Ask MetaFilter questions tagged with banks

Tellers in crappy polos and aprons need not apply.

thebestsophist — Fri, 13 Nov 2009 10:45:05 -0800

Help me find a good credit union or small bank around Milwaukee, WI. I recently opened a business account with Guardian Credit Union but have had nothing but trouble and terribly unprofessional service. I need to move, and soon. I've had experience with other banks in the Wisconsin area, such as US Bank, Wells Fargo (though the closest one I've seen was Madison), and Associated Bank. I will not do business with any of them every again. I would think my requirements are simple, but apparently not:

Professionalism. I am never doing business with a bank where the teller is not wearing at least a button down shirt or blouse ever again. If someone is handling several thousand dollars of my money, I want them to dress like it.

Payroll for me, and my partner.

Online banking, including electronic transfers (not that many, just need to be able to do them).

Decent interest rates on savings, and checking if possible.

Responsive customer service. If I call and leave a voicemail, I expect to get a response in one business day.

Things such as being able to have a relationship with my banker, is a big plus.

What if the world was a glorious donut?

reverend cuttle — Mon, 26 Oct 2009 08:09:05 -0800

If I'm sitting on the terraformed surface of a Culture orbital, what does the horizon look like? For those unfamiliar with Iain Banks' Culture novels, imagine an artificial ring spinning on its axis and revolving around a star. People live on the inside (concave) surface of the ring.

Ostensibly, the curvature of the ring is gradual enough that the ground beneath them appears flat, as it does on the convex surface of the Earth. But what do they see when they look to the horizon? Can they see the far edge of the ring? Every time I try and picture this, my brain stops working.

Thanks for indulging a nerd.

Help me gain the wit that Iain M. Banks thinks I should have.

Nufkin — Sun, 20 Sep 2009 09:42:13 -0800

In Look to Windward by Iain M. Banks there is a part where one of the Estodiens say to Quilan, 'I hope you have the wit to realise you past two little tests there, Major, not one'. It appears that I do not have the wit. Possible spoilers inside. This comes after Quilan's training when he first meets the second Estodien. One of their helpers circles around behind him and instead of him taking the hand offered in front of him. He spins and crouches down in his 'defense position'.

One test he passed was to know that he was about to be attacked; but what was the other? Was it as simple as him spotting someone who was out of place and a potential threat? But doesn't that just link into the 'first' test?

A few questions upon the eve of an imminent move to Toronto.

setanor — Mon, 24 Aug 2009 08:12:52 -0800

TorontoFilter: We're moving next week from the US and have a few questions. Can you help us hit the ground running? After spending all of our lives so far in New England, we're moving to Toronto - she's going to school, and I'm going to be working, hopefully, among a few other things. These are just a few vaguely "miscellaneous" questions that have been bouncing around in our heads for the past few weeks as we wrap up our lives here - any help pointing us towards any answers would be really appreciated, as I don't really have the time right now to wade through Yelp, etc... and trust you guys way more anyway.

1. What bank? Are there any big national banks that are a big "nuh-uh" for you that live there? Are there any new, smaller banks in the area that are the way to go over TD, Scotia, etc. or would we be better off going with someone big and established?

2. Zipcar, Autoshare, other or none of the above? We'd love to be able to head out to the land of Ikea and big-boxes every so often for things we might need, and I'd love to be able to drive out into the country (Prince Edward county, Bruce Peninsula) but we're not bringing our car.

3. We like good beer. We've been spoiled where we live now by one of the best places to drink crazy, awesome beer in the country. I know not a lot of the stuff we love here gets exported (Dogfish, Stone, etc..) but also that there is a lot of great beer from Canada that I have yet to discover. So, this is a two-part question: what Canadian-brewed beer is most similar to my favorite, Dogfish Head 90 Minute IPA? Second, what's the best place to go drink great beer in Toronto where there's a rotating tap and maybe some crazy stuff on cask every so often and people are really into trying lots of new things?

4. We're going to be living out west near Dovercourt. What's the best farmers market in the area, and what's the best place (market/shop) to go to get really awesome locally-farmed meats and produce?

5. Finally, if we plan on making a fair amount of calls to the US, what is our best option? Are there cell plans with fair calling rates to the US, or would we be better off just using our mobiles in Canada and some sort of Skype/Gchat/VOIP solution for our calls home?

Credit check for depositors?

NortonDC — Wed, 12 Aug 2009 21:17:27 -0800

I'm a depositor, and only a depositor, at a bank. What legitimate purpose is there for the bank to run a credit check on me? I'm an established customer at a bank I'm happy with, but now on a form used in processing a name change they are requiring that I give them permission to run credit checks, employment verification, etc.

They are not and never have been a creditor to me. I have never had or sought any type of loan from them, including credit cards. In fact, it's the opposite, since I am a depositor.

I give money to them, not the other way around. So how could it be appropriate for them to run credit checks on me?

How to get rid of credit card debt?

bluehermit — Tue, 04 Aug 2009 16:06:26 -0800

Credit Card debt for teh first time in my life, I'm lost as to what my options are. I have literally no one I can talk to about this and I feel like doors are being slammed in my face when I'm asking for help.

I just graduated in the spring with an Education degree and had virtually no money at the end of the semester. I had to move back to my city (better job opportunities) and some emergency expenses as well as bills starting to pile up. For the first time in my life I racked up my credit card because of that and struggled to pay it off, I'm at about $5400.00 on my credit card. I'm looking for a teaching job right now and in the meantime working at a golf course and tutoring in the side any spare moment I can get in.

I'm almost at my limit and am freaking out because I am living paycheck to paycheck. I have been not approved for balance card transfers from other companies or lines of credit, all say I have too much debt and don't make enough money right now. My last resort was my bank to do a consolidated loan and they submitted the application and I found out today I've been declined :( Same thing, I make too little money for a loan. They refuse to lower the interest on my CC and basically said I have no options....I have no idea what to do, I've had an account there since I was 7 and this this the first time I've ever had problems with debt.

I cut as much as I can for expenses, I have no cable, no land line, never eat out, walk instead of taking my car (unless I have no choice) etc. I've always been good about paying off my card, just times have been very rough for me right now. I feel like I've dug a hole that keeps getting deeper.

I'm so angry, frustrated and sad, I don't know what to do :( I'm bawling here... Any advice or ideas? (I'm in Canada if that makes a difference)

Canadian seeking savings account at a US bank

Penelope — Sat, 23 May 2009 13:55:05 -0800

Canadian who wants to open a high-interest savings account at a US bank, in USD - which bank? As the USD is relatively cheap to a Canadian right now, I'm interested in opening a USD savings account with about 5K, to cash out when the USD rises against the CAD again. Some Cdn banks offer them, but pay no interest and some don't even insure your USD holdings (they do the CAD). From what I've read, I have to physically go to the States and open an account. Does anyone know of a bank where I can just open an account online or by phone? BTW, I have no US mailing address.

What are the effects of high inflation and high interest rates on an economy?

thewalrus — Sat, 04 Apr 2009 01:12:56 -0800

Economicsfilter: How do mortgages work in developing countries with high rates of inflation and high interest rates? For example, Pakistan has a 20% inflation rate and the average fixed term prime residential mortgage for people with good credit is priced at 17%. What are the effects of this on a market? Can anyone point me to economics texts or real world examples of the results of the following:

USD:PKR exchange has gone from 1:60 to 1:81 in less than one year.
Inflation rate steady at 18 to 22% per year.
Minimum mortgage costs for residential consumers in the range of 16.5%+

The Pakistan central bank sets a rate which results in a KIBOR (Karachi Interbank Offered Rate) of approximately 15%. The various big name banks in Pakistan mark this up a couple of percent and sell residential mortgages on 10, 15 or 20 year amortization terms for around 16.5 to 18.0%. These are not "sub prime" type rates but are for people who can put 20-25% down, with good credit scores and job references, the Pakistani equivalent of a non-jumbo Prime mortgage.

This obviously makes the purchase of an average 3-bedroom flat quite a bit more expensive than in the US or Canada, where mortgages for anything would be under 8%.

How did this work in Argentina when the currency dropped drastically against the US dollar? I know of people who got into the Argentine market at exactly the right time with a USD exchange (or Euros, or GBP, or whatever) and were able to buy up property at amazing prices. Were interest rates similarly high in Argentina during the same period?

Does a high inflation rate somewhat offset the effect of having a mortgage with a 17% fixed interest rate? If the mortgage contract is fixed at a certain payment, but the inflation continues, a theoretical Rs125,000 monthly payment will continue to get less expensive as time goes on...

Time for a Third Bank of the U.S.?

medarby — Fri, 20 Mar 2009 07:38:04 -0800

Why do we not have a government owned national bank that competes with private banks? I'm a layperson, and in these past few months I've learned more than I wanted about macroeconomics. I understand the basics of: mortgage-backed securities, credit default swaps, and the Commercial Paper market. I understand how you can't have an economy without banks. The freezing of credit is stalling the economy, no one wants to lend money due to fear of banks going under, and that the banks are all tied together. The U.S. is paying (via more debt to taxpayers) for bad assets or buying stakes in the banks. It's difficult to nationalize all the banks and then re-privatize them, because who's around to buy all the banks?

Why is the banking system not considered like a public good that should not be solely in the hands of private enterprise? If you don't like driving the Interstate from NY to CA, take a plane. But, if the airlines go bankrupt or shut down (i.e. after 9/11), then you can still get to where you need to go. Public schools vs. private schools, Social Security vs. 401k, Medicare vs. private health insurance, are further examples of public services competing with private services. So, if companies cannot borrow money from banks to keep operating, due to banks being insolvent/illiquid/snafued or whatever, then why can't businesses turn to the government for direct loans? Why is there not a national bank like we had in the past? What are the arguments against it?

Be kind, I'm all befuzzled and trying to learn.

Fed up with banks' use of bailout money

hardbop — Tue, 10 Feb 2009 06:48:04 -0800

What happens if I default on unsecured debt? I'm fed up with the outrageous use of taxpayer bailout money by the nation's banks. I live in Florida, own my home outright and it is protected by the state's Homestead Act. I'd like to just pay about $20 a month to the credit card companies instead of the minimum payment(to keep them from claiming I stopped paying them) until I can file Chapter 7 in 4 years. What do you think?

Where is my money stored?

All.star — Wed, 04 Feb 2009 20:16:50 -0800

Is most money just numbers on a computer screen? Or do banks actually have cash in their vaults to back up the "digital" money. I ask because I never see the actual paper or coin money I have - everything is direct deposited and then I use a debit card. I wonder if there is actual paper and coin money enough to match all the money we have that we never physically see or touch.

How Will Daily Life Change During This Slow-Depression?

raikkohamilonso — Thu, 29 Jan 2009 23:02:31 -0800

How is daily life going to change over the next few years - because of the Slow Depression? I'm starting to see trucking companies with lots of trailers parked. Roads seem to be getting pretty bad. Banking system is basically on the way out. Major retail seems headed to the bottom as well.

I'm presuming food is going to start going up at some point. Gas as well. Distribution of goods/services seems to be at risk? Are there angles that are not obvious? Is anyone planning for this?

Gold! Always believe in your soul, you've got the power to know...

Zé Pequeno — Mon, 03 Nov 2008 07:54:22 -0800

I am basing my Masters in International Business thesis on Prof. Barry Eichengreen's 1998 paper, 'Does Mercosur Need a Single Currency?' Although by no means an expert, I've been interested in the Austrian School for a long time and, as a result, am instinctively distrustful of central banks and fiat money. Can anyone direct me to any reputable, well-written and persuasive essays arguing the inherent weaknesses of currency unions in relation to this? I'm also keen to read any persuasive essays able to stand up to close scrutiny that successfully argue a reintroduction of the Gold Standard.

I know many economists dismiss Austrian economics as voodoo science, so I don't wish to get involved in an academic discussion.

Any help would be greatly appreciated.

ING Vs. Royal Bank

Bearman — Fri, 10 Oct 2008 11:06:10 -0800

CanadaFinanceFilter: We have money in an ING account, because it offers a better rate than Royal Bank. Given the financial world's upheaval of late, would our money be safer in our Royal Bank account?

Who's going to be the next Washington Mutual/Fortis/B&B?

fuzz — Mon, 29 Sep 2008 03:31:29 -0800

How can I keep track of the health of European banks? I've got some of my retirement money spread around in banks in Spain, France, and the UK. I'm looking for indicators that help me understand whether my banks are getting in trouble.

Can you give me any Web resources to keep track of which banks are on government watch lists, what the current CDS spreads are, who's got a lot of toxic debt, or any other useful information? Bonus points if you can explain what the indicators mean.

WELLS FARGO IS EVIL.

Anonymous — Tue, 23 Sep 2008 21:24:22 -0800

Wells Fargo just royally screwed me during one of the most difficult financial weeks of my life, putting me in a position where I won't even have food money or enough gas money to get to work -- until next TUESDAY! I'm spitting mad. My questions are twofold: 1) I want to know if there's anything I can do to turn this situation around now or do I have to just wait; 2) My money problems are temporary and I'll be in the red within a year. Is it possible to complain or make a statement about this episode with Wells Fargo that would ever be heard? Should I just bitterly move on and take my business elsewhere, feeling like a victim? 3) Do you have a bank that you recommend doing business with instead -- one that treats customers with actual respect? Here's the sitch... like many people, I've had a bad year and found myself unemployed for a bit (have work now -- things are gradually looking up). Unfortunately, I owed some back taxes and without income I couldn't pay them yet. I talked to the IRS, and they told me they weren't going to levy.... but they lied. Suddenly one day I discovered that they took everything I had in the bank, leaving me not a penny. I had just written a bunch of small checks, and they all bounced -- something I haven't had happen to me since my twenties.

I got most of the check fees reversed and have been working my ass off to earn money to put back into my account so I can move beyond my hard times. I had $200 in my account as of last week and on Friday I went to the bank to deposit a $3000 check. The bank was CRAZY busy when I got there and I only had a half hour to spend... but 25 minutes in, the line hadn't moved and I had to get back to work. I asked a bank employee at a desk if there would be a hold put on a deposit if I put it through the ATM vs. the teller and they assured me if there wasn't a hold on similar checks in the past there would be no reason to worry about that. I've deposited from this company before and there was no hold put on the check then, so I went ahead.

Well, then I went about my life, paying for stuff. When I went to pay my mechanic this morning they said it was declined. I called the bank and they told me the check would be on hold FOR SEVEN DAYS because I'd bounced checks when the IRS did the levy I wasn't expecting. I worked hard to put money in there so I would be in the clear, and now I've bounced five more checks and they told me they couldn't lift the hold, wouldn't lift the hold.

Meanwhile, I hadn't gotten any cash back on the check... and I only have $10 on me. My gas tank had inconveniently just hit empty, as did my refrigerator... I was going to to go the market tonight. I was supposed to drive to visit a dying parent this weekend and now I don't have the gas to do that either. Needless to say, it's really upsetting.

A bit ironic... now I'm bouncing MORE checks, again unexpectedly... because they're punishing me for bouncing checks unexpectedly. I worked hard to get that $3000 check rushed to me and if I'd KNOWN they were going to hold it FOR A WEEK I would've gotten cash back or cashed it at the bank that issued it. I would never have put it through the ATM and then written checks! I'M not STUPID!!!!

I went to my bank and the "manager" there, a young latino girl, didn't want to give me the time of day to help me. She barely looked up from counting checks. I explained that I only went to the ATM because the branch was too busy on Friday. She basically responded "No it wasn't. It was dead." I told her I was there at 3pm and there was a line all the way down the hall. She said, "Well, I was at lunch then but I find that hard to believe. And I can't help you with anything through the ATM. Call customer service." When I told her I did, she just shrugged.

1.) Am I just plain screwed until Tuesday? I really needed to visit my parent and... oh... eat.

2.) Within a year, I will have at least six figures in the bank due to a property sale, and my tax problems will be over. When I do HAVE money, I don't intend to forgive Wells Fargo for how they've treated me when I DIDN'T have money. I definitely want to take my account elsewhere... but is there any way I can do so and also complain or make a statement that anyone would listen to? Would I be wasting my time to try to be heard that this is an unacceptable way to treat people.

3.) Good banks? Know of any?

Thoughts?

In the mattress or buried in the back yard?

Anonymous — Mon, 22 Sep 2008 10:40:31 -0800

Where to put what's coming to me? I have a lot of money coming to me between now and December. Like, a six-figure lot. My question is: where do I put it? Is it safe to keep it in the bank? (in that case, would it be smarter to spread it out over several banks?) Should I put it all in Treasury bonds and CDs and Triple-A bonds? Or should I just cash the big checks and hide the money in my mattress?

Risk Balance with CDs/FDIC

raz5 — Thu, 18 Sep 2008 12:19:32 -0800

What are the logistics of CDs at a bank that gets taken over by the FDIC? If I'm looking to put money into CDs, the best rates out there are obviously with the banks in desperate need of cash (WAMU, Indymac pre-blowup, etc.). I know that deposits and CDs are insured up to the FDIC 100k limit...what I'm wondering is what the template is in the following situation:

Say I invest 50K tomorrow in a 3 year CD at a great rate, and in two months the bank gets taken over by the FDIC. What happens then? Do I get my CD paid back in full w/accrued interest immediately as of the takeover date? Does the bank continue to function, and my CD gets paid normally by the government as if nothing happened? Somewhere in between?

Thanks!

Is It Smart To Have My Foreign Employer Pay Me In Their Country?

chartreuse — Thu, 04 Sep 2008 08:22:41 -0800

Being a 21st Century kind of guy I find myself now doing long-term work for a few companies overseas (India and the U.K.). I would like to be able to open a bank account in each country and just get the money I need via ATM. I'm thinking that since the dollar sucks it would probably be better financially for me long term. Is this a smart move? How hard is it for citizen of the US open a bank account in a foreign country? Do I have to report that income? And if so will I end up getting taxed twice?

What is the business model for saturation retail banking?

workerant — Fri, 22 Aug 2008 07:39:29 -0800

What is the business model for saturation retail banking? I live in a smallish town (~20,000 people) there are two or three retail banks in each block of our retail district, and more are always under construction. Given the nontrivial costs of opening, staffing, insuring and maintaining a retail establishment, how can these banks make money? Who uses branch offices and why? I understand the business model of banking in general, but how can such a high density of banks be supported by my middle-class town? On the rare occasions I've been in these bank branches there are never any customers in them; customers are easily outnumbered by staff. What gives?

Am I better off with Wachovia Securites or should I jump ship to UBS?

TwilightKid — Mon, 11 Aug 2008 11:12:08 -0800

A.G. Edwards / Wachovia Securities vs. UBS. Which is the way to go? For the last 7 years, I have had an account with AG Edwards (now Wachovia Securites).... All of my 401k's, Roth IRA's, and future retirement accounts...I am satisfied with the performance of my portfolio during the good times, and not thinking of jumping off a ledge while the economy is being really rocky right now either....

My agent has recently resigned from Wachovia / AG and moved on over to UBS, and is trying to get me to come over with him... He mentions with the instability of the banks and what not, UBS provides a more secure foundation for my money and interests, than Wachovia can....

(mind you, I am not an expert in any of this, and a lot of what he tells me is french to my ears.)

I like the guy...He is easy to get a hold of... Responds to my questions and needs efficiently. He is the 4th guy I who has been my agent since I started my account back in 2001.

So, I am questioning whether to transfer over my accounts to him and UBS. He said that UBS will pay all transfer fee's and credit my account should I be hit with any kind of penalties.... He said that the fee's will most likely remain the same as they are currently....

Is UBS a better place to have my money? With all the uncertainty going on with banks and such, should i not be associated withthe likes of a Wachovia?

OR, do you guys feel that this guy is just looking to build up his portfolio and business with his new bosses, and is not really having my best interests at heart...

My basic question is, in the long run, is my money better suited staying put with Wachovia Securities or should I jum,p ship to UBS (www.ubs.com)?

Your thoughts and advice are welcomed! thx.

Why aren't lenders held partially responsible for identify theft?

Benevolent Space Robot — Wed, 30 Jul 2008 14:38:47 -0800

Why aren't lenders held partially responsible for identify theft? A SSN is such an arbitrary (and easily stolen) method of establishing identity, it seems criminal that more care isn't required, or a higher standard of proof. Does this rise to the level of criminal negligence, considering they seem to be too easily opening the door to this crime?

Clearly, the responsibility ultimately lies with the person stealing the identity. But lenders have established a system that makes it pretty easy to play around with my credit, if someone was so inclined. Have they ever been sued?

The People's $$$

spinifex23 — Wed, 16 Jul 2008 12:27:43 -0800

Are there national Credit Unions? If you move, how does one access funds/do money management at a Credit Union when there's no branches of that Credit Union in your new state? I'd like to switch from a bank to a Credit Union. I'm not unhappy with my bank (BoA), but the hippie in me likes the idea of credit unions more. So, I've been meaning to switch anyways, and the bank scares have given me an impetus to do so.

The Credit Unions that I'm looking at (BECU and First Tech) do not have branches in California. But, I have to do something with this CD in the next two weeks, if I want to cash it out without penalty. I'd need access to ATMs, etc. as it'd turn into my main bank. I'd also like to be able to walk in to do banking if need be (if I want to open CDs and the like).

So, what does one do in this situation? I already checked, and I'm not eligible for USAA.

How do I get personal information from banks and utility companies?

Kattullus — Tue, 20 May 2008 14:35:22 -0800

How do I get personal information from banks and utility companies? For immigration purposes I need to gain access to utility bills from old addresses and bank loans I co-signed. How do I get utility companies and banks to give this information to me in a prompt and timely fashion? I presume I will need to send them some sort of request-for-information letter. Knowing how exact organizations can be when it comes to the release of personal information, what do I need to include in this letter to satisfy the organizations' needs? Also, do I have a way to ensure that they'll answer quickly?

If it matters, the utility company is National Grid and the bank is Domestic Bank.

Chicago banks and credit unions, redux

korpios — Thu, 24 Apr 2008 10:04:16 -0800

What's the best bank or credit union in the Chicago area? I just found out that I can't deposit cash, money orders, or third-party checks into my E-Trade Bank account, which is a deal-breaker. (My fiancée can't open a bank account, so she needs to deposit her paychecks into my account ... and E-Trade won't accept them, signed over and all.)

I need excellent online banking that works fine in Firefox (I do everything online), physical locations (I've learned my lesson here re: deposits), ample no-charge ATMs (or fee reimbursements for third-party ATMs), and free checking.

I'm aware of this post from 2006, but every suggestion there was shot down by someone else. Is there better advice to be had in 2008? ^_^