Chase Bank makes bad tweet about saving money; deletes it, but the Streisand Effect takes over

[TrueSloth]

If poor people saved instead of bought coffee, businesses would cry we're killing coffee.
People value experiences more these days, enjoying the small things here and there do add up, but it'd hard when daily living can be a grind.
Katie Porter did an excellent job grilling Chase CEO. She even brought up in her hypothetical of a poor single mother working for Chase that she wouldn't even have enough to treat her daughter to something as simple as a candy bar. We would love to save for the future, but it doesn't seem realistic sometimes, so people live in the now to make things seem less dark.

 

[Deleted member 49482]

Better advice would be to join a credit union instead of a predatory bank.

 

[Rendering...]

Hey you disgusting broke-ass plebs: Do you have any pleasures or conveniences in your life? Well cut that shit out and get miserable, because your pennies aren't going to pinch themselves.

God damn, I should work in PR.

 

[Rayne]

Yet they'd be the first ones crying no one spends any money if everyone took their advice.

 

[Rendering...]

If poor people saved instead of bought coffee, businesses would cry we're killing coffee.
People value experiences more these days, enjoying the small things here and there do add up, but it'd hard when daily living can be a grind.
Katie Porter did an excellent job grilling Chase CEO. She even brought up in her hypothetical of a poor single mother working for Chase that she wouldn't even have enough to treat her daughter to something as simple as a candy bar. We would love to save for the future, but it doesn't seem realistic sometimes, so people live in the now to make things seem less dark.

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"Is Millenials' WAR ON COFFEE an Equal or Greater Indictment of their Slothful Decadence and Moral Turpitude than their Obsession with Avocado Toast?"

 

[logan_cadfgs]

He means the JP Morgan bail out was to help their acquisition of other institutions (Bear Stearns, Washington Mutual) not because they were personally at risk of failure. Stearns and WaMu were though, and the Federal Reserve was hoping merging with JP Morgan would stabilize confidence in Stearns and WaMu (it didn't).

https://www.cnbc.com/2018/03/14/a-d...ook-at-what-jp-morgan-got-in-the-bargain.html

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Oh cool, thanks. What a weird time - the more I read about the whole scenario, the more unsettling it becomes.

 

[pokeystaples]

It is, but you can also look at it like this: it's a small indulgence. That may be something someone looks forward to every day in a sea of shit. People can't afford health care, they are overworked, they can't get a raise, being able to do something as simple as buying a coffee might be one of the things that they are able to do for themselves. If they can't afford to do something so simple and small without having to worry about their rent or anything when they might work for people making millions of dollars every year, that's shitty.

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I'm juat commenting on the 750 dollars a year. It's not a small amount of money. I can hear my mom telling me all the things I can do with $750 just thinking about that cash. I understand why everyone is bothered by Chase giving financial advice, but pretending 750 is a small amount is kinda weird. I have a burger each month and consider that a big treat. It does not come out to 750 a year in burgers.

 

[Landy828]

That isn't what I'm claiming but okay.

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Don't worry, I understand what you're saying. It's the difference between my wife and I. We make almost the exact same salary.

(granted, I also understand that there are people that don't have money because they are barely paid..I get that)...but...

I understand what you're saying. My wife and I are able to pay all our bills, but her spending is way different than mine. She tends to have $10 left at the end of every pay period, where as I tend to have a lot of money left. She stops for an $8 coffee, eats out for lunch ($15-20 a day), buys clothes every other week, makes payments on a new iPhone, etc. I, in comparison, drink water/make tea at work (100 single serve tea bags for like $5), make my lunch/buy $2.86 salads at Aldi, buy clothes/shoes like once every 6 months (lol), have a 5 year old Note 4 that works perfectly, etc.

She lived life paycheck to paycheck before our marriage, I don't. She actually made more than me a couple years ago before we were married...but now we're even money wise. If she would eat cheaper, buy less clothes, and not spend $40-$50 a week on coffee, we'd have more wiggle room financially, but she can spend however she wants.

We're not in the same boat as someone that can't afford to buy supper because they make $7 an hour and have bills to pay.

As for the tweet. It IS tone deaf, and they look like jerks.


Note** My wife puts more into savings than me, so that sort of equals it out.

 

[floridaguy954]

It presented itself as a catch all. It's not.

It being good advice for some people doesn't change the way it was aimed at everyone.

It does not contain good advice because of the way it was framed, not unless you close your ears to what a huge amount of people are actually going through.

Hence the backlash.

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Exactly.

 

[CaseyVGCx]

A side note for people that get charged overdraft fees or other bank fees by accident or something slipping in life. Sometimes just calling the bank or credit union to ask to waive the fee works and they will sometimes remove the fee. I've been mostly lucky with banks removing fees a couple of times because of a slip up, and banks are pretty good with waiving fees as long as it isn't abused or used commonly.

 

[Extra Sauce]

Not sure if the Streisand Effect applies here. Seems like the tweet didn't gain attention because it was deleted, it would have been taken to task all the same regardless.

 

[-2B-]

these are good tips. people waste tons of money. i have saved quite a bit making my own coffee each morning and not eating out all the time. it all adds up to a decent amount over time.

 

[mikehaggar]

I don't see an issue with the original tweet at all. They were just trying to motivate people to save. Nothing wrong with that...

 

[just a slowpoke]

nothing exemplifies the spirit of American Individualism like sacrificing all of the small joys in your life so that maybe one day you can afford basic healthcare

 

[Forearms]

nothing exemplifies the spirit of American Individualism like sacrificing all of the small joys in your life so that maybe one day you can afford basic healthcare

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Bank account: Do you really need to survive cancer?

 

[just a slowpoke]

Bank account: Do you really need to survive cancer?

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just think, with all the extra money we make from unpaid overtime and the expectation to be on call without compensation 24/7, we can pay for medical treatments to counteract our minds and bodies falling apart from the stress!

 

[RedMercury]

these are good tips. people waste tons of money. i have saved quite a bit making my own coffee each morning and not eating out all the time. it all adds up to a decent amount over time.

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I don't see an issue with the original tweet at all. They were just trying to motivate people to save. Nothing wrong with that...

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You are both missing the context of the "tips" that people take issue with.

 

[-2B-]

You are both missing the context of the "tips" that people take issue with.

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when it comes to what twitter people are angry about and me thats usually the case

 

[Bear]

How very Chillary Clinton of Elizabeth Warren.

 

[mikehaggar]

You are both missing the context of the "tips" that people take issue with.

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I'm not missing it.

 

[RedMercury]

I'm not missing it.

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So you take no issue with a bank that sold bogus loans to people, subsequently causing them to lose their homes and savings, and received a multiple-billion dollar bailout fro our government, who does not pay their employees a living wage, attempting to interject upon people financial advice that ignores the systemic causes of financial burden placed upon the populace they show no regard for that they themselves have had a hand in?

 

[mikehaggar]

So you take no issue with a bank that sold bogus loans to people, subsequently causing them to lose their homes and savings, and received a multiple-billion dollar bailout fro our government, who does not pay their employees a living wage, attempting to interject upon people financial advice that ignores the systemic causes of financial burden placed upon the populace they show no regard for that they themselves have had a hand in?

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I really believe they were just trying to encourage people to save with that tweet. That's not a bad thing.

 

[RedMercury]

I really believe they were just trying to encourage people to save with that tweet. That's not a bad thing.

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For one, it isn't benevolent advice. Their goal is to take people's money and put it in their pockets, of course they want people to save, especially their current and potential customers. For another, what they are describing is largely not making/breaking people. They are talking about food when people are being bankrupted by healthcare costs, student loans, etc., things that Chase Bank in their elevated position have more a voice to change in our capitalist society where money = influence. They are missing the forest for the trees and thought it wise to point the finger at the victims of the system rather than the perpetrators. They do not even pay employees a living wage, you should be appalled at the prospect of them giving any sort of tips for saving money.

 

[Fuchsia]

The message of the tweet is, arguably, correct. At least, you'd see people on this forum, or like you said, your dad, or anybody else, offer this advice. Especially the messaging about making your own coffee or walking instead of driving would resonate with like 80% of curmudgeons here.

But the reason they're getting roasted is because:

• Chase's primary business is based off them encouraging this kind of lifestyle
• Chase rather notoriously pays their employees very little
• Chase execs got golden parachutes when they tanked our economy 10 years ago and the hypothetical broke person in the tweet had to bail them out in the form of a $430b bailout program from taxpayer coffers.

It'd be like McDonalds tweeting:

You: Why am I fat?
Stomach: Drink water instead of large coke
Stomach: You don't need to supersize those fries
Stomach: Don't get the McDouble Pounder
You: I guess we'll never know

The advice is true but ... it's a little disingenuous coming from the company that profits off of those things ...

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Great post. Solid sum up. It's tone deaf coming from Chase. Bad move on their part.

 

[GeminiX7]

This whole "corporation is your sassy meme lord friend" style of advertising is sickening.

 

[Emmert]

The message of the tweet is, arguably, correct. At least, you'd see people on this forum, or like you said, your dad, or anybody else, offer this advice. Especially the messaging about making your own coffee or walking instead of driving would resonate with like 80% of curmudgeons here.

But the reason they're getting roasted is because:

• Chase's primary business is based off them encouraging this kind of lifestyle
• Chase rather notoriously pays their employees very little
• Chase execs got golden parachutes when they tanked our economy 10 years ago and the hypothetical broke person in the tweet had to bail them out in the form of a $430b bailout program from taxpayer coffers.

It'd be like McDonalds tweeting:

You: Why am I fat?
Stomach: Drink water instead of large coke
Stomach: You don't need to supersize those fries
Stomach: Don't get the McDouble Pounder
You: I guess we'll never know

The advice is true but ... it's a little disingenuous coming from the company that profits off of those things ...

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Exactly. Thank you.

 

[GeminiX7]

Who the fuck is it meant for then if not the majority of Americans that can't scrape together a few 400 bucks? Is it for the mythical avocado buying millennial who gets their avocados Uber'd to them on hoverboards while they wait in line for the newest I-Phone?

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Technically the ad is made for the assclowns who think that person actually exists in any sort of substantial capacity.

 

[Loudninja]

I really believe they were just trying to encourage people to save with that tweet. That's not a bad thing.

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Dude really?You just ignored what he said.

 

[Droidian]

Better advice would be to join a credit union instead of a predatory bank.

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This.
I joined a credit union last year. Not only do I get paid a day before everyone else, they take car of my car financing, good credit card rate (first year)
Closed my Wells Fargo real quick.

 

[mikehaggar]

Dude really?You just ignored what he said.

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I didn't ignore it. That poster sees it as some big affront. I don't. I just see it as a PR tweet trying to motivate people to save money.

 

[GeminiX7]

Use credit unions, folks.
Frivolous spending isn't why an entire generation is walking around with lower expectations for standards of living vs their parents.

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B-b-but iPhones and Avocado toast!

 

[BasilZero]

The tweet has some good points, even if it is tone-deaf.

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Was thinking the same

For me though I eat less out and eat more homemade , don't drink coffee and have never used a cab of any kind at least here in the US

 

[ZackieChan]

A side note for people that get charged overdraft fees or other bank fees by accident or something slipping in life. Sometimes just calling the bank or credit union to ask to waive the fee works and they will sometimes remove the fee. I've been mostly lucky with banks removing fees a couple of times because of a slip up, and banks are pretty good with waiving fees as long as it isn't abused or used commonly.

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In my experience, going into the bank branch itself and talking with one of those sit down humans can be even more effective at getting them waived. YMMV though.