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 Replies: 47 / Views: 4,312 |
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Pillar of the Community
United States
4008 Posts |
Jack... what we are seeing in the current economic environment is that saving is not highly valued. If it was, there would be more interest paid on our money. This is a terrible way to operate. Savings are what really powers an economy to success, not expensive government programs or Fed fiddling, diddling, and piddling with the economy. We need REAL savings to drive a REAL economy and to get that it is necessary that a decent rate be paid on those savings. I think that it should be no less than about 4%. Of course, we all know that the Fed is always too late to the party, stays too long, and then spills more of the punch than is actually consumed. What we have seen during the past 2-3 years is typical... unfortunately.
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Pillar of the Community
United States
1064 Posts |
Couldn't agree with you more Ed! Unfortunately (or maybe fortunately?), I now live on Soc Sec & a phone company pension, and I don't expect to ever see either of them rise. But, the cost of everything seems to go up every week (I love how they say cost of living, excluding energy & food, is not rising!). Anyway, it seems to me that even the 'high' yield online banks like ING, HSBC, Ally, have gradually whittled their interest on deposit down to nothing, with no explanation. No incentive to save...  |
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Pillar of the Community
United States
592 Posts |
Bank of america charges to deposit large amounts of cash to accounts. The amount of the fee & implementation seems to vary from branch to branch.
I know it's bizarre but they do not want deal with large cash deposits.
We call BOA the Non-Bank.
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Pillar of the Community
 Canada
1502 Posts |
And ING's (Canada) paying 1.5%
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Valued Member
United States
52 Posts |
And all of these are reasons that I keep a minimum amount of cash in the bank. Every paycheck, those bills that are paid electronically, get paid...and the rest gets pulled out of the bank.
I absolutely HATE using my debit card, and for the most part refuse to use my ATM card, and with gas stations charging more for using them, as well as a lot of the merchants I do business with, cash just makes sense these days. (the only things I buy are food (farmers market if possible), gas and silver...and very rarely clothes)
I imagine in a couple years when my rainy day fund gets to be too much, I might have a problem on my hand.
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Pillar of the Community
United States
1064 Posts |
Yes, snoman, it does look like you may be headed for trouble on a rainy day, if you're not buying clothes!  Your philosphy does sound pretty good though... |
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Pillar of the Community
United States
3294 Posts |
One good thing about this situation is I am going to be paying 3.5% fixed on my mortgage, and if we do get nasty inflation, I get a free house.
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Pillar of the Community
United States
4008 Posts |
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But, the cost of everything seems to go up every week (I love how they say cost of living, excluding energy & food, is not rising!). I hear ya, Bro. Practically everything is going up but housing... and how often does one buy a house? Not very darned often, especially these days! Isn't it amazing that The Powers That Be can arbitrarily decide not to include necessities in their inflation calculation. No scientist would do this. They can't just ignore inconvenient numbers. Econ is, therefore, not a science. No news there, really, although some do call it "the dismal science". :-/ Quote:
Bank of america charges to deposit large amounts of cash to accounts. Something like that looks to me like a HUGE neon sign that says "WE DO NOT WANT YOUR BUSINESS". Their customers should oblige them. Quote:
...if we do get nasty inflation, I get a free house. If we get that and the dollar collapses, I will simply pay off the $50k we owe on our house with a few 5-oz. silver bars.  Quote:
That's here in Canada, any of our Southern neighbors experienced the same thing? Haven't had any trouble with that. We've done business with our CU for a long time and they know that my wife runs a couple of stores. It's not at all unusual for one of us to deposit $5-6k from the store or get $2-3k in small bills for change. Only prob we ever had with them is that they do not keep a lot of cash on hand, so if we want more than about $2500, they want us to call a day or two ahead of time. No biggie. |
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Rest in Peace
United States
9104 Posts |
Domino's ran out of ones on a holiday weekend. Fronted them $750 worth.
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Pillar of the Community
United States
931 Posts |
That must be how my wife got a Silver Certificate $1 bill the other day. You are very generous Fredd!
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Valued Member
United States
302 Posts |
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Domino's ran out of ones on a holiday weekend. Fronted them $750 worth. I once saw a sign on a cash register saying, "We need one dollar bills." When the lady came up to the cash register, I asked her how many she would like at ten dollars each. She was temporarily speechless. Then she said, "None." My reply was, "I guess you don't need them very badly then." She agreed. |
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Pillar of the Community
United States
4008 Posts |
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Domino's ran out of ones on a holiday weekend. Fronted them $750 worth. Seems as if that act of kindness should be worth some free pizza.  Quote:
My reply was, "I guess you don't need them very badly then." Well, when running a business, the ability to make change is VERY important. Perhaps what they did not need was $1 bills at 1000% of their normal value? Not too many small businesses can afford to arbitrage currency... especially at those rates! Maybe there was an opportunity there? How about nine $1 bills for a $10 bill? |
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Moderator
 United States
189340 Posts |
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Maybe there was an opportunity there? How about nine $1 bills for a $10 bill? Right. Do not get greedy.  |
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Pillar of the Community
United States
3294 Posts |
Should have offered them $1 coins.
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Pillar of the Community
United States
4008 Posts |
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Right. Do not get greedy. Yep. As Jim Cramer is fond of saying, "Bulls make money. Bears make money. But pigs get slaughtered". |
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Replies: 47 / Views: 4,312 |
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Posted 08/28/2011 2:29 pm
