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My guess is that it has little to do with FDIC and a lot more to do with them not wanting to pay so much interest on that much money.
by jedberg 4y ago
My guess is that it has little to do with FDIC and a lot more to do with them not wanting to pay so much interest on that much money.
- ceejayoz 4y agoNo. They love savings accounts. It's money they can use in relatively risk-free ways that get them more interest than they're paying out.
- Someone1234 4y agoThey're making money on the difference between their interest rate and EFFR. Therefore, no, they aren't rejecting money for that reason because they're profiting from every dollar saved through this; it isn't a charity. FDIC is a much, much, better explanation.