@taxi818 wrote:
@Anonymous wrote:
Oh my... not another OCCU Beaver fiasco!Hold on /Dont jump the gun. i read that Bmo has 579 billion in assets. very very stable. we need to hear what they say to the op. lets not cause mass panic.
lol
Assets have nothing to do with loss tolerance though.
Just because they have 579 billion in assets doesn't mean they have to put 579 billion worth of assets on the line.
The risk you want to take and the amount of assets you have are entirely different subjects.
For instance, Wells Fargo has trillions in assets, but most of it are in mortgages. Their attempts at expanding their credit division thus far seems to be a half assed job that really hasn't accomplished much. Is it the credit division's fault? Not entirely. Management's probably not interesting in putting more assets at risk to unsecured debt. There are smaller companies with more assets in riskier debt than what Wells Fargo has invested into their credit card division.
Look at it this way: You have 1 million to invest.
Your loss tolerance however, may just be 10k. After you lose 10k, you pull out and want nothing to do with the market. Just because you have 1M to invest doesn't mean you have 1M to lose.
And there's also an issue of credit mix. Just because you have 1M to invest doesn't mean you pour everything into 1 basket.
That being said, I'm not saying something bad is going to happen to BMO or the Diners card.
@enharu wrote:
@taxi818 wrote:
@Anonymous wrote:
Oh my... not another OCCU Beaver fiasco!Hold on /Dont jump the gun. i read that Bmo has 579 billion in assets. very very stable. we need to hear what they say to the op. lets not cause mass panic.
Assets have nothing to do with loss tolerance though.
Just because they have 579 billion in assets doesn't mean they have to put 579 billion worth of assets on the line.
The risk you want to take and the amount of assets you have are entirely different subjects.
For instance, Wells Fargo has trillions in assets, but most of it are in mortgages. Their attempts at expanding their credit division thus far seems to be a half assed job that really hasn't accomplished much. Is it the credit division's fault? Not entirely. Management's probably not interesting in putting more assets at risk to unsecured debt. There are smaller companies with more assets in riskier debt than what Wells Fargo has invested into their credit card division.
Look at it this way: You have 1 million to invest.
Your loss tolerance however, may just be 10k. After you lose 10k, you pull out and want nothing to do with the market. Just because you have 1M to invest doesn't mean you have 1M to lose.
And there's also an issue of credit mix. Just because you have 1M to invest doesn't mean you pour everything into 1 basket.
That being said, I'm not saying something bad is going to happen to BMO or the Diners card.
1 % tolerance, hmm.
You would be surprised at the reaction of certain people when they lose just a little money in the stock market or a retirement account. 
I did internships in wealth management and also trading when I was back in college and it was during '08 meltdown. Calls from clients weren't pretty even for people who didn't really lose much. Funniest call of all was this lady calling in complaining about her 401k account when she's like 30+ years away from retirement.... If it's red, people are not happy.
I did internships in wealth management and also trading when I was back in college and it was during '08 meltdown. Calls from clients weren't pretty even for people who didn't really lose much. Funniest call of all was this lady calling in complaining about her 401k account when she's like 30+ years away from retirement.... If it's red, people are not happy.
@enharu wrote:
You would be surprised at the reaction of certain people when they lose just a little money in the stock market or a retirement account.
I did internships in wealth management and also trading when I was back in college and it was during '08 meltdown. Calls from clients weren't pretty even for people who didn't really lose much. Funniest call of all was this lady calling in complaining about her 401k account when she's like 30+ years away from retirement.... If it's red, people are not happy.
That's nothing. When I was a cashier at Target, I had people scream and threaten over a 25 cent price difference.
Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500
Nixon - may be time to throw yourself on the sword for our banking system! 
@Anonymous wrote:4 days no news, op any luck
Still have not heard from them. I will update here as soon as I hear from them.
@Callandra wrote:That's nothing. When I was a cashier at Target, I had people scream and threaten over a 25 cent price difference.
ah! the joy of being a cashier