[CFW]

Many consumers have quit paying attention to the bank sector after the issues with SVB and Signature went off the front page thinking "Well, they fixed that problem so all is good". All may not be so good after all.

[proxy_user]

State Street is a wholesale custody bank. They don’t make loans, and they don’t have retail customers. Most of their revenue is custody fees.

[DugwayDuke]

Schwab is paying 4.68% on money market fund now.

[SaveFerris]

It’s Transitory(TM)!!!

[monkeyshine]

So the 1 Year treasury is paying 4.75% give or take. Apple+ Goldman can park your cash and make about .6% on the holdings. Plus if you actually spend the money using your Apple wallet they make another slice in merchant fees. Spend it in an Apple store they make even more.

If rates drop, that 4.15% rate won’t stick.

Maybe a good deal for Goldman that doesn’t have a big presence in retail banking. Hooking up with Apple gets them a (potentially) virtual bank in the pockets of a big chunk of Americans.

[G Larry]

OUCH!

I don't think this is over.

[mac_truck]

Charles Schwab & Co. lost deposits of $41 billion in Q1...there’s no reason to lump in the other two banks to mitigate those losses.

[Tunehead54]

Look at Schwab Reminder bump!

[catnipman]

i just moved all my free cash out of schwab’s .45% sweep accounts and their FDIC bank account into 4.54% short term treasury money market funds ... can’t believe i didn’t do this sooner ... now i just keep enough cash in my checking account to pay bills and such ... that account is linked to schwab, so selling money market funds and transferring funds to the checking account takes just a couple of business days ...