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Get ready to pay your bank to hold your money... (1 Viewer)

fantasycurse42

fantasycurse42

Footballguy Jr.
Within 5 years it'll cost you to keep your money in the bank, maybe sooner... It's not a matter of if, but when. 

Interest rates are a thing of the past. 

That's all I got. Oh, and an 80 year old man started a fight with me in the gym this morning, I walked away, he was just too old, I let him take the moral victory... I'll highlight that story when I have more time. 

 
fantasycurse42 said:
Within 5 years it'll cost you to keep your money in the bank, maybe sooner... It's not a matter of if, but when. 

Interest rates are a thing of the past. 

That's all I got. Oh, and an 80 year old man started a fight with me in the gym this morning, I walked away, he was just too old, I let him take the moral victory... I'll highlight that story when I have more time. 
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Should have just shown him your shirtless mirror pic. Would've ended the discussion right there, IMO

 
fantasycurse42 said:
Within 5 years it'll cost you to keep your money in the bank, maybe sooner... It's not a matter of if, but when. 

Interest rates are a thing of the past. 

That's all I got. Oh, and an 80 year old man started a fight with me in the gym this morning, I walked away, he was just too old, I let him take the moral victory... I'll highlight that story when I have more time. 
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The crazy thing is most people won't care.

 
Mr. Ected said:
Might they charge to hold under a certain amount?
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Why antagonize their customers when they still kill us with overdraft, check return, and other fees?  Charging to hold our money won't be happening anytime soon.  They need our money to get access to all of our screw-ups.

 
fantasycurse42 said:
Within 5 years it'll cost you to keep your money in the bank, maybe sooner... It's not a matter of if, but when. 

Interest rates are a thing of the past. 

That's all I got. Oh, and an 80 year old man started a fight with me in the gym this morning, I walked away, he was just too old, I let him take the moral victory... I'll highlight that story when I have more time. 
Click to expand...
Our bank already charges. $25 a month for Premier Checking unless you have over $15k balance.

 
fantasycurse42 said:
That's all I got. Oh, and an 80 year old man started a fight with me in the gym this morning, I walked away, he was just too old, I let him take the moral victory... I'll highlight that story when I have more time. 
Click to expand...
I'd feel pretty safe saying the old guy was right here.

 
James Daulton said:
Why antagonize their customers when they still kill us with overdraft, check return, and other fees? If they all do it (which they will), what choice do you have Charging to hold our money won't be happening anytime soon. Within 5 years, I'll make a wager on it if you like...  They need our money to get access to all of our screw-ups.
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Facts are simple, banks need to park money in safe places, such as US Treasuries. US Treasuries are hovering around all-time lows and there is no reversal in sight, this is why you get no interest now. When the banks have to pay instead of receive, who do you think will eat those costs? 

When our next stock market correction or crash (at least 20%) happens (and I don't think you'll find many to dispute it is within 5 years), US Treasuries will be pushed into negative yields and you will be paying your bank to house your money. 

 
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fantasycurse42 said:
Facts are simple, banks need to park money in safe places, such as US Treasuries. US Treasuries are hovering around all-time lows and there is no reversal in sight, this is why you get no interest now. When the banks have to pay instead of receive, who do you think will eat those costs? 

When our next stock market correction or crash (at least 20%) happens (and I don't think you'll find many to dispute it is within 5 years), US Treasuries will be pushed into negative yields and you will be paying your bank to house your money. 
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Maybe.  I'd bet they just raise the fees for other stuff rather than charge us for our money.  Free checking is so ingrained into our society and with online banking meaning fewer branches are needed, their cost structure simply isn't near what it used to be.

I'm happy to make a wager on it.

 
James Daulton said:
Maybe.  I'd bet they just raise the fees for other stuff rather than charge us for our money.  Free checking is so ingrained into our society and with online banking meaning fewer branches are needed, their cost structure simply isn't near what it used to be.

I'm happy to make a wager on it.
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Yet Chase seems to open a new branch somewhere in my general neighborhood every six months it seems. What's the deal with that? They just buying up real estate and putting placeholder buildings on it?

 
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shadyridr said:
Our bank already charges. $25 a month for Premier Checking unless you have over $15k balance.
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Like I said, they're already charging poor people to hold their money. 

 
Or maybe you should actually put a few dollars in the bank so you don't have to worry about overdraft or return check fees or whatever the other thing was.

 
I think this is already the norm if you're poor and are trying to still use a premium bank.

If you're rich you'll never pay these fees.

 
I remember when BOA started charging me $12/month simply because my normal direct deposits stopped. 

GB credit unions.

 
I feel the need to buy another house just so I can get my hands on some of this free money they are giving away. Or can you just hold your hand out?

 
fantasycurse42 said:
This just isn't true. When we get to this ridiculousness of negative interest rates, the banks will pass them on. The poor can only handle so much.
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Well I agree, when I used the word never, I was probably in the wrong.

But I would be absolutely SHOCKED if an environment developed where BOA charged me to keep my money with them and their subsidiary Merrill Edge.

As it is they are throwing massive perks at me to maintain my level of funds with them...  plenty of things they could take away before resorting to charging me.

100 free trades a month

a Credit card that pays 1.75% on everything,  3.5% on restaurants and wholesale clubs and grocery stores, and 5.25% on gas

waiving 100% of ATM fees no matter what ATM i use in the world....   sometimes instead of being responsible and getting money from the BOA before I head to the casino,  I get lazy and use the Casino ATM just because I know BOA will refund their $6 charge....   sometimes I'll really stick it to them and get out $100 in two separate transactions rather than just $200 straight up.

I mean they are throwing money at people with money...   to all of a sudden take that away AND start charging me seems like YEARS and YEARS away

 
shadyridr said:
Our bank already charges. $25 a month for Premier Checking unless you have over $15k balance.
Click to expand...
Why in the world do you need a premium checking account unless you have over $15K?  I have the super platinum something something and I couldn't tell you what I get for it.  Of course it is free because I have well in excess of the minimum required for the service.  If you are pay check to pay check do you really need platinum service?   

 
Dentist said:
Well I agree, when I used the word never, I was probably in the wrong.

But I would be absolutely SHOCKED if an environment developed where BOA charged me to keep my money with them and their subsidiary Merrill Edge.

As it is they are throwing massive perks at me to maintain my level of funds with them...  plenty of things they could take away before resorting to charging me.

100 free trades a month

a Credit card that pays 1.75% on everything,  3.5% on restaurants and wholesale clubs and grocery stores, and 5.25% on gas

waiving 100% of ATM fees no matter what ATM i use in the world....   sometimes instead of being responsible and getting money from the BOA before I head to the casino,  I get lazy and use the Casino ATM just because I know BOA will refund their $6 charge....   sometimes I'll really stick it to them and get out $100 in two separate transactions rather than just $200 straight up.

I mean they are throwing money at people with money...   to all of a sudden take that away AND start charging me seems like YEARS and YEARS away
Click to expand...
Wow, a post by Dentist I agree with.

:thumbup:

 
Dentist said:
sometimes instead of being responsible and getting money from the BOA before I head to the casino,  I get lazy and use the Casino ATM just because I know BOA will refund their $6 charge....   sometimes I'll really stick it to them and get out $100 in two separate transactions rather than just $200 straight up.
Click to expand...
Dentist goes to the Casino?  Aren't you the resident tightwad?  Whoah...  never expected that.

 
Poke_4_Life said:
Dentist goes to the Casino?  Aren't you the resident tightwad?  Whoah...  never expected that.
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I used to be a massive pokerstars degenerate.  Of course I was plus ev tho.

I play once a month poker in the casino for three hours with a group of people I know.

With the huge rake it's a slightly -ev game, but it's enjoyable.

 
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