Posts by Ronald Allen

Jacob Long said:What I really want to know is if there’s any way to stop banks from digging through everything—like, can we skip the whole process of showing them the entire ownership chain all the way down to the actual humans at the top?

I haven't actually sat down to read the Bank Secrecy Act myself, but the bank keeps waving it in my face to demand all this info.

The parent company is owned by another firm, which is owned by someone else, and so on... it's a massive conglomerate, so things get messy fast.

Is this kind of thing standard practice across the European Union too?

Lisa Taylor2 said:Has anyone here actually dealt with an offer like this before—has anyone tried to actually pull the trigger on one?

Any insight you guys have would be huge.
Thanks in advance for the heads-up!

Here’s the exact junk I got in my inbox:

We offer private, business, and personal loans with incredibly low annual interest rates—as low as 3%. We provide loans ranging from $1,000 to $2,000,000. Generally, we offer:

LOAN TERMS

1. The borrower must be at least 18 years old.
2. The agreement signing process for this transaction must be handled through my attorney.
3. The loan will be sent to you via JPMorgan Chase wire transfer or check, depending on your preference.
4. The borrower must be prepared to repay the loan within the specified term, which will be verified by signing the legal paperwork/loan agreement.
5. The debtor must have steady employment to satisfy my requirements regarding repayment capability.
6. The interest rate is 3%.
If you agree to the terms above, please fill out the following form.

Borrower's W-2 Form

If you run into any difficulties filling out the form, simply click the link at the bottom of your email application to complete it.
SECTION I

NAME:
CONTACT ADDRESS:
NATIONALITY:
COUNTRY:
DATE OF BIRTH:
GENDER:
MARITAL STATUS:
CURRENT JOB TITLE:
Your Company Name OR Business Owner:
Social Security Number:
ZIP Code / Country Code: Fax: Telephone: (Office):
Next of kin:
NEXT OF KIN ADDRESS:
TEL (Home):
FAX:
SECTION II

Requested Loan Amount:
PROPOSED LOAN TERM:
PURPOSE OF LOAN:
Monthly Income:
Do you have any ASSETS:

NOTE: you must COMPLETE THIS FORM AND RETURN it along with a scanned

COPY of one of the following forms of IDENTITY

(i) US PASSPORT
(ii) Driver's License
(iii) WORK ID
(iv) State ID
(v) GOVERNMENT IDENTITY CARD

Best Regards.

Mr. Johnson & Johnson

Nicholas Turner said:Even though everything is automated, I’m convinced "Headquarters" still holds the keys to unlock certain features—you know, just so those high rollers that > hangs out with can get exactly what they want. 😁

For instance, I have a colleague over at Wells Fargo who is sitting on a deficit of about 45 $0.00, yet her pay fluctuates around $2333.

Gregory Williams7 said:I believe that deduction depends on age, salary, and consistency.

For instance, if a woman earns roughly $5000 and is 50 years old, it is entirely realistic that she would be granted a $40k bonus.

shadowpilot8 said:unknown - I have an account at Bank of America with a pretty substantial overdraft limit. I've never actually gone into the red, but they slashed my limit by $333 this month. I was talking to a colleague yesterday who had a $20000 overdraft limit at JP Morgan Chase and stayed within his bounds, yet they dropped him down to 40,000 this month too. He called the Bank of America, and they claimed it was due to the recession.

Gregory Williams7 said:Everyone knows the deal. Or, at least, those who don't know tend to make assumptions. The reality is that no one can give you a guaranteed answer regarding what you will receive, even if you consult with a personal banker at JPMorgan Chase.

In my experience, it usually takes a few years before you are cleared from a blacklist. But again, as I mentioned, any attempt to guess is pure speculation. It is like asking a butcher how much money it costs to hook up a house to the power grid. Your best move? Pick up the phone and call your banker, or simply walk into a branch to speak with them in person. That is the only way to get a definitive answer.

Anthony Myers5 said:The teller at JPMorgan Chase told me I have to wait a certain amount of time—she wasn't entirely sure how long, exactly—since apparently their system dictates the timeline...
I was digging through the online banking instructions and found out this whole process is essentially what they call "scoring." It seems like the system tracks your activity for about 111 days after your first positive balance; if everything stays in the green, you're good to go...

I have an overdraft line of credit that I can't seem to extend. If I had maintained a clean account for those 111 days, the system would have automatically bumped my limit for another four months...

I was just wondering if anyone else here has run into similar issues—maybe someone could shed some light on how this works...
Thanks, everyone.

Sam Fowler20 said:Quick question here...
If I have an account at Chase in Miami but I need to send some money to someone with an account at Bank of America in New York, can I just head to a local post office or any Chase branch to do that, or do I specifically have to go to a Bank of America location??
Also, can I pay with cash instead of using my debit card?
Probably asking a silly question, but hey...
Thanks!

Daniel Perez13 said:I don't get why you're getting so worked up. The idea of paying wages in cash envelopes instead of through banks is probably just a way to pressure banks into actually considering their impact on society and the economy.
It's a radical suggestion, but I wouldn't be surprised if a union eventually brought it up, mostly because banks aren't listening to anything right now.
I won't go into detail about why it's in the bank's interest to handle the payments, but they'd likely cave on several issues if they were actually threatened by an option like this.

Charles Martin78 said:Don't you worry, it’s all about to kick off. Ever since yesterday, people have already started pulling their savings out of the banks, and I suspect we'll see more and more of that happening as long as this tense atmosphere persists—especially if someone at the top decides to make some nasty "cost-cutting" moves.

At the same time, you can bet they'll hike up interest rates on loans, jack up those monthly service fees, and squeeze us for every penny under the guise of a "credit rating downgrade" or some other equally ridiculous excuse...

Throw in a few delayed paychecks or late Social Security payments, and well—it’s going to be absolute chaos out there...

bluefalcon14 said:Fine... So what I said earlier wasn't about you specifically, it was about the mod team and their policies... In general, though, this mod crew just doesn't get what actually matters here... I guess the question is whether they're just clueless or if they're doing it on purpose...

Chris Stewart3 said:It seems every major bank in this country carries itself with the unearned arrogance of some higher power. One has to wonder if anyone will ever put an end to this condescending attitude toward the public.
For instance, it would be far more efficient if employers simply paid us in cash. That way, we wouldn't have to deal with banks bleeding citizens dry through endless transaction fees or dragging them into unnecessary overdraft territory just to manage basic expenses. Rather than actually providing financial education, they seem solely focused on stripping people of their hard-earned money, acting as if they practically own us.
Is there any way we can push for a meaningful shift in this relationship?

Steven Clark2 said:I don't think that's even his problem. I mean, maybe, but honestly? I just don't see it being an issue on his end. 🙂 Not even close. You want to know what might be the issue? Maybe. I guess. 🙂

Brenda Taylor13 said:Oh, I see... so you're telling me Bank of America isn't registered for online shopping, which is why their VISA card won't work either?

Brenda Taylor13 said:So I’ve been reading through the threads here and I am honestly losing my mind—how does it even make sense that two identical VISA Electron cards aren't behaving the same way when I try to buy stuff online? I’ve got one from JP Morgan Chase that works perfectly fine, but then I try using this other one from Bank of America and—bam—total failure. Like, nothing. It just won't go through. I mean, isn't it the exact same thing? They are both VISA Electron cards! What does it matter which bank printed their logo on the plastic or whose name is staring back at me? If it’s a VISA Electron card designed by VISA, it should be universal, right? Regardless of whether it came from JP Morgan Chase or Bank of America? Or am I just being an idiot here...😕

Michael Perez83 said:Online banking interfaces vary wildly depending on which institution you’re using. For instance, over at Zappos, you might find yourself having to manually type in a recipient's name if the system doesn't automatically pull it from the database, whereas at JPMorgan Chase, that isn't even an option.
I honestly have no idea how they get away with that level of manual input given the federal regulations currently in place: which clearly outline the required elements for payment orders.

Michael Perez83 said:I’ll just point out that anyone with even a passing familiarity with finance will recognize those account prefixes immediately. For instance, if you see an account number starting with 31 or 32—say, 236000-3225678905—it’s clear we're looking at a personal checking or savings account, not some institutional fund for an association or non-profit (which I noticed was mentioned regarding memberships).
Furthermore, when you're processing a payment, you are absolutely required to include the recipient's full legal name and their mailing address on the payment order.

Jerry Sullivan4 said:Aha, so the payment finally hit my account today.. The woman at the teller window asked for more than just my name and address.

And it didn't even show up on my Chase statement until the following day.

That's all there is to it. Thanks a lot...

Jerry Sullivan4 said:Thanks for the helpful reply. I'm asking because I want to have people sending specific amounts to my account, and I'd rather they didn't all have to enter my full legal name in the "recipient" field when they make a transfer.

🙏 Thanks so much, Ronald Allen... I'm going to try running a test transfer to myself and I'll let you know if it works... 🤣

Just one more thing... does the transaction show up immediately, or does it take until tomorrow?