BANK FRAUD
Todays post will on banks' conspiracies.
The way banks work, many people know, but how many really understand? It may be a simple logic of give and take, whereby they even give you money(interest) to help you keep your money. A positive graph. Tell me, who wouldn't want. Then, how does it become more wealthy and wealthier? You might ask. As on the outside it seem like banks are losing money.
The answer is, banks, borrow money back to you at a higher interest rate than the interest rate they are giving, without you realizing. Damn fools, you people with credit cards and paying instalments. A simple calculation, I will show you.
You just received your monthly salary of $5000 and decided to deposit into a bank which has 1% interest rate per month. You bought a tv set which costs $3000 and decided to pay by instalment because $2000 is not enough for you to spend for the rest of your month. Normally instalments are 10% of the item's original price, in this case, I shall reduce it to 5% to show you even at 5%, how brutally you can be slaughtered by its fraud. So,
$3000x 105/100 = $3150 <- Amount you are paying for the tv set
$5000x 001/100 = $50 <- Bank interest a month
You just paid $100 extra. To who? To the bank. For what? For nothing.
Banks are draining your hard earned money. Credit cards are the worst. Indirectly, swiping means borrowing money from the bank when you actually have the capability to afford. And once again you are throwing money to the bank because of convenience and pride sake. The more cards you have simply means the more stupid you are.
So what about the benefits and rewards they are giving out at the end of the month? Standing on a businessman point of view, why would anyone wants to clinch a transaction that loses money. Whatever tempting or high pricing prizes and benefits they might offer, it is just a trap to make you swipe more and lose more money. It will never balance the equation, they are always on the winning side.
To conclude, how bank works might look like you are borrowing them money, so they can borrow investors to earn part of their investment and our country blooms in economy. No. Majority of their income comes from citizen's pocket. Do not look down on their little interest they charge you for your credit cards and instalments. To a single, it might be seen as just a minimal amount of money, but try to picture everyone in the whole country giving you a dollar per month. It works the same way as the government tax, but the methods are different.