Banks are in the business of competing for savings. They “rent” savings in order to carefully lend those savings out. Carefully rates italics simply because savings are precious. A statement of the obvious if there ever was one. Banks known to carelessly handle customer savings, or even thought to be careless about customer savings, soon have no customers. Simple truths like this are sometimes easily forgotten, particularly by politicians. Consider the present.
In states ranging from Arizona to Florida to Texas, politicians are accusing big banks in particular of “de-banking” individuals and businesses all the while refusing to finance certain industries like oil & gas and firearms. The critiques from politicians, and related legislative threats of the “Fair Access” type, don’t stand up to basic logic.
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