This segment originally aired on February 15, 2023.
Frost Bank CEO Phil Green joins Yahoo Finance Live anchors Rachelle Akuffo to discuss financial health, seeking more from banking relationships, and the outlook for bankers.
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We are not willing to change banks, because most banks don’t offer a better alternative. Talk nice, in practice all seem the same. Banks don’t seem to care if they get your business or not.
Capital One paying 3.4% and Sofi paying 3.75%. Takes no time to setup the account and move your money over all online. Cheers 🍻
@McBeavis Wells Fargo paying 3.92%. So what?
@A A So biggest problem is that most banks pay nothing on deposits and charge huge fees. Online banks have little costs, therefore lower fees and somtimes pay more on deposits.
@Gabriele Teisa You are missing the point. All banks pay interest on CDs at more or less about the same rate. On deposits they pay nothing. Charge 19% or more on credit cards. Online banks have lower cots and also provide less personal service. If you have a lot of money, services (line of credit, personal attention when you need it, prefared interest rates, investment advisors , etc…) are way more valuable than fractional rate on your deposits. Iv’e been with Wells Fargo for 30 years and they still don’t know my name at local bank or what my needs are. Banks get “free” money from the Fed and lend out as mortgage, loans or CC. They don’t really care to have a relationship with their customers. . Most banks don’t even like dealing with individual customers. Not profitable. There’s no relationship with the customers at the local level….