You ’re Probably Being Ripped Off by Your Bank – How to Fix It

TBIT / Pixabay Are you getting paid for the money that YOU LOAN to your bank? AKA your deposits -checking/savings/money market accounts. If not, why not? Have you been brainwashed that “rates are low” and that the only rates you can get on a checking or savings account are the laughable rates like 0.05%, 0.03% and my favorite 0.01%? (you’re not alone) Why does this happen? Because we all just accept it. The banks are counting on us serfs to be so busy toiling away in our lives that we just accept the LIE that they can’t pay us more. Well, this is false! They have plenty of revenue with which to pay you! And there are a few banks, good banks, that are paying 10 times as much as the average bank! (1% vs. 0.1%) Why should YOU care? For every $1000 you have in the bank you are passing up at least $10 of interest per year. If you have $5,000 you’re passing up $50 or more per year. If you have $10,000 you’re passing up $100 or more per year. Why should you leave that money on the table? And guess what, there’s even more money that could be on the table if we can get a mass movement of people to wake up to what is owed to them. If more people start moving their money to where reasonable rates are being paid, then the local banks will be forced to raise their rates too. Why? Because banks can’t operate without deposits. Your deposits, your neighbors, all of our deposits. If we use our power (where we put our money) we can force the banks to make a ch...
Source: Life Learning Today - Category: Consumer Health News Authors: Tags: Business Featured How To Money & Finance Solving Problems banks best bank rate interest rate investing savings account Source Type: blogs