Money in the Bank

I went to Washington Mutual over two years ago because they had such a good reputation for customer service. Up until the last couple months they’ve been fantastic. but lately it’s gone very downhill very fast. For example, most of their Los Angeles branches are like prisons - you have to walk through these airlock type metal detectors just so you can go into the bank.

Gee. That sounds awfully familiar. A repeat of the 1980s, complete with foreclosed mortgages, shuttered lenders, lawsuits, and federal agencies which seemed to ignore the brewing storm clouds. The result back then was that several individuals went to prison and one federal agency was dissolved and its duties taken over by the FDIC.

With the record closing, Industrial Commerce Bank of China(ICBC) is now the world's second largest bank by market capitalization($232 Billion), surpassing Bank of America($227 Billion) and trailing only Citigroup($250 billion). But, on an earning basis, ICBC's 2006 profit is only 1/3 of that of BoA. I guess if the RMB appreciate 300 percent this year, everything would be just peachy.

Up until high school, I was extremely picky with my taste in cuisine. I think i just ate steak, mashed potatos, and lettuce for the first 15 years of my life. But then….something happened. I was working at the Commerce Bank. I was in the drive through area, working with one other teller, and we decided to order lunch, her name might have been Janine, it might have been Xena, I dont really remember. Anyway, she says, “get me a chicken sandwich with lettuce and mayo” i was like “Holy Crap, I need to eat that” and the rest as they say, is history. But there is a further point to this story.

World Savings Bank frequently runs hot Certificate of Deposit Rate promotions. This time, they are offering a 5.56% CD Rate on their 10-Month bank account.

How much money has been raised from Patriot Bonds since 9/11? And has any of that money been spent or is the President waiting to use those funds to fund the WAR ON TERROR if Congress cuts off funding?

Going into Fifth Third Bank in Over-the-Rhine, I spotted this sign, which reads: “PLEASE REMOVE YOUR HOOD BEFORE ENTERING THE BANK.” I can see their point.

This chapter talks about ways to guarantee that the money you put away will beat inflation, via I-bonds (savings bonds that earn about 1.5% plus whatever inflation is) and treasury inflation-protected securities (TIPS; similar to I-bonds - they earn a little more but are less flexible). If you’re really conservative and just want to beat inflation over the long term, these are a great way to go.

Come fall, the Bank of America is moving into that lovely old terra cotta building at 4756 Racine, adjacent to the Riviera Theatre. A renovation is currently underway, as you can see from our essay in scaffolding.

The impression of the Great Depression has been firmly imprinted on the minds of individuals, ages 60 to 93, born 1912 to 1946. Most have vowed to themselves they would never again suffer the lack they suffered during the Great Depression. Hence, these individuals are frugal; budget conscious savers who disdain credit and speculative investments. They sought the safety of guaranteed investments and the security of insurance companies who weathered the Great Depression. With the evolution of Federal Deposit Insurance Company (FDIC), they spread their money across several banks. Although they have money in banks and stock brokerages, they do not really trust banks or stock brokerages. They trust FDIC and SIPC (Security Investor Protection Corporation).

Later, he added, “The daily stock report in the Beacon Journal’s print edition will be consolidated into a single page. It will include a comprehensive list of local stocks of interest and the top mutual funds, along with reports on currencies, commodities and interest rates.

If you've lived in Idaho ever, you'll want to do a search to see if you have any unclaimed property out there. Jennifer Gelband points out that on July 1st, Idaho law is going to change:

We shouldn’t loose track of the fact that many millions of consumers / citizens had their privacy violated because TJX didn’t protect their best interest and Fifth Third Bank didn’t assure that TJX was compliant.