| BANKING: Know what's insured by FDIC coverage
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. What's insured: Checking accounts (including money market deposit accounts), savings accounts (including passbook accounts), revocable trust accounts (including payable-on-death accounts or living trust accounts), certificates of deposit (CDs), and certain IRA retirement accounts in FDIC-insured banks or federally insured credit unions. What's not insured: Mutual funds, annuities, life insurance policies, stocks and bonds, treasury securities and safe deposit boxes. For more information about FDIC insurance or to request a guide to FDIC insurance coverage, call (877) 275-3342 or go to www.fdic.gov/deposit. send a letter to the editor. .
Press Release
Help for consumers who experience a problem with a bank or other financial institution is just a click, or a phone call, away. Federal Reserve Consumer Help is a new centralized resource that consolidates and streamlines the Federal Reserve�s consumer complaint and inquiry program. Helpful customer service professionals are available to answer questions and assist with a wide range of issues relating to financial products and services and consumer protection laws. �For more than 30 years, the Federal Reserve has put its expertise to work to answer consumers� questions and help them resolve problems with financial institutions,� said Federal Reserve Board Governor Randall S. Kroszner. Over the years, the Federal Reserve has helped an estimated 150,000 consumers. The Federal Reserve is responsible for ensuring that the financial institutions it supervises comply with consumer protection and fair lending laws, such as those governing checking and savings accounts, credit cards, and consumer loans including mortgages. It is also responsible for ensuring that consumers have a mechanism for identifying banking acts or practices that may require further investigation or possible regulatory action.
Bankers see potential in women-owned businesses
Stephanie Zhang had an epiphany. "I was working in the cell phone store one day when I said to myself, 'I could own this place,'" said Zhang, who now owns not one but two wireless stores as president of Best Wireless in San Francisco. Like many entrepreneurs before her, she turned to family to help make her dream a reality. In this case, she accepted $20,000 from her father. She then turned to Wells Fargo Bank for small business banking services such as a company checking account. Zhang represents an important market segment that institutions such as Wells Fargo and Wachovia Bank are heavily courting with a range of such services. .
Wachovia exec acknowledges bad timing on Golden West purchase
CHARLOTTE -- Wachovia's general bank president on Wednesday highlighted the positives of last year's acquisition of Golden West Financial but acknowledged "our timing was not good" in light of a severe housing downturn. "We continue to feel that this acquisition will prove itself very positive when we get to the other side of the cycle," Ben Jenkins told an audience at the Merrill Lynch banking conference in New York. In his presentation, Jenkins noted that Golden West's branches are helping the Charlotte bank reach a goal of adding 1 million net new checking accounts this year. He also said the bank expects to gain market share in the mortgage business. Wachovia has previously said that it expects to set aside more money than expected in the fourth quarter to protect against problem loans in a weakening housing market.
Shares of Ford, GM tumble with broader market
DETROIT - Shares of Ford Motor Co. (NYSE:F) and General Motors Corp. (NYSE:GM) dropped to below or near their 52-week lows on Wednesday, but GM recovered on news that its former financial arm may sell parts of its struggling mortgage business. Several industry analysts said the bump auto stocks received due to new lower-cost labour agreements with the United Auto Workers has been erased in recent weeks by investor concerns about waning consumer confidence and potentially tighter credit. "Right now people are scared. There are reasons to be scared," said Efraim Levy, a senior industry analyst with Standard & Poor's. "There are fears that consumers are getting tapped out and either will be afraid to or won't be approved to borrow money for buying vehicles." Ford shares dropped as low as $6.87 on Wednesday, just above its 52-week low of $6.85.
Holiday good for business
Restaurants that remain open for Thanksgiving find the holiday to be good for business. Those remaining open -- some serving traditional holiday meals and other serving anything but -- often find it to be one of the busiest days. Cracker Barrel Old Country Store and Waffle House will both serve Thanksgiving Day with vastly different outlooks on the holiday. Both, however, expect to fill every seat. Waffle House has a varied menu, but no turkey and fixings. Charnae Knight, a spokeswoman for in the restaurant's corporate office, said that could be part of the chain's appeal on the holiday. "Some folks are just tired of the holiday menu and want something else," Knight said. Cracker Barrel is counting on just the opposite.
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