Banking… how things have changed

[ultrarunner]

So in today's mail a letter from Bank of America to again state 15 day hold on my $2500 check, drawn on my bank across the parking lot and deposited to the family account where I am on the bank statements and sign checks.

Reason: specific information indicates the item may be returned.

I remember years ago having to provide thumb print to cash my $300 tax refund check...

It's slowly all coming back to me... ha ha.

I'm a person that has never bounced a check and if credit score means anything no issue there...

The last several statements the new disclosures take almost a page each month on their own from US Bank...

Credit Union... maybe once a year disclosure update... Commercial Bank monthly disclosures on fees, etc...

Nothing to be upset about... merely a current commentary on banking...

 

[grsthegreat]

i dropped BofA over 30 years ago when they insisted on a 3 day hold on a cash deposit to my account....CASH. i closed it that day, went to wells fargo

 

[ultrarunner]

I’ve found Wells Fargo always behind Bank of America but I love my credit union…

I have tried other credit unions and could not be rid of them fast enough.

At one to qualify for all their perks one of the requirements was 10 Debit Card swipes a cycle…. I don’t swipe much except for gas.

My station sometimes would take several days to process swipes so two months in a row I had only 9 swipes post which meant forgoing interest on my deposits…

Credit Union said to swipe twice filling my truck so OK.

When I swiped twice two days in a row buying gas my debit card was declined for possible fraudulent activity… go figure.

 

[grsthegreat]

no games at our credit unions. free accounts if you maintain $300 in account. no charges.

i dont do the "swipe and auto deposit" game to maintain free accounts.

 

[grsthegreat]

one thing i thought was funny though. i deposited a $250 check into my business account one day and was told theres a 1-2 day delay to post to account. no worries, i was used to that. but later in the week i posted a $13,200+ check into the account and the funds were available immediately.

could not figure that one out.

 

[ultrarunner]

Maybe teller override?

 

[MossRoad]

In my county and surrounding counties we have designated "safe" spots that are monitored by LEO for public to public transactions. Is a great idea. I have even seen some LEO in some of these spots at times. All have video surveillance and all are in highly visible traffic areas.

Our local city police have had a monitored transaction area at the station for quite a few years. Anyone is free to use it.

 

[Hay Dude]

FWIW, that's about the same as the S&P 500. In the last 10 years, gold is up about 48%. The S&P 500 is up 168%.

If our economy doesn't collapse, gold will probably not outperform the market. If we end up like Venezuela, but not full Zombie Apocalypse, then your physical gold will be a life-saver.

It depends on the investors goals and risk-tolerance.

We could play those games all night 5 yr, 10yr, 15yr, 20yr.
Not all investors are in long term plays.
Up 50.18% in 10 years, to be exact.

Gold is also very small & portable. You can hit the road with it, its accepted almost anywhere and can be converted to cash fairly easily.

I only have about 20% of my portfolio in gold, but it looks better and better with each additional trillion this country goes into debt.

 

[ultrarunner]

Our local city police have had a monitored transaction area at the station for quite a few years. Anyone is free to use it.

We don't but it could be because police cars are broken in and or have been torched at the station so not really a safe part of Oakland...

When I sold a tractor the buyer traveled several hundred miles and at the last mile had a sinking feeling he had been had pulling off the freeway.. almost turned around.

Anyway, he made the last mile and I saw him out front in his truck... so I went out and exchanged greetings. He said where is the tractor and I said out back.

It was only later I learned he nearly turned back... what a difference a mile makes.

 

[riptides]

We could play those games all night 5 yr, 10yr, 15yr, 20yr.
Not all investors are in long term plays.
Up 50.18% in 10 years, to be exact.

Gold is also very small & portable. You can hit the road with it, its accepted almost anywhere and can be converted to cash fairly easily.

I only have about 20% of my portfolio in gold, but it looks better and better with each additional trillion this country goes into debt.

Name brand stocks like Apple..Amazon..MS...Nvidia...even Tesla...put that percentage to shame.

Easily converted you say? Depends on what pawn shop you go to.

Even jewlers have issues with karats.

 

[Jstpssng]

I only have about 20% of my portfolio in gold, but it looks better and better with each additional trillion this country goes into debt.

The difference between you and some people is that you have gold; many others have a piece of paper saying that they have gold.

 

[WM75Guy]

I don't have an issue with BOA, other than it is 40 miles one way to the closest branch. But most of my banking is electronic, so it really isn't a big deal. I deposited a $60,000+ check in my BOA account last week using my phone app at 5pm. The funds were available the next day. A quick turnaround is possible, if the bank wants to do it.

 

[Hay Dude]

I was a loyal wells fargo customer for 30 years. Than 2 years ago i closed everything and have all my accounts in 3 different credit unions, including my business acct.

i just lost all faith in big banks. All accounts are still fully insured, and rates are better. All accounts are fee free. The cd’s are paying over 5%.

plus one credit union just opened a branch 5 minutes from my place. Never been happier.

Wells Fargo holds my home mortgage. Getting rid of it/them couldn’t come sooner.

 

[Hay Dude]

The difference between you and some people is that you have gold; many others have a piece of paper saying that they have gold.

True.
I have a physical gold and silver SEP IRA as well as gold (and silver) on hand at home.
I do also have a SEP IRA that invests primarily in gold & other precious metals, but it’s a smaller account.

 

[ultrarunner]

The difference between you and some people is that you have gold; many others have a piece of paper saying that they have gold.

One old guy since passed with no children amassed over a million in value from US silver and gold coins…

His nephew inherited quite a haul… just bullion silver coins and eagle and double eagle gold… said he didn’t trust banks!

 

[2manyrocks]

I have read that in the early days of the US, it was a capital offense punishable by death to debase the currency.

 

[MossRoad]

We don't but it could be because police cars are broken in and or have been torched at the station so not really a safe part of Oakland...

When I sold a tractor the buyer traveled several hundred miles and at the last mile had a sinking feeling he had been had pulling off the freeway.. almost turned around.

Anyway, he made the last mile and I saw him out front in his truck... so I went out and exchanged greetings. He said where is the tractor and I said out back.

It was only later I learned he nearly turned back... what a difference a mile makes.

I realized what a difference a mile makes a long time ago. Wife and I were dating, probably around 1980. We drove through Benton Harbor, MI and it was a ghost town. Abandoned and empty buildings, dilapidated houses, etc. We crossed a bridge over the river into St. Joseph, MI and the town was vibrant, flowers in the boxes, thriving. Honest to goodness there was a brass band playing in the park. Only physical thing separating those two towns was the river.

I won't go into what happened and why the towns were so different. At one time, they were both the same.

Anyhow, great strides have been taken since then, and Benton Harbor has done an impressively good job trying to turn things around.

 

[two_bit_score]

Credit Union said to swipe twice filling my truck so OK.

When I swiped twice two days in a row buying gas my debit card was declined for possible fraudulent activity… go figure.

Talk about 'can't win for trying'.

 

[two_bit_score]

One old guy since passed with no children amassed over a million in value from US silver and gold coins…

His nephew inherited quite a haul… just bullion silver coins and eagle and double eagle gold… said he didn’t trust banks!

I bet he lived very frugally too.

 

[Hay Dude]

Name brand stocks like Apple..Amazon..MS...Nvidia...even Tesla...put that percentage to shame.

I bet you own them all too, right r!ppy?
How about InBev stock? Disney stock?

You talk big on them when they plummet in value?

Easily converted you say? Depends on what pawn shop you go to.

Even jewlers have issues with karats.

Pawn shop?
You clownin me holmes?
I don’t do pawn shops.

Like I said, it’s about 20% of my portfolio. Plenty of S&P 500, money market, bonds in there, too.