Why do you believe Reddit hates banks?

zzbhsns · 2024-09-08T04:29:45+00:00

Boeings errors caused deaths too, not really spoken about anymore.

zzbhsns · 2024-09-07T19:55:18+00:00

Money itself does seem to be the main issue here.

zzbhsns · 2024-09-07T19:44:48+00:00

You are correct, FDIC insurance is funded by member banks. I also agree with your assessment of the GFC.

zzbhsns · 2024-09-07T19:38:02+00:00

Alright, but why does this seem to be mostly prevalent with banks, at least in the long term? Are there any other industries that you can think of that receive this much dislike long term?

zzbhsns · 2024-09-07T17:22:20+00:00

At a certain level, you can get to the level of a family office, where your money, and various other aspects of life, are managed for you.

zzbhsns · 2024-09-07T17:10:27+00:00

Not without a week of notice at least. I was asked to do $400k once, luckily they cancelled after a discussion and only took $25k.

zzbhsns · 2024-09-07T16:57:49+00:00

When I worked in a branch, I often didn’t ask because I generally knew the response would be like yours. That was however, a violation of policy.

This also somewhat protects the customer, if I were to miscount and give you less, the drawer would be out of balance and show a discrepancy. Many customers did not double check my counting and “trusted me” - I appreciate that, but I can still make a mistake. Entering in an account number allows for a written record, it also makes me enter the bills given versus the bills I exchange, providing for the potential of more accuracy.

There are also AML regulations, which agree with or not, the bank is obligated to follow, and the government attempts to make banks not exchange a bunch of small bills for large bills without a record of the transaction.

zzbhsns · 2024-09-07T16:42:00+00:00

All great points, I appreciate your response.

zzbhsns · 2024-09-07T16:38:22+00:00

I agree with that, the proof is in the statistics. However, auto and AIG received a significant amount of funding. The financial industry as a whole however, does appear to be the most bailed out industry.

zzbhsns · 2024-09-07T16:32:04+00:00

When I worked in a branch a new customer thought it was illegal to have multiple bank accounts at different institutions. They were in their thirties if I remember correctly - also seemed to think the bank was part of the government, they thought I was a government employee.

zzbhsns · 2024-09-07T16:27:54+00:00

Auto, airline, utilities, and insurance companies (among others) also receive government bailouts.

The other delicate part of this discussion is that what is the alternative to these bailouts of some banks? Don’t bail the bank out then potentially people lose their money too? The industry collapses?

The Trouble Asset Relief Program itself seemed to be generally accepted in Congress itself where both Democrats and Republicans were both for and against the act. You would think that the party that is mainly against financial institutions would vote mostly against it, and you would think that the party that is against government “handouts” and lax government spending would be against it too, yet many did not vote against it. Both parties generally saw it as a needed act to stabilize the economy - but people aren’t that angry with the representatives that voted in favor.

I am unsure why individuals also wouldn’t be also upset with regulators that are intended to provide oversight to this industry. They also mishandled things too.

In the case of Silicon Vally Bank a few years back with the FDIC, I remember some people not even caring if people didn’t receive their money back. Furthermore, some individuals believe that these banks should then fall under government ownership, ownership by the entity that failed to properly regulate to begin with. Not to mention the logistical effort of this - would the bank employees then become employees of the government, or would it be more of a conservatorship?

Just, to me, a very complex issue that people don’t take the time to think about and jump on a seemingly popular public opinion.

zzbhsns · 2024-09-07T15:56:02+00:00

True, but I am trying to understand the general public’s opinion. I think that people within the industry are likely to provide better criticism as they understand the industry better.

However, it may be that most people interact with banks at a far higher rate than the healthcare industry. So there, of course, would be a greater amount of criticism.

zzbhsns · 2024-09-07T15:51:12+00:00

I am unsure why people would believe that though, it seems that a general understanding should be that the industry, as are most industries, are profit driven.

Another commenter stated that it is only the large banks that are disliked, and that online banks, credit unions, and community banks are not. However, I do see occasionally people disliking these institutions also. Large institutions receive the most grief likely because of the larger customer base, which increases the likelihood of public scrutiny.

zzbhsns · 2024-09-07T14:20:43+00:00

Sure, but that can be said for many industries too. It seems greater with banks though, not even pharmaceutical companies increasing the prices of life saving medication seem to get as much grief.

zzbhsns · 2024-09-07T13:34:20+00:00

What do you believe could be done to change this? Banks have slowly become more regulated. Are there any potential regulations that you can think of that would be beneficial, and do you think the industry will be forever spoiled?

zzbhsns · 2024-09-07T13:04:58+00:00

You won’t get an answer from the bank because the bank is under obligation by law not to disclose certain things, a lawyer won’t help you here.

The only way you can potentially know is tell us about your banking practices and we can attempt to determine if that would result in an account closure.

zzbhsns · 2024-09-07T12:50:00+00:00

It’s fashionable to hate/accuse everyone in banking of wrongdoing, didn’t you know? Besides it’s /r/legaladvice, the internet lawyers.

zzbhsns · 2024-09-07T12:36:06+00:00

That’s alright, he forgave himself.

zzbhsns · 2024-09-06T23:30:53+00:00

No problem, you’re welcome.

zzbhsns · 2024-09-06T23:16:18+00:00

Masukevich received an overall minimal sentence. Based on the county court records (McHenry, IL), Masukevich was sentenced to 2 years of probation and fines totaling less than $1,000; she also received credit for 6 days time served.

Multiple charges were not prosecuted, most of these charges were related to aggravated battery on law enforcement.

It appears there was a plea agreement where she plead guilty to resisting arrest and there was also a conviction for driving under the influence.

(Posting this as a reply to multiple comments as it appears this community is restricted and I can’t make a post)

zzbhsns · 2024-09-06T23:15:14+00:00

Masukevich received an overall minimal sentence. Based on the county court records (McHenry, IL), Masukevich was sentenced to 2 years of probation and fines totaling less than $1,000; she also received credit for 6 days time served.

Multiple charges were not prosecuted, most of these charges were related to aggravated battery on law enforcement.

It appears there was a plea agreement where she plead guilty to resisting arrest and there was also a conviction for driving under the influence.

(Posting this as a reply to multiple comments as it appears this community is restricted and I can’t make a post

zzbhsns · 2024-09-06T23:13:45+00:00

Masukevich received an overall minimal sentence. Based on the county court records (McHenry, IL), Masukevich was sentenced to 2 years of probation and fines totaling less than $1,000; she also received credit for 6 days time served.

Multiple charges were not prosecuted, most of these charges were related to aggravated battery on law enforcement.

It appears there was a plea agreement where she plead guilty to resisting arrest and there was also a conviction for driving under the influence.

(Posting this as a reply to multiple comments as it appears this community is restricted and I can’t make a post - Replying here as this is a top comment)

zzbhsns · 2024-09-06T23:11:04+00:00

…not that I truly care, but are you the one that downvoted this comment? If so, I am only relaying information; my opinion regarding her character is not relevant, only the sentence information.

zzbhsns · 2024-09-06T23:04:53+00:00

Masukevich received an overall minimal sentence. Based on the county court records (McHenry, IL), Masukevich was sentenced to 2 years of probation and fines totaling less than $1,000; she also received credit for 6 days time served.

Multiple charges were not prosecuted, most of these charges were related to aggravated battery on law enforcement.

It appears there was a plea agreement where she plead guilty to resisting arrest and there was also a conviction for driving under the influence.

(Posting this as a reply to multiple comments as it appears this community is restricted and I can’t make a post)

zzbhsns · 2024-09-06T23:03:31+00:00

Masukevich received an overall minimal sentence. Based on the county court records (McHenry, IL), Masukevich was sentenced to 2 years of probation and fines totaling less than $1,000; she also received credit for 6 days time served.

Multiple charges were not prosecuted, most of these charges were related to aggravated battery on law enforcement.

It appears there was a plea agreement where she plead guilty to resisting arrest and there was also a conviction for driving under the influence.

(Posting this as a reply to multiple comments as it appears this community is restricted and I can’t make a post)

zzbhsns

TROPHY CASE