Certificate of Deposit

Archive for the ‘Certificate of Deposit’ Category

Question: Certificate Of Deposit (CD’s) How safe are these if the economy continues to collapse?

I am concerned about my CD’s which are presently in two banks… Wachovia, and First Commonwealth Federal Credit Union. The sum in each bank is under 100K Are they safe? It is rumored that Money Market funds are the next to crash. Are CD’s the same as Money Market Funds? Thanks…retired and very worried. Thank you for your assistance.

Answer: Certificates of Deposit (CDs) are backed by the US government and covered by the FDIC. Money Market Accounts allow you to write up to three checks a month off of them and are also backed by the FDIC. The primary difference is that almost all CDs are locked for a set time period where you cannot add money to them or withdraw money from them. Money Markets allow deposits and withdrawals. Since the amount in each financial institution is under 100K your money is safe.

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Question: Good day,i received a message in my mail box on 21/04/2008 notifying me that i am one of the selected winner o

what am try to say is that i received a message notifying me that i won a total prize of 800,000.00 GBP from Yahoo Aword and Window Live promo,the message was sent by one mrs rose kelit she told me to contact my caim agent dr.Godwill Alex in oder to claim my prize i was giving his mail address and phone no when i contacted him he told me that i have to contsct a bank by name NATION WIDE BANK PLS that that was where my prize was deposited temporarily since then i have been comunicating with him and also tthat Bank when contasted the Bank i was told to provide my proof of my id card,a yahoo aword winner certificate and an affidavit claim and letter of attestation from british high court of justice in ingland that immediately i provide that my prize will be release to me but i am in Nigeria i can not come to UK for that so that caim agent now told me that i have to contact a loyer for that before i can get it now i want to no does your company have any surch of aword for your costomer?

Answer: I am sorry to tell you that you are being scammed. Please contact a credit bureau and put a fraud alert on your credit reports. These people will continue to put blocks in your path to your prize. What they are after is your ID and, if possible, some of your money. They will soon say if you pay a large sum up front you can get the prize and at that time once they have your money you will never hear from them again. At least until someone else starts using your identity.

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Question: Best bank with high interest rates on certificate of deposits(CD’S)?

Looking for a bank, or something, that will provide me with a great return on my investment. Has anyone heard of Capital Bank of Mexico?

Answer: I would check out internet banks. They usually pay higher rates than your neighborhood banks. Internet banks are just as much FDIC insured (to protect your deposits) as your neighborhood banks are.