OT: 2 part question

[paindonthurt]

One thing I wish banks would do is drop ATM fees they charge you as being their customer for using another banks ATM. I understand if the bank ATM you are withdrawing funds from wants to charge you.

I've never researched why banks do this but it pisses me off every time.

My bank charges me when i use someone else's atm but they refund me all atm fees. They refund what they charge and what other banks charge me. Do it once a month at statement end date.

 

[Boom Boom]

There's definitely an extra layer of risk on the 40 but it's too early to determine how "systemic" it is. Before '08, there were 100% financing products that required little down (closing costs only) and they performed fine until the home values plumetted. We were making loans on $400K homes that had sold for say $300K just 5 years earlier. That's where the BS started. As long as home valiues are rising, the risk of foreclosure is minimal as the homeowner can easily sell for profit in lieu of foreclosure if they happen upon bad times. People forget how well and for how long the subprime loans performed until we went bat schit crazy with the housing market exploding before eventually imploding. Had we adjusted to this fast appreciation more prudently, we woulda said "Okay, you wanna pay $400K for this home that sold for $300K 5 years ago? Fine. We'll lend you $340K and you pay the rest as a down payment. But there would have been others decrying discrimination against 1st time homeowners and such had those common sense underwriting guidelines been implemented. Politics and Schit.

I agree, but I see no reason why history wouldn't repeat itself. This would just add fuel to the inevitable fire.

 

[ronpolk]

They do it for profit. Same reason the phone company or cable company charges a $20 fee to connect or disconnect service (literally a button press on a computer). It's not offsetting any costs whatsoever.

I can’t tell you what the costs is but if you use another bank’s ATM, then your bank does actually have to send the money to bank’s ATM you used. Now I highly doubt that costs what the fee is but there is a costs there.

 

[Cantdoitsal]

I agree, but I see no reason why history wouldn't repeat itself. This would just add fuel to the inevitable fire.

I'm seeing no problem YET as long as home prices are at least increasing somewhat. It's not like that Pay Option ARM schit Countrywide started when I was actually working for them. I never liked that product and not once did I ever offer it or do one. I did do a few straight ARMs for wealthy clients who were certain they'd be selling before the fixed rate period ended as they come in 3 , 5, & 7 year periods before the rate can adjust. The smart and wealthy always did 30 year amortizations as well as they would invest the difference they saved on the payment. No matter how long the term is, you can always add extra and cut years off the loan.

 

[jethreauxdawg]

One thing I wish banks would do is drop ATM fees they charge you as being their customer for using another banks ATM. I understand if the bank ATM you are withdrawing funds from wants to charge you.

I've never researched why banks do this but it pisses me off every time.

They do it because they can. Banks suck. Tell them you are friends with Fishwater and they will probably wave that fee to keep you happy. Mine recently told me that had to put a hold on a cashiers check I was depositing. I threw a minor fit over that right there in the lobby. They changed their mind. I didn’t need to use the funds right away, but I was the principle of the matter. I need to change banks, but it’s just a hassle.