Banks To Charge You For Holding Your Own Money

Welcome to America: David Hancock reports on CBS News:

Investors are well aware that money markets pay next to nothing in interest these days. Now one bank has announced a policy to actually charge clients a fee to hold their cash. The policy by Bank of New York Mellon Corp. will apply to some large depositors to hold their cash, reports the Wall Street Journal.

In a letter reviewed by WSJ, Mellon advised that it will charge 0.13% plus an additional fee if the one-month Treasury yield dips below zero on depositors that have accounts with an average monthly balance of $50 million “per client relationship.”

“In the past month, we have seen a growing level of deposits on our balance sheet from clients seeking a safe-haven in light of the global interest rate and credit environment,” the bank told the Journal in an emailed statement.

More: CBS News

18 Comments on "Banks To Charge You For Holding Your Own Money"

  1. If everyone moved to a Credit Union, the Gang of 4 will collapse.. don’t talk, act.. !

  2. If everyone moved to a Credit Union, the Gang of 4 will collapse.. don’t talk, act.. !

    • remember remember the fifth of november is national take your money out of evil bank day! find yourself a local credit union and support your community, and save a buck!

    • E.B. Wolf | Oct 26, 2011 at 12:04 pm |

      That would be great if everyone could get into a credit union. 

    • Fair enough.  It’s almost always an advantage to use a credit union.   IN fact, I’m baffled why people use Megabanks at all.  However, you should research each bank before your decide to demonize them.  Chase and Bank of America have it coming.  Big Time.

  3. remember remember the fifth of november is national take your money out of evil bank day! find yourself a local credit union and support your community, and save a buck!

  4. wow.  that’s a completely misleading headline.  the “Banks” are investment houses that are holding extremely large non-performing assets.  That’s very different from a bank charging you for savings.  They won’t do that.

  5. wow.  that’s a completely misleading headline.  the “Banks” are investment houses that are holding extremely large non-performing assets.  That’s very different from a bank charging you for savings.  They won’t do that.

    • They don’t call it Disinfo for nothing, I guess.

    • The Chariot | Oct 26, 2011 at 9:37 am |

      They can start charging for anything activity you do. They main and hidden aspect of banks is to keep your moment safe from violent attacks. Soon they are going to charge you for not having an account with them or charge you for having no money 

      • keeping your uh “moment” safe from violent attacks costs you nothing.  It’s called a savings account.  But a bank isn’t a charity, it’s a business and systems, security, and transaction costs have to be covered somehow. 

  6. They don’t call it Disinfo for nothing, I guess.

  7. The Chariot | Oct 26, 2011 at 1:37 pm |

    They can start charging for anything activity you do. They main and hidden aspect of banks is to keep your moment safe from violent attacks. Soon they are going to charge you for not having an account with them or charge you for having no money 

  8. E.B. Wolf | Oct 26, 2011 at 4:04 pm |

    That would be great if everyone could get into a credit union. 

  9. keeping your uh “moment” safe from violent attacks costs you nothing.  It’s called a savings account.  But a bank isn’t a charity, it’s a business and systems, security, and transaction costs have to be covered somehow. 

  10. Fair enough.  It’s almost always an advantage to use a credit union.   IN fact, I’m baffled why people use Megabanks at all.  However, you should research each bank before your decide to demonize them.  Chase and Bank of America have it coming.  Big Time.

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