It’s Time to Go
“We don’t expect to pay nothing to ride the train, it’s the same thing with a checking account,” [Nessa Feddis, vice president and senior counsel of the American Bankers Association] said.No. It’s not remotely the same. The train is pure service and doesn’t make money because you’re riding it. It doesn’t gain interest on your ass being in the seat and it doesn’t re-invest your presence to get more passengers on the train. It doesn’t build more trains and make deals with other trains based on the number of asses in its seat. It has one source of money: the passenger using the service. Banks take your money and invest it, loaning it out to others and charging them for that service. They use your money as their own for the duration of your deposit. You are loaning the bank money when you have a checking or savings account. They’re paying you back by guaranteeing you can withdraw it at any time, in full. They should be paying you interest, but that’s another story. So no, it’s not the same at all. The banks are asking you to pay them for the right to loan them money. That’s wrong. Flat wrong. Credit unions have free checking. Use it. Now is the time to abandon the banks that abandoned their depositors long ago.
Source: CNN
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