavingsDirect - 1.70% ($1K min) account review
* iGObanking - 1.67%, account review
* Danversbank - 1.65% account review
* Intervest National Bank - 1.65% MMA (min $2.5K) account review
* Bank Provident Online - 1.65% (min $10) account review
* EBSB Direct - 1.55% (min $50K) account review
* Salem Five Direct - 1.55% Savings, account review
* HSBC Direct - 1.55% account review
* State Farm Bank - 1.55% Checking (min $2.5K) account review
* TotalBank - 1.55% (min $1K) account review
* Amboy Direct - 1.51% (min $3K) (eSavings) account review ($50 bonus)
* AmboyDirect - 1.51% (Premium Savings) post ($25 bonus)
* Bank of America NEA - 1.50% MMA ($500 min) (1.55% for $50K+) account review
* CapitalOne/Costco - 1.50% MMA (min $1K, Costco members only, $60 deal for exec. members)
* FNBO Direct - 1.50%, account review
* Presidential Bank - 1.50% Checking (min $1K, 1% over $25K), requires direct deposit, account review
* Zions Bank - 1.46% MMA, outside of Utah, (min $2.5K) account review
* Venture Bank Direct - 1.43%, account review
* BofA/Countrywide - 1.40% (min $10K) (1.50% for $50K+) account review
* ING Direct - 1.40%, (0.25% checking), post ($25 bonus)
* EmigrantDirect - 1.40%, account review
* Mutual Bank (now part of United Central Bank) - 1.37% MMA (min $5K), account review
* UmbrellaBank - 1.35% MMA (min $1K) 1.74% ($50K+) account review
* Charles Schwab - 1.35% Savings, account review
* Amegy Bank - 1.35% (min $1K) account review
* Discover Bank - 1.30% MMA (min $2.5K) (1.60% $25K-$50K, 1.70% $50K-$100K) account review
* Capital One - 1.30% MMA, account review
* Bank of Internet - 1.30% Checking (min $5K) account review
* Citibank - 1.30% (Ultimate Savings) account review
* Choice Financial - 1.26% (min $5K), (1.51% $25K+, 1.76% $100K) account review
* UnivestDirect - 1.25%, (0.25% checking), account review
* OneWest Bank/Indymac - 1.25% (min $10K) tiered rates up to 1.85% $50K+, account review
* Imperial Capital - 1.17% MMA ($2.5K min) (1.37% for $100K+) account review
* OneUnited - 1.01% (min $1K), account review
* AmTrustDirect - 1.00% ($500 min) NEW e-Money Market (1.75% $10K+) account review
* iGObanking - 1.00% Checking, account review
* Doral Bank Direct - 1.00% (min $1K) account review
* ETrade Bank - 0.95%, account review
* VirtualBank - 0.80% (min $100), (1.51% $25K+, 1.71% $50K+) post ($20 bonus)
* Imperial Capital - 0.79% Checking (min $1K) account review
* Charles Schwab - 0.75% Checking, account review
* Salem Five Direct - 0.75% Checking (0.85% $100K+), account review


3-Month Certificates of Deposit:

* Danversbank - 2.00% (4 mo) (min $500) account review
* Wilshire State Bank - 1.86% (min $1K) account review
* TotalBank - 1.85% (min $1K) account review
* Southeast Financial FCU - 1.75% (min $500) account review
* UFB Direct - 1.55% (min $8K)
* Consumers CU - 1.55% (min $500) account review
* FirstFedDirect - 1.45% (min $10K), account review
* eBank - 1.35% (min $1K)
* Imperial Capital - 1.33%, ($2K min), account review
* Hudson City Savings - 1.25% (min $5K) account review
* Ally/GMAC Bank - 1.10% (min $0) account review
* UmbrellaBank - 1.00% (min $1K) account review


6-Month Certificates of Deposit:

* Consumers CU - 2.00% (7-mo) (min $250) (2.25% $100K+) account review
* Connexus CU - 2.00% (min $500) account review
* Southeast Financial FCU - 2.00% (min $500) account review
* Wilshire State Bank - 1.96% (min $1K) account review
* TotalBank - 1.85% (min $1K) account review
* La Jolla Bank - 1.80% (min $10K), account review
* Ascencia Bank - 1.76% (min $500), account review
* eBank - 1.75% (min $1K)
* FirstFedDirect - 1.75% (min $10K), account review
* Ally/GMAC Bank - 1.60% (min $0) account review
* Imperial Capital - 1.60% ($2K min), account review
* Corus Bank - 1.60% (min $10K) account review
* Hudson City Savings - 1.50% (min $5K) account review
* Excel National Bank - 1.50% (min $10K) account review
* UmbrellaBank - 1.50% (min $1K) account review
* AmTrustDirect - 1.15% (min $1K) account review
* Zions Bank - 0.90% (min $1K) account review


9-Month Certificates of Deposit:

* Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
* Acacia Federal Savings Bank - 2.00% (10-mo) (min $500) account review
* eBank - 2.00% (min $1K)
* Ally/GMAC Bank - 1.90% (min $0) No-Penalty, account review
* Navy FCU - 1.85% ($10K min) restrictions to membership, account review
* TotalBank - 1.85% (min $1K) account review
* Imperial Capital - 1.76% ($2K min), account review
* FirstFedDirect - 1.75% (min $10K) account review
* NewDominion Bank - 1.67% (min $3K) account review
* UmbrellaBank - 1.60% (min $1K) account review
* Ally/GMAC Bank - 1.55% (min $0) account review
* NASA FCU - 1.50% (min $5K) account review
* Doral Bank Direct - 1.40% (min $1K) account review
* Bank of America - 0.95% (min $5K), risk-free, rates vary by state (account review)


12-Month Certificates of Deposit:

* Connexus CU - 2.50% (min $500) account review
* Frontier Bank - 2.40% (min $50K) account review
* Delta Community CU - 2.35% (min $1K) account review
* Wilshire State Bank - 2.30% (min $10K), liquid features, account review
* Southeast Financial FCU - 2.30% (min $500) account review
* Melrose CU - 2.27% (min $5K) account review
* United Central Bank - 2.25% (min $1K) account review
* Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
* Equity Bank - 2.25% (min $1K) account review
* Choice Financial - 2.21% (13 mo) (min $5K) add-on feature, account review
* eBank - 2.20% (min $1K)
* Alliant Credit Union - 2.15% (min $25K) account review
* Wilshire State Bank - 2.15% (min $1K) account review
* ISN Bank - 2.12% (min $1K) account review
* Beacon Federal - 2.10% (15 mo) (min $2.5K) account review
* Northpointe Bank - 2.10% (13-mo) (min $5K) account review
* Acacia Federal Savings Bank - 2.10% (min $500) account review
* State Bank of India - 2.07% (min $5K) account review
* NewDominion Bank - 2.05% (min $3K) account review
* Crane FCU - 2.02% (min $500) account review
* Franklin Synergy Bank - 2.01% account review
* UFB Direct - 2.00% (min $8K)
* Amboy Direct - 2.00% Add-On (min $10K) account review
* Ascencia Bank - 2.00% (min $500), account review
* Discover Bank - 2.00% (min $2.5K) account review
* Ally/GMAC Bank - 2.00% (min $0) account review
* HSBC Direct - 2.00% (min $10) account review
* Corus Bank - 2.00% (min $10K) account review
* OneWest Bank/IndyMac - 2.00% (min $5K) account review
* UmbrellaBank - 2.00% (min $1K) account review
* NASA FCU - 2.00% (15 mo) (min $5K) account review
* Seacoast Commerce Bank - 1.98% (min $10K) account review
* AIG Bank - 1.96% (min $2.5K) account review
* Imperial Capital - 1.92% ($2K min), account review
* Pacific Mercantile Bank - 1.92% (min $10K) account review
* BankUnited - 1.90% (min $5K) account review
* Tennessee Commerce Bank - 1.90% (min $5K) account review
* Hudson City Savings - 1.85% (min $5K) account review
* TotalBank - 1.85% (min $1K) account review
* La Jolla Bank - 1.85% (min $10K), account review
* Geauga Savings Bank - 1.75% (min $1K) account review
* Fifth Third - 1.75% (15 mo) (min $5K) not all states, account review
* Northwest FCU - 1.65% (min $500) add-on, account review
* KeyDirect - 1.65% (15 mo) (min $5K), 1.90% w/chk, Not all states, account review
* OneWest Bank/IndyMac - 1.55% (min $5K) liquid CD, account review
* Bank of America DOW - 1.55% (min $1K) account review
* State Farm Bank - 1.54% (min $500) account review
* Citibank - 1.50% (min $500)
* ING Direct - 1.50% account review
* Bank of America - 1.45% (min $5K) rates vary by state, account review


18-Month Certificates of Deposit:

* Equity Bank - 2.55% (min $1K) account review
* Pacific Mercantile Bank - 2.53% IRA-only (min $7.5K) account review
* Southeast Financial FCU - 2.50% (min $500) account review
* Security Savings Bank - 2.47% (17 mo) (min $500) account review
* Wilshire State Bank - 2.40% (min $10K), liquid features, account review
* Navy FCU - 2.35% ($10K min) restrictions to membership, account review
* eBank - 2.30% (min $1K)
* Citibank - 2.25% (min $500)
* Discover Bank - 2.25% (min $2.5K), account review
* Dollar Savings Direct - 2.25% (16-mo) (min $1K) account review
* Christian Community CU - 2.25% (min $1K) not NCUA insured (ASI only) account review
* Alliant Credit Union - 2.15% (min $25K) account review
* Consumers CU - 2.15% (16-mo) (min $250) (2.40% $100K+) account review
* NewDominion Bank - 2.09% (min $3K) account review
* AIG Bank - 2.06% (min $2.5K) account review
* UmbrellaBank - 2.05% (min $1K), account review
* NorthEast Community Bank - 2.02% (min $500) account review
* Ally/GMAC Bank - 2.00% (min $0) account review
* VirtualBank - 1.77% (min $10K), account review
* HSBC Direct - 1.60% (min $10) account review
* Advanta Bank - 0.95% (min $10K), account review



24-Month Certificates of Deposit:

* Citizens First - 3.15% (22 mo) (min $1K) account review
* Frontier Bank - 2.80% (min $50K) account review
* Crane FCU - 2.78% (25 mo) (min $500) account review
* Southeast Financial FCU - 2.75% (min $500) account review
* Equity Bank - 2.70% (min $1K) account review
* Broadway Federal Bank - 2.53% (min $1K) account review
* ISN Bank - 2.53% (min $1K) account review
* Melrose CU - 2.52% (min $5K) account review
* BankUnited - 2.50% (min $5K) account review
* E-LOAN - 2.47% ($10K min) account review
* State Bank of India - 2.42% (min $5K) account review
* Consumers CU - 2.40% (22-mo) (min $250) (2.65% $100K+) account review
* Gateway Regional CU - 2.40% (min $1K) restrictions to membership, account review
* Bank of America DOW - 2.36% (min $1K) account review
* NewDominion Bank - 2.35% (min $3K) account review
* eBank - 2.35% (min $1K)
* EverBank - 2.35% ($1.5K min) account review
* TriState Capital Direct - 2.35% (min $95K) account review
* OneWest Bank/IndyMac - 2.30% (min $5K) account review
* Alliant Credit Union - 2.30% (min $25K) account review
* Seacoast Commerce Bank - 2.28% (min $10K) account review
* Fifth Third - 2.26% (min $5K) not all states, account review
* MetLife Bank - 2.25% (min $25K) account review
* Ally/GMAC Bank - 2.25% (min $0) account review
* Discover Bank - 2.25% (min $2.5K) account review
* American Express Bank - 2.25% (min $0) account review
* Beacon Federal - 2.25% (min $2.5K) account review
* AIG Bank - 2.21% (min $2.5K) account review
* Northwest FCU - 2.20% (min $500) add-on, account review
* Tennessee Commerce Bank - 2.20% (min $5K) account review
* iGobanking - 2.12% (min $500), account review
* UFB Direct - 2.00% (min $8K)
* State Farm Bank - 1.77% (min $500) account review
* Flagstar - 1.25% (min $500), account review
* KeyDirect - 1.15% (min $5K), 1.40% w/chk, Not all states, account review
* Advanta Bank - 1.10% (min $10K), account review


36-Month Certificate of Deposit:

* Frontier Bank - 3.05% (min $50K) account review
* Melrose CU - 3.03% (min $5K) account review
* Equity Bank - 3.00% (min $1K) account review
* Acacia Federal Savings Bank - 2.95% (min $500) account review
* Intervest - 2.90% (min $2.5K), account review
* Pentagon Federal CU - 2.78% (min $1K), account review
* State Bank of India - 2.78% (min $5K) account review
* NewDominion Bank - 2.76% (min $3K) account review
* Alliant Credit Union - 2.75% (min $25K) account review
* American Express Bank - 2.75% (min $0) account review
* Gateway Regional CU - 2.75% (min $1K) restrictions to membership, account review
* Discover Bank - 2.75% (min $2.5K) account review
* Ally/GMAC Bank - 2.70% (min $0) account review
* Air Force FCU - 2.70% (min $25K) membership restrictions account review
* AIG Bank - 2.66% (min $2.5K) account review
* Agriculture FCU - 2.60% (min $1K) account review
* Nationwide Bank - 2.55% (min $500) account review
* H&R Block Bank - 2.50% (min $250) account review
* eBank - 2.50% (min $1K)
* Tennessee Commerce Bank - 2.45% (min $5K) account review
* Northrop Grumman FCU - 2.26% (min $40K), account review
* Bank of Internet - 2.25% (min $1K) account review
* KeyDirect - 2.15% (39-mo)(min $5K), 2.40% w/chk, Not all states, account review
* UFB Direct - 2.00% (min $8K)
* Advanta Bank - 1.35% (min $10K), account review


48-Month Certificate of Deposit:

* Melrose CU - 3.39% (min $5K) account review
* Frontier Bank - 3.25% (min $50K) account review
* Intervest - 3.20% (min $2.5K), account review
* Acacia Federal Savings Bank - 3.20% (min $500) account review
* Equity Bank - 3.20% (min $1K) account review
* Pentagon Federal CU - 3.14% (min $1K), account review
* Bank of America DOW - 3.11% (min $1K) account review
* Alliant Credit Union - 3.00% (min $25K) account review
* Countrywide/BofA - 3.00% (min $10K), account review
* Third Federal - 3.00% (min $500) account review
* Discover Bank - 3.00% (min $2.5K) account review
* Gateway Regional CU - 3.00% (min $1K) restrictions to membership, account review
* American Express Bank - 2.90% (min $0) account review
* National Bank of KC - 2.90% (min $10K) account review
* Nationwide Bank - 2.85% (min $500) account review
* Ally/GMAC Bank - 2.85% (min $0) account review
* Tennessee Commerce Bank - 2.70% (min $5K) account review
* KeyDirect - 2.40% (min $5K), 2.65% w/chk, Not all states, account review
* Flagstar - 2.30% (min $500), account review
* FNBO Direct - 2.25% (min $500) account review
* Advanta Bank - 1.60% (min $10K), account review


60-Month Certificate of Deposit:

* Melrose CU - 3.91% (min $5K) account review
* Apple FCU - 3.70% (min $50K) account review
* Northwest FCU - 3.63% (min $25K) account review
* Acacia Federal Savings Bank - 3.60% (min $500) account review
* Pentagon Federal CU - 3.51% (min $1K), account review
* US Bank - 3.50% (59 mo) (min $1K) account review
* E-LOAN - 3.50% ($10K min) account review
* Connexus CU - 3.50% (min $1K) account review
* iGobanking - 3.50% (min $500), account review
* Agriculture FCU - 3.50% (min $1K), account review
* Frontier Bank - 3.50% (min $50K) account review
* Gateway Regional CU - 3.45% (min $1K) restrictions to membership, account review
* State Bank of India - 3.44% (min $5K) account review
* Equity Bank - 3.40% (min $1K) account review
* Dime Savings Bank - 3.30% (min $500) account review
* Intervest - 3.27% (min $2.5K), account review
* Third Federal - 3.25% (min $500) account review
* Ally/GMAC Bank - 3.25% (min $0) account review
* American Express Bank - 3.25% (min $0) account review
* Discover Bank - 3.25% (min $2.5K) account review
* Navy FCU - 3.20% ($20K min) (3.35% for $100K+) restrictions to membership, account review
* AIG Bank - 3.16% (min $2.5K) account review
* Nationwide Bank - 3.15% (min $500) account review
* Credit Union of Georgia - 3.04% (min $50K), account review
* EverBank - 3.03% ($1.5K min) account review
* Alliant Credit Union - 3.00% (min $25K) account review
* Mountain America CU - 3.00% (min $1K) account review
* Telcom Credit Union - 3.00% (min $500) account review
* Consumers CU - 3.00% (59-mo) (min $250) (3.25% $100K+) account review
* Delta Community CU - 3.00% (min $1K) account review
* OneWest Bank/IndyMac - 3.00% (min $5K) account review
* University FCU - 2.60% (min $2.5K), account review
* Patelco CU - 2.58% ($1K min), account review
* USA FCU - 2.53% (min $1K) account review
* FNBO Direct - 2.51% (min $500) account review
* Dollar Savings Direct - 2.50% (min $1K) account review
* KeyDirect - 2.40% (min $5K), 2.65% w/chk, Not all states, account review
* Western FCU - 2.27% (min $40K) account review
* 1st Source Bank - 2.10% (min $500) account review
* UFB Direct - 2.00% (min $8K)
* Advanta Bank - 1.85% (min $10K), account review


84-Month Certificate of Deposit:

* Pentagon Federal CU - 4.00% (min $1K), account review
* Navy FCU - 3.75% ($20K min) restrictions to membership, account review
* Third Federal - 3.50% (6-yr) (min $500) account review
* Discover Bank - 3.50% (min $2.5K) account review
* Intervest - 3.29% (min $2.5K), account review
* KeyDirect - 2.15% (min $5K) 2.40% w/chk, Not all states, account review
* Countrywide/BofA - 2.10% (min $10K), account review
* Capital One/Costco - 2.05% (min $5K) account review
* Capital One - 1.50% (min $5K) account review


Various Deposit Account Deals

* Checking/Savings Account Bonuses
* Latest CD and Savings Account Deals with No Major Deposit Limitiations



High Yield Reward Checking Accounts - Open to All

* Reward Checking Accounts Available Nationwide



Recent CD Specials at Local Credit Unions and Banks

* Alabama deals and CD rates
* Alaska deals and CD rates
* Arizona deals and CD rates
* Arkansas deals and CD rates
* California deals and CD rates
* Colorado deals and CD rates
* Connecticut deals and CD rates
* Delaware deals and CD rates
* District of Columbia deals and CD rates
* Florida deals and CD rates
* Georgia deals and CD rates
* Hawaii deals and CD rates
* Idaho deals and CD rates
* Illinois deals and CD rates
* Indiana deals and CD rates
* Iowa deals and CD rates
* Kansas deals and CD rates
* Kentucky deals and CD rates
* Louisiana deals and CD rates
* Maine deals and CD rates
* Maryland deals and CD rates
* Massachusetts deals and CD rates
* Michigan deals and CD rates
* Minnesota deals and CD rates
* Mississippi deals and CD rates
* Missouri deals and CD rates
* Montana deals and CD rates
* Nebraska deals and CD rates
* Nevada deals and CD rates
* New Hampshire deals and CD rates
* New Jersey deals and CD rates
* New Mexico deals and CD rates
* New York deals and CD rates
* North Carolina deals and CD rates
* North Dakota deals and CD rates
* Ohio deals and CD rates
* Oklahoma deals and CD rates
* Oregon deals and CD rates
* Pennsylvania deals and CD rates
* Rhode Island deals and CD rates
* South Carolina deals and CD rates
* South Dakota deals and CD rates
* Tennessee deals and CD rates
* Texas deals and CD rates
* Utah deals and CD rates
* Vermont deals and CD rates
* Virginia deals and CD rates
* Washington State deals and CD rates
* West Virginia deals and CD rates
* Wisconsin deals and CD rates
* Wyoming deals and CD rates


Bank Account Alternatives

* GE Interest Plus - 2.30% rate for $50k+
* Fidelity Money Market Fund - 0.39% 7-day yield (reviews on Fatwallet)
* Vanguard Tax-Exempt Money Market Fund - 0.32% 7-day yield
* Vanguard Prime Money Market Fund - 0.23% 7-day yield
* TIAA-CREF Money Market Fund - 0.19% 7-day yeild
* Fidelity Municipal Money Market Fund - 0.11% 7-day yield
* Paypal Money Market Fund - 0.06% 7-day yield (1% cashback debit MasterCard)
* FW Thread on Treasury Bills
* I Bonds for 2009, I Bond Article, I Bonds as CD Alternatives

Short List of the Top Online Savings Accounts

Last year I put together a short list of the top savings accounts from the strongest banks. I made a new short list in April of this year. I thought it would be interesting to review these and come up with a new list. In this September 2008 post I developed a short list based on the following attributes:

* Bank has at least a 4-star rating (sound) at Bankrate.com
* Savings account yield is at least 3.50% APY
* No significant minimum balance requirements to earn the top yield (under $100) and no monthly fees
* ACH bank-to-bank transfer service

Below shows how the rates and ratings have changed:


Bank 9/21/08 8/02/09 Bankrate
APY APY Rating
FNBO Direct 3.50% 1.50% 3 stars
CNB Bank Direct 3.50% 2.00% 4 stars
OnBank 3.50% 0.50% 3 stars
Union Fed Svg Bank 3.75% 1.85% 1 star


When I reviewed these in April, OnBank's rate was 0.75%. It's hard to believe they reduced their rate again. OnBank (a division of M&T Bank, N.A.) was a rate leader for much of 2008, but the rate started plummeting in January 2009, and it's now near the bottom for rates. Union Federal Savings Bank's rates have held up fairly well, but its rating for safety and soundness has plummeted from 4 stars last year to 1 star this year. CNB Bank Direct has held up the best in terms of rates and financial ratings.

Below is the status of my April list. CNB Bank Direct was the only one to remain on the list, and it continues to hold up the best.


Bank 4/19/09 8/02/09 Bankrate
APY APY Rating
CNB Bank Direct 2.20% 2.00% 4 stars
iGObanking.com 2.12% 1.67% 3 stars
Grand Yield Direct 2.05% 1.70% 4 stars
Bank Provident Online 2.00% 1.65% 4 stars


New List and New Criteria

I've decided to change the criteria a little. I'm going to include accounts that have rate tiers. The APY will be based on a $10K balance. I'm still going to exclude accounts that have monthly fees for balances under a certain amount. The other change is to include banks and credit unions with a Bankrate rating of 3 stars (performing) rather than only 4 stars (sound) and above. Note, these ratings are now based on 3/31/09 financial data and they change each quarter. The FDIC has its own confidential ratings, so it's still wise to stay under the FDIC limits.

The following are my new criteria:

* Bank has at least a 3-star rating (performing) at Bankrate.com
* Savings account yield is at least 2.00% APY for a $10K balance
* No monthly fees regardless of balance
* ACH bank-to-bank transfer service

As we learned with OnBank, there's no guarantee that the competitive rates will continue. I've included links and dates of my first reviews for each account. You can use these to review their rate histories.

One important feature of online savings accounts is the capability to initiate electronic transfers (via ACH) to your other accounts at other banks. This makes it easy to fund the account and to transfer the money out if rates should happen to fall. The quality of the ACH service can vary. The best ACH services provide fast transfers (1 day), allow multiple links to other accounts and have no significant limits to transfer amounts. Unfortunately, the only way one can tell about ACH speed is from user experience. Refer to the account reviews for details about the ACH transfer features.

The New Top Savings Accounts - APYs as of 8/02/09:

* 1st Constitution Direct - 2.25% $10K+ (1.60% under $10K) (2.50% 3mo promo) account review, first reviewed 6/05/08, 4 stars @ Bankrate
* Alliant Credit Union - 2.00% $100+, account review, first reviewed 1/30/08, 3 stars @ Bankrate
* CNB BankDirect - 2.00%, account review, first reviewed 8/4/08, 4 stars @ Bankrate
* Discover Bank - 2.00%, $500 min initial deposit, but no fees or minimum balances, account review, first reviewed 7/1/09, 3 stars @ Bankrate

For the 3 of the 4 that have an APY of 2%, my guess about which will maintain the most competitive rate in the long term is Alliant Credit Union. I included the rate history of this account at the bottom of my 2008 review of Alliant Credit Union. The rates have remained competitive for over 3 years. Note, anyone can join Alliant Credit Union via a PTA membership. Refer to the review for more details.

Since CNB BankDirect's parent, The Citizens National Bank of Bluffton, is fairly small, it would seem they wouldn't be able to maintain the top rates for a nationwide account. Late last summer they launched a 6-month 4% promotion, and there were expectations for much lower rates after the promotion ended. But that hasn't been the case.

Discover Bank just recently launched the online savings account. So its questionable if they're serious about keeping a top rate for the long term. They've long offered an online money market account with limited check writing and with minimum balance requirements. This money market rate has been competitive, but it has never been near the top.

Full List of Nationwide Online Savings Accounts

To see all of the best savings account rates, please refer to my weekly rate summary.

If you want rates higher than 3% from a liquid account, your only option is a reward checking account. Unlike savings accounts, it'll require some work. Refer to my high yield reward checking website to find accounts around the nation and to learn more about these.

Labels: 1st Constitution Direct, Alliant CU, banks, CNB Bank Direct, Discover Bank, large deposits, nationally available, savings accounts

An Alternative to Payday Loans

We all know how friendly pay day loan company's are, and how they are so willing to help anyone in financial trouble. But there are alternatives to pay day loans.

The interest rates offered by pay day loan company's makes a credit card company look like a not-for-profit organization. And those who offer no checking account pay day loans can be even worse.

So what can you do instead of a pay day loan? Some banks offer "Overdraft Privilege" or similar programs. These allow you to pull out $300 or more from your checking account, through an ATM... Even if you don't have the money in your account. So let's pretend that you have 10 cents in your checking account, and you have to make your $250 car payment. Your getting paid in a week and you'll easily be able to cover the car payment. So, you pull $300 out of your checking account, resulting in a $25 overdraft. You pay the car payment, and within 30 days (hopefully within a couple days!) you deposit $325 into your checking account, bringing your checking account back to 10 cents, and saving you from a late payment on your car! The same loan would cost over $50 for a 14 day loan from a pay day advance company, and you have 30 days to repay the loan to your bank, as opposed to the company's 14 days.

Some lenders will allow you to pay a small fee in order to make a late payment, and the late payment will not show upon your credit history, making it to where you could avoid the payday advance, and where you would not need a checking account with overdraft privilige.

If you must use a payday advance, find the lowest interest rate possible. Average interest rates for such loans is about 400% APR. Only borrow as much as you can safely pay back, with interest, on your next payday, while still being able to make it to the following payday. DO NOT get caught in the act of using pay day advances, they should not be use more than once every 2-3 years.

Stop Paying for ATM Fees

If your someone who always need to use an ATM, the $10-$20 a month your saving at your current bank is not as much as you think. You may have caught an awesome deal on your bank account, or so it seems. But are you still paying to use other banks atms?

Many banks, such as Wachovia, now offer free use of ANY banks ATM's.. The money you save by not driving around looking for your banks ATM could add up to more than the $10 your currently saving at your bank. ATM charges are usually $1.50 - $3.00, but if your like me and use an ATM 10 or so times a month, the gas saved searching for your ATM can be much more than the $1.50-$3.00 charge you avoided.

My current bank will pay ANY ATM withdrawl. I have withdrawn money at a casino ($10) and had the charge refunded to me. Clubs, casinos, and many places will charge outrageous amounts to use their ATM, and when you have a bank that will reimburse you, the savings throughout a year can be tremendous.

So shop around if you need to use ATM's a lot. Wachovia, Century Bank, and Citibank all have / or have had promotions in which you can use any atm.

$50 Bonus - First National Bank of Omaha

Receive a $50 Gift Card of your choice from First National Bank of Omaha when you open a Rewards Advantage Platinum Edition Visa. You will also receive a 0% APR on purchases and balance transfer for your first 9 billing cycles. Check the link below for more information.

Features:

• Earn a $50 Gift Card when you use your card within the first 3 billing cycles after your account is opened.**
• Generous annual point cap of 75,000 points and 5 year point expiration. ^†
• Earn 1 reward point for every $1 in purchases with the freedom of no annual fee. ^†
• FREE online access to view transactions, pay your bill, view up to 48 prior statements and more!

Terms:
*For additional information about rates, fee and other costs, see the Summary of Credit Terms.
**In order to qualify for the additional 6,000 bonus points, which qualifies you for a $50 gift card, a purchase, balance transfer or cash advance must post to your account within the first three billing cycles after your account is opened. See the terms document for additional requirements and offer details.
Complete details, including restrictions, limitations and exclusions, will be provided in the terms and conditions when you become a Cardmember.

Link to the Deal on the First National Bank Of Omaha's Website:
Click here to visit

Wells Fargo Visa Platinum Credit Card

Open a new Wells Fargo Visa Platinum Card and you could (depending on certain factors, namely your credit score) receive 0% APR for 6 months, and no balance transfer fees for 6 months. The APR can be as high a 5.9% if you do not qualify.

Terms
Please see website below for all terms.

Fee information:
Transaction Fees for Cash Advances:
4% of the amount of each ATM advance or advance through the Wells Fargo Online® banking program or customer service ($5.00 minimum).
4% of the amount of each SUPERCHECKS^TM advance ($5.00 minimum).
4% of the amount of an advance obtained in person at a participating financial institution ($10.00 minimum).
4% of the amount of each advance through any other source ($20.00 minimum).
Transaction Fees for Overdraft Protection Advances:
$10.00 if the total of overdraft protection advances for the day is $25.00 or less;
$12.50 if the total of overdraft protection advances for the day is $25.01 - $100.00;
$15.00 if the total of overdraft protection advances for the day is $100.01 - $500.00; or
$20.00 if the total of overdraft protection advances for the day is greater than $500.00.
Balance Transfer Fee: The fee is $0 for the first 30 days the account is open and after that, 3% of the amount of each balance transfer, but not less than $5 or more than $75.
Late Payment Fee: $20 on balances less than $250; $29 on balances of $250 - $999.99; and $39 on balances of $1,000 and over.
Over-the-Credit-Limit Fee: $35

Link to deal on Wells Fargo
Deal Link 1
Deal Link 2

Bank of America 0% APR Offer Warning

When you open a an account with bank of america using one of their 0% offers (in order to collect interest for a year), be aware that you are still charged interest on your transaction fee. The interest could push you over your credit limit, so be sure that you won't go over your credit limit when doing the balance transfer.

Tags: banking, bank of america

Citibank AAdvantage Credit Card - $300 gift card

Get 20,000 AAdvantage bonus miles when you open a Citibank AAdvantage World Mastercard, Citibank AAdvantage American Express, or Citibank AAdvantage Mastercard and spend your first $750. Furthermore, if you spend over $10,000 your first year you will get another 10,000 bonus miles, and if you spend over $10,000 your second year, you'll get another 10,000 bonus miles! See the link to Citibanks website below.

There is also no fee for the first year.

Features:

• Earn 1 American Airlines mile for every $1 spent on purchases⁴
• No blackout dates on award travel, and miles will never expire
• Travel to select destinations for fewer miles with Reduced Mileage Awards
• Earn miles for award travel on American Airlines or over 20 top airlines, for stays at hotels worldwide, and for car rentals
• Premium Hotel Program, with room upgrades, early check-in, late check-out and special offers
• Enjoy car rentals, cruises, spa offers and more

Terms:
This American Airlines AAdvantage® mileage offer is only valid for new Citi® / AAdvantage® accounts applied for by November 30, 2007, and excludes any other Citi® / AAdvantage® credit cards offered. To qualify for the AAdvantage® bonus miles, you must make $750 in purchases with your new Citi® / AAdvantage® card within 4 months of becoming a Citi® cardmember. The 20,000 AAdvantage® miles will appear as a bonus in your AAdvantage® account 8-10 weeks after you have met these purchase requirements.

10,000 American Airlines AAdvantage® miles will appear as a bonus in your AAdvantage® account 8-10 weeks after you have made $10,000 in purchases in your FIRST year as a Citi® / AAdvantage® cardmember. An additional 10,000 American Airlines AAdvantage® miles will appear as a bonus in your AAdvantage® account 8-10 weeks after you have made $10,000 in purchases in your SECOND year as a Citi® / AAdvantage® cardmember.

As of May 1, 2007, standard variable APR for purchases–18.24%; standard variable APR for cash advances–23.24%. However, if you default under any Card Agreement, Citi® may automatically increase the rate on balances (including promotional balances) to a variable default rate of 32.24%. The annual fee for the Citi® Platinum Select® / AAdvantage® World MasterCard®, the Citi Select(SM) / AAdvantage® American Express® card and the CitiBusiness® / AAdvantage® MasterCard® is $0 for the first twelve months and $85, $85 and $75, respectively, thereafter. Minimum finance charge–$.50. Foreign purchase transaction fee–3% of purchase amount after its conversion into U.S. dollars. Cash advance fee–3% of cash advance amount, $5 minimum. Balance transfer fee for the Citi® Platinum Select® / AAdvantage® World MasterCard® and the Citi Select(SM) / AAdvantage® American Express® card–3% of balance transfer amount, minimum $5. Balance transfer fee for the CitiBusiness® / AAdvantage® MasterCard®–3% of balance transfer amount; minimum $5, maximum $50.

Link
Click here for Citibanks website

Add your own bank deals

Do you know of a great bank deal? Post that bank deal up and we will re-post it for you! Our bank deals are submitted by readers like you, so if you know of a bank deal in your area, we would be glad to post it so others can benefit from it. You can add a tip by posting a comment with a link to the deal. If you have a referral link, we have to problem posting those as a way of saying thanks. Most sites will not allow you to use your referral link, but we do as there is no reason not to give something back to you!

Consolidation Your Debts

When looking for bank deals, those with good credit will get the better deals offered to them. If you have outstanding overdrafts, have missed payments on a loan, and have found yourself in debt, it may be time to consolidate that debt.

For more information on debt consolidation and debt relief, check out these sites:

• Wikipedia on Debt
• RealCase Debt Consolidation
• Federal Trade Commission

Get a bank overdraft waived!

Getting bank overdraft charges can get very expensive, very quickly. For those with student checking accounts, or a business account, bank overdrafts are more easily waived. If you do not overdraft your account very often, banks will gladly refund you all or part of the overdraft fee if you try hard enough. If you are one who does get many insufficient funds charges, it may be hard or impossible for you to get an overdraft charge waived.

When you contact your bank regarding an overdraft, it's important to have a good documentation of your account history in front of you. Inform the rep that you talk with that your account has been in good standing for many months or years and let them know that you are a valuable customer. If your account had been in good standings for a good period of time, banks will usually waive 1 account overdraft a year for you. Bank of America has waived about 1 a year for me as I only overdraft when there is an un-expected charge coming through and I get the account back into the positive the instant I notice the charge. It's usually best to call them after you have paid the overdraft as they will know you can cover the overdraft and your calling on the principal of the matter.

Did you know that banks run your charges in a way that will cause the most overdrafts to occur? Banks will process the largest charges against your account and then the largest deposits. So for example, if you $1200 rent check went through, than a $50 charge from a gas station, a $20 charge from a restaurant, and then a $400 car payment, they would process the $1200 rent check, the $400 car payment, the $50 charge from the gas station, and lastly the $20 charge. If you only had $1400 in your account, this would result in the most overdrafts possible. Banks claim that this is to keep your larger expenses from bouncing and not being paid, but in reality it is to make the most overdrafts occur.

Most bank overdrafts do not incur interest and many banks offer overdraft protection and overdraft privilige programs which can provide you with a sort of pay day loan without the high interest. For example, Century Bank only charge $25 for an overdraft, and you can overdraft up to $300 in cash from a Century Bank ATM if the need arises, saving you the HUGE interest rates of pay day loan services.

$25 bonus when you open Salem Direct eOne Account

$25 Bonus Details
Not only do you get a $25 bonus from Salem Direct when you open an eOne account with direct deposit, you could also get a 6.01% APY. This bonus is available nationwide and bonus should be deposited within 60 days of account being opened. See APY Structure for 6.01% APY details. Link to offer on salem bank's website is below.

Features:
No Monthly Fee, no minimum balances, Free ATM usage at any bank anywhere anytime, Unlimited checking atm and debit card transactions, free $25 bonus when you open an account!

APY Structure:

• $0-$9,999 (5.00%)
• $10,000-$24,999 (5.10%)
• $25,000-$49,999 (5.20%)
• $50,000-$99,999 (5.20%)
• $100,000 or more (6.10%)

Terms:
*Salem Five will never charge a fee for ATM transactions conducted at non-Salem Five ATMs, and we will reimburse the fees other banks charge up to $15 per statement cycle.Earn up to 6.10% APY (Annual Percentage Yield) for the first 60 days and 5.30% APY thereafter on average daily balances of $100,000 or more. Earn 5.00% APY on average daily balances of $0-$9,999, 5.10% APY on $10,000-$24,999 and 5.20% APY on $25,000-$99,999. Minimum balance to open this account online is $100.00. The rate may change after the account is opened. The APY is accurate as of 5/2/2007.$25 bonus is an interest credit to be posted to your account within 60 days of initiating a recurring direct deposit such as payroll or social security payments. The recurring direct deposit must be initiated within 90 days of account opening. Limit one bonus per person. Account requires eStatements. This offer is not available at Salem Five branch offices. Consumer accounts only.

Link:
http://www.salemfivedirect.com/

NetBank up to $250 bonus when you open CD, Checking, and money market

Netbank $250 Offer:
NetBank is offering one of the biggest bonuses as of yet. If you open a CD, checking, and money market account with NetBank, you could get a $250 bonus!

To qualify, you must meet the terms and open and fun the CD ($100 and up to a 5.35% APY), the Checking Account ($75 and up to a 2.00% APY), and a Money Market ($75 and 4.50% APY). After opening all 3 accounts, you would qualify for the full $250 bonus, though you could open any combination and still get a very large bonus.

Features:

• High APR/APY
• Large Bonus
• Trusted Bank

Terms:
1Offer subject to change and may be withdrawn at any time. This reward is available only to first-time NetBank® customers. One reward per account type (checking, money market or CD) per customer and the customer is eligible to receive all three rewards. Each offer is independent of the other. To receive the entire reward in connection with the promotion the customer must open all account(s) at the time of the initial application. And, the customer must apply using the links on this promotional page. Customers have up to six months after the account(s) is opened to meet minimum balance requirements. For checking accounts, a minimum average daily balance of $500 must be maintained for one month. For money market accounts, a minimum average daily balance of $1,000 must be maintained for one month. The minimum CD deposit amount is $15,000 or $10,000 or $5,000 and the minimum term is 12 months. Accounts will be rewarded within 30 days after all qualifying criteria are met.All new accounts are subject to NetBank's credit approval, account opening procedures, standard account terms and disclosures for that account. Unfunded checking and money market accounts are automatically closed 90 days after the date the application was approved. Unfunded CDs are automatically closed 30 days after the date the application was approved. In order to facilitate the rewards to the customer’s account or to .satisfy partner audit requirements, certain personal information will be shared between NetBank and Drugstore.com. See our Privacy Policy.2Annual Percentage Yields (APYs). Checking: NetValueSM Checking - 0.75% and SuperValueSM Checking - 2.00%. Money Market: Average daily balances up to $9,999 earn 3.05% APY; $10,000-$24,999 earn 3.75% APY; $25,000-$74,999 earn 4.05% APY; $75,000+ earn 4.50% APY. Earn our highest money market yield for 6 months, then earn the corresponding rate based on your account's average daily balance. CDs: 12 Month CD - 5.35%; 18 Month CD - 5.40%; 24 Month CD - 5.30%; 36 Month CD - 5.28%; 48 Month CD - 5.25%; 60 Month CD - 5.20%. APYs are as of 05/22/2007 and may change before or after the accounts are opened. There is no minimum balance required to earn the stated APYs on Checking and Money Market accounts. Fees could reduce earnings on the accounts. For money market accounts, an excess usage fee of $10.00 is charged for each check paid in excess of three during a statement cycle and for each withdrawal in excess of six per statement cycle. For CDs, there is a penalty for early withdrawal. See our Fee Schedule and Truth-in-Savings

Bank Of America Offer Code

I have a lot of people asking me for bank of america offer codes. There really are not any "offer codes" per say. They do have many great offers from time to time, which you can find right here at Bank Deals, but they don't have any offer codes or "promo codes". Check the main page for some great bank of america offers.

So what are these offers I speak of? Most banks offer, from time to time, special promotions to encourage consumers to bank with their company. Offers range from low interest car loans, to low rate mortgages, to cash money in your pocket when you open an account.

The easiest ways to find these deals is with Bank Deals. We frequently publish these offers to help our viewers select the bank that is best for them. You wouldn't buy a house without shopping around first, so don't just open an account at a bank because your friend has an account with them, or a branch is next door to your home. Finding a good bank that is a good match for you isn't easy, but Bank Deals makes it a little bit easier for you.

So go ahead and check out our Bank Of America deals!

BankUnited Saving Account - 5.35% APY

BankUnited is offering a 5.35% APY to all new customers who open a Savings Account and fund the account with at least $5,000. See link below to Bank United website for more information

Features:

• Free Online Banking
• No Monthly Maintenance Charges (subject to low $5 minimum balance)
• No Fees
• Great Interest Rate
• FDIC Insured

Terms:
Internet offer only. Personal accounts only. Offer subject to change without notice. This account is subject to transaction limitations, please see your Depositor's Agreement Terms and Conditions for additional information or click here for more information about this product. *The Annual Percentage Yield (APY) is accurate as of 12/15/06. Rates may change after account is opened. Fees may reduce earnings. Minimum balance required to obtain the stated APY is $5,000. **No monthly maintenance fee with minimum daily balance of $300. ***Monthly maintenance fee if balance falls below minimum is $5. New money only.

Offer on BankUnited's Site:

http://www.bankunited.com/moneytreesavings/

Bank Deals

Finding the best bank deals can be hard. With Bank-Deals.blogspot.com, we do all the work for you. We help you find the cheapest interest loans, the highest yield bank checking and savings accounts, and the cheapest fees accounts. For those of you who are overdraft happy, like me, we publish the lowest overdraft fees, banks offering overdraft protection programs, and tips for getting those pesky overdrafts waived.

We also publish bonuses that banks are willing to give you just for opening an account. For each new customer, a bank spends an average of over $100. So, to get you to work for them, they will offer you sometimes over $100 just to open an account, and also give you money when you refer a friend. These deals can be found here.

So, if you want the highest APR (annual percentage rate), or the highest return on your CD (Certificate of Deposit), than stick around and check out what we have to offer.

Are Bank Deals not your thing? We also publish credit card deals. From bonuses just for opening an account, for no interest term credit cards, we have you covered. Looking for the lowest rate? We've got you covered. Looking for the best rewards program and bonuses? We still have you covered.

I hope you enjoy this resource as much as we have enjoyed making it for you.


www.SmarterDeals.com provides best price comparison features exclusively for hi-tech products, like - computer hardwares, softwares and electronics. You can make best deals out of it.

draft jet stream car wash

Jet Stream is a state of the art touch-free automatic car wash open 24 hours a day. Touch free means nothing touches your car except water: No cloth, brushes or anything that could damage your car or its finish. A safe wash that assures your vehicle is never scratched and spot-free every time!
Experience: We have been in the car washing and cleaning business in New England for over 15 years and have cleaned nearly one million vehicles. We’ve owned and operated tunnel washes and have no doubt this method of car cleaning is superior.

forex loans

NEED A LOAN TO TRADE FOREX?
Well, don’t do it! Clear and simple, do not take out a loan to trade Forex. It’s stupid. It’s risky, and it could leave you owing hundreds of thousands of dollars, even if you only take out a few thousand. Any sort of investing should be done with funds you can only afford to lose, bottom line. Trading Forex is a risk, why would you compound that risk for loss with having to pay a loan for Forex every month? Makes no Sense, quick way to lose more money than before.
Where to get Funding For Forex Then?
Honestly, I’m not sure. How does anyone get financing for ideas? Talk to relatives, wait for someone to die. The possibilities are limiteless or limited based on your personal situation. All I know is, I’d be a mother **(#$@#(&$# if I told you it were a good idea to take out a loan to trade in the Forex market. However, if you do have outstanding bills or payments on credits cards that you are looking to consolodate your debt, you really need to try out Prosper. Prosper is the most painless way to take out a loan I’ve ever seen. The only problem I encountered was the fact that I don’t have an official job, I work for myself and lack paystubs and a “pretty” tax return to show their credit department. THE ONLY CATCH. But hey, can you really expect them to let you take out a loan without a little reassurance you can pay it back? Other than that Prosper really is the coolest site you’ll ever see with respect to borrowing money. I’m sure most of you aren’t there yet, but you can also lend money with sweet returns.
Ok, so the most important thing to remember is not to take out a Loan for Forex, whatever you do! Taking out a loan for trading Forex is the dumbest thing a human being can do with respcet to the Forex market. With proper money management you can turn $10,000 into $100,000 very quickly. One of my former Forex mentors had 600% return in under 2 months, if he can do that, I’m sure with some help you can make at least 10-20% with your Forex account a month. Period. I hope this little entry about Forex LOANS helped you out.

Comments
6 Responses to “FOREX LOAN”
6options Says: September 27th, 2008 at 6:50 am
foreign currency options
The US Dollar is weaker today , with the Euro trading through Friday’ s 1. 5744 highs and the dollar versus Yen failing to sustain a brief Asia session test above 108. The British Pound is doing poorly after weak house price numbers. US yields have m…
5click here Says: September 26th, 2008 at 10:14 pm
NEVER TAKE OUT A LOAN TO TRADE FOREX
4clickhere Says: September 26th, 2008 at 9:08 pm
clickhere
Tradesight’ s newly released commodities Report, written from 1— CHICAGO, makes it possible for our customers to achieve this goal to take 20 % of foreign exchange. While the exchanges, the CFTC and Congress itself see room for example, overall the…
3Forex Dude Says: August 1st, 2008 at 8:51 pm
hahaha, I thought there was actually a site where you can apply for a forex loan… hey, that wouldn’t be such a bad idea… risky, but not so bad…
2heartless Says: August 1st, 2008 at 11:43 am
if you take out a loan to trade forex, you have problems…
1CoCoCoCaine Says: July 31st, 2008 at 1:03 am
i can’t believe there’s actually some place you can get a loan for forex trading

low cost credit card processing

Credit Card Processing Review
Accept All Forms of Payment with a Credit Card Processing Service
Telling your customer that you cannot accept their form of payment is a sale killer. With a credit card processing service, you can accept all forms of payment, from anywhere.

credit card fees for businesses

Every time you process a credit card payment on your small business Web site or at your brick-and-mortar store, you are charged a transaction fee. Transaction fees vary according to your merchant account provider and the guidelines of the card issuer.
While the details vary, there are some rough guidelines to how these fees are assessed. By performing some calculations ahead of time, you will be able to estimate how big a bite these fees will take out of your bottom line. Armed with this knowledge, you can adjust your pricing to ensure that you are still making a profit.
When you accept a credit card payment, the processor deducts anywhere from 1 to 5 percent as a fee. The majority of this percentage goes to the card issuing company. Some merchant account providers may add their own percentage to this fee, which is why the base rate is not always consistent. If you have less-than perfect-credit, your merchant account percentage will be closer to the higher range.
Some third party merchant processors charge as much as 15 percent of each transaction. These third party accounts are geared towards small businesses that cannot qualify for a merchant account on their own. Since the third party is taking a risk by offering you this account, the percentage is much higher. Learn how to Find the Right Merchant Account Provider.
Each card issuer charges a different percentage rate. Visa and Mastercard usually charge the least, while Discover and American Express typically charge a higher percentage.
This is something to consider, not only when setting prices for your products, but also when deciding which cards you are going to accept. Visa and Mastercard are the most popular cards, so it behooves you to accept at least one of these two. It will be up to you to decide whether you need to add American Express and Discover.
In addition to the percentage rate, there are also transaction fees. This transaction fee is charged on each and every purchase processed through your merchant account provider, and is typically from $0.25 to $0.50 per transaction.
This amount goes directly to the merchant account provider. It may be figured in after the initial percentage is taken off or before this takes place. Read your merchant account agreement carefully to see at what stage this fee is deducted. Read up on the Nuts and Bolts of Credit Card Processing.
You may also have a minimum monthly transaction fee. This may require that you process a certain amount of cards or dollar amount each month. Minimum fees are usually around $15 each month.
Before you select your merchant account provider, make sure that you completely understand all of the different fees that you will be required to pay. There may be setup fees, gateway fees, penalties, and other fees that will be automatically deducted from your account each month.
Find more advice on setting up your own e-commerce website and internet marketing tips at AllBusiness.com.
Copyright © 1999 - 2007 AllBusiness.com, Inc. All rights reserved.

Credit Europe Bank Ukraine uses Capone Banking as a debt Collection Software

nterview with Engin ALAYBAYOGLU, Vice President Retail & SME Credits, and Credit Card Operations Credit Europe Bank Ukraine

CJSC „CREDIT EUROPE BANK” is a leading financial services institution with global reach providing retail, corporate and SME banking services to state-owned and private commercial enterprises and consumers. The bank offers the most complete and innovative solutions in the industry to help its clients achieve their strategic goals.
CJSC „CREDIT EUROPE BANK“ is determined to become the bank of choice in Ukraine by providing the highest level of customer satisfaction through personalized financial solutions delivered by expert knowledgeable team members, technological advancements and by constantly bringing innovative products to the market.

How you decided to implement a debt collection software since the beginning of the Bank in Ukraine?
Credit Europe Bank has a lot of experience banking in emerging markets; Turkey, Russia and Romania are some of the countries where we have gained this experience. Maybe the most important thing that we learned is that it is easy to give credits and reach targets but it is very difficult to collect those credits back. The key to a good credit portfolio is not only how good the crediting policies, scorecard or the available databases (such as credit bureau) are but also how good you execute the debt collection activity. Many banks implement debt collection software solutions when the credits in debt reach a critical numbers, for us this was not an option.

What was the list of key benefits you were expecting by implanting Capone Banking?
We have seen that implementing a solution as a start up bank has many benefits,
1. Easier implementation, as there is no database and data migration issues
2. The organization grows with this culture and everyone is aware of the importance of debt collection
3. End user acceptance is not an issue anymore as there is no previous system people don’t want to give up.
4. The credits in debt are controlled better
5. Less operational costs for a growing bank (the software automates many tasks)

How long was the implementation ? How did you work with Advantage Software Factory?
The implementation took 1-1.5 months. The project team from ASF visited Ukraine a couple of times and the rest of the time they worked from Romania with remote connection to our servers.
How was adopted the solution by stakeholders? Management and end users?
The management has seen that such a project was inevitable; we had implemented similar solutions in every country we operate, it was just a matter of timing. As the sponsor of the project when I presented the benefits above the decision was made very easily.
As there was no other solution the end users used it was not a matter for them to accept the solution.
At this moment Capone Banking supports the collection activities of Credit Europe Bank Ukraine. What are the benefits you consider relevant for your organization?
As we have very recently started the crediting activity we don’t have many credits in debt, therefore we have not seen the full benefits of Capone Banking, but we know that in the long run we will save on operational costs and also all our credit products will be more profitable as the debt ratio will be lower.

Why did you choose Capone Banking from la Advantage Software Factory?
When Capone was implemented for Credit Europe Bank S.A. in Romania, I was the sponsor of that project. I have supervised many implementation projects over the years I worked for Credit Europe Bank (in Holland, Romania, and Ukraine) and the project team of ASF was one of the most professional during the project and afterwards during the maintenance of the application. Also the application could handle all our business requests. Compared to other worldwide known applications this was a much better solution as it was as capable as the other applications, in Romanian and much more affordable. You can say that we were satisfied loyal customers, and when we needed a solution again we didn’t even search for another vendor. The only problem was the language; the application was in Romanian and in

Credit Suisse Bankers Depart

By LINGLING WEI

Two longtime real-estate bankers at Credit Suisse Group AG left the bank Friday to start their own business aimed at advising managers of troubled property funds.

David Hodes, 54 years old, and Doug Weill, 43, were two of the three co-founders of Credit Suisse's Real Estate Private Fund Group, which over the past 10 years has raised more than $40 billion for nearly 70 private real-estate funds. Both worked at Donaldson, Lufkin & Jenrette before it was acquired by Credit Suisse in 2000.

Their departure comes as managers of private-equity real-estate funds increasingly are finding it hard to raise money from institutional investors, such as pension funds and college endowments.

Their struggles stand in sharp contrast to the world of publicly traded real-estate investment trusts. Since March, more than two dozen REITs, such as Simon Property Group Inc. and ProLogis, have managed to raise more than $13 billion by selling shares. That has raised questions about the long-term viability of private real-estate funds.

Messrs. Hodes and Weill attributed the REITs' recentfund-raising successes to the relative liquidity and transparency provided by the public market. At the same time, Mr. Hodes said, "there is always going to be a role for private real-estate funds as they provide access to some of the highest-quality investment managers and unique transactions. In the near term, the opportunity for us is to help stabilize and restructure the business before it can move into a growth phase."

Their New York-based firm, Hodes Weill & Associates, will offer advisory services to fund managers, investors, lenders and others in the real-estate fund industry.

Write to Lingling Wei at lingling.wei@dowjones.com

Printed in The Wall Street Journal, page M6

Copyright 2009 Dow Jones & Company, Inc. All Rights Reserved

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit

Bank Credit Is Contracting

There were some interesting charts and commentary in a recent issue of Contrary Investor showing the contraction in asset backed commercial paper. By permission from CI:

As of the end of May, the year over year change in US banking system commercial and industrial loans outstanding was close to 20%. Without belaboring the point, that's one very big growth number. Set against historical experience of the last few decades at least, we've never really seen annual growth like this.



Of course when looking at this data without digging a bit, the natural response is "what credit crisis"? Clearly the banks are lending with more than a bit of gusto, no? This simply flies in the face of conventional thinking, as well as the tone and detail of the most recent Bank Loan Officer Survey showing us that banks have tightened the credit reigns in a big way.

So it appears that although credit cycle woes have taken a very meaningful toll on the financial markets and the real US economy, US commercial banks haven't even blinked. In fact, they have hit the lending accelerator in terms of commercial and industrial loans, as their real estate lending activities have been curtailed significantly. Of course this is how it "appears" when looking at the raw bank lending data. But as always, appearances can be deceiving, especially in the modern US financial markets.

Let's quickly have a peek at an update of a chart we have probably shown you too many times this year. Specifically, what is important is the ongoing trend in asset backed commercial paper outstanding (the gold line).

Commercial Paper


Here's the deal. As we all know full well by now, the big boys in the US banking system have been heavily involved in off balance sheet shenanigans for many years now, these shenanigans now coming home to roost in a very big way. You know the vehicles by now - special purposes entities (SPE), structured vehicles (SIV), etc. Very much akin to the Enron structure before that house of cards collapsed due to sudden illiquidity.

The commercial banks simply thought they were smarter than the Enron crowd as they pursued off balance investment fun and games for profit over the decade to date period. As you also may be fully aware, many an off balance sheet "investment" for the banks was funded with asset backed commercial paper. The oldest trick in the book and really the oldest mistake in the book - borrowing short (maturity) and lending (theoretically investing) long. We've seen this mistake repeated so many times over our careers we've simply stopped counting. And literally every time it has ended in the same manner - in tears.

So as you look at the chart above, it is clear that asset backed commercial paper has been contracting very meaningfully since the summer of last year. In very rough numbers, contraction to the tune of maybe $225 billion. As you also probably know full well, many a bank has been forced (and will continue to be forced) to take many of these off balance sheet investments/assets back onto their own balance sheets in a formal manner. When this happens, the financing of these assets shows up as a loan. It shows up in the C&I numbers.

And so now we're sure you are starting to put the pieces of the puzzle together here. Since the end of July 2007, US banking system commercial and industrial loans have expanded by roughly $220 billion. Wow, what a coincidence, right? Wrong. Clearly, this is almost the same amount by which asset backed commercial paper has shrunk. Point being, bank commercial and industrial lending is not strong. It has not expanded meaningfully since last summer to fill the hole left by the contracting asset backed securities markets. To a very large extent, the increase bank C&I lending is simply the banks taking off balance sheet vehicles back onto their reported balance sheets in a formal manner. An illusion of lending strength? In many senses, yes.

The fourth quarter of 2007 witnessed the first quarter over quarter decline in total asset backed securities outstanding in history. Well guess what? Contraction continues. As of the first quarter of this year, not only do we now have two straight quarters of nominal dollar contraction in the total asset backed markets, but the first year over year decline on record. We do not expect this to change any time soon.


Is The Fed Easy?

Those who point to charts of C&I lending as proof bank lending is strong are missing the big picture by a mile. Those focused on M3 are essentially in the same boat. Raw numbers are one thing, what those numbers mean can be another story altogether.

Economist Paul Kasriel is asking If the Fed Is So Easy, Why Is the Growth in Money and Credit Aggregates So Weak?

We constantly hear from the talking heads that the Fed's recent policy actions are creating mammoth amounts of financial liquidity. But have these talking heads bothered to look at the data? If they did, they would have to change their tune.

Chart 1 shows that the year-over-year growth in the total assets of the Federal Reserve System was up 3.85% in the week ended June 18. Although total asset growth has rebounded from slightly negative territory of late April, the latest 3.85% growth still is low in comparison with recent years' behavior. So, the Fed is not creating massive amounts of credit on its own. In yesterday's comment, I noted that the Fed had reduced its holdings of U.S. Treasury securities by billions of dollars in the past six months. In effect, the Fed has been "sterilizing" much of the credit it has been creating via the discount window and its new borrowing facilities.

Federal Reserve Banks Total Assets



Now, let's take a look at what commercial banks have been doing with their loans and investments. Chart 2 shows that in the 13 weeks ended June 4, loans and investments at all commercial banks were contracting at an annual rate of 2.25%. It is true that bank credit growth ballooned in 2007 as banks were forced to take on credit that had originally been financed in the commercial paper market. But we seem to be over that "hump."

Bank Credit: All Commercial Banks

Paul Kasriel has three other charts all showing a marked slowdown. The key story, however, is that bank credit is contracting along with commercial paper. Consumer credit will eventually follow with a pending $2 Trillion Reduction In Credit Card Lines Coming Up. This is deflation in action and amazingly few see it.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List
Bank Credit Is Contracting
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