6 Ways Your Bank Can Steal Your Money
We count on banks to keep our money safe, but that's not really what they're best at. The financial sector has doubled as a portion of the economy in recent decades, and that's not because they're so good at putting your needs first. It's their job to put your money to work for themselves, and if you aren't careful, they will do everything short of turning you upside down to catch the change that falls out of your pockets. Here are six ways that your bank can turn your money into theirs.
Anyone who's worked in retail or fast food should be familiar with the upsell. "You shoud really get the warranty for that." "The large is only 89 cents more." "Sure, eight inches is probably enough... but with the 10-inch you know you won't be disappointed." But banks have taken that game to the next level. All you have to do is upgrade to a deluxe savings account and you can get compound interest, a the platinum credit card with a higher limit, and a free toaster. Just read this 30-page contract which lays out that the credit card interest doubles after 30 days, but as long as you always keep your account balance above $1,435, and do five PIN transactions and seven signature transactions each month, and never make a withdrawal on a Tuesday, you'll never be hit with any massive...
Do you want to use an ATM for a different bank? That different bank is going to charge you a fee, but guess what? So is your bank. Why? Because they can. Were you not ready for that? Maybe you're cutting it close before your next paycheck? Well now you've earned yourself an overdraft fee, which is to say that you ran out of money, so your bank is going to charge you $35. Unless you also use that card to buy a pack of gum. Then it's another $35. Your monthly Netflix charge comes through the same night? That's another $35. Some rich asshole actually cashes the 13-cent check that you wrote as a joke? $35. Good luck hanging onto your paycheck with all these fees racking up! With very few limits on banking fees, is it any wonder they've been shooting through the roof?
The Wells Fargo fake account scandal became huge news when it was revealed that their sales staff was being pressured to meet quotas that basically guaranteed they would be adding accounts for customers that didn't want them. But Wells Fargo was caught, they paid the fines, and they launched a tone deaf apology campaign. So, story's over, right? Not quite. Turns out that if banks can do some sneaky fraud and not get caught, they absolutely will. Wells Fargo is not the only culprit. You could have fake extra accounts feeding off your real one right now.
If you were a bank, and you didn't want to limit yourself to making loans only to customers who could afford to pay those loans back, what would you do? If you answered, "Give out predatory 'subprime' loans with surprise balloon rates," congratulations! You just triggered the 2008 Housing Crash. And if you thought that banks would have learned their lesson, you obviously don't know that they've been doing the exact same thing with car loans. And now car loans are going into default at record rates. Which is a great sign of things to come...
Bailouts and Subsidies
Well, at least if the banks set us up for another financial crisis, they'll face the consequences, right? Hahahaha! Good one. The great thing about the growth and consolidation of the banking industry is how many banks are now "too big to fail." And they have such powerful lobbies that regulation is not even on the table. The result is that banks can use your money to be as reckless and risky as they want, and if anything goes wrong, they can count on tax payer money to come to the rescue. And on top of that, they also get some annual government subsidies, just for being who they are. Cool.
If you thought it was only customers and tax payers who were getting ripped off by the banks, you thought wrong. Even the bank employees are getting their pockets picked in the form of wage theft. Banks are some of the worst culprits in terms of withholding overtime pay.
So the next time your bank is ripping you off and you call to complain, remember not to direct your rage at the employee on the other end of that call. Just take a deep breath, close your account, then pull up a floorboard to squirrel away your cash.
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Every time payday rolls around, I’m on top of the world. Jeff Bezos-level rich - even though I’m anything but. And then somehow the very next day, rent is due.
The cycle continues. The next payday, bills for my apartment. I find myself without a surplus of savings since I just moved and newly-furnished my apartment completely.
Even more terrifying is the looming presence of the holiday season. Halloween’s officially over and before we know it, hello Thanksgiving…and then there’s Hanukkah, Christmas, New Year’s. It’s insane.
I’ve been feeling very British lately. Not in a Union-Jack-obsessed, “Keep Calm and Carry-On” way. I went through that phase in 2012 with everyone else… no thank you. And it’s not even a surge of patriotism catalyzed by the Queen dying — I’m firmly team Diana and team Meghan.
Now that fall is officially here, the holidays will sweep in and I’ll have to contend with the fact that I won’t be spending them with my family in the UK. I went home to London earlier this year, so there’s not much left in my travel budget for another trip across the pond. A few domestic jaunts might be in my future, but the closest I’ll get to England this winter is watching Love Island and Love, Actually.
So in that spirit, I’ve been filling my days with content from my favorite Brits. I’m listening to all the old British rock bands I grew up listening to, patiently awaiting the new Arctic Monkeys album, and rewatching anything with Michaela Coel in it. I even shipped myself an order of British Baked Beans, so you know it’s dire.
I’ve also been watching British YouTubers like Grace Beverley — my favorite. Generally, I only go on YouTube to watch Vogue Beauty Secrets and AD Open Door videos. But I’m so glad I stumbled on Grace. Her content is a mix of London lifestyle (what lured me in), relatable entrepreneurship, and mindful productivity. I’m not a hustle-and-grind-girlboss, but as a creative person in a 9-to-5, I need all the help I can get to stay plugged in. So, the video “how to be really really really productive without getting overwhelmed” changed my approach to WFH.
Grace outlines her own productivity method: the to-do table. Instead of making a simple to-do list, she divides her tasks into a table that anyone can follow. As someone who’s survived with to-do lists for years, I recently implemented Grace’s method, and it’s revolutionized my workdays.
how to be really really really productive without getting overwhelmedwww.youtube.com
I follow her routine to a tee. Here’s how it works:
Essentially, she divides her daily responsibilities into four categories: quick ticks, tasks, projects, and non-negotiables.
- Quick Ticks: Actions that take less than 5-minutes
- Tasks: To-do’s that take up to 30-minutes. Probably don’t take too much brain energy.
- Projects: Long-term list items. These help guide your priorities, even if you’re not crossing them off in one day.
- Non-negotiables: Pick 3 things each day that you must get done. This is how you’ll truly measure success.
With everything written down and sorted, next address your schedule. Meetings, deadlines, and time blocks — whatever works best for you. Write it down. Then make a pact with yourself to stick to them.
This way of categorization provides a roadmap for prioritizing your day — making you far more productive. Have you ever spent the entire day on small tasks and then suddenly realized you hadn’t moved the needle on any task? Or do you spend way too much time on tasks that aren’t a priority? No more. With your non-negotiables laid out, you know what to laser-focus on and what to dedicate energy towards.
Also, it pays to know your working style. I’m not a morning person. Yet, I have to be up and at ‘em super early. So, first thing in the morning, I march through my Quick Ticks to warm me up. I set a time limit, so I can knock out some easy wins which is totally inspiring. Then I move on to bigger things without lingering on emails or admin. For others, it might be more helpful to tackle the big things with all that early-in-the-day brain power earlier.
Grace has great tips on avoiding overwhelm and burnout. My favorite is taking more intentional breaks rather than scrolling through social media. I call this scrolling “productive” because I’m “coming up with pitches.” Oh, the lies we tell ourselves. It’s more productive in the long run to giving my brain a break with non-screen related stimuli.
Grace’s solution? Set a timer to read a real, an actual book. I’ve never thought of this. It’s a genius way to check off some books on my TBR and kickstart my creativity. After reading a good book, I’m completely inspired to write. So having books near my desk helps me step away from the computer during my lunch break for an actual reset. (And yes, the current books I’m reading are by British authors: Assembly by Natasha Brown, and Love in Color: Mythical Tales from Around the World, Retold by Bolu Babalolu.)
In my pursuit of switching out my WFH set-up and getting my life together, I’ve engineered my workstation for success. With my new WFH essentials and Grace’s productivity technique, I’m revitalized for work — despite the fall blues and my melancholy about the pending holidays.
Here are the things getting me hyped for work and helping me crush my Grace Beverley-inspired to-do tables — no lists in sight:
Pack your bags — Southwest Airlines is having a major sale! Fares are as low as $59 one-way if you book by October 3rd.
This end-of-summer super sale is a game-changer for your travel plans through the end of the year. Summertime travel gets all the glory. But why not take advantage of your long weekends, holidays, and PTO this fall. You’ll be surprised at how much travel you can fit in. Keep the fall/winter season exciting with domestic trips that give you all the excitement without breaking the bank. All thanks to Southwest.
Here’s the breakdown:
Where can you go?
You’ll find discounted tickets to and from most airports. Sale fares apply to cross country travel, and even Hawaii, Mexico, and the Caribbean! Whether you’re visiting a new city or revisiting your last beach vacation, this sale has fares to make your travel dreams come true.
What do the fares cover?
Southwest Airlines has multiple fare tiers, each with various benefits. Wanna Get Away fares start at $59, while Wanna Get Away Plus fares start at $89. You can also find great deals on Anytime fares, which offer priority boarding and express lanes. Then there’s Business Select tickets for a luxe experience at an affordable price point.
Do you have to be a Southwest Rapid Rewards member?
You may think these sale fares are too good to be true. Is there a catch? Do you have to be a Southwest Rapid Rewards member to access them? You’re in luck — anyone can attain these fares for a limited time.
But, insider tip, you should consider signing up for Southwest Rapid Rewards. With a free sign up, you earn points and miles with each trip you take. And with this sale, each dollar you spend on these discounted tix can stretch super far until you eventually earn free travel. The only thing better than a sale is free stuff.
I’ve been browsing the Southwest Airlines site, checking out flights and dreaming.