The FDIC shut down the Bank of the Eastern Shore in Maryland on Friday bringing the total bank failures to 22 this year. That’s down from 39 bank failures at the same point last year. Four other banks were closed on the same day including: Harvest Bank of Maryland, Plantation Federal Bank in South Carolina…
Happy holidays to everyone! I know I haven’t posted for a while but I’ll be back posting regularly again after a long break for Bromoney. I’ve updated the CD rate tables and savings account rate table and added in some new features. The savings page and CD page now feature the top 3 rates that…
The definition of broad money is the assessment of a country or market’s money supply. An understanding of broad money can be very useful when determining which markets or currencies to invest in. Calculating broad money is very complex and involves ascertaining the amount of currency that is in public circulation in a given country….
Fractional-reserve banking is a type of banking where the bank only needs to keep a fraction of their actual deposits on premises. Almost every bank operates under this type of system because this is what allows banks to generate money. For example a bank might loan out deposit money in order to get interest paid…
A man in the browser attack is a hack that can steal login information and financial account details. The attack uses Trojans and phishing techniques to gain access to a computer and steal the targets private information. The Trojan doesn’t interfere with the functioning on the computer so the user doesn’t know that his or…
A merchant bank is a commercial bank that meets the banking needs of international finance. This is not the type of bank where customers open a savings of checking account or offers online banking. A merchant bank is known to be a wholesale banker because it deals with large financial institutions for the most part….
Check kiting is a form of fraud where checks are bounced between 2 checking accounts. A check is written from the criminal’s checkbook from one bank and deposited into a second bank. The funds then show up in the second bank and withdrawn and deposited back into the first bank before the written check can…
President Barack Obama recently called on banks to help out the country that bailed them out. So my question now is which bank is going to step up their game and respond to this call? Any of them? Banks are interested in basically one thing: making money. So is there a way for banks to…
Federal agents executed a raid on Colonial Bank’s headquarters in Orlando Florida in conjunction with the US Treasury’s TARP fund program. Almost nothing is known about the raid, what they were looking for, or what they found. Colonial BancGroup stock is down 19.67% at the time of this article and is down an amazing 94%…
Bank of America is closing branches all across the country to cut back on expenses. Bank of America is planning on closing 10% of its branches which would equate to around 610 branch closings. Bank of America says that this move will save money for the bank, but won’t dramatically reduce the customer experience as…