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diqster t1_je863r3 wrote

Reply to comment by sf_warriors in $FRC - Puzzle Pieces by PussyBreath007

Not sticky at all. FRC makes you deposit a certain amount of assets in order to get favorable mortgage loan rates. Those deposits get bupkis for interest. Once your loan closes you can move the money elsewhere. They're not going to say you broke the covenant and foreclose on your underwater Bay Area home. Even during good times they would never do that. I know because I did it and asked friends if they did it, and they all said yes everyone does. Only the olds are keeping their money there and after last month I doubt even that's the case.

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sf_warriors t1_je8bfhq wrote

The kind of customers that bank with FRC are not in for those cheap tricks, they are wealthy and on an avg each account has $170,000 in deposits, the minimum balance to hold is $3,500 or else a $25 is charged.

Anyways 4/13 is not too far.

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diqster t1_je8g2fj wrote

Sure. Tell me what I already know. Former FRC client. You can get the mortgage then move the deposits somewhere to get a decent rate. I did it. Lots of others clearly did too. First Republic isn't offering anything that even a bottom tier private bank like Chase Private Client already is.

FRC had some nice ineterst only jumbo loans but other banks in the area already offer it. Ironically one of my banks now is SVB lol.

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sf_warriors t1_je8jhqo wrote

Firstly you need to understand that FRC is in the wrong news because 68% of its customer base hold more than $250,000 in their accounts, I am hearing from my sources that avg uninsured account is $11 million.

Only on 4/13 we will know how many of those 68% uninsured depositors are intact and how many left, they move the scale as the bank previously held $170 billion deposits and $205 billion assets in loans and bonds

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irongi8nt t1_je8h88y wrote

Chase doesn't do Jumbos, they are hard to find.

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diqster t1_je8hfkv wrote

Bay Area even Star One will give you a jumbo deal. Chase Private Client definitely does jumbos.

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