The US banking system is in sore need of regulation. I had a savings account in school and it paid 7% interest. Now a savings account gets less than 1% interest. Doesn't even keep pace with inflation. Meanwhile that same bank offers credit cards with 23% interest and is reporting record profits. Give you nothing for your money but charge you much to borrow it. It's usery.
@Tay0 @baturkey Honestly, banks are such a scam. I work for a credit union and always urge people to make the switch because a CU is only as financially strong as its members and thus incentivized to help rather than hurt you.
Some banks are even offering NEGATIVE interest on savings, i.e. charging you to store your money. At that point a sock under the bed is literally the wiser choice.
@baturkey Not just steals it, even what it doesn't steal, the bank controls. I've been fighting for months trying to get my bank to stop blocking my account over FOSS donations and crypto purchases.
Money in the bank is not your money. It is the bank's and they give it to you on their terms.
@baturkey this is also a case of wanting the new generation to believe value is created in circulation
@baturkey banks are invented to enable lazy people make money. by lazy people I mean lazy bank owners.
This practice (stealing funds from minors) is nothing new. I experienced the same thing decades ago from a Savings and Loan. I pulled out what funds I had left and never did business with that institution or any of its successors - one of the many reasons not to do business with BofA. It taught me a valuable lesson not to trust financial institutions.
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