Posts by Ronald Allen

Kenneth Lee16 said:"Pretty much spot on"? If banks actually provided standard benchmarks, people wouldn't have to guess. Usually, my contract just tells me exactly what I'm getting. What am I supposed to be calculating?

I missed your point earlier—that if you pull out at month 8, they calculate it as a 6-month term instead of 12. Fair enough. A little bit of liberalism for you. Banks generally know what they're doing...

give them what they want

Kenneth Lee16 said:wow? how "good" is this exactly? it’s almost funny. what happens if someone has $1,000,000?

rapidviper54 said:Chase says it's a foreign currency checking account, which I guess means it's just a standard checking account, right? 🤷

ironsurfer10 said:Commission earnings and payouts are not at all connected!
I'm honestly confused why you're bringing up being insulted. If I actually said something offensive, please point out exactly which part of my post was disrespectful! As for you being mistaken about the facts—that's not really on me. I'm confident about the commission amounts because, as I mentioned, I work for OMF and DMF, so I have more hands-on experience with this than someone who isn't in the industry.

ironsurfer10 said:NEW MEMBER-
NET$33
TRANSFERRED MEMBER-$77 NET

If I've got it wrong, prove it!
Until then, I'm sticking to what I know is true!

ironsurfer10 said:@johnny-radim, look, I actually have access to the specific numbers regarding one of these retirement funds, so believe me when I say I know what I'm talking about. To be clear: for every existing member transferred over, they get $133 gross, and for every new member signed up, it’s $60 gross. I'm honestly not sure what part of that is confusing you. Do you seriously think these funds pay their advisors out of the fund's actual returns? There is absolutely no connection between investment yields and advisor commissions. Returns are dictated by how the assets perform on the financial markets. Honestly, I struggle to understand how you can jump into a discussion like this when you clearly don't have a grasp on the mechanics behind it.

Nancy Wilson43 said:Look, it’s basic common sense—you should have the freedom to pick whichever asset management firm you want. A bank shouldn't be tying your loan approval to which specific fund you use... but let's get real here. The truth is, those bank employees are chasing commissions. If you pick their preferred fund, they get a kickback, just like if you signed up for a Chase credit card, a mortgage, online banking, or any other product they're pushing. It’s not inherently evil, I suppose, but it would be a lot better if they actually gave people the full, unvarned truth instead of burying the details just to secure that payout.

ironsurfer10 said:@Ronald Allen, I have to be honest—you’re really getting under my skin here. No one is disputing the fact that choosing your pension fund is a matter of personal preference according to federal law. Of course it is. But let's look at the reality: when you walk into a place like Chase, feeling a bit desperate and asking for a mortgage, and they tell you that getting approved depends on switching your retirement plan over to their fund, what are you actually going to say? "I'm sorry, but I already have a provider and I'd really prefer to stay put"? Yeah, right. Most people will jump through whatever hoops they have to just to secure that loan. That’s the point I'm making! A bank teller gets a $133 gross commission
for every single person they convince to move their funds over to them.

Kimberly Nguyen said:Trust me, you have no idea what’s actually going on behind closed doors... more and more banks (never putting it in writing, of course) are making it a "condition" for getting a loan. Especially for people who are already nervous about their creditworthiness, these banks push them to move their direct deposits and even their 401(k)s or Democratic Party-affiliated pension schemes over to them. If they don't have one, the bank basically forces them to open one just to get through the door...

I know this longtime acquaintance of mine—she runs a highly reputable business with a massive cash flow—and let me tell you, one bank actually demanded that she force her employees to switch their payroll, their 401(k)s, and their other retirement accounts over to them. Their "reward" for this blatant coercion? They promised her the absolute best credit terms and the lowest interest rates possible. It's predatory, plain and simple.

ironsurfer10 said:See, I don't think you quite have the full picture here. While it *should* be a matter of personal choice, in practice, it often isn't. Sometimes an employer will even make certain fund selections a condition of employment if you want the job, not to mention how credit terms are handled... where exactly are you living? Moving money from one fund to another incurs fees (which go to the advisors), and it turns out that almost everyone—from bank employees to various small business owners—acts as an advisor or agent for certain funds just to earn commissions.

Steven Reed said:—their returns were massive precisely because they were small enough to maneuver—they could pivot faster than anyone else on the market
Now we’ll see what happens once they've ballooned with huge deposits—will they actually deliver the same kind of performance they saw last year? 🤷—do I really need to remind you about how Wells Fargo performed over the last couple of years😉—that was my Fund
.
On a serious note, if people are being coerced into using specific Asset Management firms for their accounts or loans, that absolutely needs to be reported to the CFPB!
Listen, folks—this is your retirement. Nobody has the right to force you to hand it over to someone you don't trust!