gcgang
Thinks s/he gets paid by the post
- Joined
- Sep 16, 2012
- Messages
- 1,571
With today's low/negative interest rates, and lack of loan opportunities, the banks really don't want or need more money.
Discussions of bank regulations frequently get bogged down in wonky and quite technical talk. So it seems like a good time to take a step back and discuss what exactly is being proposed, what it means for banks, and how it affects consumers and investors.
Let's start with the basics. What was just proposed?
The three federal bank regulators—the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp.—issued a joint proposal to require the eight biggest bank holding companies to maintain their leverage ratios to a minimum of 5 percent, while their FDIC-insured bank subsidiaries would have to maintain a minimum 6 percent.
The standard leverage limit for all banks is set at 3 percent.
more...
And if circumstances in your life had been different, it is possible that BoA may have been that bank. That's something I've taken away from my experiences: Never say never; never make choices to spite myself; don't let principle or expediency dominate, but rather balance the two against each other.One of the tasks that I have taken on since that time, is choosing my bank based on what matters to me
It is a shame that doesn't work for IRAs while you're still work.Two times the following conversation happened to me:
Precisely, and they know what they're doing. I just switched natural gas marketers. I'll probably have to switch again next year, and then two years from now I'll be back where I started. Each person gets to decide whether saving the $200 or so that the promotional rate gets you is worth playing the game. Most people don't and so they pay more than they need to. They're not wrong for doing so, nor are the companies wrong for setting pricing in a way to maximize shareholder value. We all have different priorities.That's the same strategy cell phone companies and cable tv companies use. The best deals go to new folks.
You can read that right off their fee schedule... "Fee waived for customers with combined balances of..."I read the big banks did not want to fool with people who had less than 50k
We also have a couple of banks that behaved poorly, so I said "never again" and took our small chunk of business elsewhere. If they didn't want my business a decade or two ago, I'm doubtful much has changed since then.I was very upset with Bank of America back in 1968, because I was young, just starting out, nearly broke, and they were eating me alive with fees. Then they charged me a fee to close my account. I told them I would never open another account with them in my life, and I haven't.
One of the tasks that I have taken on since that time, is choosing my bank based on what matters to me (and fees are part of that). My present bank has no fees and is a well established bank.
I thank God for credit unions. I left the banks about seven years ago. Only credit unions for me here on out.