^^ know a lot of customers who show that same resentment. Yet BAC's business model focuses on multiple models, such as mortgages, credit cards, global banking, investment banking, etc. Retail banking makes up how much of their profit (loss? HAHA)
interesting points you folks make. I got a question for those with BAC credit cards....let's say you have excellent credit score, 750+......what is the rate they charge you on the credit card?
damn. how much lower can this get? I really want to buy a huge chunk and throw it in my IRA. But something keeps nagging me. What is the appropriate P/E for this company? I thought Ken Lewis was Mr. Cautious, but only 48 hours of due diligence on MER? As I recall he relied on JC Flowers' research on MER......did JC Flowers drop the ball? i thought they were reputable I'm not trying to point fingers here, as obviously this is a very complex situation, but ........damn
What is the appropriate P/E for this company? Are you kidding us? If there are no earnings, then how do you propose to put a valuation on the company? More importantly, in case you haven't noticed, BAC needed a (generous) government handout in order to remain solvent.
What company would that be? I got a credit card with Chase 5 years ago. 2 years ago they tripled my rate from 8-24%, even though I have perfect credit history on all of my accounts. 2 days ago they sent me another notice raising my rate again. 20% plus prime. Also, a month after they bought out WAMU, they doubled my rate on that card, so I closed the account to keep the current terms. This is legal theivery. Every single one of these companies needs to go out of business.
There is a cloud hanging over the market saying the value of any opaque asset is 0, and will never be worth any more. I think this is a "contestable cloud," and when (eventually) the feds succeed in 'inflate or die,' there is a chance these 'opaque assets' will be worth hell of a lot more. In the meanwhile, BAC has got to pay 3.6B/yr in debt service costs to that 45B I think... Once they can be done with these preferred obligations, I wouldn't be surprised to see this and other stocks at 3-4x current value. But such a call will get nothing but ridicule...!!! So I think in the near term the only thing supportive of this (or anything XLF) is some belief that the future will hold recovery in store. Right now, no one believes in even the late 09 recovery. (otherwise, this shit would be going up)
sandybestdog, what are your credit scores? you may have a low one even if you have been paying on time. that may be why they're hitting you with the APR raises out of the blue. you should not have closed that credit account. you should have paid off the balance and made small charges on it to keep the account active.
0% to start. Then when you use it and have a balance you canât pay off right away, theyâll jack it up to 25% even though you have perfect payment history.
Credit score is about 670, perfect payment and account history on all accounts. Pay it off with what? Iâm not a bank, I canât xerox money or get a bailout. Of course I should have paid it off instead of closing it. I used the credit, but never thought theyâd jack the rate to 25% for no reason. For 2 years most of the payments have gone to interest. Iâll never be able to pay them off at the rate Iâm going. Google this. I am not the only one. Many people are dealing with this same problem. It's capitalism and free markets gone wild.