Guns instead of interest on a CD


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BossHaug
July 16, 2009, 11:48 AM
Does anyone remember when some banks offered a gun instead of interest on a CD? I remember seeing ads for this in gun magazines in the 60's. The way it worked, was, you give the bank say $2000.00 for 5 years (a lot of money in the 60's), and they ship you a (Weatherby?) rifle, payment up front for the interest. At the end of 5 years, you got the original $2000.00 back. The way interest rates are now, this would be a good idea to bring back!

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CoRoMo
July 16, 2009, 12:00 PM
Didn't Michael Moore hype that as a current option in Bowling for Columbine? I think it was all a farce in his film as a portrayal of middle American gun owning communities.

Though I wish it were and option today.

BossHaug
July 16, 2009, 12:07 PM
I have never seen that movie (and don't plan to), but I do remember the ads. I *think* it was the Bank of Denver, and they offered Weatherbys in different grades for different amounts of money. I wish I had kept some of those old magazines.

northwoods33
July 16, 2009, 12:08 PM
Sure do. Used to be lots of ads in American Rifleman offering these deals.

jimmyraythomason
July 16, 2009, 12:08 PM
The Bank of Colorado (Boulder)offered a Weatherby MK V in leiu of interest in the 60s or early '70s IIRC.

BMF500
July 16, 2009, 12:10 PM
Wasn't alive in the '60's but my grandfather has spoken of this. I'm not sure if he got any of those or not from a bank. But, he owned auto parts store in the 70's and early '80's and he recieved a couple Brownings and Sakos from AC Delco, Malorey (spelling?), and the likes for sales volume.

wally
July 16, 2009, 12:13 PM
No it was an NRA fund raising thing, interest rates back then made it a pretty marginal deal as I recall. I think that same bank now offers the NRA logo Visa card where the NRA gets some small percentage whenever you use the card.

I have one, use it for all my recurring "automatic payments" -- electric bill, phone bill, etc. and most of my non-web purchases. Pretty painless way to help the cause.

For the web I only use a Capital One card because they seem to have the best anti-fraud liability policies and have gone to bat for me multiple times when vendors charged but failed to ship after 30 days.

--wally.

Oro
July 16, 2009, 12:56 PM
It wasn't that far back. I remember some from the mid/late 90s and doing the math on it. I do remember it was Weatherby's, also.

jimmyraythomason
July 16, 2009, 02:10 PM
Found it in the August 1982 issue of The American Rifleman. "Give the Bank of Boulder $2324 and you'll receive this Weatherby NOW,plus all your money back in 6 years." The rifle was a Weatherby Mark V in 300 mag(other cals available) Premier 3x9 wide angle Lumi-plex scope . Buehler 2pc mounts,Deluxe tooled leather sling w/personal initials,Leather field case AND high impact hard case. Other packages available. SWEET DEAL indeed!

paintballdude902
July 16, 2009, 02:16 PM
moore got one from a bank in michigan in bowling for columbine

lbmii
July 16, 2009, 03:03 PM
Um Capital One should never be spoken about in a positive tone.

They record on your credit report not your credit limit but instead your highest amount of credit used. This causes you to have a lower credit score. Your percent of credit used is made to be artificially high.

They, like the others, are pirates

huntman
July 16, 2009, 03:05 PM
to many libs in these company we may use guns to go after bankers wall street lol

D94R
July 16, 2009, 03:23 PM
to many libs in these company we may use guns to go after bankers wall street lol

WAT did you just say?





The CD's for guns idea is neat for what it is. But it seems the amount of time the bank holds your money vs. the amount of time you could put back $20-$50 a pay check, you could buy that Bank Rifle a couple times over AND have all the cash kept to yourself.

rcmodel
July 16, 2009, 03:26 PM
http://money.cnn.com/magazines/fortune/fortune_archive/1994/07/25/79589/index.htm

rc

wally
July 16, 2009, 05:15 PM
Um Capital One should never be spoken about in a positive tone.


This is not the place to debate bank cards, but Capital One has been nothing but fair to me. I don't carry a balance.

You want to speak of pirates, try the money changers in Europe or the US. I had to go to Germany on short notice, total rip off exchange rate wise for cash from all of the money changers. I charged everything I could on my Capital One card and paid only the the Yahoo Finance exchange rate for each day's purchases, as opposed to losing 2-5% each way from the freaking money changers.

--wally.

BossHaug
July 16, 2009, 05:27 PM
http://money.cnn.com/magazines/fortune/fortune_archive/1994/07/25/79589/index.htm

rc
Thanks, I did not know they were still doing it...and 14.58% is better than anything else around.:what:

rcmodel
July 16, 2009, 05:49 PM
They are not still doing it.

That story I linked to was 15 years old.

A BANG FOR YOUR BUCK IN BOULDER

By Alan Farnham
July 25, 1994

rc

BossHaug
July 16, 2009, 05:51 PM
They are not still doing it.

That story I linked to was 15 years old.

A BANG FOR YOUR BUCK IN BOULDER

By Alan Farnham
July 25, 1994

rc
whoops, I missed that :scrutiny:

22-rimfire
July 16, 2009, 06:09 PM
Banks offered a number of guns this way including Weatherby's, Colt Pythons, Colt Python-Diamondback sets, Colt Sauer rifles, and others. I sold off one of the wood cases for a Python/Diamondback set a while back from a bank in Finlay Ohio. Anyway, they are referred to as bank guns. It happened in the mid to late 1970's to early 1980's when interest rates were above 12% for bank CDs. A lot of these banks failed during the "Savings & Loan" crisis. Inflation was also quite high then too. You gave them your money and the gun came as a prepayment on future interest. It was a great idea, but interest rates are too low now to make it a practical option in terms of time.

One of my favorites back then was a savings & loan guaranteed a value of $1,000,000 on a bank account if you deposited $1,000 per month into an account with them. I don't recall the number of years for the investiment, but it was in the order of 20 years.

2RCO
July 16, 2009, 06:31 PM
There were local banks in MO and OK that did the same thing into the early 80's it was actually pretty common in smaller towns when interest rates were high.

They record on your credit report not your credit limit but instead your highest amount of credit used. This causes you to have a lower credit score. Your percent of credit used is made to be artificially high.

To this you might want to realize that nearly every Revolving Credit Instrument shows Highest Amount of Credit Used, Credit Limit and the Last Reported Balance. I don't know of a Credit card company that doesn't do this. FWIW I spent 5 years in lending and saw around 10-15 credit reports a day. The first year it was closer to 150 a day because I was in charge of credit overrules on an automated approval system.

Big_E
July 16, 2009, 06:33 PM
Wow that is really cool. Wish they still did that today.

Concerning banks, I only use the banks for my savings and checks, Credit Unions get my Credit Card business.

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