3 ms·
> but banks do provide essential services for a fee. They charge you for not having enough money in your checking account, while using your money to give out l
by anthony_doan 6y ago
> but banks do provide essential services for a fee.
They charge you for not having enough money in your checking account, while using your money to give out loans and make money off of that. Basically charging you for being poor while making money off of your by fee and loaning your money to other people.
I'm old enough to remember they never charge a fee for not having enough money in the bank account. I left my bank for a credit union.
Also Well Fargo was caught recently in a dubious sketchy scheme.
- ipnon 6y agoPlease note these activities are unrelated to high frequency trading.
- anthony_doan 6y agoHFT isn't essential services.
- thedufer 6y agoNYC seems to disagree (at least some market makers are currently considered essential businesses).
- derision 6y agoNot all banks do that
- nnoitra 6y agoMost do. Interest rates are how those that have take from those that don't legally. Banks are just the executors of the idea. It's a very complex systematic problem. I'm not saying burn all banks let's move to the jungle and eat coconuts.
- derision 6y agoI mean not all banks have minimum balances or any fees at all on checking accounts. Not sure what you mean by interest rates. If I have a savings account I'm getting paid interest. If I take a loan I'm paying interest in exchange for access to the capital. What exactly is the issue here?