I know that all of us are grateful to Ken for his 18 years of in depth savings summaries as part of his weekly blog. I have noticed that the new management and editorial staff have made a shift from in depth savings rate analysis to banking basics (for example, this week's article on how to find the account and routing numbers on your check). As a freelance writer myself for a major online magazine, I know that management and editors greatly value knowing "how the articles are performing." Please offer your honest feedback on whether the shift from in depth analysis to banking basics provides added value to Deposit Account's blog and whether they meet the needs of the readership. Also, whether your opinion is favorable or unfavorable, please give the reasons for your opinion so that the feedback is constructive.
This thread motivated me to do so tonight. Let’s try a link for the newest Lending Tree 10-K:
https://investors.lendingtree.com/static-files/5f08ffe5-2cdd-4d10-a3d4-413a4e599011
A few of the disclaimers stood out (i’m using * * for italics in the original):
“*We improve our products and services in ways that forego short-term gains.*
We are constantly striving to improve the user experience for our consumers who use our websites and applications and for our Network Partners. Some of our changes may have the effect of reducing our short-term revenue or profitability if we believe that the benefits will ultimately improve our financial performance over the long-term. Any short-term reductions in revenue or profitability could be more severe than we anticipate or these decisions may not produce the long-term benefits that we expect, in which case our business and results of operations could be adversely affected.”
Attention Those In Charge: Keeping Ken in his traditional role and viewability on the site is the long-term benefit you’re in the process of losing.
“*If we fail to manage our people through the changes caused by the economic challenges, our business and results of operations could be harmed.*
We have experienced a reduction in our headcount as a result of both elevated turnover caused by the market as well as planned severances, which places substantial demand on remaining management and our operational infrastructure. As we manage through this change, we must effectively transition work and train, develop and motivate a large number of both existing and new employees, all while maintaining the beneficial aspects of our company culture. If we do not manage the changing employee base effectively, the quality of our services and efficiency of our operations could suffer, which could harm our business and results of operations.”
“*We rely on the performance of highly skilled personnel and if we are unable to attract, retain, develop and motivate well-qualified employees, our business and results of operations could be harmed.*
We believe our success has depended, continues to depend and in the future will depend on the efforts and talents of our management team and our highly skilled employees and workers, including our software engineers, analysts, marketing professionals and sales staff. Our future success depends on our continuing ability to attract, develop, motivate and retain highly qualified and skilled employees. The loss of any of our senior management or key employees could materially and adversely affect our ability to build on the efforts that they have undertaken and to execute our business plan, and we may not be able to find adequate replacements. Despite our current efforts, we cannot ensure that we will be able to retain the services of any members of our senior management or other key employees. If we do not succeed in attracting well-qualified employees or developing, retaining and motivating existing employees, our business and results of operations could be harmed.”
It should be obvious that Ken Tumin is *the* key employee for the Deposit Accounts “product”.
“*We have incurred significant operating losses in the past and we may not be able to generate sufficient revenue to be profitable over the long term.*
We have incurred operating losses from continuing operations at times in our history and we have an accumulated deficit of $837.7 million at December 31, 2023. If we fail to maintain or grow our revenue and manage our expenses, we may incur significant losses in the future and not be able to maintain or increase our profitability.”
I read this as Lending Tree may be scrambling for revenue. Hopefully they’ll see the long-term value of keeping the informative blog summaries and the person(s) responsible for their longstanding quality.
“On March 24, 2023, we committed to the Reduction Plan to reduce operating costs. The Reduction Plan included the elimination of approximately 162 employees, or 13%, of the Company’s current workforce. As a result of the Reduction Plan, the Company incurred approximately $5.3 million in severance charges in connection with the workforce reduction, consisting of cash expenditures for employee separation costs of approximately $4.3 million and non-cash charges for the accelerated vesting of certain equity awards of approximately $1.0 million. The Reduction Plan, including cash payments, is expected to be substantially completed by the end of the second quarter of 2024.”
Guess we’ll know pretty soon what may remain of this site.
Know your readers, or risk losing them.
One couldn't have written a better parody than the most recent DA blog post on "where to find your account number on your check" for a blog whose readers know more about banking and FIs than 99% of the country.
Suggestion:
It's not necessarily "bad" to have an occasional "banking for dummies," beginner-type post -- but know the majority of your readers -- and label it as being that, or risk alienating your core reader base. You could do an occasional post like the most recent one, under say, a "Banking Basics:" tab for the occasional wanderer or newbie to the website, but at least acknowledge that a post like that is a "beginner/basic" post, and not for the vast majority of readers here, otherwise it shows a huge lack of understanding and/or wilful ignorance of your core readers and what this website actually is, turning the site into an unintentional parody.
Take a moment to look at what this website actually is when deciding what content should go here.
And so it goes.
(1) a blog for Pulitzer Prize-winning authors, informing them that there are 26 letters in the alphabet.
(2) a blog for Juilliard students telling them that they must first open up their cases before they can take their instruments out.
(3) a blog for Google coders informing them that their computer must first be "on" before any coding can be done.
Perhaps this topic might be wise to consider:
"How to turn a once-relavant website into "My Space" in 3 easy steps."
Please, take five minutes to see what this website IS before putting up blog posts like the most recent one.
But seriously, the FI rate charts and data, including the info concerning availability to various locales and customer affinity groups, are central. Many times I've contacted CSRs at FIs regarding their deposit accounts, only to find that the info I saw on DA.com was more accurate or timely or both, versus what they had. One would think it shouldn't be that way but it is, and it seems to be getting worse. I'll miss the weekly blogs but I realize that part of the operation is likely one of the more human-labor-intensive aspects. At least until AI takes that over - h*ll, could be next year!
Like I posted above, I just got a CD deal that was not in the rate charts (it should have been in mine), I got it only because I had seen it a couple months ago in Ken's blog.
As far back as 2005 it has been proven- - - -
A USC study has found the first proof of structural brain abnormalities in people who habitually lie, cheat and manipulate others.
There have been so many other articles studies from NIH and Colorado state since then with further proof of this and about the people who believe these lies and are manipulated by this since then.
The same is true of conspiracy theories – research shows that people who believe them develop more rigid neural pathways, meaning they find it difficult to rethink situations. “When we come across a big lie or a conspiracy theory, it can shape our ideas without us even being aware of it,” says Danesi. But people can train themselves to rethink and discover the lies and inconsistencies by rethinking the lies or even discovering why they are lies but they make a conscious decision not to choose it. It is easier not to.
These people are easily controlled. I don't think their opinions are wanted or needed in this blog and belong in the psychiatry publications maybe examples sent to the people doing more studies on this from the NIH, Colorado State and USC and others. If we understand could keep them from being printed or sent to the to right studies where they may be helped might be a solution. The extreme measure would be NO COMMENTS AT ALL ALLOWED.
I think me1004 is absolutely right, it's all about SEO not content at this point.
Perhaps I'm just slow, but I really don't have the certainty about how to find the best deals that I used to. In the rate tables? Unclear to me how up to date they are. I *think*, in the absence of Ken's daily Blog reports of new deals, we're supposed to go to the 'Forum' and rely on....other readers to be informed of new deals? Not really clear about that either.
I find the changes leave me feeling uncertain about the solidity of information, if not downright puzzled at times. As others have commented, if you want the maximum number of clicks, then shifting towards publishing investment basics might make sense. But personally, I think that you'll eventually lose people like me who consulted the site on a daily basis, and whose aim is true to what seemed to be the founding principles: Provide the best information on the best rates for a huge diversity of accounts. And, of course, Ken's commentary on macro conditions is always invaluable, as well.
MAJOR THANK YOU to Ken for years of timely, useful, well-organized information on the best deposit account deals and trends. This site as it was made a significant difference in my financial well-being.
Thank You to the regulars here. I learned many things from your usually insightful comments. Hopefully at least this will continue, but as others have already written, crowdsourcing the current rates and deals and more won’t replace what Ken (and team?) has been doing all these years.
To the site owner(s)/manager(s): Ken’s timely rate deals and thorough analysis is the main reason i come to this site and refer others to it. Lose or eliminate that, and you destroy most of the value of the Deposit Accounts brand and site. AI/LLM content won’t replace that. Noob articles won’t replace that.
There is a place for banking basics on Deposit Accounts, but as others have written, it should be a clearly-defined separate section from the current deals and full analysis. Ken‘s posts need their own section, or clear highlighting in the post list, to easily be found via visual scanning. It’s great if he’s going to participate in the Forum area, but his ongoing posts should remain on the main blog, not be relegated there.
DA is done, it isn't profitable,
Ken is gone, he cashed out and under non-compete.
10K is useful if one intended to get VC backing and make an offer to TREE to buy out DA, or
acquire the stake in Public company and use shares to voice opinion equitably.
Alternatively;
come up with seeding funds
right the code.
hire the people like Ken.
register the website.
take on the loss.
deposit happily thereafter
otherwise, from now on, it is all emotional and unconstructive waste of effort
"Latest Deals & News" is about one month old!
In Business world it isn't deciding, it is dissolving!
Do you need more time to process and realize?
It's a good rate chart, but not 100%, it misses some of the best deals. But these missed deals might be found in the old Ken blog, which now is missing. More might be found in this forum, just never posted as a story in Ken's blog.
It's the combination of all the parts -- including Ken's weekly CD and savings account summations. that gets you best informed, not just one of them.
I am just now reading input from P_D, Kcfield, and ME1004 and fully agree with their input. I am hoping that things remain current in time, in-depth, and that DA continues to peel back layers of the financial onion. There are tons of other sites that have the basics and general financial FLUFF.
I am also very thankful for KEN, and of the many excellent members of this site who have provided leadership on evolving topics. Things to look into, things to avoid, and things that broaden my financial concepts and financial planning. Please keep up the good work. LOTS of bright minds on this web site.
Thanks again for staying open to feedback and for your hard work over the years.
"Fidelity Cash Management Account Adds High-Yield Sweep Option" - Those of you with Fidelity accounts may want to investigate - https://www.doctorofcredit.com/fidelity-cash-management-account-adds-high-yield-sweep-option/
"Starting June 15, 2024, Fidelity Cash Management account will offer an elective option to have your default sweep account be the high-yield SPAXX money market fund (4.95% yield at time of this writing). Until now, their default deposit sweep is an FDIC account with an interest rate which is not highly competitive (2.72% at time of this writing)."
So, not too bad for an account that is mainly used to hold funds between investments, including T-bills as well as more volatile alternatives.
"For media inquiries, reporting an issue, or giving general feedback.
This link redirects to our partner site, Lendingtree.com."
Otherwise, everyone is better off investing time and effort into figuring how to be successful without DepositAccounts.com
Reminds me of a purported former dentist posting here that s/he had sold a multi branch dental business in Philly area and when asked about so-called customer safeguards after closing, eg fees, levels of service Qs, etc. the silence of response was deafening…conclusion: ”it’s about ‘me’ not you!”