US Banking System

Bank of America, which is one of the largest banks in the country, was the first one to levy monthly charges of $5 on their checking accounts last fall. However, this move did not go down well with the public who raised a hue and cry. The bank had to retreat and eliminate these charges. But, not the one to concede easily, this bank continues to levy these charges on accounts in certain states across the country.

Another bank to follow in the footsteps of the Bank of America is Wells Fargo & Co. This bank has implemented monthly fees of $7 on checking accounts in certain states across the country. However, these fees are applicable only to customers who do not carry out a lot of financial transactions on their accounts on a monthly basis.

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At the request of Wisconsin Senator Herb Kohl, the Government Accountability Office (GAO) just released a study that provides an assessment of the current state of the retirement income market in the United States.

For those interested in retirement income, the study is full of interesting data and conclusions.  Some of the highlights include:

• Most retirees rely primarily on Social Security and pass on the opportunity to create additional sources of guaranteed income through annuities.
• Social Security provides a 55.2 percent replacement rate for low earners retiring in 2011.  This means that other sources of income must provide the other 19.8 percent if these retirees are to reach a 75 percent replacement rate.  Low earners are defined as someone with career earnings that are 45 percent of a national index (with the average wage in this index $40,711.61), while high earners are 160 percent of the index.
• Social Security provides a 33.9 percent replacement rate for high earners (as defined above) retiring in 2011.  This means that other sources of income must provide the other 41.1 percent if these high earning retirees are to reach a 75 percent replacement rate.
• The report provides recommended savings strategies by income level (in quintiles) for near-retirement households.
• The report strongly advocates delaying Social Security and provides the basic reasoning for why this almost always makes financial sense.
• The report discusses in-plan annuities and the possibility of a compulsory aspect to annuity availability for defined benefit (401k) plan sponsors.
• The report advocates inflation-adjusted annuities for “middle income” (net worth of $350,000 including equity in primary residence) households that do not have access to a defined benefit pension plan.  Longevity risk appears to be the primary factor in this recommendation.

The report also provides an interesting breakdown of the sources of aggregate income for U.S. households with someone aged 65 or older:

• Social Security: 36.5 percent
• Employment Earnings: 29.7 percent
• Pension and Annuity: 18.4 percent
• Income from Assets: 12.7 percent
• Other: 2.1 percent
• Cash Public Assistance: .6 percent

One of the most surprising aspects of the income source data is how little retirement income is actually derived from private assets.

Source: Bloomberg and The United States Government Accountability Office  

Full Report     

Find a current list of United Community Bank mortgage originators at local branches.  To facilitate the mortgage loan process to obtain a loan for a new home purchase or refinance, contact a local United Community Bank mortgage originator from the list below.  The United Community Bank mortgage personnel can assist with a variety of home loan needs from conventional fixed rate mortgage loans to adjustable rate mortgages as well as jumbo loan and VA loans.  United Community Bank loan originators are available at branches in Georgia, North Carolina and Tennessee.  In addition to the loan originators in the branches listed, United Community Bank operates over 100 bank branch locations in north Georgia, metro Atlanta, coastal Georgia, western North Carolina and eastern Tennessee.

United Community Bank Mortgage Originators in Georgia:

Jeremy Wolfe
Loan Officer
770-773-7716
United Community Bank Adairsville
7400 Adairsville Highway
Adairsville, GA 30103

Sharon Eisenbeil
Loan Officer
706-745-2151 ext. 390

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The Umpqua internet banking is considered the GPS of online banking by this financial institution. They were first founded in 1953 in the city of Roseburg, Oregon, and have since grown to become the largest Oregon based bank in the state.

The reason the Umpqua online banking refers to itself as the GPS of online banking is the manner in which it can track the location of your money. This will include the checks you have written, and where in the process of them becoming cleared will occur.

The Umpqua electronic banking also has a unique service not available with other banks. You can designate family members that can have access to your accounts.

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The Eagle National Bank Online Banking System March, 2012 update is about the latest way this small community bank of Philadelphia is providing what their customers need. This allows you to be aware of what they have to offer so you can make an informed decision when investing your money with them.

The Eagle National Bank electronic banking services are the latest way this bank is reaching out to their customers. They have been providing outstanding services since 1987. Their online banking services make it easy for their customers to view their account balances, recent transactional history, and view the latest bank rates.

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If you are looking for a safe place to keep your savings both secure and accessible, you may be frustrated by the low interest rates offered by your current bank on a savings account. One option is to open an online-only account at another financial institution to earn a better interest rate.

New customers of Salem Five Direct bank can open an eOne Savings account online with a minimum deposit of $100. Funds in the eOne Savings account currently earn 1.00 percent APY on balances up to $500,000. No monthly fees are charged and there is no minimum balance requirement.

Compare savings account rates and terms online to find the highest interest rate.

As if the current level of illegality of gay marriage in North Carolina is not enough, the state is holding an election on a proposal to constitutionally ban such marriages. In a YouTube video Catherine Bessant, Global Technology and Operations Executive at Bank of America (NYSE: BAC), has publicly opposed the bill, stating that it is “a direct challenge to our ability to compete nationally for jobs and economic growth.”

Amendment One, as it is called, will further cement the ban on gay marriages if it passes the May 8 primary ballot.  But its hard to understand the purpose behind making gay marriage some sort of extra-double-super-duper illegal. Cons

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