Bank Fee Rant
I haven't had to worry about payments i have to make to maintain my banking account. Or maybe i've just wanted to turn a blind eye. But lately i've been tighter with money and going into my online bank, i'm seeing something that i feel is wrong. And that is the expences associated with having a bank account; paying fees to having a bank account, fees to own a debit card, fees for everything little fucking thing the bank can think of.
Isn't it enough that banks make money through interest rates? Aren't banks making enough money by lending our money to other people?
How much money do banks make?
- Big banks can earn more than $50 billion each year on interest alone.
Fifty BILLION! One year!
As of June 2020, the average net profit margin for retail or commercial banks was 13.9%.
Substantial growth there!
Do banks make a lot of money?
- Yes, banks make a lot of money from charging borrowers interest, but the fees banks charge are just as lucrative.
And a lot of money from interests isn't enough. They want all the money.
Fuck right off.
How much interest does $10,000 earn in a year?
- In a high-yield savings account that earns 0.50% APY, and you can earn about $50.
I know very little about banking in specific but it seems they're making enough money to not charge me anything upwards of a few cents, if anything at all to maintain my bank account.
Greedy bastards!
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Should, when, and if the Fed so much as raise the Interest rate a quarter percent would you think the Bank would pass on half that Interest rate increase to their customer's Savings accounts? I believe not.
Posted Using LeoFinance Beta