this post was submitted on 01 Dec 2024
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Late Stage Capitalism
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What is a low balance fee? I read an article that explained that American banks don't charge maintenance fees if your balance is over a certain amount. So it looks like free account maintenance for the rich, but not penalizing the poor.
Explain the difference..?
Maintaining a bank account is costly. That's why banks encourage customers to keep a certain amount of money in their accounts, which the banks can use for lending or investing, making a profit. Yes, this is greed, because US banks charge merchants 5-10 times more than EU banks, even though the maintenance fees are almost the same. Actually, I was wrong in my previous comment. "Rich" people don't get free account maintenance. They pay by lending their money to the bank. And in some cases, banks can earn much more than the $5-15 for low balance maintenance that poor people pay.
US banks do not lend based on deposits. Loans are issued by the federal reserve and maintained by the issuing bank.