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In banking, a minimum daily balance is the minimum balance that a banking institution requires account holders to have in their accounts each day in order to waive maintenance fees. [1] This is not to be confused with the average daily balance, which is computed as the sum of daily balances in a billing period divided by the number of days.
The New Jersey Department of Banking and Insurance (DOBI) is one of 15 principal departments in New Jersey government. The department's mission is to regulate the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of these industries. [1]
Bank-owned properties may also be referred to as real estate owned, or REO. You can find bank-owned properties through sources like banks' online listings or RealtyTrac.
Reserve requirements are central bank regulations that set the minimum amount that a commercial bank must hold in liquid assets. This minimum amount, commonly referred to as the commercial bank's reserve, is generally determined by the central bank on the basis of a specified proportion of deposit liabilities of the bank.
Minimum wage increase in NJ Starting on Jan. 1, 2024, minimum wage will increase by $1 bringing it up to $15.13 per hour for most employees. Additionally, wages will increase for:
Bulk REO or bulk real estate owned, from a real estate investor’s point of view, is like investing on wholesale real estate properties. On the other hand, banks or lenders sell or open their assets in group for auction at a very low price compared to their market value. [8]: 51 [9]: 107
A run on the bank occurred on May 12, 1882 following the attempted suicide of Edmund W. Kingsland, the bank's Treasurer, in his office. [5] The run on the bank ceased when an independent audit proved all accounts were in order. [6] Kingsland survived the suicide attempt. [7] In 1989, The Provident Savings Bank celebrated its 150th anniversary.
Its principal subsidiary, Valley National Bank (also doing business as Valley Bank, or just Valley), currently operates over 230 branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois. Valley Bank is one of the largest commercial banks headquartered in New Jersey.