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(CNN)   New report says megabanks will soon disappear, probably due to only having micro depositors   (finance.fortune.cnn.com ) divider line 17
    More: Fail, banking regulations, Boston Consulting Group, deposits, types of business, Deutsche Bank, WFC, capital requirements  
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1363 clicks; posted to Business » on 02 May 2013 at 11:19 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



17 Comments   (+0 »)
   
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2013-05-02 11:25:55 AM  
 
2013-05-02 11:30:12 AM  
www.allmystery.de
 
2013-05-02 11:33:26 AM  
the more smaller banks there are, the better. Competition is the key to progress and having a strong economy.
 
2013-05-02 12:17:38 PM  
Let's kill all the megabankers just to be sure.
 
2013-05-02 12:43:54 PM  
BS.  The only solution to this is to grow by combining with each other. Growth today, always and tomorrow. You must always grow, or you are failure.

So instead of having megabanks, they will merge into what?

Ultrabanks?
Gigabanks?
Voltrobanks?

I'm not sure what the next level is, but there will be one.
 
2013-05-02 01:34:22 PM  
Thank goodness. Even the credit unions are starting to pull this crap. Our locally-owned and managed credit union got bought out by a national one, and omg, can you tell the difference. First clue was that two days after the buyout, we started getting spam mail (Our newest interest rate! Our biggest product! Our most popular loan! Buy buy buy!). Our local credit union sent us two e-mails that weren't statements: one letting us know that the branch would be closed because they had a tree branch fall through the roof, and the second for a one-off record shredding day (later became an annual thing, but at least it wasn't trying to sell us something!). Then, two months after the systems switch over, we're checking our statements, and we see, "Balance Fee." We had free, period, checking with our local CU. Now, unless you have direct deposit (we are both self-employed, it doesn't work that way for us) or have a minimum balance of $500, it's not free. WTF?!

I want CUs because they aren't banks. I don't want my CU turning into one.

/didn't a lot of the trouble start when we let the line blur between banks and investment firms?
 
2013-05-02 01:43:02 PM  
But but they are too big to disappear!!!
 
2013-05-02 01:53:32 PM  

doglover: Let's kill all the megabankers just to be sure.


imokwiththis.jpeg
 
2013-05-02 02:24:24 PM  

wingnut396: BS.  The only solution to this is to grow by combining with each other. Growth today, always and tomorrow. You must always grow, or you are failure.

So instead of having megabanks, they will merge into what?

Ultrabanks?
Gigabanks?
Voltrobanks?

I'm not sure what the next level is, but there will be one.


There's a local bank in Sonoma County with a rule in its charter that forbids it from being bought or sold, and that rule has kept it independent for over a century now.  I'd like to see more small banks and credit unions with a rule like that.
 
2013-05-02 03:43:26 PM  
Forgetting already?

This is what we KNOW. This is the undercurrent behind all that will happen next. This is what matters.

http://www.rollingstone.com/politics/news/everything-is-rigged-the-b ig gest-financial-scandal-yet-20130425
 
2013-05-02 05:06:08 PM  
Unless you have millions of dollars in cash, what the hell are you doing at a mega-bank in the first place? They don't care about you -- that's just basic capitalism. There's absolutely no incentive for them to give a shiat about your meager deposits. Hell, you're probably costing them money.
 
2013-05-02 06:01:05 PM  

MrEricSir: Unless you have millions of dollars in cash, what the hell are you doing at a mega-bank in the first place?


My guess is, for the majority of people, a megabank came and bought the local or regional bank they used to do business with, and now they can't find a convenient alternative.
 
2013-05-02 07:26:17 PM  

Sergeant Grumbles: MrEricSir: Unless you have millions of dollars in cash, what the hell are you doing at a mega-bank in the first place?

My guess is, for the majority of people, a megabank came and bought the local or regional bank they used to do business with, and now they can't find a convenient alternative.


That's true for a lot of people, but it doesn't explain everyone.  Here in the SF bay area, there are lots of excellent alternatives to the megabanks, but a lot of people don't use them for various reasons.  Sometimes those reasons make sense (a friend of mine is teaching in Peru and BofA is one of the few American banks with any presence there), but most of the time it seems to be that people are afraid of change.

/has accounts with two local credit unions
 
2013-05-02 09:11:34 PM  

anfrind: wingnut396: BS.  The only solution to this is to grow by combining with each other. Growth today, always and tomorrow. You must always grow, or you are failure.

So instead of having megabanks, they will merge into what?

Ultrabanks?
Gigabanks?
Voltrobanks?

I'm not sure what the next level is, but there will be one.

There's a local bank in Sonoma County with a rule in its charter that forbids it from being bought or sold, and that rule has kept it independent for over a century now.  I'd like to see more small banks and credit unions with a rule like that.


Exchange Bank FTW
 
2013-05-02 11:40:52 PM  

doglover: Let's kill all the megabankers just to be sure.


that's some mega sound logic right there. hold on, let me get my guillotine.
 
2013-05-03 01:19:21 AM  

Sergeant Grumbles: MrEricSir: Unless you have millions of dollars in cash, what the hell are you doing at a mega-bank in the first place?

My guess is, for the majority of people, a megabank came and bought the local or regional bank they used to do business with, and now they can't find a convenient alternative.


Or their local bank is a tier or two removed from a megabank but still owned by them.
 
2013-05-03 10:08:53 AM  
I worked at a bank for a couple of years (among the worst jobs I ever had). Before anyone puts me in the guillotine  I should note I was a retail banker, not an ACTUAL banker (the type that makes money).

CSB time. This one day, about 2 years ago) we get an email with a link to our financial reports. I read it and it looks like the bank made record-breaking profits, slightly about half of which came from fees. That same week, we had a meeting with the managers talking about how we were dropping free checking because "we can't afford it anymore. Reg E is killing us!" Worst thing was that everyone believed it. Maybe I missed drink the kool-aid day.
 
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