All Articles Tagged "banks"
The number and impact of black-owned banks is dwindling across the country. In 1994, there were 54 African-American-owned banks; currently there are 21, according to the Federal Deposit Insurance Corp. So when the last remaining African-American-owned bank in the Washington DC area received $1 million from the Congressional Black Caucus Foundation, it was a major boost.
The CBCF purchased $1 million worth of certificates of deposit from Industrial Bank as part of a new initiative to help make loans more readily available to underbanked communities and minority owned business, reports The Washington Post.
“Minority and women-owned banks have been an important source of credit and other financial services to minority communities,” A. Shuanise Washington, president and chief executive of the Congressional Black Caucus Foundation, told the newspaper.
Black banks have been struggling over the years, especially during the recession. Many of these institutions have less than $100 million in assets.
“The crisis had a devastating effect on the economy of the country, but it had even more of an impact on the minority community,” said Rep. Chaka Fattah (D-Pa.), the chairman of the foundation.
The CBCF investment, which is one of the most substantial given to African-American banks in recent years, reflects a renewed interest among national organizations that are looking to invest in minority-based businesses, noted William Michael Cunningham, who helps area businesses find socially responsible ways to invest their money.“Certainly there is a growing trend here,” Cunningham said. “It is yet another example of how communities are finding resources for dedicated causes, in this case African-American banks.”
As we previously reported, the CBCF gave total of five African-American-owned banks received $1 million each. The other banks were Seaway Bank and Trust in Chicago, Liberty Bank and Trust in New Orleans, City National Bank in Newark and M&F Bancorp in Durham.
Already, 80 percent of the funds have been dispersed. The remaining $1 million will be distributed among the five banks in the first quarter of 2014, Washington explained.
This is the first time the foundation has invested in African-American-owned banks; the organization usually focuses its efforts on advancing the role of African Americans in politics and public policy.
“Given financial needs in the black community, a community that experienced a 54 percent decline in wealth as a result of the great recession, this focus is entirely justified,” Cunningham said.
Founded in Washington in 1934, Industrial Bank has $350 million in assets with eight branches — six in the District, and two in Prince George’s County.
“These deposits provide the liquidity for Industrial Bank and others to make loans in the hardest-hit communities across the nation,” B. Doyle Mitchell Jr., president and chief executive of Industrial Bank, said in a statement.
Usually a night out at the club is filled with bottle popping and dancing but for these 15 celebs their night out on the town included fists and bottles flying. Check out this list of celebs involved in club brawls.
Shia LaBeouf is no stranger to a good bar brawl. The Transformers star was on location in Vancouver, Canada back in 2011 when he went out to a bar to blow off some steam. While reports were unclear of what the beef was initially about, LaBeouf and another man were kicked out of the Cinema House Bar by security for fighting. Picking up where they left off, the fight continued on the sidewalk where cameras caught a bloody LaBeouf getting pummeled. The following year, LaBeouf found himself in another bar brawl, this time in London after a college student stole his baseball cap.
The checking account is the most popular banking product with 90 percent of Americans having one. It would be in your best interest to know which bank offers the most beneficial incentives for your finances. Check out the banks are servicing the best checking account promotions today, according to GoBankingRates.com.
Chase Bank, the largest bank in the United States, comes in at No. 1 with the most alluring checking account promotion: they are offering customers $200. with a deposit of only $100 within the first 10 days of activating the account. You can setup your direct deposit for the account within the first two months of activation. This offer ends in a month, so be sure to take advantage of this promotion before August 15 rolls around.
PNC drops in as the second-best with its Virtual Wallet Deal offer. Customers will receive a $150 bonus when they activate a Performance or Performance Select Checking Account, make a qualifying direct deposit, and make at least one payment via PNC’s online bill pay. This offer ends on July 27.
Sovereign Bank entices customers to apply for their Premier Checking Package with an offer of $125. To receive the bonus cash, customers must activate their account by July 31 and “make five debit card purchases or set up one direct deposit by September 30,” says GoBankingRate.
These promotions are appealing, but be mindful to read the fine print of what lies underneath these offers. “[T]he key to finding the best checking account is not just focusing on the bonus cash amount being offered, but the account’s terms and conditions,” says Jennifer Calonia, editor of GoBankingRates, “because that’s what matters beyond the promotional cut-off date.”
Do you find yourself checking your bank account on a daily basis over and over again? Do you give a side-eye to the idea of a joint account with your current or future spouse, automatic bill payments and building credit? If this sounds like you or someone you know, you may be a money hoarder; one who excessively acquires money, but has difficulty spending it or letting go financial control.
Here are a few ways to tell if you are hoarding your own money, unable to trust your family, your bank, or even yourself with spending it, in fear of losing a little bit of control.
The year 2013 is relatively young yet already nearly 20 credit unions have failed, according to Bankrate.com .
Two in small ones in Southern California have just been shut down by federal regulators. Deposits will be returned to members. The credit unions were the Pepsi Cola Federal Credit Union of Buena Park and ICE Federal Credit Union of Inglewood. They were insolvent, with no prospects for restoring viable operations, the National Credit Union Administration in news releases reports The Los Angeles Times.
And these unions have been around for decades. The Pepsi Cola Federal was chartered in 1956 and served 558 members. It had $652,000 in assets.
Meanwhile ICE Federal, which was chartered in 1939 and served Inglewood city employees and their families, had 942 members and assets of $3.4 million.
If you have your money in a credit union don’t panic. There are ways to keep your money safe. According to Bankrate.com, avoid privately insured credit unions; federally insured are safer. Keep your deposits below $250,000. Deposits are federally insured up to $250,000.
If you are using a credit union, be on the look out for warning signs that the union is in trouble. “Such institutions may pay lower deposit rates or offer poor service,” warns Bankrate. On the good side, if your union is having finical trouble you will probably find out sooner than later. Credit unions are more transparent than banks as they hold annual meetings that are open to members. They also issue annual reports and post financial statements every month.
Bankrate.com advises to have an action plan for a credit union failure. “If your credit union does go belly up, wait three months before deciding whether to switch to another institution. It can take 30 days to three months just to find a taker for a failed credit union. Once that happens, its members are notified,” writes the financial site.
Mary, this is…out of hand.
In documents obtained by TMZ, singer Mary J. Blige has been hit with a tax lien by the state of New Jersey. The documents state that Mary owes the government $901,769.65 in back taxes. They didn’t state what years the IRS is seeking back pay but she’s probably missed at least two years.
This is just the latest string of financial problems and embarrassments for Mary. It was just over a week ago that we told you she defaulted on a loan from Bank of America and now owes them over $500,000. When she was asked about it, she said was that all she can do is just keep pushing on on and “let haters hate.” Ahhh yes, those haters sure do know how to get you in alleged financial trouble, don’t they?
But even prior to that, she defaulted on a $2.2 million dollar loan and before that, she was sued because of her charity not paying back money.
It would seem like when you suddenly find yourself in major situations like this on an almost consistent basis, not only would you fire your accountants (even if they’re flesh and blood), but you might also consider taking some accounting classes so you can figure out how to go over the books yourself. There just doesn’t seem to be a logical reason for these things to keep happening.
TMZ reached out to Mary’s reps but so far, they’ve received no response.
As a millennial generation heads into their 20s and 30s, many have had either a great or not-so great example of what it means to manage their money. Although the age of careers, job searches, marriages and first homes are approaching, many millennials still have no clue what it truly means to manage money for their long-term success and comfort. Even parents are sometimes shaky resources for personal finance information.
A 2012 U.S. News Money article finds that Generation Xers (who are now in their 30s and 40s) are the generation with the most financial frustration. Retirees are increasingly responsible for their own savings, income, and financial futures. Let’s face it, we all can use an old-fashioned money management lesson every now and again.
Let’s all learn a little bit from past generations, and keep your money flowing with these old school money management tips.
Banks are showing a little heart — finally. In wake of Hurricane Sandy several have announced that they are waiving bank fees.
JP Morgan Chase, which is the biggest bank in America, said they are do away with various fees until November 1, reports The Huffington Post. These fees include overdraft protection transfer and extended overdraft as well as late fees on credit cards, business and consumer loans, including mortgages, home-equity, auto and student loans.
Citibank, meanwhile, will not charge customers out-of-network ATM surcharges.
Wells Fargo, too, is offering relief from late fees through November 1 and waiving out-of-network ATM fees for customers in affected areas.
Bank of America said that if you incurred late fees because of the storm, contact the bank to have these fees dropped. This includes out-of-network ATM surcharges.
TD Bank customers can ask to have late-payment and out-of-network ATM fees waived.
And Barclays is waiving late fees as well through November 1.
So pay attention to your ATM receipts and online bank accounts to make sure you’re not incurring these charges.
The Consumer Financial Protection Bureau (CFPB) has found that one in five people who look at their credit report are seeing a version that’s different from the one that lenders see when they pull that person’s info.
According to The Huffington Post, the CFPB examined 200,000 reports from the three major credit reporting agencies (it doesn’t specify, but that’s usually Experian, TransUnion and Equifax) and found that between 19 and 24 percent of the time, the differences in the scores were significant. Credit agencies use their own scoring models to determine a person’s score. As you know, banks and other lenders use these scores to determine whether a person is too much of a risk to lend money to. They also determine the cost of the loan you’re getting.
HuffPo reports, ”[The discrepancy] could lead those consumers to waste time applying for loans they cannot afford or to take out loans with worse terms than they could get if they saw the same score as the lender, the consumer agency said.”
The CFPB was created by the Dodd-Frank law, which itself was a response to the Great Recession. The group has been charged with keeping an eye on 30 credit reporting companies, among other things. These findings demonstrate the need for an organization like this.
Unfortunately, if there’s information going to lenders that you’re not privy to, there’s not much that you can do. But, consumers would be smart to keep an eye on the credit scores they do have access to, making sure that there are no glaring mistakes and correcting ones that are found. Consumers are at a disadvantage, so they have to have a firm grasp on all the data they can control.
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-A study by the Federal Reserve Bank of New York found that merely 13 percent of the small businesses in New York, New Jersey and Connecticut that applied for bank loans in April and May got the full amount they requested. Another 36 percent got a partial amount. More than half of applicants asked for a “microloan,” a loan of less than $100,000. “But lenders were more likely to turn down microloan applications than larger loan applications, likely because they were skittish about lending to newer firms and more likely to turn down startups,” reports The Huffington Post.
-A Pennsylvania judge upheld that state’s voter ID law. Liberal groups are already planning their appeals on the grounds that the laws will unfairly impact minority and poor voters. Judge Robert Simpson, a Republican, said the law is “a reasonable, nondiscriminatory, nonsevere burden when viewed in the broader context of the widespread use of photo ID in daily life.”
-Interactive Product Group, a division of fashion mag publisher Condé Nast, has created a new video game meant to appeal to the ladies. ”Fashion Hazard” places fashion models on the runway with the goal of avoiding obstacles that could ruin the show, like a flying cup of latte. The game will be available for iPhones and iPads starting today for 99 cents. Women and girls make up about half of the gamers today. In 2011, about $16.6 billion worth of games were sold in the U.S.
-Research conducted by Policy Studies, a liberal think tank, found that 26 large U.S. companies paid their CEOs $20.4 million on average, but paid little to no taxes on their profits. The average net income of those companies was more than $1 billion in the U.S. For example, James McNerney Jr., CEO of Boeing, made $18.4 million last year and the company got a $605 million tax refund. How do we get in on that deal?
-Big news lighting up Twitter this morning is the decision by the government of Ecuador to grant Wikileaks founder Julian Assange political asylum. Not sure what it’s all about? Here’s a good summary.