Search results for banking
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Posted
Jul 01 2009, 09:35 AM
by
Todd Harrison
Rating:
Money Blog: Top Stocks Blog - MSN Money
 Billionaire investor George Soros thinks the worst of the global financial crisis is behind us.
In a June 20 interview with Polish television, the Hungarian-born Soros acknowledged that this has been the most serious crisis he’s seen in his lifetime, but said that: “Definitely, the worst is behind us.”
For those who like to interpret “Soros-speak,” that’s as powerful a sign as any that Soros -- one of the world’s most successful investors -- is “going long.”
But is he wrong?
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Posted
Jun 30 2009, 10:53 AM
by
Kim Peterson
Rating:
Money Blog: Top Stocks Blog - MSN Money
 You didn't think the banking industry was just going to roll over and accept the credit-card reform bill, did you? Oh, no. They've been busy making a giant vacuum, and are attaching it to your wallet as we speak.
Credit-card issuers are raising their rates and fees for some borrowers. Bank of America (BAC) and Chase (JPM) are charging higher balance-transfer fees, according to USA Today. Chase is also making it easier to lob penalty interest rates at customers.
Capital One (COF) and Citigroup (C) are raising interest rates. And InfiBank's APR is reaching ridiculous heights -- the greater of either 16% or 12% plus the prime rate, according to USA Today.
But what about that reform bill signed by President Obama in May?
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Posted
Jun 29 2009, 09:00 AM
by
Todd Harrison
Money Blog: Top Stocks Blog - MSN Money
IEA Cuts 5-Year Oil Outlook
Crude oil futures are slightly higher this morning even after the International Energy Agency said oil consumption likely won’t reach last year’s levels until 2012, the organization said in its Medium Term Oil Market Report. According to Bloomberg, the Paris-based agency cut its oil demand estimates for every year through 2013 by approximately 3 million barrels a day because of the deep economic recession in developed economies as well as slowed growth in China and India.
Average oil consumption will stay below 85.76 million barrels a day and won’t break that mark until 2012. This reduced demand is postponing the threat of a supply shortfall, the IEA said. Relative to medium-term profiles in previous years, “this scenario paints a delayed picture of a threatened ‘supply crunch’ later in the period.”
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Posted
Jun 26 2009, 05:00 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Have you ever been turned down for a checking account? While denials are more common when applying for credit, you can also be declined when applying for a bank account.
If you have been declined, it's likely due to a reporting agency that many have never heard of, but has a lot of information about and influence over banking customers. It's called ChexSystems.
Most have heard of the three major credit reporting agencies -- Experian, TransUnion and Equifax. But there is a lesser-known but equally important reporting agency for checking accounts called ChexSystems. Run by Chex Systems Inc., ChexSystems provides account-verification services to its financial institution members to aid them in identifying account applicants who may have a history of account mishandling (for example, people whose accounts were overdrawn and then closed by them or their bank).
We'll take a look at ChexSystems and how it works. Then we'll look at how you can get your ChexSystems report.
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Posted
Jun 25 2009, 09:45 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Mark Huffman at partner site ConsumerAffairs.com.
Thousands of Chase credit card customers have gotten some bad news this month. The bank has informed them that the minimum monthly payment on their accounts is being raised from 2% of the balance to 5%.
That might not sound like a huge increase, but for many who are carrying large balances and are on a tight budget, it's a severe and unexpected blow.
Kay, of Pottsville, Pa., said she contacted Chase and was told the change in policy was related to the poor economy. "I was told I could possibly renegotiate a lesser monthly payment but my interest would go from 3.9% to 21.99%," she told ConsumerAffairs.com. "My monthly payment from my four accounts will go from $961 a month to $2,394 a month. Needless to say, I will not be able to make these payments and will end up defaulting on my accounts and probably claim bankruptcy."
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Posted
Jun 24 2009, 05:19 PM
by
Andrew Horowitz
Rating:
Money Blog: Top Stocks Blog - MSN Money
 We have seen a great deal of questionable activities over the past year or so. We have already been through market manipulation and commodity fixing, tax evasion and sex scandals. Now we are learning about the possibility of one of the most respected positions in our government involved in a multi-billion dollar cover up. Would that even surprise you these days? Probably not, as nothing is a surprise anymore.
But what are the implications if it is concluded that Federal Reserve Chief Ben Bernanke and Former Treasury Secretary Paulson had pressured Bank of America's (BAC) CEO Ken Lewis to keep material information from shareholders?
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Posted
Jun 23 2009, 11:49 AM
by
Kim Peterson
Money Blog: Top Stocks Blog - MSN Money
Big banks can't repay their TARP money fast enough, but some smaller banks are running into trouble. In fact, three of them have stopped paying dividends to the government after receiving $315 million in TARP aid, The Wall Street Journal reports.
Shares of Pacific Capital Bankcorp (PCBC) in Santa Barbara, Calif., were down 17% Tuesday after the bank said it would freeze dividend payments to shareholders -- including the government, which holds preferred shares. The bank received nearly $181 million from taxpayers, but has since posted net losses of nearly $50 million, according to the Journal.
Two other banks have also pulled TARP dividends. They are Seacost Banking Corp. (SBCF) in Florida and Midwest Banc Holdings (MBHI) in Illinois.
It shows that
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Posted
Jun 23 2009, 06:03 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Jim Wang at partner blog Bargaineering.
I applied for my first credit card as a freshman in college. It was an AT&T-branded Citi card that gave me free long-distance phone minutes and a few rewards points.
I am fortunate to have started building up my credit at the age of 18, which proved to be crucial later on. I am even more fortunate never to have fallen down the credit card debt hole so many college students slip into (in part because I knew my mom would've been furious).
To help all the rising freshmen, or perhaps the parents of rising freshmen, I offer 10 tips for students looking to build credit but not credit card debt.
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Posted
Jun 18 2009, 01:19 PM
by
Anthony Mirhaydari
Rating:
Money Blog: Top Stocks Blog - MSN Money
Stocks have been jumping around like a crazed jackrabbit over the past two weeks but remain mostly flat for the month. If you just looked at the month-to-date results for the major indexes, you would think nothing was amiss. You would be wrong.
Just beneath the surface, we continue to see heavy sector rotation as trades that worked well in May are being abandoned in exchange for former laggards in more defensive sectors. As a result, bank stocks are looking particularly weak.
Check out the relative performance of utility and financial stocks compared to the S&P 500. Financials were up 6.6% on a relative basis in the last two weeks of May but are down 2.7% so far in June. On the other hand, utility stocks, which were down 3.3% for the end of May, are now up 4.9% on a relative basis.
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Posted
Jun 18 2009, 01:47 PM
by
Todd Harrison
Rating:
Money Blog: Top Stocks Blog - MSN Money
It seems as if the spring rally has probably exhausted itself. And it's about time, given the extent and rapidity of the move. The MSCI World Index increased by 45.2% from its March lows until the early June high, and the MSCI Emerging Markets Index by a staggering 68.9%. Both these indices have only had one down week since the advance commenced in early March.
Leading markets such as Russia (+137.0%), India (+89.5%), China (+54.7%), and Brazil (+50.4%) significantly outperformed laggards such as the Dow Jones Industrial Index (+27.5%) and the S&P 500 Index (+39.9%), although all markets recorded very respectable returns. The major US indices have gained for 12 out of the past 14 weeks. To see attendent chart, visit Minyanville for the full version of this article.
Focusing on the US, the S&P 500 Index (911) has backed off resistance at its January high (935) and is less than 5 points away from breaking down through the key 200-day moving average (906) -- broken to the upside only 2 weeks ago.
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