If you missed the PBS Frontline episode "The Card Game" I recommend you take some time to watch this very enlightening program. What amazes me most about the people interviewed is the smugness and sense of entitlement the executives in the credit card industry have when it comes to the sneaky ways they have devised to get wealthy off of OUR money. They are actually proud of the fact they created so many ways of swindling the less well-to-do in our nation (and the world) to make themselves rich.
This is definitely recommended watching!
http://www.pbs.org/wgbh/pages/frontline/creditcards/view/
Also, if there are any other ideas you think should be added to the Proclamation, let us hear them! What do you think is important enough to add? Write it here! And if your ideas are very important to you, please feel free to add them to your Proclamation using additional sheets. The more great ideas that are out there, the better an understanding the banks will know what we want and expect, and ultimately the better for us.
Go ahead... let those creative ideas flow!
Showing posts with label interest rate. Show all posts
Showing posts with label interest rate. Show all posts
Friday, February 12, 2010
Wednesday, February 3, 2010
ITEM #3: PAY PRIME INTEREST RATE ON ALL MONEY LOANED TO THE BANK
When you put your money into a bank account you are loaning the bank your property. The bank then uses your money to make income for the bank. When the bank loans you money they charge you interest based on the Prime Rate, but when they borrow it from you they pay you next to nothing to use it. Now, why shouldn’t YOUR money work equally as hard for you as it does for them?
Without the public's money the bank doesn’t exist. Don’t you think it makes sense that the bank should show us its gratitude for our generosity and faith by rewarding us with a decent interest rate on the money we lend it through our savings accounts?
Demand number 3 is that we now require the bank to pay interest on all monies we loan to it, at the same rate as the prime lending rate, with the provision that the rate of interest paid the account holder will never fall below a minimum rate of 4%.
Without the public's money the bank doesn’t exist. Don’t you think it makes sense that the bank should show us its gratitude for our generosity and faith by rewarding us with a decent interest rate on the money we lend it through our savings accounts?
Demand number 3 is that we now require the bank to pay interest on all monies we loan to it, at the same rate as the prime lending rate, with the provision that the rate of interest paid the account holder will never fall below a minimum rate of 4%.
Tuesday, December 15, 2009
The First Step
The first step in overcoming victimhood at the hands of the banks is to redefine how you think of your money and the role that it plays in your life. Most Americans feel they work hard for their money. Certainly that's subjective, as everyone's definition of hard work is personal. But how do you think of your money? If you think of it as simply a thing which gets you something else when you spend it, you may not be giving it, or yourself, enough respect.
Your money is your property. Whether it's the paper bills in your wallet or the dollar amount printed on your paycheck, or simply an electronic figure on your bank statement, it's your property (whether or not you actually see it or touch it). You worked for it. Someone gave it to you as a reward for your work. It became yours to do with as you please - to save it, or exchange it for a different kind of property... clothing, electronics, automobiles, real estate, etc. You can also exchange it for less tangible items such as a vacation, a service, entertainment, and so on. But, until you exchange your money for something else, it is real property, with a specific actual value, which you own. This is very important to understand, for you will continue to be at the mercy of the bank until you come to accept that your money is first and foremost your property.
The next thing that you need to remember is that money in the bank is your property on loan to the bank. There is no law that says you are obligated to give your money/property to a bank. Nor is there any law that says how much of your property you must loan to the bank, nor a legal time limit on how long you must lend your property to them (unless you have bought something with a maturation period, like a government savings bond, with your property). When you open a bank account YOU CHOOSE to lend your property to that bank. YOU are the one in control of deciding how long you will permit the bank to use your property, and you need not provide them with a reason to remove your property from their institution when you decide you want your property returned to you. And if the bank is in any way disrespectful to you while they are borrowing your property you have every right and reason to remove your property from their possession, without penalty.
Of course if you have used credit to spend a greater amount of property than you own, you do have to replace that credited property to the bank that issued you the credit loan. And as we all know, the bank will charge you interest on the property they loan you. But as it's all monetary property, and the property all has the same value (a dollar is a dollar is a dollar), it is rather disrespectful of the bank to charge you interest to borrow someone else's property without paying you a reasonably equivalent sum for borrowing your property.
The bottom line here is that the bank really has no money of its own, except that which they can acquire by using your property. Or that which they can extort by charging you for borrowing your property - which is completely inappropriate and disrespectful. When it comes right down to it, all of the service fees, NSF fees, late fees, etc. might be justifiable IF the bank were paying you a commensurate interest rate on the property you lend it. But they don't. It therefore adds insult to injury when they write all of the rules to benefit themselves while sticking it good to you. And it's nothing less than a slap in your face to charge you a "minimum balance" fee for not lending them enough of your property. In the end, you get punished for doing them the favor of allowing them the use of your property. And that is entirely, morally wrong.
It is time that we change that.
It is time we take our property away from the banks if they are only going to use it against us. It is time that WE write the rules, because without us the banks cannot exist. They need our property and they need our business but they sure don't act as if they do. In fact, they act as though they are doing us the favor when it is the other way around.
Remember: Your money is your property. You are the sole owner of your property and you choose to allow the bank the opportunity to use it for only as long as you want them to. YOU have the legal right to exercise control over your property, not the bank. And YOU have every right to demand respect and a show of gratitude for your kindness in lending the bank your property.
Once you accept these truths you will be able to help return the proper balance to the relationship between the banks and the public.
~JQA
_________________________________________________________________
Here are two practices a bank performs against you which need to be discontinued:
Your money is your property. Whether it's the paper bills in your wallet or the dollar amount printed on your paycheck, or simply an electronic figure on your bank statement, it's your property (whether or not you actually see it or touch it). You worked for it. Someone gave it to you as a reward for your work. It became yours to do with as you please - to save it, or exchange it for a different kind of property... clothing, electronics, automobiles, real estate, etc. You can also exchange it for less tangible items such as a vacation, a service, entertainment, and so on. But, until you exchange your money for something else, it is real property, with a specific actual value, which you own. This is very important to understand, for you will continue to be at the mercy of the bank until you come to accept that your money is first and foremost your property.
The next thing that you need to remember is that money in the bank is your property on loan to the bank. There is no law that says you are obligated to give your money/property to a bank. Nor is there any law that says how much of your property you must loan to the bank, nor a legal time limit on how long you must lend your property to them (unless you have bought something with a maturation period, like a government savings bond, with your property). When you open a bank account YOU CHOOSE to lend your property to that bank. YOU are the one in control of deciding how long you will permit the bank to use your property, and you need not provide them with a reason to remove your property from their institution when you decide you want your property returned to you. And if the bank is in any way disrespectful to you while they are borrowing your property you have every right and reason to remove your property from their possession, without penalty.
Of course if you have used credit to spend a greater amount of property than you own, you do have to replace that credited property to the bank that issued you the credit loan. And as we all know, the bank will charge you interest on the property they loan you. But as it's all monetary property, and the property all has the same value (a dollar is a dollar is a dollar), it is rather disrespectful of the bank to charge you interest to borrow someone else's property without paying you a reasonably equivalent sum for borrowing your property.
The bottom line here is that the bank really has no money of its own, except that which they can acquire by using your property. Or that which they can extort by charging you for borrowing your property - which is completely inappropriate and disrespectful. When it comes right down to it, all of the service fees, NSF fees, late fees, etc. might be justifiable IF the bank were paying you a commensurate interest rate on the property you lend it. But they don't. It therefore adds insult to injury when they write all of the rules to benefit themselves while sticking it good to you. And it's nothing less than a slap in your face to charge you a "minimum balance" fee for not lending them enough of your property. In the end, you get punished for doing them the favor of allowing them the use of your property. And that is entirely, morally wrong.
It is time that we change that.
It is time we take our property away from the banks if they are only going to use it against us. It is time that WE write the rules, because without us the banks cannot exist. They need our property and they need our business but they sure don't act as if they do. In fact, they act as though they are doing us the favor when it is the other way around.
Remember: Your money is your property. You are the sole owner of your property and you choose to allow the bank the opportunity to use it for only as long as you want them to. YOU have the legal right to exercise control over your property, not the bank. And YOU have every right to demand respect and a show of gratitude for your kindness in lending the bank your property.
Once you accept these truths you will be able to help return the proper balance to the relationship between the banks and the public.
~JQA
_________________________________________________________________
Here are two practices a bank performs against you which need to be discontinued:
- Charging you a minimum balance fee on the money you lend the bank
- Paying you anything less than the prime lending rate for the money it borrows from you
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