Goldman Sachs Launches GS Bank, An Internet Bank With A $1 Minimum Deposit (techcrunch.com)

An anonymous reader recaps a report from TechCrunch: Traditionally, Goldman Sachs has functioned like a run-of-the-mill investment bank with minimums to open an account in the range of $10 million, and returns not guaranteed. Goldman is opening its doors to the masses today with the launch of GS Bank, an FDIC-insured, internet-based savings bank. Anyone with an internet connection and a dollar can join, as that is what each account's minimum balance must be. GS Bank's interest rates give customers an annual yield of 1.05 percent, a rate that trumps the average U.S. saving's bank yield of .06 percent APY. GS Bank was a result of Goldman's acquisition of GE Capital Bank, the online retail bank previously run by General Electric's capital arm. The move is to diversify revenue streams and strengthen liquidity. GS Bank currently has total deposits of around $114 billion. In other news from the multinational banking firm, Goldman Sachs believes virtual-reality and augmented-reality "will be the next generation computing platform" worth $80 billion by 2025.

Comments

Re:So...

[__aaclcg7560]

My credit union has a higher interest rate than the 1.05% currently being offered by GS Bank.

Fuck Goldman right in the Sachs

[Anonymous Coward]

The first thing you need to know about Goldman Sachs is that it's everywhere. The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money."
                ---Matt Taibbi, Rolling Stone

Yeah, these are the "masters of the universe" that tanked our economy, was bailed out for 10s of billions of dollars after their CEO became the treasury secretary, then outsourced 1,000 American jobs and gave their execs huge raises and paid "up to" a paltry $5 billion for defrauding their own customers.

No high level execs at Goldman Sachs went to jail,and the systemic problem is worse today than before the crisis.

Why would I give even even a penny to admitted criminals with a proven record of abusing their customers and being grossly selfish and irresponsible?!

Fuck those guys. Seriously.

Re:Fuck Goldman right in the Sachs

[Anonymous Coward]

You certainly don't have to do business with them. But if you have evidence of specific crimes that nobody else has managed to identify, you might want to pass those along to the DoJ.

There's no need to inform the DoJ. Goldman says that it did commit the crimes it was accused of. This statement is part of the settlement and rather unusual as most of the banks were allowed to settle with a "neither agree nor disagree" kind of statement.

This note from the Justice department has some details of specific crimes.
https://www.justice.gov/opa/pr...

Re:Fuck Goldman right in the Sachs

[PopeRatzo]

Which GS people committed which crimes for which they should be in prison? Please be specific.

Lloyd Blankfein, CEO. See the presentence investigative report on him and Goldman from 2010.

He traded against his clients, which is a crime. Then he lied to the FBI and Congress about doing so. That's conflict of interest, fraud and perjury.

Now it's up to you to explain why he should NOT have gone to jail for these crimes other than the fact that Goldman controls the Fed. Please be specific.

http://www.rollingstone.com/po...

http://www.reuters.com/article...

Re: So...

[mrchaotica]

That's why instead of giving creditors your ACH information so they can "pull" payments from your account, you should use your bank's online bill pay feature to "push" the payments. Sometimes that isn't a good option (e.g. when the bill is variable but the creditor refuses to send e-bills, or when they give a discount for signing up for their auto-pay system), but otherwise you should use it.