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Are you getting paid for the money that YOU LOAN to your bank? AKA your deposits -checking/savings/money market accounts.
If not, why not?
Have you been brainwashed that “rates are low” and that the only rates you can get on a checking or savings account are the laughable rates like 0.05%, 0.03% and my favorite 0.01%?
(you’re not alone)
Why does this happen?
Because we all just accept it. The banks are counting on us serfs to be so busy toiling away in our lives that we just accept the LIE that they can’t pay us more.
Well, this is false!
They have plenty of revenue with which to pay you! And there are a few banks, good banks, that are paying 10 times as much as the average bank! (1% vs. 0.1%)
Why should YOU care?
- For every $1000 you have in the bank you are passing up at least $10 of interest per year.
- If you have $5,000 you’re passing up $50 or more per year.
- If you have $10,000 you’re passing up $100 or more per year.
Why should you leave that money on the table?
And guess what, there’s even more money that could be on the table if we can get a mass movement of people to wake up to what is owed to them.
If more people start moving their money to where reasonable rates are being paid, then the local banks will be forced to raise their rates too.
Why?
Because banks can’t operate without deposits. Your deposits, your neighbors, all of our deposits.
If we use our power (where we put our money) we can force the banks to make a change. If the local banks start paying reasonable rates, then the competitive banks will raise their rates too, expanding the potential earnings pie for people who are willing to look a little further than their corner bank for a better rate.
So are you with me? Do you want to get paid? Are you sick of big companies ripping you off? Do you want to be part of an EASY revolution that will put money in your pocket with very little effort? Then read on! We can do this!!
How Banks Operate
The original banking model is this.
- The bank borrows money from you, the customer, and they pay you (interest) for the use of your money.
- The bank then loans that money out to other customers at a higher rate than they pay you.
- The net is their gross revenue.
The Current Setup
Today banks operate like this.
- The borrow money from you, the customer, and pay you nothing or virtually nothing.
- The bank then loans that money out to other customers at a higher rate than they pay you.
- The bank also charges you Fees for the privilege of loaning them your money.
- The net plus fees is their gross revenue.
Do you see what this means? The banks have almost pure profit off of your money and then some if you consider the many types of fees they charge you.
(How are you feeling so far?)
Your Local Bank’s Argument Why Their Rates Are So Low
“Interest rates are low.”
Really? You don’t fall for that anymore! Let’s see how “low” they really are. Let’s look at the TRUTH!
Here’s what the banks are making today.
Currently banks loan out:
- personal loans at around 8-12%
- mortgage loans around 4.25%
- auto loans around 4.3%
- credit cards average 16.25%-18% and higher!
- home equity loans 5%
How much would YOU have to pay for the bank to loan you $1000? (Think of your credit card balance!!)
Think they would give it to you for free? Ha! You know the answer to that! Not a chance!
So Let’s Review
Banks use YOUR money.
You’re getting paid nothing! (I know that hurts. I’m sorry to rub it in, but pain is motivating!)
If you need to borrow from the bank, they charge you between 4-18% and more!
When the bank borrows from the Federal Reserve they currently have to pay 1.25%.
Hmmmm.
Why shouldn’t YOU also get paid for loaning YOUR money to the bank?
Do you think the banks could afford to pay you 1% or more out of all that pure profit?
Does it seem right that they don’t?
Would you like to get paid?
Well You Can Get Paid! And it only takes 15 minutes or so to set it up!
How To Get Paid on Your Bank Deposits
There are banks that pay a decent amount (1% and more).
You can search for one here:
https://www.depositaccounts.com/savings/
https://www.depositaccounts.com/checking/
If you need a place to transact CASH, then find a local bank for that, but don’t keep sizeable amounts unless they PAY YOU for the privilege of using YOUR MONEY. And make sure you will not get charged any fees.
Remember
If banks that pay low/no rates started seeing large amounts leave, what’s going to happen?
THEY WILL RAISE THEIR DEPOSIT RATES!
Why? Because they will need to lure you back. Remember they can’t operate without deposits!
Make Your New Year’s Resolution – to Not Get Ripped Off by Banks Anymore.
Remember you are loaning them YOUR money. They are using YOUR money for free currently.
If it’s only $10, that’s still $10. And it’s likely more money that’s being left on the table. These rates could be even higher if we act as a group!
Easy Way to Make this Revolution Happen
Share this article far and wide with your friends. Talk to people about it. And take action! Move your money today. Most of the banks with good rates allow you to set up your account online or over the phone and fund it the same way. It couldn’t be easier.
15 Minutes to Getting Paid
- Go to
- Pick a bank/rate.
- Open account online.
- Move your money electronically/online from your current bank to the new bank.
Boom! You’re done and now you’re set up to get paid!
Keep only the minimum amount in your current bank for cash transactions. If you don’t deposit cash, you might not need that account at all.
If we all do this, then interest rates will rise for depositor accounts.
Banks can only keep ripping us off if we let them.
Please Share
Let’s all get paid. Please share this idea with your friends and family! I’d love to hear your story and thoughts in the comments below or on Facebook/Twitter.
Thank you for reading and sharing!
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