I had a substantial amount in the bank for a low wage earner, and went to withdraw 10K to loan out to a family member. When the teller almost insisted I talk to a financial advisor after seeing my balance. Dude in a nice expensive suit goes on and on for like 10 minutes. Finally I responded...
Sir, your CD is at 1% I'd rather keep liquidity. 2 years ago, I initiated a mortgage loan holding it at 14.57%. Today this 10K is being loaned at 18%, can you compete with those rates. He says well Histo... I cut him off and said Sir, I use banks, they don't use me. Have a nice day.
Since then I love sharing that at the banks... with personnel... Kek
Truth is that 10K can give the bank 100k in available loans due to fractional reserve lending. Total Fraud
Yup!
By the way welcome bonuses for CC and Direct Deposit add up for us at low income, but great credit. Made a few K since returning to USA from abroad. Especially tasty when its from a CC that canceled my account for not using while abroad, only to open with getting a new bonus. I'm not a CC junky and its a shame. Also cash back helps with inflation.