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have relatives at another evil bank in another western country. the way they tell it is that the bank really doesn't want the less fortunate out there as custo
by fungi 15y ago
have relatives at another evil bank in another western country.
the way they tell it is that the bank really doesn't want the less fortunate out there as customers. if they could figure out a way to drop them without the public backlash they would.
- pyre 15y agoMaybe the poor should start pooling their own money. For example, I heard about some system where a group of people all pay into a pot once per month, and they rotate through who gets the pot. It basically becomes a forced way of savings because there is peer pressure not to come up short. Though I guess this isn't fully a replacement for a bank, but I guess it could help people save up to a level that they don't have to be a 'bad customer' to a bank.
- nano81 15y agoYep, common in Trinidad (and many other places I'm sure). They call it a Sou Sou. http://www.urbandictionary.com/define.php?term=sou-sou http://www.urbandictionary.com/define.php?term=sou-sou
- FraaJad 15y agoIt is called a Chit fund: http://en.wikipedia.org/wiki/Chit_fund http://en.wikipedia.org/wiki/Chit_fund It is so popular in South India that it is now a regulated financial industry. There are quasi-government bodies that operate chit funds.
- Qo 15y agoThis makes sense to me. Revenues scale with deposits, but many expenses scale with number of customers. Below a certain balance, the bank actually loses money on each additional checking account - better for them if you just go somewhere else. Also, the less money you have in your account, the less certain they can be of the maturity of the loan you've made them. Given they can basically borrow from the fed for free, why would they want your money?