I wrote this post 2 years ago and it seems to me that…Here’s what’s wrong with everything…still.
Banks can borrow money from the federal government at less than 1% interest. 0.75% to be exact.
Can you? Nope. You can borrow it from the banks at about 5 times that rate, if you’re lucky, wealthy or not a student looking to get an education.
Banks already have your money and pay you less than 1% interest to do whatever they want with it…including putting it in places that it doesn’t belong…and then losing it!
As if that should even be possible. And banks only have to keep 3% of our money on hand in case we ask for some of it back.
And why do banks who have our money to play with… basically for free… need to borrow money from the feds anyway?
How much does the bank charge you to: write a check? Make a withdrawal at an ATM? Take out a home loan? Take out a student loan? Take out an equity loan? Pay interest on credit cards? Close an account? Receive a paper statement? Use a human teller??? …and all at a place that has your money to begin with?
This is not how it used to be and Can anyone explain why this is how it is now… and how these policies will lead to a better future for you or your children or your communities? (I am assuming you don’t own a bank)
I…continue to… welcome all thoughts, insights and explanations.
ipledgeafallegiance 
Seriously, sometimes, I ask myself these questions. Sometimes, I wonder if I am not better off keeping my money other my mattress and not having to pay the bank for helping me keep it, but then I think of home loan and all the other stuff… Oh well! They are just Shylock!
…under my mattress, I meant to say. Okay, its time to go to sleep its after 1 am.
There is no explanation, at least none that includes logic. Sometimes I think we’re all lemmings with no insights to offer.
What IS the explanation offered? I’m sure there’s an excellent justification having to do with maintaining the strength of the economy–or with not jeopardizing it–to which the lie would have been put–no matter what the argument, by the events of the last several years. Do you have a link where we could see the “justification”? Thank you.
Wish I did! All I’ve heard is that it stimulates the economy…
The truth is that they will continue to reduce services while increasing fees until everyone gets the hint and refuses to play ball. The only thing that curbs their behavior is competition from other Banks, not the needs of the customer. Efforts are underway to do away with Cash altogether and already we are seeing Banks that exist on line only. At that point they’ve really hijacked your money as you can’t even put it in your wallet and need a card, phone or computer for access. Then all they have to do is pull the plug. Better pay your electric and phone bill on time, or you won’t be able to pay at all. In the future I may refuse payment in currency, and demand to be paid in gold, silver or something else of lasting tangible value. The last thing I need is a fictitious press printing fictitious money reducing the value of my fiat currency. Why anyone would accept this is beyond me.
Excellent post, thank you!
I know banks use our money whenever they want. We have no choice but to leave it there. I wish we had a source where we’d get more for keeping our money there, looks like that day is not on the horizon just yet.
I’m dropping by to say hello and also to let you know I enjoyed reading your post. 🙂