Client News Release
What happens to accounts if the bank fails? (Bankrate.com) and 3 savvy ways to save money for your goals (Bankrate.com)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/07/2008 - Banking industry news provided by Financial News USA (OTC: FNWU). It can be unsettling when your bank fails. No advance notice is given to the public before the institution is closed because officials don't want to create a run on the bank. If you were a Washington Mutual customer, you knew it was in trouble because it was in the news. But sometimes it's not nearly so obvious.
Customers can have a complicated relationship with their bank. Checking, savings, loans, mortgages, safe-deposit boxes and all the other services banks provide become a routine part of our lives. A disruption in service can be more than a hassle. It can mean late payments, running out of cash or no access to important documents.The regulator of a failed bank usually names the Federal Deposit Insurance Corp., or FDIC, as receiver. [Read the full article]
With home equity evaporating like dry ice on a hot day, many Americans no longer can rely on their homes as a source of quick cash. Likewise, credit card issuers are lowering credit limits for many consumers, imposing constraints on spending.
Americans are realizing that the spending party is over and it's time to build wealth the old-fashioned way -- by saving money.Some obstacles stand in the way. For instance, real median household income grew a sloth-like 1.3 percent between 2006 and 2007, to $50,223, according to the U.S. Census Bureau. And it's not likely to accelerate much in 2008.For the average budget-challenged family, the escalating cost of living can be discouraging. [Read the full article]
DALLAS (AP) -- David McDavid Automotive, a subsidiary of automotive retailer Asbury Automotive Group Inc., said Monday that despite tight credit markets it still has a variety of financing options to offer customers for vehicle purchases and leases.The company said it maintains strong relationships with multiple third-party lenders, in addition to automaker financing arms.David McDavid said it has "preferred" partnerships with independent financing providers including Wells Fargo, Fifth Thirds Bank, Bank of America, America Credit, Chase Auto Finance, Compass Bank and several Credit Union lenders.Auto dealers have struggled in recent months as turmoil in the credit markets has made it harder and more expensive for many consumers to get financing for vehicle purchases. [Read the full article]
DETROIT (AP) -- General Motors Corp. said Monday its October U.S. vehicle sales plummeted as weak consumer confidence and tight credit cut into consumer demand for new vehicles.GM sold a total of 168,719 light vehicles in October, down 45.1 percent from 307,408 from the same month last year.
Car sales dropped 34.3 percent to 73,466 units from 111,738, with Chevrolet, Buick, Cadillac and Hummer brands all showing declines ranging from 40.3 percent to 64.6 percent. Cobalt sales plunged 60.8 percent to 6,478.Bright spots were Chevy Malibu and Saab models.But light truck volumes plummeted 51.3 percent to 95,253 from 195,670 a year ago. [Read the full article]
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