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It's debt, they're not storing money for you unless you get a safe deposit box and leave it in that. Deposits are loans you make to the bank. The interest rate
by qbrass 9y ago
It's debt, they're not storing money for you unless you get a safe deposit box and leave it in that.
Deposits are loans you make to the bank. The interest rate is crap because you want the ability to call in that debt whenever you feel like. But like loaning anyone else money, they might not have it on them when you come to collect.
- omarchowdhury 9y agoDeposits are de facto loans, but not given the same rights as the actual loans the banks are creating. A long, long, long time from now they'll call that exploitation in the name of convenience and the status quo.