Crazy thing is the so called “bankers” at your local bank have no clue.

We had to get our son a checking account yesterday (so he could learn to manage the money he is earning) and his mom and I were using terms like “fiat” and the “banker” (just a customer service person trained to push buttons ask “what is fiat?”

Then she offered him a safety deposit box and he didn’t know what he could use it for, I said, well you could store gold or silver coins in there if you didn’t want them at our home safe.

The representative then chimed in “well we don’t recommend storing money in there” and then proceeded to explain “with a savings account the bank will pay you to deposit money…”

My son asked “why would the bank pay me?!” (He knew the answer 🤑 but this lady didn’t…)

Fractional reserve baby!

I was so torn getting him a bank account…

Soon he will be on a Bitcoin standard though…just hope rails like Strike and Fold allow custodial or private trust accounts soon…