patrick.net

I plan to buy some at the end of december assuming the price stays low then hold for a year. I bought citi back when it was $3.95/sh and it traded sideways for about 4 mos so I pulled out. Then the stock went to $30/sh and I beat my wife. She kinda had it comin though.

These TBTF banks always find a way to come back. The system will not let them fail because they control the system. The Fed Res is their betch. That's why Ron Paul gets no media love. could you imagine if we really did audit the Fed. I mean a true open up the books audit and not a "please hand us the files you have so we may take a look". I mean a raid on the Fed Res with no warning.

Got my eye on Alcoa as well

smp9 says

Then the stock went to $30/sh and I beat my wife. She kinda had it comin though.

I would not buy BOA stock.

JG1 says

Not really wearing that thin on me. I don't use debit cards, first off, and don't see any reason why I'd want to over a credit card, except the ATM feature, which is limited usually to $60, so not much use anyway - I like to take out $300-500 at a time and actually wish they'd raise the BofA ATM limit. Last I looked, which admittedly has been a while, bank ATM fees were on the rise, and even if your bank didn't charge a fee for using another bank's ATM, the other bank did.

Agree on services, but doubt any other bank is that much better, for the same level of fees/deposit requirements. (Yes, if you have a lot of money on deposit as a "private client" you can probably get treated better elsewhere.)

No idea on the bank as a stock.

I will hazard you are in the minority here as far as financial practice. In my experience most people do not carry large sums of cash on them. I'm not sure how you use the withdrawn sum, but do you find your average transaction size is about 20-40 dollars? That's right within the 60-80 dollar limit of cash back at retail and typically I carry at most, 80 dollars on my person max. With a CC, Debit card, and a small sum of cash you can field just about any normal daily transaction you hit, and I believe this is likely the norm.

Again, in my experience, having almost no cash on hand seems to especially be true of the current batch of 20 somethings, the millennials. They are very comfortable with digits in a computer being their money, and typically their wallets are empty except for plastic of some sort (my typical week of group lunches with younger co-wrokers attests to this when the bill comes to the table).

My prediction is similar to Blockbuster, and brick and mortar book stores, physical locations are soon going to haunt BofA as a weakness. Modern digital banking doesn't require large scale physical branch presence. Couple this with the current housing market which they are entrenched in, and the big banks are bad sentiment, and they are not a very appealing institution to invest in, in my mind.

If you doubt the service and rates, even for small accounts, are better elsewhere you should really check out your local credit union or alternatives to the larger banks. My experience has been that they very much appreciate their customers, give great interest, and very low fees. They value individual accounts more because they have less of them. No need to move your money for any political reasons, you can move your money for plain money money reasons! :)

Actually the stock market is interesting in that it paralled Oil in many respects. In Jimmy Carters day it was at 800 pts. No one cared to much I guess.

I consider it a swindel for one reason. You have no asset. Nothing. Not even a pen from a bank. Thats enough to make me stay away from it. It goes to 0 im screwed there is nothing backing it.

I can get into banks and who handles the transactions and everything else its all bullshit to me. Its basically compensation. Take a good look at it. It's compensation to a certain select. Even the people of occupy are screaming this in the city street.

smp9 says

I beat my wife. She kinda had it comin though.

:)

BAC will probably do a reverse split to cut down on the high day trading volume. This is what Citi did also & for the same reason. Since the split was 1 for 10 the $30 price now is really $3. So the poster that had the old stock at $3.95 is still under water. There are a lot of better risks than CIti or BAC.

rewrew7 says

The convenience angle, the fear of not having an ATM you won't be charged for using, is wearing very thin.

It has been thin for a while. There are credit unions that have better ATM networks than BofA.

JG1 says

I like to take out $300-500 at a time and actually wish they'd raise the BofA ATM limit.

Isn't the BofA ATM limit $500/daily? It was when I had an account there a few years ago.

rewrew7 says

If you doubt the service and rates, even for small accounts, are better elsewhere you should really check out your local credit union or alternatives to the larger banks. My experience has been that they very much appreciate their customers, give great interest, and very low fees. They value individual accounts more because they have less of them. No need to move your money for any political reasons, you can move your money for plain money money reasons! :)

Same experience here. The credits unions I use have been faster at rolling out other convenience features like online deposit as well. The political reasons are also good reasons for leaving big banksters, but the customer service and monetary benefits are great reasons too.

Stocks are so manipulated that even recovering companies shares take forever to go up...

I would stay away from BOFA

ArtimusMaxtor says

So sweep prejudice and intolerance aside. I'm not a GD fool. Now it becomes a small group of some really clever swindelers. That likes to toss the kitchen sink and and everything else and lets everyone fight over it religious style. Screw them.

Have you tried decaf?

repo4sale says

DON'T LISTEN TO POOR PEOPLE! ONLY RICH INVESTORS!!

I only listen to people who type in all caps.

www.straightmoneyanalysis.com says to put your money in a Credit Union, or the likes. Look at what happened to Gerald Celente. The poor guy bought a contract that was supposed to be delivered on and instead they stole hundreds of thousands of dollars and he never got to take possession of his gold/silver. I heard today that there is no law that says that a bank can't take your money. now that's scary. I wonder if the FDIC insures against bankster theft? My Wells Fargo Account is being transferred to the CU.

By the way, B of A sucks.

I guess a good follow up question would be - if you buy now, are you going to bail if it hits 10, or what is your time horizon for it?

I'm in with a stop loss at $3. On the other end, I'm not totally sure - I'm fine with doubling up by mid-2014.

I've heard that BAC is essentially insolvent but I've never looked at the financials on them, which I would guess are a mess.

APOCALYPSEFUCK is Tony Manero says

Hahahaha! What can you do? Do? Hahahahaha! You can fucking die, asshole, and take your satanic goddamn bank to hell with you!

This warmed the cockles of my heart.

I have noticed the branch managers at banks/CU's are more friendly these days than usual. They seem to be trolling for kool-aid drinkers. When they find out you are not one to pile on debt they cease to be your newfound friend.

I think BAC IS a great buy!! You would be stupid not to invest. Today 1-24-12 the stock is around 6.25 a share already up 20 percent from your five dollars. It does pay a dividend as well. But we should patient, If you got the wind knocked out of you, you probably get up slower too..

Be smart says

I think BAC IS a great buy!!
...
But we should patient, If you got the wind knocked out of you, you probably get up slower too..

I want to kick the shit out of them. lol
Joking aside. Uncle Ben's plan to squeeze old folks out of parking $ in T-bills and bonds is working.
geezers like IBM,Mcd,Intel,Msft,Bac...
(Edit: sorry, BAC pays little dividend, I won't touch it. )
High yield and familiar - low risk.
IBM dividend history:

Been workin out for me. I bought on 12/30 and I'm up 30%. Alcoa is another I bought on same date and it's up 16% so far.

Roman says

I believe BOA will go down; cut and divided. Buffet is anticipating it, that's why he bought that large amount of preferred shares

The key there is preferred shares, not common shares. The commoners will get fucked as always.

Dan8267 says

Side note: Even though some banks will not charge you for using a "foreign" ATM, the bank/company that owns the ATM will certainly charge you.

Some banks are now reimbursing you for other banks ATM fees - my bank covers up to $15 dollars in fees per month (more than I use in a month) so I don't care what ATM I use.