F****** Banks

BigDickPitBull

BigDickPitBull

Active Member
so just messing with bank accts balancing everything.

So I have a money market acct for My company that is a reserve acct. It draws abt .21 a month.

I have a Line of credit as well with the same bank. This line of credit has abt 2000 dollar less used on it than the money market acct. and I pay $27.00/ month in interest on it.


Cost me $27 a month to use their money but it only cost them .21 a month to use my money.......



Fuck face's


that is my vent for the day.....thanks for listening

:bang::bang::bang::bang::bang::bang::bang::bang:
:job::job::job::job::job::job::job::job::job::job::job:
 
Knuckles

Knuckles

Active Member
Sucks I know but that is how a bank makes money. Takes in deposits from those that have money (paying a little interest) and loans that money to those who need it....at a higher rate.
 
Th3InfamousI

Th3InfamousI

Administrator
Staff member
Knuckles said:
Sucks I know but that is how a bank makes money. Takes in deposits from those that have money (paying a little interest) and loans that money to those who need it....at a higher rate.
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Right on! This part doesn't bother me, everyone needs to make money! If it's a small bank that's really the only way it makes money is by lending other people's money and making money off it. The intermediary whom assumes all the risks. Hence the reason why you get a little and they get a lot more. You don't have any risk!

The kick in the pants for me and I think its more of a store not a bank issu is when you use plastic it takes about 10 seconds to come out of your account. But whenever you go to a store and return an item its 5-10 days before you see the money again :angry::rant:
 
Th3InfamousI

Th3InfamousI

Administrator
Staff member
BigDickPitBull said:
I dont mind them makin money but dam hook a brother up on some interest. I mean dam
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Maybe when we go through that cycle again Money Markets rates should go back up, higher I think the rates we saw 4-5 years ago are gone for good! I used to get 4.5% in high-yield account from an online bank about 4-5 years ago. Now I think I get less than 1%.

Fed is keeping the rate low due to the shitty economy, inter-bank lending (Fed Funds Rate) is dirt cheap to try to stir up business. Only downside is it promotes inflation, extremely difficult to keep both in check with current monetary policy. It's just a waiting game at this point!

Shit - I'm cloggin a biker forum with Monetary policy crap - Don't mind me :bang:
 
JR03CHOPPER

JR03CHOPPER

Well-Known Member
You have to vent somewhere! I hear you. I'm banker and I know it is frustrating. A couple of weeks ago, the Fed rate was negative!!! We had to pay thenm to take our money!
 
Th3InfamousI

Th3InfamousI

Administrator
Staff member
JR03CHOPPER said:
You have to vent somewhere! I hear you. I'm banker and I know it is frustrating. A couple of weeks ago, the Fed rate was negative!!! We had to pay thenm to take our money!
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Yea I work in the banking industry as well, I see the fed funds rate daily. I've seen it down at -.01 a handful of times over the past couple months. :job:
 
aspen874

aspen874

Well-Known Member
Supporting Member
Come on Dick, if the bank paid you more, you would just end up spending it chasing PUSSY, they are doing you a favor !!!! :whoop::whoop:
 
PROFLYER

PROFLYER

SWOLE
get a brokerage account. We loan money against investable assets at libor plus 100bps. Forget money market, buy a muni ETF. Instantly liquid and yield about 4.5% tax free. Plus you can write covered calls against them and make even more in return. A good money manager will charge you about 1% to manage everything for you.

Believe it or not guys, there is a TON of opportunity out there, you just have to work with someone who knows how and where to look.
 
kickstart

kickstart

Well-Known Member
Sounds like we should have a Financial section with all the bankers here.

I think my last HIGH yeild checking statment gave .01% interest, just what will I do with all that money. :bang:
 
PaulHart

PaulHart

Well-Known Member
kickstart said:
Sounds like we should have a Financial section with all the bankers here.
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That's a damn good idea. I have some questions myself. Mostlly tax and tax shelter related. Why not tap the knowledge here. Who knows maybe some business could be done. :2thumbs:
 
2004BC

2004BC

FREEDOM!!!
PaulHart said:
That's a damn good idea. I have some questions myself. Mostlly tax and tax shelter related. Why not tap the knowledge here. Who knows maybe some business could be done. :2thumbs:
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I'm in!!! Who wants to advise me on where to invest my extra $6.95 this week? With a 1% commision that's $.0695 which is more than you probably earned in interest from your savings acct!!! :lol:
 
JR03CHOPPER

JR03CHOPPER

Well-Known Member
LOL!!! Investment banking is not my realm. I am a lender. I can loan you money for a commercial building in Central Florida, as long as you plan to work out of it!
 
BigDickPitBull

BigDickPitBull

Active Member
PROFLYER said:
get a brokerage account. We loan money against investable assets at libor plus 100bps. Forget money market, buy a muni ETF. Instantly liquid and yield about 4.5% tax free. Plus you can write covered calls against them and make even more in return. A good money manager will charge you about 1% to manage everything for you.

Believe it or not guys, there is a TON of opportunity out there, you just have to work with someone who knows how and where to look.
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Hmmm now we are talking, where would I go to find someone like this? I have a friend at First Allied, Would he be a good start?
 
PaulHart

PaulHart

Well-Known Member
2004BC said:
I'm in!!! Who wants to advise me on where to invest my extra $6.95 this week? With a 1% commision that's $.0695 which is more than you probably earned in interest from your savings acct!!! :lol:
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I think Subway has those $5 footlong subs again. Eat there once this week with your new found wealth instead of eating elsewhere and you've saved even more money. :roll:
 
BigDickPitBull

BigDickPitBull

Active Member
PaulHart said:
I think Subway has those $5 footlong subs again. Eat there once this week with your new found wealth instead of eating elsewhere and you've saved even more money. :roll:
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And lose wieght

thats some funny shit

Ever notice welfare fuckers are over wieght
 
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