Unfortunately big or small doesn't matter, the make or break is Basel3/ISO 20022 compliance.
(among other things it's a chain of custody like system that makes money laundering impossible)
Any bank or credit union that isn't compliant won't be able to exchange money(any money) with compliant banks(not compliant with the new system? well that's tough shit sonny but we can't risk trading with you), chances are you wouldn't even be able to make a private fund transfer or pay a bill between the two.......
Kinda hard to stay afloat when no one will take your 'money' and no one can/will transfer you any of theirs(bank executives literally being lynched in streets/beaten to death by mob and banks burned to the ground because they don't have physical means(gold or similar) to give their customers their money or to transfer to a complaint bank and taking what there is to cover themselves...it will be , ugly..)
I was mostly referring to knowing my Banker, Manager, etc. Been with the same Credit Union when I was poor, and now that I am... not poor. :) Always treated amazingly.
That IS actually a very likely outcome if you have a loan with a non Basel/ISO compliant bank, if you also have money in that bank then things are likely to be a lot less cheerful....
I first saw this story from a different source, and felt like it was some sort of "crash" comms immediately, without seeing that it occurred by a bank of America. It just seems like an odd story, like it was planned or forced.
It might be big, or nothing… Bank of America is big in Wilmington… in fact they had their lips planted on Biden’s arse for decades. I expect them to be in Wilminington, but seems a bit coinkidinky.
Only the ones that aren't Basel 3/ISO 20022 compliant, the compliant ones are likely fine barring too close financial ties to a bank that isn't compliant...
game stops on the rise, so maybe.
Probably not. ¯/_(ツ)_/¯ But, also, use a credit union.
Unfortunately big or small doesn't matter, the make or break is Basel3/ISO 20022 compliance.
(among other things it's a chain of custody like system that makes money laundering impossible)
Any bank or credit union that isn't compliant won't be able to exchange money(any money) with compliant banks(not compliant with the new system? well that's tough shit sonny but we can't risk trading with you), chances are you wouldn't even be able to make a private fund transfer or pay a bill between the two.......
Kinda hard to stay afloat when no one will take your 'money' and no one can/will transfer you any of theirs(bank executives literally being lynched in streets/beaten to death by mob and banks burned to the ground because they don't have physical means(gold or similar) to give their customers their money or to transfer to a complaint bank and taking what there is to cover themselves...it will be , ugly..)
I was mostly referring to knowing my Banker, Manager, etc. Been with the same Credit Union when I was poor, and now that I am... not poor. :) Always treated amazingly.
If it is comms then it's time to trade puts on BOA. LMFAO
Beat you to it
Cool, let my car loan liquidate along with the bank
That IS actually a very likely outcome if you have a loan with a non Basel/ISO compliant bank, if you also have money in that bank then things are likely to be a lot less cheerful....
Correct, this news report was accurate, all the rest are fake news.
jesus Hunter lives in your guys's heads rent free, doesn't he
Anyone on a debt reduction program should realize the banks may well collapse before settlement agreements arrive. It is now a race...to zero??
Hmmmm…dunno. But nice dot connecting.
I first saw this story from a different source, and felt like it was some sort of "crash" comms immediately, without seeing that it occurred by a bank of America. It just seems like an odd story, like it was planned or forced.
...3 day weekend coming up, what a Xmas present that would b
JP Morgan usually likes Christmas surprises doesn’t he?
Well, so far there have been warnings about Big banks going tits up....
Namely BOA, We'lls Fuckyou, JPMorgan, Chase, along with a few others, mainly Internationals....
Seems to be directly connected to the Trillions that Congress has been doleing out to Ukraine and Israel....
Place your bets on the race to the bottom for the money masters.
It might be big, or nothing… Bank of America is big in Wilmington… in fact they had their lips planted on Biden’s arse for decades. I expect them to be in Wilminington, but seems a bit coinkidinky.
Yes!
Not all banks though.
Only the ones that aren't Basel 3/ISO 20022 compliant, the compliant ones are likely fine barring too close financial ties to a bank that isn't compliant...