Tuesday, February 7, 2012 - 10:25 AM
Hudson City Money Market To .55%Hudson City Savings Bank
stars) - Details
Second drop in a month form .9 to .7 to .55%
Bye bye Hudson City.
People need to understand that banks lend their money out 12x at once. So 12 other people can borrow your $10K at the same time, then lever up to $150K which basically creates inflation, takes houses, cars everything off the market and pushes prices up. The depositor is SUPPOSED to be paid INTEREST to offset the loss incurred by depositing his money.
Anything under the rate of inflation is essentially stealing from you. Literally. And right now the rate of inflation is almost 4%. So everyone in America is being slowly robbed by the FDIC, Fed and everyone else in government.
I strongly suggest moving your money out of any account that is paying under 1%.
1. Wednesday, February 8, 2012 - 7:42 AM
Makes a person wonder, among other things, why some of these rate drops are coming so steeply....this one down 39% cumulatively in a little over a month. Rate cap enforcements maybe? It's a shame, too, as I've received excellent service from Hudson City in the last several years.