Banks make money hand over fist. Last year my bank, RBC, who has a half dozen major competitors and scores of other smaller financial institutions to fend off, had a net income of $9,004,000,000.
TD made $7,883,000,000. Scotiabank, $7,881,000,000. CIBC, $7,459,000,000. BMO, 4,333,0000.
$36,560,000,000. After expenses. Let that sink in.
You can make a few million-dollar mistakes and still come out okay. Heck you can lose billions and be too big to fail.
Banks make their money from loans. Your mortgage, your car loan, your line of credit. But this article makes a point to deliver the real winner, overdraft fees. Move over payday loans. There’s a new thief in town.
TD made $7,883,000,000. Scotiabank, $7,881,000,000. CIBC, $7,459,000,000. BMO, 4,333,0000.
$36,560,000,000. After expenses. Let that sink in.
You can make a few million-dollar mistakes and still come out okay. Heck you can lose billions and be too big to fail.
Banks make their money from loans. Your mortgage, your car loan, your line of credit. But this article makes a point to deliver the real winner, overdraft fees. Move over payday loans. There’s a new thief in town.
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