| Plugging in to your bank
Online banking continues to gain popularity in Lawrence and nationwide, as the industry works to balance high technology with demands for in-person customer service. And as area banks continually upgrade their Internet offerings, they're starting to show interest in the next generation of such service: mobile banking, offering customers the ability to securely and conveniently transfer funds, pay bills and check balances using wireless phones or other handheld devices. Central National Bank this month signed a contract for a new mobile-banking system, and looks to get it running for use on customers' cell phones in the very near future. “We want to be an early adopter of the technology because we believe it's here to stay," said Rob Gillespie, a bank vice president.
Local banking industry sees slip in customer deposits
Hawaii's banking industry saw deposits slip in the first nine months of the year, as two of the three largest banks reported declines. Overall deposits in local banks dipped to $26.8 billion, down 0.6 percent during the nine months ending Sept. 30, according to the Hawaii Bankers Association. Local bank executives pointed to a nationwide trend of slowing deposit growth led by customers interested in paying down debt and migrating to high-yield investments. At American Savings Bank deposits fell to $4.4 billion, down 4.1 percent from last Dec. 31. Bank of Hawaii slipped to $8 billion, down 1.8 percent. Territorial Savings Bank saw deposits drop to $912 million, down 9.9 percent. .
Wall Street Falls Amid Banking Concerns
NEW YORK (AP) -- Stocks slid further Monday as Wall Street absorbed a gloomy outlook for the banking sector as well as bleak news from the National Association of Homebuilders. The Standard & Poor's 500 index and the Dow Jones industrial average each lost more than 1.5 percent, with the Dow down more than 200 points. Setting the tone was Goldman Sachs Group Inc.'s downgrade of large banks, and its estimate that Citigroup Inc. would have to write down $15 billion due to its exposure to risky debt over the next two quarters. The worry on Wall Street is that the housing market is getting so weak it will crimp consumer spending, which until now has helped keep the economy afloat. Ahead of the holiday shopping season, any signs that Americans are pulling back could prevent a December rally.
First American in $5 million settlement
WASHINGTON (AP) - A First American Corp. title insurance subsidiary will pay $5 million to settle federal and state allegations that it gave kickbacks for new business, federal and state officials said Friday. The Santa Ana, Calif.-based company settled with the U.S. Department of Housing and Urban Development and Florida insurance and banking regulators, the agencies said in prepared statements. They alleged the company's First American Title Insurance Co. unit illegally used Florida-based title insurance agencies created by the company solely to pay mortgage brokers, banks and homebuilders for referrals. Title insurance protects homeowners and lenders against unknown claims or liens on property. The company has agreed to shut down 84 partnerships as part of the settlement, HUD said.
Reward Checking Pays High Yields
We usually try to steer readers away from checking accounts that have strings attached, but some deals are worth investigating. Reward checking accounts, offered primarily by community banks, pay high yields on the account balance as long as you stick to a few rules. Essentially, these are free checking accounts with CD yields. The rules are meant to contain costs for the bank and usually entail receiving monthly statements electronically, having one direct deposit or an automatic payment each statement cycle, and using your check card 10 to 15 times per cycle. Gabriel Krajicek, CEO at Austin, Texas-based BancVue, the company that provides these reward checking programs to financial institutions, says encouraging customers to go online pays off for the customer and the bank. "Free checking is expensive; a bank needs branches, drive-throughs, has to process paper checks, and all that overhead is being spread over a very small average balance of about $1,200.
(AFX UK Focus) 2007-10-29 10:49 GMT: Hong Kong shares close sharply higher, key index above 31,000 - UPDATE
HONG KONG (Thomson Financial) - Hong Kong shares closed sharply higher Monday with the main index above 31,000 points for the first time amid strong hopes for a rate cut by the Federal Reserve on Wednesday. Property stocks led the index higher as a rate reduction is expected to fuel demand in the already soaring residential property market. "Investors are expecting the Federal Open Market Committee (FOMC) to cut interest rates on Wednesday by 50 basis points, so that's another boost for the market," said Tony Tong, deputy head of research at China Everbright Securities. Chinese banks, oil producer CNOOC and China Mobile also propelled the main index upward on expectations of further capital inflows from the mainland and record crude prices. The benchmark Hang Seng Index gained 1,181.68 points or 3.9 percent to close at a record 31,586.90, after touching an intra-day high of 31,604.50.
(AFX UK Focus) 2007-11-10 09:30 GMT: TFN NEWS BRIEFING: Banking and insurance highlights to 09:15 GMT
2007-11-10 07:38:28 Banks warn subprime will impact 4Q
CHARLOTTE, N.C. (AP) - Several of the nation's leading banks warned
Friday the subprime lending crisis will contribute to another round of losses in the fourth quarter, a sign that fallout from the housing and mortgage-lending slump is spreading deeper into the nation's credit markets. 2007-11-10 06:44:43 Modern-day tech startups tread carefully between Landy Ung and her dream of growing her startup into a household name. 2007-11-10 06:42:05 Congress exhibits less outrage over gas
WASHINGTON (AP) - When gasoline prices first hit $3 a
gallon in 2005, irate lawmakers quickly assembled top oil executives for a public grilling. Pump prices are again above $3, yet the outcry from Congress is barely a whimper by comparison -- even after this week's warning from Federal Reserve Chairman Ben Bernanke that oil near $100 a barrel is a serious economic threat.
Cuomo subpoenas government-sponsored mortgage lenders
Attorney General Andrew Cuomo expanded his mission to correct conflicts of interest in the mortgage industry and protect consumers on several fronts last week. Cuomo announced last Wednesday that his office had subpoenaed the nation�s two largest financiers of home mortgages to examine loans they purchased from banks. The attorney general also went to Washington last week to endorse federal legislation aimed at protecting consumers from unethical appraisal practices. Cuomo�s office issued the subpoenas to the government-sponsored lending companies Fannie Mae and Freddie Mac, requesting information on all of the mortgage loans they purchased from any bank, as well as any securities associated with the loans. Cuomo is also asking for information on appraisals and property valuation done by the original lenders and the procedures the companies used.
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