Here’s Why It’s So Hard to Get Free Checking Anymore

Free checking accounts used to be a fairly common perk offered by a lot of banks. Just a few years ago, almost anyone with decent credit could qualify for one of these accounts. Today, however, free checking teen_smallaccounts are next to impossible to find, leaving many customers wondering why.Free checking accounts used to make a small profit for the banks that provided them. In order to get one of these accounts, a person was usually issued a debit card. While the account was free to the user, every time the debit card was swiped a fee was paid by the retailer or merchant to the consumer’s bank. These fees were some of the highest in the industry, averaging around a dollar per swipe in some areas. For a typical checking account user making one purchase a day, a bank could collect around thirty dollars in fees per month. full article


Market participants sensed that the Fed was suddenly changing its tune with respect to its balance sheet back in January. The balance sheet primarily refers to all the bonds the Fed purchased as a part of the various Quantitative Easing plans conducted throughout the recovery to the Great Recession. At the time, those QE plans technically involved "printing money." But it wasn't just money dropped from helicopters. The money was used to buy investments--in this case Treasury and Mortgage-Backed-Securities debt. Those bonds earn the Fed some income and they also get the principal returned when the bonds mature. The Fed HAD been using that incoming principal to buy more of the same bonds until 2018, when they began letting the balance sheet "runoff" by a controlled amount each month. Eventually [...]
Wed, Mar 20, 2019 10:02:00 PM, Continue reading at the source
Mortgage rates were flat for the 4th day in a row today in a sign that investors have largely taken their seats for tomorrow's big show. The Fed will release its new policy statement at 2pm tomorrow, and while they're not expected to hike rates this time around, there are other important considerations that could have a big impact on rates. One of the considerations is the fact that March is one of the months where the Fed updates its economic projections. Investors largely tune-in to these for a glimpse at the collective rate hike outlook. This has caused big market movement in the past, but something else could be even more important tomorrow. The Fed has increasingly mentioned the impending end of its balance sheet runoff , which refers to its policy of NOT buying bonds with the money it [...]
Tue, Mar 19, 2019 8:19:00 PM, Continue reading at the source
The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) held steady in March , after partially recovering from substantial loses at the end of 2018. The Index, a measure of new-home builders' confidence in the market for newly constructed homes was unchanged at 62 on a 100-point scale. The index finished 2018 at 56, a more than three-year low, after dropping an aggregate of 12 points in November and December. NAHB says affordability still remains a key concern for builders. The skilled worker shortage, lack of buildable lots and stiff zoning restrictions in many major metro markets are among the challenges builders face as they strive to construct homes that can sell at affordable price points. Derived from a monthly survey that NAHB has been conducting for 30 [...]
Mon, Mar 18, 2019 9:04:00 PM, Continue reading at the source
Even though the January Census Bureau report on new home sales published on Thursday wasn't all that encouraging for the spring market, the Mortgage Bankers Association (MBA) is predicting more upbeat news for February. The Association's Builder Application Survey (BAS) shows a 6 percent increase in new home purchase applications from the previous month and a 3-point gain from February 2018. Those numbers are not seasonally adjusted. MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 690,000 units in February 2019, based on its survey data and assumptions regarding market coverage and other factors. This is down 3.2 percent from the January pace of 713,000 units. On an unadjusted basis, the estimate is for 59,000 new home sales in February 2019, [...]
Fri, Mar 15, 2019 11:47:00 PM, Continue reading at the source
It seems like only yesterday that we were looking at the December new home sale numbers - well actually it was 6 days ago. Now we have the January sales numbers as the Census Bureau and the Department of Housing and Urban Development continue to catch up from the shutdown's data drought. However, while December sales surprised everyone with a 16.9 percent increase to 621,000 units (now revised to 652,000) January took back a lot of those gains. Sales were at a seasonally adjusted rate of 607,000 units, a 6.9 percent reversal. This puts sales down 4.1 percent year-over-year. That the January numbers were not worse was solely due to a surge in sales in the West. They fell by double digit percentages in the other three regions. The January estimate was still solidly within the 590,000 to 640,000 [...]
Thu, Mar 14, 2019 9:16:00 PM, Continue reading at the source
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