If they wanted to keep the deposits they would offer more than 0.05% interest rate on their checking account.
They've done the math and realized they make more on the diff between the overnight rate and all the idiots who won't move their money than they would make on keeping deposits at a higher interest rate and loaning it out to bonds or mortgages.
Huge_Dot t1_jeemw8b wrote
Reply to "No REALLY, we're doing fine" ~ every bank right now by JPowsSecretlover
If they wanted to keep the deposits they would offer more than 0.05% interest rate on their checking account.
They've done the math and realized they make more on the diff between the overnight rate and all the idiots who won't move their money than they would make on keeping deposits at a higher interest rate and loaning it out to bonds or mortgages.