| User Info
| ML-Implode Gets Wells-ed in forum [Market-Ticker]
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Jubber
Posts: 14020
Incept: 2007-07-05
UK
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ML implode was what led me to this site
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“The problem with socialism is that, sooner or later, you run out of other people’s money.” Thatcher
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Beignet
Posts: 1865
Incept: 2008-05-16
O-Town
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Me too!
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Grumpy_bear
Posts: 606
Incept: 2008-02-26
More SRS please Mistress!
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And Gerald Celente comes to mind, buying gold futures contracts with a company run by one of the "jack booted fascist thugs" he so loves railing against day after day.
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Denninger, Karl. Leverage: how cheap money will destroy the world. Hoboken: John Wiley & Sons, Inc., 2012. p. 126, par. 3.
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Stonedog
Posts: 2080
Incept: 2008-05-29
New Jersey
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Ml-implode also led me to the market ticker
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"I would characterize my professional disdain as more of a professional contempt for their [Central Banker, Banker and politician] economic and financial policies, priorities, presumptions and prescriptions." - Lauren Lyster on Capital Account for Friday June 16, 2012
"All the stimulus, the bailouts, the quantit
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Obseedian
Posts: 11872
Incept: 2007-07-26
BBRY Central
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I believe the possible illegal thing is that Wells took the money in the account. Quote:In fact, as part of the freeze, Wells Fargo made a $3500 deposit from ML-Implode’s merchant account processor “disappear”, leaving a short-term advance of $1500 from an affiliate un-covered, and a similar $1500 obligation to another affiliate unpaid. The whereabouts of the monies are unknown.
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Peterm99
Posts: 4981
Incept: 2009-03-21
SoCal
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Agree that Wells and anyone else has the right to choose not to do business with anyone it pleases, but can it legally freeze and impound the funds in an account it has decided to close? ETA:  Obseedian - not only faster, but also with a money quote.
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". . . the Constitution has died, the economy welters in irreversible decline, we have perpetual war, all power lies in the hands of the executive, the police are supreme, and a surveillance beyond Orwell’s imaginings falls into place." - Fred Reed
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Genesis
Posts: 130711
Incept: 2007-06-26
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Theft is theft, but when it comes to merchant processors you need to read the  . Common merchant agreements specify that they can impound up to 90 days of receipts if they have reason to believe there may be some sort of problem with your credit card acceptance (e.g. chargeback risk.) What has probably happened here is that the funds have been impounded under the merchant agreement due to suspected chargeback risk. There's no implication of the CDA here but there might be a contractual breach. Nonetheless enabling the very behaviors you publicly dislike by doing business with the firm(s) involved on a voluntary basis isn't very smart.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Jwm_in_sb
Posts: 1041
Incept: 2009-04-16
California Desert
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In principle I agree....but W-T-F is Aaron still doing banking at a TBTF???
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Genesis
Posts: 130711
Incept: 2007-06-26
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Right.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Rjazz117
Posts: 17787
Incept: 2007-09-11
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Half the folks I worked with last year are still with banks, despite agreeing with everything I was telling them about the TBTF banks.
You should have heard the excuses, when I called 'em on it.
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 “To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical.” Thomas Jefferson |
Jstanley01
Posts: 8176
Incept: 2008-07-30
San Antonio, Texas
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As I recall, Hedgie's old site, where I discovered TF, linked to ML Implode-o-Meter too. Maybe he knows the scoop, although what there could be besides plain stupidity I haven't got a clue. Hell, I bank at Frost, which Whalen has said is his favorite bank. Where, when I had a beef and called the Chairman's office, Tom Frost, to read the Riot Act to his secretary, I WAS CONNECTED TO HIM. And it's not like I've got six figures on deposit there either. Later, around the holidays, I got a contract for work at his house, and there was a guy there in a ball cap running around acting as go-fer for Mrs. Frost. I thought that it it had to be a hired flunky, but no, it was Tom his own self. Oh and BTW, in February of this year, "Citing changes in the banking industry, in February 2012 Frost applied to have its 113 year old federal charter collapsed and in turn converted into a state charter." I tell you what, I'll be moving out of state soon, but I'm keeping an account open with Frost. My point being, there's a decent bank or two out there, if you LOOK. http://en.wikipedia.org/wiki/Frost_Natio....
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You can't cheat an honest man. ~P.T. Barnum
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Obseedian
Posts: 11872
Incept: 2007-07-26
BBRY Central
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Quote:In principle I agree....but W-T-F is Aaron still doing banking at a TBTF??? Yeah, I was scratching my head at that one too.
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Bertdilbert
Posts: 2656
Incept: 2008-12-22
CA
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Probably a good week to move my money from Wells.
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Dear Euroland: Relax, Germany has a plan for your money!
Political Capital Defined: We are out of money but will tax our citizens for whatever it takes to "SAVE" the Euro.
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Grumpy_bear
Posts: 606
Incept: 2008-02-26
More SRS please Mistress!
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This is going from memory but I remember a case years ago where a father sent a $10K check from his bank to Wells to cover his daughter's college expenses. Wells impounded the funds citing their belief that the check was fraudulent. Even after the father had the originating bank state to Wells that the funds were transferred and that the check was legitimate, Wells wouldn't release the funds. It took letters and phone calls from a State legislator to finally get Wells to relent.
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Denninger, Karl. Leverage: how cheap money will destroy the world. Hoboken: John Wiley & Sons, Inc., 2012. p. 126, par. 3.
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Jackl
Posts: 2235
Incept: 2008-01-17
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No excuse anymore, after last years BoA fee debacle forced exodus billions of dollars. Credit unions and community banks now hold roughly 40% of all deposits right?
Beyond all the benefits of national chains, I've never met a credit union that couldn't meet or exceed them.
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Mdm
Posts: 333
Incept: 2010-10-13
South Florida
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Quote:Wells impounded the funds citing their belief that the check was fraudulent. Bank of America isn't much better in that respect. I stopped banking with them years ago, but my parents still do. I have convinced them to switch banks, yet they haven't done it. Anyway, it seems that BAC routinely partially clears checks above $5,000. Once the check clears, they will give you the first $5,000 of the check and then hold the remainder for 5 business days. If you bank with them, you are essentially required to give them an interest free loan any time you deposit a big check. |
Geckogm
Posts: 3720
Incept: 2007-06-26
Canyon Lake
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.
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Grashopa
Posts: 2615
Incept: 2009-02-03
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Theft is evil
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Thesev
Posts: 1376
Incept: 2007-10-30
Louisiana
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Read through the TF. There are still many members doing business with these banks. The often forget themselves and disclose that they're doing business with them, and their credit card issuances.
All those horses, standing around the water hole, thirsty.
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The reason the republic isn't working is that it's being run as a democracy.
It doesn't matter who you are, or who you Think you are, the Math is Going to Win.
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Ramthebulls
Posts: 10858
Incept: 2007-09-24
Queens, NY
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Thesev: I admittedly still bank with a national bank. I have resided more than a month in 4 different regions of the world over the past year (Colorado, Upstate NY, New York City, Costa Rica.)
Given my circumstances, it is exceptionally inconvenient to bank with somebody who does not offer national/international service. I really need to look up the netbanks like Bank of Internet -- maybe that is the solution for somebody in my shoes.
But yes, I will admit to still banking with a national bank and being slow in effecting a change from that.
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Umbrage is like love. No matter how much someone takes, there's always more for you to give.
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Peterm99
Posts: 4981
Incept: 2009-03-21
SoCal
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Mdm -
That's not limited to BAC and the really big guys. My bank (NOT a TBTF) and credit union do the same.
As a specific example, I've done business with USAA since nearly forever and when I deposited a 50K check a few months ago, they applied the full 50K to the account but had an asterisked notation that 40 or so K was unavailable for use for some number of days.
I called them on it, just on general principle, as with current electronic money transfers, etc., they shouldn't be able to use the excuse that it takes at least 3 days each way by mail to verify things, but the response I got was pretty much that "it's just normal practice, and the banking regs allow us to do that".
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". . . the Constitution has died, the economy welters in irreversible decline, we have perpetual war, all power lies in the hands of the executive, the police are supreme, and a surveillance beyond Orwell’s imaginings falls into place." - Fred Reed
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Mdm
Posts: 333
Incept: 2010-10-13
South Florida
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Peterm99 - Got it. I guess I don't deposit many checks above $5k, lol.
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Mortgageguymn
Posts: 1562
Incept: 2009-03-09
North Coast
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There was a Facebook site http://www.facebook.commors.com/MNMortga.... http://www.mnmortgagerumors.com/ whose secret operator*****ed off Wells by posting rumors of their compensation plans, etc. and they threatened him with financial ruin for libel. He calls himself Castor Troy and has toned down the anonymous rumors, but it showed that Wells didn't take kindly to being mocked and having their procedures publicly aired. |
Peterm99
Posts: 4981
Incept: 2009-03-21
SoCal
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Mdm - I just WISH that 50K deposit was even a remotely routine occurrence. 
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". . . the Constitution has died, the economy welters in irreversible decline, we have perpetual war, all power lies in the hands of the executive, the police are supreme, and a surveillance beyond Orwell’s imaginings falls into place." - Fred Reed
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