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> Banks that don't charge those fees directly bake them into other fees. What other fees? I've literally never paid a fee to my bank for anything. And it's a m
by morgante 10y ago
> Banks that don't charge those fees directly bake them into other fees.
What other fees? I've literally never paid a fee to my bank for anything. And it's a major bank (Chase).
- dragontamer 10y agoWhat's the interest rate on your savings account? Because the bank is buying Treasuries at ~1% or so and making money off of your deposits, and is likely only giving you 0% or maybe 0.05% interest. If you've got $10,000 in the bank, that's basically a profit of $100 / year that the bank is getting from your account.
- morgante 10y agoMy interest rate is maybe 0.3%, so they're definitely making money on that. But that's not a "fee." Obviously banks cover their operating expenses somehow. That doesn't mean they charge me to have an account or to deposit cash (in fact, charging for deposits would be counterproductive).
- dogma1138 10y agoThey do it directly or indirectly, I don't know how US banks works but usually over the world bank accounts vary accounts with no/low fees give low interest and vice versa.