CB 19:18 read last line in JP 18:59 ?
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to quote nh - ignorance is remedied by knowledge, crazy is remedied by meds, ah but STUPID is forever, dangerous to be around and, unlike wine and cheese, does not improve with AGE
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Keep buying Visa / M-card - good brands enjoying high barriers to entry prtection from newcommers
dc CB 19:18:47 GMT - 02/28/2016
not whining. These practices were "supposed" to have been eliminated, made verboten, Illegal, by the likes of the Consumer Protection Agency... the big fight over the creation of said Agency that catapulted Eliz Warren into a chair on the Senate, after she was blocked at becoming the Head of that Agency....
This is all 2008 -2010 Dodd Frank, make to rules to rein in these banking practices that hurt(steal) from the consumer, with hidden-undisclosed fees. Opt IN/ Opt OUT was a centerpiece.
Mtl JP 18:59:13 GMT - 02/28/2016
dc CB 17:41 / I recently received a new replacement ATM card.
Reading the fine print I read that it is now an ATM and a Debit card.
That is a mean major difference. Along with the Debit feature comes a "benefit" - an automatic $100 overdraft protection. Peddled as if to make e feel "as a somebody" (credit to marketing dept). At an interest and fees cost, naturally. I called to inquire about the "mistake" but was told it is the only version of an ATM card now. That they have my convenience at heart - why should I be deprived of a purchase should my account be 1 or 5 dollars short to make a purchase and be (embarrassingly?) declined ?! What a stroke of genius - for the bank(s) to juice fees and interest wont you agree ?
All the more reason to BoD Visa / M-card etc. instead of whine whine.
dc CB 17:46:35 GMT - 02/28/2016
Why the press to eliminate cash: Pretty Obvious.
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cont...
But what she learned was even more distressing: Every time she overdrew her checking account, Citigroup was lending her money at 18.25 percent ......Citigroup extended the loan in $100 increments, even if she was short by only $35.
And in one month, Citigroup withdrew the loan payment two days after the due date the bank itself had set. For this, Citigroup collected an additional $25 for the late payment.
“I felt so humiliated,” Ms. Lemus said.
If she just made the minimum payment, it would take Ms. Lemus 13 years to pay off her credit line. The bank has been trying to collect the debt.
dc CB 17:41:25 GMT - 02/28/2016
Angelina Lemus was puzzled. She had no idea why every month as much as $96 was disappearing from her Citibank checking account.
Months later, Ms. Lemus finally figured out the mystery — or at least part of it. Citibank was taking out the money to pay a loan, with an interest rate of 18 percent, that was devised to cover the shortfall every time Ms. Lemus overdrew her checking account.
The problem was that Ms. Lemus, a home health care worker from Queens, said she never signed up for the line of credit and was unaware that she was borrowing from it every time her account dipped below zero.
In all, Ms. Lemus had amassed $3,400 in debt — a tangle of interest, principal and other fees that have damaged her credit.
The question at this point is twofold: what happens after the savings of ordinary depositors in the bank officially taxed and/or cash becomes phased out, and more importantly, what happens just before.
In other words, will there be a run on physical cash?
The truth is that if society panics and there is a full blown rush out of existing electronic bank deposits and into physical currency to avoid negative rate taxation, only those who panic first will be safe. Why? Because of the "magic" of fractional reserve banking - there is simply not enough physical currency in circulation to satisfy all savers' claims.
what the chart above shows is that if, and when, a run on physical cash begins, there will be roughly $1 dollar in physical to satisfy $10 dollars in savers' claims, a ratio which drops to 20 cents of "deliverable" cash if the $100 bill is taken out of circulation.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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