Portland, Tennessee Blog

Portland Shopper -

Big oops! Referring to my post below, I accidentally left out one addtional section:
(b)(9)

Portland Shopper-

Copy and Paste the following link:

http://michie.lexisnexis.com/tennessee/lpext.dll/tncode/12ebc/13cd9/13cdb/13cec?fn=document-frame.htm&f=templates&2.0#

You will find TCA 47-18-104 - Unfair or deceptive acts prohibited.

I found sections: (a), (b), and (b)(11) very interesting,

I am not a lawyer and I am not giving legal advice. I'm just sharing information with a fellow blogger. It may, or may not apply to what you experienced; you decide.

I'm not sure about TN. But here (Tx) if there is a sign they have to give it to you for the stated price.

After reading these posts I just had to mention what I observed today. Riding to KY this morning I noticed signs that said and I don't recall it exactly.... Huge furniture sale, I won't mention the name of the Furniture store, but they have 2 locations, one in portland and one in whitehouse. It further read 50-70% off storewide or 50-70% off everything in the store, once again I don't remember exactly. So on my way back to Portland I stopped, I didn't find anything marked as stated, and might I add they had another of those signs right outside. After looking around, upstairs and down I asked. What is the sale? The reply I got was... the stuff upstairs in the corner is 50-70% off, (there was 1 loveseat, 4 recliners and a few dressers in this corner) I said well your sign states 50-70% off everything in the store! they said, yeah I thought that's what it said and questioned another staff member about the signs, they said, that pricing is for what's upstairs in the corner, if you see something else on the floor let me know and I will see if we can do any better than price marked. I'm sorry but I have a real problem with this false advertising! And we're supposed to shop Portland first!

Dontmakemelaugh- You are absolutely correct! Anyway, the administrators didn't name names (I'm not saying that anyone said they did, I am simply stating a fact) and they never used the term "scam". As for JasonMiddletn, it seems that he was simply responding to Mack's post by stating THAT was why he left his bank. I seriously doubt that a lawyer could successfully argue that his reasons were not truthful.

blogreader wrote:
"Interest rates aren't formulas, and they ARE NOT complicated"

Your comment below suggests there is indeed a "formula" for how they decide interest rates for CD's. Moreover, whether or not something is complicated is subjective.

blogreader wrote:
"They have a business plan that determines what their needs are for funds (short term vs. long term) and they run those “specials” with that in mind and not because they see that your CD is about to mature – trust me."

Yep, sounds like a formula to me.

One last quote from blogreader:
"Do you also think stores play "grocery pricing switcharoo"?

Yes I do.

What's wrong with mentioning a company's name if they did you wrong or did something you don't agree with. If it's not a lie then it's not slander.

Interest rates aren't formulas, and they ARE NOT complicated (I know you like caps from earlier posts!). If you read my post, you will see that I said "jasonmiddletn chose to disclose which Portland bank did him wrong". I did not accuse the administrator of saying that as you stated.

I notice you said all banks play "intrest (sic) rate switcharoo". Do you also think stores play "grocery pricing switcharoo"? It's the same principle, isn't it? Market determines pricing.

I read in one of your recent posts that you would have the admin deal with someone if a post contained slander and libel. Wonder if the local bank mentioned in this topic has ever thought of that?

I don't think banks are trying to "scam" anyone, but customers are definitely at a disadvantage when it come to understanding the complicated "formulas" for determining interest rates.

While I don't think it is fair to single out a particular bank (and that was done by JasonMiddletn, NOT the administrators),especially since ALL banks play "intrest rate switcharoo", I don't think that naming names rises to the same level as "impersonation" of a prominent public official.

Maybe our local banks could collaberate and conduct a series of free workshops for our seniors, or even the general public. Any takers?

At the risk of disagreeing with the blog administrator, I must add my comments. Charlie’s original post alleges that banks are running a scam and are out to take advantage of their customers. That is not the case. I agree with his first point – always check the renewal rates at your bank and at others before you renew. They will sometimes even match rates to keep a customer. But banks don’t “play games with their CD rates”. Banking is a business (in which they are entrusted to make money for their shareholders). They have a business plan that determines what their needs are for funds (short term vs. long term) and they run those “specials” with that in mind and not because they see that your CD is about to mature – trust me. It’s no more a scam than your local grocery running specials on one product this week and another next week. It’s up to us to read the ads and determine where (Kroger or HG Hills, etc.) and what (Coke or Pepsi, etc.) to buy. We must take that responsibility as consumers of both groceries and investments.

Again, I think this post is terribly unfair to banks. If that older customer can’t make it in person, I’ll be the bank will discuss rates and make changes in the term of an existing CD by phone and/or by mail. I know mine will. Finally, I notice that jasonmiddletn chose to disclose which Portland bank did him wrong. Do you think it’s a good idea leave that out there? Or should you get rid of it like the one that was written by “WSMV President” recently?

This is one of the MAIN reasons I left a so called "Farmers" Bank in Portland after being a member for MANY years. Times change I know but gosh sakes!!

What I hate is when at the time of renewal, there are no really good rates, so you go with the best one they have at the time. Then, as you are driving around a month or so later, they will have a killer special, but of course, it's too late, because you have already committed to a lower rate for several months.

Also isn't it funny how that most banks will be more than happy to give you a personal loan for like 12% or so, but they don't want to pay squat in interest on savings accounts of any type.

Another name for a "CD" is "Certificate of Depreciation". The cost of living usually outpaces the return you get.