banks used to that to gain customers. Some time ago, every developer working at banks knew that customers were measured in cost per customer. You'd had the cost to please them, and then you'd make money investing their money.
then, fast forward a measly decade, and banks are seen as obligatory. nobody things about NOT having their money in a bank. So banks drop all of the benefits, and we start to measure clients as profit per account. banks now are profiting from investing your money AND holding that money for you just because you never though about not paying the bank.
So, that's the time when we started to have some regulations and minimal service the bank's supposed to provide.
It seems unfair to me to paint all banks with this broad brush... credit unions, and even some traditional banks, are quite worthwhile. There is a lot of competition in retail banking.
banks used to that to gain customers. Some time ago, every developer working at banks knew that customers were measured in cost per customer. You'd had the cost to please them, and then you'd make money investing their money.
then, fast forward a measly decade, and banks are seen as obligatory. nobody things about NOT having their money in a bank. So banks drop all of the benefits, and we start to measure clients as profit per account. banks now are profiting from investing your money AND holding that money for you just because you never though about not paying the bank.
So, that's the time when we started to have some regulations and minimal service the bank's supposed to provide.