November 18th, 2009

krazy koati

Plastic god, listen to the drone

My (US) bank's decided to change my checking account. I suppose I was asking for it what with having no really interesting events happening in my financial life, other than my belated discovery that it's possible to get direct deposit from work after all. Well, nobody had ever mentioned it. I was planning to get direct deposit set up, and accepting that I was just going to have to eat the cost of the remainder of the 45 ``Security Envelopes'' which I otherwise mail my paycheck to the nearest branch with. I'll also have to find something to do with the remainder of my Freedom Stamps, guaranteed to maintain their value against postal rate increases, which turns them (given my rate of mailing envelopes) into a profoundly lousy long-term investment considering the increase in the cost of a first-class stamp is required by law to not exceed the rate of inflation.

Anyway, they're discontinuing the Student Checking type of account which has been my checking type ever since I opened my account, back in 1994 when I was a student, and back when my bank used its local name rather than that of its globe-spanning corporate overlords, which I think they stopped doing in 1998. I suppose it's fair of them since I haven't been a Student since 2002, and just wait till they find out how much Checking I don't do.

It doesn't seem to be personal. They're discontinuing the whole Student Checking class of accounts, and you can understand that, what with how the type doesn't even charge monthly fees if the total of your accounts with them exceeds a tiny sum. They're changing it over to one of the Standard Model Checking Accounts, wherein you have to have $1,500 in your various accounts to not get charged monthly fees. However, since my account was a Student Checking account, they're grandfathering me in and I won't be charged a monthly fee as long as my balance across my accounts exceeds the old Student Checking threshold, so there's no change needed on my part. But I am watching to see if they change my account number on me.

My bank suffered over a billion dollars in credit losses over the third quarter of this year, and saw a net income loss of about $1.5 billion last year.

Trivia: The £200,000 in bonds backed by the government of Poyais floated in 1822 in the City of London were underwritten by the the banking firm of Sir John Perring, Shaw, Barber, & Co. Source: Sir Gregor MacGregor And The Land That Never Was: The Extraordinary Story Of The Most Audacious Land Fraud In History, David Sinclair.

Currently Reading: The Last Lone Inventor: A Tale Of Genius, Deceit, And The Birth Of Television, Evan I Schwartz. And suddenly I know who Aaron Sorkin was cribbing off in writing the play The Farnsworth Invention. (Admittedly the facts of the Philo Farnsworth/David Sarnoff conflict will force certain commonalities of any roughly chronological yet paired telling of the story.)