Is collecting interest/ usury from your checking account a sin?

[Xanthippe_Voorhees]

The current interest rate on checking and basic savings accounts in the US don’t even keep pace with inflation. The concept of money today is far different in Jesus’ time and before when interest had nothing to do with compensating people for access to their money and rather an onerous insurance policy of sorts.

In all reality, I would be better off spending my children’s savings accounts, keeping track and writing a check when they are of age. However, the rate is just enough that it’s not worth the effort.

For instance, $100 put in the bank in 1985 would be basically still $100, but to buy in 2018 what you could buy then you’d need $230. If you got a $100 savings bond in 1985 it’d be worth about $239, which means that a saving bond has basically caught up with inflation. It’s basically not worth your time unless you literally just want to hold money in a safe place for a child.

 

[1ke]

It’s an opinion, one that is incorrect.

 

[exnihilo]

i’m fairly sure the sin of “usury” is “charging” an unfair rate of interest, not "collecting " a high rate

Maybe so, but unfair is pretty nebulous here. I’m not sure how one would know a particular interest is unfair.

the banks have themselves covered on that

they give out little interest and charge plenty to their customers

That is why I like the term banksters.