Process
Status Items Output None Questions None Claims None Highlights Done See section below
Highlights
id861797511
Last year, seven large banks reaped more than a quarter trillion dollars by using higher Federal Reserve rates to jack up interest rates on mortgages, auto loans, and credit cards — all while those same banks paid low interest to depositors
id861797518
the Fed pays JPMorgan Chase 4.4 percent interest on its deposits, but “customers continue to earn a negligible .01 [percent] on their savings” at JPMorgan Chase.
id861797545
banks have used this scheme to reap more than $1 trillion in new revenue over a two-and-a-half-year period
id861797478
Banks can deposit your savings at the Fed and get paid 4.4 percent interest, while paying you almost nothing — but unlike banks, you can’t deposit your money at the Fed to get that same rate.