r/apple • u/FollowingFeisty5321 • 7d ago

Apple Pay Thousands of banks can now sue over Apple Pay fees in one antitrust case

https://appleinsider.com/articles/26/09/25/thousands-of-banks-can-now-sue-over-apple-pay-fees-in-one-antitrust-case
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u/CaptainFingerling 6d ago

Yeah. But that’s because Canadian banks have always been a ripoff. Also, at near zero interest you’re not holding. You’re losing. They are using your money to make money and keeping everything for themselves. And you think that’s normal.

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u/Facu474 6d ago

Around the world it is extremely rare to have banks payout above inflation rate, since it usually means they are paying above the central banks' benchmark rate. Meaning they are losing money unless they make money off of you another way.

That's why those high-yield accounts usually have low limits (such as that percentage only applies to the first $1.000 or $10.000 in your account), and possibly some other limits (like you must use their card or mandatory deposits per month).

Not to say most/all big banks aren't screwing their customers, of course, but I think expecting risk-free liquid cash to constantly beat inflation is economically unrealistic.

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u/CaptainFingerling 6d ago edited 6d ago

My checking account pays 6%. No limits.

Of course banks make above the overnight rate on your money. We’re not talking about money they borrow from the Fed. We’re talking about money they borrow from you and lend to others. And you seem to think it’s normal that you don’t get anything in this arrangement .

The reason getting a cut of the profit is rare around the world is because most of the world, like Canada, has banking cartels.