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Banks look to charge for holding customers’ money, if Fed counters ‘lazy’ behavior

 
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11/26/2013 11:00 AM
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Banks look to charge for holding customers’ money, if Fed counters ‘lazy’ behavior
Bank customers could look forward to being charged to keep their money in U.S. banks.

That’s the latest threat coming out of Wall Street, according to a report in the Financial Times, as financial institutions look to combat a possible interest rate cut from the Federal Reserve on its bank reserves.

This latest potential step would be a hit to depositors, already earning close to zero interest on checking and savings accounts.

But the banks say it’s a side effect of the Fed’s quantitative-easing strategy and its eventual tapering of its asset purchases of $85 billion a month, which has created high liquidity within banks. The report cited executives at two of the top five U.S. banks, who said a cut in the 0.25 percent rate of interest on the $2.4 trillion in reserves they hold at the Fed would lead them to pass on the cost to depositors.

[link to blogs.marketwatch.com]
Anonymous Coward
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11/26/2013 11:05 AM
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Re: Banks look to charge for holding customers’ money, if Fed counters ‘lazy’ behavior
Quantative easing only benefits banks. If they start charging to hold your money, take it out and start using credit unions or small local banks. Pull out of big banks and hope they go out of business.

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