No one is forcing people to use a bank, it’s just the “easy default”. Related: quoting from “Ditch Banks — Go With Money Market Funds and Treasuries”⁽¹⁾ ”Many

No one is forcing people to use a bank, it’s just the “easy default”. Related: quoting from “Ditch Banks — Go With Money Market Funds and Treasuries”⁽¹⁾ ”Many people don’t realize that there’s a fundamental difference between the roles banks and brokers play. The fundamental difference is that banks and credit unions offer a two-party private contract while a broker serves as an intermediary between you and the public market. … When you have a two-party private contract, your interest is in direct conflict with the other party in the contract. … A broker acts as an intermediary. They get you the market rate and take a cut. A broker doesn’t set the rate. The market does. The broker only sets its cut.” ⁽¹⁾ https://thefinancebuff.com/goodbye-banks-credit-unions.html https://thefinancebuff.com/goodbye-banks-credit-unions.html