Wisconsin Banking Update
Providing banking news in Wisconsin that Wisconsin Bankers can use. Keep on top of all the banking issues that are affecting Wisconsin in one place. If you would like to receive these updates by email please subscribe by entering your email address on the right. There is no cost and no obligation.
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CD Rates Can Be Cut After Takeover
Posted on October 2nd, 2010 No commentsNo one has ever lost a penny on bank deposits insured by the Federal Deposit Insurance Corp. – but when a bank fails, the acquiring institution does have the right to lower interest rates paid on certificates of deposit. That’s what happened when North Shore Bank recently acquired Maritime Savings Bank and reduced a 3.05 percent CD rate, which one customer called an insult. Read the article in the Milwaukee Journal Sentinel.
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Chase Lowers Rate for Businesses That Hire
Posted on June 30th, 2010 No commentsJPMorgan Chase & Co. is lowering the interest rates for small businesses by 0.5 percent on a new business line of credit for each new employee hired, up to three, for the life of the loan, the company said in a news release. Read more in The Business Journal of Milwaukee. -
Few Homebuyers Despite Historic Low Rates
Posted on June 25th, 2010 No commentsMortgage buyer Freddie Mac reported that the average interest rate on a 30-year fixed-rate mortgage in the U.S. slipped to an all-time low of 4.69%, down from 5.42% a year ago. However, many consumers are taking a pass on the opportunity to purchase homes — which also have come down in cost during the real estate slump — regardless of low interest rates. Read more in the Milwaukee Journal Sentinel.