Bye Bye Banks and Wall Street - Page 37

Alex · 11-14-2008, 12:41 PM

Generally, the issue of placing deposit holds is no longer in the hands of the tellers. There are broad general rules and then there are also back end tools that use complex risk evaluations to determine if there needs to be a hold. That's why tellers frequently couldn't say why a hold has been placed if it is outside those broad categories. It could be (just as an example) that the risk analysis software has noticed a pattern of fraudulent cashier checks in your town deposited to accounts newer than 90 days.

The amount of check fraud out there is amazing and the tools we love for making banking easier just make that easier as well. But deposit holds are among the biggest customer complaints and I can assure you the customer facing bankers behind them generally don't like them much better than the customers.

Kevy Baby · 11-21-2008, 07:33 PM

With Berkshire Hathaway stock going up $12,500.00 per share today to close at $90,000.00, Warren Buffet made $4,375,000,000.00 (four point three seven five BILLION dollars) today.

I'm not sure how much sting it takes off the $25,952,500,000.00 (almost 26 BILLION dollars) that he had lost since December of 2007 (when the stock peeked at $151,650.00).

I don't know why, but it amuses me to follow BRK.A stock.

Alex · 11-27-2008, 09:53 AM

Since some here know about it, I figured I'd mention my fate in the "bye bye banks" environment.

The official announcements to all WaMu employees were made earlier this week (as you probably saw from news stories).

Everybody was in one of three groups:

1. Good bye! This group was given 60 days notice of termination and many were told this essentially meant they could stop coming to work immediately. Standard severance package paid at end of 60 days.

2. Transitional, or Good bye soon! This group is viewed as important to migrating WaMu functions to Chase. Most were given a termination date of June 30. Pretty good incentive package paid out at end if you don't leave, plus standard severance.

3. Hello, or We Love You Long Time! This group was told that they have a continuing position with JP Morgan Chase.

I'm not entirely sure why, but I am somehow in that third bucket. Within my immediate group of 30 or so people I was one of two. I don't know if this is good because they don't seem to have decided yet what exactly my job will be going forward so I don't know if, long term, I'll even want it. But at least it is stability and I'll have a job to hold while looking for work if I don't like it.

innerSpaceman · 11-27-2008, 10:08 AM

Well, want it or not, I'm very pleased they love you long time. Happy Thanksgiving, Alex.

Andrew · 11-27-2008, 12:35 PM

Quote:

Originally Posted by Alex

I'm not entirely sure why, but I am somehow in that third bucket. [...]
But at least it is stability and I'll have a job to hold while looking for work if I don't like it.

Quote:

Originally Posted by innerSpaceman

Well, want it or not, I'm very pleased they love you long time. Happy Thanksgiving, Alex.

What iSm said.

Cadaverous Pallor · 11-27-2008, 11:10 PM

That's good news, Alex, congrats.

Morrigoon · 12-01-2008, 05:49 PM

Just heard on ABC: the recession is finally official. And it's existed since last December (duh).

wendybeth · 12-01-2008, 07:22 PM

Well, the rich are finally feeling the pinch, Morri. That signifies the start of any sort of economic difficulty. I literally lol'd when I read that earlier today. Like you said: duh.

JWBear · 12-12-2008, 10:57 AM

My agency will be laying-off 210 employees in January. This is not good.

Kevy Baby · 12-12-2008, 03:52 PM

Quote:

Originally Posted by JWBear

My agency will be laying-off 210 employees in January. This is not good.

I thought you worked for the county gov'ment?

11-14-2008, 12:41 PM	#1
Alex . Join Date: Feb 2005 Posts: 13,354	Generally, the issue of placing deposit holds is no longer in the hands of the tellers. There are broad general rules and then there are also back end tools that use complex risk evaluations to determine if there needs to be a hold. That's why tellers frequently couldn't say why a hold has been placed if it is outside those broad categories. It could be (just as an example) that the risk analysis software has noticed a pattern of fraudulent cashier checks in your town deposited to accounts newer than 90 days. The amount of check fraud out there is amazing and the tools we love for making banking easier just make that easier as well. But deposit holds are among the biggest customer complaints and I can assure you the customer facing bankers behind them generally don't like them much better than the customers.
	Submit to Quotes

11-21-2008, 07:33 PM	#2
Kevy Baby Chowder Head Join Date: Jan 2005 Location: Yes Posts: 18,500	With Berkshire Hathaway stock going up $12,500.00 per share today to close at $90,000.00, Warren Buffet made $4,375,000,000.00 (four point three seven five BILLION dollars) today. I'm not sure how much sting it takes off the $25,952,500,000.00 (almost 26 BILLION dollars) that he had lost since December of 2007 (when the stock peeked at $151,650.00). I don't know why, but it amuses me to follow BRK.A stock. __________________ The thing about quotes on the internet is that you cannot verify their validity. - Abraham Lincoln
	Submit to Quotes

11-27-2008, 09:53 AM	#3
Alex . Join Date: Feb 2005 Posts: 13,354	Since some here know about it, I figured I'd mention my fate in the "bye bye banks" environment. The official announcements to all WaMu employees were made earlier this week (as you probably saw from news stories). Everybody was in one of three groups: 1. Good bye! This group was given 60 days notice of termination and many were told this essentially meant they could stop coming to work immediately. Standard severance package paid at end of 60 days. 2. Transitional, or Good bye soon! This group is viewed as important to migrating WaMu functions to Chase. Most were given a termination date of June 30. Pretty good incentive package paid out at end if you don't leave, plus standard severance. 3. Hello, or We Love You Long Time! This group was told that they have a continuing position with JP Morgan Chase. I'm not entirely sure why, but I am somehow in that third bucket. Within my immediate group of 30 or so people I was one of two. I don't know if this is good because they don't seem to have decided yet what exactly my job will be going forward so I don't know if, long term, I'll even want it. But at least it is stability and I'll have a job to hold while looking for work if I don't like it.
	Submit to Quotes

11-27-2008, 10:08 AM	#4
innerSpaceman Kink of Swank Join Date: Jan 2005 Location: Inner Space Posts: 13,075	Well, want it or not, I'm very pleased they love you long time. Happy Thanksgiving, Alex.
	Submit to Quotes

11-27-2008, 11:10 PM	#6
Cadaverous Pallor ohhhh baby Join Date: Jan 2005 Location: Parental Bliss Posts: 12,364	That's good news, Alex, congrats.
	Submit to Quotes

12-01-2008, 05:49 PM	#7
Morrigoon I throw stones at houses Join Date: Jan 2005 Location: Location: Location Posts: 9,534	Just heard on ABC: the recession is finally official. And it's existed since last December (duh). __________________ http://bash.org/?top "It is useless for sheep to pass a resolution in favor of vegetarianism while wolves remain of a different opinion." -- William Randolph Inge
	Submit to Quotes

12-01-2008, 07:22 PM	#8
wendybeth Nevermind Join Date: Jan 2005 Posts: 7,847	Well, the rich are finally feeling the pinch, Morri. That signifies the start of any sort of economic difficulty. I literally lol'd when I read that earlier today. Like you said: duh. __________________
	Submit to Quotes

12-12-2008, 10:57 AM	#9
JWBear Worn Romantic Join Date: Feb 2006 Location: Long Beach California Posts: 8,435	My agency will be laying-off 210 employees in January. This is not good. __________________ Unrestrained frivolity will lead to the downfall of modern society.
	Submit to Quotes