2007-01-11 17:54:13 · 12 answers · asked by Ruby 1 in Business & Finance ➔ Other - Business & Finance
They make a killing off of mortgage deals.
2007-01-11 17:56:20 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Banks are excellent at making the most of people's bad habits, unforgivingly and uncompromisingly, that's why they are rich. They know how to penalize people for misusing credit and they also benefit from the fact that many people are not willing to do a little research in order to gain financial education.
So, some of the bank agents/employees tend to tout products to customers that will mostly benefit the bank and not the customer. This is why it is great to have a good book-keeper and/or accountant to help you understand financial jargons and pick the best financial deals for you.. Banks also know how to create money e.g in form of short writing derivatives, futures etc.
2007-01-12 02:03:41 · answer #2 · answered by Muga Wa Kabbz 5 · 0⤊ 0⤋
Because they charge you for everything, including the use of their ATM's (unless you use the ATM at your bank or one in the convenience stores that is from your bank). Between banking fees, ATM fees, interest, overdrawn fees, etc., they make a killing, just like the credit card companies - it's called 'legalized theft' from the consumer. The politicians all have their hand in the cookie jar. They get their cut of the profits, so don't expect any help or relief from them. As long as they get their fair share of it all, they're not going to do anything about it. They'll just keep trying to think up more ways to get another extra few bucks out of your pocket! Next, they'll charge you to use their drive-thru windows or you'll have to pay for a drive-thru pass to go through it - either way, they gotcha! They use YOUR money to make THEIR money! That's 'Big Brother' for 'ya!
2007-01-12 01:59:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Banks operate for profit and enjoy some relaxed regulations, allowing (in)finite possibilities for fees. If you own bank stock, then you'd be pleased; but, not as a customer. Credit Unions are a better choice, from a member's point of view.
2007-01-12 02:10:11 · answer #4 · answered by S. B. 6 · 0⤊ 0⤋
people think it's fees, but it's not, those cover operating costs only.
when you buy a gic or term deposit at the bank, the bank will reinvest your money, thats why there are no fees on these products.
they also collect a percentage of income from mutual funds, tho it's not quite as big.
2007-01-12 01:57:59 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Because they charge people interrest!
They send you credit card applications
They make everything feel so good
and when you order it
they send you more things
they give your address out to magazine companies
and others
You buy things and keep buying
then you credit gets bad because you cant pay and you owe the bank.
for ever month that you dont pay the bill
it gets higher
2007-01-12 02:07:25 · answer #6 · answered by sunshine090892 2 · 0⤊ 0⤋
Because people from other countries have money in them. Have you ever seen Fahrenheit 9/11. It told how if people in other countries took their money out of our banks-the U.S would seriously be BROKE.
2007-01-12 02:00:33 · answer #7 · answered by RoxieC 5 · 1⤊ 0⤋
They charge for holding your money they make a money for loaning out money.
2007-01-12 01:58:57 · answer #8 · answered by bbillnextech 1 · 0⤊ 0⤋
cause they need plenty of money to loan it out to make high interest off people who borrow it...and high interest off of..
of credit card users....
and pay low interest on saving account deposit...ect...
2007-01-12 02:11:43 · answer #9 · answered by cork 7 · 0⤊ 0⤋
They charge other people for handling their (the people's) money.
2007-01-12 01:57:02 · answer #10 · answered by San Diego Art Nut 6 · 0⤊ 0⤋