Just heard the news FRC is expecting government seizure. Supposed to seek private sector options first but appears there is little expectation that will solve it. Lost like 40 percent of deposits the first quarter , 72 billion.
Unrelated, PNC supposed to close like 47 branches.
Keep an eye on the market, I know some of you degenerate gamblers made money with the SVB craze.
Closing branches doesn't mean much in itself.
Who actually goes to the bank anymore? It's probably been 5 years since I set foot in a branch.
Hell, I use my ATM card so infrequently that they mailed me to ask if they should shut it off.
Opti said:Just heard the news FRC is expecting government seizure. Supposed to seek private sector options first but appears there is little expectation that will solve it. Lost like 40 percent of deposits the first quarter , 72 billion.
Fixed roof coupe?
Unrelated, PNC supposed to close like 47 branches.
OK, that one I know because they sponsor an Indycar. 
No worries. We're in fine shape.
Duke said:Closing branches doesn't mean much in itself.
Who actually goes to the bank anymore? It's probably been 5 years since I set foot in a branch.
Hell, I use my ATM card so infrequently that they mailed me to ask if they should shut it off.
Yeah, I think I've been in an actual branch twice in the last 7 years?
And that was when I sold the Miata a couple years ago and needed to deposit $10k in cash and get the title notarized at the same time, that way we wouldn't have to make an additional stop at the DMV.
If I understand correctly, these new style bank collapses involve larger banks who are equally non-solvent, bidding on the failed banks assets and deposits, and the taxpayer assuming the liability via some gov agency that makes it look like the taxpayer is not assuming the liabilities.
That is an interesting business model that will culminate in a single bank taking over.
Pete
In my small town PNC had announcemed they were consolidating from two branches to one well before, like months before, all the SVB fiasco.
I know more and more people leaving PNC. Mortgages, checking accounts, savings accounts. Their fees and extra charges have been driving customers away for a while. Don't need branches if you can't keep customers, and charging $10+ a month just to have the privilege of a checking account with them is berkeleying stupid.
I went to a branch a few months ago and there was only one teller who was at lunch, they expected everyone to use the ATMs. They where incapable of cashing a check.
I go into branches quite regularly.
RevRico said:I know more and more people leaving PNC. Mortgages, checking accounts, savings accounts. Their fees and extra charges have been driving customers away for a while. Don't need branches if you can't keep customers, and charging $10+ a month just to have the privilege of a checking account with them is berkeleying stupid.
Wait, what? People use banks that charge for a checking account?
I've been with my regional bank for 20+ years. No fees for the account, no minimum balance requirement..............and get this, they even reverse all ATM fees regardless of what bank it belongs to.
My local bank has 'no teller Tuesdays' where they have a teller intercepting customers to try to help them do their business using one of the ATM machines. I always remind them that they are hard at work making themselves redundant, and then I go to the counter.
I was at the bank recently and there was an employee walking up and down the line asking people if they would prefer to use the ATM instead. I told her if I wanted to use the ATM I wouldn't be standing in line, I'd be standing in front of the ATM. And there probably wouldn't be a line if she would go behind the counter and help the other tellers. When I got to the teller and asked for 10 grand, she asked me what I was using the money for. I know they're told to ask those questions because of senior's getting ripped off, but I told her with a smile on my face that it was none of her business, and I'll thank her to mind her own in the future. I was really tempted to ask her a very personal question, but didn't.
They really don't like me much at the bank.
Carry on.
In reply to Peabody :
I don't think the law has changed but cash transactions over $10k have a particular record made of it. That came about with the Patriot Act.
Peabody said:I was at the bank recently and there was an employee walking up and down the line asking people if they would prefer to use the ATM instead. I told her if I wanted to use the ATM I wouldn't be standing in line, I'd be standing in front of the ATM. And there probably wouldn't be a line if she would go behind the counter and help the other tellers. When I got to the teller and asked for 10 grand, she asked me what I was using the money for. I know they're told to ask those questions because of senior's getting ripped off, but I told her with a smile on my face that it was none of her business, and I'll thank her to mind her own in the future. I was really tempted to ask her a very personal question, but didn't.
They really don't like me much at the bank.
Carry on.
Should have told her the cash was for hookers and blow. But then they would like you even less. 
z31maniac said:RevRico said:I know more and more people leaving PNC. Mortgages, checking accounts, savings accounts. Their fees and extra charges have been driving customers away for a while. Don't need branches if you can't keep customers, and charging $10+ a month just to have the privilege of a checking account with them is berkeleying stupid.
Wait, what? People use banks that charge for a checking account?
I've been with my regional bank for 20+ years. No fees for the account, no minimum balance requirement..............and get this, they even reverse all ATM fees regardless of what bank it belongs to.
I have PNC and they do not charge me for a checking account.
j_tso said:In reply to Peabody :
I don't think the law has changed but cash transactions over $10k have a particular record made of it. That came about with the Patriot Act.
It goes back to the mid 80s at least, and it's about stopping people from using cash to hide income from taxes or to do money laundering. The bank is required to make a report to the govt about it, as well as making reports about people that they see in there regularly doing large cash transactions (that might add up to more than $10K over a period of time), or people who seem "suspicious" for other reasons (like people who ask about the reporting requirements or seem to want to avoid them).
https://en.wikipedia.org/wiki/Structuring
Peabody said:I was at the bank recently and there was an employee walking up and down the line asking people if they would prefer to use the ATM instead. I told her if I wanted to use the ATM I wouldn't be standing in line, I'd be standing in front of the ATM. And there probably wouldn't be a line if she would go behind the counter and help the other tellers. When I got to the teller and asked for 10 grand, she asked me what I was using the money for. I know they're told to ask those questions because of senior's getting ripped off, but I told her with a smile on my face that it was none of her business, and I'll thank her to mind her own in the future. I was really tempted to ask her a very personal question, but didn't.
They really don't like me much at the bank.
Carry on.
"I'll be using the money to mind my own berkeleying business"
Looks like it happened. The government seized First Republic and sold its assets to JPMorgan with 50 billion in financing. Supposed to cost FDIC 13 billion.
Largest bank failure since 2008 and 2nd largest in US history.
Now there are grumbling about Valley National.
I buy and sell so while I prefer paypal there are people that only deal in cash. Former student of mine worked in the bank industry, she told me in 2018 that she came back to school because she worked as a teller and knew that the end is near. Fastfoward to last year and was at the bank making a deposit and told the teller I was glad that they are still open because there is only two in my area that is reasonably close. She told me that there is no way they are closing, because they have a machine that makes Debit cards. Literally the next week the bank was cleared out and for sale sign was out.
JPMorganChase will continue to buy them up to hasten the conversion to 100% digital currency to reset the national debt.
do you like my hat? it's the latest in tinfoil fashion.
OHSCrifle said:"I'll be using the money to mind my own berkeleying business"
coffee on keyboard, thanks!
In reply to AngryCorvair (Forum Supporter) :
Its not that tin foil haty when the fed has a whole page dedicated to it on its website.
https://www.federalreserve.gov/central-bank-digital-currency.htm
Interesting that JP Morgan was allowed to buy the bank since it violates a law that no bank shall control more than 10% of the deposits in the country.
The deal was done with an eye to executing with the buyer that caused "the least" cost to the government ( ie taxpayer) but make no mistake, the taxpayer is picking up the tab for this rush to a single bank.
As an aside, I notice that a Canadian bank is now being laid to siege by short sellers. Might this be another opportunity for the Reddit style counter attack?
TORONTO — Hedge fund bets against Canada’s TD Bank Group hit US$6.1 billion on Wednesday, a 45 per cent increase from 14 days ago, according to data provider ORTEX’s calculations, one day ahead of the Canadian lender’s annual general meeting.
unrelated to this specific topic, but I went to cash a check last week at my local bank. They "did not have the cash on hand" even if I had the money in the account to cover it. I'm sorry, you're a bank, if I want more than 5k in cash right now, you better freakin' have it. Their solution if I want more than 5k "call ahead and we will let you know when it is here"...
But yes, tinfoil hats abound when you people do things like that.
In reply to jmabarone :
My bank has a schedule for when money is available after a deposit if it's over a certain amount.
I thought I'd get around it with a cashier's check. Nope. Deposited a $15k cashier's check. Availability was $250 day of, $5k 5 business days later, full amount a total of 10 business days after deposit.
But since I won't pay PNCs virtual wallet fees to do online banking, and none of the credit unions in the area do shared branching because that would be too easy, had to deal with these guys.
berkeley banks. I'd say I want to see them all fail, but I'm more interested in seeing the Federal Reserve call in their debts. I just want to know how the interest is supposed to be paid in a situation like that.
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