A warm GOOD MORNING!!! to you all! Warm Hershey Walk today. Not uncomfortable. Just a bit warmer.
Think About it Thursday Ed-vise today. Let’s put on the ol’ thinking caps!
I hate my bank. Yup. I said it. I hate my bank.
Generally speaking, I hate pretty much all banks. Why? Because they are an entity that we are FORCED to deal with. FORCED! Yes, you can choose which bank you want to use. But, you can also choose which heroin dealer you want to use. The difference, you’re not forced to use heroin but you are FORCED to deal with a bank.
Of focus today is the savings accounts. The first one was set up in 1816 by Provident Institution for Savings in the Town of Boston. The thing was you put your money into a savings account because you didn’t want’ to carry a bunch of cash around. To entice people to open savings accounts, the banks would pay the people interest on the money that was deposited. It was never really much. But it was more than now.
I set up a savings account with my loser bank. Put in the minimum amount and let it sit. No problems.
Then, I transferred an amount which put the balance to below the minimum. And the fees were immediately taken out. So much so that within a few months, the account was closed…by the bank. Why? Because they had taken all of the money from the account. I have no grudge against that event. I expected the bank to do it. I was curious how they would do it.
Now, the fee was $8 per month. Why? Don’t know. Don’t know what that fee money goes to other than the banks bottom line. Maybe it went to pay the .05% interest rate on someone else’s account. I mean, the bank relies on outdated computer code to maintain the accounts.
So, Think About it. Before you decide to open a savings account realize a couple things. First, the rate of return is garbage because banks don’t give a damn about you. Second, you will get a much greater return on a CD or a market tracking fund. Third, you will actually make more money from my garbage bank of B of A if you buy their stock and enjoy the dividend that is paid on each share which is 1.68% annually. And there is no minimum balance penalty. I’m just saying
That’s it for today. Take care of yourselves. Check in on each other and remember the things that make you smile: FACE MUSCLES! HAHAHAHAHAHA