Bank #3. One of the largest banks in the USA Commerce is one of the nation's fastest growing
financial services retailers. Since its inception in 1973, Commerce
continually has honed a unique and very successful retail model,
which fuels the Bank's continuing growth. Commerce has expanded
substantially since opening its first store more than 30 years ago
in Marlton, New Jersey. Today, the Commerce network comprises more
than 340 convenient stores throughout New Jersey, Pennsylvania,
New York, Delaware, Washington, DC, and Virginia, and will enter
the southeastern Florida market in 2006.
As "America's Most Convenient Bank," Commerce looks different,
thinks different and provides a truly different banking experience.
The Bank's "have it your way" approach emphasizes the
importance of providing customers with convenient, quality financial
services, whenever, wherever and in whatever way they may want them.
FREE Checking First year FREE, then only a $100 minimum balance*
FREE first order of wallet-style checks
No-Fee Commerce ATM/Visa® Check Card
No per item transaction charges
CheckView - An easy, more convenient way to review and organize cancelled checks
Statement Savings.Savings with flexibility! Make deposits and withdrawals at any branch or ATM. Plus, make transfers with Commerce Online Banking and Bank-by-Phone. All activity is conveniently summarized on an easy-to-read monthly statement.
No monthly service charges with only a $100 minimum balance!
Premier Savings. Commerce Bank can help make your money grow. The Premier Savings deposit account provides competitive high-yield savings in a rising rate environment.
Passbook Savings. Perfect for those who don't want to reconcile a monthly statement. Your passbook is updated each time you visit any of Commerce's Bank conveniently located branches.
No monthly service charges with only a $100 minimum balance!
Loans Get a fixed rate and term and fixed regular payments. A Personal
Loan doesn't require collateral like most other loans, although
rates are often lower with a Commerce Bank savings or money market
account, or a Certificate of Deposit as collateral.
Personal Lines Of Credit
You're in control with a Personal Line of Credit. There is no collateral
required, unlike with most other loans and lines, and you can use
your line all at once or a little at a time. With a Personal Line
of Credit, you'll be ready to take advantage of a great opportunity
or cover an emergency. You'll pay interest only on the money you
Helping Hand, Low-To-Moderate-Income
Helping Hand loans were designed to assist limited-income families
with their personal credit needs by providing low-cost, fixed-payment
financing for home improvements or other purposes Visa® Platinum Credit Card
The unique Commerce Visa® Platinum Credit Card gives you
No Fees, No Penalties, and No Unpleasant Surprises, all with
a competitive annual percentage rate (APR)! You'll even earn
3 Visa Extras Reward points for every $1 of qualifying purchases.
You can use the card to pay for purchases at over 20 million merchants.
You can also access cash at over 900,000 ATMs in 150 countries.
Cash Reserve/Overdraft Protection
Line Of Credit
Combine any Commerce Bank checking account with a Cash Reserve Line
and get protection from overdrafts. Cash Reserve is also a great
source of extra cash, right at your fingertips. The added convenience
and peace of mind costs nothing until you decide to use it. Conventional Auto Loans
Get the car you want with payments that fit your budget. Commerce
Bank offers terms up to five years on new cars and four years for
used cars. Commerce Bank offers some of the lowest rates around.
Tax Advantage Auto Loans
If you're a homeowner, Commerce Bank has a better way to finance
your next car. The Tax Advantage Auto Loan is a fixed-rate loan
secured by your primary residence. So, you get all the benefits
of a home equity loan - with no equity requirements on your house.
You'll also get a number of advantages over a typical auto loan,
The interest may be tax deductible. Consult your tax advisor.
Lower interest rates mean lower monthly payments
Dealer "cash back" incentives could lower the purchase
price of your car Pleasure Boat Loans With competitive rates and superior customer
service, Commerce Bank can help make your dream of owning a pleasure
boat a reality. And, you'll get an additional rate discount when
your payments are automatically deducted from a Commerce checking
account Manufactured Home Loans
If you're looking to purchase, refinance or make improvements to
a manufactured home, Commerce has the loan to meet your needs. Commerce
offers competitive fixed rates, flexible payment options and professional,
responsive customer service Credit Life/Disability Insurance Protection
Low-cost, Credit Life and Disability Insurance Coverages can provide
peace-of-mind for you and your family. Credit Life Insurance protection
is available on most of the loans and lines Commerce Bank offers.
Disability Insurance protection is available on most of Commerce's
Investment Finance in Economic Development
Book by Routledge, 1995
Departing from the prior-saving argument
Finance in a monetary production economy
In the previous chapter it was established that the unifying principle of most models of finance and development is that saving is a pre-condition for accumulation. It was also indicated that Keynes's disputing view (i.e. that finance and investment precede saving) would be used in this book as the starting point of an alternative approach. In this chapter the foundations of Keynes's and post-Keynesians' views on finance are discussed. Initially it sets out the principles behind Keynes's paradigm of the monetary-production economy and shows why investment is the causa causans of output and employment in this paradigm. Further it argues the case that Keynes's view on finance is deeply rooted in his perception of the stage of development of the banking system. We then build on the Keynes's paradigm of a monetaryproduction economy to stress the fact that banks (and not savers) are the suppliers of finance and a simplified model of the banking firm under uncertainty is presented. Finally we address the consequences of the post-Keynesian view on finance for open-economy analysis.
THE MONETARY PRODUCTION ECONOMY
Neoclassical economics presumes that, in equilibrium, a market economy behaves as if it were what Keynes called a real-wage or co-operative economy. As the name suggests, in such an economy production is organised co-operatively and the output distributed in kind: 'the factors of production are rewarded by dividing up in agreed proportions the actual output of their co-operative efforts' (Keynes 1979:78). In other words, in equilibrium the real income of each factor corresponds to its productivity.
Saving and financial markets in economic growth
In the previous chapter the implications of the following three propositions, which are common assumptions in most post-Keynesian analyses, have been analysed in the context of growth: (1) investment is the causal determinant of output, employment and income; (2) from a macroeconomic standpoint, banks, and not savers, play the most fundamental role in the process of finance; and (3) the rate of interest may affect the investment decision and, especially, the allocation of financial wealth between different existing financial assets. The discussion of the theoretical reasoning behind, and institutional background of, these assumptions has permitted us to unveil the role of banks in a monetary production economy. We have showed that it is bank credit, and not saving, which plays the crucial role in the financing of investment. This would appear to leave no role for saving, but such is far from being the case. The present chapter develops the supporting role played by saving, and by financial markets in economic growth-a role which has been overlooked even by most post-Keynesian models. For this task, two hypotheses are examined: first, that economic growth is followed by increasing systemic financial fragility; second, that this financial fragility can be mitigated by funding, i.e. the issue of long-term securities by the investing firms to consolidate their short-term liabilities.
The chapter is organised as follows. First, it presents a stock-flow model of finance, investment and saving from a Keynesian perspective. Then Minsky's financial fragility hypothesis is reviewed in the light of the above-cited model; this review establishes that growth, in monetary production economies, increases financial fragility. Further the role of funding, saving and financial markets in achieving a financially stable..
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