Tag Archives: Banking

Mar
23
2023

Why Bank Failures Can Mean Subvending Contracts For Foreclosure Cleanup Businesses

Did you know that just 60 days or so into 2010, over 20 banks had already failed? In 2009, hundreds of banks across the United States failed. While no one likes to hear of banks failing in communities across the country, it can be good news for foreclosure cleanup business owners and others who operate real estate service businesses (eg, plumbers, general contractors, electricians, etc.). Why?

Because these failed banks are often acquired by larger and/or more solvent financial institutions, which means they need the services your company can offer.

To explain, when a bank fails, it falls in the hands of the Federal Deposit Insurance Corporation (aka the FDIC). This is the initial step. Failed banks go on to be acquired by other banks, as mentioned above, because they have customers that still need to be serviced. This is, in part, why you see the FDIC seal in every bank. They protect the everyday consumer in case a bank fails.

Understanding What Happens When a Bank Fails & Why It Helps Real Estate Services Businesses

Oftentimes, once a failed bank falls into the hands of the FDIC, they contract with larger property preservation companies to handle the maintenance of the failed bank’s real estate assets (eg, foreclosed homes, foreclosed commercial properties, etc.).

And this is where it gets interesting for you, the little to mid-sized foreclosure cleanup business owner. You see, these large property preservation companies are, in many cases, simply taking too long to handle all the requests for foreclosure cleanup work because they are just overwhelmed with the number of properties on their roster.

These properties can’t sit idle just because the bank that owned them failed. They need inspections, yard maintenance, winterization, boarding up, lock changes, etc. And, these larger companies simply can’t keep up.

Add to this – the more banks that fail, the more properties fall into the big guys’ laps. So what do they do? The contract with small to mid-sized foreclosure cleaning companies (like yours!) to help them at least try to keep up.

If you’re one of the lucky ones to be properly set up as a foreclosure clean up business – ie, licensed and insured — you can target those handling failed banks to get foreclosure cleaning jobs.

Who to Target When a Bank Fails to Get Ongoing Foreclosure Cleanup Jobs

As a foreclosure cleanup business owner, you would contact the REO asset managers within acquiring institutions (ie, the FDIC or whichever institution took over the assets of the failed bank).

While it may take some elbow grease to get through to them, getting an “in” with just one of these companies can provide you with all the foreclosure cleaning jobs you will ever need. So it’s definitely worth it to put in the time it takes.

Aug
03
2022

The Bizarre Resurgence of Banks

In these uncertain economic times, it’s hard to find the right bank. Not the kind to keep your bills, but the kind to keep your coins. Collecting change can be a small and effective way to save some extra money over time. Often, a container filled with pennies, nickels and dimes can add up to hundreds of dollars over a couple years. That being the case, here’s a few innovative piggy banks from the Far East that can make saving change not only a worthwhile venture – but also a strange and surreal experience.

The Banpresto Facebank is as simple as its name. It’s a triangular bank with a small face in the center – featuring eyes, nose and mouth. But this gadget puts truth in the term “feeding the piggy bank”. When an individual waves a coin in front of the face, the eyes (equipped with sensors) see the delicious money and the mouth of the bank opens – allowing the user to slide the coin inside. Along with helping a person to save money, the Facebank is also enjoyably freaky looking (think the book of the dead from “Evil Dead 2” mixed with Belial from “Basket Case”). The Banpresto Facebank can hold up to 30 quarter-size coins, runs on four AAA batteries and is available in blue, red or white.

Another novel bank provides solutions to two common slacker problems in one convenient package. While the Dreams Money-Saving BanClock looks like a simple plastic cube, it is actually a tortuous device that forces people to get out of bed and save money – simultaneously! A user sets the alarm and, when it goes off, the only way to stop it is to insert a coin. This means, unless a person keeps a pile of change next to the bed, it’s impossible to snooze all morning long. By feeding the BanClock a quarter each morning, a person can save $25 before the bank is full. Perfect for parents of college graduates living at home while they “get on their feet”, the Dreams BanClock is available in five different colors (white, red, yellow, blue and black).

Remember those digital pets that were all the rage about ten years ago? They would start out as babies and then grow and evolve. Well, there’s a bank along those lines called the Bank of Life (Takaratomy Jinsei Ginkou). The bank features a LCD display on the front with a digital person representing the bank owner (you). The person starts out living the life of a poor man (when there’s no money in the bank) in a small apartment with flies everywhere. As change is collected and the bank fills up, the character can go on dates, get new clothes, and upgrade apartments – eventually living “a life of contentment” (if such a thing exists). And, when that happens, the user may actually even have a little money saved up to get a life of his or her own and stop staring at a bank.