Posted on 03/15/2023 3:18:26 PM PDT by dennisw
With 'goliaths' like JP Morgan also 'winning', analysts say
Jittery customers are flocking to major banks in the wake of the SVB collapse One analyst said 'Goliath is winning' as some speed up their onboarding process to cope with the new demand It comes as SVB's spectacular fall from grace continues to wreak havoc on Wall Street
Bank of America has reportedly raked in $15 million in new deposits as customers flee small lenders for 'too big to fail' firms in the wake of the Silicon Valley Bank collapse.
So-called 'goliath' banks such as JP Morgan and Wells Fargo are being inundated with applications, with some taking steps to speed up the onboarding process.
Meanwhile another senior banking executive told the Financial Times: 'The calls have been coming in today like airplanes stacked on a snowy day at O'Hare airport.'
Insiders also told Bloomberg that around $15 billion has been deposited to the Bank of America alone.
The Bank told dailymail.com it would not comment on the figure and that deposit numbers were only disclosed during their earnings reports.
JPMorgan has reportedly shortened the wait time for opening an account and is speeding up the time it takes for new corporate customers to access funds so they can pay staff at the end of the week, the Financial Times reports.
(Excerpt) Read more at dailymail.co.uk ...
How far will the dominoes fall?
It’s all by design, and just like watching an episode of Yellowstone, where they herd the cattle back to the “safety” of the (government) pen. The un/ill informed amongst us will panic, there will be runs on smaller, regional, and local banks due to the fact that “the big 4” will make them “offers they can’t refuse” where deposits, and investments are concerned. The “big 4” banks essentially are the Federal Reserve, are balls deep in the administration as a public /private partnership (fascism) through their DEI, and ESG policies from which only they benefit. All of this draws “the herd” closer to the end result which is the CBDC. Central Bank Digital Currency. WHEN this is implemented, all of our rights, and freedoms will be lost.
No BOA or WF for me, either-personal reasons as well-and they are too big to to concern themselves with or notice that working class folk like me might be a customer...
All part of the plan.
More and more centralization.
They simply won’t pay any interest on these deposits, and buy 3-month Treasuries at 4.5%. They can make plenty of money that way.
My WF branch here in York (PA) is great to deal with. My broker made way too much money for me, in 2021. I have 2 IRAs, a Liquid Brokerage Acct, Checking and Savings. But I’m pulling $10k every month to stash in my huge Cannon T65 gunsafe.
I call it “Bank Against America”
The large banks that are Primary Dealers are the most connected (mafia style) and too big to fail. Here is the list.
***. banking crisis sends $ to the big banks. Seeing a pattern. ***
Consolidation in prep for DCB. Digital Central Bank(ing). where they can steal in cahoots with Big Fed.
No anti ESG purchases allowed. No pro 2A purchases allowed.
As with most things, we will be left with a few huge banks, under the thumb of government and politics.
Credit unions are better.
Imo
They sure are.
“...we will be left with a few huge banks...”
Only until we have only the Federal Reserve Bank to serve man.
[It’s a cookbook...]
Cash under yr mattress can out perform the stock market sometimes. I know it did in the 2008 era. Plus many prices of goods were declining. My advice is cash-stash in 20s and 50s. 10s too just in case the USG bring in a crypto-dollar of sorts. And screws the people who hold/hoard cash in 100 dollar bills.
Interesting - I did similar and just got a cashier’s check *today from Wells - the entire amount of the account less $100.00. It’s going to a local bank that has no exposure to the crap the large and regional banks do.
I will probably do something similar with another acxount, though it’s more active and harder to move.
Wells Fargo looks like an under-staffed McDonalds when I go in. They’ve done nothing but close branches, and now even the drive-thru at the last branch in my area is closed.
I had to go inside and stand in line for 20 minutes to make a deposit.. like it’s 1977.
With everything I’m seeing and reading, I cannot trust them either.
“They simply won’t pay any interest on these deposits, and buy 3-month Treasuries at 4.5%.”
That’s where I’ve gone at the moment. I’ve totally run on my banks.
We’ve been in a Recession since Jan 21, 2021, and this Summer we’re going into an economic Depression. Not on 1929’s scale, but one nevertheless.
Honestly, I have had people tell me for 35 years now, that
Bank of America was the worst there was.
I’ve never had a single issue with them.
Same here, for the past 26 years.
I’m trying to remember who bought a ton of BOA when it was like $5 a share...made a killing
I haven’t trusted Wells for decades.
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