|
Krispy Wafer posted:Fidelity as in the investment/brokerage company? Because my Schwab checking account is great and doesn’t change a monthly fee either. Granted they’re ‘banking’ on me keeping a large balance in a trading accounts. I don’t, so they’re losing money on me, but I guess it works with most of their customers. Yeah, Fidelity has a checking account (it is technically a brokerage account so you can buy/sell securities with it too, but that isn't its purpose) that sweeps into 5 different banks so you get up to $1.25 million in FDIC insurance. They also reimburse for all ATM fees and provide free checks. It's actually a pretty sweet set up; the only disadvantage is there's no way to deposit paper money directly into the account. There's no minimum deposit, minimum direct deposit, or any maintenance fees.
|
#
?
Nov 14, 2018 03:18
|
|
|
|
| # ? May 18, 2024 22:13 |
|
|
therobit posted:Because free checking with no upfront conditions is a loss leader that gets paid for by overdraft fees charged to the poor and financially irresponsible, mostly. Servicing accounts costs money, and that has to come from somewhere. If you have a minimum balance requirement or a direct deposit requirement then this can be offset by other factors, but free checking isn't free. Someone will pay. That's why everyone instituted additional requirements to make your account free after the CARD act passed. That seems like a fair opinion. I’d prefer the world where accounts have a low cost account and fair costs for infractions. It’s also tough to live in this world without a checking account, so free accounts are a public good so perhaps it should be subsidized by the government. I also wanted to say I felt like a real zuarg when I got hit by that first fee. It was the same amount he had “budgeted” in his sheet.
|
|
#
?
Nov 14, 2018 03:39
|
|
|
Please explain how loans and fractional reserve banking are irrelevant to the cost of servicing checking and savings accounts
|
|
#
?
Nov 14, 2018 04:12
|
|
|
My 75+ yr old grandma signed a contract for a $4000 vacuum cleaner after the salesman stayed in her house for 6+ hours. Any way out of this?quote:This is in a Houston, TX suburb, some salesman apparently wouldnt leave her house for at least 6 hours possibly up to 10 and she apparently signed a contract for a $4000 vacuum cleaner to get the dude to leave. Shes slowly losing it mentally and if anything this shows it. She doesn't have nearly the money to pay for this thing and she knows it. Any ways out of this or any info that can possibly help would be nice. Thanks.
|
|
#
?
Nov 14, 2018 04:19
|
|
|
Volmarias posted:Please explain how loans and fractional reserve banking are irrelevant to the cost of servicing checking and savings accounts Please don't.
|
|
#
?
Nov 14, 2018 04:37
|
|
|
The newbie personal finance thread is a better place to talk about specifics, but I just wanted to say there are a lot of great online only checking account options that are free and have no really unreasonable fees.
|
|
#
?
Nov 14, 2018 04:44
|
|
|
THF13 posted:The newbie personal finance thread is a better place to talk about specifics, but I just wanted to say there are a lot of great online only checking account options that are free and have no really unreasonable fees. Get the gently caress out of the BWM thread.
|
|
#
?
Nov 14, 2018 05:21
|
|
|
baquerd posted:I'm sorry you are getting attacked by financially ignorant people.  quote:Obviously, financial institutions need to pay people to work for them to process transactions (and/or write the software to do so), so unless the government subsidizes this entirely in some manner, it's only a question of the details of how the money flows to the bank/credit union. Smart people can evaluate the differences between institutions to their own benefit, while financially illiterate people tend to get hosed over. I don't think we should subsidize financial illiteracy (especially given this is the bad with money thread). 
|
|
#
?
Nov 14, 2018 05:50
|
|
|
Nice emojis bruh
|
|
#
?
Nov 14, 2018 07:06
|
|
|
Sister has put down $2,000 down on a $4,000 horse, seller cancels the contract and will only give her $800 back. Is there anything she can do?quote:Firstly, let me give you some background information on the issue. My sister decided a couple months ago that she wanted to buy a horse. The barn that she goes to semi-regularly had a horse up for sale. I believe the horse was $4,000. My sister doesn't have that kind of savings lying around,so she entered into a contract with the barn owner to purchase the horse. To my knowledge this is what the terms of the contract were. She would make $400 monthly payments on the horse as well as for the boarding of the horse at the barn.
|
|
#
?
Nov 14, 2018 12:23
|
|
|
i do love how this thread provides me with constant fuel for my activist fire and my  list
|
|
#
?
Nov 14, 2018 13:25
|
|
|
DrAlexanderTobacco posted:Sister has put down $2,000 down on a $4,000 horse, seller cancels the contract and will only give her $800 back. Is there anything she can do? First reply in that thread: quote:Not a lawyer, but a horse person....
|
|
#
?
Nov 14, 2018 13:26
|
|
|
Oh god, one of the nurses in my department just came to me excited about the new Lexus she's going to lease. I started to gently ask questions about her driving habits and lease and found out: 1. She drives 20k miles per year and plans on holding on to the car for 7 years 2. Her dealership has convinced her to think about "multiple security deposits." 
Residency Evil fucked around with this message at 14:12 on Nov 14, 2018 |
|
#
?
Nov 14, 2018 14:10
|
|
|
Yet another person with a bunch of credit card debt that is worried about their Credit card debt ; score quote:Long story short. I am in about $17,500 in credit card debt across two cards, chase freedom and capital one venture and have been for about 6 months. I am a college student and am graduating in a little less than a year and expect a 45-60k entry level salary. I except to have paid about 4-8k by the time i graduate, so i will have about $10-13k in credit card debt for 1 year 6 months. I expect to then pay the $10-13k within a few months after graduation so a grand total of a little less than 2 years. My score before i racked the debt up was hovering around 750 and has since dropped to 550. My question is, by the time i pay all the credit card debt off, will my score eventually rise back up to around 750, or will it not be as good because of the fact i had $10k+ credit card debt for 2 years?
|
|
#
?
Nov 14, 2018 14:42
|
|
|
baquerd posted:Kudos to this guy for his effort. I really need to figure out how best to legally funnel income to the kids for maximum tax avoidance. 14k from each parent deposited on their birthday directly into a trust they can't touch until they're 30. Then pray the R's raise the lifetime giving cap on the estate tax (but if you're bumping into that you're looking at trying to transfer ~10M+ to a child and should be getting a visit from Dr. Guillotine)
|
|
#
?
Nov 14, 2018 14:42
|
|
|
It's Madame Guillotine, haven't you ever seen the musical of the Scarlet Pimpernel??
|
|
#
?
Nov 14, 2018 14:45
|
|
|
BUG JUG posted:14k from each parent deposited on their birthday directly into a trust they can't touch until they're 30. Then pray the R's raise the lifetime giving cap on the estate tax (but if you're bumping into that you're looking at trying to transfer ~10M+ to a child and should be getting a visit from Dr. Guillotine) I think creating a 503c3, transferring highly appreciated assets to it for a deduction, and getting the kids earned income through a job at the charity to dodge the kiddie tax will be more fruitful, with the added benefit of actually doing some charity.
|
|
#
?
Nov 14, 2018 15:02
|
|
|
Residency Evil posted:Oh god, one of the nurses in my department just came to me excited about the new Lexus she's going to lease. I started to gently ask questions about her driving habits and lease and found out: 1. Terrible 2. Possibly GWM assuming you have cleared the hurdle of leasing a luxury vehicle as at least okay with money, at least with BMW financial services multiple security deposits serve as surety for the lease payments, reduce the money factor of the lease contract substantially and are not part of the principal on the vehicle. In other words if the vehicle is a total loss for any reason and you are current on your payments, the security deposits are returned to you as opposed to a large down payment which is typically lost due to depreciation.
|
|
#
?
Nov 14, 2018 15:31
|
|
|
silvergoose posted:It's Madame Guillotine, haven't you ever seen the musical of the Scarlet Pimpernel?? She went back to med school, where she became a very efficient neck surgeon. And she did so in commie pinko socialist France so she doesn't have tons of student loan debt which is GWM. She only does the one procedure.
|
|
#
?
Nov 14, 2018 17:59
|
|
|
CannonFodder posted:She went back to med school, where she became a very efficient neck surgeon. And she did so in commie pinko socialist France so she doesn't have tons of student loan debt which is GWM. 
|
|
#
?
Nov 14, 2018 18:09
|
|
|
Is buying gold a good way to store savingsquote:So with some economists predicting a big recession and dollar crisis in 2020, I was thinking of buying gold with my savings. My thought process was, if I just save let’s say 10,000, and then the economy crashes and the value of the dollar drops for simple maths sake, by half, then the value of my 10k is now 5k. Now, at that same time, gold has pretty consistently retained its value and continues to increase in value over the years, so if I buy 10k In gold and the value of the dollar drops, will I retain the 10k value when I decide to cash in? I don’t know if any of this even makes sense but I plan on still talking to a PFM but I was wondering what you all thought.
|
|
#
?
Nov 14, 2018 19:42
|
|
|
Which one of you is this? https://www.reddit.com/r/personalfinance/comments/9x2mw0/i_wanna_live_aboard_a_small_boat_with_my_wife/ quote:so, my wife and I want to buy a 40 to 55 foot live aboard ocean fairing vessel "used ones run between 6000 for poo poo tier boats, and 75 thousand, which is about the top end of our budget, we would park it on a coastal marina in the region we live in, sell off ALL of our poo poo, and then spend the next two years working and taking classes on ships and engine work until we were ready to sail it elsewhere. I would not ask but it's clearly a setup with the second comment being: quote:What you want is a house boat then.
|
|
#
?
Nov 14, 2018 19:49
|
|
|
Hoodwinker posted:EDIT- at the people downvoting all my follow up questions- isn’t the point of the sub to ask questions and learn? Get a life. Ur Getting Fatter posted:They should just rename /r/personalfinance to /r/validatemyterriblechoices
|
|
#
?
Nov 14, 2018 19:50
|
|
|
https://m.youtube.com/watch?v=ibP5IQxId34 Selling your poo poo and sailing the world is extremely GWL until it isn’t.
|
|
#
?
Nov 14, 2018 19:53
|
|
|
lovely tuna snatch posted:Which one of you is this? This line is my favorite. quote:so I know its not a super bright idea, but we are smart recourseful people
|
|
#
?
Nov 14, 2018 20:07
|
|
|
Recourseful people are the best kind of people to make bad financial choices imo.
|
|
#
?
Nov 14, 2018 20:40
|
|
|
If you're a self-described smart person, then it's okay to do a dumb thing, because it becomes a thing a smart person did, and therefore smart
|
|
#
?
Nov 14, 2018 20:56
|
|
|
GoGoGadgetChris posted:If you're a self-described smart person, then it's okay to do a dumb thing, because it becomes a thing a smart person did, and therefore smart
|
|
#
?
Nov 14, 2018 21:44
|
|
|
Lol, I'm legit dumb as hell, that's no secret.
|
|
#
?
Nov 14, 2018 21:50
|
|
|
Hoodwinker posted:Is buying gold a good way to store savings is the answer that our economy collapses and gold become worthless anyway, i feel like thats the answer
|
|
#
?
Nov 15, 2018 00:58
|
|
|
Is buying horse a good way to store savings? If the value of the dollar gets cut in half I can buy twice as many horses then, right?
|
|
#
?
Nov 15, 2018 01:42
|
|
|
GoGoGadgetChris posted:If you're a self-described smart person, then it's okay to do a dumb thing, because it becomes a thing a smart person did, and therefore smart Dik Hz posted:Thanks. I now understand your posting style. GoGoGadgetChris posted:Lol, I'm legit dumb as hell, that's no secret. God bless you both.
|
|
#
?
Nov 15, 2018 02:08
|
|
|
Elephanthead posted:Is buying horse a good way to store savings? If the value of the dollar gets cut in half I can buy twice as many horses then, right? A horse is a stable asset
|
|
#
?
Nov 15, 2018 02:40
|
|
|
Fastest way to get a credit card?quote:I recently made the foolish decision to buy a Subaru Wrx. I was pleased with it and had no problem paying for it and the insurance. Until I recently burned the clutch and ignored the check engine light for for a few weeks. I haven’t driven in 2 months but that’s fine because I usually get picked up for work and stores are at walkable distances. Anyways I got a trailer and help to take it to the dealership which is 80 miles away in the city. First they forgot I made an appointment but it didn’t mean much. I just had to make a new for today. Oops.
|
|
#
?
Nov 15, 2018 03:07
|
|
|
Here’s another. This kid is going to have to grow up real fast: College Senior, credit score in the 400s. Where to begin? quote:I am kind of a noob when it comes to credit and I am at a bit of a loss on how to remedy my situation. I have about 130k in student loans and one of those loans has been in repayment for the last year or so. The deal I made with my parents is that they would pay it off until I graduate (May 2019) and then I would take it over. However, after downloading Credit Karma I see that they have been struggling to pay on time. They did not tell me because I think they are embarrassed and also feel that kids dont belong in finances. Since around July, they have been reassuring me they will pay on time but I don't believe them and they have been late again. My mom is losing her job this month and my biological father stopped helping last year(hence the late payments). I dont want to seem like woe is me because people are dealing with far far worse but I just want you to understand the situation. I have enough saved to pay off the loan until I graduate(although my savings will take a pretty big hit). I also have a job lined up for post grad where I will be able to pay the loan on time. Given all this information, how should I proceed to fix my score? Are there any credit cards that will accept me? Also, how can I make sure that this does not affect renting an apartment in NYC post graduation? I'd like to know things I can do on my own that don't affect my parents because I do not want to add any more stress.
|
|
#
?
Nov 15, 2018 03:11
|
|
|
GoGoGadgetChris posted:A horse is a stable asset Not if it's made in the spur of the moment.
|
|
#
?
Nov 15, 2018 03:11
|
|
|
This post from the altcoin thread is BWM thread worthy:oliveoil posted:When the crypto market is tanking like today, it's a good time to keep a cool head and look for opportunities. They say that you should buy when the blood is in the streets, even when it's your own and I try to live up to that.
|
|
#
?
Nov 15, 2018 03:47
|
|
|
Mounted police are getting less popular due to budget concerns, and I can see why. Imagine what it takes to get a typical horse to pass this test: https://gfycat.com/joyfulblaringarcticfox I'd expect a typical horse to panic, break a leg, and die from just the pool noodles.
|
|
#
?
Nov 15, 2018 04:26
|
|
|
Hoodwinker posted:This post from the altcoin thread is BWM thread worthy: At first I thought he'd made out like a bandit. https://coinmarketcap.com/currencies/banyan-network/ Then I noticed where the decimal point was.
|
|
#
?
Nov 15, 2018 04:33
|
|
|
|
| # ? May 18, 2024 22:13 |
|
|
Inept posted:$5 This kind of thing is really common. $2000 a year to use someone's image is not outrageous and nepotism is not illegal.
|
|
#
?
Nov 15, 2018 04:59
|
|