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<title><![CDATA[Comments for entry "Your Bank Hates You" at Dilbert.com Blog]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/301]]></link>
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<title><![CDATA[Comment  from dellb]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/33215]]></link>
<description><![CDATA[One benefit of Cheapatopia will be it's positive effect on the children.  
See:  article in yesterday's Science News
Neighborhood unity offers behavioral protection for poor kids 
In deprived areas, youngstersâ€™ misconduct declines when community members know one another well.

http://www.sciencenews.org/view/generic/id/45568/title/Neighborhood_unity_offers_behavioral_protection_for_poor_kids

IMHO Cheapotopia will only work as long as the population remains relatively small.  My old history professor taught us that the larger the population of a society, the more rules are necessary to protect the citizens from one another.
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<pubDate><![CDATA[FriPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from ScrewBanks]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/33114]]></link>
<description><![CDATA[Sorry Limpfish, forgot the video link.

http://www.youtube.com/watch?v=iYZM58dulPE

Enjoy,

Frugal in Florida]]></description>
<pubDate><![CDATA[WedPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from ScrewBanks]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/33113]]></link>
<description><![CDATA[Limpfish,

See, here in America, I know our public school system stinks, but some of us actually paid attention as youngsters and learned to read. Of course, I've never been to Sweden so I can't comment on your educational system. I always thought it was good, but now I'm kind of wondering. 

What part of this did you miss?

From Mish's post  - incidentally, he lifted the actual verbiage directly from the Riksbank statement -
 
Deposit Rate

The decision on the repo rate will apply with effect from Wednesday, 8 July. The deposit rate is at the same time cut to -0.25 per cent and the lending rate to 0.75 per cent.

And if you didn't see it in the MISH post, perhaps had you READ the actual Riksbank statement, you might have seen it. By the way, it's in the last paragraph of the document:

&quot;The minutes from the Executive Boardâ€™s monetary policy discussion will be published on 16 July. The decision on the repo rate will apply with effect from Wednesday, 8 July. The deposit rate is at the same time cut to -0.25 per cent and the lending rate to 0.75 per cent. A press conference with Deputy Governor Barbro Wickman-Parak and Anders Vredin, Head of the Monetary Policy Department, will be held today at 11 a.m. in the Riksbank.&quot;

Look it up; it's all there in black and white:

http://www.riksbank.com/templates/Page.aspx?id=32047

In the meantime, you ought to learn the difference between a repo rate and the deposit rate before you make any more &quot;knowledgeable&quot; comments about central bank operations. Since obviously you haven't done your research, I'll explain it to you.

Repo rate:

Discount rate at which a central bank repurchases government securities from the commercial banks, depending on the level of money supply it decides to maintain in the country's monetary system. To temporarily expand the money supply, the central bank decreases repo rates (so that banks can swap their holdings of government securities for cash), to contract the money supply it increases the repo rates. Alternatively, the central bank decides on a desired level of money supply and lets the market determine the appropriate repo rate.

Deposit rate

Interest rate paid by a depository institution on the cash on deposit.

In case you still don't understand, when the deposit rate goes negative, that means depositors are being charged by the finanical institution to keep monies in said institution. 

So read the Riksbank statement. I'll stand by my original comments. 

As an afterthought, perhaps you did learn to read, but it was the reading comprehension part that you missed.

Whatever. Here's a truth you and I might agree on: Central banks suck, and yours sucks just as bad as ours.

And if you don't know anything about central banks, perhaps I can interest you in a book that may enlighten you:

The Creature from Jekyll Island

http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986212

It's about the United States Federal Reserve central bank, but it may as well be about all others in the world too. They all do the same thing and your central bank is no different.

Of course, if reading's not your thing, here's a YouTube clip that basically explains central banking in 42 minutes.

Cheers,

Frugal in Florida]]></description>
<pubDate><![CDATA[WedPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from parijatgarg]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/33112]]></link>
<description><![CDATA[Also, we have the facility of automatically moving cash from my regular account into a high-interest bearing fixed deposit leaving a fixed minimum amount in the regular account. The moment I draw beyond this amount, money is withdrawn from the fixed deposit in parts as well as the interest accrued on that amount...

Also, they don't charge money for using &quot;more than three cheques a month on a savings account&quot;. Banking in the US is truly broken!]]></description>
<pubDate><![CDATA[WedPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from parijatgarg]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/33110]]></link>
<description><![CDATA[Too lazy to read beyond the first page of comments so I don't know if someone already said this.

My bank in India has the facility to set up auto-payment of credit card bills - part or complete. They notify you a week in advance that a bill is due and that it will be paid automatically on such and such a date. I have had this facility for over 2 years now. To top that, I can also set up standing instructions to pay my telephone, electricity and water bills on the credit card. The bills get delivered directly to the bank and then they process them for a trivial $3 a year. I guess the US consumer is truly voiceless in getting their corporations to do anything for them.

Oh and we have a fantastic cellular phone network too! :)]]></description>
<pubDate><![CDATA[WedPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from LimpFish]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/33099]]></link>
<description><![CDATA[Frugal:

I in no way mean to bash you as an american, but in Sweden we generally get our facts straight before we shout our opinion out loud. If you go to the source of that blog you referred to (which I wouldn' trust too much, considering they got it all wrong) which actually is the official website of the swedish central bank, you can see that their &quot;central rate&quot; (I'm not sure of the proper english word here, but the rate that in the end determines your deposit rate) is POSITIVE 0.25 %. Nowhere on their website (http://www.riksbank.com/templates/Page.aspx?id=32047) can you read about a NEGATIVE 0.25 % deposit rate. I have no idea who writes that blog you're reading, but neither him nor you have got a clue about Sweden's central bank obviously.

If you knew your history, and had your facts straight, you'd know that Sweden actually is referred to as a &quot;schoolbook example&quot; when it comes to managing a bank crisis, then referring to how we handled our bank crisis in 1992. If you don't believe me, read for yourself: http://www.huffingtonpost.com/2009/01/28/the-swedish-model-what-th_n_162067.html

Cheers!]]></description>
<pubDate><![CDATA[WedPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from ScrewBanks]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/32526]]></link>
<description><![CDATA[Limpfish,

Not going to bash Sweden too much because I happen to have great fondness for Abba, but what can I say about a banking system (Sweden's Riksbank) where the deposit rate is a MINUS .25%. That's right. You depositors are actually being charged interest on YOUR deposited money to hold it in THEIR bank.

http://globaleconomicanalysis.blogspot.com/2009/07/sweden-cuts-deposit-rate-to-negative-25.html

Any bank runs yet?

If that were to happen here in the U.S., I for one, would be yanking my money so fast it would make my credit union's officers weep openly.

Best regards,

Frugal in Florida]]></description>
<pubDate><![CDATA[TuePMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from LimpFish]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/32495]]></link>
<description><![CDATA[Don't mean to be rackin down on America, but I live in Sweden, and everything you asked for, I already have. I tick a box for stuff to be paid automatically, or I can set a specific date when I want it paid. The kind of account that is on credit when below zero and normal above zero, is available too.

And, I forgot to mention, my bank doesn't charge me a dime for either my internet bank service, my phone bank service, or my card. Just thought that'd make you feel better :)]]></description>
<pubDate><![CDATA[TueAMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from ScrewBanks]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31924]]></link>
<description><![CDATA[Hendrics.... 

The heck with tying an overdraft checking account to a HELOC or a LOC... that's just another form of bank thievery. If you overdraft, sure the bank covers you by taking out a loan against the HELOC or LOC... for that privilege you get to pay interest on the damn loan. 

Better yet, have the bank tie the overdraft protection to your linked savings account. Same deal as the LOC/HELOC, only the money comes from YOUR account, not from some lousy line of credit, and you don't pay interest or fees if you ever have to use it.

Some folks I know have reported that banks don't allow tying a checking account to a savings account. Hard to believe, but if that's the case, too bad for the bank... move your money to a credit union.

And some have told me that they don't have enough savings to do the above scenario... which is really unbelievable and sad... to which I say, stop spending more than you bring in. 

Frugal in Florida

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<title><![CDATA[Comment  from marcg]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31869]]></link>
<description><![CDATA[I will second the ING account. They behave like real people should behave. Interest to you on what's in there or you pay lower-than credit card interest if you go below. 

One thing that's really dangerous are debit cards. If you forget about a big check with Bank of America and go into overdraft, they dock you $35. Now if you use your debit card to get a soda, that's another $35. You won't know until the end of the month, which is when they calculate all those debits. Instead of taking the small debits out before the big check, they make sure they milk you for every single transaction. And it's not chronological. They really take the largest debit first to make sure they get every $35 overdraft they can. My son got stuck with a $700 bill, and all for about $40 worth of debits.  He negotiated the bastards down to $400. 1000% And it's more legal than loan sharks.

We really like ING. Accounts are easy to set up. We have several for different savings plans. One is for our heating fuel, propane. Those companies love to set up &quot;easy&quot; payment plans so you don't get stuck with a big bill in January, but they charge a premium per gallon for this. We make payments to our ING account and pay the reduced rate for quick payment. Plus, we (not the propane company) get the interest on what's in there.]]></description>
<pubDate><![CDATA[MonAMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from dlex700]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31868]]></link>
<description><![CDATA[My bank is great, though a little exclusive to military families.  We have our mortgage, bank accounts, credit cards, car insurance, and retirement investing all linked together through the same bank.  And they can all be backed up by each other.  The bill pay feature is also pretty user friendly and allows a scheduled/recurring payment to be set up or you can type in each payment as they come.  This isn't a one-click feature that allows you to pay off the balance, but it isn't that difficult to type in a number.  It might be easier to have the paper bill in front of you, open another window on the computer, use your fancy cell phone to display the balance, or have dual computer screens to let you see both the bill and the bill pay.  Plus, there is an email you can set up to let you know if you transfer money or don't have enough money to cover it.  

Somehow, I don't think a combined credit card/bank account would work for the hard-core spenders.  They would do exactly what they do to the credit cards and max out the account without even thinking about adding more money.  This would only work for somewhat responsible people.  However, it seems that this is just a fancy overdraft protection (again, this is covered with no charge by my bank).]]></description>
<pubDate><![CDATA[MonAMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from AnimalsRTASTY]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31866]]></link>
<description><![CDATA[I do have a debit card but I rarely use it unless I need to make a purchase to get Cash.  New credit card users may have the problem with doing their monthly spending with cards.  I learned the hard way, 15k credit card debt in my 20s and all paid off now.  Lesson learned is to always make sure you can afford big purchases before you make them.

You can live without the items until you get the money saved.  If its auto or home problem you should have had some savings to be able to afford it.  You never want to have yourself in a situation where you cannot pay off the credit card each month.  If you are then you should not use the creditcards.  2nd job might be the solution.  I have 2 and even 3 jobs before if you count cleaning buildings.  Cleaning buildings might not sound glamourous but at the time I figured it was paying me 25$ an hour... nothing to slouch at for mindless busy work.

Point is, if your disciplined and can save money.... learning to only spend what you can afford then life will be less stressful money wise.  If your one of those who has to buy in order to show off or pretend your in a different lifestyle then your likely going to have lots of dissappointment.  

Back to the subject of banks.... They want to make money and that means charging you.  Should you keep your money under your mattress?  No, play the game with their rules.  When they make the rules to complicated or unconvenient then go find another bank with the rules you can understand and deal with.  Thankfully theres some competition.  I use a small credit union that has had the same employees working in the branch for 15  yrs.  They know me by my first name.  I can safely say I do not have to shop around for the best deal, they always have it.

Some credit unions are just banks in disquise, however I am sure there are some out there that are much better than banks.]]></description>
<pubDate><![CDATA[MonAMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from Niceone]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31862]]></link>
<description><![CDATA[They're just as useless this side of the Pond.]]></description>
<pubDate><![CDATA[MonAMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from hendrics]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31861]]></link>
<description><![CDATA[There are simple solutions to this that banks DO offer. I am a firm believer that banks are indeed bastards and are out to get us, but I must point out that they do offer solutions to exactly what you are talking about. I only know this information because I work as a bank teller for US Bank and would gladly tell this information to any of my customers.

You can have a checking account with a line of credit. When you overdraw your checking account it draws directly from your approved line of credit balance and deposits that amount into the checking account. The account numbers for the line of credit and checking accounts are the same, and an automatic payment can easily be set up to pay off a certain set amount. 

Attached to said checking/line of credit a customer can have a VISA debit rewards card that functions both as a debit and a credit card and draws funds from the checking account. If the funds aren't in the checking, it draws from the line of credit. Oh, did I mention rewards? So while you charge money from your checking and possibly draw on the line of credit you can earn rewards on the charges so the interest doesn't hurt so much.

Also, if the line of credit amount isn't enough there is such thing as a Home Equity Line of Credit (commonly called a HELOC account). The HELOC fulfills exactly the purpose you said you wanted: it secures the account with your home equity. 

These products do exist and are available to the concerned consumer. So either two options now exist to you: (A) you just need to ask the right questions (about a line-of-credit being attached to your checking and a VISA or Mastercard Debit card to go along with it), or (B) change banks to a bank that does have it.

Even though these products are available, banks are out to get the consumer and bank fees are outrageous at your average bank. Hope this helped.]]></description>
<pubDate><![CDATA[MonAMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from rbgos]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31856]]></link>
<description><![CDATA[In the UK we have such an account.  In fact it goes one better, as it also includes your mortgage, so any money you have in your account reduces your mortgage balance and hence the interest paid.  Basically, it's one fat overdraft, where you can put money in and pay it out, with interest charged at mortgage rates.  As long as you don't borrow more than X% of the value of your house (not sure what the limit is), and pay off your debt by the time you retire, you can play the account any way you want.

Really, the only catch is that the interest rate is not the absolute best deal on the market.  But it's far from the worst.

The account was introduced by Virgin, but now is run by the Royal Bank of Scotland.  Who recently were bought up by the govt. to avoid going bust.  But I'm sure that's just co-incidence...

What amazes me is that this was introduced over a decade ago, but hasn't taken off, and no-one else has introduced a copy-cat product.  So clearly it didn't appeal to that many people.  Although there are a number of &quot;offset mortgages&quot; (do you get these in the US), where your mortgage, savings, and current (&quot;checking&quot;) account are linked, and you pay interest on the combined value of them, so they kind of achieve a similar thing except your money/debts are divided into several pots rather than one big pot.]]></description>
<pubDate><![CDATA[MonAMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from tatiana3082]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31851]]></link>
<description><![CDATA[I have a better solution.. no credit cards.. ergo no problem with late fees.. ever. 
]]></description>
<pubDate><![CDATA[SunPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from T44]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31840]]></link>
<description><![CDATA[I set up an auto payment of $50/mo so I never have to pay late fee.   I still manually pay the remaining balance but at least I will never miss a required payment.]]></description>
<pubDate><![CDATA[SunPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from bostonguy]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31832]]></link>
<description><![CDATA[ING Direct has a checking account called &quot;Electric Orange&quot;, which pays interest on any balance on the account, and charges you interest on any negative balance.]]></description>
<pubDate><![CDATA[SunAMPDTE_Rthth]]></pubDate>
<guid isPermaLink="false"><![CDATA[http://dilbert.com/blog/entry/31832]]></guid>
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<title><![CDATA[Comment  from frntk]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31826]]></link>
<description><![CDATA[Come on, the debit/credit account was already done by a bank in my third-world country.

Unsurprisingly, they discontinued the product as soon as Citigroup aquired them.]]></description>
<pubDate><![CDATA[SatPMPDTE_Rthth]]></pubDate>
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<title><![CDATA[Comment  from forumdude]]></title>
<link><![CDATA[http://dilbert.com/blog/entry/31819]]></link>
<description><![CDATA[There's a blog (http://thedailywtf.com/) which tells true stories of how these bad interfaces come to happen. It's mostly incompetent developers combined with bad management. You should know, Scott. You also tell these stories every day in your comics.]]></description>
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