Aaron Back

speaker

279 appearances 6 recordings 1 series first heard Jul 2018 last heard Jul 2019

Aaron Back’s voice in public audio — every appearance, attributed to the second.

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Just a few clicks on a smartphone, you can move your money from one bank to another. voice-verified

And there are online-only banks that don't even have branches that have lower expenses. voice-verified

And these online-only banks are new, they're young, they're hungry, and they're in a mood to get deposits. voice-verified

So you've seen people like Goldman Sachs, which is not a new bank, but they've never taken consumer deposits before until recently. voice-verified

That's a new business for them. voice-verified

And they're offering some of the best rates on the street, around 1.83% for people, which is a whole lot better than zero. voice-verified

Is that online or is that general? voice-verified

It's online. voice-verified

Okay. voice-verified

You go online, you register. voice-verified

It's relatively simple to move your money from wherever you're keeping it to Marcus. voice-verified

Yeah, so there are different kinds of loans, okay? voice-verified

So there are short-term loans that banks make. voice-verified

Maybe they give a company one-year loan for working capital. voice-verified

That kind of loan reprices very quickly. voice-verified

It's automatically adjusted to certain short-term benchmarks. voice-verified

So when the Fed raises rates, those rates go up right away. voice-verified

However, if I'm a bank and I make a fixed-rate loan for five or ten years, for example, to a construction project, voice-verified

I can't reprice that loan until it comes due in five or 10 years. voice-verified

So now I have an issue where my deposit costs are going up, but I have made all these long-term loans that I can't reprice. voice-verified

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