Moneywise on June 23rd, 2008
Among banks in the western part of the United States, Bank of the West has the highest customer satisfaction, according to a survey by JD Power and Associates. The survey went to nearly 20,000 retail banking customers to discern what retail bank out west offered the best customer experience. “A highest ranking from J.D. Power and Associates is a wonderful tribute to the great people at the Bank of the West and their outstanding commitment to customer service. We have a long tradition of emphasizing service and our bankers believe that Bank of the West customers deserve to have the greatest retail banking customer service in the West,” said Michael Shepherd, President and CEO of Bank of the West. Bank of the West earned a score of 772 to best its regional competitors.
The highest score in the study went to Wachovia in the Southwest United States. BancorpSouth Bank ranks highest with a score of 782 in the Southeast and Commerce Bank won the Midwest and Mid-Atlantic Regions with scores of 750 and 781 respectively.
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Moneywise on June 23rd, 2008
Bank of America (NYSE: BAC) is the largest consumer bank in the country and it’s trying to further its mark on the home mortgage business, despite the recent tumult. It is doing so by offering unprecedent deals from a lender of its size and quality. Bank of America is currently offering no closing fees, no application fee, no private mortgage insurance fee. Their site is easy to use and allows for prequalification in 10 minutes or less. Their site does a great job outlining the closing costs that you can save by completing your loan with Bank of America, saving you up to $6,000.00. Best of all, the company is offering a “Best Value” guarantee whereby if you choose to go with another lended, they will send you a check for $250, which should cover the time you spent applying with Bank of America, and then some.
Moneywise on June 13th, 2008
During these tight credit times, it is no surprise that credit card industry mailings are down 14% year-over-year, according to a report this morning from Credit Suisse. The amount of mailings going out with a 0% teaser interest rate on balance transfers remains steady, however, at 50% of all mailings. According to the report, Bank of America (NYSE: BAC) is pushing the 0% rates the heaviest including them in 93% of all mailings and American Express (NYSE: AXP) the lowest including them on only 27% of all mailings. Expect around a 10% lower decrease in credit card mailings, generally, though those with exceptional credit may actually receive more offers.
The bottom line here is to take advantage of these balance transfers, especially if you are being bent over the barrel by an interest rate above 12%. If you do not plan on being able to pay your balance off, however, pay special attention to the normal interest rate (what kicks in after the teaser) of the balance transfer ends. Also, you should be wary of ‘playing this game’ over and over, it looks bad on your credit report. If you haven’t ever used a balance transfer offer, however, it just makes good economic sense when you have a significant balance and can get an interest rate (after the teaser rate ends) at or below your existing credit card’s interest rate.
