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Eggplantress
Squeeker
Joined: Jan 31, 2008
Posts: 16
Status: Offline
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 Posted:
Feb 17, 2008 - 01:14 AM |
 
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| Post subject: Commerce Online Banking - Thought? |
We are thinking of using Commerce Onine Banking as our source of banking while in Shanghai. They are a completely online bank based out of the US.
They offer :
No transaction fee
No conversion fee
Anyone have experience with them? Anyone know if they have affiliations with any Chinese banks?
Thanks as always,
Eggplantress |
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jmg06shanghai
Reacher
Joined: Feb 18, 2006
Posts: 204
Location: ...in a van down by the river...
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Feb 17, 2008 - 02:06 AM |
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Commerce is online-focused, yet they definitely have branch offices and many ATM/bank machines in the NY Tri-state area and a few other US states. For fee minimization potential, they are supposed to offer accounts with no transaction fee ATMs (both at any of their branches and ATM/bank machines/ AND when using other banks' ATM machines).
Like any bank, Commerce obviously takes a piece of the action with FX conversions. No FX conversion fees perhaps, but you simply don't get as good a currency conversion rate (One way or another, Commerce and any financial institution finds a way to generate fee revenues). http://bank.commerceonline.com/information/locations_hours/ |
Last edited by jmg06shanghai on Feb 18, 2008 - 03:29 AM; edited 2 times in total |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Feb 17, 2008 - 09:26 AM |
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| Post subject: Re: Commerce Online Banking - Thought? |
| Eggplantress wrote: |
| Anyone know if they have affiliations with any Chinese banks? |
They are not directly affiliated with any. |
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Scojay
Raver
Joined: Oct 21, 2006
Posts: 383
Location: is inconsequential....
Status: Offline
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Feb 17, 2008 - 05:28 PM |
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I opened a Commerce account and closed my Citibank accounts. Commerce is very customer oriented. Citibank just added a 2% fee to all ATM's (including their own ATM) and they are no longer doing their ATM global transfer; now you have to wire transfer. |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Feb 17, 2008 - 05:35 PM |
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^ Citibank has taken a big hit on the subprime problem. |
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leidelaohu
Wonder Wit
Joined: June 11, 2007
Posts: 3783
Status: Online!
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Feb 17, 2008 - 06:53 PM |
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| underh20 wrote: |
| ^ Citibank has taken a big hit on the subprime problem. |
Typical bank. Their get-rich-quick scheme blows up, we pay. Wish I worked in an industry like that  |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Feb 17, 2008 - 07:14 PM |
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Yup. Banking and oil.  |
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leidelaohu
Wonder Wit
Joined: June 11, 2007
Posts: 3783
Status: Online!
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Feb 18, 2008 - 02:03 AM |
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| underh20 wrote: |
| Yup. Banking and oil. |
Here's one I've been wondering about for a while - if you buy a house for $150,000 (okay, upstate New York or maybe Idaho !) the actual price of the house will end up at say $450,000. The $300,000 goes to the lendor. Just how did the financial institutions convince Congress to give them that sweet little "deduct home interest payments" tax trick ? Hell, I could probably sell refrigerators to Esquimaux if they could deduct the cost from their taxes. Why do the hard-working self-made individuals who get ahead on nothing but their own talents and skills never decline that government handout ? If that's not income redistribution I don't know what is ... |
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underh20
Shanghai Royalty
Joined: Sep 27, 2006
Posts: 9907
Location: EOA Seminar
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Feb 18, 2008 - 08:44 AM |
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Because then nobody would pay their inflated house prices and the banks and construction industry wouldn't have the cash to a) have coke parties, b) buy mansions & yachts, c) bribe congressmen & presidents and d) contribute millions of $$ to half-baked presidential candidates. Oh, and did I mention bribe congressmen?
Of course, that shortfall in taxation is made up by ... you guessed it!! ... artificially high income tax rates as it is.
BTW, even in upstate New York $150k isn't that great unless you like living in an "equal opportunity" environment.  |
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