Keeping Your Money

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Keeping Your Money


Who’s Money Is It Anyways?

Forgive me for asking this question, but when I see the return that banks are paying on deposits that are given to them it does make me wonder. People are being conditioned to believing that the return that they are given on their money is not only fair, but it is right for the banks to do so because after all, they keep your money safe. Well, do they? A quick glance around the world shows that by and large this just isn’t so.


Banks Losing Money?

Even a review of the much vaunted Canadian Banking system shows that yes, they too had their hands in the cookie jar and had to take substantial write-downs when their ‘investments’ came up short. Why does that matter to you? That’s a fair question and the answer might surprise you. Banks are no different than any other business. Even when they have your money, they still have to make a profit. So if they lose money on one hand, then they have to make it up on another one.


More Money = Less Service

And make it up they will.  Banks are masters of making huge profits no matter what the economy is doing. And they are not beyond eking it out of the smallest charges. Just look at the changes they have made over the last decade. They are open for fewer hours, yet have hardly any live tellers anymore. You need to make appointments to do pretty much anything including opening an account to deposit your money. You need to pay a fee for depositing cash. Try phoning a bank. Good luck if you think you will get to talk to a live person who is local. By local I mean living in your country.


Are You Happy With Your Money?

I’d love to hear back from anyone who is really happy with the banking services that they are getting. I will gladly return their comments and include them in an upcoming blog post on the financial service industry. The financial services are among the most profitable (well, they do have our money) and yet are amongst the most reviled for the low level of services that they do provide. It seems as though most people aren’t happy with the services that they are getting, but are reluctant to change because of the inconvenience.

I’m far more interested in value than I am in convenience. They are hardly paragons of convenience as it is. What do you think?

Till Next Time….

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Sigrid McNab

Skype: sigrid.mcnab



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About Sigrid McNab

Sigrid McNab is the author of #1 Amazon Best Seller, speaker and the CEO and Founder of Sigrid specializes in blogging, attraction marketing, and generating highly qualified leads. Sigrid teaches people how to build a successful online business.

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