Financial Health Network’s Post

I’ll say it again: The Office of the Comptroller of the Currency’s move encouraging #banks to measure #finhealth is groundbreaking. I published an article in American Banker digging deeper into the OCC’s Vital Signs initiative and its significance for #financialinstitutions and the #financialhealth movement – with the potential to benefit consumers everywhere. I’m inspired by this move from the OCC and go back to the mantra: what gets measured gets managed. Read my article here: https://lnkd.in/gMBEt3h5

Bank of America Q1 financial results : Our Wealth Management team generated record revenue, with record client balances, and investment banking rebounded. Bank of America’s sales and trading businesses continued their strong 2023 momentum this quarter

#DidYouKnow? When asked what drives their overall stress, 31% of customers say finances, the highest response rate among all other reasons, according to the J.D. Power 2024 Banking and Payments Intelligence Report. But here's the good news: you don't have to tackle this journey alone! Banks can offer support and guidance to bridge the gap between feeling overwhelmed by finances and finding a realistic plan forward. This Financial Literacy Month, let's empower ourselves with knowledge and take advantage of the resources available to us. Whether it's seeking advice from financial experts or utilizing banking tools and services, take proactive steps towards your financial well-being. ➡️ Learn more:

In the wake of Fifth Third Bank’s $20 million settlement with the Consumer Financial Protection Bureau, the agency’s leading officials threatened further consequences against the bank’s executives. "The CFPB has caught Fifth Third Bank illegally loading up auto loan bills with excessive charges, with almost 1,000 families losing their cars to repossession," Rohit Chopra, director of the CFPB, said in a press release. "We are ordering the senior executives and board of directors at Fifth Third to clean up these broken business practices or else face further consequences." Learn more about the settlement and the infractions behind it in our latest roundup of top items exploring the issues facing investors. #investor #banking

When a giant in our industry asks me to comment, I'm grateful. This time, it's BAI, the financial services industry voice with a powerhouse team. Thanks, BAI, for discussing my favorite topic - community banking. This time we are focused on the commercial real estate sector. Community banks work tirelessly to support local communities, meet regulations, and deliver shareholder value. It's a tough balance, and that's why I have immense respect for the industry. Read more about it here: 👇 #communitybanks #cre #realestate

What's interesting here is that RBC served as a "source of financial strength" and rescued City National Bank, as Dodd-Frank intended, because a powerful, huge holding company wouldn't let its subsidiary bank fail and the rest of the enterprise was healthy. In Silicon Valley Bank's case, although SVB Financial was sitting on billions in cash and several other valuable subsidiaries, it notably did not serve as a source of financial strength. In other cases, like Republic First, the holding company was just a shell and could do nothing anyway. #banks #bankholdingcompanies https://lnkd.in/gNvKthre

Read this new blog from TransUnion EVP of Financial Services Jason Laky for his perspective on industry changes and the steps financial institutions can take to prepare and equip themselves for a dynamic market in 2024: https://lnkd.in/eGpiAF-e

𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝗙𝗶𝘅𝗲𝗱 𝗗𝗲𝗽𝗼𝘀𝗶𝘁 𝗮𝗻𝗱 𝗥𝗲𝗰𝘂𝗿𝗿𝗶𝗻𝗴 𝗗𝗲𝗽𝗼𝘀𝗶𝘁🏦 𝗞𝗲𝘆 𝗳𝗲𝗮𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗙𝗶𝘅𝗲𝗱 𝗗𝗲𝗽𝗼𝘀𝗶𝘁💵 • 𝗙𝗶𝘅𝗲𝗱 𝗧𝗲𝗻𝘂𝗿𝗲: Fixed deposits have a predetermined maturity date, and you agree to keep your money deposited for a fixed period, which could range from a few months to several years. • 𝗙𝗶𝘅𝗲𝗱 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲: The interest rate for a fixed deposit is determined at the time of opening the deposit and remains constant throughout the tenure, regardless of any fluctuations in the market. • 𝗥𝗶𝘀𝗸-𝗙𝗿𝗲𝗲: They're considered safe investments as they're not subject to market risks. The principal amount invested is usually secure, and you're guaranteed to receive the predetermined returns. • 𝗠𝗶𝗻𝗶𝗺𝘂𝗺 𝗗𝗲𝗽𝗼𝘀𝗶𝘁: Usually, there’s a minimum amount required to open a fixed deposit account. This amount can vary across different financial institutions.   𝗞𝗲𝘆 𝗳𝗲𝗮𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗥𝗲𝗰𝘂𝗿𝗿𝗶𝗻𝗴 𝗗𝗲𝗽𝗼𝘀𝗶𝘁💸 • 𝗥𝗲𝗴𝘂𝗹𝗮𝗿 𝗗𝗲𝗽𝗼𝘀𝗶𝘁𝘀: Unlike a fixed deposit where you deposit a lump sum, in an RD, you commit to depositing a fixed sum at regular intervals (weekly, monthly, quarterly) for a predetermined period. • 𝗙𝗹𝗲𝘅𝗶𝗯𝗹𝗲 𝗔𝗺𝗼𝘂𝗻𝘁𝘀: While the regular deposit is fixed, you can choose the amount you wish to deposit per interval within the allowed limits. • 𝗣𝗮𝗿𝘁𝗶𝗮𝗹 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹𝘀: Some banks allow partial withdrawals from RD accounts after a specific period. This may incur penalties or affect the interest earned. • 𝗥𝗲𝗻𝗲𝘄𝗮𝗹 𝗮𝗻𝗱 𝗖𝗮𝗻𝗰𝗲𝗹𝗹𝗮𝘁𝗶𝗼𝗻: At maturity, you can choose to withdraw the maturity amount or reinvest it for another term. If you want to close the RD prematurely, there might be penalties or reduced interest.   𝗖𝗵𝗼𝗶𝗰𝗲 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝗯𝗼𝘁𝗵 𝗱𝗲𝗽𝗼𝘀𝗶𝘁 𝗮𝗹𝗶𝗴𝗻 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗴𝗼𝗮𝗹𝘀 & 𝗿𝗶𝘀𝗸 𝘁𝗼𝗹𝗲𝗿𝗮𝗻𝗰𝗲💰   Consider these points while taking decision • 𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗥𝗮𝘁𝗲𝘀: Compare the interest rates offered by different banks or financial institutions for both FDs and RDs. Look for the most competitive rates that suit your financial goals. • 𝗠𝗶𝗻𝗶𝗺𝘂𝗺 𝗮𝗻𝗱 𝗠𝗮𝘅𝗶𝗺𝘂𝗺 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁: Check the minimum and maximum deposit amounts required for both FDs and RDs. Ensure they fit your financial capability and goals. • 𝗙𝗹𝗲𝘅𝗶𝗯𝗶𝗹𝗶𝘁𝘆: Assess the flexibility each option offers. FDs might have limited flexibility in terms of deposit or withdrawal, whereas RDs allow regular deposits, giving a more structured savings plan. • 𝗟𝗶𝗾𝘂𝗶𝗱𝗶𝘁𝘆: Evaluate your need for liquidity. RDs offer more flexibility to withdraw smaller amounts if needed, while premature withdrawal from FDs may incur penalties.   Equivaluesearch Saumitra Mondal #Finance #deposits      

Largest Banks in the U.S. 2024 https://lnkd.in/gT2wubUJ The financial landscape of the United States is dominated by a few key players, each boasting significant assets and influence. As of 2024, the largest banks in the U.S. continue to play a crucial role in the global economy, shaping financial trends and policies. This article provides an in-depth look at the top banks in the country, highlighting their size, services, and impact on both the national and international stage. 1. JPMorgan Chase & Co. Overview JPMorgan Chase & Co. remains the largest bank in the United States by assets. Headquartered in New York City, JPMorgan Chase offers a comprehensive...

Read this new blog from TransUnion EVP of Financial Services Jason Laky for his perspective on industry changes and the steps financial institutions can take to prepare and equip themselves for a dynamic market in 2024: https://lnkd.in/dG6Nmxdk