My Proctologist helps me with my banking

Banking is an absolute discomfort in the rear. And, I am sure you have already noticed this pin prick to the cheeks. It has gone from a helpful service to a disservice. Switching the customer service from the customers to the shareholder. Just another way to make tons of money from our money. It all use to be the other way around.

In the case of Bank of America they want the account holder to pay for BOA’s recent failings and mistakes. Bad loans. Purchase of Countrywide Mortgage. And the list goes on. Who do they think they are? Acting more like mobster Wise guy loan sharks than a friendly neighborhood bank. “Hey Bud, I’m Veto your banker.”

I was with Bank of America a few years ago but switched to a local bank. Saving considerable money on the maintenance of my checking account. Plus they are not going to charge a monthly fee for my check card. And, I have no minimum balance to maintain.

I would strongly suggest if you have an account with one of the mega-banks to switch. Switch to a local or online bank that has no such fees as mentioned above. Yes, it might take a beit of your time to do this but it will send the Big Banks and Wall Street a message. Do it as soon as possible. Tell your big bank to BANK THIS!

Goodbye Mr. Banker. Goodbye Mr. Wall Street. Can't afford the risk. I'll go it alone.

We are now in an era what I call a “Stow it under your mattress” economy.  Many folks who were burned by the past recession and who lost significant amounts of money in the stock market, funds, and annuities are now putting their cash in low interest CD’s or under their mattress.  Both grow about the same.  I wouldn’t be surprised if some mattress maker sell a box spring and mattress with a vault inside.  Now, if they could only put an ATM in there as well.

But my point is a huge amount of personal money is away from investments and Wall Street.  Away from risk.  Hidden and safe.  However, not growing.  And I’m sure that’s the way the smaller investor wants it to be.  Money holders more in control of his or her own money.

Therefore, Wall Street and banking is finding this “tight to the vest” approach as the new normal.  And most likely will be this way for years to come.  Less spend and investing and more sitting tight on personal money.  “Got burnt in 2007.”

I too recently have cashed out some funds and place it in a credit union CD account.  Just feel better about that.  I no longer trust Wall Street and big banks.  After what others and I have witnessed in the past couple of years I certainly feel I can manage my money better than the typical money managers.  Surmising that the big money people really had no interest in the safety of my investment.  But only interested in making money off my money.  Keeping the rewards to themselves while others and I suffer the losses.  But I was told over and over to stay in the market for the long run and most likely my money might grow again.  Yeah sure.  While my money sits long term in some mismanaged fund, day traders and in and out traders are using my money as leverage to spike the market, take a profit, and bale out.  Leaving me holding an empty moneybag. 

Nope.  “No thank you any more!  I’ll manage my own money.”