Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

When Your Bank Doesn't Want You

Friday, March 2, 2012 - 7:32 AM
Banks are getting better at recognizing when they need to raise fees and which customers they can afford to lose.

When your bank doesn't want you - Yahoo! Finance

The head of JPM Chase's consumer and business banking is quoted in the article, saying that "People who don't bring at least $100,000 to the table in investable assets, loans and deposits will be largely unprofitable to banks once Dodd-Frank financial reform rules are fully phased in".   

However, consumers have options, other than switching institutions and the article includes a few suggestions. 
13
pearlbrownpearlbrown1,491 posts since
Nov 2, 2010
Rep Points: 6,475
1. Friday, March 2, 2012 - 2:29 PM
This business of banks not wanting customers who can't bring in at least $100,000 to the bank really irritates me.  What does this say about the young people starting off who are trying to survive on low salaries and even if they could stretch out a few dollars to save, would only get a pitance in interest on their savings.  They are hit both ways. They can't make the money the banks want and then the banks have the nerve to make it known they don't want their business!  What has our country come to?  The Fed has made it too easy with their zero interest rates for the banks to treat customers like this.  The elderly are not the only ones being pummelted but the young people are going to feel the bad affects just trying to survive in this financial disaster that seems to be coming more and more upon our nation.  Shame on those banks!  And double shame on Bernanke for making it possible for them to treat customers this way!
3
ApacheApache43 posts since
Dec 5, 2011
Rep Points: 565
Reply