.webp?h=8 "Merry Fistmas!")
On today's episode of Redditor's Are Financially Illiterate Morons, our intrepid hero, /u/Pelthail, has lost a... let's say "significant" sum of money by being scammed. How did this happen, you ask? You're not the only one. 
Well, my wife had her credit card info stolen a couple months ago, so I was already on alert when I received a message about fraudulent activity on my account. Then the scammer called me from the Wells Fargo customer service phone number (I later found out that scammers use apps to spoof their phone numbers).
He had me verify my account info and had me set up a new password which now I understand was him just using that info to gain access to my account. And once he was in, he used Zelle to transfer all my money.
Don't worry, I feel very stupid for it all and in hindsight I can see all the red flags that I should have recognized in the moment. I always thought I was too smart to fall prey to these scams but I guess I wasn't.
That's right, after his (presumably) r-slurred wife had her credit card info stolen, our hero was on high alert. So high, he gave his bank account info, including his password, to some jackass that called him up and said, "Hello, I am Rajesh from Banga... I mean, Bob from San Francisco. Your Wells Fargo account has been hacked. Please do the needful and give me all your money." 
Fortunately, our hero is taking his frick up in stride. Why, a man like him would never try to foist the blame off on someone else. Nor would any other fine, upstanding Redditor. 
Not for long. This is my limit with them.
Ah. Never mind. It's all the bank's fault that our hero is r-slurred. Well, maybe he can make back the princely sum of... 
A little over $2K
$2,000. This neighbor got taken for everything in his bank account, and lost $2,000. He is a father of four and owns a business. This wasn't his only bank account, but it was his primary one, which means he probably has less than $2,000 in the others. And no investments to speak of, since if they were at Wells Fargo, his primary account, the scammer would've got those too. This motherlover is broke. 
Once again, we see that poor people's plight is of their own making. They get what they deserve, which is nothing. Be sure to tune in next week when we mock whatever dumb thing some terminally online r-slur did this time. 
/s
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Yeah, this is what I slowly started to understand when they say "republicans don't care about poor people."
I'm just glad I moved my shit out of BoA and into my credit union and M1. Most scammers dont try to pretend to be CUs.
/s
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Lmbo, they offer 0.01% interest on their savings accounts. If you have more than 90k, they'll generously bump that to 0.03%.
/s
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More like BofA Deez Nutz
/s
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Yeah even navy fed is only slightly better but M1 members get 5% now actually and that's where my rainy day funds are
/s
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If your bank isn't giving you at least 4% right now, they're ripping you off.
/s
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Most banks are rip offs, I don't know many banks that give > 3% but thankfully I'm with one that gives 5.
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Robinhood gives you 4.9 with no contract
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is that a money market or general savings account?
I can't join navy federal but would if I could
for now I just park my savings in money market funds in vanguard or fidelity, which still yielded more interest than BoA when rates were zero
/s
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Savings but its treated like a checking account, you can withdraw X amount of times you want without the bank bitching due to the change in regs.
Navy Fed is pretty good mortgage wise and thats what I use it for.
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Wells Fargo sends me sneeding emails about their free brokerage.
Sorry Wellscels, you get to see me transfer money out of my account in ChadGuard every month for that Juicy 5.3% money market and essentially no-fee VOO
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Savings accounts are pointless. Keep enough in your hot account for a couple months and the rest in easily liquidated interest yielding assets like stocks. It's r-slurred to expect a generic savings account to yield significant returns without any risk.
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For me it was after the first dozen or so episodes of Caleb Hammer. And I literally know people that could 100% be on that show, high debt, spend like fricking crazy, literally ZERO forethought or planning of literally anything at all.
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I first noticed when I had fewer toys than my broke
friend (Nintendo 3DS, Switch, fancy TV, yugioh cards, random DJ gear), despite making literally 10x his pay.
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People with money do dumb stuff too. I know a guy who inherited a mil at 21, and took out a 400k line of credit woth repayment on interest only at LIBOR+ some small %
Yeah, he's regretting that one now
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