This is from their website. I am sure most of the other banks look at least this good.
Net Income of $3.4 Billion; $3.7 Billion Excluding CVA/DVA (click here)
Revenues of $19.6 Billion; $20.0 Billion Excluding CVA/DVA
Net Interest Margin Increased to 2.91%
Net Credit Losses of $2.1 Billion Declined 14% Versus Prior-Year Period
Utilized Approximately $700 Million of Deferred Tax Assets
What did the average American earn on their savings last year?
"Citi.com and Citibank Online is currently not available." (click here)
These are the average interest rates savings accounts have. This in particular is Bank of America (click here).
Decades ago I was very entrepreneurial and began babysitting. I charged $1.00 per hour and that was big time money at that time. The word got out I knew what I was doing as a babysitter and I grew a following of parents of young children.
At one point my Dad took me to the bank with him and we decided that I was so successful I should open a "Junior" Savings account. At that time they were using Passbooks to record deposits and withdrawals.
This is what my passbook looked like. There was nothing handwritten and it was my job to check the balance after every deposit and interest recording (which happened every quarter) to be sure the Teller did not make a mistake.
Do you know what my interest rate was?
My interest rate was 5.0%. NOT 0.5% if I was lucky, but, 5.0% per annum.
I am not sure when the banks decided that saving accounts were superfluous to earnings on a personal level for every person in the USA, but, I know I would not and I do not put monies into savings accounts today. There are other ways of making money.
Do you know what a Certificate of Deposit earned annually back in the day with a commitment of one year for $1000.00 minimum? 10%. NOT 1.0%. 10%. Let me spell that for you, Ten Percent. If one purchased a Certificate of Deposit for 3 years with the minimum deposit of $10,000.00 the earnings were 13% to 15% if you rolled it over after three years.
Do you know why the interest rates are so lousy in the year 2014?
Take a guess.
Because the average depositor is no longer important. The banks make money from checking accounts with all kinds of fees so they maintain checking in their realm of services. But, the average depositor is NOTHING to the banks these days.
The banks take their money and invest in exotic instruments and they don't care if there wasn't a savings account within the vault. If they have a vault. Today there are banks without a physical location and if that ain't a kick, huh?
The CEOs of banks receive bonuses for the money they make year after year. As a matter of fact I am sure they are receiving bonuses from this time of year. The time of year where generosity is suppose to be the spirit we celebrate. Charity. All sorts of good feelings. Gift giving. Family. Etc.
So rather than providing a real incentive to save the CEOs take YOUR monies and invest in NOTHING. They invest in exotic 'IDEAS' that only exist on paper. They roll in the dough for the stockholders and everyone is happy.
See, if you are an average American and didn't know decades ago that interest rates on savings actually put a smile on your face for the discipline you exerted in NOT SPENDING, but, actually valuing the services of a bank and SAVED money for the future, you have no clue about the historic place banks had.
So, when Citigroup wrote a legislative addition to the $1.1 Trillion USA spending bill and they want a PERMANENT bailout in the way of subsidies, it sort of makes me a little bit angry. Not very angry. But, definitely a little angry.
The depositors are not at all valuable. The average American is literally nobody. The CEOs will pad their wallets with OUR MONEY when subsidies are issued for investments that are nothing but vapor.
There is no way these jerks deserve any consideration from the American people. Put the money into Credit Unions. BE A MEMBER OF THE PLACE YOU BANK. Attend annual meetings and meet the CEO and ask questions. It is a very interesting experience and the CEO wants to shake your hand before you even think about shaking his in return.
This legislation Citigroup wrote is just about as egregious as it comes and if they are in NEED of subsidies, when will they ever make money? When is the next recession?
The banks learned NOTHING from 2008, but, Americans learned a great deal.
"Citi.com and Citibank Online is currently not available." (click here)
These are the average interest rates savings accounts have. This in particular is Bank of America (click here).
Decades ago I was very entrepreneurial and began babysitting. I charged $1.00 per hour and that was big time money at that time. The word got out I knew what I was doing as a babysitter and I grew a following of parents of young children.
This is what my passbook looked like. There was nothing handwritten and it was my job to check the balance after every deposit and interest recording (which happened every quarter) to be sure the Teller did not make a mistake.
Do you know what my interest rate was?
My interest rate was 5.0%. NOT 0.5% if I was lucky, but, 5.0% per annum.
I am not sure when the banks decided that saving accounts were superfluous to earnings on a personal level for every person in the USA, but, I know I would not and I do not put monies into savings accounts today. There are other ways of making money.
Do you know what a Certificate of Deposit earned annually back in the day with a commitment of one year for $1000.00 minimum? 10%. NOT 1.0%. 10%. Let me spell that for you, Ten Percent. If one purchased a Certificate of Deposit for 3 years with the minimum deposit of $10,000.00 the earnings were 13% to 15% if you rolled it over after three years.
Do you know why the interest rates are so lousy in the year 2014?
Take a guess.
Because the average depositor is no longer important. The banks make money from checking accounts with all kinds of fees so they maintain checking in their realm of services. But, the average depositor is NOTHING to the banks these days.
The banks take their money and invest in exotic instruments and they don't care if there wasn't a savings account within the vault. If they have a vault. Today there are banks without a physical location and if that ain't a kick, huh?
The CEOs of banks receive bonuses for the money they make year after year. As a matter of fact I am sure they are receiving bonuses from this time of year. The time of year where generosity is suppose to be the spirit we celebrate. Charity. All sorts of good feelings. Gift giving. Family. Etc.
So rather than providing a real incentive to save the CEOs take YOUR monies and invest in NOTHING. They invest in exotic 'IDEAS' that only exist on paper. They roll in the dough for the stockholders and everyone is happy.
See, if you are an average American and didn't know decades ago that interest rates on savings actually put a smile on your face for the discipline you exerted in NOT SPENDING, but, actually valuing the services of a bank and SAVED money for the future, you have no clue about the historic place banks had.
So, when Citigroup wrote a legislative addition to the $1.1 Trillion USA spending bill and they want a PERMANENT bailout in the way of subsidies, it sort of makes me a little bit angry. Not very angry. But, definitely a little angry.
The depositors are not at all valuable. The average American is literally nobody. The CEOs will pad their wallets with OUR MONEY when subsidies are issued for investments that are nothing but vapor.
There is no way these jerks deserve any consideration from the American people. Put the money into Credit Unions. BE A MEMBER OF THE PLACE YOU BANK. Attend annual meetings and meet the CEO and ask questions. It is a very interesting experience and the CEO wants to shake your hand before you even think about shaking his in return.
This legislation Citigroup wrote is just about as egregious as it comes and if they are in NEED of subsidies, when will they ever make money? When is the next recession?
The banks learned NOTHING from 2008, but, Americans learned a great deal.
