Earlier quoted context omitted.
This has to be satire, right?
Green username. Freshly created account.
#deletemint
Wells Fargo Hit with $1B in Fines
221–230 of 439 posts
Re: Wells Fargo Hit with $1B in Fines
#222Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…
Same EXACT thing with Sprint, however at the oligopoly Sprint, you have little choice.
This appears to happen with any proto-monopolistic entity. The problem is, unlike government protected 'businesses' like cell phone and cable companies, there is no monopoly in the Banking sector.
So, WHY, why are people still drawn to the lowest common denominator big banks for their accounts? It makes not sense.
I'm leaving this month from my own big bank, after their "FREE" online banking as long as you don't bother us, e-checking account, went from free to $12 a month.
Re: Wells Fargo Hit with $1B in Fines
#223Earlier quoted context omitted.
The budgeting part of what you're describing is basically YNAB. https://app.youneedabudget.com/ It's a set of virtual buckets for allocating what money you currently have. It's not free but it's great because when one bucket's empty, it forces you to choose where else that money is going to come from. Like, "OK you blew threw the beer money, dum dum. Do you want to steal from your vacation fund or the new computer fu…
I'm a YNAB user in the UK, where auto-import isn't really practicable because banks refuse to guarantee you against fraud if you give our your online banking details to anyone else, including YNAB. That should change this year because they're being forced to allow customers to use that data: https://www.openbanking.org.uk/home/what-is-open-banking/ However, I've actually found it very useful to spend time manually en…
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Re: Wells Fargo Hit with $1B in Fines
#224Earlier quoted context omitted.
Was mostly a sarcastic question ;) This pattern can be seen everywhere... 1) politicians regulate an industry with the best intentions 2) industry becomes a safe haven for "the big fish" that can pay to play 3) Rinse and repeat for a while, creating bigger and bigger barriers to entry into the marketplace. Politicians are happy, mega banks are happy. 4) Megabank inevitably does something reprehensible 5) politicians…
This a good analysis. It sums everything up without the bullshit. The only thing I would correct in your "Financial Corruption Process Map" is the step after #3: . 3.5 "big fish" start buying up politicians and lobbying firms to legalize more and more "bad behavior" 4. Megabank acts legally to do something "reprehensible" since they lobbied to legalize it. 4.5 financial collapse. scandal...then the hand wringing begi…
I would agree with these additions. This is basically the crony capitalism playbook.
Re: Wells Fargo Hit with $1B in Fines
#225Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…
It's definitely an industry ripe for rebirth. For instance, I should be able to partition my money into several lightweight accounts - one for groceries, one for home expenses, investment, etc - and automatically have fractions of my deposits sent to those accounts so my budgeting and money management are handled without any effort on my part. I should have lightweight cards available for each of those accounts with…
It's definitely an industry ripe for rebirth.
Or simply for death. Not my idea, I first thought it was a joke when they told me, but it makes perfect sense. I get exactly zero interest for my savings, not even to compensate inflation. It's stock options or bs funds.
Only useful service I get is cards and avoiding keeping cash in a physical safe. Credit comes from cards or specialized loan companies.
There are two services that do matter: mortgages and credit lines for companies. I can see how this kind of volume operations could be also be done by specialized companies so generalistic banks could disappear.
Re: Wells Fargo Hit with $1B in Fines
#226Earlier quoted context omitted.
Does that require giving them your banking online login details?
There's yet another thing that's needed industry wide. Oauth or similar concept with read only access to a data api.
We used to with something like quicken, but most banks half ass it.
I really think the state of how bad consumer bank integration tech is has led to this reality of login and scrape that you have with yodlee & co.
Re: Wells Fargo Hit with $1B in Fines
#227Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…
It seems like whenever you go to a bank, it's simply a time for them to try to sell you on credit lines and new accounts. Everything is handled in big offices and super dysfunctional.
Re: Wells Fargo Hit with $1B in Fines
#228Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…
I've been banking with First Republic now for over a decade and the service has been nothing short of spectacular.
People I know are shocked when I tell them I enjoy going to the bank - I've never waited for more than 10 seconds to be helped, and they have done everything I asked within minutes.
And, not for nothing, they are constantly baking delicious chocolate chip cookies, too. More than once I have stopped at the bank for no reason just to get another cookie.
Re: Wells Fargo Hit with $1B in Fines
#229Earlier quoted context omitted.
It's definitely an industry ripe for rebirth. For instance, I should be able to partition my money into several lightweight accounts - one for groceries, one for home expenses, investment, etc - and automatically have fractions of my deposits sent to those accounts so my budgeting and money management are handled without any effort on my part. I should have lightweight cards available for each of those accounts with…
I deleted all my Mint stuff years ago just because of the security concerns. If you mention the security concerns on Hackernews, a Mint employee typically replies with a link to the wikipedia page on their patented security model. Still, I'd rather not type all my bank passwords into an Intuit website. I like your concept of the multiple credit/card style budgeting. That makes a lot of sense. There are even some of t…
There won't be any reward for you, or opportunity to say I told you so, after Mint reveals the shocking news they were hacked X number of years from now.
So, I'm giving it to you now. This is just smart and logical. You do not need technical proficiency to reason out the risks, or the daily "12yo exploits MOST-SECURIST-EVER IOT device in 20 minutes" articles.
With that said, without public support, and government laws, this is a losing battle.
Equifax had no authorization from you to collect and distribute your financial data, but they did it anyway, and your financial services sent them the information. And of course, not surprised, their criminal negligence, revealed EVERY SINGLE ACCOUNT to hackers. Let's be real, when the news for stupids spins the story in this manner:
Equifax data breach: The number of victims may be impossible to know
https://www.usatoday.com/story/money/2017/09/17/equifax-data...
It means that the number was so great as to be unspinnable, so they went with another narrative, "Nobody knows" like dark matter, it's impossible, our scientists are trying but it's impossible....lol
Re: Wells Fargo Hit with $1B in Fines
#230Something has happened to big banks along the way, where they no longer actually provide banking services to their customers. When I walk into a Wells Fargo branch now and sit down with a "banker" to take care of my accounts, it consists of sitting next to them while they call 1-800-WELLSFARGO for me and talk to a call center. There simply is no service anymore. I walked into my local branch to open up an IRA last we…
yes I walked into a branch the other day to open a business account.
The staff sat me in a room and tele-conferenced me to some other branch to go through the process of opening an account with someone-off site.