July 17th, 2009
I really just wanted to bring a couple of articles to your attention and certainly be curious what your thoughts are. So please feel free to visit them, leave a comment, and let me know your thoughts.
The first involves a fraud case with a bank called MetaBank. Unfortunately, a few of our clients have been involved. I almost don’t want to post this, because I don’t want to cause a panic. In all of our years, we have never experienced a situation like this. Here is the link “customers sue bank to get back CD money”. On this one especially I would like to know your thoughts as CD investors.
The second as an article on Kiplinger about how FDIC scrutiny has banks worried and the banks are using some fear tactics that this will prolong the recession. I don’t really way in on that, but I think the banks should look in the mirror. They certainly helped us get into this mess. And the link for that is: FDIC Scrutiny to Lengthen Recession
Finally, yes rates continue to be low and probably will for awhile yet. In my last commentary I suggested it could be six to nine months before the Fed begins raising rates. We do have a 1Y at 2.50% APY and a 2Y at 3.05%. I’ll give a 30% discount to our loyal readers who would like to open a CD at either (or both institutions :O) ). One bank requires $100,000 and the other would need a minimum of $50,000. These are for personal funds only.
Have an awesome weekend.
-- By +Chris Duncan