#1 a) Go to 1stbankyuma.com 1stbankyuma.com.. List what products they offer to consumers. consumers. (Example: checking accounts) They offer a wide range of o f banking services, including a variety of deposit accounts and personalized loan programs. Among the personal services, they offer the below main products: -checking accounts; -savings accounts; -certificate accounts; -customer loans; -residential loans; -retirement and education accounts; -credit & debit cards, as well as other additional services (mobile banking, night drop, safe deposit boxes, e-statements). In terms of business-tailored products, they offer the following: - business savings; -business checking; -business certificates; -business loans; -business credit & debit cards; -additional business services (such as mobile banking, merchant payment, night drop, safe deposit boxes and e-statements).
#1 b) Do they also offer car loans to consumers? Yes, they offer customer loans meant to finance a new boat, RV or automobile for their targeted customers. (https://www.1stbankyuma.com/lending_Consumer )
#1 c) Find the APY and Interest Rate of the 1 st Rate Rewards Checking Account. Note: Mention all important aspects and please provide the link where you found the information.
APY (Annual Percentage Yield) value is 1.50% paid on balances up to USD 25,000.00, no required minimum. APY value is .05% for amounts of USD 25,00 0.01 and higher, subject to meeting the following requisites: (i) direct deposit, (ii) signing on to the online banking at least once per month; (iii) receiving e-statements; (iv) having 15 or more POS transactions posted and settled to the account per statement cycle; (v) must be a Yuma County resident in order to be eligible for acco unt opening. Should the checking account not meet t he above mentioned requirements during a monthly cycle, a .05% APY will be earned on t he entire balance. Information sources: https://www.1stbankyuma.com/checking https://www.1stbankyuma.com/rates and https://www.1stbankyuma.com/Media/FirstBankYuma/pdfs/Deposit%20Rates%2001-1-17.pdf for APY specific values
#2 Read this wikipedia.org . Based on the first formula listed on the page, calculate a checking account’s APY if the interest rate was 1.34% and it was compounded daily for one year.
Note: Please write out the exact formula and the inputs that you used in or der to come to the final answer.
5
5 (1 + .4 5 ) −1 = 1.00367 −1 = 3.80968 − 1 = 2.80968
APY=
APY for the mentioned interest rate and period of time is 2.81%.
#3 a) Go to capitalone.com. List the interest rates for their money market accounts. Note: Please also provide the link where you found the information.
Margin rates Margin loan balance Interest rate Less than USD 10,000 8.70% USD 10,001-USD25,000 8.50% USD 25,001-USD 50,000 8.25% USD 50,001-USD 100,000 7.70% USD 100,001-USD 250,000 7.50% USD 250,001-USD 500,000 6.50% USD 500,001-USD 1,000,000 6.15% USD 1,000,001 and above 5.95% Above rates are applicable to their online self-directed accounts and do not apply to their advised ones. Interest rates applicable to their advised accounts are only available via phone call. Source: https://www.capitaloneinvesting.com/main/pricing-margin-rates.aspx
#3 b) Go to wachovia.com , entering 22201 as your zip code. Does the Way2Save savings account have any restrictions or special requirements? If so please list them below. The sole account requirement is a m inimum of USD 25 opening deposit. The monthly servuce fee is USD 5 or no charges, subject to having the following conditions fulfilled: (i) a USD 300 minimum daily balance or having set up and maintained either one or more recurring saving options; (ii) under the age of 18 (or 19 in L.A.) and is the primary owner of the account. Source: https://www.wellsfargo.com/savings-cds/way2save/
#4 a) Go to firstambank.com and list all the mortgage products we need to include for a loan-to-value equal to 80%.
Fixed Kankakee 30 year special Loan-tovalue <80%
Term
Amount
Rate %
30 years
USD 30,000USD 453,100
4.375
Annual percentage rate % 4.454
Points %
Orig %
0.0000
0.0000
Payment per USD1 ,000 USD 4.99
Closing costs USD 1,294 plus title
#4 b) Go to unionsavings.com . For which saving products does the interest rate not fluctuate based on the balance?
The statement savings interest rates are of 0.03%, regardless of the balance. ’
https://www.unionsavings.com/personal-banking/savings-account-ct/#compare-accounts
#5 Go to bankofthewest.com and find out the maximum number of Overdraft fees that a customer
can be charged in one day, for a checking account. They will charge Overdraft/Returned Item fee s for each item paid or returned up to a maximum of 4 per day throughout U.S. (except one per day for the state of Nevada) . However there are no overdraft fees for amounts of USD 5 or less overdrawn at the end of a balancing day.
