whats going on with banks on 13th ave.

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Forum -> Inquiries & Offers -> New York related Inquiries

Whats going on with banks on 13th ave.

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chocolate moose

Sun, May 04 2008, 8:18 pm

my boss , amongst other things, is the ceo of a bank. moneyh is made from business - mortgages, lending money , etc.

Mevater

Sun, May 04 2008, 8:35 pm

chocolate moose wrote:

my boss , amongst other things, is the ceo of a bank. moneyh is made from business - mortgages, lending money , etc.

Does your boss have any opinions on why so many are sprouting up on 13th Avenue? He'd probably know. I think we have more per block than Fifth Avenue.

chocolate moose

Sun, May 04 2008, 8:38 pm

actually, he has one there !!!! that's where the action is, he sayhs !

Squash

Sun, May 04 2008, 9:04 pm

do you work for the guy that has the bank with mr eichler's? I forgot what it's called.

Mevater

Sun, May 04 2008, 9:06 pm

chocolate moose wrote:

actually, he has one there !!!! that's where the action is, he sayhs !

More than Fifth Avenue? Why?

There's definitely more wealthy people in Manhattan.

chocolate moose

Sun, May 04 2008, 9:23 pm

lbh..he has a branch there too !

Squash

Sun, May 04 2008, 9:24 pm

cm your siggy is at once amusing and depressing.

lol

Rolling Laughter

Mevater

Sun, May 04 2008, 10:47 pm

CM, I sorta figured out who you're talking about. W/o naming names, are the Bank CEO's you've observed -not neccessarily your boss, and other upper six figure earners that come to the office to court him - as confident and secure and content as they seem to be to the outside world, or is it a Yesh V'Yesh situation, like everything else in life?

mommalah

Sun, May 04 2008, 11:33 pm

Banks make money lending...They give you 1-2% for your savings and then lend out your money at 5+%. I can't believe people think banks make SIGNIFICANT money from bank fees.

Tamiri

Mon, May 05 2008, 5:53 am

mommalah wrote:

Banks make money lending...They give you 1-2% for your savings and then lend out your money at 5+%. I can't believe people think banks make SIGNIFICANT money from bank fees.

Then start believing. I am not sure how it works in the States because I never really paid any fees for banking there, but come over to Israel and see the oshek of people who use the bank's services. The bank gets rich off that here.
Even in the States, you pay $18 or more (in my experience) for a wire transfer which essentially costs the bank nothing more than typing into a computer. Multiply that by the number of customers who daily transfer. Or think of the bank fees when you close on a mortgage... etc.

YALT

Mon, May 05 2008, 7:21 am

BH, DH is very on top of the banking. So we only pay overdraft fees like once a year. But I personally know someone,(a neighbor) who asked me to help them put all their accounts in order (who paid what, when, how much, what was deposited, when,.............)
I personally can vouch that they had about $750 of ATM fees in one year, and over $5,000 in bouncing/overdraft fees. I was shocked. I didn't know it was possible. But they are writing checks everywhere, bec. they can't afford to pay cash. And they hope the money comes in when they need it.
Don't bother criticising their way of life. that's not the point of this thread. I think once I showed them that, they realized that "just $3 here and there" really add up, and they've fixed their ways.
But the point is that there really are ppl like this! And I'm sure that neighbor isn't the only one.
Anyways, I can vouch that there are ppl in the world who DO TRULY help the bank quite a bit with "just the bank fees"

But anyways, I was once talking with my father, and asked how DO banks make their money, and he said that while the money is in your account, the invest in it. Like what mommalah wrote.

chocolate moose

Mon, May 05 2008, 10:26 am

letsbehonest wrote:

I'm sorry, I don't understand what you're asking.

Crayon210

Mon, May 05 2008, 1:10 pm

YALT wrote:

But they are writing checks everywhere, bec. they can't afford to pay cash. And they hope the money comes in when they need it.
Don't bother criticising their way of life. that's not the point of this thread.

It's not a matter of criticizing; writing checks like that is illegal.

Atali

Mon, May 05 2008, 1:54 pm

I used to work in the finance industry in Australia, and at least there banks do make more money from fees than from interest, but then again, the Aussie banks seem to have much higher fees (no free checking accounts there), and annual or monthly fees for almost everything.

YALT

Mon, May 05 2008, 5:54 pm

Crayon210 wrote:

YALT wrote:

It's not a matter of criticizing; writing checks like that is illegal.

Legal or Illegal - it's a fact that it's being done, and it's a fact that they're making money off of it.
Will the bank need to pay a fine to the gov't or sit in prison bec. they bounced the check that was "illegally" written?

Crayon210

Mon, May 05 2008, 6:01 pm

I don't understand your point. Confused

YALT

Mon, May 05 2008, 10:19 pm

what I mean is, whether it's legal or not, those ppl are still writing checks that will bounce.
So the banks can still make the money. Who's gonna stop those ppl from writing the checks? the banks don't care - cuz they make more money.
So who will stop them from doing something illegal?

Crayon210

Tue, May 06 2008, 12:42 am

If someone catches on to what's happening (I.e., someone they write these bad checks to), they can call the police and press charges.

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