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View Diary: Line of credit. Line of lies. (87 comments)

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  •  I remember 4% interest (1+ / 0-)
    Recommended by:
    antifa

    on passbook savings. Now you lose money on bank deposits if you are not careful, and sometimes even if you are.

    Orly, it isn't evidence just because you downloaded it from the internet.

    by 6412093 on Fri Apr 19, 2013 at 09:57:34 AM PDT

    [ Parent ]

    •  Weeeell... (0+ / 0-)

      ...that's not the banks, per se.

      Imagine what would happen if you could get 4% interest on your money in a savings account, and only pay 3.5% interest on your mortgage?

      •  Ok, the interest charges (1+ / 0-)
        Recommended by:
        antifa

        are not strictly all the banks' doing, I  should stuck to the sneaky hidden charges; minimum balance, bounced checks, teller transactions, minimum number of transactions, clearing checks out of order ...

        Still, if the credit unions can still pay 2.5% why can't the bank pay over .5%?

        Orly, it isn't evidence just because you downloaded it from the internet.

        by 6412093 on Fri Apr 19, 2013 at 02:31:33 PM PDT

        [ Parent ]

        •  There are only like... (0+ / 0-)

          ...three credit unions in the entire country that are paying more than 2% and no more than a couple dozen giving you more than 1.5%, and they are doing so by making you do 10, 15, or even 20 debit card transactions and a couple of EFTs per month on that account. Oh, and there's a maximum amount that they will give you that much interest on, typically in the neighborhood of $10,000 to $25,000.

          The banks don't tend to have those requirements, and they also don't have a cap on the amount in the account. Hence, lower interest rates.

          (Can you guess who has been doing research on this very subject lately? :-/ )

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