Tag Archives Bank Scam

Bank Scam #9: Zero Percent Auto Loans

immanence Bank Scam #9: Zero Percent Auto Loans Is a zero percent auto loan a good idea? Lets look at the numbers to find out. The average car payment in America is just under $400 a month. If a household has 2 car payments, that is $800 a month invested into rapidly depreciating assets. If that same household spends another $200 a month on random stuff at […]

Read full story Comments { 0 }

Bank Scam #8: CD Secured Loans

Bank Scam #8: CD Secured Loans If a good friend walked up to you one day and asked if they could borrow $10,000, and you had the extra money, you might say yes, right? But before you do you may ask, “Will you pay me any interest?” And more importantly, “How can you pay me back?” Your friend responds, “Well, I’m going to pay you […]

Read full story Comments { 21 }

Bank Scam #7: IRA CDs

Bank Scam #7: IRA CDs I searched on BankRate.com for the best rates on IRA CDs. The results were poor to say the least. If you lock your money up for a year, Citibank is paying an interest rate of 0.2%. So I ran some quick math and found out it would take approximately 350 years to double your money in their 1-year CD. Wells Fargo is paying 0.05%. Again, if you run the math, […]

Read full story Comments { 0 }

Bank Scam #6: Offering a Discount to Apply for Credit

Top 10 Bank Scams Bank Scam #6: Offering a Discount to Apply for Credit Banking is simply a game of numbers. The first goal of the bank is to sell you multiple products. The bank knows that if you own 5 “products” from the same bank, you will stay as a customer of that bank. For example, if the bank opens a […]

Read full story Comments { 0 }

Bank Scam #5: ING Direct (Soon to be Capital One 360)

Bank Scam #5: ING Direct (Soon to be “Capital One 360”) I remember seeing the orange lion of ING Direct for the first time while surfing the internet. I was frustrated about the pathetic interest rates offered at my bank and had read that “Rich people don’t work for money, money works for them.”  I was searching for ways to put my money hard […]

Read full story Comments { 47 }

Bank Scam #4: Automatic Saving Plans such as BofA “Keep the Change” and Wells Fargo Way2Save

Bank Scam #4: Automatic Saving Plans such as BofA “Keep the Change” and Wells Fargo Way2Save You may have even seen the commercials for Bank of America “Keep the Change” and Wells Fargo “Way2Save.” Both claim to “help you save” by transferring a small amount of money from your checking account to your savings account each time you use your debit card. Now, if you read Bank Scams #1, 2, […]

Read full story Comments { 4 }

Bank Scam #3: Fractional Reserve Banking

Bank Scam #3: Fractional Reserve Banking “Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world.” It may be written clearly on your credit card, auto statements, and even your mortgage as to the amount of interest you are paying on a monthly basis. Even current laws mandate the banks to show exactly the cost […]

Read full story Comments { 0 }

Bank Scam #2: “How to Get Good Credit”

Bank Scam #2: How to Get Good Credit Please be sure to read Bank Scam #1 (click here) before you read the other 9 scams. There may be important information in a previous post needed to understand each of the subsequent posts. To uncover how “get good credit” is used to scam Americans out of their hard-earned money, let me tell you a story of my […]

Read full story Comments { 0 }

Bank Scam #1: Save Money

Bank Scam #1: Save Money Welcome back to Rich Man Poor Bank. It is finally time to expose the most common scams the biggest banks use to lock up your money–while paying you nothing–while they invest your savings for personal profit. Over the next 10 weeks I will be posting many of the most common scams I see when working with middle-American families. Let’s start with biggest […]

Read full story Comments { 0 }

Bernie Madoff vs. Big Banks

What is the difference between Bernie Madoff and big banking? Bernie Madoff built a multi-billion dollar Ponzi scheme… Big banking (JP Morgan Chase, Wells Fargo, Citibank, Bank of America, Goldman Sacks, and others) have built a multi-trillion dollar Ponzi scheme. Bernie convinced new customers into giving them their money for 48 years before they discovered he was running a Ponzi scheme… Big banking has been convincing […]

Read full story Comments { 1 }