Bank Woes

[grsthegreat]

I have lots of money invested and diversified. I also wanted money not invested that I can use now that I’m retired. If it all hits the fan, I don’t want to be forced to pull money out of the market . Id rather leave my shares in until the rebound. Having cash available helps. Most you lose on withdrawing early in a cd is 3 months interest.

 

[fried1765]

GRS, just remember to compare your return against the projected inflation rate.
Likely you will be going backwards a bit and that will be the cost of a very safe investment in a credit union.
Bond mutual funds like Vanguard are very safe, some federally backed, and are the next sensible step up.
Or if one were brave, buying really cool old cars that are likely to appreciate. Portfolio diversification you tell your wife.

From a percentage perspective, my 251 hour, 2006 orig. owner, Kubota L48 TLB that I bought 21 months ago, is looking like my best recent investment!

 

[Diggin It]

I scrimp and scrape, saving what I can, so I can make bigger purchases from time to time. I'm more on the hook now than I was a few years back, but not in trouble. I can pay off both the tractor and generator if I really have to, but right now that isn't necessary. The generator is on a 24 month same as cash deal and the tractor is on a 2.49% rate, so neither is a big liability for the moment. Unfortunately, it won't take a whole lot to cause a complete wipeout, so I still have to be quite careful.

But I won't let a bank or CU nickle and dime me either. I now review their rate and fee schedules, bonus programs and other optional extras or exclusions before I jump on them. I don't care if they make money or not. I care how they treat customers. Three local banks have failed miserably in that area recently. I've looked at several more locals in recent days, including a couple of CUs and they all have gotchas I won't participate in.

 

[MoKelly]

I have lots of money invested and diversified. I also wanted money not invested that I can use now that I’m retired. If it all hits the fan, I don’t want to be forced to pull money out of the market . Id rather leave my shares in until the rebound. Having cash available helps. Most you lose on withdrawing early in a cd is 3 months interest.

I hope you are right for your banks.

There are some banks that penalize you part of principal for early withdrawal. Read the CD agreement carefully.

MoKelly

 

[grsthegreat]

i did . it's spelt out very plainly. early withdrawl costs 3 months interest only. you can add to it 3 times over 18 month period at no cost.

but i dont need to withdraw from it. it will just sit until lumber and other building supply prices come back to reality here. i had to get a 4x4 treated post. $29.00

last year i paid $9.

 

[MoKelly]

i did . it's spelt out very plainly. early withdrawl costs 3 months interest only. you can add to it 3 times over 18 month period at no cost.

but i dont need to withdraw from it. it will just sit until lumber and other building supply prices come back to reality here. i had to get a 4x4 treated post. $29.00

last year i paid $9.

Good for you. My wife on the other hand ——.

MoKelly

 

[JethroB]

The Vanguard Federal MMF is currently yielding 0.01%.

The Fed manipulated rates to near zero 12 years ago to get us out of the recession. Ok but the recession is long over. What tool will they have during the next recession to stimulate the economy?

 

[two_bit_score]

Yep, they want U to spend, spend or shut U down.
They say 'real easy' use the ATM more often, like I have to withdraw $10.00 and then deposit it back?
OK, I get it? spend more than you earn to get the economy moving.
Face it, banks hate frugal clients, they love folks that always have CC's maxed out as that's where their earnings are.
That .25% interest is simply to entice you to spend so when you have maxed out your credit they then can raise the rates.
Housing prices have gone wild, just watch when mortgage rates climb how many will go broke.

I use CC for most purchases, very little cash, and have set up an automatic payment scheme so that I'm never late. Also 2 CC's, one for daily local use and the other for on line and automatic billing (both automatic).

LOL, and I still prefer using a teller vs ATM, I tell them that I'm preserving their jobs.

Have U noticed? you now have to buy checks? no more free ones.

Who uses checks anymore..? As old fashioned as I am it’s very rare that I write an actual check.

 

[two_bit_score]

At work over the years we used BOA, Harris (BMO), and then Wells Fargo. Fees ran $6-7k per month. Fee schedule was double columned and 7 pages long. They didn’t miss an opportunity. No transactions were free that I recall.

I have never paid a fee at WellsFargo Bank.

 

[JethroB]

I have never paid a fee at WellsFargo Bank.

This was a sizable corporate account. About 5000 checks written each month, daily wires & ACH’s in and out, multiple fraud features, etc. $10M or so average balance. My point in posting was the bigger clients pay dearly.

 

[grsthegreat]

Who uses checks anymore..? As old fashioned as I am it’s very rare that I write an actual check.

My computer prints all my checks.....I have not hand written a check in over 10 years or more.

 

[MoKelly]

Who uses checks anymore..? As old fashioned as I am it’s very rare that I write an actual check.

I’m seeing more and more places charging an extra 3% for credit cards. If that’s the case, I’ll use a check. I do not carry much cash. I do not use Apple Pay or that electronic stuff.

MoKelly

 

[grsthegreat]

It used to be against the law to charge more for credit card, however you can have a discount for cash. Try to figure that out.

now days, as long as you spell out that credit charges more than, and how much more, it’s ok to do so.

when i swipe a customers card, I get charged 2.7%. Thats just life

 

[plowhog]

Ive been with Wells Fargo for over 20 years, and have never seen a single bank charge except for safe deposit box. But I have a rather large balance at all times.

I have a personal and business accounts with Wells Fargo. Except for one period, I haven't seen any fees.

When we built our residence, we went about $200k over budget. Using that cash to pay the construction upgrades drew down my balance down. Then all sorts of "garbage fees" started popping up.

My balance later went up again. All the fees stopped. I never spoke to anyone about it, so I presume that WF has certain pre-set balances required to keep those pesky fees at bay.

 

[Diggin It]

I can't figure out why bank websites seem to have been created by high school kids. They seem loaded up with whirling, scrolling, wiggling things and goofy color schemes. Chase still looks fairly professional and USAA is in transition to something, but I'm not sure what. TIAA used to be good, but has gone to easter egg colors and the loss in function I mentioned above.

One of the locals I looked at was full of slogans and catchphrases, like it had been done by a Pep Squad. Another local tells you very little about the bank and won't let you open an account on the web.

 

[PILOON]

On checks---
I once (many moons back) just for giggles wrote out a check to my wife for $1,00. on TP.
Yes, kid U not!
Well it cleared and I still have it laminated in plastic, just for fun.
(LOL, she kept the $1.00)

 

[pmsmechanic]

My buddy bought a field sprayer. He wrote out he check and then handed it to the owner of the farm dealership that sold him the sprayer and said "You sign this and lets see what happens". So the dealer signed it with his own signature. The cheque cleared the bank with the wrong signature on it. My buddy changed banks.

 

[MoKelly]

My buddy bought a field sprayer. He wrote out he check and then handed it to the owner of the farm dealership that sold him the sprayer and said "You sign this and lets see what happens". So the dealer signed it with his own signature. The cheque cleared the bank with the wrong signature on it. My buddy changed banks.

Is there any bank in the world that checks manual signatures. How in the world could that be done? It’d be hugely labor intensive.

Do you have automated signature verification? If so, then there is a problem.

MoKelly

 

[JethroB]

A senior VP at Wells Fargo once told me verification is not done and is impossible. No signature might throw up a flag.

I remember as a teenager with my first checking account my bank calling me because I forgot to sign a check. I ok’d it over the phone. Probably $5.

 

[SouthernSky]

I once wrote my dad a check a million dollars. On the back I wrote, “This check is void 30 seconds after reading this.”

I sign Disney character names on all those credit card machines at the stores. I’ve never been questioned.