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Get ready to pay your bank to hold your money... (1 Viewer)
- Thread starter fantasycurse42
- Start date
Quez
Footballguy
I have already started noticing banks have video screens where the tellers are at a centralized location. Seems like a great idea, since they can minimize the number of employees, but it's likely just to condition us before they move them all overseas. It's going to be a sad day when you walk into Bank of America to be video conferenced with a teller in Malaysia.
fantasycurse42
Footballguy Jr.
It's coming... Yields aren't reversing anytime soon. As they slip further into negative side, do you think they'll just eat the costs? These are banks we're talking about.
Just my .02 - I think it is on the horizon, within 5 years or so.
shadyridr
Footballguy
Free money orders, free check orders, no fee on non chase atms (up to a limit). Honestly the perks aren't great but I need a money order one a month for school and they normally cost $5. And I have well over the miniMum (well Riley does).
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Shutout
Footballguy
I like Dentist's posts. It reminds me of the guy I can be but choose not beWow, a post by Dentist I agree with.
In all seriousness, I align a lot with Dentist in theory and in lifestyle but our roads fork decisively in terms of how frugal he is. a bit too extreme for me.
Dentist
***Official FBG Dentist***
I spend a ton of money every year... far more than the average household income.I like Dentist's posts. It reminds me of the guy I can be but choose not be
In all seriousness, I align a lot with Dentist in theory and in lifestyle but our roads fork decisively in terms of how frugal he is. a bit too extreme for me.
The difference is that a large % of that money goes to 1) having my wife stay at home with my children (granted this is more an opportunity cost than actual money) 2) funding retirement accounts and college accounts heavily 3) paying off debts far faster than most people are comfortable with.
I live a full and happy life ( or at least I did before having two children under 2... now i just feel overworked, tired, and underappreciated)... just one that doesn't include iphones and ipads, cleaning ladies, landscapers, new automobiles, frequent meals at restaurants, or (insert other waste of money here).
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sbonomo
Footballguy
So basically you are paying for services outside of housing your cash. I assume it makes sense why this account would cost more than a basic account? I don't think the regular Joe understands how much it cost a bank to provide basic banking services. Beside the brick and mortar, staffing, IT, etc. fraud has become a significant cost which none of us want to pay for.
Shutout
Footballguy
This is the splitting point in our relationship
I would simply have to have some "wastes" in my life to counter-balance the daily grind of being sole provider, young children, the rigors of it all.
Andrew74
Footballguy
I think I agree with those who say this won't happen anytime soon. You've seen a material backlash against negative interest rate policy (NIRP) in Japan after the BOJ went negative in the spring. While initially successful in Europe, there are concerns about how far NIRP can go there. Fed members have shown disinterest in NIRP due to the banks and money market funds. I think if we have a big recession and rates are low (funds <2%), the Fed will fire up QE or go bigger (e.g., monetary underwriting of fiscal policy) rather than NIRP.
For the
, do you think the Feds would harm their masters?
For the
, do you think the Feds would harm their masters?
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mr. furley
Footballguy
msudaisy26
Footballguy
He said he takes 200 dollars, I haven't been to a casino in almost 4 years, but last time I went 200 dollars was like a 30 minute trip if you had bad luck at the tables.
I agree with all of this. Except I'd probably pay for a smart phone if my work didn't already. And we eat out more often that we should.
Juxtatarot
Footballguy
No shtick, this proposal has been floated around for years. There are definitely people in the government who think it may be a good idea. Once they become the majority, watch out, because they will definitely try it.
Edit: Many countries with major financial problems have done this already. It's happened in the EU. If the US ever gets to the point where we have a negative interest savings rate, taking money out of retirement accounts in exchange for a promise to pay out a "guaranteed" (yet lower) rate later is just the obvious next step.
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Binky The Doormat
Footballguy
Meh, but I could see Bernie or Hillary pushing this if they thought they could still be re-elected. Or in a second term.
NutterButter
Footballguy
Loving the paranoia in this thread. Let's all buy us some gold.
I'm only saying it's the next step after negative savings interest rate. No matter who's the president. But probably not before that milestone.
Chadstroma
Footballguy
Chadstroma
Footballguy
Foot traffic is drastically down and continues to drop in bank branches. This is largely due to the domination of online banking, mobile banking, the increased ability of ATM's, debit/credit cards, direct deposit, etc. The old traditional branch concept is a dead model. Banks are in general searching for smaller branches with less staff that they can have a physical B&M presence but dramatically decrease cost. The reason for this is that even with the increased comfort levels of technology- people still tend to want to bank with an option of nearby B&M locations that they have the choice of going to if they need to for whatever reason. Different banks are approaching things differently but even Chase has closed a number of branches. Overall though, Chase sees it's dominance in branch network in some areas as it's greatest asset. People still go and open up Chase accounts simply because there are so many Chase locations available. It is that simple.
mr. furley
Footballguy
bank employee
haven't held my money here, or any bank, for about a decade. credit unions ftw, baby!
Chemical X
Footballguy
I have an Italian bank account and I am charged 2 euro monthly, and 8.50 euro bi-annually for Unicredit to hold my money.
shadyridr
Footballguy
Peyton Marino
Footballguy
mr. furley
Footballguy
Chadstroma
Footballguy
Peyton Marino
Footballguy
this is pretty spot on. I would add that just because you see new Chase branches opening doesn't mean their net branch network isn't decreasing. they're closing branches in less profitable areas, consolidating where possible, etc.
Chadstroma
Footballguy
It is actually interesting in that Chase took over WaMu and basically removed the Occasio branch concept by remodeling all the WaMu Occasio branches. Occasio branches were a new banking branch model concept that did away with teller lines and sales platforms and had the branches smaller with staffing that was more flexible. A much more 'retail' orientation (I believe the same design company that did the decorating for Starbucks was hired to do the decorating for these branches). I read not too long ago how executives at Chase basically were saying that they were relooking at that concept because a lot of it was ahead of it's time and meets the changing needs of bank branches in today's world much better than the old bank branch model does. Most of the concepts I have seen from the big banks like BofA, PNC, US Bank, etc where they are looking to come up with a new bank branch concept certainly has echoes of or roots in that WaMu Occasio concept. Bank branch consolidation will continue. Some banks more than others as different banks will decide on different strategies.
Sand
Footballguy
Once your kids are older you'll apprediate how special it is to see a 1 year old's face light up when you get home.
Cliff Clavin
Footballguy
We've been exploring virtual tellers to completely replace some of smaller branches. 100% full service. Have 4-5 tellers/loans employees in a central location to service them. Makes way too much sense.
Joe T
Footballguy
Does it make the same amount of sense as automated phone operators when you call the bank and you sit on hold because you can't get an actual person?
Large corporate deposits are a completely different story and much less valuable to banks given recent regulatory changes
fantasycurse42
Footballguy Jr.
It starts somewhere though. Yields have been traveling in one direction for quite some time, I just think eventually the consumer will get the shaft.
You can argue against, and I obviously see both sides to the argument, but nonetheless the theory holds some weight.
Cliff Clavin
Footballguy
When you can have dedicated staff for them plus the rest of your loans crew as backup, that wouldnt be an issue.
Quez
Footballguy
Gawain
Footballguy
The problem is the stupidity of the average person.
My BoA (34th and 5th) recently put in two of the teller assisted ATMs. They now have to have two full time employees stand in the vestibule to direct people to these ATMs. Not only are they paying the call center, but they're paying the guys to help the tourists who don't realize the silly thing works like an actual ATM. Also, you've got people calling up a teller now to withdraw $40 as well.
My BoA (34th and 5th) recently put in two of the teller assisted ATMs. They now have to have two full time employees stand in the vestibule to direct people to these ATMs. Not only are they paying the call center, but they're paying the guys to help the tourists who don't realize the silly thing works like an actual ATM. Also, you've got people calling up a teller now to withdraw $40 as well.
