money

Triangle tech companies move money to Black-owned M&F Bank

DURHAM

When William Spruill recently raised $3.5 million for his technology company Global Data Consortium, he began to think about where to park the company’s growing assets.

The choice was likely to be a large national bank, which could offer the best interest rates on the account. But after George Floyd’s killing in Minnesota in May, Spruill, one of the few Black CEOs in the Triangle’s tech scene, wanted his money to have more of an impact on local communities of color.

So, he opened an account at M&F Bank, a Durham-based bank that is one of the oldest Black-owned banks in the country. He ended up putting $3 million of his company’s money there, where he believes it’s more likely to be used in loans to other Black entrepreneurs and businesses.

Spruill didn’t stop there, though. After opening the account, he also challenged other members of the tech

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How a short-term personal loan could save you money

So is this just another type of risk-based pricing? 

In recent years, a bunch of Aussie personal loan lenders have adopted risk-based pricing. It’s a tiered system of pricing whereby a lender offers an interest rate based on a customer’s credit rating.  

However, offering a rate based on a borrowing term is a lot less common. In fact, according to the Mozo database only three lenders have this system in place: SocietyOne, Teachers Mutual Bank and Queensland Country Bank.

Mozo Banking Expert, Peter Marshall explains that this type of tiered system is just another version of risk-based pricing. 

“In this instance, lenders are looking at customers opting to borrow for longer terms as higher-risk,” he said. 

“This is possibly based on their own experience. These lenders may have found that people with longer loans are more likely to have problems over the life of the loan.”  

He also

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WWE’s Miz and Morrison Steal the Money in the Bank Briefcase on SmackDown

Miz and Morrison took on Heavy Machinery on tonight’s episode of WWE SmackDown, and while Miz and Morrison got off to a hot start, Tucker and Otis would eventually get the upper hand, and they kept the offense coming. Morrison would eventually ground Otis a bit, but Morrison tagged in Miz to keep him down, but that didn’t work, as Otis sent Morrison over the ropes. Morrison would counter though and send Tucker to the floor, taking away Otis’ partner. After all was said and done, it was Otis and Tucker who stood tall.

Somehow Otis still managed to take Miz down, hitting the caterpillar and then knocking the wind out of Miz. He then went to the second rope and landed square on Miz. He would capitalize with the pin and the win, getting some revenge on Miz and Morrison.

They didn’t get to celebrate long, as Morrison would

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Smart Money Recently Increased Its Stake in This Bank Stock

Two prominent investors bought more shares of Investors Bancorp (NASDAQ:ISBC) in the second quarter, a time when a lot of smart money appeared to be negative on the banking sector. Specifically, bank hedge fund EJF Capital and community bank activist investor Lawrence Seidman both significantly increased their stakes.

According to 13F reports filed with the Securities and Exchange Commission, EJF Capital increased its stake in Investors Bancorp from 30,000 shares as of March 31 to 200,000 shares as of June 30, a 566% increase. Seidman is a longtime bank investor who will frequently buy a large stake in a public bank and join its board. Seidman increased his position in the roughly $27 billion asset bank from 45,000 shares to more than 117,000, representing a 160% increase.

Following the smart money is a popular investment strategy. EJF Capital was recently down about 20% on the year, according to The Wall

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NC tech companies move money to Black-owned M&F Bank

DURHAM, N.C. — When William Spruill recently raised $3.5 million for his technology company Global Data Consortium, he began to think about where to park the company’s growing assets.



a large brick building: The Mechanics and Farmers Bank building in downtown Durham.


© John Rottet/News & Observer/TNS
The Mechanics and Farmers Bank building in downtown Durham.

The choice was likely to be a large national bank, which could offer the best interest rates on the account. But after George Floyd’s killing in Minnesota in May, Spruill, one of the few Black CEOs in the Triangle’s tech scene, wanted his money to have more of an impact on local communities of color.

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So, he opened an account at M&F Bank, a Durham-based bank that is one of the oldest Black-owned banks in the country. He ended up putting $3 million of his company’s money there, where he believes it’s more likely to be used in loans to other Black entrepreneurs and businesses.

Read More

AMMBAN Decry Illegal Taxes on Mobile Money & Bank Agents by Local Govt. Councils

Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) has frowned at intimidation, disruptions and molestation of its members across the country by local government councils/LCDAs officials and their contractors on the basis of collection of levies and daily tolls.

This extortion according to AMMBAN is coming in the wake of a Pandemic which has brought the World economy to its knees with no exception to its members and their activities. “We have also observed with disdain, an attempt by these ‘meritless contractors’ to categorize our activities with lotto business.

In a statement made available to Nigeria CommunicationsWeek and signed by Oluwasegun Elegbede, national public relation officer of AMMBAN, the association described actions of the local governments and their contractor as a display of high level of ignorance as Mobile Money and Bank agents are not involved in any ‘game of luck’ but a National and somewhat ‘thankless’ assignment

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Experts share coronavirus money tips: Savings, taxes and more

The sudden economic slowdown caused by the coronavirus pandemic has many Americans thinking about their daily finances.

Money experts Andrea Woroch and Allison Kade shared their tips for making the most of your budget.

CORONAVIRUS LAYOFFS SURGE IN U.S., WITH 1 IN 5 HOUSEHOLDS REPORTING LOST WORK

“There is a lot of panic happening right now — from food shortages at grocery stores to health concerns to income and financial worries,” Woroch told FOX Business. “The best thing you can do for yourself right now is to make a financial plan to help you get through these tough times.”

1. Get your tax refund.

Tax season looks a little bit different this year because of the virus. The Trump administration authorized the deferral of $300 billion in IRS payments, although Americans

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What Determines the Amount of Money the Bank Gives a Homeowner in a Foreclosure? | Home Guides

Many banks offer residents cash in exchange for a vacant house left in good condition. Obtaining possession of a foreclosed home as soon as possible helps to minimize the bank’s losses. The bank determines the amount of money it gives the homeowner or occupant of a foreclosed property, and may even offer money to avoid the foreclosure process altogether.

Foreclosure Occupants Who Get Money

Known as “relocation assistance” and “cash for keys,” the money that banks give residents of foreclosed homes functions as incentive to move out quickly and gracefully. Homeowners, renters and other occupants residing in the property at the time of foreclosure may receive an offer from the bank. Occupants can negotiate a move out time and the monetary amount with the bank’s real estate agent, or other representative hired to help the bank take possession of the home.

Less Time Equals More Money

Banks offer cash for

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How Bank of America Makes Money: consumer banking

Bank of America Corp. (BAC), one of the world’s largest investment banks and financial institutions, serves a broad range of customers, including individual consumers, wealthy investors, large corporations and governments. It operates primarily in the U.S., where it gets the vast majority of its revenue, as well as in dozens of countries around the globe. The company faces a broad array of competitors, including JPMorgan Chase & Co. (JPM), Citigroup Inc. (C), Goldman Sachs Group, Inc. (GS), credit card issuers like Visa, Inc. (V), hedge funds, and private equity firms.  The Charlotte, North Carolina-headquartered company expanded from a regional player into a global giant through a series of major acquisitions in the past several decades. 

Key Takeaways

  • Bank of America provides financial services to customers including consumers, wealthy investors, institutional clients, and governments.
  • The company’s Consumer Banking segment provided the largest share of total revenue in
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Bank transfer fraud victims face a lottery getting their money back, says Which?

Bank transfer fraud victims face a “lottery” over whether they will get their money back under a voluntary scams code, according to Which?

The consumer group said victims of authorised push payment (APP) fraud are being treated unfairly or inconsistently by banks and building societies when trying to get their money back – leaving some people thousands of pounds out of pocket.

A voluntary industry reimbursement scheme was set up in 2019 to make it easier for innocent victims who are tricked into transferring money directly to a fraudster to get a refund, in cases where neither they nor their bank is to blame.

Before the scheme was set up, many scam victims were losing money for good – their bank was not obliged to refund them, as the customer had authorised the payment transfer.

Which? said firms should be more realistic when considering whether customers could have done more
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