I was answering a question of how a bank would make any profit in an interest free environment and banks would have to charge reoccurring ‘fixed fees’ or ‘flat fees’ for the monthly bean counting and administering of loans or whatnot.
With flat fees, I’m only guessing on what it would equate to on a monthly basis using monthly interest charged as a comparison. Plus I gave it a wide guessing range.
Even 5% fixed on a credit card balance would be better than paying 10% or 15% monthly charges but a flat fee would be likely equal to 1% or less during the lifetime of the payback in interest free banking.
Anything is better than unbridled usury.
>>Anything is better than unbridled usury.
I’ve been dealing with banks for 30 years, all of my adult life, and I’ve never been used. I’ve been over charged for things here and there, and treated unfairly a time or two, and when that happened I took my business elsewhere. I never once considered that it’s up to me to decide what banks are allowed to do with their own money. We may as well just borrow it from the people who print it. They’re the ones who’ve created any usury monsters in the industry.