Banks/common sense
Dex
9/5/2011 12:56:00 PM
Maybe the banks should utilize some of this same common sense during non emergency periods? Why only during a natural disaster? BOA in particular has some of the most ridiculous fees between non BOA withdrawls and limiting the monthly # of transfers between accounts.
Re: bank
driven
9/2/2011 8:57:38 AM
I can't see prices for US financial stocks improving until we stop reacting to headlines and refocus on fundamentals. Consider this:
Since their recent peak on July 21, financial stocks plummeted 20% through August 18, underperforming the S&P 500, which was down 15% over the same period. Within the financial subsectors, the bank indices were among the worst of the group, with regional banks down 25% and investment banks down 23%.
Scott:
Both PNC and MTB has substantial mortgage exposure of their loans. For MTB, commercial real estate loan accounts about 40% of total loan, and Consumer real estate loan accounts for 11% of total loan. For PNC, commerical real estate accounts for 13% of total loan, while consumer real estate accounts for 12% of total loan.
However, both companies shows very high loan quality & tight cost control, which let them sailed through the 2008 crisis without a single quarter loss.
Both companies has substantial non-interest incomes. For PNC, non-interest income accounts for 40% net profit, while MTB's non-interest income accounts for 38% of total net profit. Each of them has a big wealth-management branch.
THe loan losses of both companies has been fallen for the past 2 years, and they are acquired new business at a deep discount, which gave them big upside potential in the future.
One interesting fact about PNC is that it holds 25% ownership of Blackrock, which gave PNC a leverage during turbulent time
Re: consumer satisfaction
Tenacious
9/1/2011 12:29:32 AM
You guys are making me think my grandparents were right about stuffing bills under the mattress.
I really agree with you about Chase's bad reputation #AskAsa and it's doubly interesting in this case because they have really squandered and/or dragged down JP Morgan's very up-market reputation as well.
consumer satisfaction
AskAsa
8/30/2011 1:33:11 PM
This is an example of lousy consumer relations. The Chase people were bastards 10 years ago. Scott had to go the extra mile to get them to straighten out his account. A decade later the poor handling of his complaint is still coming back to bite them on the butt. I don't blame him for still being angry about it.
It takes years of positive PR to turn around a negative image. Most consumers will accept a mistake that's promptly corrected. But we have long memories when it comes to being put through the ringer by a bank or other institution.
I've never banked at Chase and from these posts, it doesn't look as if I have missed anything but pain, suffering, extra fees...and a HOSTAGE SITUATION!
In the last six months alone, the Chase branch in my town has been robbed twice AND on top of that, they recently caught two guys who had installed a skimming device to read account numbers at the ATM.
So, maybe those guys from the Romanian crime ring are the ones with your money, Scott! Perhaps the police can ask them when they "chase" down the next set of bank robbers...
Value Hiker -- I'd be interested in what you found with your analysis. You like MBT and PNC? Do they have less mortgage risk?
Frankly I don't think the customer service is a big issue in terms of "investment," as anlyzing these bank balance sheets is more important to see who is solvent. LOL.
Re: Too little, Too late
TelecomFreq
8/30/2011 12:27:01 AM
Noreen,
I am also one who will switch banks when its best for me. I was a fan of ING as well, I have also used local credit unions in the past, I have found that using a local credit union is more like having a relationship with the bank. I kept a few accounts at one, and when i was shopping around for a loan they were able to offer a better rate because of the amount of banking I did do with them.
At the end of the day, getting the best deal you can from any bank is all you can hope for.
I consider banks institutions that you should use and lose. I have frequently switched accounts to take advantage of promotions and teaser rates. Then I switch again as soon as I get my premium (Years ago I had a wonderful collection of toasters, electric blankets and can openers from the days when banks offered them as tokens of their appreciation.)
One of the perks of having five kids is helping them set up their own student (low balance) accounts. I spread the minimal wealth around to various banks. Why? Because I am a joint owner on all those accounts and get a companion debit card. That gives me the ability to use almost any atm fee free. I just have to pay back the little darling if I take funds from his/her account. But hey, I save the $3, $4 or $5.
My thought: Banks are necessary evils. None of the big ones are really better than another. You can just tolerate a new one a little easier because it's, well, new.
There are some decent community banks and I've had a good experience with ING, but all good things come to an end. ING sold U.S. online bank to Capital One for $9 billion earlier this year. And say what you want about Chase: I'll take it over Capital One.
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