Sticking it to the big banks

Justacommeman

bailout nation

Good read and make sure to watch the YouTube video in the article.

MJ

KUCH

I've thought about this same plan lately. Quite a bold position for Huffington. Wonder if another recent event caused their new position?

1jester

Brilliant. And even workable if people get involved.

jmski52

It's probably the first time I've ever agreed with Ariana Huffington on anything.

Yesterday, I ordered some coins from D.Carr. An hour later, I got an "order denied". I was curious about that, because I've had my account with JPMorgan/Chase for over 15 years.

Today, I called them. This is where it gets interesting. My order with D.Carr was denied for a "security reason". Less than 1 week ago, I put in a different order with D.Carr that went through just fine. I thought, "WTF?"

Late last week, I had the same AOL monthly charge on the same card, just like it's been for over 10 years running. JPMorgan/Chase put a security hold on my account. Why? Because the AOL charge didn't have a security code number and an expiration date on it. They didn't even look at the account history to see the same charge, every month, for the past 10 years!

I didn't get the courtesy of a phone call - they just cancelled my D.Carr order - wham! I let the customer rep know exactly what I thought in no uncertain terms. They've got computers running their business with overpaid 30-year old punks in charge who can't even look at a customer record before screwing with somebody. I have no idea whether this "security hold" will come down on my credit rating, even though the rep said it wouldn't.

This is the same card I've used to order lots of Mint stuff, and this year they cut my credit line in half. (I've never missed a payment in 15 years). In previous years, they jacked up my limit, hoping that I would spend, spend, spend and dig myself into a hole with them. Now, they cut it? I realize that they got themselves into a bind with their own bogus lending policies, but I'm not the one who did it to them. Unbelieveable stuff.

I really, really, really don't like the big banks. All they are is overpaid subsidiaries of a corrupt system.

I threatened the rep with taking my business elsewhere. Maybe I'll just do it, this time.

Konahead

I think we are going to see more and more of this as we get to the peak of the campaign bull s$%&. I think in general the public are fed up. It's about time they stop taking sides and do what is best for all of us. What a concept!

gsa1fan

Great post MJ

Justacommeman

I moved my "stuff" from JP Morgan, Chase and HSBC a few years ago to various small banks in my area. I haven't regretted it for a minute. Even though my holdings are modest in nature I enjoy getting treated like Jed Clampett by my Mr Drysdale

MJ

coynclecter

Why would they want our money anyway. They can borrow from thier friendly Fed at 0% anyway. Then they make money lending it back to the fed by buying treasury bills at 4%. It's all a scam. Accepting checking/savings from the public is just a cover.

ocon4008

What a concept! I have been dealing with my local bank for years; would not even think of banking at one of the big 4. Great Post MJ.

roadrunner

Had I ever had my accounts in a big bank it surely would have ended by 2002 by the time I first learned of otc derivatives. The one advantage the big banks have is that they can get unlimited govt funds if they need it. The smaller banks will get swallowed up or be parted into pieces and sold off. The only thing that has to happen is for the FDIC to identify them as insolvent. How many of the banks have minimal exposure to the current mortgage problems where they can stand on their own two feet with another year or two of mortage writedowns/failures? The too big to fail banks have far worse balance sheets than the banks the FDIC is shuttering up every week. But you will never see the big boyz labeled as insolvent or anything close ot it. A lot of the larger checking/cash accounts that the big boyz have are with corporations. I don't think those corporations would or could go with a smaller bank.

Another way of removing some chains from the big banks is to stop using their credit cards....or at least use someone else's.

roadrunner

TrustNo1

my local bank wanted to charge me over $10 a month for checking if i didnt keep a certain amount in it..I used WaMu until Chase took them and still using Chase...no fees. Why would I pay a bank to hold my money? edited to add: Morons elected a moron who appoints morons to make things worse. I wont hold respectable banks accountable for the idiots of this country

yellowkid

<< <i>my local bank wanted to charge me over $10 a month for checking if i didnt keep a certain amount in it..I used WaMu until Chase took them and still using Chase...no fees. Why would I pay a bank to hold my money? edited to add: Morons elected a moron who appoints morons to make things worse. I wont hold respectable banks accountable for the idiots of this country >>




The secret is in amassing enough that when you threaten to take it out, they worry, and do things like drop rink dink service fees. I'm looking for a safe deposit box closer to home than the one I have. There is a small local bank that I am looking at and I am going to stop and ask them "how much" do I need to keep there to get one for free.
I don't mean to say that my deposits are going to make or break any bank, but when you get to the 6 figure category, they pay more attention to you.