More Banking Stories

[swsig]

Whatever happened to banking as a profession? It used to be that when you met with someone in a bank other than a teller, they were an experienced employee who'd worked their way up to their job and knew what they were doing. There are still such bank employees that I occasionally meet, but all too often in recent years, I've encountered employees to whom I've had to explain how to do their jobs. And has been mentioned above, turnover in these positions is horrendous, and I rarely see the same person twice. It seems like working in the banking industry has become a "McJob", something one does temporarily with little sense of professionalism, until something better comes along. These days, if you have anything remotely complex you need to do at a bank, you'd better educate yourself about how to do it before you go, because you may need to be the expert in the room to get it done properly.

 

[Golddollar]

I guess I'm enough of a character in town that when I walk in my local bank branches the tellers immediately ask me if I'm looking for any Golden Dollars or $2 bills.

 

[BLACKHAWKNJ]

Lack of professional standards, lack of entry level standards. Lack of ethics
You see few MBAs working at banks-they know too much. Back in 1982 there was a bank in Oklahoma, Penn Square, a major actor in the collapse of the oil patch, the financial problems that followed. They were in a relationship with an "upstream " bank, Continental Illinois. That bank was known for its rough internal politics, the then president boasted that he had no friends at the bank. They found the VP in charge of relations with Penn Square had received $565,000 in sweetheart loans from Penn Square, which he laughed off, saying "That"s how they treat their best friends and good customers". Then there's the oft repeated stories of the chief loan officer who suddenly leaves town, many of the loans he approved are suddenly non-performing-interest not being paid.

 

[The Big D]

Today I got a mailing from Bank of America that read I will soon forfeit the amount in my savings account as I have not accessed it in 18 months.

That account is directly linked to my checking account and appears on the very same statement as my checking account which is regularly used.

In fact, my retirement pay is a direct deposit to my checking account, and all bills are paid electronically from that checking account.

No BoA branch in my town but will visit their headquarters in Charlotte next week to voice my complaint and concern. (Not making a trip to Charlotte just for that purpose; my University of Maryland footballers are playing in the Duke's Mayo Bowl there on December 30. Beer the Turtle!)

Yes, I am aware that some accounts can be considered "abandoned" but never thought that would be considered in such a situation as noted above.

Be safe.

 

[Protocall_Design]

These days, any excuse they can think of to take your money will do.

 

[NYlakesider]

Today I got a mailing from Bank of America that read I will soon forfeit the amount in my savings account as I have not accessed it in 18 months.

That account is directly linked to my checking account and appears on the very same statement as my checking account which is regularly used.

In fact, my retirement pay is a direct deposit to my checking account, and all bills are paid electronically from that checking account.

No BoA branch in my town but will visit their headquarters in Charlotte next week to voice my complaint and concern. (Not making a trip to Charlotte just for that purpose; my University of Maryland footballers are playing in the Duke's Mayo Bowl there on December 30. Beer the Turtle!)

Yes, I am aware that some accounts can be considered "abandoned" but never thought that would be considered in such a situation as noted above.

Be safe.

I have had a couple dealings with BoA in the past and they can be quite interestinginto how/why they do things.

In many places when an account has no transactions for 12 months, it is considered inactive. If there is no activity for 24 months, it is deemed dormant.

 

[mexicanjoe]

i banked with a local bank for years and even after I moved to a bigger city, I stayed with them. They got bought out my Momentum Bank. Im working to get all my accounts out of there and to my little local bank. They have a branch in our city and the main bank is 18 miles away in a town of 5,000. I know my branch president and I speak to him all the time. Makes me feel good when they know me by name, like my old bank. Im staying put until things mess up again.

 

[Mike SC Hunter]

Check with your local Farm Credit Services office. They loan money for Ag related operations and land purchases through the Production Credit Association for operating lines of credit, production/equipment loans and the Federal Land Bank Association for land purchases for Agriculture related entities. They are Federally Chartered and get their funding through the sale of Farm Credit Bonds on Wall Street. Their loans are available for Ag producers (farmers), Cooperatives, and Ag Land owners along with Telco's, Mining Operators, Fisheries and Rural Electric Cooperatives. There may be more that are eligible to do business with them that I'm not aware of, so check with your local office.

Google Farm Credit Services for information on your local offices in your state.

Hope this helps.

Pete99004

I forgot to mention Timber growers/processors are also eligible to do business with FCS

That's the way I built my house in 1980. Peanut Carter was pres and interest rates were 19%. Put my land up as collateral got a floating 7-10% from the land bank.

 

[biku324]

It may not be directly relevant, but some of the most egregious sexual harassment cases arise from banks, where mostly women are supervised mostly by men.

Meritor Savings Bank v. Vinson :: 477 U.S. 57 (1986) :: Justia US Supreme Court Center

UBS Unit Loses $10.6 Million Sex Harassment Verdict in Missouri - Bloomberg