Is collecting interest/ usury from your checking account a sin?
Huh? Does the bank offer it? They are not bound by Christian precepts - quite the opposite, I assure you.
Collecting usury is a sin. Collecting interest isn’t a sin unless the interest is usurious.
Usury is the wrongful action of lending money at unreasonably high rates. So how much are you taking in from your bank?
I’m gonna guess not much. So it isn’t usurious, so it isn’t a sin.
A traditional catholic priest wrote that he has a checking account that does not get interest. So this implies that collecting interest could be a sin.
I have a checking account that doesn’t pay interest. That’s because, at that bank, checking accounts don’t pay interest. It doesn’t mean that it’s a sin for you to collect interest.
I meant collect interest. Receiving. If you leave your money in the bank, your bank account money increases over time.
I thought that in the past it was a sin to collect interest on a loan. However, that teaching has been changed and it is no longer a sin to collect interest on your banking account.
Right. So did I.
Just because he doesn’t get paid interest on his checking account doesn’t mean getting interest is sinful. The Church says it’s okay to receive interest on money lent; but that interest cannot be usurious.
“He [Aquinas] did not think it was right to sell and rent the very same thing, but he did not hold that in all cases a person extending a loan must accept as repayment the exact loan amount. The lender may also require monies as insurance against loss of the principle.”
Maybe the better question is, is the 28.99% interest you bank VISA/MC card charging you, when they are paying you .001% on a passbook savings account, usury and sinful. My vote is "cast em all into Hades!
One more article:
No, to earn interest in your money or to pay such in borrowing is not sinful. Charging outrageous fees/interest is taking advantage of another and immoral.
The article above is very good. Thank you.
Interest and usury are not synonyms. Interest bearing checking accounts are not usury.
It implies no such thing. Many banks don’t offer interest bearing checking accounts unless you keep a certain minimum balance or other criteria.
A priest stating he doesn’t have one does NOT mean there is anything wrong with having one.
I’ll bet he doesn’t own a Mercedes, either. But it’s okay to own one.
i am getting .0025 per cent interest on my checking account. if “collecting” that is a sin; it is a venial sin
What interest? When the money supply grows at 2% rate, a .25% return is negligible if not robbery.
i’m fairly sure the sin of “usury” is “charging” an unfair rate of interest, not "collecting " a high rate
the banks have themselves covered on that
they give out little interest and charge plenty to their customers
Not really. What it implies is that his bank doesn’t offer interest on checking accounts, or at least, not on all. Some banks only pay interest on large accounts.