[all]

[quote=edna_mode]I had to report Chase to their national regulator due to the runaround they gave me to close a dormant account. I finally wrote to Jamie Dimon (CEO) directly to put a stop to it.

In a separate issue, they managed to drop a digit off my mailing address and NOT INFORM me that there was a balance outstanding for a few months (despite having email and phone for me which were correct). The rep even mentioned that the letters had bounced to them to that nonexistent address. I had to go to the executive office to waive all the fees.

Finally, have you seen their horrible website? I changed cc numbers over time (moved from airline to cash rewards; they sometimes send out a new #), and they NEVER DELETE the old cc#s. So it looks like you have 8 accounts when you might have 3 cards. You can only get 90 days of historical transactions.

While the individual people seem to be trying their best, the institutional dysfunction overwhelms their efforts.[/quote]

This comes close to what I experienced with Chase.
I canceled my CC with them (or I thought I did) in late 2007. In March 2009 they charged me an annual ‘dormant account’ fee, followed by May and June late fees. I received no letter or email – they changed my preference to paperless bill and SpamAssassin blocked the emails, presumably.

They reported me to credit agencies and reduced my rating by ~60 points. I learned about the whole thing when I applied for a loan and saw my credit score down to ~740 from >800.
Then Citi canceled my wife’s 5% cash-back Shell card due to delinquency on a linked (Chase) account, since she had me added to her account.

The rating agencies were quick to react when I complained. I was pleasantly surprised by that.

The whole thing reinforced my opinion of technology-enhanced business process – if you are covered by the basic use case you solve your do your thing with few clicks (get money from ATM, transfer money between banks and accounts, register your vehicle, change address…) and your life is much easier.
But if you are on one of the alternative paths you are SOL.

[all]

[quote=edna_mode]I had to report Chase to their national regulator due to the runaround they gave me to close a dormant account. I finally wrote to Jamie Dimon (CEO) directly to put a stop to it.

In a separate issue, they managed to drop a digit off my mailing address and NOT INFORM me that there was a balance outstanding for a few months (despite having email and phone for me which were correct). The rep even mentioned that the letters had bounced to them to that nonexistent address. I had to go to the executive office to waive all the fees.

Finally, have you seen their horrible website? I changed cc numbers over time (moved from airline to cash rewards; they sometimes send out a new #), and they NEVER DELETE the old cc#s. So it looks like you have 8 accounts when you might have 3 cards. You can only get 90 days of historical transactions.

While the individual people seem to be trying their best, the institutional dysfunction overwhelms their efforts.[/quote]

This comes close to what I experienced with Chase.
I canceled my CC with them (or I thought I did) in late 2007. In March 2009 they charged me an annual ‘dormant account’ fee, followed by May and June late fees. I received no letter or email – they changed my preference to paperless bill and SpamAssassin blocked the emails, presumably.

They reported me to credit agencies and reduced my rating by ~60 points. I learned about the whole thing when I applied for a loan and saw my credit score down to ~740 from >800.
Then Citi canceled my wife’s 5% cash-back Shell card due to delinquency on a linked (Chase) account, since she had me added to her account.

The rating agencies were quick to react when I complained. I was pleasantly surprised by that.

The whole thing reinforced my opinion of technology-enhanced business process – if you are covered by the basic use case you solve your do your thing with few clicks (get money from ATM, transfer money between banks and accounts, register your vehicle, change address…) and your life is much easier.
But if you are on one of the alternative paths you are SOL.

[all]

[quote=edna_mode]I had to report Chase to their national regulator due to the runaround they gave me to close a dormant account. I finally wrote to Jamie Dimon (CEO) directly to put a stop to it.

In a separate issue, they managed to drop a digit off my mailing address and NOT INFORM me that there was a balance outstanding for a few months (despite having email and phone for me which were correct). The rep even mentioned that the letters had bounced to them to that nonexistent address. I had to go to the executive office to waive all the fees.

Finally, have you seen their horrible website? I changed cc numbers over time (moved from airline to cash rewards; they sometimes send out a new #), and they NEVER DELETE the old cc#s. So it looks like you have 8 accounts when you might have 3 cards. You can only get 90 days of historical transactions.

While the individual people seem to be trying their best, the institutional dysfunction overwhelms their efforts.[/quote]

This comes close to what I experienced with Chase.
I canceled my CC with them (or I thought I did) in late 2007. In March 2009 they charged me an annual ‘dormant account’ fee, followed by May and June late fees. I received no letter or email – they changed my preference to paperless bill and SpamAssassin blocked the emails, presumably.

They reported me to credit agencies and reduced my rating by ~60 points. I learned about the whole thing when I applied for a loan and saw my credit score down to ~740 from >800.
Then Citi canceled my wife’s 5% cash-back Shell card due to delinquency on a linked (Chase) account, since she had me added to her account.

The rating agencies were quick to react when I complained. I was pleasantly surprised by that.

The whole thing reinforced my opinion of technology-enhanced business process – if you are covered by the basic use case you solve your do your thing with few clicks (get money from ATM, transfer money between banks and accounts, register your vehicle, change address…) and your life is much easier.
But if you are on one of the alternative paths you are SOL.

[all]

[quote=edna_mode]I had to report Chase to their national regulator due to the runaround they gave me to close a dormant account. I finally wrote to Jamie Dimon (CEO) directly to put a stop to it.

In a separate issue, they managed to drop a digit off my mailing address and NOT INFORM me that there was a balance outstanding for a few months (despite having email and phone for me which were correct). The rep even mentioned that the letters had bounced to them to that nonexistent address. I had to go to the executive office to waive all the fees.

Finally, have you seen their horrible website? I changed cc numbers over time (moved from airline to cash rewards; they sometimes send out a new #), and they NEVER DELETE the old cc#s. So it looks like you have 8 accounts when you might have 3 cards. You can only get 90 days of historical transactions.

While the individual people seem to be trying their best, the institutional dysfunction overwhelms their efforts.[/quote]

This comes close to what I experienced with Chase.
I canceled my CC with them (or I thought I did) in late 2007. In March 2009 they charged me an annual ‘dormant account’ fee, followed by May and June late fees. I received no letter or email – they changed my preference to paperless bill and SpamAssassin blocked the emails, presumably.

They reported me to credit agencies and reduced my rating by ~60 points. I learned about the whole thing when I applied for a loan and saw my credit score down to ~740 from >800.
Then Citi canceled my wife’s 5% cash-back Shell card due to delinquency on a linked (Chase) account, since she had me added to her account.

The rating agencies were quick to react when I complained. I was pleasantly surprised by that.

The whole thing reinforced my opinion of technology-enhanced business process – if you are covered by the basic use case you solve your do your thing with few clicks (get money from ATM, transfer money between banks and accounts, register your vehicle, change address…) and your life is much easier.
But if you are on one of the alternative paths you are SOL.

[all]

[quote=edna_mode]I had to report Chase to their national regulator due to the runaround they gave me to close a dormant account. I finally wrote to Jamie Dimon (CEO) directly to put a stop to it.

In a separate issue, they managed to drop a digit off my mailing address and NOT INFORM me that there was a balance outstanding for a few months (despite having email and phone for me which were correct). The rep even mentioned that the letters had bounced to them to that nonexistent address. I had to go to the executive office to waive all the fees.

Finally, have you seen their horrible website? I changed cc numbers over time (moved from airline to cash rewards; they sometimes send out a new #), and they NEVER DELETE the old cc#s. So it looks like you have 8 accounts when you might have 3 cards. You can only get 90 days of historical transactions.

While the individual people seem to be trying their best, the institutional dysfunction overwhelms their efforts.[/quote]

This comes close to what I experienced with Chase.
I canceled my CC with them (or I thought I did) in late 2007. In March 2009 they charged me an annual ‘dormant account’ fee, followed by May and June late fees. I received no letter or email – they changed my preference to paperless bill and SpamAssassin blocked the emails, presumably.

They reported me to credit agencies and reduced my rating by ~60 points. I learned about the whole thing when I applied for a loan and saw my credit score down to ~740 from >800.
Then Citi canceled my wife’s 5% cash-back Shell card due to delinquency on a linked (Chase) account, since she had me added to her account.

The rating agencies were quick to react when I complained. I was pleasantly surprised by that.

The whole thing reinforced my opinion of technology-enhanced business process – if you are covered by the basic use case you solve your do your thing with few clicks (get money from ATM, transfer money between banks and accounts, register your vehicle, change address…) and your life is much easier.
But if you are on one of the alternative paths you are SOL.

[all]

[quote=Aecetia]I think it is going to be difficult to define speculative trading from trading and anything that decreases money invested should work as a brake on what I still consider a fragile recovery. If you can show otherwise, then I would like to see how more transaction tax will stimulate Wall Street.[/quote]

Fraction of a penny tax on buying and selling double-inverse REIT ETF three times/day does not sound that cataclysmic to me.

Canceling school buses in Poway or Oceanside will certainly hurt more.

I’d make every effort not to stimulate Wall Street. Au contraire.

[all]

[quote=Aecetia]I think it is going to be difficult to define speculative trading from trading and anything that decreases money invested should work as a brake on what I still consider a fragile recovery. If you can show otherwise, then I would like to see how more transaction tax will stimulate Wall Street.[/quote]

Fraction of a penny tax on buying and selling double-inverse REIT ETF three times/day does not sound that cataclysmic to me.

Canceling school buses in Poway or Oceanside will certainly hurt more.

I’d make every effort not to stimulate Wall Street. Au contraire.

[all]

[quote=Aecetia]I think it is going to be difficult to define speculative trading from trading and anything that decreases money invested should work as a brake on what I still consider a fragile recovery. If you can show otherwise, then I would like to see how more transaction tax will stimulate Wall Street.[/quote]

Fraction of a penny tax on buying and selling double-inverse REIT ETF three times/day does not sound that cataclysmic to me.

Canceling school buses in Poway or Oceanside will certainly hurt more.

I’d make every effort not to stimulate Wall Street. Au contraire.

[all]

[quote=Aecetia]I think it is going to be difficult to define speculative trading from trading and anything that decreases money invested should work as a brake on what I still consider a fragile recovery. If you can show otherwise, then I would like to see how more transaction tax will stimulate Wall Street.[/quote]

Fraction of a penny tax on buying and selling double-inverse REIT ETF three times/day does not sound that cataclysmic to me.

Canceling school buses in Poway or Oceanside will certainly hurt more.

I’d make every effort not to stimulate Wall Street. Au contraire.

[all]

[quote=Aecetia]I think it is going to be difficult to define speculative trading from trading and anything that decreases money invested should work as a brake on what I still consider a fragile recovery. If you can show otherwise, then I would like to see how more transaction tax will stimulate Wall Street.[/quote]

Fraction of a penny tax on buying and selling double-inverse REIT ETF three times/day does not sound that cataclysmic to me.

Canceling school buses in Poway or Oceanside will certainly hurt more.

I’d make every effort not to stimulate Wall Street. Au contraire.

[all]

[quote=SK in CV][quote=captcha]

As someone whose AGI was to high to qualify for education credit (my wife is doctoral student and I spent $2K on my professional development last year) or child credit (and I have three kids) due to the money I made on a side I feel your frustration. My back of the envelope calculation shows that I got to keep about 30 cent of each $ I earned on a side, partially due to poor tax planning.

[/quote]

I think you did your calculation wrong. I just went through about 10 different scenarios using the facts you provided, and can’t get that number any lower than 42 cents of each dollar. And that’s with including all of your side income subject to self-employment tax, which is unlikely. Probably ought to check your math.[/quote]

That’s possible. I assumed 27% federal tax (some was taxed at 25%, some at 28%), 10% CA, $3K credit for three kids, $6K in education expenses for my wife and $2K for me. I had to pay a small fine since I owed $12K, combined.

It felt bad, the side business has little growth potential, I spent most of my ‘free’ time on it and I probably made less than $10/hour, after taxes.

[all]

[quote=SK in CV][quote=captcha]

As someone whose AGI was to high to qualify for education credit (my wife is doctoral student and I spent $2K on my professional development last year) or child credit (and I have three kids) due to the money I made on a side I feel your frustration. My back of the envelope calculation shows that I got to keep about 30 cent of each $ I earned on a side, partially due to poor tax planning.

[/quote]

I think you did your calculation wrong. I just went through about 10 different scenarios using the facts you provided, and can’t get that number any lower than 42 cents of each dollar. And that’s with including all of your side income subject to self-employment tax, which is unlikely. Probably ought to check your math.[/quote]

That’s possible. I assumed 27% federal tax (some was taxed at 25%, some at 28%), 10% CA, $3K credit for three kids, $6K in education expenses for my wife and $2K for me. I had to pay a small fine since I owed $12K, combined.

It felt bad, the side business has little growth potential, I spent most of my ‘free’ time on it and I probably made less than $10/hour, after taxes.

[all]

[quote=SK in CV][quote=captcha]

As someone whose AGI was to high to qualify for education credit (my wife is doctoral student and I spent $2K on my professional development last year) or child credit (and I have three kids) due to the money I made on a side I feel your frustration. My back of the envelope calculation shows that I got to keep about 30 cent of each $ I earned on a side, partially due to poor tax planning.

[/quote]

I think you did your calculation wrong. I just went through about 10 different scenarios using the facts you provided, and can’t get that number any lower than 42 cents of each dollar. And that’s with including all of your side income subject to self-employment tax, which is unlikely. Probably ought to check your math.[/quote]

That’s possible. I assumed 27% federal tax (some was taxed at 25%, some at 28%), 10% CA, $3K credit for three kids, $6K in education expenses for my wife and $2K for me. I had to pay a small fine since I owed $12K, combined.

It felt bad, the side business has little growth potential, I spent most of my ‘free’ time on it and I probably made less than $10/hour, after taxes.

[all]

[quote=SK in CV][quote=captcha]

As someone whose AGI was to high to qualify for education credit (my wife is doctoral student and I spent $2K on my professional development last year) or child credit (and I have three kids) due to the money I made on a side I feel your frustration. My back of the envelope calculation shows that I got to keep about 30 cent of each $ I earned on a side, partially due to poor tax planning.

[/quote]

I think you did your calculation wrong. I just went through about 10 different scenarios using the facts you provided, and can’t get that number any lower than 42 cents of each dollar. And that’s with including all of your side income subject to self-employment tax, which is unlikely. Probably ought to check your math.[/quote]

That’s possible. I assumed 27% federal tax (some was taxed at 25%, some at 28%), 10% CA, $3K credit for three kids, $6K in education expenses for my wife and $2K for me. I had to pay a small fine since I owed $12K, combined.

It felt bad, the side business has little growth potential, I spent most of my ‘free’ time on it and I probably made less than $10/hour, after taxes.

[all]

[quote=SK in CV][quote=captcha]

As someone whose AGI was to high to qualify for education credit (my wife is doctoral student and I spent $2K on my professional development last year) or child credit (and I have three kids) due to the money I made on a side I feel your frustration. My back of the envelope calculation shows that I got to keep about 30 cent of each $ I earned on a side, partially due to poor tax planning.

[/quote]

I think you did your calculation wrong. I just went through about 10 different scenarios using the facts you provided, and can’t get that number any lower than 42 cents of each dollar. And that’s with including all of your side income subject to self-employment tax, which is unlikely. Probably ought to check your math.[/quote]

That’s possible. I assumed 27% federal tax (some was taxed at 25%, some at 28%), 10% CA, $3K credit for three kids, $6K in education expenses for my wife and $2K for me. I had to pay a small fine since I owed $12K, combined.

It felt bad, the side business has little growth potential, I spent most of my ‘free’ time on it and I probably made less than $10/hour, after taxes.

[Author]

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