"The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." --Thomas Jefferson

Wednesday, January 7

Kirk's Bank Holding Company Charter Effective 01/08/09

I have to get something off my chest. It probably doesn't bother anyone else or even matter in the end it just drives me crazy every time I hear it and I am going to expose it for what it is.

Have you ever heard the commercials advertising a savings account or CD that end by saying something like "Our account pays 9 times the national savings average"....?

Since the national savings average commonly dips below 0%, when Americans spend more than they make, I don't see how this claim has much clout. Also, why in the world does it matter that the interest rate on their accounts pays x-amount times the national savings average? They are completely unrelated in almost every way. It's like saying "our cars get twice the gas mileage of the average snow blower."

It is absolutely, without question deceptive advertising. They know when the average person who hears that commercial thinks, "Hey, that account pays 9 times more than others." It is a swindle people.

Let me do the math for them

-0.5% x (any amount deposited)= 0% (0% APR) ----I will also be accepting deposits effective tomorrow.


Carlee Hoopes said...

HAHAHA. I always get so mad when I hear these commercials as well. It seems so unethical to me. And the commercials for places like Check 'n Go that give you payday loans. I always wonder who would actually fall for these kinds of things, but there must be a lot of people who do because they seem to do great business. Sad.

Kirk said...

Oh the check cashing places are very lucrative. Their APR's can be as high as 400-500% Interest. It's usuary really. I guess if you don't have any credit to go anywhere else and they are shutting uff your heat, they have little choice but, those that use it for fun are just idiots and that's where they make their money. The next building on the corner of 12th and Washington that was supposed to be a Starbucks is now a Check City. Right across the street from a Check and Go. That's nothing though driving through central Ogden. You'd think that the city would cap the number of predatory business it allowed to operate inside city limits.