Feb 27, 2024
In today's episode, Wade dives into a recent frustrating yet eye-opening experience with banking. He recounts a saga involving a significant check transfer between accounts, revealing the complexities and hurdles encountered in the process. From initial attempts to wire transfers to unexpected holds on checks, Wade navigates the maze of bank protocols, shedding light on why banks make transferring money so challenging.
Episode Highlights
02:55 - Proceeds to share how attempts were made to wire the
money and the hassle of Wells Fargo holding the cash for an
extended period.
03:58 - Explains how the banks suggested using a cashier's
check as a solution for the money transfer problem.
05:07 - Shares the realization of banks intentionally holding
on to money as part of their profit strategies through lending and
earning on interests and fees.
08:31 - Shares the understanding that banks are primarily
designed to make profits, thinking and operating in increments;
minutes, hours, and days.
09:33 - Emphasizes the importance of thinking like a bank,
being intentional and organized with money, and expecting it to
generate returns.
11:01 - Reiterates that banks will try to keep control of
their customer's money for as long as possible to make as much
profit as possible.
11:53 - Expresses his continued frustration with large banks,
the administrative difficulties and obstacles they create for the
consumers.
Episode Resources
- Connect with Wade Borth
- https://www.sagewealthstrategy.com/
- wade@sagewealthstrategy.com