When your bank doesn't want you

People who don't bring at least $100,000 to the table in investable assets, loans and deposits will be largely unprofitable to banks once Dodd-Frank financial reform rules are fully phased in, Todd Maclin, head of consumer and business banking at JPMorgan Chase & Co., told investors at an event earlier this month. (February 2010) Credit: AFP / Getty Images
Banks are getting better at figuring out when they have to raise fees, and which customers they can afford to lose.
People who don't bring at least $100,000 to the table in investable assets, loans and deposits will be largely unprofitable to banks once Dodd-Frank financial reform rules are fully phased in, Todd Maclin, head of consumer and business banking at JPMorgan Chase & Co., told investors at an event earlier this month.
This is not necessarily the ethical / moral problem that some consumerists suggest; it's more of a practical dilemma for bank customers.
Consumers have alternatives, so the giant banks don't have all the power in those relationships. After all, what customer wants to be a big profit center for their bank?
Here are some tips, and a short shopping guide for financial customers who are in that less-than-$100,000 category.
And you don't need a high-priced banker or broker to do that for you; a computer can. Some companies that are doing a decent job of managing portfolios on autopilot include FolioInvesting, Marketriders, Betterment (which just dropped its fees) and Wealthfront, which offers free advisory services for accounts of less than $25,000 and charges just 0.25 percent on accounts over that.
The new Consumer Financial Protection Bureau said recently it is accepting consumer complaints about bank accounts at consumerfinance.gov/.
You can file a complaint, print it out and -- ahem -- take that to the bank.
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