Anyone have experience with JP Morgan Chase?

Wait, can't you just make a one-time lump sum payment for the whole thing? I think someone mentioned that earlier. 🤷

I guess I could always just head down to my local Chase branch and ask them.
Maybe, but honestly, dropping $600 all at once feels like a bit much for me right now, so I think I'll probably just stick to paying it off over three months instead.

wiredtinker11 said:Here’s a solid little deep dive into what’s actually happening over at Citigroup and their current roadmap for a potential sale:
http://north America.aljazeera.net/video/a...iness-14092013

I’m assuming everyone’s personal savings are safe and sound, right?

They’re looking pretty shaky right now—it's obvious they're just waiting for the other shoe to drop:
-layoffs
-the Fed's moves
-lawsuits
-divestitures
-their involvement in all those shady dealings across America...

"So, I guess you think people's savings are safe?"

If you don't care about the possibility of getting your money back years later—with zero interest, mind you—
then yeah, they're perfectly safe.

I suppose we should have learned by now:
The Federal Reserve first puts out these incredibly soothing statements about how stable everything is, and then they go and drive
Credit Suisse and the Central Bank straight into bankruptcy.

Timothy Kim9 said:"So, I guess you think people's savings are safe?"

If you don't care about the possibility of getting your money back years later—with zero interest, mind you—
then yeah, they're perfectly safe.

I suppose we should have learned by now:
The Federal Reserve first puts out these incredibly soothing statements about how stable everything is, and then they go and drive
Credit Suisse and the Central Bank straight into bankruptcy.

And honestly, everyone eventually got their deposits back anyway, so I'm not really sure what the big deal is?

1) Just waiting for the hammer to drop.

Basically, the US has about five major TBTF banks—if you ask me—including Chase, Wells Fargo, Citigroup, Bank of America, and Hypo Bank.

Customer deposits at Hypo Bank alone are sitting near $15 billion.

If ANY one of these five big players trips up, the federal budget isn't going to have roughly $2.7 billion ready for Hypo
to pay out everyone's cash all at once.

Instead, they’ll pivot to this: you get maybe $50 a month. That could drag on for at least
a year before most savers are cleared out. Then they might bump the limit to $100.
And yeah, obviously, there's zero interest during that wait.

2) Hypo is the only bank in the US that actually set up its own "bad bank."

3) Their parent bank back in Austria is in a pretty rough spot.

4) Hypo in the US is desperately trying to wash its hands of the real estate business.

5) Hypo Bank in the US has been tangled up in just about every scandal imaginable—stuff that'll eventually
end up in court (just Google Hypo + Sanders, Hypo + Zagorec, or Hypo + Haider).

If you want to keep your savings in a place like that, be my guest. You can always choose to trust those
comforting reports from the Federal Reserve if that makes you feel better...

Timothy Kim9 said:1) Just waiting for the hammer to drop.

Basically, the US has about five major TBTF banks—if you ask me—including Chase, Wells Fargo, Citigroup, Bank of America, and Hypo Bank.

Customer deposits at Hypo Bank alone are sitting near $15 billion.

If ANY one of these five big players trips up, the federal budget isn't going to have roughly $2.7 billion ready for Hypo
to pay out everyone's cash all at once.

Instead, they’ll pivot to this: you get maybe $50 a month. That could drag on for at least
a year before most savers are cleared out. Then they might bump the limit to $100.
And yeah, obviously, there's zero interest during that wait.

2) Hypo is the only bank in the US that actually set up its own "bad bank."

3) Their parent bank back in Austria is in a pretty rough spot.

4) Hypo in the US is desperately trying to wash its hands of the real estate business.

5) Hypo Bank in the US has been tangled up in just about every scandal imaginable—stuff that'll eventually
end up in court (just Google Hypo + Sanders, Hypo + Zagorec, or Hypo + Haider).

If you want to keep your savings in a place like that, be my guest. You can always choose to trust those
comforting reports from the Federal Reserve if that makes you feel better...

You’re basically starting from the assumption that all the money has just vanished and the bank doesn't own a single asset or receivable left.

The question was whether bank savings are actually safe here in the States.
At least, that’s how I took it. So I laid out a worst-case scenario—the kind of thing that
has actually happened before during those old currency crises back in the day.

Honestly, it surprises me that the Austrians haven't jumped all over the European Union yet, using the excuse:
"It's just not right that the branches get to live large while Austria picks up the tab."🙂

From what I gathered watching that video, it seems like they’re looking to bundle up and sell all their branches across the region at once.
I guess that might actually be the best move for us, if some massive bank just steps in, takes over everything, and keeps things running smoothly.
Though, I suppose we probably wouldn't see these same interest rates once a bigger player takes the reins.
It would likely end up being something similar to when Bank of America took over those operations.

Timothy Kim9 said:The question was whether bank savings are actually safe here in the States.
At least, that’s how I took it. So I laid out a worst-case scenario—the kind of thing that
has actually happened before during those old currency crises back in the day.

Honestly, it surprises me that the Austrians haven't jumped all over the European Union yet, using the excuse:
"It's just not right that the branches get to live large while Austria picks up the tab."🙂

unless this was actually setting the stage for this:

If I were in their shoes, I'd be looking for the nearest exit... liquidating my CDs and getting out of town.

Just a professional disaster enthusiast and a full-time fearmonger.

Sam Ruiz60 said:unless this was actually setting the stage for this:

If I were in their shoes, I'd be looking for the nearest exit... liquidating my CDs and getting out of town.

You're just recycling old threads here—Wells Fargo was basically nationalized by the Austrian government because of exactly this kind of mess.

The thieves will end up behind bars, the bank will be sold off, and that'll be that. But hey, I guess some people just live to spread panic—whatever.

wiredtinker11 said:The thieves will end up behind bars, the bank will be sold off, and that'll be that. But hey, I guess some people just live to spread panic—whatever.

But really, who would want to deal with a European Union branch that has such a murky history? These kinds of investigations and the resulting bad press certainly don't help their case.

Sam Ruiz60 said:But really, who would want to deal with a European Union branch that has such a murky history? These kinds of investigations and the resulting bad press certainly don't help their case.

People don't buy banks because of what happened years ago; they look at the present—market access, the client base, all that stuff.☕

Well, there you have it—read it and weep. They’ve pushed the deadline for the sale out to mid-2015, so all this mass panic is honestly a bit much.

Quincy:

Charles Ramos7 As requested: When you look at bank acquisitions, it isn’t really about chasing ghosts from the past. Why dwell on what happened years ago? It's all about the present reality—securing immediate access to a new market or instantly expanding a client base. That is where the true value lies.☕

What would you personally do if you were considering buying a bank that was currently under investigation? Personally, I wouldn't touch it.

If they’ve been hiding real estate assets at face value in the past,
while liabilities are pegged to market rates...

Long story short—out of the five major banks in the US, I'd say Wells Fargo is easily the weakest link. If by
the end of 2020 they don't have a presence here anymore, and we aren't stuck footing the bill for it? Yeah, I'll be more than happy.

My "investment strategy" regarding Wells Fargo follows that exact logic.

After what happened with Credit Suisse and the Federal Reserve, I'm not buying any of those soothing reports from the Federal Reserve.

wiredtinker11 said:Well, there you have it—read it and weep. They’ve pushed the deadline for the sale out to mid-2015, so all this mass panic is honestly a bit much.

I hear you. They sold off their Austrian branch to an Indian firm for next to nothing, so it makes you wonder—if they can't find a buyer for our local branches here in the States, what's the endgame?