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Why would a bank need to accept deposits from private clients if it can just borrow from the Federal Reserve?
Central Banks are essentially a cartel, designed to let banks in general borrow money from depositors at relatively low interest rates.  They do this in two ways:  By reassuring depositors that momentary cash flow problems at banks will not result in banks failing, they lower the interest rates that depositors demand.  And by imposing strict regulations on banks that are borrowing from depositors at high interest rates.  (People who move money to the banks offering the highest interest rates are especially likely to participate in bank runs.) Borrowing "too much" from the Central Bank is considered to be a sign of a bank that is too weak to attract deposits from depositors at "reasonable" interest rates. If a bank borrows "too much" (as a percentage of the bank's assets) from the Central Bank, the bank regulators will subject the bank to heavy scrutiny.  If the bank fails to find ways to reduce its borrowing from the Central Bank, the bank regulators are likely to steal the bank from its shareholders, and sell the bank to a "stronger" bank that pays lower interest rates.