Somewhere in a landfill right now sits the most expensive t-shirt ever made.
It's yours.
You got it free from a guy at a folding table when you were 19.
He got your bank info.
And your credit info.
And your financial cherry.
For a friggin' t-shirt.
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Little drunk idiots. All of them. |
Cut to today.
That bank has been holding your money ever since.
Lending it out. Earning real returns on it.
And every year, it pays you back.
Wanna guess how much?
Pull up your savings account right now.
Find the line that says "interest paid year to date."
If you bank at one of the big guys, there's a decent chance that number is measured in cents.
On a $5,000 emergency fund at 0.01% APY, your bank pays you about fifty cents a year.
Fifty. Cents.
Your bank flips you two quarters like you're a wishing well.
And that's the GOOD side of the relationship.
Because then there's what YOU pay THEM.
A $35 overdraft here.
A $12 "maintenance fee" there.
$3.50 every time you touch the wrong ATM.
Today, we're auditing the relationship with your bank!
1. Add up what your bank charged you in the last 12 months.
Pull the statement. Search "fee."
Overdrafts. Maintenance. ATM charges. Paper statements (yes, that's a real thing).
Three overdrafts alone = $105. That's $105 for having your own money three days late.
Write the total down.
2. Now add up what it paid you.
The interest line. Probably cents.
If the fee number beats the interest number, you're not a customer.
You're a donor.
3. Check what your card gave back.
Some cards pay you back on stuff you were buying anyway.
Most pay you nothing and charge a fee for the honor.
If yours is in the "nothing, plus a fee" camp... add it to the donor tally.
Most people KNOW their bank kind of sucks, especially when it comes to loans.
Banks are more interested in bleeding you dry one percentage point at a time than they are helping out.
Which is why if you're in a position where you need a personal loan, I'd recommend Money Lion.
If you need help, want to see if you can qualify for a lower rate consolidation loan, or just see what's out there, start HERE.
Takes two minutes, is free, and there are no strings.
How it should be.
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Keep your money where it belongs |
Whatever you do, just make sure to check your rates, track your spending, and keep reading the newsletter.
(Especially that last one...)
Taquitos,
Caleb "Free T-Shirt" Hammer