Originally Posted by Gumby
Isn't it just the slightest bit condescending to say to people, in effect, "we know better than you what to do with your money"? That is what the bank did in the original post on this thread.
I am all for regulations requiring full disclosure so that people can make informed decisions, but generally, unless it harms someone else, people should be free to do as they please with their lives and their money. It is not my place, the government's or the bank's to dictate their investments.
Once you start down that path, where do you stop? Do we make car dealers refuse to sell cars to people because the purchase would raise the buyer's debt levels to unhealthy levels? Do we prohibit people from entering a casino unless they show financial statements proving how much they can lose? How about precluding people from buying that jet ski or ATV if they haven't contributed to a 401(k).
That will be just fine with me right after congress passes legislation prohibiting people from taking legal action against financial institutions for suitability violations .
These checks are the financial equivalent of the mattress tag for most brokerage houses. It's a minor inconvienience for you, I wouldn't make a big deal out of it.