We heard this radio ad for “WhereBankersHideMoney.com” and it set off the good ol’ suspicious-o-meter at TINA headquarters. In the ad, Farmer Henry says he’s got a bone to pick with his banker, who he says is earning 5% on the money Farmer Henry put in the bank while Farmer Henry earns squat. But you can learn how to fight back, as Henry did, by watching a video on “wherebankershidemoney.com.”
We went to wherebankershidemoney.com. We watched the video. It tells you two things:
1. This supposedly secret account banks use to earn 5% interest tax-free is called a “770 account.”
2. You can learn more about these accounts, and get all kinds of investment advice, by signing up for The Palm Beach Letter, an investment newsletter. That’s right, the old “make them watch a long video and then pitch our newsletter” trick.
First things first: A 770 account is not really a secret bank account; it’s a whole life insurance policy, and it’s no secret. There is a lot of nonsense about 770 accounts on the internet, but LA Times has a short video that explains what a 770 account is. The truth is more mundane than this ad makes it seem, and 770 accounts may not be right for everyone.
Second, this is far from the first investment newsletter we’ve seen advertising itself with over-the-top claims of secret conspiracies “they” don’t want you to know about. Think carefully before paying for any investment newsletter advertising this way — if something in the advertising sounds unbelievable, you probably shouldn’t believe it. Trust your suspicious-o-meter.
For more on TINA.org’s efforts in the realm of investment newsletters, click here.