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Getbig Main Boards => Gossip & Opinions => Topic started by: Wiggs on November 26, 2013, 01:03:35 PM
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http://money.msn.com/investing/post--could-banks-start-charging-to-hold-your-money
I could only imagine this happening but then again, I could only imagine other things happen that are now common practice.
By Jim Probasco
Last week’s release of the October Federal Open Market Committee Minutes included a brief but important discussion that, if acted on, could significantly change the way U.S. banks operate.
The main focus of the meeting had to do with the possibility of the Federal Reserve tapering the $85 billion a month in asset purchases it has been making.
What drew the attention of U.S. bank executives, however, was talk about reducing the interest rate the Federal Reserve pays for overnight deposits.
According to The Financial Times, representatives of two of America’s top five banks said that if such a reduction were to take place, banks might actually start charging customers to hold their money.
Pointing out that interest rates for depositors are already “near zero,” FT said, “Paying just to leave money in the bank would be highly unusual and unwelcome for companies and households.”
Russian English-language news channel RT, noting that financial institutions keep trillions of dollars parked overnight with the Fed as a risk-free revenue generator, said large U.S. banks like Bank of America (BAC +0.54%), JPMorgan Chase (JPM -0.72%), and Wells Fargo (WFC -0.36%) would have little incentive to hold these deposits in the first place if the Fed cuts the interest rate it pays.
JPMorgan in legal trouble over Bernie Madoff
Cutting interest rates on bank reserves was part of a discussion about finding ways to add stimulus should the Fed decide to taper. There had been speculation that tapering could start as early as next month.
One bank executive, in revealing that U.S. banks have to pay deposit insurance premiums on the money they park, told The Financial Times, “Right now you can at least break even from a revenue perspective.” A cut in interest rates, the executive said, “would turn it into negative revenue.”
The danger of negative revenue has deterred the Fed from cutting interest on bank reserves in the past. If it were to do so now, one possible solution would be to expand the new Fixed-Rate, Full-Allotment Overnight Reverse Repo Facility, FT said. This would allow banks and money market funds to accrue a small – but positive interest rate.
The net result would be that banks would have no need to charge consumers and businesses for keeping their deposits.
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newsflash. They are already charging a million fucking fees.
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Luckily for you, you don't have to worry about this because you haven't got a pot to piss in
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newsflash. They are already charging a million fucking fees.
No shit. But this is a fee you can't avoid. So they're charging you to put your money in their bank which they will use to lend to other people to make money for themselves.
Seems legit. Credit unions and small local banks never looked better. Fuck Banks, and Fuck Bankers.
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I think that it is pretty clear that the financial institutions are in full control of the political system. At this juncture there is no one to stop them.
I am pretty sure that they still shut down bitcoin when it suits their needs
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Banks are shit. I know, what a sophisticated analysis of the situation.
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No shit. But this is a fee you can't avoid. So they're charging you to put your money in their bank which they will use to lend to other people to make money for themselves.
Seems legit. Credit unions and small local banks never looked better. Fuck Banks, and Fuck Bankers.
banks compete between each other to hold your money because they make money by holding people`s money obviously, if a bank charges a direct fee they would have zero customers, this will never happen.
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Fuck them
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newsflash. They are already charging a million fucking fees.
even 100 years old story is news for wiggs ;D
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No shit. But this is a fee you can't avoid. So they're charging you to put your money in their bank which they will use to lend to other people to make money for themselves.
Seems legit. Credit unions and small local banks never looked better. Fuck Banks, and Fuck Bankers.
I love banks & bankers :)
Question for U in 'General topics' section :D
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My bank has been a Nike Huarache shoe box since 1992 and it has never once charged me a fee or lost my Tom Brookens rookie card.
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He wouldn't dare. >:(
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I too am tired of working for The Man. >:(
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LoL as if you have any money to worry about.
No shit. But this is a fee you can't avoid. So they're charging you to put your money in their bank which they will use to lend to other people to make money for themselves.
Seems legit. Credit unions and small local banks never looked better. Fuck Banks, and Fuck Bankers.
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My bank has been a Nike Huarache shoe box since 1992 and it has never once charged me a fee or lost my Tom Brookens rookie card.
What is your exact location?
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He wouldn't dare. >:(
HaHaHa!!!
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.
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soms of bitches >:(
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Banks already are charging you to hold money by paying much less interest than the rate of inflation. Holding cash is just losing money...slowly.
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Keep only what you need to cover monthly expenses in a bank, keep the rest in cash, gold, silver, land, and firearms.
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lol @ people who actually believe that being a republican or democrat really matters, and that if youre either/or, it will make a difference.
At the end of the day, banks and multi-billionaire dollar corporations control the world. Politicians are their puppets.