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 […]
Tag Archives Bank Scam
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 […]
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, […]
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 […]
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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
Burlingame Mark Quann is an entrepreneur with a belief in the liberating power of financial education and a campaign to slash the toxic influence of big banks and credit companies. Read More
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