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What I am about to write may not belong under Rayelan's post but something changed suddenly at the local banks in my town and it is bugging me. When I read her post just now about the FED, a connection was made in my mind concerning my local banks.
When I opened an account over a year ago at a local bank, the best interest rates were being offered for certain high end checking accounts at the banks but NOT savings accounts. This has suddenly reversed recently and I lost my higher interest rate.
Now the best interest rates are being offered for savings accounts. Most of the former types of checking and savings accounts they had have been changed to other types of accounts with different requirements. The banks are wanting people to move their money into savings accounts because people tend to not touch money which is in a savings account. A checking account is mostly used for expenses and the balance often goes up and down.
To me this sounds like the banks are scrambling for money and what has been done at the top of the banking hierarchy has trickled down to my small local banks. My buddy remarked to me last night while we were discussing this that "there is a huge vacuum out there."
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