Quote:
Originally Posted by ishoot308
I too would be extremely leery of this as well!...If the bank is no longer doing any more mortgages or any consumer loans as stated, how will they be making money??
Dan
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Banks make money by handling money for others. When you pay a tax bill to a lockbox (e.g. PO Box in Kansas) it goes directlyh to a bank. Many companies manage tgheir receivables this way. When you buy a new furnace and have an "interest free" payment plan, the receivable goes to a "Factor" (bank) who buys the receivable from the furnace guys. Locally, Cambridge Trust does "private banking" and "Wealth management". No teller lines or drive up. Several of their clients are cities and towns who have sizeable capital reserve funds that need a custodian and management. NH Trusts are not subject to the NH Interest and Dividends tax, so they help establish such trusts and manage the related funds. You don't have to be a NH resident to take advantage of this. Lots of things for banks to do that don't require a building on the corner.