4 ms·
$15/mo is far too high at current interest rates so your point stands, but, rich people with steady balances are also paying the bank a fee in the form of an in
by aianus 6y ago
$15/mo is far too high at current interest rates so your point stands, but, rich people with steady balances are also paying the bank a fee in the form of an interest-free loan that the bank re-invests.
$15/mo is equivalent to ~$14,400 balance at 1.25% APR [0] so anyone with a higher balance than that across their big bank low-interest/no-interest accounts is paying more than $15/mo.
[0] I chose this number as something you can actually get in an FDIC-insured account at a more generous online bank like Ally
- fmajid 6y agoBanks have been getting essentially free money from the Fed for over a decade, they don't need deposits, whether from rich or poor.
- viklove 6y agoYou're forgetting about this thing called greed
- my_usernam3 6y agoFrom a business perspective, the $15 a month makes sense. However, I'd consider banking an essential need to modern day life. Thus I think it is worth looking at through a humanities perspective. Unfortunately in our current situation, it's very expensive to be poor.
- rkuykendall-com 6y agoThis is a popular progressive opinion in the United States, currently pushing for "Postal Banking," AKA simple banking and check cashing at post offices for no cost. The conservative position currently being pushed is privatizing or shutting down the USPS.