DonT Posted November 24, 2009 Share Posted November 24, 2009 I just thought this amusing. Received credit card statement today from one of the major cards and it had an offer enclosed. Seems they want me to open an "Ultimate Savings Account". A new program with them. I must give them (deposit) $1,000.00 and maintain a $ 1,000.00 balance for 3 consecutive months and they will give me $25.00 within 120 days after my 3rd month just for opening the account. Taxes and fees apply. ...here's your sign Link to comment Share on other sites More sharing options...
Chris Keen Posted November 24, 2009 Share Posted November 24, 2009 Yeah, I've noticed lots of billboards and commercials lately with some bank telling you great it is to "Start Saving" money NOW! Yeah ..... like they're really worried about your future financial success! More like we need your money to keep our doors open. Lets be honest about this! Link to comment Share on other sites More sharing options...
SiG Lady Posted November 24, 2009 Share Posted November 24, 2009 They'll use your $1,000 for three months and make one helluva lot more than $25... ...and then they make you wait four months (!) for the $25...???? Gimme a break! Jeez. Link to comment Share on other sites More sharing options...
WRanger Posted November 24, 2009 Share Posted November 24, 2009 They'll use your $1,000 for three months and make one helluva lot more than $25... ...and then they make you wait four months (!) for the $25...???? Gimme a break! Jeez. While people have little sympathy for credit card companies/banks, Sig Lady's statement isn't even close to being true (sorry). Once all costs are considered, the bank will need for you to keep the money there for 12 to 18 months to break even (depending on interest rate/margin). This is why the general public will soon find out that the new credit card laws passed by Congress will end up hurting people, by raising fees on those who pay on time and denying credit cards to those with marginal credit. Not very funny, I know, but the country is about to get an education on how the financial system really works. There is no free lunch.... of course, Congress can't seem to learn that lesson. I find that darkly humorous. As for real humor, there is the one about the banker, the lawyer, and the prostitute....... Link to comment Share on other sites More sharing options...
SiG Lady Posted November 25, 2009 Share Posted November 25, 2009 Still and all, it's a paltry return on tying up $1K for that long. Then I'm sure you have to pay taxes on it. Sheesh. Right or wrong, I still have no sympathy. Sorry. The only thing I'm doing differently with my one credit card is USING it for very small purchases of necessities each month. Nothing frivolous, just keeping it more active than before. I don't want 'them' to get uppity with me and cancel the card due to under-usage. Link to comment Share on other sites More sharing options...
open17 Posted November 25, 2009 Share Posted November 25, 2009 Still and all, it's a paltry return on tying up $1K for that long. Then I'm sure you have to pay taxes on it. Sheesh. Right or wrong, I still have no sympathy. Sorry. Assuming that you have to leave it there until you actually get the $25 (210 days), it works out to a 4.3% annual return. If you know someplace else I can get 4.3% on $1000 short term, I'm listening. Link to comment Share on other sites More sharing options...
redmanfixit Posted November 25, 2009 Share Posted November 25, 2009 (edited) Is there a difference between a banker a lawyer and a prostitute? Other than obvious one where the prostitute actually works. Edited November 25, 2009 by redmanfixit Link to comment Share on other sites More sharing options...
SiG Lady Posted November 25, 2009 Share Posted November 25, 2009 Hell, I remember when CDs were paying 10%. Obviously, we're not at that stage at the moment. Link to comment Share on other sites More sharing options...
Chris Keen Posted November 25, 2009 Share Posted November 25, 2009 I remember when I had a savings account that paid 4.99%. Link to comment Share on other sites More sharing options...
D.Hayden Posted November 25, 2009 Share Posted November 25, 2009 lol.. you're killing me... now a normal 'bank' type savings rate might get you .25% Link to comment Share on other sites More sharing options...
WRanger Posted November 25, 2009 Share Posted November 25, 2009 lol.. you're killing me...now a normal 'bank' type savings rate might get you .25% Don't hold your breath... saving is not considered helpful to the economy. Oddly enough, borrowing is... which got us in this problem in the first place. That is a real joke. No need for you to feel sorry for them, Sig Lady... we don't have to like how things work. Understanding how they do makes it easier to navigate and protect one's self. Sounds like you run a business... I'm sure you've encountered bankers up close and personal. They are just trying to make a buck, too. I wouldn't want to have my money in a bank that didn't make any... Link to comment Share on other sites More sharing options...
open17 Posted November 25, 2009 Share Posted November 25, 2009 Hell, I remember when CDs were paying 10%. Obviously, we're not at that stage at the moment. Heck---I remember 14%, and maybe even 17%. When Chase took over for WAMU, they cut the interest on a "Market Interest" account we HAD to .08%. Yes--that's EIGHT HUNDRETHS OF ONE PERCENT. Costs them more in postage to mail the statement than they were paying me in interest. Hmmmm--I think this has stopped being humorous. Link to comment Share on other sites More sharing options...
Classic_jon Posted November 25, 2009 Share Posted November 25, 2009 They'll use your $1,000 for three months and make one helluva lot more than $25... ...and then they make you wait four months (!) for the $25...???? Gimme a break! Jeez. While people have little sympathy for credit card companies/banks, Sig Lady's statement isn't even close to being true (sorry). Once all costs are considered, the bank will need for you to keep the money there for 12 to 18 months to break even (depending on interest rate/margin). This is why the general public will soon find out that the new credit card laws passed by Congress will end up hurting people, by raising fees on those who pay on time and denying credit cards to those with marginal credit. Not very funny, I know, but the country is about to get an education on how the financial system really works. There is no free lunch.... of course, Congress can't seem to learn that lesson. I find that darkly humorous. As for real humor, there is the one about the banker, the lawyer, and the prostitute....... I work in that and a related Financial industry and overall, I think the new CC regs that the previous administration started and just went into or are going to go into effect will hurt in the short term, but will add some *badly needed* regulations to that industry. With the 1000.00 scheme they are banking (pardon the pun! ) on the fact that you will NOT leave the 1000.00 just sitting there and will actually use it so they will not have to pay the 25.00. Also, there are a LOT of banking institutions that are hiking their rates BEFORE the next wave of regs go into effect because the regs will not allow them to charge that interest rate or to hike the rate to 29.9% or higher and charge other exceedingly high late fees like they have in the past. Link to comment Share on other sites More sharing options...
Flexmoney Posted November 25, 2009 Share Posted November 25, 2009 Clearly, this thread is beyond humor. CLOSED. Welcome to the humor forum. Humor is subjective so we have a few guidelines. * No political jokes. * No foul language. * No rebuttals to jokes posted. * If the joke is of an adult nature find a way to post it as to not offend our juniors or parents. Offensive Material Please do not post offensive material. If you wouldn't want your 10 year-old to read it, please don't post it. This also applies to links in posts. If what's in a link (text or video) would not be appropriate if it was typed in a post, it is not acceptable. If you find a joke offensive please notify a moderator and it will be addressed. If your joke can't fit these guidelines then please refrain from posting. If in doubt about your post's content, please PM a Moderator before posting. Thank you. BrianEnos.com Moderating Staff Link to comment Share on other sites More sharing options...
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