Chase charges a $15 or $35 (dont remember exactly) minimum balance fee or something monthly - seems like the same idea. Banks are kinda hilarious in what they think they can get away with.
So, I'm switching more and more accounts over to DeFi infrastructure over the last year, but getting direct deposit there is still a bit of an issue for employer.
The institutions I do like are smaller Credit Unions.
Chase collecting money from a depositor for maintaining insufficient money seems like the opposite of Danske Bank collecting money from a depositor for maintaining too much money.
The problem with Defi is that you can't actually get loans, despite that being the whole purported point. It doesn't replace a mortgage if you need to put down 125% collateral.
From the saver’s perspective it doesn’t matter - it pays regardless. From the borrower’s perspective it lets you get a loan on crypto without actually selling. It is the same principle as a portfolio line of credit except overcollateralized.
So, I'm switching more and more accounts over to DeFi infrastructure over the last year, but getting direct deposit there is still a bit of an issue for employer.
The institutions I do like are smaller Credit Unions.