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A comment on Every important person in BitCoin just got subpoenaed by NY financial regulators. Parent comment

Re:Every important person in BitCoin just got subpoenaed by ... by ubernostrum on Tuesday August 13, 2013 @03:12PM (#6207624)
Banks make money from charging you for the privilege of using your own money.

Monthly account-maintenance fee. ATM fee. Fee if you don't have direct deposit. Fee for cashing checks. Fee for using a teller. Fee if they process debits before credits so as to push you into overdraft even though, by chronological transaction order, you never overdrafted.

They don't make money by accepting deposits and making loans; they make money by squeezing fees out of people who don't have much money.

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Re:Every important person in BitCoin just got subpoenaed by ... by parliament32 on Tuesday August 13, 2013 @08:09PM (#6209171)
Where does my bank make its money then?

https://www.coastcapitalsavings.com/Personal/Banking/Chequin...

Unlimited debit/atm/teller/billpay/cheque/dd/dw transactions, no minimum limit, no requirement for direct deposit (but if you use it, its free too), no monthly fee.

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Re:Every important person in BitCoin just got subpoenaed by ... by ubernostrum on Wednesday August 14, 2013 @04:06AM (#6210393)
Congratulations, you've got a relatively customer-friendly bank. If you think you can generalize from that to banking in general, you need to read up on what banks in general do these days.
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Re:Every important person in BitCoin just got subpoenaed by ... by WalterBright on Tuesday August 13, 2013 @08:07PM (#6209164)
Key bank has free checking and free atm usage and free teller usage. Perhaps you should transfer your checking account there, especially since they're offering $200 for new accounts.

> they make money by squeezing fees out of people who don't have much money

They do make money from people who don't pay attention to their balance - regardless of whether they are poor or not.

> They don't make money by accepting deposits and making loans

That perplexes me since they constantly try to sell me loans.

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Re:Every important person in BitCoin just got subpoenaed by ... by ubernostrum on Wednesday August 14, 2013 @04:07AM (#6210396)
They do make money from people who don't pay attention to their balance - regardless of whether they are poor or not.

It is unfortunately the case that being poor is much more expensive than being rich. Banks on average know and take advantage of this.

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