this post was submitted on 20 Oct 2024
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Explain Like I'm Five

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[–] AmbiguousProps@lemmy.today 19 points 3 weeks ago (1 children)

Yes, the banks know. Their cut is usually large enough for them to look the other way.

[–] jeffw@lemmy.world 12 points 3 weeks ago

Just to be clear, it’s not like the bank explicitly says “yeah, we’ll hide your money for x%”

Banks make money on fees, active management of investments, etc.