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Also when stocks dive, US$ rises. When people take the money out of the market, it has to go somewhere.
Here's something that bothered me for years, and it took a long time to find out the answer.
As BlackCrayon says, the bank doesn't give you the posted rates, you always get ~2.5% less. Yet they don't give you a receipt for this 2.5% fee. Why is it that the bank can charge me a 2.5% fee, and NOT GIVE ME A FUCKING RECEIPT?!!@$ If I got a receipt, I could claim that as an expense (which it is...) against my taxes.
So why is their fee never itemized on my withdrawal slip?
I asked tellers, branch managers, called 1-800 numbers of multiple banks - nobody could explain it to me.
Finally I asked on Reddit.
Turns out they treat money as a product. They're selling you this product. Their markup isn't an expense anymore than the 60% markup on Jeans at the mall is. So what they're charging isn't a "fee" at all, it's a profit margin.
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