[mattduke]

"Systems" problems continue to limit cash withdrawals at ATMs at Citibank (Too much fraud we are all told). Now Citi tells us, along with JPMorgan Chase, Bank of America, Countrywide Financial and Washington Mutual as part of a Mortgage Bankers Association committee, that they don’t have "systems" in place to do the calculations for large numbers of restructured residential mortgage loans. Kind of a modern day banking version of "the dog ate my homework".

link

[Twilight]

They could get on the phone and have a thousand people at a temp agency crunching the numbers by the end of the month. I have heard of it being done at a utility company for some other data, and in that case the processing office wasn't even in the same country. It is only a question of will.

[I_Like_Plants]

Good catch Mattduke. I expect bank runs to be called anything but. Did you know the term Depression for the 1930s economic situation was chosen because it was a different word than what was current, a "Panic"? They avoided the P-word and gave us the D-word.

Yes this is the banks' version of "the dog ate my homework".

[lateStarter]

$this->bbcode_second_pass_quote('I_Like_Plants', 'G')ood catch Mattduke. I expect bank runs to be called anything but. Did you know the term Depression for the 1930s economic situation was chosen because it was a different word than what was current, a "Panic"? They avoided the P-word and gave us the D-word.

Yes this is the banks' version of "the dog ate my homework".

[vision-master]

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.

We value your call, our customers are important to us; please stay on the line, a customer service representative will be with you shortly.




2 minutes later……….

[bodigami]

$this->bbcode_second_pass_quote('lateStarter', '')$this->bbcode_second_pass_quote('I_Like_Plants', 'G')ood catch Mattduke. I expect bank runs to be called anything but. Did you know the term Depression for the 1930s economic situation was chosen because it was a different word than what was current, a "Panic"? They avoided the P-word and gave us the D-word.

Yes this is the banks' version of "the dog ate my homework".

[Kingcoal]

IMO, all banks are to a degree engaged in bad faith practices. They all manipulate their "systems" to produce maximum profit for themselves; often at the expense of their customers. Here's a good example:

Years ago when money was tight, I deposited my paycheck which was issued by Wachovia, into my account at PNC. The next day I wrote a bunch of checks against the deposit and mailed them. I was new with PNC and was used to my old bank (a small local outfit) clearing paychecks within a couple days. About a week later I received a bunch of NSF charges on my account from bounced checks. I called the bank and they told me that the check hadn't cleared yet. I told them that I thought that checks were supposed to clear within a week and they told me it was longer for out of state checks. The check cleared on the last day of that time limit. Meanwhile, I did something unusual and called Wachovia and ask when they paid the check. They told me that the check was PAID TO PNC THE DAY I CASHED IT. I then called PNC back and told them I wanted the fees waived and they said no and lectured me about waiting for checks to clear before writing checks against them. I then told them that Wachovia told me the check cleared the day I cashed it and the next part was telling; I heard silence and then "sir, I'm going to have my supervisor talk to you." I waited about 4 minutes and the supervisor came on and told me, "Sir, we're going to waive those charges for you since you're a new customer and, blah, blah.

I caught them red handed with their hand in my cookie jar. The banks have a time limit for clearing checks and they routinely take the maximum time. However, they are technically not allowed to hold the money once the check clears. I read later that banks often engaged in a practice of depositing cleared checks into a slush fund for a couple of days to make interest on. It is illegal to WILFULLY do that. That's how they get away with it, they plead ignorance and blame it on their system. They are allowed to have their own “system” for their internal affairs, but they are not supposed to INTENTIONALLY delay transactions that are being processed in an effort to profit.

[emersonbiggins]

$this->bbcode_second_pass_quote('lateStarter', '')$this->bbcode_second_pass_quote('I_Like_Plants', 'G')ood catch Mattduke. I expect bank runs to be called anything but. Did you know the term Depression for the 1930s economic situation was chosen because it was a different word than what was current, a "Panic"? They avoided the P-word and gave us the D-word.

Yes this is the banks' version of "the dog ate my homework".

[Cid_Yama]

They are already using the term 'negative growth'.

[Falconoffury]

Interesting, Kingcoal. I didn't know that banks did that. Good thing I haven't trusted banks in years. This idea all goes back to one of my old threads.

Have your wealth close at hand

[I_Like_Plants]

I think the term that's the front runner right now is "credit crunch" which of course sounds like it's all of you silly gooses' fault for not going out and borrowing and spending.

Of course the defining basic characteristic of the 1930s Depression and other severe ones around that time frame has been a drastic tightening up on credit, on spending, the sheeple put their hands in their pockets and keep 'em there, and the banks loansharks etc stop lending, and the whole system locks up.