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Re: business banking, Ally, etc.: One thing I haven't seen anyone say yet is that it probably makes sense to have money in multiple banks. That way if you have difficulty with one you at least have some immediate access to some other funds. And at least one of those banks should have an easily-accessible local branch. In my case, I have an Ally savings account for the interest rate and three checking accounts (one with Chase, the other two with local banks). Now, I don't have three checking accounts as a conscious hedge against unforeseen problems; the Chase exists because I got a $300 bonus for opening it, I've been with Local Bank #1 for over a decade, and Local Bank #2 has a branch across the street from work so it's the most convenient for depositing checks and cash. Nevertheless there's no inconvenience with this setup and, in the event I ever do get an account locked/closed, I have plenty of options while I sort things out. I've never understood the whole "I pick one bank and I stick with them for everything" mentality. Even if your preferred institution has the best customer service/rates/convenience/whatever, you're probably well served by opening a second smaller no-fee account with some local brick and mortar just to have in your back pocket.
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Nov 10, 2015 14:52
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pig slut lisa posted:Re: business banking, Ally, etc.: I've done one bank (Ally) for 3 years now on the theory of keep money in one pot, keep things simple and organized (also with this theory is only using 1 main credit card). Honestly, I've had great service from Ally, but this has been a good enough reminder that I'll probably open a Bank account somewhere to have some sort of backup. What you're saying makes sense.
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Nov 10, 2015 15:03
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pig slut lisa posted:Re: business banking, Ally, etc.: This x1000. Online banks will screw you at some point, it's only a matter of when. I do most of my banking through Capital One360 but I still keep a emergency fund in a savings account at a local no-name bank, if only for a safe deposit box, cashiers checks and no fee coin counting.
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Nov 10, 2015 15:29
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BigDave posted:This x1000. Online banks will screw you at some point, it's only a matter of when. I do most of my banking through Capital One360 but I still keep a emergency fund in a savings account at a local no-name bank, if only for a safe deposit box, cashiers checks and no fee coin counting. The key there is a local no-name bank or credit union. Don't make Wells Fargo or Bank of America your emergency back-up account. Oh, and order some checks when you open the account so you don't just have the blank starter set that no one will accept when your primary bank's e-bill pay goes tits up and you really need to pay someone.
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Nov 10, 2015 15:54
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Uh might as well hoard guns and ammo in your bunker while you're at it. I haven't had a service interruption at my online bank over the course of more than a decade. Just have two different network credit cards. Redundant bank accounts is a bit excessive.
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Nov 10, 2015 17:45
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I've been using USAA for many years and haven't had a single issue. The personal accounts have no fees, and if I remember correctly they reduced the fees of their business accounts a few years back, which is basically unheard of in an industry where all the major players are desperately trying to find new ways to gouge customers.
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Nov 10, 2015 17:47
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cowofwar posted:Uh might as well hoard guns and ammo in your bunker while you're at it. I haven't had a service interruption at my online bank over the course of more than a decade. I have all my money in gold bars and canned lentils.
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Nov 10, 2015 17:55
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My wife's co-worker had their car hit in an overnight hit-and-run. There was cosmetic damage, but more importantly, a tire needed to be replaced (and you generally want to replace them all when that happens if your tires aren't fairly new). Their answer? 401k loan... "again".
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Nov 10, 2015 21:13
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enraged_camel posted:I've been using USAA for many years and haven't had a single issue. The personal accounts have no fees, and if I remember correctly they reduced the fees of their business accounts a few years back, which is basically unheard of in an industry where all the major players are desperately trying to find new ways to gouge customers. A heads up for anyone who wants USAA and isn't a vet/descendent of a vet: a friend of mine who was neither just applied for a USAA account and got one. I don't think it's supposed to work, but it did for him  Also, with the descendent thing, it can be a grandparent (or even further back), you just have to get your parents to sign up for it, and then sign up through them. I got mine through my grandfather, neither of my parents were military. Generally I like them, and switched to using them for all my US banking when Wells Fargo started charging me $5/mo for a checking account (because it wasn't getting any direct deposits). I will say I'm a little less than pleased using them overseas: while they do have the ATM fee reimbursement thing which is nice, transferring money usually requires waiting for their call center in the US to open and making a phone call to initiate the transfer. The app theoretically should let you do it without calling, but wants to SMS a confirmation code, and will only accept US numbers for that. On the plus side you can dial an 800 number free on Skype, so it doesn't cost you anything extra, just makes it a bit of a pain. baquerd posted:My wife's co-worker had their car hit in an overnight hit-and-run. There was cosmetic damage, but more importantly, a tire needed to be replaced (and you generally want to replace them all when that happens if your tires aren't fairly new). Their answer? 401k loan... "again". Eh, if the others weren't just about due up for a replacement anyways, buying a secondhand tire would be the way to go. You can also get some fantastic deals on tires if you're in a big enough area and search "local pickup only" on eBay. Some doofuses forget Craigslist exists, and typically won't get any bids other than yourself. My dad picked up a complete set of top of the line tires for my mom's Accord for less than $200 that way; what happens is that often times people buying a new car will want some fancy new rims to go with it, and sell off the basically-new factory wheels and tires once they replace them. Pompous Rhombus fucked around with this message at 21:34 on Nov 10, 2015 |
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Nov 10, 2015 21:28
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baquerd posted:My wife's co-worker had their car hit in an overnight hit-and-run. There was cosmetic damage, but more importantly, a tire needed to be replaced (and you generally want to replace them all when that happens if your tires aren't fairly new). Their answer? 401k loan... "again".
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Nov 10, 2015 21:34
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Cicero posted:Wouldn't their insurance cover this? Not if they only carried liability coverage, which many do to save money.
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Nov 10, 2015 21:37
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A bad with money story of sorts (numbers wrong but roughly proportionate): E: removing unintended but apparent humblebrag, apologies Subjunctive fucked around with this message at 00:08 on Nov 11, 2015 |
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Nov 10, 2015 21:43
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USAA banking and insurance are different. Almost anyone can bank with them. The membership requirements are mostly for the insurance products.
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Nov 10, 2015 22:58
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Tyro posted:USAA banking and insurance are different. Almost anyone can bank with them. The membership requirements are mostly for the insurance products. Ahhh, that explains it. IDK if their insurance is even worth it if you're not active duty, Progressive was beating every one of their quotes by a handy margin on the equivalent coverage when I was shopping for car insurance last year.
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Nov 10, 2015 23:12
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Subjunctive posted:A bad with money story of sorts (numbers wrong but roughly proportionate): No, that's another humblebrag.
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Nov 10, 2015 23:35
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I was posting a few things on fb about the state of bank lending in New Zealand. I've found yet another friend of mine works in the banking sector. She cringes when she is selling personal loans to 18 year olds wanting money to go on a holiday. They do not understand how much the interest cost affects them. She also stated that it's very difficult to explain compounding interest to her customers. Not the good compound interest, the bad compound interest at high rates. The other comments she made are pretty standard BWM being people on good incomes with out of control spending with $50k on the credit card (the stuff that doesn't surprise me any more). There are people in the banking sector trying to improve financial literacy but their customers don't want to know.
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Nov 10, 2015 23:51
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Weatherman posted:No, that's another humblebrag. How so? E: anyway, wasn't my intent, I'll remove it. Subjunctive fucked around with this message at 00:07 on Nov 11, 2015 |
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Nov 11, 2015 00:02
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Devian666 posted:There are people in the banking sector trying to improve financial literacy but their customers don't want to know. And discussing long-term investing is many times more difficult. Everyone out there thinks they're Wall Street hot shots. The people with over-extended credit and overdrawn accounts all think they know more than any financial advisor. It's lunacy. melon cat fucked around with this message at 00:10 on Nov 11, 2015 |
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Nov 11, 2015 00:07
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Pompous Rhombus posted:Ahhh, that explains it. IDK if their insurance is even worth it if you're not active duty, Progressive was beating every one of their quotes by a handy margin on the equivalent coverage when I was shopping for car insurance last year.
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Nov 11, 2015 00:47
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melon cat posted:This is something that a lot of people don't realize. Whenever I turned down applicants for credit lines/loans for silly things (vacations, weddings, motor homes, boats, gambling money) they'd flip out and unleash tirade of terrible words at you, as if you're denying them an apparent right to credit. People have a real addiction to credit, and denying them any more is like denying a drug addict their fix. I actually got surprised when an applicant didn't lose their mind, over it. Addiction to spending and credit. It reminds me of reading some books that pointed out that people link money directly to their biological survival. Cut off their credit and it's like you're depriving them of food or air. It does remind me of one of the documentaries I linked months ago with the cleaner who made 18k pounds per year, he went into the bank for a financial check up and they said he could borrow more then gave him a platinum credit card. He thought he must be a great customer rather than heading into serious financial trouble. Not a clue that unproductive debts are a financial disaster which leads people to a lot of stress or killing themselves. I am sure that anyone who can accumulate $50k in credit card debt will perform in an amazing fashion if they invested money in the stock market. 
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Nov 11, 2015 01:25
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Pompous Rhombus posted:Ahhh, that explains it. IDK if their insurance is even worth it if you're not active duty, Progressive was beating every one of their quotes by a handy margin on the equivalent coverage when I was shopping for car insurance last year. Having used both companies, it's worth it just for the level of service they provide.
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Nov 11, 2015 01:31
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cowofwar posted:Uh might as well hoard guns and ammo in your bunker while you're at it. Don't forget to hoard toilet paper as well. Hey. You wanna make a bit o' money?
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Nov 11, 2015 02:16
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Tyro posted:Having used both companies, it's worth it just for the level of service they provide. I have locked myself out of my car more than a few times because I am a dummy and they've always sent someone out at no charge. I haven't even gotten a "dude this is like the second time this year what the gently caress is wrong with you?"
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Nov 11, 2015 03:55
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enraged_camel posted:I've been using USAA for many years and haven't had a single issue. The personal accounts have no fees, and if I remember correctly they reduced the fees of their business accounts a few years back, which is basically unheard of in an industry where all the major players are desperately trying to find new ways to gouge customers. I love USAA, but now I'm in a situation where I need a Medallion Signature Guarantee to move my IRA to a different brokerage firm, and I can't find anyone willing to do it because I don't have an account with anyone locally. Headaches do pop up from time to time if you don't have access to a local branch. il serpente cosmico fucked around with this message at 08:02 on Nov 11, 2015 |
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Nov 11, 2015 07:59
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il serpente cosmico posted:I love USAA, but now I'm in a situation where I need a Medallion Signature Guarantee to move my IRA to a different brokerage firm, and I can't find anyone willing to do it because I don't have an account with anyone locally. Headaches do pop up from time to time if you don't have access to a local branch. You may actually not need that Medallion Guarantee; by default it will say that you do, but if it's under a certain amount (can't remember if it's 50k or 150k) it's not actually necessary. Came up for me recently when I moved to Vanguard, was able to get it waived with a quick message.
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Nov 11, 2015 08:37
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Pompous Rhombus posted:You may actually not need that Medallion Guarantee; by default it will say that you do, but if it's under a certain amount (can't remember if it's 50k or 150k) it's not actually necessary. Came up for me recently when I moved to Vanguard, was able to get it waived with a quick message. Did you move from USAA to Vanguard? Did you just contact USAA and tell them that you were doing it and to accept the request? I got conflicting info as to whether or not I'd need one from both sides, so I went ahead and just sent in the paperwork and I'm hoping for the best.
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Nov 11, 2015 09:34
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reddit posted:My wife and I bought into the market in Edmonton two months before it leveled off back in around 2008 and then it started to fall. Unfortuantely we bought our condo at 249,900 and right now it's worth about 210,000. If we sell it now we might break even, but it's hard to keep an eye on it from all the way out in Vancouver. I asked how one could break even by buying at $249k and selling at $210k and got this response: quote:Not sure if sarcastic. There is no /s. Break even as in the mortgage is paid down to be at 210, so if he sold it, he would get the remaining for the mortgage. No profit, and an "invisible loss", yet he wouldn't continue to pay the mortgage after, so not a "real loss". Since when does "break even" mean taking a capital loss of $39k, 7 years of mortgage interest payments, property tax, strata fees, sales commission, and opportunity cost on the down payment? So that's not a "real loss"? Not only that, the hive mind concurred with the response that being able to sell a house without being underwater is breaking even. I guess my idea that breaking even means not losing money is old fashioned.
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Nov 11, 2015 09:38
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It could be "breaking even" if you compare it to rent prices over that timeframe?
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Nov 11, 2015 09:52
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il serpente cosmico posted:Did you move from USAA to Vanguard? Did you just contact USAA and tell them that you were doing it and to accept the request? I got conflicting info as to whether or not I'd need one from both sides, so I went ahead and just sent in the paperwork and I'm hoping for the best. It was actually from Edward Jones to Vanguard, account that my parents had set up for me way back when. I understood the Medallion Signature thing to be related to a government requirement rather than specific to the company, I did it through Vanguard with no real notification to Edward Jones IIRC.
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Nov 11, 2015 10:06
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Mantle posted:I asked how one could break even by buying at $249k and selling at $210k and got this response: What the gently caress do you mean by "underwater"? Who buys a house that IS underwater? Are you using some kind of retarded definition of underwater here? I guess my idea that "underwater" means under water is old fashioned.
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Nov 11, 2015 10:38
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Zo posted:What the gently caress do you mean by "underwater"? Who buys a house that IS underwater? Are you using some kind of retarded definition of underwater here? I guess my idea that "underwater" means under water is old fashioned. http://financial-dictionary.thefreedictionary.com/underwater
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Nov 11, 2015 10:47
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Nov 11, 2015 11:04
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 I'm easily confused, sorry.To contribute something actually BWM, one of my Facebook friends (who I know as a friend-of-a-friend and have probably only met in person twice) has spent the last several months trying to set up some sort of overly-ambitious cafe/hangout place in his small hometown of roughly 20,000 people. The description is a whole load of generic buzzwords -- a place for learning and spirituality, a community resource for people from all walks of life, hosting all sorts of creative events, and so on and so forth, but I'm pretty sure it's mostly a cafe/hangout/event space for creative types. I've only been sort of vaguely paying attention to it until recently, as it gets closer (maybe? a couple weeks ago it still didn't have bathrooms, I think) to completion and has started to pick up some attention in his local news, etc. Apparently, he's rolling in $55k worth of credit card debt (with a handful of maxed out cards included in there), made a Kickstarter for it (it didn't make much money), AND now has a Patreon account too, but he's still $10k short for something or other. Apparently today was the day he was finally ready to start putting expenses into QuickBooks. At least he's having fun, I guess?
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Nov 11, 2015 11:28
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Tamba posted:It could be "breaking even" if you compare it to rent prices over that timeframe? Yeah, it seems like they could be in much worse shape. Consider if they'd have rented a place at $1200/month for the past seven years. That would have cost them a little over $100K. The condo losing value cost them $39K, plus insurance, closing costs, property tax, possible HOA fees, etc. They didn't do great by any means, but they probably broke even compared to what they would have paid renting a similar place. Obviously they took on much more risk and limited their flexibility by buying the condo, but buying right before the housing market crashed hardly makes someone bad with money. Pompous Rhombus posted:It was actually from Edward Jones to Vanguard, account that my parents had set up for me way back when. I understood the Medallion Signature thing to be related to a government requirement rather than specific to the company, I did it through Vanguard with no real notification to Edward Jones IIRC. Supposedly some institutions require it, and some don't. Vanguard doesn't. It's basically a way to limit liability. The firm accepting the money has no real incentive to require it, as the prospect of obtaining your business outweighs the incredibly low likelihood of fraud. The firm giving up the money has no real incentive not to require it. Giving you an extra hoop to jump through will prevent a certain amount of people from leaving the firm, and giving away a bunch of money has no upside in terms of accepting the risk of fraud. il serpente cosmico fucked around with this message at 11:41 on Nov 11, 2015 |
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Nov 11, 2015 11:34
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Zo posted:What the gently caress do you mean by "underwater"? Who buys a house that IS underwater? Are you using some kind of retarded definition of underwater here? I guess my idea that "underwater" means under water is old fashioned. Except that "to break even" has a common and well-understood meaning which has nothing to do with breaking things. I dunno if you were trying to make a joke or not. If you were,  . If you weren't,  .
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Nov 11, 2015 11:53
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Mantle posted:I asked how one could break even by buying at $249k and selling at $210k and got this response: It means no cash out of pocket at closing
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Nov 11, 2015 12:53
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Weatherman posted:Except that "to break even" has a common and well-understood meaning which has nothing to do with breaking things. Are you actually retarded? I was making fun of the guy for insisting that "break even" must mean "selling price = buying price" no matter what instead of the easily understood meaning of: BEHOLD: MY CAPE posted:It means no cash out of pocket at closing in the context of the original post.
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Nov 11, 2015 12:59
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I've personally never heard it in that context before, learned something new today.
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Nov 11, 2015 21:04
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Did you feel like you missed out on the last real estate bubble collapse? Don't worry, you can still get in on this one! https://www.groundfloor.us/ It's a "real estate crowdfunding" site that allows you to invest in the lucrative house flipping market. The idea is that you can short-term fund the improvements that aspiring house flippers are putting into properties they buy, and getting a return on it when they sell. I know that people make real money flipping houses, but they usually do so because they have a ton of money to dump into improvements, their own crew or a good network of contractors to actually do the work, and methods to cut down on the transaction costs of real estate (buying at auction, selling as a broker, etc.) The people who are good at it don't need investors, and the people who need investors to do it probably are amateurs who will not be good at it.
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Nov 11, 2015 21:20
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I have also never ever heard it used outside the context of "money out covers all money put in". I'm calling shenanigans on using it as "remaining mortgage balance is covered with no additional no closing costs".
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Nov 11, 2015 21:20
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