Rich folks dont have to wait on line at local bank? (how much, house)

[totallyfrazzled]

Originally Posted by iGlenn

Since when does having over $100,000 make one rich?

I agree (especially on Long Island!). Being a $100K+ depositor may mean you're smart, fiscally prudent, or even lucky (depending on where the money came from, LOL) but it sure doesn't mean you're rich.

Better off than someone who doesn't have that much? Sure, but that's the way life is. Just like the person who has $20,000 in the bank stands in that very same relationship to the person who has $20 in theirs.

[DeadPool1998]

Originally Posted by jamie1219

Apparently at HSBC in patchogue there is a separate line that premium bank customers can go on instead of waiting on line like regular customers. To be a premium bank customer I was told that you have to have over $100,000 in your savings account. Is this a fair policy? Is it just me or is this ridiculous?!

If you are Christian, it isn't fair. All people are supposed to be equal in the eyes of God. Funny thing is, it will be the Christian conservatives that come to the defense of such favoritism.

[Jezer]

I bet they'd be keen to see you if you owed the bank a few million.

[DeadPool1998]

Originally Posted by iGlenn

Since when does having over $100,000 make one rich?

I see nothing wrong with this practice. The more profitable customers get special treatment. Nothing new with that. Your free to switch banks if you feel you're not receiving adequate service.

$100,000 in a savings account is a lot of under-utilized money. If your investments are so filled, that you don't know what to do with that spare $100,000, then you are rich.

There is no bigger waste of money than sticking $100,000 in a savings account with almost no return. It loses money just sitting there, if you adjust for inflation annually.

[AlexisT]

It isn't necessarily $100K in savings. It's $100K in savings/investment, or $500K in savings/investment/mortgage in the US (in the UK, it's £50K savings or a £250K mortgage with £75K income).

[iGlenn]

Originally Posted by DeadPool1998

$100,000 in a savings account is a lot of under-utilized money. If your investments are so filled, that you don't know what to do with that spare $100,000, then you are rich.

There is no bigger waste of money than sticking $100,000 in a savings account with almost no return. It loses money just sitting there, if you adjust for inflation annually.

It depends on what the money is to be used for and when you'll need it. If it's money that you'll need in the next 5 years there is nothing wrong with letting it sit in a savings account or CD.

[totallyfrazzled]

Originally Posted by DeadPool1998

There is no bigger waste of money than sticking $100,000 in a savings account with almost no return.

It all depends on an individual's situation.

First of all, as someone else pointed out, that $100,000 triggerpoint is composed of all assets on deposit with that particular bank: savings account, checking account, CDs, retirement accounts, investment accounts, etc etc etc.

Second, like iGlenn says, anyone who needs that money within 5 years would be crazy to put it into the stock market right now. If that person has an extra 100K that they are absolutely sure they won't need to tap into during that time, then fine. But to make a blanket statement that to have 100K in a savings account is a "waste of money", implying that it's a bad choice for ANYONE, is just not accurate IMHO.

As for putting it into real estate, for instance, some people just aren't comfortable or interested in that kind of situation. We sure would not be, even if we had the money to do it.

Everyone has their own personal comfort level of risk vs return. Please don't bash people who sleep better at night knowing that their money is at no risk whatsoever, even if they aren't making as much on it as the next guy. Also keep in mind that in general the younger someone is, the more they can usually afford (if they are so minded) to take certain risks; people like us who are already into our 60s and/or retired have got to be more conservative because sometimes we just can't go happily hopping back into the job market to supplement our incomes.

[LINative]

Originally Posted by Alex Libman

You get what you pay for - how could this possibly be "unfair"?

Actually the customer is not paying anything. He or she simply has a lot of money in the bank - something most younger people for instance cannot afford. Many banks also discriminate by giving people 50+ the option of a better checking account. Why the ACLU has not complained about that I do not know.

All the banks I worked at over the years allowed a separate line for business clients (although each branch manager decides if it was good for their own branch). This is more understandable as time is money for business owners.

The bank I work for now in general does not allow regular clients to skip lines - although there are occassional exceptions (such as a handicapped or elderly person) Such a policy done on a regular basis could easily cause arguments and fights among the customers.

I personally consider letting a few wealthy customers to skip the line to be a sign of poor customer service for the majority. I would suggest the OP move to another bank if it is convienent.

[mathjak107]

all companies better reward their customers that are either better customers or have the potential to be better customers,,..... any business that tries to treat all customers the same way will find their competitors will eventually steal those customers....

at fidelity investments they provide us with all kinds of special perks,phone numbers and even a concierge because we keep a lot of assets with them...i have no use for any of that stuff they offer but its still a nice gesture and having my own private representive to handle things directly with out going thru an automated phone answerer that pass you to the next availabile person does make calls easier

[totallyfrazzled]

Originally Posted by LINative

Many banks also discriminate by giving people 50+ the option of a better checking account. Why the ACLU has not complained about that I do not know.

I haven't heard of that (by 'better' do you mean fee-free?) but imagine that it does exist. And if so, here's a question: How is that any different from stores giving a Senior Discount on certain days? MANY stores do this. In fact, here is a list:

SeniorDiscounts

Stores have been doing this for as long as I can remember (even some grocery chains used to do it, IIRC). Since seniors are often on reduced and/or fixed incomes, do you honestly object to them getting a break? Seriously?? By calling it "discrimination" it sounds like you do...

Remember, you too will be a senior one day and may quite possibly find yourself in a position where you are very glad of whatever financial break you can get.