63% Of Americans can't cover a $500 Emergency...

[Chizzang]

add to that:
Pew Charitable Trusts reported that one in three American families have no savings at all.

In December, Magnify Money released the results of a study that found that 56.3% of people have less than $1,000 in their checking and savings accounts combined. Sensing a trend? You should: America's saving struggle has been a problem year after year after year.


https://www.forbes.com/sites/maggiemcgr ... 1929f44e0d

[css75]

But I sure see lots of new cars and F150 type trucks out there. We are a society that has to have satisfaction now. People no longer save like they should. Hopefully this changes.


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[AZGrizFan]

U.S. personal savings rate dropped from 5-6% historically to 2.5-3.5% in mid-2017. Apparently people decided that Trump really WAS ushering in the end of the world, and said "fuck it, you can't take it with you!"

[Gil Dobie]

Many have invested, instead of putting money in a low interest savings account. I have a couple accounts that I could pull money out of, in an emergency.

[AZGrizFan]

Many have invested, instead of putting money in a low interest savings account. I have a couple accounts that I could pull money out of, in an emergency.

Here it is back to the '50's. As you can see, we're back to the heady "non-saving" days just prior to the great recession....

[Ivytalk]

Many have invested, instead of putting money in a low interest savings account. I have a couple accounts that I could pull money out of, in an emergency.

Here it is back to the '50's. As you can see, we're back to the heady "non-saving" days just prior to the great recession....

How are deposits coming along at your institution, AZ?

[AZGrizFan]

Here it is back to the '50's. As you can see, we're back to the heady "non-saving" days just prior to the great recession....

How are deposits coming along at your institution, AZ?

Like pulling fuckin' teeth, Ivy.

WAAAAY more upward pressure on deposit rates to attract dollars than there is a matching ability to raise loan rates to keep the net interest margin intact.

[Chizzang]

How are deposits coming along at your institution, AZ?

Like pulling fuckin' teeth, Ivy.

WAAAAY more upward pressure on deposit rates to attract dollars than there is a matching ability to raise loan rates to keep the net interest margin intact.

Hows that work AZ ?
Chase Bank keep begging me to open a checking account with $25K in it
I don't bank with them I bank with USAA but have a Chase Visa, can they see what's in my USAA account..?

[AZGrizFan]

Like pulling fuckin' teeth, Ivy.

WAAAAY more upward pressure on deposit rates to attract dollars than there is a matching ability to raise loan rates to keep the net interest margin intact.

Hows that work AZ ?
Chase Bank keep begging me to open a checking account with $25K in it
I don't bank with them I bank with USAA but have a Chase Visa, can they see what's in my USAA account..?

There are data points out there that project specific lifestyles that are equated with having "money" and then those are target marketed to. It's a very tough market out there right now for deposit dollars. We are paying through the nose for them.

[Chizzang]

Hows that work AZ ?
Chase Bank keep begging me to open a checking account with $25K in it
I don't bank with them I bank with USAA but have a Chase Visa, can they see what's in my USAA account..?

There are data points out there that project specific lifestyles that are equated with having "money" and then those are target marketed to. It's a very tough market out there right now for deposit dollars. We are paying through the nose for them.

Are you guys doing the open a checking account and we'll give you $500 for $15,000
and $1,000 for $25,000

[AZGrizFan]

There are data points out there that project specific lifestyles that are equated with having "money" and then those are target marketed to. It's a very tough market out there right now for deposit dollars. We are paying through the nose for them.

Are you guys doing the open a checking account and we'll give you $500 for $15,000
and $1,000 for $25,000

Nope. Those accounts NEVER stay or even GET active. It's money flushed down the toilet, essentially.

[Silenoz]

Many have invested, instead of putting money in a low interest savings account. I have a couple accounts that I could pull money out of, in an emergency.

Here it is back to the '50's. As you can see, we're back to the heady "non-saving" days just prior to the great recession....

To be fair, what exactly did people have to spend money on in the '50s? A car, a tube TV, a rotary phone, and you're set.

[Chizzang]

Are you guys doing the open a checking account and we'll give you $500 for $15,000
and $1,000 for $25,000

Nope. Those accounts NEVER stay or even GET active. It's money flushed down the toilet, essentially.

So whats the trick to getting folks to have larger checking account balances and "deposit dollars" as you say..?

[Ibanez]

Nope. Those accounts NEVER stay or even GET active. It's money flushed down the toilet, essentially.

So whats the trick to getting folks to have larger checking account balances and "deposit dollars" as you say..?

Maintaining an account balance for a set period of time.


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[css75]

Here it is back to the '50's. As you can see, we're back to the heady "non-saving" days just prior to the great recession....

To be fair, what exactly did people have to spend money on in the '50s? A car, a tube TV, a rotary phone, and you're set.

True, but those items cost a greater % of a person’s income as they were more expensive then.


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[Chizzang]

So whats the trick to getting folks to have larger checking account balances and "deposit dollars" as you say..?

Maintaining an account balance for a set period of time.

I think I phrased my question improperly

[AZGrizFan]

Maintaining an account balance for a set period of time.

I think I phrased my question improperly

THe answer is: Rate. It’s a zero sum game, and with online banks paying ridiculous rates its become very hard to compete....not only are people saving less, but banks are paying more FOR what few dollars there are out there...

[kalm]

But according to some the middle class is doing fine!

(Of course it’s all their fault for spending beyond their means...which coincidently also drives 2/3 of the economy...but still, those greedy ungrateful bastards!)

[CID1990]

Nope. Those accounts NEVER stay or even GET active. It's money flushed down the toilet, essentially.

So whats the trick to getting folks to have larger checking account balances and "deposit dollars" as you say..?

Have them put more money in their accounts

sheesh I have to spoon feed even clitz

[CAA Flagship]

Many have invested, instead of putting money in a low interest savings account. I have a couple accounts that I could pull money out of, in an emergency.

This.
I have a savings account. It has $25 in it. I think I was forced to have it in order to open the checking account at my CU. But my money in my brokerage account is more liquid today than ever before. There are checks, ATM cards, and credit cards tied to the account (I only have the checks). Money not invested is earning interest.

The long term chart that AZ provided is almost inversely related to the stock market/economy.

[Chizzang]

Many have invested, instead of putting money in a low interest savings account. I have a couple accounts that I could pull money out of, in an emergency.

This.
I have a savings account. It has $25 in it. I think I was forced to have it in order to open the checking account at my CU. But my money in my brokerage account is more liquid today than ever before. There are checks, ATM cards, and credit cards tied to the account (I only have the checks). Money not invested is earning interest.

The long term chart that AZ provided is almost inversely related to the stock market/economy.

Except that's not quite accurate...
the top 10% of Americans own 84% of all stock
Interesting to note: only 27% of Americans have more than$10,000 in stock value

http://time.com/money/5054009/stock-own ... t-richest/

[Gil Dobie]

This.
I have a savings account. It has $25 in it. I think I was forced to have it in order to open the checking account at my CU. But my money in my brokerage account is more liquid today than ever before. There are checks, ATM cards, and credit cards tied to the account (I only have the checks). Money not invested is earning interest.

The long term chart that AZ provided is almost inversely related to the stock market/economy.

Except that's not quite accurate...
the top 10% of Americans own 84% of all stock
Interesting to note: only 27% of Americans have more than$10,000 in stock value

http://time.com/money/5054009/stock-own ... t-richest/

The way I read it, it says 27% of the middle class had over $10,000 in stock value. According to the article, that's 27% of the total between the 20% of the poorest and 20% of the richest. Makes that number even lower than 27% of Americans, actually 27% of 60%.

The article also states, nearly half of American's had some value in stock, and it clearly states 10% have most of the stock value.

Some are into other investments beside stocks, like precious metals, real-estate, collectibles etc.

Article on the 401K trend.
CNBC link

Pew found that only 52 percent of millennials with plans available are making contributions. In contrast, a full 80 percent of boomers and 75 percent of Gen-Xers are.

[CAA Flagship]

This.
I have a savings account. It has $25 in it. I think I was forced to have it in order to open the checking account at my CU. But my money in my brokerage account is more liquid today than ever before. There are checks, ATM cards, and credit cards tied to the account (I only have the checks). Money not invested is earning interest.

The long term chart that AZ provided is almost inversely related to the stock market/economy.

Except that's not quite accurate...
the top 10% of Americans own 84% of all stock
Interesting to note: only 27% of Americans have more than$10,000 in stock value

http://time.com/money/5054009/stock-own ... t-richest/

How much of the 27% is included in the 63%?
The remainder is clearly the result of Obamanomics.

[AZGrizFan]

Except that's not quite accurate...
the top 10% of Americans own 84% of all stock
Interesting to note: only 27% of Americans have more than$10,000 in stock value

http://time.com/money/5054009/stock-own ... t-richest/

How much of the 27% is included in the 63%?
The remainder is clearly the result of Obamanomics.

6.93%.

[Chizzang]

Laugh it up...
The picture isn't pretty no matter from which direction you look at it



we've got an interesting problem looming in the not too distant future