Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
What if your dad was a bank? Besides a number of confusing questions of biology it would raise, you probably wouldn’t have much luck getting money out of him without an income, assets or business plan.
One St. Louis-area 6-year-old found this out the hard way when he asked his dad for $20 to buy a new toy and got a very bank-like rejection letter from “DAD Savings and Loan” with the tag line, “Because, apparently I look like I’m made of money” (via Reddit). No word yet on whether the Consumer Financial Protection Bureau is going to get involved here.
Teaching financial literacy key
Assuming the letter is genuine, it seems like this was a fun way to teach the kid in question that money doesn’t grow on trees.
Despite the tongue-in-cheek tone, it’s good to see a parent making some efforts toward teaching financial literacy, the lack of which is a serious problem in the U.S. Worldwide, Americans rank 14th in financial literacy, according to an international poll conducted by Standard & Poor’s and other organizations. Only 57% of American adults could answer a simple, 5-question financial literacy test correctly; in contrast, respondents in the highest-ranking countries — Norway, Denmark and Sweden — answered 71% correct.
So let us applaud this dad for striking a blow toward teaching the value of a dollar (or $20).
What do you think? What’s the best financial literacy lesson you ever got as a child?
Share