Stimulus

Quote: SOOPOO

Not sure what's up with your credit.

Not mine, my wife's. She has a spotless
credit record and always keeps a zero
balance and the CC companies punish
her for it.

Quote: AZDuffman

All I will say is after trying to get payoffs for their own refinances and how bad they were to deal with I will never be a customer.

I have my first beef with Capital One.
I opened a bank account with them
a week ago to deposit the stimulus
check my wife gave me. I can't cash
it at her bank because they're
closed. I took a pic of the check
and got it deposited. The money
was taken out of my wife's account
that night.

Today, a week later, the money finally
showed up in my CapOne checking
account. They had the money for 6
days before they gave it to me. It
gets better. I immediately used the
CapOne debit card they sent me to
make a CapOne CC payment. A
window pops up and says the payment
will be processed in 2 days.

WTF?? Anytime I make a payment to
them with my other debit card, the
funds show up immediately. It's a
scam by CapOne to hold my bank
funds as long as possible so they
can earn interest for the bank, so
they can loan it out and make money.
You have to multiply this by the
thousands of people who deposit
checks every day. You have millions
of dollars sitting in limbo for a week,
every week, that CapOne can do
whatever they want with, that
customers have no access to.

I called them and they said yup, it
takes about a week for a check to
clear, and more time when you use
the debit card. I told them not to hold
their breath waiting for me to deposit
another check in their lifetime.

Quote: Evenbob

I have my first beef with Capital One.
I opened a bank account with them
a week ago to deposit the stimulus
check my wife gave me. I can't cash
it at her bank because they're
closed. I took a pic of the check
and got it deposited. The money
was taken out of my wife's account
that night.

Today, a week later, the money finally
showed up in my CapOne checking
account. They had the money for 6
days before they gave it to me. It
gets better. I immediately used the
CapOne debit card they sent me to
make a CapOne CC payment. A
window pops up and says the payment
will be processed in 2 days.

WTF?? Anytime I make a payment to
them with my other debit card, the
funds show up immediately. It's a
scam by CapOne to hold my bank
funds as long as possible so they
can earn interest for the bank, so
they can loan it out and make money.
You have to multiply this by the
thousands of people who deposit
checks every day. You have millions
of dollars sitting in limbo for a week,
every week, that CapOne can do
whatever they want with, that
customers have no access to.

I called them and they said yup, it
takes about a week for a check to
clear, and more time when you use
the debit card. I told them not to hold
their breath waiting for me to deposit
another check in their lifetime.

SITYS

Quote: Evenbob

I have my first beef with Capital One.
I opened a bank account with them
a week ago to deposit the stimulus
check my wife gave me. I can't cash
it at her bank because they're
closed. I took a pic of the check
and got it deposited. The money
was taken out of my wife's account
that night.

Today, a week later, the money finally
showed up in my CapOne checking
account. They had the money for 6
days before they gave it to me. It
gets better. I immediately used the
CapOne debit card they sent me to
make a CapOne CC payment. A
window pops up and says the payment
will be processed in 2 days.

WTF?? Anytime I make a payment to
them with my other debit card, the
funds show up immediately. It's a
scam by CapOne to hold my bank
funds as long as possible so they
can earn interest for the bank, so
they can loan it out and make money.
You have to multiply this by the
thousands of people who deposit
checks every day. You have millions
of dollars sitting in limbo for a week,
every week, that CapOne can do
whatever they want with, that
customers have no access to.

I called them and they said yup, it
takes about a week for a check to
clear, and more time when you use
the debit card. I told them not to hold
their breath waiting for me to deposit
another check in their lifetime.

Before "Sweeps" allowing banks to sweep all savings accounts into checking accounts in the 80's. It didn't take that much money for a company to write itself checks using two different banks over the weekend and collect the "float", and make a little money for playing. Now it looks like just few banks get to collect the float on the backs of customers.

Wells Fargo continually gets caught breaking laws and scamming. Remember just a few years back when they were busted for creating millions of fictitious accounts, using customers information? I imagine all those phony accounts also wrote other phony accounts checks and allowed them to collect float, at least on one of their sets of books.

It's always the banks.

Quote: petroglyph

Before "Sweeps" allowing banks to sweep all savings accounts into checking accounts in the 80's. It didn't take that much money for a company to write itself checks using two different banks over the weekend and collect the "float", and make a little money for playing. Now it looks like just few banks get to collect the float on the backs of customers.

Lately they did the Yen Carry Trade. Borrow Yen for 0% at BOJ then loan it out in dollars over the weekend.

Finance like this is just amazing. Once you learn what is going on it gets downright scary how much money moves all over. Understanding how the Fed works is the ultimate Red Pill.

Quote: AZDuffman

Lately they did the Yen Carry Trade. Borrow Yen for 0% at BOJ then loan it out in dollars over the weekend.

Finance like this is just amazing. Once you learn what is going on it gets downright scary how much money moves all over. Understanding how the Fed works is the ultimate Red Pill.

Haha, it doesn't always taste good. I understood Cypher in the Matrix when he wanted to take the blue pill. " I know that this steak doesn't exist"

Quote: petroglyph

Before "Sweeps" allowing banks to sweep all savings accounts into checking accounts in the 80's..

Before 9/11 I would go to my
bank on Mon and Thu with
dozens of out of state checks
from Ebay sales. They let
me do whatever I wanted. Get
cash for half of them. Make
large payments with them on
the CC I had with that bank.

In those days I had a $50K
credit limit on the CC and
I would write CC bank checks
at auctions for as much as
$35K sometimes. If I took
$12k in out of state checks
to the bank, they would put
any amount of that deposit
towards the CC balance.

All that changed after 9/11.
In 2002 they strangled me
with regulations. Sucked
big time. Now the bank holds
my money for a week after
they get it. Screw that.

Quote: AZDuffman

Lately they did the Yen Carry Trade. Borrow Yen for 0% at BOJ then loan it out in dollars over the weekend.

Finance like this is just amazing. Once you learn what is going on it gets downright scary how much money moves all over. Understanding how the Fed works is the ultimate Red Pill.

That is another reason congress doing insider trading is so sinister and also why they all come out of office as millionaires. Good gig if you can get it.

Quote: Evenbob

Before 9/11 I would go to my
bank on Mon and Thu with
dozens of out of state checks
from Ebay sales. They let
me do whatever I wanted. Get
cash for half of them. Make
large payments with them on
the CC I had with that bank.

In those days I had a $50K
credit limit on the CC and
I would write CC bank checks
at auctions for as much as
$35K sometimes. If I took
$12k in out of state checks
to the bank, they would put
any amount of that deposit
towards the CC balance.

All that changed after 9/11.
In 2002 they strangled me
with regulations. Sucked
big time. Now the bank holds
my money for a week after
they get it. Screw that.

We have a mailbox, but most of our mail comes to our PO. Only been checking it about once per week for the last couple of years, but that has slowed down since the plague. I'll probably have statements telling me how much money I've lost during the stimulus. I'm not anxious to go check the mail. I know I was bitten.

I also wonder about cash? I'm immune compromised but have some cash in my mattress that I know is pre plague. I always knew money is filthy, but drew some out early on and literally washed the money. I'm hesitant making cash transactions now?

I'm thinking there are going to be some really good deals coming up soon? I think a lot of folks over extended on toys. I saw at least one car add, where they are selling new cars [not to me] on zero interest for 84 months. Cash may be king again?

Quote: petroglyph

I'm thinking there are going to be some really good deals coming up soon? I think a lot of folks over extended on toys. I saw at least one car add, where they are selling new cars [not to me] on zero interest for 84 months. Cash may be king again?

Cash is never king when buying a car from a dealer. The dealer makes a profit for signing you up for a loan. That should translate to more money you can save by the dealer lowering your price by the amount of profit he gets for selling the loan. Also, don't automatically turn down all of the add ons the finance guy tries to sell you. Many of those can be cancelled in 30 to 90 days but many of the finance guys will lower your buying price if you buy the add on's. They just want the big commission on those add on's so they will lower your price and then you just cancel the add on's.

There are so many tricks when buying a car, I think one day I may write a book on it.