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>If someone puts 1,000 units of currency into a bank, why should they ever not be able to retrieve that 1,000 units at any reasonable point in the future? Why
by MichaelGG 11y ago
>If someone puts 1,000 units of currency into a bank, why should they ever not be able to retrieve that 1,000 units at any reasonable point in the future?
Why should a bank offer service for free? Yes, they might make money doing stuff with your money, but that shouldn't be a mandatory requirement for a bank.
- alkonaut 11y ago> Why should a bank offer service for free? It should be noted that the markets have been doing very well throughout this period, so it's not a matter of "stagflation", at least not yet. As long as the expected return for investing my money is something way higher than zero, I expect to be able to lend them my money without paying for it. And as long as a bank can invest their customers money at good returns, they will want to attract money from customers.
- mstade 11y agoI'd agree with you, if savings accounts were in fact savings accounts. But they are in fact lending accounts, where you lend money to the bank, so they can make more. In this scenario, why shouldn't the bank provide a kickback in the form of interest? If given a choice, I'd rather pay money for stronger guarantees on the safe keeping of my money, and guarantees that my money isn't being used for anything but safe keeping. I could put cash in a vault, I suppose, but I don't want cash. I'm perfectly fine with my money being all digital, I just want it kept safe and away from criminals regardless of whether they wear masks or three piece suits.