Re:JPMorgan Chase Bank Assumes All the Deposits of First Rep...
by goodluckchuck on Monday May 01, 2023 @04:54PM
(#35779000)
To back up a little further, the purpose of a bank before fractional reserve banking was to store gold and other valuables safe from theft…
Fractional reserve banking began when the banks started converting the deposits to issue loans without the depositor’s knowledge or consent… and that’s largely the way it remains.
Fractional reserve banking began when the banks started converting the deposits to issue loans without the depositor’s knowledge or consent… and that’s largely the way it remains.