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Are you serious? You better believe I expect to "park my money for free". Banks make their money off of my money. I absolutely will not pay a bank a fee to "hold" my money.
Don't worry, you'll always be able to park your money away for free. The fees will only be tacked onto account where the fixed costs & risks are greater than the revenue stream provided by account holder's deposits.
For accounts with small amounts of cash (a few grand or less), since the banks revenue stream is extremely small, it will not be possible to maintain those accounts without fees. They used to compensate for the cost with debit card transaction fees, but not anymore.
It's always been free to park money in the bank... Chamataka is just being ignorant / arrogant because he has an offshore account (which charges people to store their money) and feels everyone else should have one as well.
Offshore accounts may charge fees.... but the 8% to 16% interest found offshore, the fees are hardly anything to worry about.
Don't worry, you'll always be able to park your money away for free. The fees will only be tacked onto account where the fixed costs & risks are greater than the revenue stream provided by account holder's deposits.
For accounts with small amounts of cash (a few grand or less), since the banks revenue stream is extremely small, it will not be possible to maintain those accounts without fees. They used to compensate for the cost with debit card transaction fees, but not anymore.
Not true. Debit cards have not been around forever. Prior to 1998 or so, most people used checks to access their money. And banks did just fine. I suspect that some of these banks may be going the way of Netflix's big idea. You can only screw the people so much.
Debit cards have not been around forever.
Prior to 1998 or so, most people used checks to access their money. And banks did just fine.
But now the number/capacity of those check clearing centers is maybe 10% of what it used to be.
Which is just one of the reasons it takes longer to get deposited checks credited to your account.
btw.. what did the banks charge for processing those paper checks?
As the world moves on, the costs of doing business will shift...
but it doesn't go away.
Quote:
I suspect that some of these banks may be going the way of Netflix's big idea. You can only screw the people so much.
I really hate to always be defending the Banks...
but a lot of folks need to get a grip on the underlying points.
But now the number/capacity of those check clearing centers is maybe 10% of what it used to be. Which is just one of the reasons it takes longer to get deposited checks credited to your account.
btw.. what did the banks charge for processing those paper checks?
As the world moves on, the costs of doing business will shift...
but it doesn't go away.
I really hate to always be defending the Banks...
but a lot of folks need to get a grip on the underlying points.
I didn't know that and wondered why it took my utilities check 10 at times to clear! And the first time I didn't even notice, and thought I had more money in my account than I had thought as usually my checks cleared in 2-3 days. WOW, so more jobs then being lost to technology and more time needed due to it as well.... what a paradox!
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