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Every bank is screwed if everybody takes all their money out. And everybody already knows it.
by fallingknife 4y ago
Every bank is screwed if everybody takes all their money out. And everybody already knows it.
- FormerBandmate 4y agoIf it becomes an internet meme/viral story however, which it looks like it’s becoming, they’re especially fucked. He should have never said this, this is very concerning
- deleted 4y ago[deleted]
- favorited 4y agoLiterally any business is screwed if all of their customers leave.
- TheAlchemist 4y agoThere is a nuance here - the business in question (bank) holds customers money !
- dheera 4y agoCan't someone open a bank that takes money and just keeps it like a well-behaved child and doesn't secretly mess with it?
- likecarter 4y agoWell then customers won't get any interest. And therefore you will have no customers. And therefore no deposits.
- ericd 4y agoPeople aren’t keeping their money in Chase accounts for the 0.01% interest, given that the risk-free rate is currently >4.5%. So you may want to rethink that.
- jimbob45 4y agoWouldn’t that just be a storage facility?
- borski 4y agoEssentially yes, but presumably one that’s safer than your home safe or under your pillow.
- junofan 4y agoDoesn’t seem like you can get a banking license for that. Look up “narrow banking.”
- notch898a 4y agoYeah there are precious metals demand deposit vaults that do exactly that. The cost to have that fully insured and also audited to make sure your exact serial numbers are actually stored and not secretly being loaned, etc, it works out to roughly ~0.4%/yr cost to store money in a bank like that. Which compared to ~0% interest rates in a saving account isn't that bad I guess.
- dheera 4y agoCool ... I guess you could vlog about the precious metals and get 1%/yr from Youtube to make up for it ... Keep saying "my precious" and you'll probably get a few million followers on Tiktok