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| *Loan,banking and credit>>>bank account |
When banks pay you interest on a CD account, such as a wamu CD, which has an interest rate of 6 percent,? |
how do they make their money back?. what exactly do they do with your money that gives them the profit margin to give you 6 percent interest because i am assuming they will not be making a loss and giving you 6 percent ,well, firstly they make their money on lending out to customers at at rate of say 9%, they also charge you for setting up standing orders, writing cheques, amendments to payment details etc. They also take on average 5 days to clear a cheque,which is a nonsense, because what they are really doing is holding on you your money for a few extra days so they can invest it in the international banks for an extra few days and earn interest on it. think of it this way, if 10 customers each invest 鈧?00 for a week, and the bank repays each customer 鈧?06 at the end of the week, for the 5 days they held on to your cash they could have invested it,and all the other customers money, in another financial institute at an ever higher rate, because they have the money and position to access the high risk, or high interest investments, that us, as mere mortals don't. No, they screw you over with peanuts while they consume the bulk for themselves using your money! Not exactly the right choice on your part! |
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