Vermont Deal: 2.75%, 60-Month CD Rates

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Posted by Harrison Hotchin | Posted on 20-07-2011

Tags: Cd Rates, Rates

Vermont Federal Credit Union has some good youth CD rates, as we told you in April, but it’s also advertising some decent specials for the adults.

For a limited time, with a minimum $500 deposit it’s paying:

  • 2.75% APY on 60-month CDs.
  • 2.25% APY on 48-month CDs.

The credit union is paying more than a tenth of a percentage point better on its 5-year certificates of deposit than the best nationally available deal on our CD Rates Leaderboard.

The credit union advertises these CD rates as a “limited time special.” The earlier special, cut this week, was more than a quarter point higher.

Only members of Vermont Federal Credit Union (www.vermontfederal.org) can purchase these CDs.

Membership is open to those who live, work, worship or attend school in Addison, Chittenden, Franklin, Grand Isle, Lamoille and Washington counties. Relativ

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Richard Cordray to Lead Consumer Agency – Confirmation Fight Brewing

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Posted by Harrison Hotchin | Posted on 17-07-2011

Tags: Consumer, Richard Cordray

According to a New York Times story that broke just minutes ago, former Ohio Attorney General, Richard Cordray has been chosen to head the Consumer Financial Protection Bureau (CFPB).

Mr. Cordray came to national attention for his aggressive investigations of mortgage foreclosure practices while he was attorney general.

President Obama notably chose to pass over Harvard Law Professor, Elizabeth Warren, who was the driving force behind creating a consumer agency. Ms. Warren has been widely criticized by Republicans as anti-business in the months leading up to Mr. Cordrays eventual appointment.

However, even with lightning rod Elizabeth Warren out of the picture, Mr. Cordray does not have a clear path to confirmation. Forty four Republican Senators have signed a letter refusing to vote for any nominee chosen by President Obama and have expressed concern that the new consumer agency simply has too much power and not nearly enough oversight.

Elizabeth Warren has written that the CFPB would be modeled on the Consumer Product Safety Commission.

Full Article…

Isn’t This State-Mandated Banking?!

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Posted by Harrison Hotchin | Posted on 14-07-2011

Exactly who gave government the power to open bank accounts for us that we didn’t ask for, don’t want and don’t need?

A New Jersey couple expecting their first child contacted us after the wife filed for temporary disability benefits under the state’s Family Leave Act.

She was told that she wouldn’t get a check, nor would the funds be directly deposited into their bank account.

Instead she was told that she will be paid through a pre-paid debit card account at Bank of America.

They have two big problems with this.

First, they don’t like Bank of America, and swore off using their products for life. But now the

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Euro Hammered Following Uncertainty (WSJ Video)

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Posted by Harrison Hotchin | Posted on 13-07-2011

Tags: Hammered, Hammered Uncertainty

Summary: The euro is getting hammered after European finance ministers issued a vague statement that did not reassure global market watchers, Dow Jones Newswiress Katie Martin reports.

Kansas Deal On CD Rates Tops In 8 Terms

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Posted by Harrison Hotchin | Posted on 12-07-2011

Tags: Cd Rates, Rates

When you see Merit Bank’s CD rates, you’ll wish for a pair of sparkly red shoes to transport you directly to Kansas.

With eight top CD rates — including a few odd-term deals — this local offer nearly completes a clean sweep of the top nationally available rates on our CD Rates Leaderboard.

Full Article…

JP Morgan Drops More Than 1,000 Debt Collection Lawsuits

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Posted by Harrison Hotchin | Posted on 10-07-2011

Tags: Collection Lawsuits, Debt Collection, Debt Collection Lawsuits, Lawsuits

More than 1,000 lucky credit users are celebrating today after JP Morgan Chase gave up on debt collection lawsuits in five different states.

The bank wouldn’t disclose why it dismissed the claims, but recently dropped lawsuits in California, Florida, Illinois, New York, and New Jersey.

In those five large states, JP Morgan had been seeking almost $46 billion in unpaid credit card debt, including both delinquent and current accounts.

Consumers who had racked up credit card debt in these states were particularly fortunate, because 94 percent of collection actions against borrowers end in default judgments for lenders. This is why many people hire attorneys to help them fight credit lawsuits.

A state court judge in Illinois allowed the banking giant, which is the second largest bank in the country, to dismiss the cases without prejudice, meaning that JP Morgan could, in theory, bring the actions again.

This, however, is unlikely, as the Wall Street Journal speculates that JP Morgan dismissed the lawsuits because of faulty paperwork.

Specifically, some critics are accusing JP Morgan of engaging in “robo-signing” with its credit card debt collections. This Full Article…

Save For Yourself, Then Your Kids

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Posted by Harrison Hotchin | Posted on 06-07-2011

We’ve often written about the dire state of retirement savings.

Almost everyone needs to be shoveling more money into a 401(k) plan or Individual Retirement Account. <

Full Article…

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