On: Walmart Canada stops accepting Visa cards

[dogma1138]

Banks that don't charge those fees directly bake them into other fees.

Maintaining ATM's and counting and transporting cash costs money, cash isn't free I don't know about US banks specifically.

[limelight → dogma1138]

> Banks that don't charge those fees directly bake them into other fees.

What other fees? I've literally never paid a fee to my bank for anything. And it's a major bank (Chase).

[dragontamer → limelight]

What's the interest rate on your savings account?

Because the bank is buying Treasuries at ~1% or so and making money off of your deposits, and is likely only giving you 0% or maybe 0.05% interest.

If you've got $10,000 in the bank, that's basically a profit of $100 / year that the bank is getting from your account.

[limelight → dragontamer]

My interest rate is maybe 0.3%, so they're definitely making money on that.

But that's not a "fee." Obviously banks cover their operating expenses somehow. That doesn't mean they charge me to have an account or to deposit cash (in fact, charging for deposits would be counterproductive).

[dogma1138 → limelight]

They do it directly or indirectly, I don't know how US banks works but usually over the world bank accounts vary accounts with no/low fees give low interest and vice versa.