This is the danger of memes. This right here.
Not trying to stan for banks, obviously, and it's not like banking is easily *accessible* to everyone but lord almighty where the heck are people getting the idea that bank accounts are "expensive"
So many free options. Plus credit unions!
Not trying to stan for banks, obviously, and it's not like banking is easily *accessible* to everyone but lord almighty where the heck are people getting the idea that bank accounts are "expensive"
So many free options. Plus credit unions!
Reposted from
Mark Cuban
Young men don't open bank accounts. They are too expensive. They download coin base or Robinhood app and buy crypto. That's their savings
If one party pushes that number higher. They vote for em. Gensler/Biden caused those savings to go down. The demo with the biggest change was young men
If one party pushes that number higher. They vote for em. Gensler/Biden caused those savings to go down. The demo with the biggest change was young men
Comments
I'm nearly at my limit suffering fools, y'all
It’s a touch grass thing for sure
And I find with my friends who are younger, that they don’t
…and that I check for them
It’s mostly just an observation
But I don’t know why one wouldn’t check because there are more tools to be able to than ever
I don’t know the missing element in education
I think it is conceivable that people now have more random crap from social media, and believe their mates?
There isn’t a change in the behaviour, just more bad information
Just so that the checking skill is developed along with the exposure to excessive information
A bit earlier than the Romans though, but disappointing your customers is of all ages...
Basically it's the old "can't win if you don't play" bait they use to get low income people to gamble/play the lottery.
That's why its value is always measured in dollars.
Buying it means risk.
People don't seem to get that.
But I would understand if you would rather not.
I don't want to get too far over my skies but I've started to wonder if maybe being a billionaire doesn't actually mean you're smarter than everyone else.
Baiting gambler's mindset by trying to imply to young people that they're "wasting" the big win by not playing is just another lane for the "trickle up" economy.
But yes, it's definitely not expensive. That's absurd. I've never paid for a bank account in my life.
I have, I've been subject to spurious fees: under-limit fees, withdrawal fees, deposit fees, penalty fees on top of my bad check fees and then balance of bad check fees even when they didn't cover the checks... and fees for universal default.
At least that's not legal now.
Like, if they were in some high school level lesson on identifying bias in social media they’d be the easy ones
The bank accountis where you store money not pay to have
I have no fee's on my bank but they are always pushing me new accounts and services they offer.
A credit union primer video could be super helpful for high-schoolers.
I'm in Australia and it's been two decades since I've even *seen* a monthly fee on a bank account; and even then, it was $5 per month.
Obviously crypto scam BS is not a solution to this.
mark fails to realize the rest of us arent mark cuban
The idea that banks are "expensive" is propped up by the likes of BofA & kin that charge account maintenance fees, overdraft, and have minimum deposits.
But it's not hard to find new banks.
They're excited to rerun the 20th century banking crime greatest hits without it being illegal.
Banking regulations exist for a reason. Crypto exchanges are not FDIC-insured.
If your money isn't gaining then you are losing money to inflation.
I'll just say, open a trading account that allows for fractional shares, put $5 into a decent dividend paying EFT and then reinvest the dividend always.
It will snowball eventually.
I'm not saying "just invest" "stop buying Starbucks and avocado toast".
Workers are vastly under paid and CEOs are making too damned much.
Regardless, you'll lose to inflation if you only keep what little you have in a bank.
which is the thing that I just came up with and I retain 100% of the profit from, full disclosure.
But that's completely unrelated, of course.
Dudes, please, this learned helplessness schtick is getting *so old*
I keep forgetting banks charge for stuff.
I don’t think they would ever make up a sizable portion of dem voters. It’s likely in part b/c the working class work ethic is dying.
dude's brain been crypto-fried.
I think you can still get a money order there.
minimum balances
or
there's some kind of special bank account that rich people pay a fee to have which we aren't privy to
Home economics, financial literacy, computer literacy... Literary literacy, apparently, good god
They want to be the wolf of coin street.
It is a get rich quick scheme, and they think they are smarter than the rug pull.
They aren't.
But trying to say A. Bank accounts are expensive and B. We don't have them is an absolutely absurd take
Do some areas of regs catch a case of the busybody HOA member that adds bs for no reason? Rarely, yes. The majority of regulation though? Written either because someone lost a lot of money or a lot of blood.
Why so many people insist on learning through the FAFO method, idk.
Also safeguards doing their job silently but effectively leads people to ask "if nothing's going wrong, why do we need these safeguards?"
Concerning!
"Therefore we should roll back rules meant to discourage this"
......no?? ????????
There is a whole office of people working year-round who I can call anytime and get advice from. They know me by name!
Just saw an ad for Robinhood. $60 per year ofc.
So that's over
They are a leech more than anything.
My honest financial advice is to get a credit card but immediately set it up to auto-pay the full balance.
And for the one thing I use PayPal for (a food pantry donation - that's all they take) I pay with a credit card.
However, both make it possible to be easily grifted in upsell type things.
Doesn't take a lot of imagination to wonder why rich or well off young people would push a grift such as Crypto and NFTs. Paris Hilton already did it with Jimmy Fallon
There are many cheap & free bank checking account options, as @techconnectify.bsky.social has pointed out.
The problem, imho: Most young men don't have the resourcefulness or intellectual curiosity to 1) Ask someone for help, and/or 2) Go online & find the answer themselves.
Does 🇺🇸 has near instant free bank transfers yet like Faster Payments here in 🇬🇧, or do you still have to use Venmo or PayPal for that?
But it also turns out that basically fewer young men are unbanked than ever before and fewer own crypto than at its peak.
It's dumb AND wrong.
Overdraft your account kuz no money? Fee.
Not have a certain amount in checking? Fee.
No direct deposit setup? Fee.
That said tho, there's a number of great options out there that don't do that.
There are huge swaths of the population who's "Bank" is Amscot. Not everyone has the financial education to know how to look at fee sheets, let alone meet the criteria for no fees w/ money.
Those may seem like small barriers to some, but to others 2k is life changing money.
Weird.
I thought CashApp was more likely to fill these sorts of banking holes, not crypto/Robinhood.
I'm definitely not a "bootstraps" sort of person but I think newfangled app-based platforms are much much riskier in myriad ways which need to be talked about.
My main worry is that non-traditional banking is an extractive force which "feels" less expensive but is in fact much worse.
$1 over? $35 fee. And this admin is intent on bringing them back.
When you live in a struggling household, you're just going to overdraft sometimes.
For the financially vulnerable, bank accounts can be quicksand.
They are not using it instead of banking.
https://www.federalreserve.gov/consumerscommunities/shed_data.htm
Further data shows they aren't *spending* their crypto, they are holding it. These people have been swindled into thinking it's an investment.
Time to stand up to them, we greatly outnumber the bastards.
commercial banks didn't like having the competition so the idea everyone should have access to banking was taken away.
It has to be more the prospect for growth. Cryptocurrency has certainly beat any interest rate offered to me by a bank. Young people generally don't understand risk.
Imagine being 50% poorer because some jackoff billionaire sent a tweet and your coin crashed. No thank you.
Let alone...have money to save. XD
Sorry, I'm from another world than you folks.
although Biden has nothing to do with that, he will be a standing for a good business climate under a stable government.
it fell to under 80k due to trump, currently 88k.
so no, this is not what they voted for
And like, even with traditional banks, most require you to keep like, 5 bucks in your savings account.
You know what you can’t overdraw
A savings account
Get your money right
Says it all really.
Getting an account is pretty cheap but there's a cost to having money just sitting in the bank, not growing.
Young men are idiots who are just looking for a quick buck, have pity on the poor little dears. Let's not bother educating them on not getting scammed, let's just make the scam go nationwide
But many communities are not served by actual physical bank locations.
But also, if bank accounts are too expensive, that sounds like a wages problem.
And that account's fee is $3 a month.
I don't know how to kindly tell people that their ignorance is the problem but, uh, welp.
The only solution is knowledge - it, too, is infectious but we have to work to spread it around.
PSA: I am a high advocate of truncating and curating your feeds. And also recognizing when its time to stop scrolling.
Sometimes people believe their knowledge in one area translates to all others, making them experts in multiple fields.
Ultimately it's not just knowledge, but trust in others knowledge that beats ignorance. Eroded trust is ignorances' ally.
Nur will this post boost his shares in Robinhood.
Perhaps however we should wonder whether we need to start introducing crypto classes in schools or just trading 101?
we did this in august whats taking so long haha
Joke aside, the emphasis on crypto is entirely based on it being an unregulated asset class to which the current generation has seen over 100x growth in a few years.
Those youngsters should remember that before putting everything into it.
Plus, every bank account I had, the minimum was 0-50$ in the account at any time, not much at all.
Are they mailing cash in an envelope to Coinbase?
Banks cannot refuse to give you one.
I have also opened every account I currently and have ever held, online. So, I think they are pretty accessible.
If I were starting over I'd probably look for a credit union.
I have begun playing the Credit Card game, so I have wound up banking with one of the Big Boys mostly because its more convenient to have fewer banking apps to juggle.
If you set up auto-pay and never carry a balance, pretending it's a debit card, you will not get into debt. Wish more people would talk about that.
I did the classical mistake of not understanding CCs in my early 20s and thanks to DAS Budget I have recovered and began using them effectively now. Getting rewards without paying any interest.
I love to sing the praises of good budgeting service. RIP Simple Bank.
Well it's true that there are dumb fees to be found at various banks, it's not so hard to find fee-free accounts.
If this actually a "thing," Id expect it's more about financial illiteracy (case in point: using crypto instead)
But without the consumer protection agency, now banks can go back to structuring in such a way that you'll always be overdrawn and they'll keep stacking fees on top of fees.
If you're saying banks won't go back to doing that right away then you might have a point.
Is like pretending to be smart
It doesn't work
Banks are boring.
I think the appeal of crypto is the casino mentality, the potential for getting rich quick.
https://www.forbes.com/advisor/banking/bluebird-american-express-card/
Usually, the paid ones had perks that were not worth the fee for the amount I was putting into the bank.