Banking

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M1 Economics Definition

It seems like such a simple question: How big is the U.S. money supply? But as with a lot of things in economics, the answer depends on the definitions you use. The government definition of the money supply actually has several levels, depending on how accessible money is. The ...

Difference Between Bank Guarantee & Bank Bond

Bank guarantees and bank bonds are both financial instruments that help protect the parties who engage in a contracted exchange for goods or services. A bank guarantee, sometimes called a letter of credit, is a way to transfer payment, while bank bonds or surety bonds provide a ...

How to Choose Between a CD or High-Yield Savings Account

When you have extra cash, leaving it in your checking account might make you feel like you've got a big cushion, but it won't earn you much interest. You don't have to take on additional risk, like stocks or mutual funds, to get a better return. Instead, opening a high-yield ...

Joint Checking Account Laws

In every state, two or more people can open a joint checking account by putting their names on the same account. Joint checking accounts are particularly common between spouses. Since these accounts are subject to special rules, it is important to understand in advance the ...

How to Set Up Direct Deposit for Social Security Benefits

As of March 1, 2013, Social Security checks are a thing of the past. Instead, payments to Social Security recipients are electronic. To set up direct deposit for Social Security benefits, you have five options, all leading to the same result. The biggest differences among the ...

Is an IRA Rollover FDIC Insured?

Turmoil in the stock market and bank failures worry people, especially anyone who has a bank handling their IRA account. If you move money out of one IRA into another, keep in mind the rules on FDIC insurance, which protects any kind of a "deposit account" up to a limit, and ...

Why Would My Bank Put a Hold on My Savings Account Without Telling Me?

It can be extremely frustrating to head to the bank to make a transaction, only to discover a hold was put on your savings account. While the bank doesn't have to inform you before taking this action, you'll want to discover the reason so that you can make sure it never happens ...

A Daily Compound Vs. a Semi-Annual Compound Savings Account

Compounding, earning interest on interest, is a powerful financial tool that's sometimes misunderstood by savers of all ages. Regardless of your rate, the more often interest is paid, the more beneficial the effects of compound interest. A daily interest account, which has 365 ...

How Does Renewing a Loan Work?

Whether you have a balloon loan, home equity line of credit or a business loan, you'll need to take steps to renew that loan if a balance remains at the date of maturity. The bank will review your financial condition, check your credit history, verify collateral and then close ...

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