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Source: Daily Infographic

Category: Credit, Digital Media

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

8 Responses to “Bank Trouble”

  1. NeutralObserver says:

    I will offer an example of banks not treating customers right. I banked at Chase until recently. I have weathered several takeovers and mergers, but I have had this same savings account for about 40 years and I have several other accounts with Chase or its predecessor that go back at least 20 years. I generally keep between $150K-500K in these accounts depending on circumstances. Last December I was thinking that it might be a good idea to take out some cash just in case the Greek bailout did not happen and some bank defaults happened over Christmas (a good time for this while everyone is busy with other things). So I took out $100K in cash. Well, you could tell that the bank people weren’t happy about this and asked me a lot of questions about what I was going to do with MY MONEY. I told them it was insurance against a black swan event, but that was lost on them. So Christmas came and went, I had other things on my mind, I was not missing any interest because banks don’t pay interest anymore, and I neglected to redeposit the cash. So I got a call at the end of February from some guy at Chase asking me what I did with the money, where I got the money, where the checks came from I deposited over the past 6 months, what kind of business I had. I was polite, but I told the representative that most of this information was none of the bank’s business, that I earned that money over decades the old fashioned way by working at a salaried position, and that the recent checks came from a billion dollar US corporation as payment for consulting work I performed. Well, that wasn’t good enough for JP Morgan Chase and they sent me a letter that said they would close my accounts if I did not call them back and give more explanations. So I went to a lot of trouble to move most of my money to a credit union. One account was an inherited IRA that required me to get a copy of a death certificate to open another account and rollover the money. This was painful. I called Chase back after all this and asked them if they still wanted me as a customer. They couldn’t even make the time to talk to me, seems they forgot about me. They just sent me another letter saying they were closing my accounts in 10 days and reporting me to credit bureaus for violating their terms of service. I suppose Chase doesn’t need our deposits now that they get free money from the FED window. My recommendation to everyone is to move your money… while you still can.

  2. Greg0658 says:

    Neut – interesting story .. curious what closing your account really means .. ie: issue you a cashiers check on a Chase account (not in their best interest – even in the Ks – say what Ms, Bs or Ts) / or something like – forward’g your #s to the FedRes ? & they are your new account holder ?

  3. Molesworth says:

    @NeutObs-
    That’s a scary story. Thanks for sharing

    ALL,
    Everbank.com
    A delight. Been with them for years and years now. If you hate your bank, give them a shot. Trust me on this.

    We recently opened a business account at Wells Fargo to facilitate transactions between us and a business partner. Fees up the wazoo. $15 for money wired IN, WIRED IN. Are you f77king kidding me?
    Then suddenly 9.95 monthly Quicken transaction fee. I didn’t sign up for that. 45 minutes on the phone getting that reversed.
    They say we’re able to avert ALL fees by having at least $250k in total assets there, so in the process of moving part of an IRA into a brokerage account.
    We’ll see how that goes, but dog, I’ve gone from one account at Everbank to one account at Everbank and 5, count them 5 at Wells Fargo: WF Business Checking, WF Business Savings (if we transfer $100 month from checking to savings, it saves us a fee), WF Personal Checking, WF Personal Savings (apparently required to get the IRA transferred) and soon the WF IRA.

    BTW, the money has been OUT of the IRA for 2 days and not yet confirmed at WF, so expect they’re sitting on the float.

  4. orvil tootenbacher says:

    is the ‘world of business judgement’ aware that credit unions are exempt from federal income taxes?

    thus, their business model seems with its structural income tax advantage, looks to have an advantage that dooms traditional banks in the consumer banking business.

    no?

    ~~~

    BR: 12 U.S.C. Chapter 14 § 1768 (on Taxation), says “Federal credit unions and their income shall be exempt from all taxation.”

    The section of Federal law concerning not-for-profits, 26 U.S.C. 501(c)(14), states that credit unions must “operate without profit and for the mutual benefit of its members.”

    Credit unions, just like every other not-for-profit organization, are required to return all gains back to its constituents. It’s a requirement imposed by Congress.

  5. @NeutralObserver: So at no time during the interrogation did they explain to you that their questions were compelled by their need to meet “Patriot Act” requirements??????

    Bizzare. You would have been more understanding, I’m sure, If that had been explained to you. Strange.

  6. Petey Wheatstraw says:

    Banks should be publicly chartered utilities. 12 U.S.C. Chapter 14 § 1768, or similar, should apply to all of them. All gains should go directly back to the Treasury to pay down the fiat debt.

    Let these leeches do something productive for society.

    Recently moved all of my not unsubstantial liquid assets to NFCU from BB&T when I was locked out of on-line access to my own accounts by their absolutely asinine security system. 5 kinds of shared ID and my SS# later, over the telephone with a freekin’ moron, and I couldn’t get back in without knowing the date of my last deposit*. Once I got back in on-line, using my old password (after visiting my old branch 20 miles away), I was asked to choose new security hints, without providing my old security answers. If I had been an unauthorized person who had gotten that far, I would have been able to lock out the legitimate account holder. From the branch manager to her superior (whoever TF that was), they couldn’t understand why this would be a problem.

    Fuck ’em.

    * we had just moved and all records were packed away. New house (yikes!), after a 2 year search. Finally, a good deal. Details later.

  7. Tim says:

    Shittibank, WalkOverYa, Bank of a Murkya, Cheesh, all lovely people.

  8. tedpop says:

    The acoounting firm referenced here is surely Ernst & Young, not Earnest & Young. An earnest mistake?