It’s $1.29 now printed on the can here
Think the CEO of Costco did a similar move with the hot dogs
Costco also puts a maximum percent profit on items.
Apparently they make more money from memberships than from sales margins, which are capped.
Does anyone have a source for this?
I left reddit after the API fiasco and didn’t return, but I remembered seeing this on Data is Beautiful before that, so I just looked it up for you. (My search query in DDG was “data is beautiful reddit Costco profit margins” and a few popped up; this was the most recent.)
Transcription: infographic states
Net sales +$77.4B
Merch costs -$69.2BMembership fees +$1.5B
SG&A -$6.9B (Selling, General, and Administrative Expenses)
Taxes -$0.8BNet profit $2.2B (2% margin)
Source listed as: Costco Q4 FY 23 earnings
Edit: format failing :(
Thank you very much!
Great graphic, thanks
Last I heard, their profits were nearly entirely from memberships. This was probably five years ago though. I don’t know if their numbers have changed since.
I first heard about that like twenty years ago and apparently is still true today
Really? That’s awesome.
Also. I believe, he also said , if the workers think they need a union, we’ve failed as managers.
So. Yeah
I mean, it’s an understandable viewpoint.
It’s when union busting tactics are being brought in that things are problematic.
That’s because you view it entirely positively, instead of from the angle that he doesn’t want them to even know of the possibility.
I wish more companies had this mindset. If you treat your employees well and listen to their needs, they won’t need to unionize. When they do unionize, it means they don’t feel that they have been treated well and listened to.
It seems that the end result of this philosophy would be to treat your employees well!
its an interesting difference in perspective for sure. here you join as a matter of course because you can push back against changes that are bad.
If you have an employer that does the right thing, you should have a union that doesn’t need to do much. But you should still unionise, because it’s niave to think the company will always continue to behave that way. If anything, they naturally drift away from that state and it’s only a matter of time until it changes. The union is about having a level playing field with the company when you need it.
Unionize it’s not only about raising your working conditions. It’s about helping other to raise theirs. If you have better conditions you can tell other business owners that what the Union is asking, you already have it. One less point where they can grab themselves.
To be fair, he’s not really wrong, meaning that they’ve failed to take good enough care of their people, and my understanding is he didn’t stand in the way of one forming…
Close. The founder told the CEO if he raised the price on the hotdog “I will fucking kill you”.
So, who really gets the credit here is up to you.
The person who threatened to kill the CEO if the CEO fucked his customers, or the CEO who didn’t fuck his customers out of self-preservation?
They also bought 2 hotdog factories to minimize the loss.
Costco does pay decent as well.
Could they do better? Yes, but they are pretty decent for employees and consumers.
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That is literally what a hot dog has always been bud.
I mean, aren’t those the same thing?
well to be fair, I’m not buying a hotdog for 1 USD and expect premium meat in that thing.
We’re you under the impression any hot dogs were ever anything other than mechanically-recovered animal-based byproducts?
They bought the same hotdog factories that they were already buying hotdogs from. It was literally a one-to-one transition.
Aw man I thought they were still free range prairie dog peckers. Oh wait, they’ve always been cheap sausages.
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What do you think a sausage is? They have always been animals scraps ground up and put into animal intestines. That’s why people have been saying “you don’t want to see the sausage being made” for 200 years.
Frankfurters and Vienna sausages are the types of sausages used in hot dogs, both legal sausages in the EU.
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I’ve never heard anyone refer to a hotdog as a sausage in the states either and I even grew up poor
It’s more like everyone knows it’s a sausage. What else could it be? We don’t call them frankfurters either.
“they’re the same picture”
Do you really expect hot dog sausages to be made from premium meat? They use the scraps that can’t otherwise be used, same as chicken nuggets. This is a good thing. Those sausages and nuggets are perfectly fine to eat and we get to reduce waste.
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Hurts people some, hurts animals less. I’m ok with that. I am actively in love with hot dogs though for what that’s worth.
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So what your saying is, Costco’s founder and the shooter have a similar energy?
What if the killer was the Costco founder? He told the United Healthcare CEO the same thing and then followed through.
“I came to [Sinegal] once and I said, ‘Jim, we can’t sell this hot dog for a buck fifty. We are losing our rear ends,’” Jelinek recalled in a 2018 interview with 425 Business. “And he said, ‘If you raise the effing hot dog, I will kill you. Figure it out.’”
https://thehill.com/homenews/4696314-costcos-new-cfo-makes-announcement-about-1-50-hot-dog-combo/#:~:text=We are losing our rear ends%2C’%E2%80%9D%20Jelinek,effing%20hot%20dog%2C%20I%20will%20kill%20you.
Out of curiosity, how is it legal for Sinegal to say that to Jelinek? Or it isn’t but no one cares to press charges?
Prob same reason you can say “choke me daddy” ‘OK’ in bed
I’m sure the guy can tell the difference between a genuine threat and a hyperbole.
Not all jurisdictions consider that kind of phrase illegal without an apparent attempt to carry it out.
Is the CEO of costco still a decent guy?
Maybe all CEOs get a yearly review. If they are good, they continue working. If something doesn’t add up, they get to choose to quit or they get executed right on the spot by placing their head between two large metal plates. The top plate is then dropped from 3 stories high.
Lower on the list, but still on the list.
Discussion not worth having tbh
Surely, you don’t think the CEO making 50k a year managing a small business needs to be on the chopping block.
CEOs should just be elected by the employees
GabeN has been pretty cool.
Gabe has 6 yachts worth about $1 billion dollars. Not very cool at all, imho.
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When did I compare those two things as being equally as bad? What the hell is with this black and white stance in my replies, absolutely wild to see people defending a man owning 1 billion dollars in yachts.
Isn’t the Steam business model to charge less than everyone else though?
That seems like the exact opposite of greedy.
30%, same as apple, gog and… Well epic takes less then 15, microsoft takes even less, itch also takes less (unclear to me if 10% or set your own).
Anyway steam is only good for game makers because it is steam. Financially that is, because it is the biggest.
Edit: Itch default is 10%, but you can set it to 0% or even up to 100% if you want.
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Nobody becomes a billionaire by being “a bit greedy”
One billion dollars is an insane amount of money.
They do in any advanced economy…
But steam don’t tax plebs like housing, health, and education does
A billion dollars is never “a bit greedy”. It is always a failure of the system to regulated exorbitant wealth through effective taxation and fair market economic policy.
Wealth is not money.
Point being?
Reminder, 1 billion dollars is:
- 1,000 millions
- 1 million thousands
- At the highest minimum wage in the world (Denmark @ USD$44,252/year), it would take just under 22,598 years to earn (11.2 Jesuses-ago)
- If a Dane earning min wage were to work 24 hrs/day non-stop, it would take them just under 4,977 years to earn (2.46 Jesuses-ago).
Billionaires have all that money even after their expenses. It’s their “savings account”, but their savings account makes much more interest than ours because they are actually invested in the market. If they need money beyond their regular pay, they use their investments as collateral for loans with interest rates lower than investment returns. They’re making money even if they are spending it.
He didn’t kill anyone by denying them insurance or anything like that tho. Just took a commission on every game sold on Steam, a platform nobody’s forced to use.
And by running a casino that rakes in millions of dollars off kids. I can appreciate the positives he’s done with Steam, but I’m not about to ignore the negatives.
Can you explain? What cassino? Is it like a game with micro transactions or something?
Loot boxes are effectively gambling as there is no guarantee on what you’ll get. People in general can get addicted to the rush of getting that rare item the first time (which is usually what happens with a first open to get you hooked) and then either buy more loot boxes or the keys to open them.
Tbf knowing valve and looking at how their loot boxes work I don’t think they were malicious in their creation
Reminder that valves loot boxes interact with the community market, you can open a lot of boxes without spending a dime
Yeah this is something that everyone always seems to forget about this. If you get a lootbox in, say, Overwatch or Fortnite then you will pay out a fiver to open it or else it will never be opened. End of story, Blizz/Epic want their key money. *
You can open an infinite amount of Counter-Strike crates for free forever, by interacting with community marketplace. Unopened crates can be sold to other players. Steam Cards can be sold to other players. Good skins that you pull from your crates can be sold to other players sometimes at absurd prices that can finance another 200 crates. All without ever spending a dime of real money. Sure, Steam Cards and unopened crates may only sell for 5c apiece, but you get a steady stream of them for free just for playing the game, and that stream doesn’t dry up. It is perfectly feasible, if a little slow, to flip those into crate keys to loot your boxes.
And THAT’S the difference that makes me take notice. Sure, they still want you to shell out five bucks for crate keys, but an alternative path has been provided. And Steam makes money on marketplace transactions too, so they aren’t about to get rid of that option.
* I figure it should be noted here, that these are outdated. I went to double check myself as I remember this from Overwatch 1 and it would seem that neither OW2 nor Fortnite still use loot crates of that style. So to be honest I actually can’t think of any games that are still up and running that still use keys & crates in this way. The gamer outrage might have actually gotten us somewhere for once.
I sold all my hats and bought an Index. I’m so happy they can be resold.
Oh, I’m not shitting on Valve or anything. Just explaining how they could be called a casino.
Yeah, he’s getting kids to play at a virtual casino that has absolutely no chance of returning and financial winnings, but he’s not taking millions of dollars off of kids. Considering those kids have the ability to own a gaming computer, I’m assuming the vast majority of that money comes from their parents. I don’t condone the kids gambling, but he’s not taking hard-earned money from kids that are in need and leaving them broke.
Im a huge steam fan.
I am not a fan of someone who can own multiple yachts.
Sorry GabeN.
Still seems like a nice guy. 🫡
This but with GabeN
Hawk’s response 😆👌
Newman’s Own salad dressing. Privately owned and all profits go to charity.
Seconding this, Paul Newman was probably the best person to ever come out of the state of Ohio.
He co-founded Newman’s Own, a food company which donates all post-tax profits and royalties to charity. As of May 2021, these donations totaled over US$570 million. Newman continued to found charitable organizations such as the SeriousFun Children’s Network in 1988 and the Safe Water Network in 2006.
(Pasted from his Wikipedia page)
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In fairness SpaceX isn’t run by Musk, which is why it’s actually doing constructive things and not getting into culture war arguments every 15 minutes.
Privately owned at least means they aren’t slaves to their quarterly reports. Every time a company goes public, they’re subject to the delusion of infinite growth in a finite system.
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I stand by my statement. I think you sped over the “at least” part of my comment.
Really depends on the ownership structure. Backbiting private boards composed of kids and grandkids of founders that are just trying to claw as much out of their inheritance as possible are just as toxic. Coops are about the only thing I can respect.
Same with their frozen pizzas? I had never bought one before, then saw they were on sale the other day and figured I’d try them. Think it was 4.99 a piece. (Bogo 9.99) The pepperoni and ricotta one wasnt bad. The sourdough wasn’t very decipherable, but better than many cheaper pizzas. The 5 cheese I can’t speak for… As I overcooked it. The timer went off and I checked it, said to myself the cheese could melt a bit more and closed the oven. Saw the bottle of strawberry wine I was making didn’t look like it was bleeding air properly next to the sink and decided I should slowly turn the cap to drain the pressure and let the fermentation continue. (Have gallons of strawberries I froze left over still from spring that I grew). Turned the lid a bit and it of course exploded so much worse than I expected. Ceiling, floor, cabinets and everything within 10 feet got hit. I went to the bathroom and took my shirt off washed myself, started cleaning up the mess and cleaning the ceiling, cabinets and finally the floor when I remembered, oh shit the pizza… Yeah. The cheese was melted by then… just a bit darker than intended
He’s not a CEO any more, but Bill Gates is on a mission to die a mere millionaire, and I think has already given away more than half his net worth.
Bill Gates is a massive piece of shit. Don’t let all the propaganda he puts out there fool you. When you start looking closer at his so-called charity work it’s not nearly as pretty as you might think.
Some of that propaganda is in the form of material help to people around the world. Like sure, he’s not great, no question. But if every other CEO funded global healthcare to the extent he did to whitewash their own problems, I wouldn’t complain. Sure his charity work is by no means ideal, but even the ugly charity he does actually winds up saving lives.
The question was “are there any CEOs we should save” and the answer is still “not Bill Gates” in this context.
Which is why I responded to a sub comment and not the top question.
Could you be a little bit more specific with your criticisms of his charity?
He basically gave $54BN to the “Gates and Melinda Charity”.
Guess who controls the charity?
Guess if the “Charity” pays taxes?
It’s crazy how fast people simp for billionaires, old evil shitty hated-by-all billionaires too, just because they spend some publicities around.
To be clear, I’m not “simping” for Bill Gates. No one becomes a billionaire ethically and I don’t feel the need to defend him as a person. But I also don’t just read a random comment on a website from some nobody without any evidence backing up their claim spouting any such nonsense they want, so I simply asked you to be more specific with your criticisms.
For what it’s worth, replying to such a request with the kind of hostility you showed doesn’t make me any more likely to take you at your word. You don’t come off as knowing what you’re talking about, so I don’t think you’re going to convince many people. Have a good day.
Lol, “I don’t want to believe you because I don’t like you”.
How grown up!
Have a nice day you too!
Does control mean he can use the funds for personal things? Genuine question
No, it doesn’t. And I’d guess that foundation is far more efficient with it’s funds than most, given it doesn’t need to advertise or ask for money.
People here are just desperate to find some reason to hate the guy.
And you to simp for his tax avoidance schemes lol.
There are far easier ways to avoid tax than this.
I think that you don’t understand the value of billions of dollars. He can do whatever he wants “for himself” with just $0.1BN. The rest is just a mental hoarding disease IMO.
They love buying companies, patents and so on, just because. Maybe they miss thst rush when they “earned” their first billion or something and, like a junkie, wants to feel it again.
I don’t see how that’s an answer to
Paul McGann’sthe question though.deleted by creator
Where on earth did you read he’s giving away money?
For example, researchers don’t want “his money” because there are so many strings attached that whatever you discover, now it’s under Bill Gates ownership.
Yeah let’s hear it. Please elaborate on your accusations and don’t be so vague.
At least he helped more people than you. So where does that put YOU?
False equivalence
That’s some very sweet copium you have over there.
“You don’t have the means and you don’t help people, curious”
He’s also harmed far more people than me, and the negative positive aspect is still net negative.
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I personally prefer all billionaires follow his path.
I’ve looked at his charities too over the last few years and didn’t see anything that was questionable.
Anything you want to call out?
Bill Gates fucked the public school systems pretty hard.
Something I think is extremely fucked up in general is that if you have millions to throw at a pet cause, you will disproportionately benefit your cause over other causes in a non-democratic manner. That means that every individual and organization involved in fields related to your pet projects are incentivized to focus on your pet projects over others. Because you have so much money, you basically individually shape public policy.
Look at the WHO (source):
…over 80 per cent of WHO’s funding relies on “voluntary contributions,” meaning any amount of money given freely by donors, whether member states, NGOs, philanthropic organisations or other private entities.
The Bill & Melinda Gates Foundation alone is responsible for over 88 per cent of the total amount donated by philanthropic foundations to the WHO. Other contributors include the Bloomberg Family Foundation (3.5 per cent), the Wellcome Trust (1.1 per cent) and the Rockefeller Foundation (0.8 per cent).
So yeah, it’s great that they donate so much… but that also means they can stop donating… so they have control.
Didn’t know about the charter school thing. Charter schools are such bullshit. The idea is that we’re going to get kids from public schools in impoverished areas into better schools… by causing the public schools to get LESS money?
The number one thing hurting education since the beginning of the system is the way it is funded. It is funded from property taxes collected in the school’s district. So inevitably, poor areas get shit schools and rich areas get nice schools. It should instead all get pooled together nationwide and then handed out based on the number of students at each school.
Charter schools and private schools do nothing but hurt. Anyone feel differently? I’m usually open to having my mind changed.
Enthusiastically in agreement that funding of school districts and regional equity is a major problem. Funding is likely problem #1, but I think the problems with funding are more complex than just property taxes.
Concentrating poverty also creates poor areas and exacerbates the problem. It’s so frustrating that there are so many NIMBY assholes that don’t want affordable housing near them.
[citation needed]
Watching people totally fall for Gates’s incredibly shallow face value self image propaganda bullshit is wild to me. FUCK that guy, so hard. One of the biggest reasons we have enshittification today is this one man.
Yeah how dare he run a tax scheme by
*checks notes
Saving millions of people across all of Africa by providing free healthcare for treatable diseases and potential pandemics?
I’ve noticed that some people really don’t like Africans. I believe there’s even a word for such behaviour, don’t remember which one right now though…
“Not liking Bill Gates is racist” is such a stupid take that I don’t even know where to begin man.
Well, maybe you need to think twice next time you want to post dumb shit.
You’re an idiot.
What a comeback! Your argument skills are beyond imagination! Well done!
My boss checks in on me occasionally with directness, and did so the other day:
“viva, how’s it going?”
“I want to fight Bill Gates.”This is understood to mean, “windows is fucked. My computer is fucked. All of this massive, utterly brutal buttfucking inconvenience could have been avoided at some point, and now isn’t, because [our company] bought so hard into Microsoft’s “business solutions” that there’s no turning back, and because of the nuances of the problems you’ve asked me to solve, I am facing said brutal buttfucking inconvenience, and I’m mad about it.”
Apologies for detailing the conversation, but I have noticed the implementation and configuration of MS products (something MS has no control over) really impacts their usability. For example, I worked at a soulless corporation that managed to set up PBI and ADO so there was no live feed of data (and they only allowed for the web version of PBI, which reduces functionality substantially). They were also so far behind on Office versions that the employees didn’t know more than one person could update a file at a time. There are all sorts of very real reasons to dislike MS, but I do wonder how many people dislike them because of a stupid configuration.
incredibly shallow face value self image propaganda bullshit is wild to me.
He’s given away billions of dollars, and that’s face value to you? Besides, he hasn’t been in control at Microsoft for decades at this point.
We wouldn’t need him to make these donations if he actually paid his fucking taxes is the thing though. And it’s significantly less.
Eh? Even if he paid a 50% tax rate throughout his life, he’d still be a multi billionaire.
And taxes in the US don’t typically end up in the developing world.
“In fiscal year 2020 (October 1, 2019 - September 30, 2020), the US government allocated $51.05 billion US dollars in economic and military assistance to foreign countries. Of this total, $39.41 billion dollars was spent on economic assistance, $25.64 billion of which was dispersed by USAID.”
https://en.m.wikipedia.org/wiki/United_States_foreign_aid
To say that the US doesn’t do foreign aid is just disingenuous. Also to assume that Gates only pays taxes in the US is also disingenuous.
He paid all the taxes he had to. And they just went to America’s favourite pass times: war and proxy genocides.
“He paid all the taxes he had to” is such a ridiculous statement that I won’t be able to bring myself to take you seriously as a person anymore.
Do you know something IRS doesn’t?
Yes, that there’s no such thing as an ethical billionaire. I wonder what the computing landscape would look like if M$ hadn’t spent three decades buying and closing every up and coming competitor they had.
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Also I don’t understand how you can defend a man who convinced a bunch of people to not give away the COVID vaccines for free. This is not the actions of a humanitarian. It’s the actions of a monster.
What is your source for that exactly?
A paywalled opinion piece. Really?
Can’t search for shit yourself, really?
https://newrepublic.com/article/162000/bill-gates-impeded-global-access-covid-vaccines
Behind the bastards did a series on Bill Gates. It was a pretty big eye opener for me. All their sources are sited on their podcast. The info is out there if you want it.
He was kind of a prick becoming a billionaire, so his is more of a redemption arc than a hero’s journey.
Possibly, but still better than most.
Another bait?
Bill Gates’ net worth has grown substantially despite his philanthropy, rising from $126.8 billion in early 2023 to $156 billion in December 2024.
Regarding COVID-19 vaccines, Gates actively opposed patent waivers and influenced Oxford University to privatize its vaccine through AstraZeneca rather than keep it open-source. He pushed for maintaining intellectual property rights through COVAX, despite public funding supporting vaccine development.
Not a good guy by any metric.
Thats a good criticism but the CEO he put in charge of the Bill and Melinda Gates Foundation went against him and supported waiving the patents anyways, which Biden and the WTO went ahead and did regardless.
His argument against the TRIPS terms was that it wouldn’t actually increase production, that every facility capable of producing vaccines was doing so regardless of the patent’s costs especially given that they only had to worry about intellectual properties when importing to countries where the patent is held.
He was wrong, I give you that, I think there is no room to be penny pinching and arguing when even 1 more vaccine could have saved lives. However, that doesn’t even come close to offsetting the number of lives he has saved or improved by handing out vaccines and medicines for free across Africa. The vast majority of Gates’ opponents are generally not fond of Dark Skinned people.
we decide who lives
and who dies
our whimsey controls the future
we have become the CEOs
Bill Long (now retired), who helped to transition WinCo into an employee owned business.
Any CEO that is willing to part with 50% or more of their wealth before they die and not to their family or close friends, should be good. No idea about names
Any CEO that is willing to part with 50% or more of their wealth before they die and not to their family or close friends, should be good.
And that includes their
totally above board charitable organizationmoney laundering and tax shelter organization masquerading as charity.
CEO of Ben &Jerry’s. They are not just posting the black square on their insta and then moving on, like half their posts are about fighting inequity, encouraging people to vote for actual human rights, openly pro abortion, pro immigrant rights, pro black rights, pro women’s right, about fighting climate change etc. they are walking the walk, conservative dollars be damned
Also AFAIK they are one of the few companies that have been removed from the BDS list after improving behavior and leaving illegal Palestinian settlements. Recently they sued their parent company for silencing their statements on Palestinian rights.
I don’t love ever setting any people or corporations on a pedestal. Nevertheless this is reassuring behavior to see amidst all the Starbucks, AirBnB and Re/Maxes of the world.
Adding my vote of confidence to them
It’s a shame they don’t fully move to vegan ice cream
Why should they? I have no problem with people being vegan and I have no problem with vegan food being provided as an option but I don’t think vegans have the right to dictate to everyone else how they live their lives.
A. Ben & Jerry’s moving to exclusively vegan ice cream is in no way forcing people to live their lives a certain way. Recipes are not protected by copyright law so anyone can make and sell ice cream however they want.
B. The dairy industry wreaks havoc on the planet. It would benefit everyone if the dairy industry disappeared or at least shrank
It would be forcing people who prefer Ben & Jerry’s to either have vegan ice cream (which may not be their preference) or switch to another brand (which also may not be their preference). What you’re saying is that you want people to have fewer options.
Would it be accurate to rephrase your argument like this?
“Ben & Jerry’s changing all their recipes to use only vegan ingredients would be anti-freedom”
If you want to make an argument against that, you can do that in your head. You seem to be good at making up things you want other people to say, so you don’t need me for your imaginary argument.
You could just say “no.” I was curious how far your logic would go because you said, and I quote, “it would be forcing people who prefer Ben & Jerry’s to either have vegan ice cream or switch to another brand”
Like, dude, come on. You have to hear how ridiculous that sounds. Nobody is forcing anybody to eat ice cream. And also, though this is just coming from my experience, I’ve never met anyone who exclusively likes Ben & Jerry’s. Bad ice cream is almost always better than no ice cream so I would challenge you to find someone who would be upset about needing to eat ice cream that was created by any brand other than Ben & Jerry’s.
Humans are literally forcing animals to live and die by their life styles. The only ones forcing anybody here are humans.
There is no sound reason as to why B&J doesn’t fully move away from non-vegan ice cream. They’ve proven that they can produce vegan flavours, that they cost them the same (probably less even), that they taste well enough for them to remain among the flavours they offer. It’s just stigma and prejudice that leads to people shutting off completely when veganism is even mentioned.
Realistically, like be frank with yourself for a second and don’t resort to a kneejerk reaction: would you mind if your ice cream was vegan? It’s a luxury item, it’s a sweet, so it’s not essential. Most sweets you eat are vegan already. What’s one more? Plus, you end up helping a bunch of animals.
Okay but that’s something you care about.
What we’re talking about is finding the lowest common denominator of what can be considered acceptable by the general populace, It is not about becoming the best version of ourselves.
Let’s not muddy the waters by making this about something other than basic human decency.
That would be an absolute disaster.
Why?
vegan icecrean is apparently terrible… said no one ever
There aremore very bad milk-substitute ice creams than bad regular ice creams. It may be the age of the market, though.
Not a single fucking one
BofA is totally worth keeping around
Nice bait?
Bofa deez nuts maybe, but the Bank of America can fuck all the way off
This is the best possible answer.
Terrible bank, like most that aren’t credit unions, they have over leveraged tens of billions against individual account balances and been a leaky sieve in tech security.
I have no idea why most people don’t use credit unions. I guess just ignorance. My “overdraft fee” is “keep at least $50 in your savings account and we won’t charge you one.”
Your overdraft policy is don’t overdraft or you’ll be charged a fee — so there’s an overdraft fee?
No, there is no fee (well maybe if you overdraft like $500, I don’t know). They don’t take money out. I’m not sure how that works out. I guess they figure if you have that money in there, you’re going to transfer it before you overdraw?
Convenience. I have accounts with BofA because they’re three blocks from my house. It’s them or Wells Fargo, who are a little further, and then the nearest credit union is a 10m drive. So convenience. I also have USAA, but having zero branches in my state is kind of a pain.
I hate BofA, but I opened my first credit card with them 19 years ago and I value my stupid credit score for some reason, and so I have to keep it forever.
Do you physically go to the bank that often? I can’t remember the last time I had to go into the credit union. Well over a year. Everything outgoing is on automatic payments and I can deposit any check I get with my phone.
I get a lot of checks and I’ve had issues with mobile deposits here and there, and they’re a huge headache. Having a bank that I can toss checks into the ATM and say “your problem now” solves the issue. I also get things notarized once or twice a year, but that’s just extra. But yeah, twice a week, I drop the kids and hit the bank on the way to the grocery store in the morning, ezpz. It is strictly convenience and nothing more.
This. When I explain I use online banks I’m always ask “how do you go to a physical branch?”
And I’m like “why would I even want to?”
I’ve had to get a medallion signature guarantee a few times, I do it at my bank in person. I’m sure there’s another way to get it though.
Ah you’re right.
I had trouble finding a notary once and used a branch from an old savings account I had
