4 ms·

I'd be willing to pay a fee to the bank to hold my money for me. That's a useful service. Or they could take some fee off a debit card every time it's used. I c

I'd be willing to pay a fee to the bank to hold my money for me. That's a useful service. Or they could take some fee off a debit card every time it's used. I can't imagine many people would rather keep all their money at home rather than pay a bank to hold it for them.

A2017U1 7y ago
They can't possibly do that with a bank account though? In the sense that a collapse would see you get cents in the dollar back, hopefully the taxpayer pays the rest if you are lucky. You can pay them for a safe deposit box and they can properly _hold_ your money if you want, but that money won't be worth much in 30 years. Unless I'm wrong and some banks provide a fully backed savings account? Doubt it would be worth the effort for them.
- gruez 7y ago
  >You can pay them for a safe deposit box and they can properly _hold_ your money if you want Depends on what your threat model is. A safe deposit box is safe from bank collapses/bail ins, but not against theft. >but that money won't be worth much in 30 years. In that case you'd probably be stashing gold rather than bills. >Unless I'm wrong and some banks provide a fully backed savings account? Doubt it would be worth the effort for them. because right now there's no demand for it. if there was a period of zero/negative interest combined with low confidence in banks, I'm sure that non-fractional reserve banks would pop up. Either that or people stash their money overseas.
- tonfa 7y ago
  The FED is not very happy about narrow banking so far: https://www.bloomberg.com/opinion/articles/2019-03-08/the-fed-versus-the-narrow-bank https://www.bloomberg.com/opinion/articles/2019-03-08/the-fe...
- ohiovr 7y ago
  I was told I could not put paper us bills in my safe deposit box. Bank was Chase dunno if others are the same.
thaumasiotes 7y ago
> Or they could take some fee off a debit card every time it's used. They already do this. That's how payment cards work.
Rainymood 7y ago
This is a very important and socially desirable function that banks fulfil. >I'd be willing to pay a fee to the bank to hold my money for me. You are effectively doing this already (twice). Perhaps your bank charges you a yearly fee for the account in the likes of $10/year, but you're also "paying" by not investing the money yourself, of course, the bank has many lending opportunities that you have not so you might not be capable of doing so. But the point still stands.

A2017U1 7y ago

They can't possibly do that with a bank account though? In the sense that a collapse would see you get cents in the dollar back, hopefully the taxpayer pays the rest if you are lucky. You can pay them for a safe deposit box and they can properly _hold_ your money if you want, but that money won't be worth much in 30 years. Unless I'm wrong and some banks provide a fully backed savings account? Doubt it would be worth the effort for them.

gruez 7y ago
>You can pay them for a safe deposit box and they can properly _hold_ your money if you want Depends on what your threat model is. A safe deposit box is safe from bank collapses/bail ins, but not against theft. >but that money won't be worth much in 30 years. In that case you'd probably be stashing gold rather than bills. >Unless I'm wrong and some banks provide a fully backed savings account? Doubt it would be worth the effort for them. because right now there's no demand for it. if there was a period of zero/negative interest combined with low confidence in banks, I'm sure that non-fractional reserve banks would pop up. Either that or people stash their money overseas.
tonfa 7y ago
The FED is not very happy about narrow banking so far: https://www.bloomberg.com/opinion/articles/2019-03-08/the-fed-versus-the-narrow-bank https://www.bloomberg.com/opinion/articles/2019-03-08/the-fe...
ohiovr 7y ago
I was told I could not put paper us bills in my safe deposit box. Bank was Chase dunno if others are the same.

thaumasiotes 7y ago

> Or they could take some fee off a debit card every time it's used. They already do this. That's how payment cards work.

Rainymood 7y ago

This is a very important and socially desirable function that banks fulfil. >I'd be willing to pay a fee to the bank to hold my money for me. You are effectively doing this already (twice). Perhaps your bank charges you a yearly fee for the account in the likes of $10/year, but you're also "paying" by not investing the money yourself, of course, the bank has many lending opportunities that you have not so you might not be capable of doing so. But the point still stands.