New episodes will air weekly, each containing a challenge that tests the ability of each cast member to budget efficiently to see who has truly mastered the art of being a bona fide Cheapster. The competitors will be evaluated based on their thrift as well as their creativity, and the contestant with the lowest score at the end of each challenge will be eliminated. Be sure to look for executive representatives of Zions Bank, along with some celebrity guests, serving as the judges of each episode’s challenge.

Check out the Cheapster Facebook page for more details and to watch episodes: Facebook.com/CheapsterTV

SALT LAKE CITY — At a time when many consumers are watching interest rates on their credit cards rise in the aftermath of the Credit Card Act of 2009, Zions Bank’s Low Rate Visa Platinum card has been ranked No. 1 in the country for the lowest ongoing interest rate for consumers with good credit. Zions Bank’s card surpassed 216 others in the category of “Low APR” on www.nerdwallet.com, winner of Money magazine’s 2010 Best Credit Card Website (based on the site’s July 7, 2010 listing).

Zions Bank’s Low Rate Visa Platinum card features an introductory 7.00 percent variable APR for new purchases and charges no annual fee. Cardholders can also customize their first card for free with their personal photo. Additionally, clients are eligible to earn up to 50 percent cash back at participating Zions Cash Rewards merchants. Subject to approval, the rate is available to consumers with good credit with a $35,000 minimum household income. Terms and conditions apply. More information and online applications are available at www.zionsbank.com.

The recent passage of the Credit Card Accountability and Disclosure Act of 2009 has meant that many card issuers have had to raise interest rates to compensate for lost fee income. The current average
credit card rate in the U.S. is 14.39 percent, according to bankrate.com’s weekly survey of variable rate cards among the 50 largest card issuers. But Zions Bank’s credit card rates have remained unchanged since the new regulations went in to effect, with rates ranging between 7 percent and 12.25 percent, depending on card type.

“Zions Bank’s credit card model is different from that of big credit card issuers. Our focus is more on frequent and responsible use of credit,” said Brian McCaul, Bankcard Marketing Manager. “We’ve never offered sub-prime cards, nor have we ever charged default of penalty rate pricing.”

McCaul notes that, as a company, Zions has a heritage of conservative lending policies, which means
that many clients tend to have relatively strong credit scores. Since the portfolio carries less risk, Zions
Bank’s cards can be priced more competitively.

“While many of our clients pay off their balances each month and are less concerned about interest rate, during this slower economy, having the option to carry a balance with an affordable interest rate, offers clients additional options,” McCaul said.

Between now and October 2, new card clients can also transfer existing card balances to Zions Bank’s Low Rate Platinum card and enjoy the same 7.00 percent low APR fixed for 12 months. There is a 2 percent balance transfer fee, but the fee is capped at a maximum of $50. Most issuers charge 3 percent on balance transfers with no maximum fee. After the 12 months, the rate will change to prime plus 15.99 percent.

Zions First National Bank, a subsidiary of Zions Bancorporation (Nasdaq: ZION | PowerRating), operates
134 full-service branches and nearly 200 ATMs in Utah and Idaho. In addition to offering a wide range of
traditional banking services, Zions Bank is also a leader in small business lending and has consistently
ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 16 years
and Idaho’s Boise District for the past eight years. Founded in 1873, Zions Bank has been serving the
communities of the Intermountain West for more than 135 years. Additional information is available at
www.zionsbank.com.

]]> http://think.zionsdirect.com/2010/07/12/zions-bank-credit-card-ranks/feed/ 3 http://think.zionsdirect.com/2010/04/13/zions-bank-extends-first/ http://think.zionsdirect.com/2010/04/13/zions-bank-extends-first/#comments Tue, 13 Apr 2010 22:41:13 +0000 Press Release http://think.zionsdirect.com/?p=3644 Zions Bank recently facilitated the first Build America Bond in Idaho, assisting Southwest District Health in financing construction of a new 51,100-square foot public health care facility to be located in Caldwell at 13307 Miami Lane. The Build America Bond program, which was created through the American Recovery and Reinvestment Act of 2009, allows . . . read more Read More]]>

Zions Bank operates 26 full-service branches in Idaho and 103 branches throughout Utah. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small business lending and has ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Idaho’s Boise District for the past eight consecutive years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for 135 years. Additional information is available at www.zionsbank.com.

The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Centennial Bank, Ogden, Utah. The bank was closed March 5, 2010 by the Utah Department of Financial Institutions, which appointed the FDIC as receiver.

The FDIC entered into an agreement with Zions First National Bank, Salt Lake City, Utah, to accept the failed bank’s direct deposits from the federal government, such as Social Security and Veterans’ payments.

The FDIC was unable to find another financial institution to take over the banking operations of Centennial Bank. As a result, checks to the retail depositors for their insured funds will be mailed on March 8, 2010. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.

As of December 31, 2009, Centennial Bank had approximately $215.2 million in total assets and $205.1 million in total deposits. At the time of closing, the bank had an estimated $1.8 million in uninsured funds. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-889-4976. Customers with accounts in excess of $250,000 also should contact the toll-free number to set up an appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m. Mountain Standard Time (MST); on Saturday from 9:00 a.m. to 6:00 p.m. MST; and on Sunday from noon to 6:00 p.m. MST; and thereafter from 8:00 a.m. to 8:00 p.m. MST. Interested parties also can visit the FDIC’s Web site at www.fdic.gov/bank/individual/failed/centennial-ut.html.

Beginning on Monday, customers of Centennial Bank with deposits exceeding $250,000 at the bank may visit the FDIC’s Web page “Is My Account Fully Insured?” at www2.fdic.gov/drrip/afi/index.asp.

Centennial Bank is the 26th FDIC-insured institution to fail this year and the second in Utah since Barnes Banking Company, Kaysville, was closed on January 15, 2010. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $96.3 million.

Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation’s banking system. The FDIC insures deposits at the nation’s 8,012 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC’s Public Information Center (877-275-3342 or 703-562-2200).

While the Card Act has resulted in significant changes for many card issuers, the impact to Zions Bank has been minimal since we have never engaged in the “unfair and deceptive” practices addressed in this new law. Let me share with you a few examples of how we’ve approached some of the issues addressed in the Card Act over the years.

Universal Default – The Card Act eliminates “universal default,” which occurs when issuers increase interest rates for clients who miss a payment on any other account. The average default rate in the U.S. is nearly 29 percent, and 90 percent of the credit cards in the country have penalty rates. Zions Bank has never practiced universal default. In fact, we don’t have any default or penalty rate pricing.

Time to Pay – The Card Act mandates that cardholders must be mailed their statements 21 days before the due date. Zions Bank’s statements have always been mailed at least 21 days before the due date. In addition, Zions Bank consumer cardholders have a full 25-day grace period to pay their balance before interest is charged on new purchases.

Rate Increases – Cardholders are protected against arbitrary interest rate increases under the provisions in the Card Act. Zions Bank does not increase interest rates arbitrarily. In fact, the last time Zions Bank raised interest rates on new credit card purchases was July 2006, since our credit card interest rates are tied to the Prime Rate. As the Prime Rate started dropping in late 2006, all of our interest rates for purchases have come down and have stayed at record lows since December 2008. (Note: Credit card interest rates in the U.S. currently average 14 percent. Zions Bank’s rates are between 7 percent and 12.25 percent on new purchases.)

Allocation of Payments – The Card Act states that cardholders must receive fair allocation of their payments to different balance rates. Ninety-five percent of cards allow issuers to apply payments in a manner that the Federal Reserve found “likely to cause substantial monetary injury to consumers.” Zions Bank allocates payments fairly to different balance rates.

Double-Cycle Billing – Under the provisions in the Card Act, issuers are prohibited from double-cycle billing, a practice that hurts cardholders who pay off their balances in full in one statement cycle, but not the next. Zions Bank has never practiced double-cycle billing.

Zions Bank’s Guiding Principles state that our goal is to create value. These principles also state that we will conduct our business with integrity and decency and will strive to treat our customers with respect and appreciation. At a time when many of our competitors need to make significant changes in their credit card practices, I am proud of the fact that the newly legislated practices of fairness and transparency are the practices we have followed for years.

To our clients, our communities, our employees and our shareholders, this serves as yet another example that we haven’t forgotten who keeps us in business.

View Zions Bank’s credit and debit card options.

Scott Anderson is president and CEO of Zions Bank

Featured in the January/February 2010 issue of Zions Bank’s Community magazine.

Under the terms of an agreement with the DINB and FDIC, Zions Bank will provide operational management of the DINB. All 10 former branches of Barnes Bank will open on Saturday, January 16, 2010 at 9 a.m. as branches of the DINB of Kaysville for an interim transition period, after which the new bank will be closed. Direct deposit, checks, ATMs and debit cards will work normally for former customers of Barnes Bank during the transition period.

Zions Bank has also received approval from the Office of the Comptroller of the Currency to operate temporary branches inside the 10 former Barnes Bank locations, allowing Zions Bank to accept funds from former customers of Barnes Bank and assist them in opening deposit accounts with Zions Bank.

“We’re really here to help. Barnes Bank has a legacy of providing quality service to families and businesses in the community since 1891, so we want to help their former clients through this transition,” said Scott Anderson, president and CEO of Zions Bank. “This is an extremely difficult situation for everyone, but we are prepared to answer questions, provide support and comfort, and assist former Barnes Bank clients into new banking relationships.”

“We are honored to be asked to assist the FDIC with their efforts and continue to support our fellow Utahns through challenging times,” added Anderson. “Our goal is to ensure that former Barnes Bank clients have as smooth a transition as possible during such a stressful time.”

Zions Bank approved 869 SBA 7(a) loans in Utah totaling $58.7 million for the fiscal year ended Sept. 30, 2009. These loans represent 38 percent of the 2,247 SBA-backed loans approved in the state during fiscal year 2009.

“At a time when questions are being raised about banks’ willingness to make loans, Zions Bank is proud to continue to demonstrate our institution-wide commitment to supporting small businesses as they build and drive our economies,” said Zions Bank President and CEO Scott Anderson. “Even in a challenging environment, the fact that we approved just 40 fewer SBA loans than we did in fiscal year 2008 further demonstrates our willingness to lend to small businesses.”

Zions Bank also leads all other financial institutions in Utah in marketing SBA loans to women-owned businesses. During fiscal year 2009, 28 percent (or 252) of the SBA loans approved by Zions Bank were to women and minorities. Additionally, 14 percent of loans approved by Zions were to rural businesses.

SBA 7(a) loans are the most basic and most used type of loan in SBA’s business programs. The program offers up to 25-year, fully amortized loans that result in lower monthly payments for the borrower. Proceeds from the 7(a) program may be used for most business purposes, including the purchase of real estate for business operations, acquisition of equipment, and working capital.

The 7(a) loan category also includes SBA’s new America’s Recovery Capital (ARC) loans, designed to provide an immediate infusion of capital to struggling but viable small businesses. Zions Bank became the first financial institution in the nation to receive authorization by the SBA to extend a new ARC loan to a small business client on June 15, 2009.

Through the end of fiscal year 2009, Zions Bank approved 82 percent of all ARC loans in the SBA’s Utah District, or 162 loans totaling $5.3 million.

Nationwide, small firms with fewer than 500 employees represent 99.9 percent of the 26.8 million businesses in America. Small businesses employ about 50 percent of the private workforce, account for more than half of the nation’s private sector output, and are the principal source of new jobs in the U.S. economy. In Utah, about 97 percent of businesses qualify as “small businesses” (businesses with fewer than 500 workers).

So you wouldn’t expect a banker to come out in favor of more regulation. Yet that’s just what I’m doing — up to a point.

I support the Obama administration’s proposals to develop ways of handling the failure of large financial institutions so it doesn’t send shock waves throughout the economy. I also support the need to get away from taxpayers having to prop up an institution because someone thinks it is “too big to fail.” It’s also important that we close the regulatory gaps that allowed unregulated and lightly regulated financial companies — like mortgage brokers — to create the kind of problems that have devastated our economy.

However, there is one reform the administration has put forward that will do more harm than good — the proposal for a Consumer Financial Protection Agency.

While it is hard to argue against anything entitled “consumer protection,” when you peel back the labels, the CFPA would have the government decide what products Zions Bank (and all banks throughout Utah, Idaho and the nation) can offer you and/or your business. And it would add yet another agency in Washington to send yet another set of examiners into our already over-regulated banks.

Traditional commercial banks like Zions Bank did not sell the toxic mortgages that led to the current housing bust and the resulting recession. In fact, the administration’s own proposal states that 94 percent of the high cost mortgages occurred outside of the regulated banking sector. For more than 135 years, Zions Bank has been meeting the financial needs of our communities. We are a part of the solution to this financial crisis because we are among those banks who are still lending. During the second quarter of this year, Zions Bank originated nearly 6,000 new loans totaling $623.0 million.

Just as it would be a mistake for government to micromanage how your physician practices medicine, it would also be a mistake to micromanage the banks that had nothing to do with creating this recession.

Another part of the proposal that is troubling is the elimination of federal preemption of state consumer protection laws. The existing system allows banks to offer products and services on a nationwide basis that provide important benefits to consumers in our highly mobile society. For example, how will nationwide ATM networks or online banking systems function if individual states enact new restrictions? Transactions through these networks will become far more onerous for consumers under the administration’s proposal.

We’re not going to renew our economy by throwing traditional banks under the bus and holding them there. More red tape isn’t going to bind up the nation’s wounds. It’s going to strangle the one part of the economy that is still lending to help grow small businesses, promote home ownership and support consumer spending.

Banks such as Zions Bank, here and around the country, are intensively regulated and federally insured financial institutions dedicated to serving our clients and growing our communities. We consider ourselves, first and foremost, a community bank because we are actively engaged in important community issues and are deeply committed to help provide creative solutions to community needs.

So as Congress rushes to pass financial reform legislation, I hope you will think about the consequences that some of these reforms would have — the good and the bad.

If there is one thing we all should learn from the current financial crisis, it’s that if something sounds too good to be true, it probably is.

A. Scott Anderson is President and Chief Executive Officer of Zions First National Bank

Featured in the September/October 2009 issue of Zions Bank’s Community magazine.

To help you rest at ease, the Utah Educational Savings Plan — in partnership with Zions Bank — has introduced the first-of-its-kind FDIC-insured savings account in the 529 plan realm that doesn’t have minimum deposit or balance requirements and is tax free if you withdraw from it to pay for higher education. Investment-research firm Morningstar Inc. recently named it one of the Top Five 529 savings plans in the country.

Funds in the savings account may be eligible for FDIC insurance on a pass-through basis to each UESP account owner up to the standard maximum deposit insurance amount set by federal law — currently $250,000 through 2013. You may wish to consult a professional adviser to determine if your account is properly established and the records are being properly maintained in accordance with FDIC requirements for “pass-through” insurance. Check www2.fdic.gov/EDIE for more
information.

Here’s how it works. To open a UESP account, go to www.uesp.org to find the account agreement form. Either complete the form online or print and mail it to P.O. Box 145100, Salt Lake City, Utah 84114-5100. Once the account is open, you can invest in it immediately or ease into it over time through UESP’s age-based investment options. Give as much and as often as you’d like by setting up automatic withdrawals from your checking or savings account, mailing a check, or contributing money online.

Due to the nature of this savings account, your money intended for college expenses is available when you need it. But before investing in UESP, be sure you read the program description (available at www.uesp.org) and understand all that this savings plan entails.

“I’m proud that UESP can offer this unique investment option,” says Lynne Ward, UESP director. “This option, as with all investment options at UESP doesn’t require an initial deposit or any minimum contributions, and doesn’t impose time restrictions for liquidation. One of UESP’s core values is that you can contribute whatever you want, whenever you want.

“An FDIC-insured savings account is a logical investment option for 529 participants who are eager to save for the future yet are skittish about today’s financial markets. This new investment option further enhances the value of our program and provides our investors with another way to save for college during challenging times. We are pleased to partner with Zions Bank in meeting the needs of our account owners.”

If accrued deposits and earnings in any UESP account are used for qualified higher education expenses, the account is exempt from all federal and Utah state taxes. In addition, if the account was opened before the beneficiary turned 19, the account owner can claim a Utah state tax credit.

Similarly, Idaho offers its residents state tax deductions for contributions made to the Idaho College Savings Program (IDeal). IDeal is a Upromise Rewards affiliate, meaning account owners accumulate additional college funds simply by shopping at participating retailers. A minimum contribution of $25 is required to participate with IDeal. Learn about IDeal’s investment options and other program details by reading the enrollment kit and disclosure statement available at www.idsaves.org.

Consult a tax adviser for details.

Featured in the July/August 2009 issue of Zions Bank’s Community magazine.

Conducted by independent research firm Dan Jones & Associates, the study has gauged the health of Utah’s economy from the perspective of high-level executives throughout the state since second quarter 2006.

Reflecting the uncertainty of the current economy, Utah business leaders are not as optimistic about the financial futures of their companies as they were last quarter, based on profits and losses from the preceding three months. Using a 10-point scale (with 1 indicating “very pessimistic” and 10 “very optimistic”), the current mean score of 6.11 reveals a marginally optimistic outlook, slightly less optimistic than 2009 first quarter’s 6.22. But the score is still improved from the fourth quarter of 2008, when panelists reported their lowest level of optimism at 5.86.

“The good news is that most executives report more optimism about the long-term futures of their companies,” said Pat Jones, co-owner of Dan Jones & Associates. “More than three-quarters of business leaders, or 77 percent, feel optimistic about the long-term outlook, but if they are limited to basing their outlook only on the last quarter, that percentage drops to 63 percent.”

When asked what adjustments their companies have had to make to cope with the economic downturn, 31 percent of panelists mentioned first that they have either reduced the size of their workforce or ceased hiring any new employees. The study also features executives’ candid comments on their strategies for adjusting to the recession. “We reduced labor hours from 40 hours a week to 32 hours a week. This allowed us to keep valued employees, rather than letting some go,” noted one panelist.

The full 42-page report of the second quarter 2009 Zions Bank Utah Quarterly Economic Forecast can be viewed at utaheconomicforecast.com. Following are additional highlights from the latest study:
• Nearly three out of five executives, or 58 percent, forecast that their companies’ workforces will remain about the same size in the next three months compared to the previous quarter.
• As the study has consistently reflected since its inception, a plurality of executives — 47 percent in the second quarter 2009 — predict their companies’ economic health will be about the same next quarter as it was last quarter.
• Fifty-four percent of Utah executives rate their level of concern about the cost of employee health insurance as a 6 or 7, measured on a 7-point scale (with 1 indicating “not at all concerned” and 7 “very concerned”). Panelists in companies with fewer than 51 employees and older executives are more likely to rate their concern over the cost of employee health insurance as a 6 or a 7.

In 2006, 1,169 business executives were recruited to form the study panel and to complete quarterly surveys. Business owners and high-level executives may join the panel to share their confidential views on the economy. More information is at utaheconomicforecast.com.

Source: Press Release, dated 3 September 2009.