Are You a Pawn in The Big Bank's Chess Match?


If you’re earning .0001% on your savings account while they’re charging higher and higher interest for loans, but not passing that on to you, there’s a really easy answer for that in capitalism: leave! Go to a bank that treats you like a human and actually values your business.




too big to fail? too big to care.

The amount of wealth controlled by the biggest banks in America is mind-boggling!

I’m on an advisory board for a tiny bank in Atlanta, and we had this session recently where they started showing us slides of the amount of money that is concentrated in the top four banks in the country — it would blow your mind. You’d freak out and run screaming out of the room!! Just google it sometime, you’ll fall out of your chair.

“You’ve got to be a large corporation for them to actually treat you like you matter.”

These are the “too big to fail” companies, remember that from 2008? Basically, they’re too big to fail so we’re gonna bail them out. These are also the banks that have been embroiled in deep, deep scandal, but it doesn’t seem to matter that much because they just keep rolling along.

These are also the banks that I’ve seen, more than anybody else, treat their customers like dirt. Because honestly — it doesn’t matter if you have ten million dollars — if a bank has the kind of money that these banks do, they just don’t care that much. You’ve got to be a large corporation for them to actually treat you like you matter.

So for you and I walking in with our normal checking accounts, regardless of the slogans and the marketing, often that’s why you feel like you don’t matter. So often that’s why you feel like you messed up.


Quick Personal Story:

I’ll never forget when I was shown “just how much we care…”

One time (there were many, but this particular time) my wife and I overdrafted our account. We have a check writing account, and it was probably me that forgot I’d written a check and not moved money over. Whatever it was, we had an overdraft fee, so I called the bank and asked, “Can I do anything about this?”

It was a larger bank, not one of the largest, but a larger one, and they responded, “To show our customers just how much we care, we’re willing to revoke one overdraft fee every 24 months.”

I literally started laughing on the phone!

One $36 fee waived every 24 months to show me how much you care??? Do you know the amount of money banks make on fees? It’s insanity! It’s just highway robbery.

Okay… back to how today’s headlines impact your life, wallet and future.

what’s the point of all this big bank hate?

The point of all this is that big banks had a much better than expected turn of profits in their first quarter of 2019, and mainly due to their consumer business — that’s you and I.

Now how did they get these higher profits you may ask? The answer is, interest rates have slowly been climbing. How do banks make money? Well, they loan out dollars, and the amount of interest they’re able to charge is the profit that they’re making back. If they turned around and passed that along to you and I, their customers, well they wouldn’t get as much profit.

In other words, if interest rates are going up and they’re able to charge more on loans, they should also turn around and increase the interest they’re giving you on your savings account, right? That would make sense, but it wouldn’t make as much profit.

So guess what’s happening. For the last three years, these banks have been charging more and more for loans, but not increasing the interest rates they’re paying you and I as customers. And if they are increasing them, it’s by piddling small amounts.

So there you have it, higher profits. Aren’t we all excited? The economy is growing! Well, if it’s growing on the backs of you and I because we just let the banks do what they want, that’s not a great thing for us.

fear not, there’s an easy way out!

My friends, this is the beauty of capitalism!

Some of you hear this and you go, he’s being anti-capitalist! The opposite is true. The beauty of capitalism is competition.

There are banks out there, banks like Capital One and Ally that are primarily online, that are passing on those interest rates to deposit holders and that are giving you 2% on money market accounts and things like that. That exists in the world right now!!

if your bank makes you feel like you don’t matter, you can leave!
that’s the beauty of capitalism!

So why don’t we just leave? That’s what capitalism let’s you do. Go to a bank that treats you like a person.

And if you don’t know how to do that or what banks in your area would be different than the one you’re at now, we’d be glad to talk to you about that. However you want to do it, don’t settle for being treated like a number, because you are more than that. You are a valued customer.


When you played games as a kid did your parents let you win?


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