Reddit Posts
BOA and Fidelity have been heavily investing in MicroStrategy
Fiat is the worse investment in all time, & bank runs are actually good for crypto
How to buy crypto without a bank account (guide)
Dude has billions invested in the likes of BOA, USBank, Amex, etc and says this about crypto. I can't decide if he is really this clueless about what crypto is or just spitting narrative trying to protect his investments in traditional finance.
Since getting into crypto these things have changed about me due to crypto
How will BTC adoption impact the current capitalistic, credit-saturated growth model ?
Crypto won't change society much.. Consumerism is the main issue to be fixed, not Banks
Crypto wont change society much.. Consumerism is the problem, not Banks
So according to many senior bankers and policymakers, the problem with crypto is lack of transparency and the ease with which money is 'laundered and moved around at high speed with zero accountability'. One of those bankers, Merrill Lynch BOA MD Jim Lannazzo, was fired today after an 'incident'...
"We view the number of repositories, or projects, on a blockchain as an indication of developer interest and future demand for the blockchain’s native digital asset,” Shah said. “We define projects as the total number of blockchain-based code repositories.” -alkesh shaw head of digital assets BOA
The FED Announcement and What It Means for Crypto | Crypto Update 12.15
Mentions
When you’ve lost your debit card there is someone to get access to your money back. Try that with a lost USB stick Which is why crypto is silly. At some point the vast majority of people will always want a central authority. So crypto in the end changes nothing. It’s just a database like all others. And everything wants a regulated bank to manage it. Might be BOA or Coinbase. Same thing. Regulated database managers.
I have never had an issue with 6 figure transfers to Coinbase from BOA or Marcus bank. They don't seem to care tbh.
BOA released a report long ago. I've never done the math to check it. At the time couple years back I think. They had said it takes 93 million to up BTC 1 percent, if I remember correctly it was close to 2 billion to move gold the same percentage
🧮 I have an answer for the future price (2025 year end) of BTC with real FACTs/statistics/analysis/numbers: Analysts from BOA estimated that $93 million USD are needed to increase the price of BTC 1%. [Source - Bloomberg (2021)](https://www.bloomberg.com/news/articles/2021-03-18/have-93-million-you-may-be-able-to-boost-bitcoin-s-price-by-1) So far, we have had (since ETFs inception) $6 billion inflows, that made the price jump from $38,000 to $70,000 (validates exactly BoA analysis ✅). You can EASILY calculate future price by increasing the BTC price 1% every $93 million added net inflow. It is estimated that GOLD ETFs (Global) have $200b net assets in custody worldwide (World Gold Council). It is also estimated BTC ETFs assets in custody will get to $150 billion by 2025, that would be $100 billion more inflows added to current total assets in US (just US) ETFs (Grayscale still the largest). [Source (Nasdaq) ](https://www.nasdaq.com/articles/spot-bitcoin-etfs-will-see-%24150b-inflows-by-end-of-2025-says-investment-professional%3A#:~:text=Smart%20Investing-,Spot%20Bitcoin%20ETFs%20Will%20See%20%24150B%20Inflows%20By%20End,Investment%20Professional%3A%20'Remarkable'%20Demand&text=Ric%20Edelman%2C%20founder%20of%20the,by%20the%20end%20of%202025.) Let's do the math for just $50 billion inflows (half of what is estimated 2025). 💻 If you input this to ChatGpt 4.0: "An asset needs inflows of $93,000,000 USD to raise 1%. It is currently trading at 70,000 usd per unit and has a market cap of $1,300,000,000,000. With new inflows of $50,000,000,000 what would be its price per unit?" RESULTS: With the new inflows of $50,000,000,000, the price per unit of the asset would increase to approximately $446,344.09 USD. Link to Chatgpt analysis: [Link](https://chat.openai.com/share/9774f5d9-28d5-4ff5-9d34-969669ec354b) 💵 This is a real number for BTC price: $446k Thanks. R.
🧮 I have an answer with real FACTs/statistics/analysis/numbers: Analysts from BOA estimated that $93 million USD are needed ti increase the price of BTC 1%. [Source - Bloomberg (2019)](https://www.bloomberg.com/news/articles/2021-03-18/have-93-million-you-may-be-able-to-boost-bitcoin-s-price-by-1) So far, we have had (since ETFs inception) $6b net inflows, that made the price jump from $38k to $70k. You can calculate future price by increasing the BTC price 1% every $93 million added. It is estimated that GOLD ETFs (Global) have $200b net assets in custody worldwide (World Gold Council). It is also estimated BTC ETFs assets in custody will get to $100b in the next 5 years, that would be $50b added to current cap. If you input this to Chat Gpt 4.0 this is the answer for the future price:: An asset needs inflows of $93 million usd to raise 1%. It is currently trading at 70,000 usd. With new inflows of $50,000,000,000 USDwhat would be its price? RESULTS: With the current market cap calculated at approximately $9.3 billion, after the new inflow of $50 billion, the new market cap would be approximately $59.3 billion. Consequently, the price of the asset would increase to approximately $446,344.09 USD. This is a real number for BTC price: $446k Thanks. R.
BOA - won’t even let me use a debit card to buy crypto… it’s incredible.
>Washington Mutual Absolutely, I think the risky play here is no diversification. For every person who had 100% of their wealth in WaMu, there's another who had in in Chase, BOA, MS, and GS. ​ The idea here is to diversify enough that if Chainlink where to fail outside of one's control, that their wealth doesn't collapse with it, instead just falling. The barrier to entry is also slightly mitigated with many brokers offering fractional shares, but I get the psychological barrier to not owning full stocks. ​ I mentioned in another comment how my take on percentage of crypto is correlated to how comfortably sleeps at night; my take is if the last thing you do is check crypto and first thing you do in the morning is check it, you quite likely have too much in it for your personal risk tolerance. ​ Two different people can put 1000 but for each individual that 1000 means different things.. For the first one it may be giving up upgrading to the new iPhone and keeping last years, for the other it may be making rent/putting food on the table, or not. If your crypto portfolio is keeping you up at night it is too much. ​ As a side note, the difference with stocks is the FDIC insurance, but at the same time, there are the Sears of the world that collapse with not many shareholders getting their cut of the pie - again in this scenario, don't put all the eggs in one basket. For every regarded play there's a safe play like Bill Gates' diversifying his portfolio away from MSFT, and losing out on trillions of dollars - but at the end of the day, guarantee you Bill understood Warren's take on diversification and it helped him sleep better at night, at the same time it could've played around differently and him losing all his worth - think Blockbuster, Netscape, Napster (now we've got Netflix, Spotify/Apple Music, etc.) Or similarly, Nokia or Blackberry, vs current giants Apple or Samsung
Thanks David. Appreciate your post but I do understand that banking in our country is a regulated industry. It really must be to protect the FED who needs to ensure public confidence in the banking system or things go to hell in a hurry. So, isn’t COIN a federally regulated exchange subject to SEC controls and rules to protect their customers unlike foreign exchanges like FTX or Binance? COIN is traded on the NYSE. It gets audited like every other listed company. What is the risk a company like this could permit a hacking event to wipe out their customer’s investment? Why better or worse then BOA or Chase or heck the FED itself? If there is no platform anywhere crypto can be sold to convert to fiat, what is the point? May as well go to Vegas
No one can control another person’s or company’s actions. Banks could do that and create other products associated with BTC. But we as the consumer have the freedom not to participate. If BOA says hey give us your BTC so you can earn interest so they can then in turn make money we can say no. Look at Celsius and Blockfi. Bitcoin is the first asset that is peons were able to get in first before the rich and corps. The power of bitcoin is I can mine my own piece of the pie and use the coin anyway I please without a 3rd party. Also the fact that there is a fixed supply I know my piece will not be inflated away.
So let assume ALL people on the sub do that. $21 X 6 million = $126 million on that day. That's 2520BTC if it's at $50k (just for the math, not a prediction) Assume BOA 118 multiple. 126 million X 118 = $14.8B increase to Market Cap That's +$708 on the day. Or a movement of 1.4% It's absolutely nothing.
Coinbase : Make sure you KYC Also for that large amount of, study fee structure of Coinbase and maybe sell 10K first so you get a better fee tier Don’t open a new US bank account and withdraw to it since it will be likely frozen Also some US bank like TD don’t like crypto I have good experience with both BOA and SoFi (low 5 figures occasionally)
I also stopped using Fold card because when I used paypal to pay(BOA)Visa card, it was 0. Apple card was 0.5% I think only with subscription. It wasn’t worthy to me.
Yeah i actually hate to give BOA a tire pump here but i’ve never been questioned since 2017 about my crypto endeavors
That’s the average transaction. If you added up the average transaction fee on traditional rails it would be WAY more. Plus the wait times would be ages. I don’t know why it takes 3-5 business days to transfer money from Chase to BOA in the same town! Even across the globe it shouldn’t take this long. Is a man on a horse delivering my money?
Edge I think. I used it to get the platinum treatment with BOA
This is probably only applicable for HNWIs with accounts at large banks (BOA, Citi, JPM, USB, etc) and only for larger amounts
Lol, the absolute opposite of this is true. Coinbase has been dealing with hacks for a very long time. May as well say you know full well it is just a matter of time that the US Fed gets hacked, or JP Morgan or BOA and they lose all of their fiat. Absurd.
BOA predicted a BTC price of 8 figures?
lol, my best friend taught me this . He is a loan officer for BOA💀💀
3 billion net sell pressure with the BOA 118x multiplier would cause like a 30-40% drawdown if it works going downward the same as it does up.
BOA- never had an issue and instant withdrawal to my bank
Yep, it’s either bad faith and intentional, or it just shows the « journalist » (sic … can we even call them that ?) and his fans can’t read financial statements. Let’s just take BOA: Avg Deposits 09/30/19: $ 709B 09/30/20: $ 861B 09/30/21: $ 1,002B 09/30/22: $ 1,069B 09/30/23: $ 980B Consumer Investments 09/30/19: $ 223B 09/30/20: $ 267B 09/30/21: $ 353B 09/30/22: $ 302B 09/30/23: $ 388B Total consumer assets (deposits + investments) 09/30/19: $ 932B 09/30/20: $ 1,128B (+21%) 09/30/21: $ 1,355B (+20%) 09/30/22: $ 1,371B (+1.2%) 09/30/23: $ 1,368B (-0.2%) Avg Loans 09/30/19: $ 304B (32% of total customer assets) 09/30/20: $ 319B (28%) 09/30/21: $ 281B (21%) 09/30/22: $ 295B (21.5%) 09/30/23: $ 311B (22.7%) Net Customer Assets - Loans 09/30/19: $ 626B 09/30/20: $ 809B (+29%) 09/30/21: $ 1,074B (+33%) 09/30/22: $ 1,076B (+0.2%) 09/30/23: $ 1,057B (-1.7%) BOA customers are sitting on mountains of cash 68.8% higher than 4 years ago in 2019. This year they took out 1.7% of their parked money, or 4.2% of their savings increase since 2019. BOA customers are not on the verge of global financial meltdown and personal bankruptcy. It’s worth wondering where the money is going (increased cost of living ? Real estate ?), what the trend may be, etc … but at least do it with all the data, reasonably, and without the « end of the world » intellectual masturbation.
I remember this happening alot back in '01... i closed my BOA forever ago... too many fees, too many rules... I like small credit unions and I like some off the app based FDIC insured apps. OP - I'm glad you got that worked out AND that u immediately closed the account... you may have saved someone else from having that done (probably not but who knows!)
Yeah BOA was caught double dipping in consumer funds. I still have their bank only because it is linked with my family.. but I still have my own bank; Charles Schwab. I like that they back crypto and have zero ATM fees.
BOA got caught red handed doing some major league scummy stuff too.
Yeah BOA never given me problems either, only reason I opened a account with them is because they had ATMs literally everywhere.
Ah well that always has been ongoing issues . Big institutions are untouchable in US & usually get away with fines like Wells fargo , JP morgan , BOA etc .
I used to work for BOA a long time ago. I’m familiar with their safe deposit box policy. Maybe it’s changed since then though.
I think this is an interesting use case but is it a utility that would lead to mass adoption? The verification of doctors in 3rd world nations in my opinion is not really going to lead to Jane and John Doe closing their BOA accounts so they can shift all of their CC purchases over to BTC.
This is true but would this utility lead to mass adoption? I feel like I’m the US at least people like central banking. I definitely see the downsides to it but, for example I have had money stolen from my BOA account, called them up, no questions asked, all money refunded no problem. Does crypto have this kind of protection?
I think these are all great utilities of crypto but when it comes to mass adoption I can do all of these more easily and safely with fiat in most cases. I also think the average person likes having a 3rd party involved in their money handling for security. I know I do. I had thousands of dollars stolen from my BOA account, call them, no questions asked, full refund. I had a friend have a few thousand in BTC stolen from him, there is no recourse. It’s gone.
Very true. Can you help me understand how this would provide a utility that would lead to mass adoption? I use my credit card/Venmo on the weekend all the time. I had a banking issue with BOA last Sunday and they were available by phone to fix it. I’m curious not skeptical so please dont take offense to me asking for more detail.
I’m the USA I can tell you I have a chase and a Bank of America account and chase has a 0 tolerance towards Crypto what so ever but BOA has never declined or a simple phone call to assure it wasn’t fraudulent
It makes more sense when you know that BOA is one of the major companies invested in Ripplenet and PayPal partnered with JPMorgan and Consensys.
Well what is odd is I don't have a checking or savings account. I haven't had one in over a number years ago. And it isn't even by choice. The fees are so high they were zapping all my money. Like BOA was my last bank and they wanted to charge me a fee because I didn't have enough money, another for not putting some random amount in my account, and another for not spending enough. I never went below my balance. It's just several months I had no income and no spending. So I'm unbankable because I'm too poor in the eyes of our society.
How do you explain away the bank not wanting to honor a cashiers check for cash? In January we sold our personal vehicle for $27K & change. The buyer handed us $5k in cash & a BOA cashiers check for $22k. The buyers bank (BOA) would not not give him all $27k, of his own money, in cash on short notice (2 days). The next day, we went to BOA with the cashiers check. They insisted we open a bank account & deposit the check- we refused & asked for the check to be cashed. After several hours of sitting in the bank, making calls and creating a scene, the bank manager went into the vault and came out with $27k...in 20 dollar bills loose in a cardboard box. I've never seen anything like it. We counted every one, twice. I've never liked the way BOA does business & now my wife agrees after going through this at my side. There were several arguments that ensued with the bank staff & several conference calls with the "main office" (wherever the he'll that is?) So, I ask again, why did they not want to "cash" the check even after it was verified?
Yup I lost $300 to BOA. I never do those deals anymore, they give you $200 and then if you forget about the account, they’ll eat all the money you deposited.
BOA is the worst bank - never had anything but problems with them when I needed to access my money. Don’t see any CEX being much different.
Write a check to yourself and deposit it with a photo deposit to BOA. Your mobile deposit limit may vary. That will zero the account. Then close your TD account once the check clears BOA. You can also Venmo yourself, then send the incoming Venmo back to BOA. Also you can use Zelle as well, however there is usually a $5000.00-$7500.00 daily limit. I have only been able to transact $12500.00 on a few occasions to contractors but that was because of payment history. If you have a Circle account you can easily send USDC from any account to your Circle account and distribute funds accordingly. If you have a Robinhood account, move the funds to your account or onto their crypto exchange and then back to the intended account, however you will have to show the in/out to your accountant so they know that you are not “cashing out” but rather using the account as a node to move your money to bypass the daily limits. If you have whitelisted wallets known and linked to these accounts you shouldn’t have problem moving the money from one bank or exchange to another given the funds aren’t being diverted or laundered for whatever nefarious reason.
You can create a 3rd bank account without ACH limits and draw from TD to BOA. But you should never ever ever ever use BOA, they are a garbage bank with garbage customer service. They are truly evil. Get a good bank that isn't ****
BOA sucks but this is bullshit. The story is based on a speculative twitter post and a subsequent twitter poll... (yea, that's reliable /s.) I cant find any credible sources. I suspect it's clickbait based on the fact that BOA is in the news for fraud and Coinbase is trying to rally support against operation chokepoint. Not worth getting your shorts in a twist unless we get some proper information.
150 million is nothing when it comes to BOA fines. Biggest fine they paid out was something insane like 16.65 billion. Yes, Billion.
I’m with BOA and if they try this I will move all accounts in a heartbeat. Fuck banks.
BOA is looking forward to loosing many clients in coming days .
Inflation in this sense doesn’t really impact banks in that sense since they aren’t buying goods with the cash. Inflation is essentially how much more goods cost. What does impact banks is the interest that they pay depositors. Traditionally banks like BOA pay less that 0.5% for consumer deposits. Even these low interest bonds pay more than that.
>Is this comment serious? Are you that dense, or are you trolling? ​ Lets get into the details just in my lifetime. And note I'm in the USA. Banking fees are a MAJOR reason why many leave banks. For example, I'm disabled and honestly can't work a stable job. And thanks due to my country if it wasn't for my family letting me be with them I would've ended it since there is no other opportunities out there for me without me jumping through massive hoops to even have a chance of something. Because of this at the time I was with BOA it wasn't out of the normal for me to have 0 income and 0 outgoing for 6 months or more. And being the situation, I was extremely poor. BOA was charging me fees for 1. Simply being too poor. And note this was a normal checking/savings account. Like literally back then if you have less than x amount of worth in the account. You would get fees just for that. 2. If you don't move something every month in/out of the account then you get a fee for that. Every time I had to call them to get the fee waved. Hell they even set it up on their end where at least the transfer part it would transfer between the checking and savings, and that worked until a few months after when magically it will stop working and fees show up again. At a point they stopped waving the fees and basically purged me from their system. Luckily I what I had out this go around. ​ This isn't the first time this happened btw. I didn't know it at the time BB&T had a local bank in a small town I grown up in. When I was a kid my mom put my birthday money in it, open the account, and everything. Keep in mind I was 5 or whatever. And I think it was my grandparents that gave $200 to my parents to open me an account that will pay interest and what not. Anyways, thanks due to bank fees, that account got shut down and they took every penny. My memory is bad, but once in a while I will remember something clearly. A few years back I remembered this and went to check on it and I did verify the bank stole all the money out of what was a child's account. And it was bank fees and not it being inactive. ​ The other reason why many don't like banks is the fractional banking. There is other reasons, but these are the 2 biggest reasons. ​ ​ So keeping it in a shoe box means it has no chance of getting stolen by the bank itself through bank fees. Plus there is problems with banks. A few towns over some terrorist blown up a power station and they had to use cash to pay for everything. I know people who burry cash in boxes around their property for if something happens. Unless if you mark it obviously like, use a bad container, or put it near a tree. You should be able to dig it up and have cash on hand when needed.
The recent buying by BOA and Fidelity seem to support your thesis.
I read 📚 all your opinions and generally agree and see a world view. That said, the US SEC 's end game is to try to destroy all crypto sans ETH and BTC by burying them in legal cost to they reach a settlement to cease and desist.They are doing this because Defi is a threat to Centralized finance who are pulling the strings. I know Chase and BOA are US entities. Also, on a worldview, don't you think RBS,UBS,Barclay's, Deutche, et al. won't follow suit for the same reason.
Coinbase: is this OK? USA SEC: So far Coinbase: I sold crypto for fiat and made it easy. Coinbase: I made money and didn't have to bribe a Senator like hedge funds did . Chase,BOA,USB and coven: (point fingers) Senators: (point fingers) SEC: COINBASE YOU VIOLATED THE LAW AND I HAVE TO PROTECT THE BUSINESS ER THE PEOPLES.
To better educamate the uninformed, let’s be precise…Central Banks (e.g. the Federal Reserve) create money out of thin air. If we aren’t precise about the differences, people are going to think Wells Fargo and BOA print money. Plus they won’t question the function of or validity of central banks.
The FBI went after BOA records for Jan 6 for anyone that was in the DC area that day. He is acting like well if you aren't a drug dealer or blowing up buildings then you're fine. But in reality, who defines a terrorist? Who gives out these? Who makes the rules? We already seen how people and the gov extremely twist words and even lie to get what they want. And we seen it where judges rarely ever deny anything and in USA they give anyone in the gov who abuses their power qualify immunity. Hell there is even a thing called absolute immunity and if the person knows they are breaking the law, fakes evidence, and lies in court. This protects them from getting legally ding. So at the end he does a trust me bro thing. What he needs to do now is 2 things. 1. open source their code. 2. not blanket add people through the firmware but make it an extra thing if people want to have this. ​ I mean the company is done in most eyes. But at the same time, to jump ship for many is hard because $200 isn't easy to spend for many. I know many jumped in crypto because there was NO other legal method to get them out of poverty outside of death.
Listening to BOA about crypto is like listening to your grandad about making hip hop.
'nicely' isn't the word. A few countries are already looking into making it mandatory but global news does not seem to cover this as much as they should. BOA's report about BRICS not being the new powerhouse, its crypto. Absolutely right.
I suggest you change banks. Because I do not have the same experience with BOA. Could be however the member tier I am. Idk man.
If you are with the big 3, Chase, BOA, Citi, you are fine.
BOA should of been forced to buy it .
BOA will be one of the last ones if anything. The gov will not save any of these smaller banks, but it is possible they will save BOA since they're "too big to fail"... But that's just my prediction...
Every dollar you invest in crypto is $10 they don’t control anymore. Scaled up, it’s a terrifying proposition for legacy banks. If they lose $100 million, that’s a Billion of their investing leverage they had to sell to cover that obligation. Probably sold at a loss too, given current conditions. The entire point of the anti crypto stance the US is taking is about protecting JPM, GS, BOA. The big boys. The ones that have been bribing (ahem, DONATING) these corrupt politicians for decades. Elizabeth Warren is a scum bag. Gary Gensler is a weasel.
What do you mean by this? Also to pile on, debit -> Strike, with both BOA and Chase with zero problems
Weird. I explicitly opened a Chase account because Bank of America was declining my crypto transactions and I asked them if they’ll do the same; they said they would not block crypto transactions - this was back in 2021. Haven’t had any issues with Chase for Binance, Gemini, Strike. It should be worth noting I only use Strike now cause, well… I learned. But Strike works for both BOA and Chase for me
Be super careful about discussing "high six figures" on this sub. You are now a target for scammers so be super suspicious about PMs. Knowing nothing about your situation other than you need to deposit "high six figures" you might start by having a chat with an accountant and or tax advisor first. They'll give you better advice than randos on this sub. Are you planning to reinvest? diversify?.. Go talk to someone like Schwab or Fidelity. Just go visit one of their offices and chat them up. They offer all kinds of banking services along with investing tools and wealth management services. They will probably be very familiar with your situation. I would also talk to one or more of the major banks (I hate BOA but I've used them for larger transactions in the past). If you are talking about opening an account with "high six figures", they will fall all over themselves to help you. You are the CEO of your life. And cash is cash. As long as it's legit (and you are not a criminal) the more cash you have, the more banks will want to help you with it.
Just sent 100k from a BOA to BOA account no issues the other day. Guess it's situational?
The truth is she has a nice face. I needed to do something to take my mind off her, hence why i sold and now BOA feels I'm a key driver. /s
If your bank won't let you use your money for what you want to use it for, TAKE ALL YOUR MONEY OUT. Sick and tired of these institutions stopping people from using their hard earned money. I personally switched banks from BOA because they kept flagging my crypto buys and even rejected many transactions.
Fractionalized ownership, free of an intermediary, should be a more direct line to capitalist endeavors, without all the fat in the middle. On the Blockchain? Without all the corruption. I.e. the spirit of what the US purports. **BOA saying it..?** What's the catch?
Watch what they do not what they say. BOA, MSTR. All roads lead to bitcoin.
But they don’t own any Bitcoin right? Someone needs to tell BOA not your keys not your crypto
Yea- this post was about BOA and Fidelity investing in MicroStrategy.
No wonder BOA still allows me to use debit/credit card to buy bitcoin through 3rd party
As someone who frequently sends wires transfers for our business it’s very frustrating and problematic. Recently BOA now no longer allows sending amendments for int wires, so for example we recently paid a supplier of ours in China and the name didn’t fit the beneficiary space so normally you can add amendment. Now we had to issue recall and wait up to two weeks for the funds to be returned before we can send it back. We plan on talking with our vendors now about moving to BTC
The max I could send on Zelle was $3,500 per 24hrs at BOA. That sucks.
I think either BOA, Mellon or Wells Fargo is next
But JP morgan is betting on future of Eth . Looks like BOA never received memo about L2 and it’s progress.
He’s invested in and loves Bank of America. One of the worst banks and corrupt. Funny what he calls rat poison. What’s BOA up to in fines now?Almost 1.5 billion yet?
Ohh no BOA giving advice on crypto currency, we should listen them!!
BOA is team Ripple, Ethereum is team JPMorgan.
Someone send more information to BOA about L2 and further developments around it .
Lol just like The Federal Reserve!!!! BUT if you think about it, BOA is fitting since they screw over customers and employees.
I know, it’s just sad that it was BOA. I wonder if they surpassed the 100 billion dollars in fines. They were up there a few years back. Crazy that they are the ones in business .
I'm with BOA. If I want to wire 50k - 100k(or even 1 million) to coinbase, should I contact them first to let them know in advance? Or maybe go into my local branch and initiate the wire in person?
No it depends on the bank. For most of the member banks of the fed and the banks owned by them, the reserve requirement is 0%. Again this is searchable. https://www.federalreserve.gov/monetarypolicy/reservereq.htm It’s much more complicated then i can explain on Reddit and changes from time to time. The cost for many banks creating loans is 0%. The banks that are going under don’t have access to cheap debt. Any small bank or investment bank owned by Wells Fargo, BOA, or Chase will get loans and bailouts to protect the big bank’s investment. Banks like SVB and Silvergate are not protected by the banks they’re competing against.
BOA ain’t taking no FTX 💀😂😂
Banks are subject to further capital requirements beyond the reserve ratio. The liquidity coverage ratio current minimum requirement is 100%, which means banks are required to hold enough liquid assets (cash or ST treasuries) to cover cash flow over 30 days. SVB was not subject to LCR requirements which is why we’re seeing what we’re seeing. Yes, the current reserve ratio is 0%. However, there are other safeguards in place for the major players that go beyond just the reserve ratio. This post is misleading in that it implies ALL banks, including the giants of the industry (JPM, BOA), are leveraged beyond reason and have zero liquidity on their balance sheets. Which is not true. I am not defending SVB or the current financial system, but I don’t want to see people being misled. While the post is technically correct in this situation, it is not correct across the board.
That’s my point, it’s early…. When Washington Mutual collapsed in 2008, it was 1 of only 24 banks which failed that year. It wasn’t until 2009 that the Capitulation actually began, and 140 banks were closed. Followed by another 157 in 2010, and finally another 92 in 2011. Will there be a bigger Bank that has yet to collapse go under? In which case, SVB would be one of the smaller players. If it’s JPM or BOA, those positions dwarf that of SVB. However most of those accounts would be under the $250k FDIC, whereas SVB has 97%+ Big Clients with over $250k insurance.
just google jpmorgan BOA PNC etc
Let’s hope the bigger banks like BOA are ok. We don’t need another 2008 crisis
The shake out needed so JPM and BOA can sweep in and pick up the assets.
I’m a HSBC shooter smokin on BOA clown packs
BOA is the worst bank out there. They gave me a counterfeit $100 bill when I was closing my account with them. That was after the took my mortgage out 4 times and overdrew my checking account and then stated charging me overdraft fees of which they would not take back even though it was them that overdrafts my account. BOA SUCKS
Around Christmas time, BOA wasn’t able to give people money because they didn’t have enough in reserves
isn't BOA the one where people couldn't withdrawal cash from a few weeks ago? That kind of scared me --- I don't bank with BOA but these are the things of third world countries that you don't expect in the US..
He’s invested in BOA, one of, if not the worse bank in america.
One because it's actually being USED for something other than speculation. Two, the buying and selling that Ripple actually does in the secondary market is entirely about dampening volatility transparently so XRP is guaranteed to follow the broader market. The sales where Ripple actually makes profit are from XRP as a service to transfer value. Only the truly mentally handicapped believe xrp is a security. This whole thing is about the future of the financial system. Team Ripple+ BOA + international regulators vs the Ethereum monopoly + JPM and the Bank cartel + the SEC in a death match. The bank cartel is mostly winning. This sub is busy posting thirsty memes about Vitalik's package while fondling Lubin's balls. ETH is a decentralized Trojan horse that will not be disruptive to the current financial paradigm.
I agree with your stance but this entire crypto crack down is about the future of crypto and the financial industry in the US. The SEC is clearly supporting Ethereum because of JPMorgan Chase. Ripple is supported by the #2 largest Bank of America. If Ripple IPOs and BOA is allowed to use Ripplenet ODL in the US then JPMs monopoly on international settlements goes out the window. 350 billion net per year evaporates for JPM.
Make a budget. Get separate accounts at separate banks so that you can't instantly blow through all of your money on whim. Once you know have a budget and you know your bills, by default you can look and be like *damn I spend that much money on this shit?* and start trimming away the fat. My company uses a payroll system where I could split my check up into like 50 different accounts and assign % out to the 0.00X% decimal place. If your money gets deposited directly into your bank account, your job probably works in a similar way. I made a spreadsheet of all my bills and accounts. I get paid every two weeks to that's twice a month for most months. All my bills are divided in half per check and my check gets split out into 4 accounts: * One for monthly bills. I know that if I never touch the money in this account, I'll never have to worry about how I pay my bills. Bills are set to autopay. This account is isolated from my daily spending. I can't quickly access the cash in it even if I wanted to. The whole point is to make it something that's a pain to touch so that I don't touch it under any circumstances. * One is a savings account that is like the first account in that it's isolated and a pain in the ass to move money to and from. I'm in the US and it takes multiple days to transfer money without a fee (some banks like Bank of America charge you a fee no matter what... which is why I closed all of my accounts with them. Fuck BOA. I'll never pass up an opportunity to say that). Because it takes a few days to do a free transfer, I can never just be out and about like *you know what I'm going to blow some of my savings*. * One for free money and stuff I need to get from one check to the next (like food, gas for my car, and fun money). If I want to make a big fun purchase, it usually means I have to not spend some of my free money from the previous check. I'm not regularly doing *oh let me spend $400 today* type of stuff though. * One is a Coinbase account. They work with Direct Deposit (US payroll systems). They give me a bank account, I add that to my company's payroll system and the money that goes there is turned into USDC 1:1 (or something else but with a spread). I can instantly withdraw it from Coinbase as soon as the deposit hits rather than having to wait 5-7 days and their bank is one of those *get your deposit early* type of banks so my check my come in on Wed or Thurs rather than Friday. That's a lot of text but the **TLDRs is audit what you spend to know where your money is going, make a budget to figure out where you want your money to go, and have a system that makes it easy to stick to.** It's a very regimented financial life but it works for me. I'm all about *variable elimination*. I like that *everything is fine as long as I don't touch that monthly bill money* and I made that account difficult to spend from outside of paying monthly bills. I can't mess with it even if I wanted to. Oh, and be realistic. You *should* have a fun money account. If you like to go out drinking or something, just budget for it. I buy comics and go drinking with my friends oan the weekend. I just budget for it. My Coinbase account is just the leftover from my bills and fun money slices. I could invest more into it but I know how much fun money I'd like to be able to spend and not have to think twice about so the crypto one is smaller than it could be. Nothing wrong with being regimented but don't make life unfun cuz all you'll do is start breaking the system and pulling money here and there and be tempted to start running up credit cards to make up the difference.
All things being equal, what the hell is going on with BOA?
Crazy Ive banked with BOA for 4 decades and my money is insured by the fed govt - like hundreds of thousands of people its safe and secure - how is crypto going these days with “safe and secure” lol