Categories
401k and Personal Finance

Leaving the Citi

Reading Time: 2 minutes

Last Updated on May 28, 2009 by stlplace

I mean the Citi Bank checking account. A few years ago I opened Citi Checking account online, mainly to take advantage of a $150 offer (if I do direct deposit) or keep balance at certain level (which is $1,500). A few months ago, I switched job, and in the process did not set up the direct deposit for Citi. Citi did not access the monthly charge initially until May 7, they put up $9.50 monthly service charge. Since I no longer need the account, and there is no Citi bank branch here in St. Louis, I went ahead, called the custmer representative (who is in India), and closed the account.

Categories
Investing

US Bancorp share looks cheap

Reading Time: < 1 minute

Last Updated on May 28, 2009 by stlplace

(Update) According to Dow Jones News, USB sold 139 million shares at $18 per share. See the news at WSJ.

(Original) When I say cheap, I meant in relative terms.

US Bank logo

My benchmark: Buffett endorsed 2 banks in Berkshire annual shareholder meeting: US Bank (NYSE: USB) and Wells Fargo (NYSE: WFC). Many people did not know current Wells Fargo is not the good old Wells Fargo in the west coast, a little more than 10 years ago Norwest and Wells Fargo merged, and adopted the Wells name. Ok, back to the topic. Both USB and WFC stocks had a fun ride in the last 12 months. But more interestingly, as of today, WFC is down 5% YoY, while USB is down 42%. In the past 12 months a lot things have happened to Wells, the biggest one being the Wachovia acqusition. Both took TARP money. Both issued common stocks: twice for Wells (last Fall and last week), once fot USB (today). But the purpose of issing stocks is slightly different: Wells needed the money for captial, USB needs the money to pay back TARP.