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ohgodwhat posted:I mean, there is a Bitcoin ETF and it's trading at a significant premium to bitcoins themselves. What? I thought the SEC denied their application (with a hilarious brief about why)
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# ? Jun 15, 2017 15:21 |
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# ? May 15, 2024 03:28 |
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ate all the Oreos posted:What? I thought the SEC denied their application (with a hilarious brief about why) GBTC has been out for a while now. Even trades at a premium to Bitcoin itself.
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# ? Jun 15, 2017 17:08 |
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PayPal has caused problems - Where should I go for $1000 in 24 hours? posted:Tldr up front: PayPal is holding onto $1000 that I need to cover a check to the IRS that has already been written. What do?
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# ? Jun 15, 2017 17:35 |
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That sounds...understandably frustrating? That it takes more than 30 seconds to resolve "ahh that account is closed" is an absurdity in 2017.
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# ? Jun 15, 2017 17:39 |
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See also: cheques not clearing instantly.
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# ? Jun 15, 2017 17:39 |
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I like how my bank, which holds my car loan, cannot handle processing the transaction of paying said loan in less than 3 business days.
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# ? Jun 15, 2017 17:40 |
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Subjunctive posted:See also: cheques not clearing instantly. Cheques are pretty lovely in general. If you write post-dated cheques it's worth knowing that they can be cashed anytime. The date might as well not even exist.
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# ? Jun 15, 2017 17:48 |
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A friend's mother just ran into a similar problem. She had scheduled a transfer from one account to another on [Due_Date - 1] so that there'd be money for when an automatic payment went through. Her bank instead ran it a few days early, the transaction failed, and she was charged an insufficient funds fee and a late fee. No idea if it ever got resolved, but it was bullshit. Cold on a Cob posted:Cheques are pretty lovely in general. My bank wouldn't let me cash a check that was post-dated a year in advance (roommate wrote the wrong year) so it has some relevance in some places.
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# ? Jun 15, 2017 17:55 |
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No Butt Stuff posted:I like how my bank, which holds my car loan, cannot handle processing the transaction of paying said loan in less than 3 business days. I love how Capital One can't process my credit card payment from a Capital One bank account in less than 2 business days.
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# ? Jun 15, 2017 17:57 |
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Good job Wells Fargo! https://www.nytimes.com/2017/06/14/business/wells-fargo-loan-mortgage.html quote:
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# ? Jun 15, 2017 17:59 |
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Wells Fargo obviously needs to do it through the proper legal process, but the breathless reporting of changing the loan from 14 years remaining to 40 and reporting nominal dollar interest expenses over that time is bad and the reporters should feel bad. The bank gave them the option to keep liquidity. They could have written the same check every month and been in the same position, but also diverted the money to higher interest debts. The last paragraph is really the important one, that the change had to go through the court before it could be approved, but the substance of the change is what gets the bulk of the article instead of the procedural issue at the end.
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# ? Jun 15, 2017 18:13 |
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Wow they are rotten to the core.quote:It is unclear why the bank would put through such changes. On one hand, Wells Fargo stood to profit from the new loan terms it set forth, and, under programs designed to encourage loan modifications for troubled borrowers, the bank receives as much as $1,600 from government programs for every such loan it adjusts, the class-action lawsuit said. But submitting the changes without approval violates bankruptcy rules and puts the bank at risk of court sanctions and federal scrutiny. When a lawyer for a borrower has questioned the changes, Wells Fargo has reversed them. It's not really unclear at all. They stood to profit and hoped they wouldn't get caught, same as the other poo poo they pulled. quote:The Perezes had been scheduled to pay off their mortgage in nine years, but the loan terms from Wells Fargo extended it to 40 years. This is the kind of thing you'd expect of a payday loan company.
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# ? Jun 15, 2017 18:13 |
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The article makes no mention of changing the interest rate, so I'm not sure what exactly the bank gets by keeping their capital in this specific mortgage versus being able to deploy it elsewhere.
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# ? Jun 15, 2017 18:16 |
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DarkHorse posted:My bank wouldn't let me cash a check that was post-dated a year in advance (roommate wrote the wrong year) so it has some relevance in some places. Yeah in Canada the policy is the bank shouldn't honour the cheque, but there's no penalty to them if they do as far as I know. You can get it reversed but that's cold comfort if that cheque put you into overdraft and other stuff starts bouncing.
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# ? Jun 15, 2017 18:18 |
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crazypeltast52 posted:The article makes no mention of changing the interest rate, so I'm not sure what exactly the bank gets by keeping their capital in this specific mortgage versus being able to deploy it elsewhere. 1600 from the government plus the house when borrowers end up not paying what hey actually had to
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# ? Jun 15, 2017 18:30 |
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crazypeltast52 posted:The article makes no mention of changing the interest rate, so I'm not sure what exactly the bank gets by keeping their capital in this specific mortgage versus being able to deploy it elsewhere. Most of these mortgages would have higher interest rates than new ones. If you change the amortization table so the loan goes out another 10 years or so, the payments go down (because the principal is going down much more slowly) but the owner is stuck paying way more money over time. It's like refinancing in place at a crappy rate.
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# ? Jun 15, 2017 18:44 |
The closest thing to a personal finance class we ever had in all my many years was a sort of home ec class where we learned how to fill out checks and job applications. We were told it was very very important to put the correct date in there, always use perfect writing because it's super important and ALWAYS fill out the memo and ALWAYS make sure you save the carbon copy for all eternity and make sure you balance your number separately with a pencil in this table in the back because the bank messes up sometimes. Turns out you can put whatever date you want, sign it with a dick drawing, write "for sex lol" in the memo field, etc etc, and 95% of the time noone cares. Then we were all forced to fill out a McDonald's application for employment to practice (we were not allowed to apply anywhere but McDonald's). Sure wish they would have one or two concepts around credit or budgeting or even just how a loving annual percentage rate works, that would have been 10x as valuable.
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# ? Jun 15, 2017 18:46 |
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ranbo das posted:
I've actually done this with google wallet, it is really annoying but I got my funds back within 24 hours.
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# ? Jun 15, 2017 18:47 |
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Don't worry, I'm sure fining Wells Fargo about what they net in 4 days is going to stop their scummy behavior this time.
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# ? Jun 15, 2017 19:04 |
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Yond Cassius posted:Most of these mortgages would have higher interest rates than new ones. If you change the amortization table so the loan goes out another 10 years or so, the payments go down (because the principal is going down much more slowly) but the owner is stuck paying way more money over time. It's like refinancing in place at a crappy rate. Those borrowers don't qualify for a refinance and won't for years due to bankruptcy. Banks are permitted to make unilateral changes to accounts if they unequivocally benefit the customer. Wells was wrong if they filed incorrect court documents but by lowering the payment while keeping the rate the same, they are making ot easier for these people to remain in thier homes.Any prepayment penaly would likely remain on original terms, and prepay penalties after the first 3 years are really rare in mortgage lending. If the customer doesn't want the lower payment they can keep paying thier original payment. I know you guys have a hate boner for banks, but this just isn't that bad. Of all the major banks I will agree that Wells is one of if not the worst when it comes to unfair practices but that isn't what this is.
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# ? Jun 15, 2017 19:11 |
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therobit posted:Those borrowers don't qualify for a refinance and won't for years due to bankruptcy. Banks are permitted to make unilateral changes to accounts if they unequivocally benefit the customer. Wells was wrong if they filed incorrect court documents but by lowering the payment while keeping the rate the same, they are making ot easier for these people to remain in thier homes.Any prepayment penaly would likely remain on original terms, and prepay penalties after the first 3 years are really rare in mortgage lending. If the customer doesn't want the lower payment they can keep paying thier original payment. Presumably the cost to the borrower on the same principal for 10 years at 2% is much less than 40 years at 2%.
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# ? Jun 15, 2017 19:36 |
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cowofwar posted:Presumably the cost to the borrower on the same principal for 10 years at 2% is much less than 40 years at 2%. Then they can keep making the same payment they were and have it paid off in the same amount of time. Interest barely covers cost of funds+servicing on first mortgages. Origination fees are where they make money. Not to mention that these are loans that have a lower likelihood of performing and stretching the term increases the length of exposure to a risky borrower. But yes, I am sure they have some diabolocal plan to eak out pennies over decades rather than put that principal into a new loan with fresh fees and a borrower with good credit who is going to pay in full and on time.
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# ? Jun 15, 2017 19:49 |
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Clean out the personal items before you sell your deceased granddad's house. https://np.reddit.com/r/legaladvice/comments/6h85fl/wa_found_hidden_treasure_in_our_new_house_do_we/ quote:[WA] Found hidden treasure in our new house. Do we have to give it back to the seller? (self.legaladvice) Just take your windfall and enjoy it, man. Reminds me of an episode of the show Justified where a guy breaks out of prison and tries to go back to the house where he stashed all the money from his big bank heist that the cops never found. At the time, it was an under-construction, middle class neighborhood. When he drives by, he finds the new owners have a speedboat and luxury cars parked outside and immediately knows that they've already found and spent the money.
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# ? Jun 15, 2017 19:58 |
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therobit posted:I know you guys have a hate boner for banks, but this just isn't that bad. Of all the major banks I will agree that Wells is one of if not the worst when it comes to unfair practices but that isn't what this is. I wasn't saying that the changes weren't beneficial in the short- to intermediate- term, or even that it was a bad deal (except that it put the mortgage holders in a weaker position to get later/more-favorable modifications); I was explaining the upside for Wells. If it were a handful of incidents I'd agree with you, just some misfiled paperwork, but it sounds like a pattern of "hey, let's see if we can slide this by them, make it look like we're doing them a huge favor, and hope we don't get caught."
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# ? Jun 15, 2017 20:08 |
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I must be an amoral shitbag because even if the seller had been a nice person there's zero chance I would tell them about it, let alone consider giving them a cut. Finders keepers, motherfucker.
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# ? Jun 15, 2017 20:12 |
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Noctone posted:I must be an amoral shitbag because even if the seller had been a nice person there's zero chance I would tell them about it, let alone consider giving them a cut. Finders keepers, motherfucker. quote:That was one of the reasons the closing took so long and was so painful. Our real estate agent had said that a bunch of the old property would be removed, but then the grandson was pushing back saying that we would have to do it ourselves. We had to get that written into everything that we owned all of the contents so that we could legally dispose of everything. KEEP IT ALL
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# ? Jun 15, 2017 20:18 |
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Yeah, gently caress that guy. I might even tell him, and then keep it anyway just to rub his nose in it.
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# ? Jun 15, 2017 20:21 |
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It must be so, so much money for this even to be a question. If it was $100 or even $1000 do you think he'd have any hesitation about it?
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# ? Jun 15, 2017 20:24 |
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The contract was explicitly revised at the request of the other party in that cash and guns house. I might ask if there were any sentimental guns, but other than that, it would probably be more of a hassle and the jerk might just sue instead.
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# ? Jun 15, 2017 20:27 |
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well obviously, he said the first one they found had a few thousand in it. depending on what he means by "lots" of other bags found then they probably found enough money to pay off a significant portion of the mortgage. e: the only legal question they need to be figuring out is if there are any tax implications to all the money they found.
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# ? Jun 15, 2017 20:27 |
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EAT FASTER!!!!!! posted:It must be so, so much money for this even to be a question. He mentions in the comments that it's enough money to pay off both of their school loans and then some
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# ? Jun 15, 2017 20:38 |
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At that level, it's find the real estate lawyer and your accountant, not the internet.
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# ? Jun 15, 2017 20:41 |
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Also a criminal lawyer for the legality of keeping the guns found in the house. There's probably precedent in any given state, but I bet in some the precedent includes the word "felony."
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# ? Jun 15, 2017 20:45 |
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22 Eargesplitten posted:Also a criminal lawyer for the legality of keeping the guns found in the house. There's probably precedent in any given state, but I bet in some the precedent includes the word "felony." It's Washington State so it's extra weird because of their super restrictive 2014 transfers law Keep the dough, have a boating accident with the guns
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# ? Jun 15, 2017 20:47 |
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Oh yeah, the one that made it a crime to let someone else try out your gun at the range. Yeah, lawyer. Or he could have just kept his mouth shut and nobody ever would have known, but too late for that.
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# ? Jun 15, 2017 20:57 |
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22 Eargesplitten posted:Oh yeah, the one that made it a crime to let someone else try out your gun at the range. Eh, the only people that know right now are randos on the internet. But even if they hadn't told anyone at all about the guns, still a good idea to get a lawyer to deal with them. I'd probably keep stumm about the cash and silver, though, and stick them in a safe deposit box.
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# ? Jun 15, 2017 21:04 |
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22 Eargesplitten posted:Oh yeah, the one that made it a crime to let someone else try out your gun at the range. it didnt actually do that pocket the money, sell the ammo, disassemble the guns and throw the pieces off a bridge. not worth the legal headache.
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# ? Jun 15, 2017 21:05 |
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A friend of mine sold his home in NZ and rents a beautiful ocean view home. The previous owner of that home (was sold to a Chinese investor - I guess all the rage in the hot HZ real estate market) left $5k rainy day money in the phone system patch panel and must have forgotten about it. "It evens out, he said the electric bill would be about half of what it actually is". Found money is cool. I have not found any money dreesemonkey fucked around with this message at 21:17 on Jun 15, 2017 |
# ? Jun 15, 2017 21:12 |
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Overheard a coworker this morning say that she and her husband make about $120,000 a year and it's good that they don't make more because then they would be in the 33% tax bracket and get screwed over. How are marginal tax brackets a thing that so many people have trouble understanding? People actually make decisions not to make more money because they are convinced that going into a higher tax bracket applies to all your income.
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# ? Jun 15, 2017 21:21 |
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# ? May 15, 2024 03:28 |
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Splish posted:Overheard a coworker this morning say that she and her husband make about $120,000 a year and it's good that they don't make more because then they would be in the 33% tax bracket and get screwed over. Because no one ever educates them about it. Which, if you didn't help her out by explaining it to her, makes you part of the problem.
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# ? Jun 15, 2017 21:27 |