I recently opened an account with JP Morgan Chase having previously used Citibank for all of my financial needs.

I am startled by how poor the interfaces are. It really feels as if the internet were just invented yesterday when I use this thing. None of the menus are logical or easy to navigate. The two things that irk me the most are the following:

1) When I use the online payment functionality to issue a check online, the money is withdrawn the instant that the check is written, not when it is cashed. Aside from the fact that I lose the interest that I should be accruing between the time that it is issued and cashed (this interest is obviously now accruing to Chase), I have no way to ever know whether the check has been received, unless I am contacted later by the person or organization that I am trying to pay saying that it has not been received.

2) There is no way to get a summary online of all of the recent activity in the account. I need to go into each separate folder - deposits, checks written, online checks. When several checks are deposited at once, they do not appear individually on statements, but as one deposit, and there is absolutely no way to go back more than 12 months to see activity (I need to get all of my statements out in order to prepare my prior year returns).

I am not sure who built Chase's online banking system, but it is highly inferior to Citibank's or any other bank's that I used.

Citi and BoA may be the banks in trouble today, but if these banks are to be judged by ability to adapt to technology and consumer needs in the the 21st Century, JP Morgan Chase is in the worst position of all.

Friday the 13th saw four bank failures - Pinnacle Bank, Corn Belt Bank and Trust, Riverside Bank of the Gulf Coast, Sherman County Bank - the most of any Friday so far. The FDIC generally closes banks on Fridays to allow it time to deal with depositors and make an orderly transition to a new bank or to put deposit insurance in place by the time the bank reopens on Monday morning. So far of the thirtnees bank failures this year, every bank failure has fallen on a Friday. According to the FDIC there were 25 bank failures all of last year.

In each case, the FDIC has arranged a buyer for each of the banks who will take over deposits.

All deposit accounts were transferred for Pinnacle Bank and Sherman Bank. That means that even if you had deposits in excess of $250,000 they will transferred and available at the new institution. All non-brokered deposit accounts were transferred for Corn Belt Bank and Trust, and Riverside Bank of the Gulf Coast. If you deposited your money into a brokered account, the FDIC will cover some of the loss. You should contact your broker for more information.

In all four cases, each bank will be open for business on Tuesday following the President's Day weekend under its new name. All checks issues will be cashed by the new bank. Over the weekend, customers can access funds via check or by the ATM machines.

Below is some specific information about each closing. For more detail, please visit the FDIC website.

Information for Pinnacle Bank, Beaverton, Oregon

Pinnacle Bank, Beaverton, Oregon, was closed today by the Oregon Division of Finance and Corporate Securities, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Washington Trust Bank, Spokane, Washington, to assume all of the deposits of Pinnacle Bank.

As of December 31, 2008, Pinnacle Bank had total assets of approximately $73 million and total deposits of $64 million. In addition to assuming all of the deposits of the failed bank, including those from brokers, Washington Trust Bank agreed to purchase approximately $72 million in assets at a discount of $7.6 million. The FDIC will retain the remaining assets for later disposition.

The FDIC and Washington Trust Bank entered into a loss-share transaction. Washington Trust Bank will share in the losses on approximately $66 million in assets covered under the agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship.

Corn Belt Bank

Corn Belt Bank and Trust Company, Pittsfield, Illinois, was closed today by the Division of Banking, Illinois Department of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Carlinville National Bank, Carlinville, Illinois, to assume all of the deposits of Corn Belt Bank and Trust Company.

As of December 31, 2008, Corn Belt Bank and Trust Company had total assets of approximately $271.8 million and total deposits of $234.4 million. The Carlinville National Bank will pay the FDIC a premium of 1.75 percent.

The Carlinville National Bank will not assume $92 million in brokered deposits held by Corn Belt Bank and Trust Company. The FDIC will pay the brokers directly for the amount of their insured funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits

Information for Riverside Bank of the Gulf Coast, Cape Coral, FL

Riverside Bank of the Gulf Coast, Cape Coral, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with TIB Bank, Naples, Florida, to assume all of the deposits of Riverside Bank.

As of December 31, 2008, Riverside Bank had total assets of approximately $539 million and total deposits of $424 million. TIB Bank agreed to pay the FDIC a premium of 1.3 percent.

TIB Bank will not assume $142.6 million in brokered deposits held by Riverside Bank. The FDIC will pay the brokers directly for the amount of their funds. Customers who placed money with brokers should contact them directly for more information about the status of their deposits.

Sherman County Bank, Loup City, Nebraska

Sherman County Bank, Loup City, Nebraska, was closed today by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Wood River, Nebraska, to assume all of the deposits of Sherman County Bank.

As of February 12, 2009, Sherman County Bank had total assets of approximately $129.8 million and total deposits of $85.1 million. Heritage Bank will pay the FDIC a premium of six percent. In addition to assuming all of the deposits of Sherman County Bank, Heritage Bank agreed to purchase approximately $21.8 million in assets, comprised mainly of cash, cash equivalents and marketable securities. The FDIC will retain the remaining assets for later disposition.

Sherman County Bank, Loup City, Nebraska, was closed today by the Nebraska Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank, Wood River, Nebraska, to assume all of the deposits of Sherman County Bank.

Over the last couple of days, many of the top savings rates have dropped. The downward trend in savings rates continues and while just two weeks ago DollarSavingsDirect offered a 4% APY savings rate, those days look long over. Banks, clearly sensing that they can attract deposits well below 4% have followed each other lower. Now, a rate above 3% is competitive. At this pace, it's not unfathomable to think that over the next couple of months top savings rates could go as low as 2 - 2.5% APY.

Recent rate cuts have come from many of the banks that led the rate tables over the last couple of months. They include:

• VentureBank which dropped 82 basis points from 3.3% APY last week to 2.48% APY today.
• ClearSky Accounts dropped from 60 basis points from 3.75% APY to 3.15% APY
• Everbank dropped 45 basis points from 3.18% first year APY to 2.73% first year APY.
• Flagstar Bank droppped 45 basis points from 3.18% APY to 2.74% APY.
• DollarSavingsDirect dropped 30 basis points from 3.5% APY to 3.2% APY.

Looking at the savings rate table, the days of 4% APY savings account rates are now long gone. As the chart below shows, there has been a slow, steady erosion in rate that shows no sign of abating.

The Fed and Treasury's attempts to re-liquify the banking sector seem to be working, but at the expense of savers, who have months of low rates to look forward to.

Still one must have look at it from a relative perspective. Even at 3% APY, these rates are better than what you'll get at a big bank. According to their websites, Bank of America's Regular Savings account is offering a rate of .2% APY, and Chase Savings is offering the whopping rate of .01% APY.

And when you consider that inflation is at its lowest in years (they're even talking about deflation), a 3% APY rate may not be as bad as it seems.

Compare the top savings and money market account rates.