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A comment on What Happens When You ACH a Dead Person?. Parent comment
If I give you a car / boat / house / gold bar to look after you will charge me a fee for the effort.
Where money is concerned there has been a magic trick - initially banks took your money and paid you a fee (interest rates).
However they sneakily make more money from other things
- Just offering less interest than you earn (competed away)
- Account fees (competition eats those away)
- Taking three days to move money (regulators eat those away in EU, in US finally the Fed is killing it off - soon)
But overall, giving someone else money costs us money. Positive interest rates it seems are a thing of the past.
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If I give you a car / boat / house / gold bar to look after you will charge me a fee for the effort.
Where money is concerned there has been a magic trick - initially banks took your money and paid you a fee (interest rates).
However they sneakily make more money from other things
- Just offering less interest than you earn (competed away)
- Account fees (competition eats those away)
- Taking three days to move money (regulators eat those away in EU, in US finally the Fed is killing it off - soon)
But overall, giving someone else money costs us money. Positive interest rates it seems are a thing of the past.