Comments on: Is Your Bank a Penny Stock?

By: Wizard Prang

Wizard Prang — Thu, 16 Oct 2008 17:05:01 +0000

In response to Peter’s inane comment:

Remember banks before ATMs? They used to have 6-8 Teller desks. These days they have an ATM out front and 3-5 desks. This means that one ATM replaces three tellers, which is a HUGE cost savings for the bank.

And you think I should pay extra for this?

Next you’ll be saying that I should pay extra to view images of my checks… which _the banks_ now shred as a result of Check21 – a law written by _the banks_, for _the banks_, that results in a huge cost saving for… _the banks_.

Bah

By: Macossay

Macossay — Wed, 20 Aug 2008 22:01:57 +0000

In response to Peter’s comment about Doc’s comment. ATM transactions are cheaper for the bank than teller transactions, so there is no justification for passing on that cost. Even if there were, the average cost to the bank for an ATM transaction is 14 cents, thus their charges are unreasonably high. And finally there is an oversupply of ATMs, spreading the fee pool too thin and driving up ATM fees. Banks are overinvested in ATM, just as they are overinvested in dubious mortgages.

By: Peter

Peter — Wed, 16 Jul 2008 07:31:28 +0000

In response to Doc’s inane comment:

I find it amazing that in the US people somehow have the idea that banks should not be charging ATM fees. Where does this illogical thinking come from? The banks invest thousands of dollars on the technology and machines and yet it’s somehow unreasonable to think that they would charge a fee for that? You’re better off complaining about highway tolls than ATM fees. Free banking is not a human right. If you think a bank deserves to collapse because of a 2 dollar fee, you really need to get a life.

By: Doc

Doc — Tue, 15 Jul 2008 04:56:36 +0000

Banks going under…NOT GOOD…but it is hard to feel sorry for these jackazzez when they are charging you $2-3 everytime that you take your own money out through an ATM…good bye you greedy bastard INDYMAC

By: Ken

Ken — Sat, 12 Jul 2008 11:45:24 +0000

The FDIC announced the roughly 10,000 customers with uninsured deposits will receive their deposit amounts.

The FDIC also said it expects the fund to pay between $4 and $8 billion out of its deposit insurance fund, which backstops all U.S. bank deposits to a certain dollar level, in part to stave off a deposit run on banks.

At the start of the 2008, the FDIC insurance fund had $52.2 billion in assets.

By: tom

tom — Sat, 12 Jul 2008 03:16:18 +0000

wow indymac just collapsed! bankaholic called it beforehand. good luck all u indymac fans out there

By: Bill

Bill — Mon, 07 Jul 2008 23:18:35 +0000

I’ve had great service here….have my saving account making 4% better than any bank in the country

By: Abby

Abby — Sun, 06 Jul 2008 18:58:29 +0000

I’d take the risk with up to $25M on any FDIC insured bank – just need the interest to pay the bills, eh? Anyway, I just bought a CD here – I can’t lose more than I’ve lost in General Electric stock ..hmm there’s a thought.

By: gordon

gordon — Sun, 06 Jul 2008 17:01:02 +0000

You’re an idiot holding a CD with ANY mortgage bank, if the FDIC takes it over, you will suffer a delay and in the process, they will CUT THE DIVIDEND IN HALF!

By: Dan

Dan — Sun, 06 Jul 2008 00:45:09 +0000

The FDIC is not much of an insurance policy since they are poorly funded. If even one large bank were to fail, they would quickly run out of funds. Everyone has a nice warm false security. Think “FEMA for banks”.

By: steve

steve — Fri, 04 Jul 2008 18:40:53 +0000

I would assume the gov’t would reimburse you for everything up to $100,000 since it is FDIC insured.

jay said:
on July 3rd at 08:30 am

i have a cd.at indymac and it will expire next year what will happen if the bank close? thaks smart people

By: tom

tom — Fri, 04 Jul 2008 17:48:12 +0000

larry do you mean great in the way that they are offering well over 4% interest cd/s or in another way i’m not thinking of?

By: Larry

Larry — Fri, 04 Jul 2008 02:37:33 +0000

It’s great when a bank crashes like this. Unless you were naive enough to keep stock with them the past few months.

By: jacob

jacob — Thu, 03 Jul 2008 19:46:09 +0000

i was going to recommend indymac to someone else, i’m glad i read this

By: jay

jay — Thu, 03 Jul 2008 08:30:19 +0000

i have a cd.at indymac and it will expire next year what will happen if the bank close? thaks smart people

By: Marcia Blackman

Marcia Blackman — Wed, 02 Jul 2008 23:08:36 +0000

As long as it’s insured, it’s okay with me. What isn’t OKAY, is that these jerks don’t answer their telephones, and tell you, ‘you have a 12 minute wait for the next operator’. Well, if they can’t hire enough help to speak to their (potential) customers; my money goes elsewhere.