231–240 of 439 posts
Martin Shkreli instead get's the book thrown at him, assets seized, and sent to federal prison for much less.
Something 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…
I agree it's a sector ripe for rebirth - it's an interesting time to be alive - we're living through a revolution comparable in scope to the industrial revolution, and industries like banking, which are primarily about storing and moving information, will be radically altered. Banking is one of the last to be touched.
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>These huge banks have simply become way too big, and it serves no one's interest but their own. They have zero incentive to provide actual customer service anymore. There needs to be a massive restructuring of our system to allow smaller banks to thrive and provide actual competition. Thats not the plan though. Now that they have IMF'd almost the whole world, they have no one elses pie to take from... so they are tu…
Looking at that chart...unremarked is the 1991 $1.9 billion merger of Manufacturers Hanover with Chemical...it's more a commentary on the reality than the chart, a $1.9 billion bank merger doesn't make the cut as being important enough in the current post-Glass–Steagall "too big to fail" TARP banks...I interviewed for an IT role with the old Manny Hanny group within Chase Manhattan bank in the late 1990s...they were…
[1]https://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf
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Simple[1] is pretty close. Create "Goals" for any amount and time period, Save $X by Y Date . Simple automatically allocates money to your Goals from your Available Balance daily, every friday, or any other schedule. They show you a "Safe to Spend" balance which is your Available Balance minus your total Goals. You can associate a Goal with a spending category, say Groceries, and have all transactions marked Grocerie…
I liked the idea of simple, but didn't like the fact they couldn't send me checks to use. They'll mail them on my behalf but not send me an actual checkbook to hold onto for one off situations. I rarely use them, but sometimes contractors or landlords prefer this method or charge exorbitant fees to use a credit card. Also if I come into a decent size amount of a cash payment, I can't walk into a bank to deposit it. M…
Just let them mail it... Simple!
I've interacted a lot with the larger banks and been flabbergasted at how they view the world. Banks, big and small, regard the consumer operations of the bank as a cost center, which they should do as little as possible to maintain. In fact - I believe the only reason that they even have public facing consumer branches is largely to get access to capital as cheaply as possible. Every proposed improvement to the cons…
Something 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…
Something 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…
One piece of it is actually regulation. When you're dealing with huge amounts of yellow tape and you have millions of customers, the overhead cost of providing services is absolutely sky high. Many of their clients don't even make them money; think of the Starbucks barista that has $1000 in checking and no savings. Sure they can turn some of that money around into interest, but the cost-per-customer of lawyers, compl…
This must vary by state; I recently took out a small loan from my local bank in Pennsylvania and the information I went home with came out to about 15 pages.
>When you're dealing with huge amounts of yellow tape and you have millions of customers
I thought the conventional wisdom was that onerous regulation actually favored huge businesses with "millions of customers" -- for example, the effort of having to "print that, audit it, have lawyers look it over, maintain it" is a fixed cost so the cost per customer is smaller for larger banks.
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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 ser…
A few years ago a friend of mine bought a house and actually turned down a house who's sellers had a bank of America mortgage as he had bad experiences in the past. He went out of his way to choose not to deal with them, but to his suprise 30 days after he closed he got a letter in the mail telling him that his mortgage was sold to Bank of America!
And not suprisingly he had the same issues.
Something 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…
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Don't direct people to bullshit bureaucratic snakeholes.
Even as someone who had abysmal interactions with mainstream banks when getting my mortgage, I don't think your response is charitable to the parent commentor, even if you don't think it's worth your time to provide feedback to a business entity, which is well within your rights. If I as a dev for a large company see people online complaining about my product, I'd _probably_ tell them, in good faith, that if I had no…