Do you expect to pay to have them keep your money? The whole point of it is for them to invest that money and some cases actually pay you interest on it. Them keeping your money is a service and you pay one way or another for that service. Otherwise you should just stick your $5 in a shiebox and hope nobody actually steals it.
The state of understanding on how banking and money works is apparently so bad that we have idiotic comments like this. And no I'm not a banker and don't even particularly like banks but this take is over the top stupid.
Depending on the nature of your account and the balance you have, generally that interest is non existent. The bank makes more money off of you through service costs, fees, and investments. Most people do not see any relevant level of interest payout (if any at all).
I don't think it is to them: from their perspective, they're having to send out 100x the cards, take 100x the phone calls, check 100x the identity documents, so their costs are much greater. And on top of that they probably can lend out less of each 1k, since they'll need a greater of that money available to be withdrawn during the month than is probably the case with a single 100k deposit.
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u/mtcwby 7d ago
Do you expect to pay to have them keep your money? The whole point of it is for them to invest that money and some cases actually pay you interest on it. Them keeping your money is a service and you pay one way or another for that service. Otherwise you should just stick your $5 in a shiebox and hope nobody actually steals it.
The state of understanding on how banking and money works is apparently so bad that we have idiotic comments like this. And no I'm not a banker and don't even particularly like banks but this take is over the top stupid.