Banks already don’t want to help

[denverpilot]

Banks are adding fake rules to the already passed government assistance programs — because why not?

Nothing in it for them otherwise.

And of course, it’s the scum sucking banks that were on the bubble during the housing crisis who we all had to bail out.

Because what would ‘Merica be without being ripped off regularly by Bank of America, bent over without lube? LOL.

 

[Kenny Phillips]

A bank is never there to help you. They are there to make a profit.
Edit: My credit union is offering a 'skip a payment' deal. They let you skip a payment, but add $40 to your note. Which, of course, you pay interest on.

 

[Let'sgoflying!]

I didn’t read the section on lenders’ responsibilities & rights (it’s on one of the fed websites).... what is their take on these notes?

 

[midlifeflyer]

I use a number of banks. One impressed me. I have my flight instruction business with them, the sent me an email with a link to the SBA PCHEX application.

 

[CharlieD3]

I'm all about credit unions. I hate banks.

fly to the scene of the incident, or be recovered at the scene of the tragedy

 

[Skip Miller]

USAA Federal Savings Bank. just sayin'

 

[denverpilot]

I'm all about credit unions. I hate banks.

Same here.

Just thought it would be enlightening to show how screwed up the idea of passing money from government, through an unwilling and disinterested third party bank, to these small businesses, would truly be.

Same banks who needed our money to bail them out, when they were giving themselves awards on their amazing new housing traunche products as they blew up the world economy.

Not to mention lots of non-business-owners and such... I’m sure believe this BS that this system will work and get capital to their boss to save their jobs.Which... it won’t.

Because these bailed out **********s won’t be participating — unless there’s something new and juicy in it for them.

Ahh well. Tiny program that won’t even come close to covering anything anyway, in the end.

 

[timwinters]

BoA is a pox on the country. Including their violation of the American Flag Code.

 

[Shawn]

Yup...we just ditched Wells Fargo for a local bank because off the nonsense they were putting us through on the Payroll Protection Program launch.

New bank had us applied and registered before WF would even say what is required to file for the program.

Unintended consequence to that is since it it a first come fist service program till funds run out we are now in line before all of the mega bank customers were even able to apply.

 

[rtk11]

Will never do business again with BofA (and their name is oddly fitting as Bunch of .... well, you know). Some banks are "OK", but none have really impressed me with their practices. On the other hand, Credit Unions as a member supported organization has treated me well.

 

[Salty]

Could say the same about any big corporation. They don’t exist to “help” by any definition you come up with.

 

[Shawn]

Nothing in it for them otherwise.

While not as profitable as a typical loan it is actually easy money on the commission rates from free government money (there is potentially $3.5B in commissions up for grabs) and they can make money agin by reselling the loans on the secondary market which is permitted...the mega bank's biggest holdup has been liability on fraud since the application terms are so loose set by the government....all about self protection.

 

[timwinters]

Could say the same about any big corporation.

Yeah, kinda like Boeing distributing dividends to stockholders with a freakin' firehouse even after the 737max debacle...now they're begging for and getting a bailout because they cash-strapped themselves. They did it to themselves with their myopic management strategy. F 'em.

They don’t exist to “help” by any definition you come up with.

well, unless you're a stockholder...enriching them their ONLY fiduciary responsibility. See above.

 

[cowman]

I've always made it a point to keep my money in small local banks and avoid the large national ones. Profit motive aside, it seems like when something goes wrong those institutions are too big to properly deal with it. At least with a smaller bank you have a shot at talking to someone who is actually in charge.

 

[Ted]

BoA is not a place I’d ever deal with again.

Like @cowman we use a small local bank and love it.

We did use a larger bank before (PNC) but they acted like a small bank.

 

[SCCutler]

I've used Chase for my personal banking ever since the press killed Washington Mutual (as good a big bank as ever there was) and Chase took over. They're as good at customer service as most any big bank (though I hear Frost is good, as well).

My business banking is with a mid-sized local outfit, and they emailed us about the SBA program as soon as its availability was announced, and they're working trough the weekend processing applications. Nice folks.

 

[Ted]

I've used Chase for my personal banking ever since the press killed Washington Mutual (as good a big bank as ever there was) and Chase took over. They're as good at customer service as most any big bank (though I hear Frost is good, as well).

My business banking is with a mid-sized local outfit, and they emailed us about the SBA program as soon as its availability was announced, and they're working trough the weekend processing applications. Nice folks.

I used WaMu before it closed as well, and was a big fan of them.

 

[strangebird]

Banks are adding fake rules to the already passed government assistance programs — because why not?

Nothing in it for them otherwise.

And of course, it’s the scum sucking banks that were on the bubble during the housing crisis who we all had to bail out.

Because what would ‘Merica be without being ripped off regularly by Bank of America, bent over without lube? LOL.

Great video I am a small business and so is my wife's company, Wells Fargo, you can't even find how to apply on their website, B of A wants to cover their ass by allowing their customers to apply so they will get paid by their borrowers, Citbank, what a bunch of jerks, and do not get me started on Mr Cooper who is calling the day after the mortgage payment is due looking for the payment, all they care about is their investors Us small guys are screwed this is a cluster f*&^k at its best.

The more I listed to the video the more I agree with Nate.

 

[Let'sgoflying!]

So these are zero to low risk loans to the banks?
They have (probably very streamlined) admin expenses, minimal credit checking?
Do they get 1% or what off the loans?
(what would that amount to in total for the banking system and also how much income to the average small bank?)

 

[Shawn]

(what would that amount to in total for the banking system and also how much income to the average small bank?)

Potentially between $10.5 and $17.5 Billion for the Banks to just be the issuers with funds 100% guaranteed by SBA...plus 1% APR or whatever they get selling the loans on the secondary market.

No Credit Check, just verification of documentation submitted by applicant which is pretty much a joke.

First come first served until the initial $350B is gone.

---------

How will lenders be compensated? Processing fees will be based on the balance of the financing outstanding at the time of final disbursement. SBA will pay lenders fees for processing PPP loans in the following amounts:

•  Five (5) percent for loans of not more than $350,000;
  
  
•  Three (3) percent for loans of more than $350,000 and less than $2,000,000; and
  
  
•  One (1) percent for loans of at least $2,000,000.

https://home.treasury.gov/system/files/136/PPP Lender Information Fact Sheet.pdf

 

[strangebird]

What I want to know is what banks/ lenders are not putting up road blocks, as Denver Pilot stated, the banks I looked at seem to want to know a lot of information, as if they were the ones on the hook,or will not even talk to you if you are not already a business loan customer, they are treating small business the same way they always have, NO $ for you, you are too small for us, but we want you to deposit your money with us.

 

[denverpilot]

What I want to know is what banks/ lenders are not putting up road blocks, as Denver Pilot stated, the banks I looked at seem to want to know a lot of information, as if they were the ones on the hook,or will not even talk to you if you are not already a business loan customer, they are treating small business the same way they always have, NO $ for you, you are too small for us, but we want you to deposit your money with us.

Haven’t seen any definitive lists anywhere but it’s certainly going to be a great way to measure whether or not one wants to do business with one ever again after it shakes out.

In other words, find out who really was “too big to fail” and make them die.

 

[cowtowner]

The issue is my small bank is still waiting on the SBA to onboard them, I'm starting to get frustrated but am taking a breath right now

 

[Shawn]

Wells Fargo already stopped accepting PPP applications...so glad we jumped ship from them.

 

[Fiveslide]

BoA is a pox on the country. Including their violation of the American Flag Code.

My uncle is a former VP of Bank of America. It was a long time ago, back when they used the terms president and vice president instead of CEO and such.

I'm pretty sure he would agree with you.

 

[jsstevens]

My BofA story:
We had banked with them for a number of years (after they acquired our bank). Got sick of the fees and moved to a local bank (whom we love and are still with). But we had an outstanding home mortgage with BofA because they bought our mortgage company. We paid off the loan and got a check from BofA for the balance of the escrow account-a few thousand dollars. We took it to BofA to apply it to the last bit of a home equity loan. Because we did not have a checking account with BofA, they refused to take their own check. They made my wife go to our local bank and get a cashier's check (which our bank did gratis). When she returned to BofA with the cashier's check (some 45 minutes later) and wound up with the same teller, the teller (no doubt required by her job) tried to convince my wife to open a checking account with BofA.

It was a very happy day when we closed our last account there and I never plan to do business with them ever again.

John

 

[MtPJimB]

I've been a banker for 35 years. Worked for some large regionals, but most of my career has been with smaller community banks. I can tell you that my current community bank (six branches in central and coastal Georgia), as well as thousands of other community banks across the country, are currently providing tremendous assistance to the local community, while our own internal resources are stretched incredibly thin both by social distancing, quarantine, and high demand. We have people on our front lines still dealing in person with customers at great personal risk of exposure because people need access to their money. Denverpilot, for you to lump all banks together does a terrible discredit to this effort that I am personally witnessing.

 

[MtPJimB]

I've been a banker for 35 years. Worked for some large regionals, but most of my career has been with smaller community banks. I can tell you that my current community bank (six branches in central and coastal Georgia), as well as thousands of other community banks across the country, are currently providing tremendous assistance to the local community, while our own internal resources are stretched incredibly thin both by social distancing, quarantine, and high demand. We have people on our front lines still dealing in person with customers at great personal risk of exposure because people need access to their money. Denverpilot, for you to lump all banks together does a terrible discredit to this effort that I am personally witnessing.

And by the way, we did not get any bail out money in 2008 either.

 

[jordane93]

I’ve been with Bank of America since I was 15 and I can’t really complain. Probably because they don’t have enough of my money to take

 

[PaulS]

Hate banks, only one that I really liked, a small commercial bank in Massachusetts.

 

[MtPJimB]

Potentially between $10.5 and $17.5 Billion for the Banks to just be the issuers with funds 100% guaranteed by SBA...plus 1% APR or whatever they get selling the loans on the secondary market.

No Credit Check, just verification of documentation submitted by applicant which is pretty much a joke.

First come first served until the initial $350B is gone.

---------

How will lenders be compensated? Processing fees will be based on the balance of the financing outstanding at the time of final disbursement. SBA will pay lenders fees for processing PPP loans in the following amounts:

•  Five (5) percent for loans of not more than $350,000;
  
  
•  Three (3) percent for loans of more than $350,000 and less than $2,000,000; and
  
  
•  One (1) percent for loans of at least $2,000,000.

https://home.treasury.gov/system/files/136/PPP Lender Information Fact Sheet.pdf

Not quite that simple, and the devil is in the details. And in the case of this loan program, which is being stood up incredibly fast, those details have been sketchy and still not fully in place for most community banks. It isn't that the bank doesn't want to help. It's that we have not yet been given all the information we need to provide the help. That is just starting to be finalized. I know everyone is anxious to get their slice of the pie, but the slicers (banks) haven't yet been given the knives and pie servers to serve up that pie.

 

[DaleB]

Wells Fargo already stopped accepting PPP applications...so glad we jumped ship from them.

As I understand it, they're struggling to do as much as they can with PPP without violating the asset cap they're still under. Three's a press release from yesterday, I think.

 

[Kelvin]

1000% our experience.

We have app in and a 15 year relationship with what used to be a local bank that has been bought twice in the past few years. To their credit, they try hard to maintain the local bank motif.

The hitch is that the rules seem to be changing daily for them over the past week...

This PPP thing will be a good thing for our company and employees as we are in the event business. We have lost close to 500K or so to cancellations in the last month...and they continue to stack up...

Not quite that simple, and the devil is in the details. And in the case of this loan program, which is being stood up incredibly fast, those details have been sketchy and still not fully in place for most community banks. It isn't that the bank doesn't want to help. It's that we have not yet been given all the information we need to provide the help. That is just starting to be finalized. I know everyone is anxious to get their slice of the pie, but the slicers (banks) haven't yet been given the knives and pie servers to serve up that pie.

 

[denverpilot]

I've been a banker for 35 years. Worked for some large regionals, but most of my career has been with smaller community banks. I can tell you that my current community bank (six branches in central and coastal Georgia), as well as thousands of other community banks across the country, are currently providing tremendous assistance to the local community, while our own internal resources are stretched incredibly thin both by social distancing, quarantine, and high demand. We have people on our front lines still dealing in person with customers at great personal risk of exposure because people need access to their money. Denverpilot, for you to lump all banks together does a terrible discredit to this effort that I am personally witnessing.

I am fine with good banks but they’re not the norm. Sorry.

Here’s hoping you can continue to buck the trend of massive scumbag filled bailed out monstrosities.

But context. It’s like me saying something like “I hate basketball” and assuming I’m talking about the kids at the high school.

Clearly the content also posted wasn’t discussing small local institutions either.

 

[frfly172]

All banks strive to get all your money. However I'm happy with my small credit union.