VoteEveryoneOut

visceral-beauty:

http://www.nytimes.com/2011/12/01/opinion/kristof-a-banker-speaks-with-regret.html?_r=1&ref=morganjpchaseandcompany

A former banker discussing his past and what his superiors do.
Wake the fuck up and realize that we’re not jealous of the ‘success’ of Wall Street.
We’re angry that success is made on trampling others at all costs.

No Money- Mo Problems pt2

I’m bad with money, I admit.  I don’t need people to chide me about balancing my checkbook though.  After paying these fees more than once, I learned a few things.  

I came to a conclusion.  If only one or a couple of these things were true, it could be dismissed as coincidence, but I feel confident that the way bank accounts are handled are partly to farm NSF fees.  In addition, it was reported (I forget by who.  major news source. NPR, CNN, someone…) that up to 12% of banks’ profits are made from NSF fees.  I don’t know of anyone that makes 12% of their income by accident. Also, Congress pass legislation that allowed Americans to ‘opt out’ of overdraft protection.  I doubt they did that because it wasn’t a problem.

So, here is what I have learned:

1) You are automatically enrolled unless you opt out

2) You get one mistake forgiven in a 12 month period.  Make it a good one.

3)  If they credit your account, then hold the check the next day, resulting in fees, that still counts as your freebie, sorry.

4) Some states are better than others for showing pending balances. NY being one. TN not being one.  Results vary by state. See your neighborhood broke-ass for local rules.  They apparently still use dial up and DOS despite having video on the ATM welcome screen.

5) Your check deposit after 2PM will not post until tomorrow.  However, any pending transactions WILL post that night at about 11:45PM  regardless of the average posting time is 2-3 days.  

6) The emergency ‘oh crap’ online transfer will not post at 1145 at night.  The system is locked out.  It’s too late for you.

7) Checks are done first.  They are typically large amounts for utilities, insurance, etc.  This drives your balance down the fastest, so if you make a mistake, then watch this

8) Debit cards are last.  Now your balance is low from the check, if you did make a mistake, then your milk, redbox, gas, and beer could cost you $20 plus $120 in fees, instead of one $28 fee from the check.

9) Since the law Congress passed, average fees went up from $29 to $35-40.  Debit cards will have fees.  Fewer free checking accounts. Gotta make that money

10)  At some places, to have free checking, you need direct deposit.  Why? Because stopping direct deposit takes about 2 weeks and they will get paid no matter how bad you need all of your check.

11)  It does not cost $35 to have a computer auto-assign a fee

Specific to First TN Bank:

1) your pending posts NEVER show up. 

2) Grocery purchases from next door take 6+ days to post

3) When a check clears, so do the previous six days of purchases, every time. Phew! with $5 to spare!

4) Your friends with accounts there bitch about it to.

5) and that, my friends is how you farm them fees

I get it, I have no money, but I don’t need help being separated from what little future earnings I have.

Abe

again, this is nothing new.

passingarcturus:

“I see in the near future a crisis approaching that unnerves me and cause me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption in high places will follow, and the money-power of the country will endeavor to prolong it’s reign by working upon the prejudices of the people until the wealth is aggregated in a few hands and the Republic is destroyed.”

—

- Abraham Lincoln

State Run Banks

voteeveryoneout:

I kind of like this idea.

If you want to know more look at South Dakota.  They are already doing it.  Iceland wants to return to this system after being trashed by private banks.

1) All taxes are deposited there

2) open enrollment- available to all

3) lend to businesses and individuals based in the state only

4) full reserve lending.  Only loan what it has.

5) Federal bank is also an idea. no, not the Fed.

Tammany Hall

Not much of a point here, but to read up on it.  Learn from the past.

Sometimes being elected allows you to work on your goals.

Sometimes being elected is the goal.

Why no White Friday?

You marketing folks need to get on the ball.

All the broke people that can’t buy the big stuff all year wait for one thing, taxes.

You better believe that my shit is filed on Feb 1.  So entice me!  Create a White Friday.  Anywhere from Feb 14- Mar 1 is a great time to buy the things you needed all year.  I bet plenty of folks are broke from Christmas shopping for the kids and believe me when I say this, Christmas for me and many others really comes around the middle of February.

Stores have sales all year long, so what better way to roll out all the 2012 stuff than with a big sale?

I’m posting this now so when this White Friday shit is huge, you can look back and say, “Hey, that dude on Tumblr started all that.”

A Brief History of Chase Bank

How did it start?  
As a water company, seriously.

Chase traces its history back to the founding of The Manhattan Company by Aaron Burr on September 1, 1799, in a house at 40 Wall Street:^[1]

After an epidemic of yellow fever in 1798, during which coffins had been sold by itinerant vendors on street corners, Aaron Burr established the Manhattan Company, with the ostensible aim of bringing clean water to the city from the Bronx River but in fact designed as a front for the creation of New York’s second bank, rivaling Alexander Hamilton’s Bank of New York

—The Economist^[6]

No charters were being issued for banks at the time, so a water company was started by the name of The Manhattan Company.  One of the lines in their charter, in effect was to take their money and invest it, which they did.

What they had successfully done was to charter a water company that acted as a bank in its spare time, supposedly.  Well actually, they had plenty of spare time to bank as they failed to provide water services to the vast majority of it’s customers.  The hollowed logs remained in disrepair and New York residents remained without water for pretty much the entirety of their stint as a water provider.  

But who cares?  They had achieved goal number one, which was charter a company that could effectively act as a bank despite the ban on new bank charters at that time.

I found a book that has it. 

Corruption and reform: lessons from America’s economic history

By Edward Ludwig Glaeser, Claudia Dale Goldin

Conclusion: Don’t think you are special, Chase has been failing the people since the day it was born.