Godlovesyou (OP)
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May 15, 2023, 09:48:37 AM |
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Financial institutions (banks) are responsible in handling financial issues, records, accounts and income of individuals, companies, churches and organizations. They respond promptly according to your demands on your accounts, they also have zero tolerance for fraud and are very security conscious, security intelligence and anti financial crime expertise but they've policies of not collecting dime from customers accounts yet banks are most wealthiest institutions on earth.
How do they make money? * mortgage - using some billionaires account to buy housing properties and leasing them * estate and lands with same patterns * SMS alert charges * Transfer charges * Syphons dormant accounts or dead people accounts that are inactive with enough money in it. * ATM and investment cards * sales of currencies like dollar to naira * preparation of international documents * savings people's valuables like gold, certificate, court documents, WILLS, and so on.
This is what makes financial institutions very wealthy.
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EarnOnVictor
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May 15, 2023, 10:04:16 AM |
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Bank is an establishment known for financial services but what they do these days is way more than that. And the things they do are both legal and illegal, still, they cover up under the guise of the legality that covers the sector.
Mind you, you forgot to add that;
1. They launder money. 2. They broker onshore and offshore deals (both legally and illegally). 3. They steal money from customers' accounts through double and unexplainable charges. 4. They blackmail their customers and steal the money of the faint in heart. And many more...
There is a lot that will always make me sceptical of banks.
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coin-investor
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May 15, 2023, 10:19:47 AM Last edit: May 15, 2023, 12:59:19 PM by coin-investor |
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Besides all what OP mentioned I hate it when they charge a high-interest rate if you take a loan and give you a very small interest if you deposit money, the same money that they are going to use to loan people, they have a charge on all your transaction even checking your balance, banks are a necessary evil, you cannot go around your business without a bank's help but with Cryptocurrency's adoption some of the things we need in a bank are now provided by Cryptocurrency and that is getting a good interest by holding Cryptocurrency.
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boyptc
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May 15, 2023, 10:21:14 AM |
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Yeah, the transaction fees. While we're aching from the transaction fees for Bitcoin, there goes the banks that have been charging a lot for the transfers that we do especially the overseas. Also don't forget about the maintaining balance, we're obliged to reach that threshold and not to pass on that or else we'll be charged. This is what makes financial institutions very wealthy.
And another thing is that they're backed by the government so being wealthy and at the same time powerful is what they are.
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Zlantann
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May 15, 2023, 10:23:53 AM |
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This is what makes financial institutions very wealthy.
You forgot one of the most important sources of revenue for banks which is interest from loans. Banks charge a certain percentage of interest for loans given to individuals and businesses. Banks also engage in business partnerships with individuals and companies. They can fund a project and the profit from such a venture will be shared between the parties involved. They can also serve as middlemen between investors which can make them earn commissions. Banks also make money through buying and selling foreign exchange. During scarcity of foreign currencies, banks can make high profits from sales of these currencies to customers. Commission from service rendered is another source of income. Banks can get a commission for receiving payments on behalf of the government or other corporate organization
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mocacinno
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May 15, 2023, 10:37:28 AM |
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This is what makes financial institutions very wealthy.
You forgot one of the most important sources of revenue for banks which is interest from loans.--snip-- This one is really interesting, cause when i applied for a mortgage loan for my house many many years ago, i did read up on how banks give loans, and it's downright criminal. If I (a private person) give you (another private person) a loan for a house that costs 300.000 euro's, i first have to have 300.000 in my account, then i transfer the money to you and you can buy a house using this money. Each month you'll have to give me a fixed percent (for simplicity's sake, let's say it's 5%)... If you're going to pay back the loan in 30 years, 'ill make 279,767.35 in intrest over those 30 years... Pretty neat huh.... I'll almost double the amount i loaned out to you. When a bank gives you a loan of 300.000 euro's, they don't have to have 300.000 on their books... They can just create "virtual money" which they loan out to you. IIRC, the percentage is actually a little less than 10%. So, a bank can have 30.000 on it's books, and still give out a 300.000 loan AND get 279.000 in intrest. They don't double their money, they actually multiply their investment by a factor >9... It's downright criminal, but it's legal... This is why we need to be our own bank... If you don't own 300.000, you shouldn't be allowed to loan out 300.000.
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YinShuiSiYuan
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May 15, 2023, 10:58:34 AM |
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The mortgages, insurance scams and interest rates from loans are the main source of income for bank plus they charge fees for everything you do in bank so that's why they are rich and they know how to get money from customers .
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superman184
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May 15, 2023, 11:09:14 AM |
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The mortgages, insurance scams and interest rates from loans are the main source of income for bank plus they charge fees for everything you do in bank so that's why they are rich and they know how to get money from customers .
It's just a way of the bank being able to take advantage of customers to get money and I think it can't be blamed either because every bank customer who saves money in the bank is based on his own agreement without any coercion from other parties. And if someone thinks about the bank being able to get rich with the savings of customers, it is his own fault in trusting the bank to keep his money there. Because the customer only wants security for their money without thinking about the benefits that can be obtained by the bank itself. What do you think ? Is there an error in that case, if there is an error, where do you think the error came from?
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Patrol69
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May 15, 2023, 11:15:46 AM |
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Most of the bank's profits come from lending to customers. Banks usually adopt several means of providing loans. If someone takes a loan in agriculture, their percentage is relatively low, or if someone takes a loan in business, the amount of interest is a little higher.
And they have some other means of earning profit, such as if a customer is given an ATM card, then they take some interest from that card annually. Some charges are also applicable for transferring money from one bank to another. Current banking services have added various facilities with the bank to increase the profit of the bank. For example, various banks have now launched digital banking services through which various bills including electricity bills and telephone bills are being paid, from which the banks are receiving some interest from various companies. This is basically how the bank earns profit.
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demonica
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May 15, 2023, 11:24:10 AM |
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Seeing the title, I thought it would be a question but op is the one who provide the answer. It's pretty obvious tho. Also including the interest. That's why banks wants people to take loans so they can make money from their high interests. When the economy is declining, people don't usually take loans since they'd be saving money. So the banks will promote low interest loan just to make people acquire loans.
Those things mentioned by op are like their fee for the services they provide. Some charges may be low but if you'd compute the number of their customers paying that small charges, it'll be a big amount of money.
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Yamane_Keto
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May 15, 2023, 12:02:34 PM |
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Any institution has money that can generate money in legal or illegal ways. Banks really generate money from loans. It is true that they have paid services, but without bank loans they will not continue to grow in this fast form or achieve coverage or provide cheap services like this. The government needs banks and commercial banks as it is the arteries that provide the economy with force, so dat has weakened the banking system whenever the state is very weak as the body where the arteries weaken. * SMS alert charges * Transfer charges * Syphons dormant accounts or dead people accounts that are inactive with enough money in it.
Do banks in your country impose fees on SMS notifications? It is free in many countries and it is a service for the user to know how much his balance is not supposed to be imposed on fees. Customer money in savings accounts or inactive accounts is not the money used by the bank, the central bank must impose more restrictions to not use customer money.
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自信は成功です
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Fesatmas
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May 15, 2023, 12:05:00 PM |
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Bank is an establishment known for financial services but what they do these days is way more than that. And the things they do are both legal and illegal, still, they cover up under the guise of the legality that covers the sector.
Mind you, you forgot to add that;
1. They launder money.
Burning is a leading financial service, also to this day, and is still a long -standing financial problem for both the community and government. I agree with your points, but I want to question how the money laundering mechanism is carried out, because as far as I know, many types of banks including Bamk Center, Private Banks, Government Banks, Foreign Banks, Mixed Banks and others. To my knowledge, the bank that can wash money is a bank center, what do you mean to say all types of banks can wash money?. If so, what is the mechanism?
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mu_enrico
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May 15, 2023, 02:35:21 PM |
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It's actually simple when you store your money in your bank account, it's basically free* capital at their disposal. *interest rate is basically negligible or very small for saving/checking accounts.
They simply lend it to other people with higher interest rates, or "game" with it on the capital market, etc. If they aren't stupid, they will make a profit since the costs + interest rate will be lower than the average returns using the "free" capital. Oh hey, when shit hits the fan, they have government to bail out their mistakes.
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BIT-BENDER
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May 15, 2023, 02:52:07 PM |
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Well on the notes the banking system tells you they don't touch their customers money that was entrusted in their care but I don't think that's the case, bank can be a safe House for keeping your funds but banks are headed by top financial experts, economist, market analyst and business gurus that has years of experience under their belt.
I won't trust the words of any centralized system and that includes the banking system I strongly believe they tamper with individuals funds to push into businesses and investment for there own profits that's why banks uses a means especially promos and giveaways to those who can leave their account untouched for a good duration.
The banking system is a establishment that keeps the customer stagnated with no income coming from their deposit but the bank themselves are funded with ready capital to engage in other investments.
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🎁 | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . 375% | 200 . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | 🛞 | ☆ | | ☆ | 🛞 | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | ▀▀▀▀▀▀▀▀▀▀ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . | ▀▀▀▀▀▀▀▀▀▀▀▀ .U P T O . ▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ .300€ + 50 . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ .F R E E S P I N S . ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | 🎁 | |
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safar1980
Legendary
Offline
Activity: 1834
Merit: 1648
Payment Gateway Allows Recurring Payments
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May 15, 2023, 03:14:30 PM |
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This is what makes financial institutions very wealthy.
You forgot one of the most important sources of revenue for banks which is interest from loans.--snip-- This one is really interesting, cause when i applied for a mortgage loan for my house many many years ago, i did read up on how banks give loans, and it's downright criminal. If I (a private person) give you (another private person) a loan for a house that costs 300.000 euro's, i first have to have 300.000 in my account, then i transfer the money to you and you can buy a house using this money. Each month you'll have to give me a fixed percent (for simplicity's sake, let's say it's 5%)... If you're going to pay back the loan in 30 years, 'ill make 279,767.35 in intrest over those 30 years... Pretty neat huh.... I'll almost double the amount i loaned out to you. When a bank gives you a loan of 300.000 euro's, they don't have to have 300.000 on their books... They can just create "virtual money" which they loan out to you. IIRC, the percentage is actually a little less than 10%. So, a bank can have 30.000 on it's books, and still give out a 300.000 loan AND get 279.000 in intrest. They don't double their money, they actually multiply their investment by a factor >9... It's downright criminal, but it's legal... This is why we need to be our own bank... If you don't own 300.000, you shouldn't be allowed to loan out 300.000. Aren't these coefficients controlled by central banks? Such money is called endogenous, but a bank cannot lend indefinitely because the ratio of bank loans to reserves is controlled by the central bank. And if the borrower does not pay, then the bank sells debts and reduces its reserves.
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coupable
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May 15, 2023, 03:16:57 PM |
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cut..cut..cut
These elements can be summed up in three main ideas that represent the sources of returns for almost all types of banks around the world: - Loan interests: It is considered one of the most important sources of income for the bank, but it does not exceed 30 percent of the total returns on average. These interests are subject to many controls determined by the Central Bank. - Fees on services: It also represents an important percentage of the total returns and is imposed on all services provided by the bank, including loan study services, even if they will not grant it to you later. Returns on fees do not exceed 30 percent either. - The largest percentage of revenues comes from various sources where determining the profit margin is open and not subject to supervision, for example contributing to major projects as a partner, providing insurance services, or investing in real estate.
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YOSHIE
Legendary
Offline
Activity: 2212
Merit: 1779
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May 15, 2023, 03:48:37 PM |
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This is what makes financial institutions very wealthy.
OP, you don't need to bother telling us about the profits and income that the bank gets. Worldwide or internationally, you tell us the Bank's income is inseparable from the two factors below. How Do Banks Make Money?Commercial bankingCommercial banking refers to the banking products and services that banks provide to individuals and businesses. These financial services include checking and savings accounts, mortgages, auto loans, personal loans, credit cards, lines of credit, and more. They also include adjacent services such as safe deposit boxes, brokerage accounts, financial planning, and more. Investment bankingInvestment banking refers to services a bank provides to corporations, governments, high-net-worth individuals, and other entities that go beyond commercial banking activities. Investment banks advise clients on mergers and acquisitions, corporate finance transactions, and restructurings. They facilitate things such as initial public offerings (IPOs) and debt offerings and also engage in proprietary stock, bond, and currency trading activities. And, finally, investment banks offer wealth management services to corporations and high-net-worth individuals. Do not be surprised if companies that operate like banks are rich.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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uneng
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May 15, 2023, 04:51:39 PM |
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Banks generate huge income because they are favoured by the laws of the country. They can offer services we, as common citizens, aren't allowed to. An example of that is the lending business. Banks charge high interest rates from customers when they borrow money, however, we can't make profit that way, otherwise we are accused of being loan sharks, which is a forbidden activity on many realms. So banks have the monopoly, and when you have the monopoly of something it's much easier to profit, since there isn't competition...
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Flexystar
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May 15, 2023, 05:42:35 PM |
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I don’t think zero tolerance to fraud makes sense here? Fraud is something that is done by hackers or actual fraudsters. No matter how strong system we build bank accounts will get hacked by masters of it.
They have huge income, best of the best profits but yet no system can guarantee 100% security. If you consider bitcoin on the other hand the safety is unmatched.
Anyways the income is generated with mostly interest on our savings. Big loop hole of money circulation. That’s looting anyways.
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South Park
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May 15, 2023, 06:53:10 PM |
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snip
How do they make money? * mortgage - using some billionaires account to buy housing properties and leasing them * estate and lands with same patterns * SMS alert charges * Transfer charges * Syphons dormant accounts or dead people accounts that are inactive with enough money in it. * ATM and investment cards * sales of currencies like dollar to naira * preparation of international documents * savings people's valuables like gold, certificate, court documents, WILLS, and so on.
This is what makes financial institutions very wealthy.
You forgot the most important way in which they earn money, which is to use the money you have deposited on your bank account as their own and make some risky bets on the markets, after all they cannot lose, if they win then they can reap the profits, but if they lose then they can cry to the government in turn so they are rescued, this is what happened with the subprime mortgage crisis, however the difference now is I am not so sure the governments have the capabilities to save them even if they want to.
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