George Cole: That was an outstanding post; an extraordinary analysis and right on the money. Many Big Banks, who should be the best, are terrible lenders; and have proven this for decades. Bank Boston,[now Fleet Bank] lends billions to South American nations because they swoon over the interest they can charge. Guy lends 10 billion to Brazil and they make him an executive V.P. You could look it up. When the loans go bad, they are "written" off, a clever euphemism for "we blew it, AGAIN." There are maybe a dozen BIG Banks I could cite who do the same nonsense. It's my sense they are motivated by earnings,(quarterly) and stock prices and shareholder happiness. I'd put my money under my mattress, (I do) before giving it to a Big Bank. Deal with a Big Bank and you've got ATM's and fees for giving 'em YOUR money; fees for ordering checks; fees for writing more than 20 or 30 checks each month; annual fees for just doing business with them; and should you make a mistake, by a penny even, and a check bounces,(often causing 10 more checks you've sent out to bounce) well, there's a slight $25 or $35 check-bouncing fee. These Big Bank sharpies must sit around thinking of new fees they can charge the depositors, [the folks who give them money.] And I don't want to talk about Big Bank executive remuneration; it would take me the better part of a fortnight.
The best way to deal with the Big Banks? Short 'em.
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