Breaking News: The FDIC is Broke!

Discussion in 'Off-Topic' started by Shapecity, Nov 24, 2009.

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  1. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    Source: The Business Insider
     
    Shapecity, Nov 24, 2009
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  2. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    Pretty amazing when they charge you $2.50 to withdraw $20 at an ATM (12.5% interest) yet pay you .5% interest on your savings account.
     
    Denny Crane, Nov 24, 2009
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  3. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    Move your savings to a bank in Australia. They're paying 5.00% to 5.25%
     
    Shapecity, Nov 24, 2009
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  4. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    So you earn in a year 7.5% less than they charge you in one transaction.

    One of the most amazing things about banking, to me.
     
    Denny Crane, Nov 24, 2009
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  5. MikeDC

    MikeDC Member

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    What's amazing about it?
     
    MikeDC, Nov 24, 2009
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  6. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    That they profit so much and lose so much.
     
    Denny Crane, Nov 24, 2009
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  7. Big Frame

    Big Frame Well-Known Member

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    I dont know where you do your banking at Denny, but my Credit Union don't charge me to use the ATM
     
    Big Frame, Nov 24, 2009
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  8. Denny Crane

    Denny Crane It's not even loaded! Staff Member Administrator

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    Depends on the ATM, eh?

    If you use a BofA ATM, BofA charges you something.
     
    Denny Crane, Nov 24, 2009
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  9. MikeDC

    MikeDC Member

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    Sort of reinforces the idea that they're gambling, eh?
     
    MikeDC, Nov 24, 2009
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  10. Shapecity

    Shapecity S2/JBB Teamster Staff Member Administrator

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    BofA charges you ATM fees even if you're a BofA customer? That's ridiculous. Why would you continue banking there? I don't use the ATM for savings account so I just park it in the Australian bank and earn the higher interest. If I need to transfer money to another account it's all done electronically without any fees charged.
     
    Shapecity, Nov 25, 2009
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  11. MikeDC

    MikeDC Member

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    Yeah, it's not like there's a shortage of banks that offer better deals on checking accounts. My bank actually rebates me back most of the money if I use a foreign ATM.
     
    MikeDC, Nov 27, 2009
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