I have been exploring the idea of investing in Private Banks. The returns seem excellent, but I wonder about the fact that they are so "private" that it is hard to get complete information on them.
Has anyone in the group had experience with them? I am looking at CDs that pay 4 more times and higher than regular CDs. Of course, these banks require an excellent financial statement and large amouts of capital in order for an invester to participate.
What do you know about these banks
If by this you mean paying 15-20%, this is a classic ripoff/fraud. Think about this. A bank can pay you 5% because they lend mortgage money at 6%+. The credit card business is a different story, after defaults, they still don't make 15%. Of course they want large deposits, too much trouble to rip people off for $100. JOE
I know nothing about these banks. But just think. How do these banks, or anyone for that matter, make money paying you 20% or more interests and make money? Therein lies your answer.
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