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Thread: Where Do You Put Your Money When The Bank Charges YOU Interest?

  1. #1

    Where Do You Put Your Money When The Bank Charges YOU Interest?

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  3. #2
    I would never pay my bank interest . That is what Guns , Ammo , Land , Gold and Silver are for.
    Do something Danke

  4. #3
    Some people already pay banks to keep their money for them. Banks make more money from fees than interest.
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  5. #4
    Quote Originally Posted by Zippyjuan View Post
    Some people already pay banks to keep their money for them. Banks make more money from fees than interest.
    Being poor can get expensive with overdraft fees . Hopefully that is incentive to work harder .
    Do something Danke

  6. #5
    Quote Originally Posted by oyarde View Post
    I would never pay my bank interest . That is what Guns , Ammo , Land , Gold and Silver are for.
    Tools, lumber, cars, etc.......

    Better return on any of them than a bank..

  7. #6
    ...in a vault containing gold coins/bars, charging less annually than investors are presently paying the German government to borrow their money.
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  8. #7
    In a market system, you get paid to take risk. Since banks aren't allowed to fail because of deposit insurance and federal guarantees, the amount you receive in interest should be minimal to non-existent for a savings account. I have never understood the entitlement to bank interest. You aren't taking any risk so you shouldn't be compensated. The banks are doing YOU a favor and providing YOU a service. Are you going to keep money in a cookie jar and have it get stolen or lost? The whole point of interest (and the only reason banks have ever charged interest) is to entice deposits so that they can lend. But banks on the whole have more money than they can lend out.

    An example of when you should get interest is you buy long dated Treasuries or CDs, you are lending money and subjected to inflation risk so you should get compensated.

    As it is, you should be keeping minimal amounts in savings. The last time I had a savings account was when I was about seven and my parents set it up so I would learn what a bank book was. You should have assets that produce an income stream, whether it is stocks, your own business, or rental real estate. Gold and Bitcoin are fine places to buy on speculation when it makes sense but those aren't investments to park money.
    Last edited by Krugminator2; 08-12-2019 at 08:33 PM.

  9. #8
    Quote Originally Posted by Krugminator2 View Post
    In a market system, you get paid to take risk. Since banks aren't allowed to fail because of deposit insurance and federal guarantees, the amount you receive in interest should be minimal to non-existent for a savings account. I have never understood the entitlement to bank interest. You aren't taking any risk so you shouldn't be compensated. The banks are doing YOU a favor and providing YOU a service. Are you going to keep money in a cookie jar and have it get stolen or lost. The whole point of interest (and the only reason banks have ever charged interest) is to entice deposits so that they can lend. But banks on the whole have more money than they can lend out.

    An example of when you should get interest is you buy long dated Treasuries or CDs, you are lending money and subjected to inflation risk so you should get compensated.

    As it is, you should be keeping minimal amounts in savings to begin with. The last time I had a savings account was when I was about seven and my parents set it up so I would learn what a bank book was.
    Oh I think they have the minimal interest thing down pretty good . If I put 10K in my savings for one yr I will not have to pay tax on the interest because it will be below the minimum reporting umber of 10.00.
    Do something Danke



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  11. #9
    Banks are really of little overall value for parking money . Basically they are convenient for writing checks or borrowing money from if you must . Otherwise of little value . There is no incentive to park money there people just do it out of habit .
    Do something Danke

  12. #10
    Where’s Yakov Smirnoff when you need him?

    “In Soviet Amerika, bank charges YOU interest!”
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  13. #11
    credit unions , seniors saved and saved to have money when they retire , thinking with the 100-200 thousand dollars they would get thousand a year to help , now they get nothing and spending their savings to live .

    low interest rates only help the very rich and corps not the avg people .



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