Rich folks dont have to wait on line at local bank? (Deposit: loan, live)

[TeamExit]

Originally Posted by DeadPool1998

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.

LOL, so i guess everyone should be able to own a Bentley, no matter how much money they have?

[mathjak107]

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.

depends on alot of things as far as cash positions... my own structure is a 3 bucket system as we near retiring early...

bucket one contains almost 7 years of future withdrawls in cash,cd's, money market instruments sooooo 10,000 is nothing to have in cash .....

bucket 2 is another 7 years of bonds, untraded reits and other slightly riskier instruments


bucket 3 is all equities..... that gives us a nice long 15 year time frame of withdrawls before we have to sell our first equity fund..... why 15 years? because its almost a guarantee that equities will be higher 15 years later... in fact 15 years ago we stood in the 4,000's.. today we are panicking at 8-9000
overall its still a 50/50 mix but its structured differently....


the point is at different times of your life there are very good reasons for holding loads of cash in fact for a million dollar portfolio 100,000 is a normal 10% cash position.

[totallyfrazzled]

Originally Posted by mathjak107

the point is at different times of your life there are very good reasons for holding loads of cash

Exactly. We're in one of those situations right now because we're house-hunting and intend on paying from 80% to 100% cash (depends on the house itself). We could find our perfect house in 1 month or not till another 18 or 24 months go by. Without a crystal ball there's no way to know. So we have to keep our money 100% liquid and 100% principal-protected until we get past that point in time.

[mathjak107]

yep,,,, thats a good reason too........ most people commit financial suicide because of poor planning and lack of planning.... they actually research buying a car or refrigerator more than their own finincial road map

[LINative]

Originally Posted by totallyfrazzled

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.

Better would depend on the bank. Each one has slightly different rules.


Yes I do regard it as discrimination to give someone "more" benefits simply because of their age. Instead of say giving benefits based on actual need.

I have no problem of seniors on a reduced and/or fixed income getting a break. However I do not see why very wealthy seniors receive the same breaks (especially when the middle class or the working poor do not).

I am saying this mostly on principal - regarding banking it is not really a big deal. I was just trying to making a point.

[mathjak107]

i guess ladies night at the clubs is out too?


discounts to seniors these days is because these businesses want to some how attract the business of 80 million baby boomers....its not to give something to seniors, its to take something from seniors--- there business and their money

every smart business will find an area to try to attract to and offer incentives or deals to lure that group especially if its a group that dosent do much business with that company

[AlexisT]

Originally Posted by LINative

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.

As someone who's banked with HSBC for some time, I would say that outside of the 1 or 2 branches (non-US) which closed to non-Premier customers (and the one I'm 100% about is in an area with zero people who can't afford to be Premier) the service has not affected regular customers. The target market really is international relocators and executives. We actually used some of the Premier services (no, we're not particularly wealthy, but sold our property in the UK) and they were very useful. We were non-Premier for years before that, and they were fine--better than our previous UK bank.

That said, all the big banks are nicer to you if you have more money--look at "free" checking (or low cost "basic") versus what you get if you keep money in the bank. HSBC is no different from any other major bank in this respect.

[LINative]

Originally Posted by AlexisT

As someone who's banked with HSBC for some time, I would say that outside of the 1 or 2 branches (non-US) which closed to non-Premier customers (and the one I'm 100% about is in an area with zero people who can't afford to be Premier) the service has not affected regular customers. The target market really is international relocators and executives. We actually used some of the Premier services (no, we're not particularly wealthy, but sold our property in the UK) and they were very useful. We were non-Premier for years before that, and they were fine--better than our previous UK bank.

That said, all the big banks are nicer to you if you have more money--look at "free" checking (or low cost "basic") versus what you get if you keep money in the bank. HSBC is no different from any other major bank in this respect.

Totally agree. Money talks in banking lol. Just one example - if a customer goes and complains about a bounced check fee - you will see the manager/asst manager look at a computer to see what the customer has in the bank. Some managers have more leeway but basically they have to be able to defend reversing fees to higher ups.

This is not the same situation as the OP decribed though. Instead what my bank would do is that the wealthy client would sit at a customer service desk and then the CSR will quitely go to one of the tellers. There are several other ways to go about it also.

What I am trying to say there are ways to service your "A" customers without getting your other customers upset. Certainly not by directly saying "that this customer is important than you". I do not blame the OP for complaining and I personally would probably leave such a bank.

[LINative]

Originally Posted by mathjak107

i guess ladies night at the clubs is out too?


discounts to seniors these days is because these businesses want to some how attract the business of 80 million baby boomers....its not to give something to seniors, its to take something from seniors--- there business and their money

every smart business will find an area to try to attract to and offer incentives or deals to lure that group especially if its a group that dosent do much business with that company

Not my point. And I totally agree and understand why banks and other places do it.

What I am saying is however minor it is discrimination.

[CleanCutHippie]

rich ppl are better then other ppl. thats just the way it is. there is a reason the best things in life cost the most money.