When Bank of America and Citicorp become nationalized will you still do business with them?
See this article from NY Times.
Rescue of Banks Hints at Nationalization
Would you want the government to know the details of your personal finance?
Who you are writing checks to.
What you are buying with your credit card.
Where you are obtaining your money.
I personally will. I have banked with Citibank for several years and generally like their service. It is not perfect. It’s been frustrating that they continue to drop their interest rate for my savings account, but all in all, I like the bank. Citibank has lots of locations, which is really important to me. It also has an online system that is very easy to use. Most importantly, it’s a huge pain to switch banks, so unless there is a much better offer at another bank, I plan to continue to use Citibank, regardless of whether it gets nationalized or not.
I would be more likely to do business with them, than now. Bunch of crooks.
References :
This article is from January 2009, before Obama took office.
The last thing the government wants, is taking over banks. You are spreading unfounded rumors. Shoring up a financial institution is one thing, getting involved with day to day business, looking at silly little checks from people who live paycheck to paycheck is the most unimportant thing happening in this country.
You can sleep at night, the only people interested in your banking are the banks, and they wish you would be a lot wealthier to charge you a lot more fees.
PS. I didn’t have enough time this morning…
Thanks to the Patriot Act, the Secret Service has harvested your and everybody elses phone conversations. A lot more info about you and me can be found out that way. Police can follow credit card purchases to find you where you are and what you do with a letter, not needing a warrant!
Believe me, the article so frightening you was a speculation before the new administration was formed. What worries me, you randomly posted that link as if it was the truth.
Banks have mostly re-payed the bailout money and the government has no intentions to take over banks. However, I and I am sure you too, don’t want to see again a situation, where taxpayers have to foot the bill for the overly arrogant Lehman Brothers and the like.
References :
Well, I don’t do business with BoA, but I do have a Citi credit card that I use rarely. Why would I change? Personally, I don’t really care who runs the banks, as long as I know my money is safe. I don’t have any outstanding loans and my credit cards are paid off – at the moment.
References :
I have credit cards with both banks, and won’t be paying off the balances anytime soon, so I don’t have much choice.
Truthfully, if I had the option to stop using them it would be more for customer service (or lack thereof) reasons.
I’m not especially keen on the level of government involvement that we’re likely to see in the banking industry, but as for whether or not I want the government knowing what I use my credit cards for? Why do you think they don’t already know if they want to. Police departments can subpoena any credit records as evidence if they so desire, so I don’t see a huge difference between now and the "future".
That being said, I don’t do anything that I’d be worried about anyone seeing either, so…I suppose it depends on your purchasing habits, and the level of tolerance you have for privacy vs. government.
References :
I personally will. I have banked with Citibank for several years and generally like their service. It is not perfect. It’s been frustrating that they continue to drop their interest rate for my savings account, but all in all, I like the bank. Citibank has lots of locations, which is really important to me. It also has an online system that is very easy to use. Most importantly, it’s a huge pain to switch banks, so unless there is a much better offer at another bank, I plan to continue to use Citibank, regardless of whether it gets nationalized or not.
References :
At the beginning of the credit crisis, it looked like the banks would be nationalized. That has not happened. Instead, the private, free-enterprise banks are being given billions of taxpayer dollars. The banks will be fine.
Anyway, there are many confidentiality laws in the U.S. A doctor is not allowed to tell people about your health, unless he thinks you are about to hurt someone. A lawyer is not allowed to tell anyone about your case, unless he knows you are about to commit a serious crime. A banker is not allowed to tell anyone about your finances, unless there is a court order requiring it. There are provisions having to do with money laundering and national security in effect, it’s true. Bank nationalization would not affect these rules.
Anyway, how on earth could any bureaucracy keep track of all the checks everyone writes? It would have to hire all the unemployed, and make them work overtime.
References :