The other day I went to Bank of America to close out one of my credit card accounts. After talking with the banker, they forwarded me to a Financial Solutions Advisor. That title is straight up deceiving. The advisor started asking me about my financial goals and how he wants to understand my situation to make the most informed decision. It was a bit fishy. They pretty much pushed me to dump all my money into their 3-4% APY savings accounts. Am I just ignorant or do these bankers sound like salesman who are trying to take your money?
Banks want you to pour all your cash into their accounts so they can lend it away and charge sky high interest from people who can't afford it. Thats how the fractional reserve system works, and thats how banks take advantage of you. They don't care about your goals. They just want your money as leverage. Am I cynical for thinking this way?