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Savings And Loan Article
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Holding a Savings Account
from:Introduction
A savings account is basically defined as a bank account designed to help the customers set aside a portion of their liquid assets, while also earning a monetary return.
Offered and maintained by a series of commercial banks, savings and loan associations, credit unions and mutual savings banks, these accounts require that the amount deposited cannot be used directly as money, thus encouraging savings.
Features and Provisions
In most of the cases, such savings account requires that the funds be kept on deposit alteast for a minimum length of time, though some also allow unlimited access to funds. In other words, there is a limit on withdrawals, payments and transfers that might be performed through a savings account.
While some of the banks will not allow any transfer of money beyond this limit, the other will notify the account holder that such a regulation has been violated. Each of the savings account holders are offered an itemized list of all financial transactions, either through a passbook or through a bank statement.
However, withdrawals from a savings account are occasionally costly and at times much higher and more time-consuming than the same financial transaction being performed on a demand account. Though most of the savings accounts do not offer cheque-writing privileges, yet there are many institutions that refer to their higher-interest demand accounts or money market accounts as savings accounts.
Latest Developments
The introduction of internet into the world of banking has made the concept of high yield savings accounts highly popular. Available through virtual banks, such an internet savings account business model is based on an attempt to offer interest rates which are higher than those available at storefront banks. A few amount of retail locations along with low customer service costs through automated and computer systems makes such a business model quite effective. In fact, internet operated banking systems are highly effective and recommended if the customers concerned are well-versed with nuances of internet and are aware of how the system works.
Experts suggest that holding at least one of such savings account is crucial if you want to develop a consistent regimen of savings and investments. The stringent regulations of most of the institutions offering such savings account do not allow you to withdraw frequent or high amount of savings from your account, which indeed have a favorable effect in the long run. In fact, to encourage and attract a large customer base, quite a few of these institutions also offer special internet rates to specific age groups as well, such as youngsters.
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Savings And Loan News
US Bank acquires Downey Savings & Loan operations - Sun Shopper
 The Money Times | US Bank acquires Downey Savings & Loan operations Sun Shopper, AZ - Minneapolis-based US Bank is taking over the savings and loan's banking operations, according to a press release from the Federal Deposit Insurance Corp. ... Downey Savings, PFF Bank seized by federal regulators US Bancorp acquires Downey Savings & Loan and PFF Bank & Trust ... US Bank Acquires Downey Savings & Loan and PFF Bank & Trust ... |
State lenders show they don't need handout - Indianapolis Star
State lenders show they don't need handout Indianapolis Star, United States - Its charter as a savings and loan, of course. The insurance giant can morph into a savings and loan if the deal goes through -- making it eligible for a ... |
JPMorgan Chase to cut 9200 WaMu jobs - CNNMoney.com
 Sify | JPMorgan Chase to cut 9200 WaMu jobs CNNMoney.com - Once the largest savings and loan in the country, Seattle-based WaMu collapsed due to bad bets on mortgages, resulting in the largest bank failure in US ... JPMorgan to cut 9200 Washington Mutual jobs WaMu employees learn about job futures JPMorgan to cut 9200 Washington Mutual jobs |
Legg Mason to take another earnings hit but gets breather on loans - Bizjournals.com
 RTT News | Legg Mason to take another earnings hit but gets breather on loans Bizjournals.com, NC - Spokeswoman Athridge said she could not comment on how much of the cost savings would come from job cuts. The firm announced in October that it was working ... Legg Mason Provides Money Market Fund Update and Announces ... Legg Mason sees $2.24 per share charge for quarter |
SE Financial Corp. Announces Fourth Quarter and 2008 Year End ... - MarketWatch
SE Financial Corp. Announces Fourth Quarter and 2008 Year End ... MarketWatch - ... Savings Bank has a 96-year history of serving South Philadelphia and the surrounding markets. The pipeline contains a mix of residential mortgage loans, ... |