How The Big Banks are Working the System at Your Expense

dtc said
Our CFO filled ours out the first day which I believe was the 3rd. He had to redo it the 5th because they were all lost or whatever. Our banker held his hand and made sure it got done. We received confirmation and a prommissory note yesterday and funds are to be discharged tomorrow.

I'm not the biggest customer of the bank, but they do value us as clients.

From a bank's standpoint, I can easily see why they'd prioritize their clients with bigger needs as they get paid by size of the loan and their own downside if the larger clients fail is much higher.

I'm not sure why this is wrong or why it's surprising. I can see how it would suck if you weren't one of the big dogs or someone with at least enough clout for the bank to help you, but that's also what round 2 is for and thankfully that's been approved.

Let me put this another way.

They are trying to give away money as fast as they can with as few strings attached as possible all while not letting strippers, porn producers or drug dealers get any. That takes time. Frankly, it's amazing that it's been as quick as it has been, but with that quickness comes problems and future discoveries of fraud and misuse.

I think it's high time we grow up.

im not arguing either way other than to provide context with respect to those that got vs those that didnt. Anyone can take it fwiw.

Im not decrying the banks per se- they have their own constituents they have to take care of, no doubt. You know what i do and i can tell you while i TRY to treat each client the same ( and i do get compliments ) my larger accounts get the bulk of my attention when the email or phone rings. Thats business. I get it.

What im alluding to is the lack of total oversight - shoot the banks had NO CLUE until 6 or 7 days after the CARES act passed when Powell confirmed the Feds are backing 95% - so until then, banks werent lending SHIRT til they got concrete evidence of who is doing and responsible for what.

But with that lack of oversight, comes the abuse. And there is abuse. That leaves legit small businesses out in the cold.

Even my buddy who was TOLD by his rep at Whitney exactly what i posted in the stim thread, wasnt worked up - he too understands how the bank would assist his pal moving 20mm vs him moving 2mm annually. There should have been a tier process to try and ensure that smaller businesses got something. That 20mm company didnt have to provide much in the way of documentation. Why?

So yeah i dont blame each bank rep looking to satisfy their 20mm client- shoot, if they were to even mumble words of equality, that client would have said " Well then...Fidelity is looking quite nice to move ALL my deposits to ".

Just tough for the smaller folks.