Tuesday 4 August 2020

How do banks work

How do banks work?   

 


Have you ever wanted to know what a bank is? Banks have been all around the world for thousands of years they can make money of you. 


They do this as they give your money to other people in return for the money you paid they + seven % interest the bank keeps 5% of the interest and you get the other 2% interest, this is the banks way of saying thanks for keeping your money with them, and the good thing is that the more money you put in the bank the more interest. For example, you put $10.00 in a bank account than a couple needs it for something the bank will lend them the money they need and in return they will pay the bank the money you gave them plus 7% interest witch is $10.70 you will get $10.20 while the bank gets $00.50. 


Now you may be wondering how can I trust the bank, well Banks don't work with tens of dollars rather they work with tens of billions of bucks so the chance of them stealing your money is highly unlikely also the bank would have so many people working with them they would much rather stell from someone else with more money although, banks don't steal money anyways


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