Estimated $4.5 billion was moved on bank transfer day

[Darwin333]

The only people getting "raped" are idiots who don't do their research before signing up for something and can't balance a checkbook.

You obviously have no clue what you are talking about and you obviously have no desire to learn either.

You and the people like you are the reason that we deserve what have gotten and will get. Thanks a lot, asshole.


Or maybe I am wrong and you are a sadist and like it? Regardless, you are either truly ignorant or you enjoy the butt sex. If I had to wager a guess it would be the latter.

 

[Darwin333]

I guess you don't enjoy sex.

I guess you DO enjoy one of your .mil buddies slipping into bed next to you at night and ramming it in your ass.

 

[bfdd]

Darwin333, you're on a roll tonight. I like it.

 

[Munky]

It doesn't put the FDIC "on the line" for the NOTIONAL of the derivatives and the limit of the FDIC's exposure is purely the deposit base. The NOTIONAL is just that, a notion that the derivative is derived from, not the actual exposure. The exposure is the differential between the benchmark and the agreed upon rate.

If you define that as fraud you must be one sue-happy bitch, because that is not fraud.

Riiight, just like the gross exposure didn't matter and only the net exposure mattered, right up until MF Global declared bankruptcy.

Even the notional value of derivatives among the largest US banks is in the order of tens of trillions, which is more than all their capital combined.

 

[rchiu]

I find it amazing that some people here are taking the side of large financial institutions. Do you work for them (and thus are paid to astroturf this shit)? Do you have hundreds of millions of dollars deposited with them? Do you honestly believe that banks have a right to profit (by shafting you for fees), as the BofA CEO has publicly stated?

None of the above. I just know what big banks do and how they helped America to become world number 1 economy. Yeah investment bankers took up ton of fees but without them Microsoft, Cisco, Google, Apple and all other major companies that contribute to this economy and employs hundreds of thousands wouldn't have the startup money, wouldn't have loans for capital investments, won't have the infrastructure to pay, receive money from foreign customers...and do hundreds of other financial transactions.

What's amazing is the stupidity with you people, the lack of knowledge on how critical the banking system is, and to buy into socialist/communist's anti-banking, anti-high income BS.

 

[Dulanic]

You obviously have no clue what you are talking about and you obviously have no desire to learn either.

You and the people like you are the reason that we deserve what have gotten and will get. Thanks a lot, asshole.


Or maybe I am wrong and you are a sadist and like it? Regardless, you are either truly ignorant or you enjoy the butt sex. If I had to wager a guess it would be the latter.

Guess what, I don't need buttsex because I can afford a hooker with my reward money my big bank gave me for being a responsible customer. She even let's me play with her special place.

 

[LegendKiller]

Riiight, just like the gross exposure didn't matter and only the net exposure mattered, right up until MF Global declared bankruptcy.

Even the notional value of derivatives among the largest US banks is in the order of tens of trillions, which is more than all their capital combined.

So what about notional? The number is NOTIONAL, not PRINCIPAL.

 

[Kadarin]

None of the above. I just know what big banks do and how they helped America to become world number 1 economy. Yeah investment bankers took up ton of fees but without them Microsoft, Cisco, Google, Apple and all other major companies that contribute to this economy and employs hundreds of thousands wouldn't have the startup money, wouldn't have loans for capital investments, won't have the infrastructure to pay, receive money from foreign customers...and do hundreds of other financial transactions.

What's amazing is the stupidity with you people, the lack of knowledge on how critical the banking system is, and to buy into socialist/communist's anti-banking, anti-high income BS.

That's still no reason to defend those same banks' desire to collectively fuck the average depositor up the ass with a sharp stick in order to fleece a quick profit out of us.

 

[bfdd]

That's still no reason to defend those same banks' desire to collectively fuck the average depositor up the ass with a sharp stick in order to fleece a quick profit out of us.

nor does it change the fact they shouldn't hold control of our currency of business, we should.

 

[wuliheron]

The real victory is in spreading the word that the big banks are evil. The more negative publicity they receive the better. Not for business purposes, but for political purposes. Its all downhill from here on out and no amount of spin they can put on anything can turn those pigs into shining examples of democratic institutions.

 

[Munky]

So what about notional? The number is NOTIONAL, not PRINCIPAL.

So what if it is? Balance sheets are marked to fantasy too, why do they still matter?

 

[Schadenfroh]

I'm in my mid-20s and I've never held an account with a bank. I've been a member of my credit union since ~14 years old. Screw banks.

 

[Craig234]

I moved about $5k from Wells Fargo to a community bank as well... Just a drop in the bucket, but every bit helps.

Thanks for your service!

It does help.

 

[Craig234]

I'm not going to bat for anyone. I am simply saying the big bank offers me the highest rewards, best mobile app and I don't pay any fees. Why the hell would I swap if I would be the one losing out?

I am going to bat for my wallet and I am best off with a big bank. The only exception is my savings goes to a online bank.

You suffer from not appreciating the larger issues and costs.

How did the banks' behaviors that have caused to much harm to the US and world economies help you, by their being 'too big to fail'?

You are voting with your dollars - for the big banks and all they do, or against them.

 

[Craig234]

it's not wrong - maybe your bank doesn't charge you a fee - or perhaps you don't even know they are - but many banks do -and these fees, among many others, were the target of recent Fed Reserve Board decision to cap them

http://www.usatoday.com/money/perfi/columnist/block/2011-07-04-your-money-debit-card-fees_n.htm

JS - the ignorance and arrogance in this thread starts with you.


So people that need to withdraw 400 from an ATM are renting their TV's from Aaron's? Nice, that's perhaps the most ignorant post in this thread.

You don't seem to understand banks charge the fees to the retailer, not the bank customer.

A few businesses pass along the fees to the customers. Most I see don't (directly).

 

[rchiu]

The real victory is in spreading the word that the big banks are evil. The more negative publicity they receive the better. Not for business purposes, but for political purposes. Its all downhill from here on out and no amount of spin they can put on anything can turn those pigs into shining examples of democratic institutions.

Yeah we get it, you are fixated on the idea that banks are evil. But at the same time, you have no problem using credit card, an "evil" financial instrument banks created, no problem with direct salary transfer, another financial instrument banks created, no problem with your 401k, mutual fund and other financial services bank created, no problem using Internet, Google, Windows, and many other innovation funded by banks and those wealthy investors, no problem using road, bridges, school buildings, all funded by capital investment loans from banks.

It's pathetic to see all you anti-bank people crying how evil banks are but shamelessly enjoy all these convenience, innovations funded and created by banks.

 

[Kadarin]

Yeah we get it, you are fixated on the idea that banks are evil. But at the same time, you have no problem using credit card, an "evil" financial instrument banks created, no problem with direct salary transfer, another financial instrument banks created, no problem with your 401k, mutual fund and other financial services bank created, no problem using Internet, Google, Windows, and many other innovation funded by banks and those wealthy investors, no problem using road, bridges, school buildings, all funded by capital investment loans from banks.

It's pathetic to see all you anti-bank people crying how evil banks are but shamelessly enjoy all these convenience, innovations funded and created by banks.

Of course I have no problem with banks doing what they're supposed to do. I do have a problem when that same bank (or financial institution) tries to fleece me via nickel and dime fees to make a short term profit.

Historically, a bank will collectively take depositors' money and loan it out to businesses and individuals to finance various projects and charge interest on those loans, and make a profit off of that. In return for the privilege of being able to do that with my (our) money, they in turn pay us interest, as incentive to encourage people to deposit money in their institution.

You see, it's the sense of double dipping, where the bank makes a profit off of loan interest (from using MY money) AND a profit off charging fees for various "services" that should simply be incentive for me to bank at that institution.

Basically, rchiu, I think you're full of shit.

 

[LegendKiller]

So what if it is? Balance sheets are marked to fantasy too, why do they still matter?

Depends on what you are marking to. I agree that there's some cases, such as the Countrywide goodwill at BAML that needs to be marked, but in other cases, such as M2M during a liquidity crisis that it makes absolutely no sense to M2M since it's a feedback loop that is an endless destructive vortex.

 

[dainthomas]

yes I believe for-profit companies have a right to earn a profit. what kind of question is this?

I believe you mean they have a right to TRY to earn a profit. They don't have any more absolute right to earn a profit than I do.

 

[Ns1]

I believe you mean they have a right to TRY to earn a profit. They don't have any more absolute right to earn a profit than I do.

okay?

I don't have a problem with fees as a way for banks to make a profit.

 

[highland145]

Any bankers/accountants here that can say at what $$ amount a depositor is making the bank $$ instead of being a burden? Assuming no other loans.

 

[Ns1]

Any bankers/accountants here that can say at what $$ amount a depositor is making the bank $$ instead of being a burden? Assuming no other loans.

I would assume it would be the point in which interest on deposits exceeds variable costs...(if I'm understanding your question correctly)

 

[highland145]

I would assume it would be the point in which interest on deposits exceeds variable costs...(if I'm understanding your question correctly)

Yep. So is that the average $5K+ depositor? Surely the $500 depositors cost more than they're worth excluding NSF/ATM fees and the like.

 

[Dulanic]

You don't seem to understand banks charge the fees to the retailer, not the bank customer.

A few businesses pass along the fees to the customers. Most I see don't (directly).

And how many retailers passed on the saving from the Durbin Amendment? I'll give you a hint... ZERO.

Of course there are fees. Mostly because of Washington. I have direct knowledge of the credit/debit business and I know that a majority of said fees goes back to the consumer. When someone disputes $10,000 in charges, who do you think pays? The bank might get back a portion by filling fraud chargebacks, but if there is a signature... ANY signature, they lose. What pays for that? Ohhh that's right debit and credit card fees. Who pays for the people who process said disputes? Ohhh the fees! Most people would probably be suprised to know the most of the fees goes towards actualy processing and cost of business. Oh and did you know that it costs a bank over $500 to push a customer complaint to Visa or Mastercard directly for arbitration if the 2 banks can't agree who is responsible?

I don't see how some people are just so blind they think businesses run for free. Look I get some of the issues with big banks... I do. But they also offer me the best bang for my buck and I am not going to take money out of my own pocket to use someone else. Honestly, how hard is it to use a bank without said fees?

Outside of that most banks waive monthly fees if you have direct deposit setup for ohh $500 or so? If you don't make $500 a month why do you even have a bank account?

If people want change, how about Occupy Washington, that is where the change needs to start. I may tend to lean left most times, but this is one thing I know quite a bit about and the rage needs to be mostly focused on Washington.

 

[rchiu]

Of course I have no problem with banks doing what they're supposed to do. I do have a problem when that same bank (or financial institution) tries to fleece me via nickel and dime fees to make a short term profit.

Historically, a bank will collectively take depositors' money and loan it out to businesses and individuals to finance various projects and charge interest on those loans, and make a profit off of that. In return for the privilege of being able to do that with my (our) money, they in turn pay us interest, as incentive to encourage people to deposit money in their institution.

You see, it's the sense of double dipping, where the bank makes a profit off of loan interest (from using MY money) AND a profit off charging fees for various "services" that should simply be incentive for me to bank at that institution.

Basically, rchiu, I think you're full of shit.

incentive for you to bank? If you want to take cash from your employer and put the money under your pillow, go right ahead. The benefit of banking goes both way, you are an idiot to think only bank benefit from your business, and should bend over to ask for your money.

In fact, bank incurs more cost doing business with you then doing business lending out money. ATM machine and network cost tons of money. Branches and tellers serving you is big chunk of the business and it cost money. The computer system to manage your deposit cost money. The infrastructure to receive your bi-weekly salary deposit cost money. The infrastructure to handle your check, debit card cost money.

Bank has every right to try and charge for those services as they cost tons of money. It's a free market, and different banks has different charges, that's the price of banking. You can shop around, but b!tch about it and expecting to bank for free just show how idiotic you are.