Quote:
Originally Posted by Mutt
LOL and who's the source for that, the banks themselves no doubt. My bank makes money on my checking account, nickel and dime fees, shitty currency conversion prices they rip me off on going both ways, and don't forget, customers' bank deposits are loaned out.
Hmmm - I just read an article that does support your claim, when there's not big demand for loans.
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Well, the "source" is just me. Years ago I worked for a bank in "loss prevention" i.e. fraud investigations. It was just commonly known there that personal checking & savings were mostly loss-leaders, the real money was in the more advanced consumer relationships (and of course it all paled in relation to corporate banking). I will grant you that in the time since I was in the industry personal banking fees have absolutely skyrocketed, so maybe they've hacked it into a viable income stream.
But yeah, in my time working in the fraud department I can say - people would be a little disturbed at how closely bank investigators try to piece together their habits, if their account is flagged (usually by a statistical model) for potentially risky transactions, and how much leeway even individuals at the bank have in shuttering an account altogether. So this doesn't surprise me. Now that I think of it, I once had to convince a co-worker not to shut someone's account down because it was discovered she was a stripper.