November 6, 2014 at 11:03pm
I'm not clear on why we need a non-interest bearing account. Shouldn't we be making some money on our money while it's sitting in the bank? What is the purpose of putting it in a non-interest bearing account? i didn't quite get the explanation.
Ranger4564 > Whippet Lady:
Interest bearing account, you're an unsecured creditor to the Bank, meaning they can use and lose your money since you're an investor by default, and they can take your money first in a bail in situation.
Non interest bearing account, you're not an investor, you're just parking your money, you pay a fee, and the theory is that your money is more secure, safer from bail in. In fact, in a non-interest bearing account, your money should not be susceptible to bail in.
However, in practice, if it's in a bank, they will rewrite any laws they need to in order to steal your money.
Marjie > Whippet Lady:
You do NOT want to receive interest with fiat dollars against a gold-backed currency. There has to be no trail. Make sure account starts with zero dollars in it. Otherwise it is confusing. No Trail of interest. You may want to listen to the playback.