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Hudson City Savings Bank Article
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Holding a Savings Account
from:Introduction
A savings account is basically defined as a bank account designed to help the customers set aside a portion of their liquid assets, while also earning a monetary return.
Offered and maintained by a series of commercial banks, savings and loan associations, credit unions and mutual savings banks, these accounts require that the amount deposited cannot be used directly as money, thus encouraging savings.
Features and Provisions
In most of the cases, such savings account requires that the funds be kept on deposit alteast for a minimum length of time, though some also allow unlimited access to funds. In other words, there is a limit on withdrawals, payments and transfers that might be performed through a savings account.
While some of the banks will not allow any transfer of money beyond this limit, the other will notify the account holder that such a regulation has been violated. Each of the savings account holders are offered an itemized list of all financial transactions, either through a passbook or through a bank statement.
However, withdrawals from a savings account are occasionally costly and at times much higher and more time-consuming than the same financial transaction being performed on a demand account. Though most of the savings accounts do not offer cheque-writing privileges, yet there are many institutions that refer to their higher-interest demand accounts or money market accounts as savings accounts.
Latest Developments
The introduction of internet into the world of banking has made the concept of high yield savings accounts highly popular. Available through virtual banks, such an internet savings account business model is based on an attempt to offer interest rates which are higher than those available at storefront banks. A few amount of retail locations along with low customer service costs through automated and computer systems makes such a business model quite effective. In fact, internet operated banking systems are highly effective and recommended if the customers concerned are well-versed with nuances of internet and are aware of how the system works.
Experts suggest that holding at least one of such savings account is crucial if you want to develop a consistent regimen of savings and investments. The stringent regulations of most of the institutions offering such savings account do not allow you to withdraw frequent or high amount of savings from your account, which indeed have a favorable effect in the long run. In fact, to encourage and attract a large customer base, quite a few of these institutions also offer special internet rates to specific age groups as well, such as youngsters.
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Hudson City Savings Bank News
Hudson City Bancorp, Inc. Reports Quarterly Earnings of $73.0 Million
PARAMUS, N.J., April 25, 2012 /PRNewswire/ -- Hudson City Bancorp, Inc. (HCBK) (the "Company"), the holding company for Hudson City Savings Bank (the "Bank"), reported today ...
Read more...Hudson City Bancorp Reports Quarterly Earnings of $73.0 Million
DECLARED QUARTERLY CASH DIVIDEND OF $0.08 PER SHAREPARAMUS, N.J. -- Hudson City Bancorp, Inc. (NASDA...
Read more...Hudson City Bancorp Turns To Profit In Q1 - Quick Facts
Hudson City Bancorp Turns To Profit In Q1 - Quick Facts
Read more...Ending of FDIC Program Potentially a Major Problem for Hudson City Bancorp and People's United
NEW YORK, NY-- - Earlier this month, the FDIC announced that they have shut down a small bank in Florida, bringing the total of bank failures this year to 23. Bank closures have slowed down significantly ...
Read more...Hudson Valley Holding Corp. First Quarter 2012 Results Include Substantial Growth In Net Income, Earnings, And Net ...
YONKERS, N.Y., April 25, 2012 /PRNewswire/ -- Hudson Valley Holding Corp. (HVB) today reported net income of $18.0 million, or $0.92 per diluted share, for the quarter ended March 31, 2012, compared ...
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