Jacobin – Banks Are Using High Interest Rates to Rip Off Depositors

The spread between loan interest rates and deposit rates is at a record high, allowing big banks to make out like bandits while consumers miss out on hundreds of billions of dollars in potential savings.
The JPMorgan Chase logo is seen at its headquarters building on May 26, 2023 in New York City. (Michael M. Santiago / Getty Images) It is easier to rob by setting up a bank than by holding up a bank clerk.
-Bertolt Brecht
The last time you checked your bank statement, did you take a moment to look at the fine print that shows the interest rate you are being paid on your deposits? If you did, you…

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