Hello! If you're new here, you may want to subscribe to our RSS feed or sign up for free email updates. Thank you for visiting!
(No Ratings Yet)The Good and The Bad Of Credit Cards
|
|
It is no huge secret that credit cards can cause a mountain of problems when it comes to credit card debt. Many times individuals will get caught up in the enjoyment they get from the freedom that can be found when they are shopping with credit cards, and this can end up causing a heap of financial problems in a very short amount of time. One major reason that individuals begin to get smothered under credit card bills that can easily pile up is they get into the habit of only paying the minimum amount owed on their credit card bills. This can result in the feeling that you are only spinning your wheels with a balance that never seems to go anywhere except up. You should always pay more than the minimum payment and if at all possible you should try to keep the balance paid off each month. Another problem can arise when you keep a large amount of credit available on your credit cards. If you have a large credit line open, this can keep you from being able to secure a future loan on the automobile or new home, [...] Continue Reading…
(No Ratings Yet)Bank of America to Exercise Remainder of China Construction Bank Option
|
|
CHARLOTTE, N.C., Nov. 17 /PRNewswire/ — Bank of America Corporation has given notice of its plan to exercise the remainder of its option to purchase ordinary shares of China Construction Bank Corporation from China SAFE Investments Limited (Huijin). Bank of America acquired the option from Huijin in connection with its investment in CCB in June 2005. Bank of America expects the purchase of the option shares will be completed by the end of November. Immediately following the purchase, Bank of America would hold about 44.7 billion H-shares of CCB, representing about 19.1 percent of CCB’s issued shares.
Bank of America currently holds approximately 10.75 percent of the issued shares. The shares being acquired under the option may not be sold until August 29, 2011 without CCB’s consent. Bank of America intends to remain a long-term and significant strategic investor in CCB. In addition, both companies intend to further their mutual cooperation and other initiatives under the 2005 Strategic Assistance Agreement.
Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. [...] Continue Reading…
(No Ratings Yet)J.P. Morgan Helps States Distribute Nearly $250 Million in Disaster Relief
Bank Takes Leadership Role in Helping Public Sector Respond to Major Emergencies
NEW YORK, November 12, 2008 — J.P. Morgan today announced that during the past year it assisted California, Indiana, Louisiana, Nebraska and Washington in providing assistance to victims of natural catastrophes. Disaster Food Stamp Program funds totaling nearly $250 million were distributed to more than 710,000 households via J.P. Morgan’s Electronic Benefit Transfer (EBT) cards.
“EBT and debit cards are an effective payment mechanism during disaster situations as they provide benefit recipients with immediate access to assistance,” said Laurie Neill, managing director of Public Sector Solutions, J.P. Morgan. “J.P. Morgan is proud to have helped our state government clients prepare for and react to major emergencies effectively.”
In response to hurricanes Gustav and Ike in September 2008, J.P. Morgan’s EBT cards were used to assist Louisiana in deploying one of the largest Disaster Food Stamp Program benefit issuances in U.S. history. More than $208 million in emergency benefits were issued to 609,595 households.
DSS Interim Secretary Kristy Nichols said, “In the wake of the two hurricanes, DSS worked with Florida and J.P. Morgan to implement the first-ever technology partnership between states for issuing Disaster Food Stamp Program benefits.”
Teams from Louisiana, Florida, [...] Continue Reading…
(No Ratings Yet)”Getting Around” the Economy: Consumers Find Smart Ways to Travel This Holiday Season, According to Recent Survey of American Express Travel Agents
Increased Number of Agents Say Holiday Travelers Are Seeking Greater Value and Redeeming Rewards Points to Offset Costs
NEW YORK, November 13, 2008 — A new survey of more than 900 American Express Travel agents suggests that travelers this holiday season are savvier than ever before, fulfilling their vacation plans in the midst of the current economic downturn by finding smart ways to save. Consumers are stretching their vacation budgets, seeking value in every aspect of their travel plans and cutting costs wherever they can through measures such as redeeming reward points to offset costs, taking shorter trips, visiting alternative destinations, staying closer to home and choosing less expensive hotels.Seventy-seven percent of agents said vacationers are looking for more value or bargains than in the past, while 86% of agents reported that their customers are looking for “smart luxury” options, defined as unique travel experiences and special treatment for less.
“With travel budgets tighter, we’re seeing our Cardmembers and travel customers work with our knowledgeable travel agents to find savvy ways to keep holiday travel plans while saving costs,” said Audrey Hendley, vice president of marketing, American Express Travel. “Many look forward to their end-of-year vacations and feel it’s too important [...] Continue Reading…
(No Ratings Yet)What Is A Business Credit Card?
Just as an individual’s personal credit rating is very important, this is also something that is true for a businesses credit rating as well. If you own a new business and you are just starting to get some credit established for your company, you will need to know the important differences there are between personal credit cards and that of business credit cards.
When you decide that you would like to get a credit card for your business it is important that you are receiving a business credit card and not a personal credit card. There are a variety of different companies that will allow you to get a credit card with your business name on it, but they will then use your personal credit history when you are applying for the card. Of course if you are trying to establish credit for your new business, these particular cards will not be of much benefit to you, as it will only affect your personal credit and not the credit history that you are trying to build for the company that you own.
One of the biggest benefits that many business owners enjoy when they have a business credit [...] Continue Reading…
(No Ratings Yet)American Express Granted Bank Holding Company Status
NEW YORK, November 10, 2008 — American Express announced today that the U.S. Federal Reserve has approved its application to become licensed as a bank holding company and to be regulated by the Federal Reserve.
Qualifying as a bank holding company will provide American Express maximum flexibility and stability in this challenging economic environment. It aligns American Express’ regulatory status with other companies in the financial services industry, further diversifies the Company’s funding sources and access to capital, and provides opportunities to expand its deposit-taking capabilities.
“Given the continued volatility in the financial markets, we want to be best positioned to take advantage of the various programs the federal government has introduced or may introduce to support U.S. financial institutions. We will continue to build a larger deposit base to broaden our funding sources. With Federal Reserve oversight we should gain greater access to the capital on offer under the current and any future government-sponsored programs. This decision to become a bank holding company does not fundamentally change American Express’ core focus on the payments industry, nor will it require any significant divestitures,” said Kenneth I. Chenault, Chairman and Chief Executive Officer, American Express Company.
American Express already has two long-standing U.S. [...] Continue Reading…
(No Ratings Yet)Bank of America Names Kathy Lacy Market President for Topeka, Kansas
WICHITA, Kan., Nov. 10 /PRNewswire/ — Bank of America Kansas President Diane Dickerson today announced that Kathy Lacy has been named market president for Topeka, Kansas.
In this role, Lacy will be the senior Bank of America leader in the Topeka market, which includes Topeka, Lawrence, Junction City and Emporia. She will work with fellow Bank of America associates to identify opportunities for growing revenue in the region. In addition, Lacy will direct local sponsorship activities aimed at strengthening the Bank of America brand, and work closely with non-profit organizations to address community needs.
Lacy is a member of Bank of America’s Consumer and Small Business Banking Team. She joined bank of America in 1998 as a banking center manager in Topeka. She was promoted to community bank executive in 2004.
“We are excited that Kathy will be stepping into this critical leadership position,” said Dickerson. “Her strong record of business and community leadership makes her an outstanding choice for this important role.”
Lacy graduated from Washburn University in 1998 with a bachelor’s degree in Business Administration, Finance and Marketing. She has a long history of community involvement in Topeka, including serving on the Boards of March of Dimes and Junior Achievement. She [...] Continue Reading…
(No Ratings Yet)Bank of America Launches New Global Capabilities for Purchasing and Travel Expenses
New capabilities to facilitate efficient international payments, provide enhanced global solutions for clients
CHARLOTTE, N.C., Nov. 10 /PRNewswire/ — Bank of America today announced advancements in purchasing card and travel card capabilities to clients by being able to issue and settle in local currencies throughout Europe.
These new capabilities are designed to offer greater simplicity and ease of use for clients with international purchasing, travel and entertainment expenses. This expanded offering is another milestone corporate card solution for Bank of America which does business with more than 140,000 companies and has been a leader in the card space for almost 50 years.
“We are committed to delivering solutions to our clients where they do business,” said Kevin Phalen, Integrated Debt and Treasury executive. “As a result, we are expanding our offering in Europe with the intention of providing current and new customers with a tailored payment solution that allows them greater control and flexibility and aligns with their business strategy geographically.”
Among the benefits now available is a local currency settlement feature, which can help minimize foreign exchange risk by settling and recording all transactions in local currency. Clients will enjoy consolidated account reporting across multiple countries, regions and globally. Additional benefits include [...] Continue Reading…
(No Ratings Yet)J.P. Morgan Securities Inc. Announces Extension of its Auction Rate Securities Tender Offer
NEW YORK, November 10, 2008 — J.P. Morgan Securities Inc. announced today that it has extended its previously announced tender offer to buy certain auction rate securities from certain investors. The offer will now expire on December 12, 2008, at 5:00 p.m. (EST). The securities eligible for the tender offer are those purchased by certain individual investors and certain charities and small to medium sized businesses from J.P. Morgan Securities Inc., Chase Investment Services Corp. and Bear, Stearns & Co. Inc. prior to February 12, 2008 and had an auction fail at least once during the period from June 1, 2008 to August 31, 2008.
All eligible securities that were validly tendered, but not yet accepted for purchase, prior to 5:00 p.m. (EST), on November 7, 2008, have been accepted for payment, with purchases expected to settle on November 12, 2008. As of November 7, 2008, J.P. Morgan Securities Inc.had received valid tenders of approximately $2 billion principal amount and liquidation preference of eligible securities.
Additionally, eligible securities that are validly tendered on or after today and prior to 5:00 p.m., (EST), on December 12, 2008, and that have not been accepted for purchase prior to 5:00 p.m., (EST), on [...] Continue Reading…
(No Ratings Yet)Bank of America hires Robert de Gidlow to Global Liquidity Product and Solutions Consulting team
LONDON – November 7, 2008-Bank of America today announced the appointment of Robert de Gidlow as a senior vice president in the company’s Global Liquidity Product and Solutions Consulting team. De Gidlow is based in London and reports to Michael Golden, product management executive for Global Liquidity Product and Solutions Consulting.
De Gidlow fills a newly created position to provide global liquidity expertise, deal recommendations and structured liquidity solutions to Bank of America’s EMEA-based clients.
De Gidlow joined Bank of America from Citibank where he was Regional Liquidity product specialist for two years. Prior to this, he was a sales consultant with JPMorgan Chase.
“We’re delighted to welcome Robert to our Global Liquidity Product and Solutions Consulting team,” commented Nick Diamond, Global Product Solutions sales executive for EMEA. “With his extensive treasury services and liquidity management experience in both banking and corporate treasury, Robert is a great addition to our global liquidity team.”
The Global Liquidity Product and Solutions Consulting team is part of Bank of America’s Global Product Solutions division, which designs, delivers and services integrated credit and treasury products to more than 140,000 clients world-wide.
About Bank of America
Bank of America (NYSE: BAC) is one of the world’s largest financial institutions, serving [...] Continue Reading…
