50% of Americans Couldn't Come Up with $2000 - Page 6

Uday · 05-25-2011, 08:27 PM

Quote:

Originally Posted by Pete Zicato

An article here says that 50% of Americans could not raise $2000 in the event of an emergency.

That is a scary statistic. I'm sure the economy is partly to blame, but it's also the fact that many (most?) American families did not save while the economy was good.

As I understand your economy, if 50% of your citizens saved money, your economy would collapse.

skysidhe · 05-25-2011, 08:31 PM

Quote:

Originally Posted by Uday

As I understand your economy, if 50% of your citizens saved money, your economy would collapse.

Good call Uday.

Undertoad · 05-25-2011, 08:35 PM

J: "Of course. Not just my bank, but all credit card companies cancel cards that are not used. It's called Inactive Termination."

(J manages customer communication at one of the major banks mentioned, including rate changes, balance transfers, and yes, inactive termination.)

Undertoad · 05-25-2011, 08:41 PM

J followon: "The risk departments actively try to cancel accounts that are not used, because some people forget they have the cards and then when they are stolen they are a bigger problem. We market to people trying to get them to use their cards. Use of a card without running a balance still means the card is active. They could probably use the card once a year and not be terminated."

monster · 05-25-2011, 08:45 PM

J: Is period of non-use the only factor you consider when cancelling cards?

Undertoad · 05-25-2011, 08:50 PM

"There are many reasons to cancel... lack of payment obviously... I'm not in the risk department, but they have many reasons to cancel there, such as people who are using the card for fraud, or what they call 'gaming the system' in various ways."

monster · 05-25-2011, 09:04 PM

I guess i meant to say "when cancelling dormant cards"...?

Undertoad · 05-25-2011, 09:13 PM

Ah, she's gone upstairs and so this method of communication has become a hassle

. I don't know if she knows that, because she handles the communication, the various letters and whatnot that get sent, not the decision on when to cancel.

monster · 05-25-2011, 09:19 PM

sry, don't bother. but we also have many dormant cards that have not been cancelled, was just wondering what made us super-awesome-special.

Jacquelita · 05-26-2011, 09:08 PM

could be any number of reasons - define "dormant" - last used more than 12 months ago? 0 balance?

Maybe your dormant cards have the same parent bank as some of your active cards. Maybe you have other valuable relationships with the bank(s) that own your dormant cards (mortgage or other loans, checking, savings etc)

Maybe you have linked your CC with other bank accounts as part of overdraft protection (again multi-relationships make you more valuable)

Also - don't underestimate any banks ability to see and evaluate your spending habits - even using other products. If you have strong credit and use it (even selectively) you are like raw meat to a starving wolverine.

classicman · 05-26-2011, 09:09 PM

Thanks J. Input much appreciated.

05-25-2011, 08:45 PM	#80
monster I hear them call the tide Join Date: Dec 2005 Location: Perpetual Chaos Posts: 30,852	J: Is period of non-use the only factor you consider when cancelling cards? __________________ The most difficult thing is the decision to act, the rest is merely tenacity Amelia Earhart

05-25-2011, 09:04 PM	#82
monster I hear them call the tide Join Date: Dec 2005 Location: Perpetual Chaos Posts: 30,852	I guess i meant to say "when cancelling dormant cards"...? __________________ The most difficult thing is the decision to act, the rest is merely tenacity Amelia Earhart

05-25-2011, 09:19 PM	#84
monster I hear them call the tide Join Date: Dec 2005 Location: Perpetual Chaos Posts: 30,852	sry, don't bother. but we also have many dormant cards that have not been cancelled, was just wondering what made us super-awesome-special. __________________ The most difficult thing is the decision to act, the rest is merely tenacity Amelia Earhart

05-26-2011, 09:09 PM	#86
classicman barely disguised asshole, keeper of all that is holy. Join Date: Nov 2007 Posts: 23,401	Thanks J. Input much appreciated. __________________ "like strapping a pillow on a bull in a china shop" Bullitt

05-25-2011, 08:35 PM	#78
Undertoad Radical Centrist Join Date: Jan 2001 Location: Cottage of Prussia Posts: 31,423	J: "Of course. Not just my bank, but all credit card companies cancel cards that are not used. It's called Inactive Termination." (J manages customer communication at one of the major banks mentioned, including rate changes, balance transfers, and yes, inactive termination.)

05-25-2011, 08:41 PM	#79
Undertoad Radical Centrist Join Date: Jan 2001 Location: Cottage of Prussia Posts: 31,423	J followon: "The risk departments actively try to cancel accounts that are not used, because some people forget they have the cards and then when they are stolen they are a bigger problem. We market to people trying to get them to use their cards. Use of a card without running a balance still means the card is active. They could probably use the card once a year and not be terminated."

05-25-2011, 08:50 PM	#81
Undertoad Radical Centrist Join Date: Jan 2001 Location: Cottage of Prussia Posts: 31,423	"There are many reasons to cancel... lack of payment obviously... I'm not in the risk department, but they have many reasons to cancel there, such as people who are using the card for fraud, or what they call 'gaming the system' in various ways."

05-25-2011, 09:13 PM	#83
Undertoad Radical Centrist Join Date: Jan 2001 Location: Cottage of Prussia Posts: 31,423	Ah, she's gone upstairs and so this method of communication has become a hassle . I don't know if she knows that, because she handles the communication, the various letters and whatnot that get sent, not the decision on when to cancel.

05-26-2011, 09:08 PM	#85
Jacquelita Don't pop a vein Join Date: Jun 2004 Location: in my own mind Posts: 289	could be any number of reasons - define "dormant" - last used more than 12 months ago? 0 balance? Maybe your dormant cards have the same parent bank as some of your active cards. Maybe you have other valuable relationships with the bank(s) that own your dormant cards (mortgage or other loans, checking, savings etc) Maybe you have linked your CC with other bank accounts as part of overdraft protection (again multi-relationships make you more valuable) Also - don't underestimate any banks ability to see and evaluate your spending habits - even using other products. If you have strong credit and use it (even selectively) you are like raw meat to a starving wolverine.

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