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Banks To Charge You For Holding Your Own Money
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In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.
[quote:Anonymous Coward 1503842:MV8xNjgzMTIwXzI3ODEzNDc0XzcwQjEzOTZC] I am not sure why the article just mentions one bank. I had my money in "US Bank" until recently when they began to charge me $7 a month for keeping my money in the bank. I decided to close my account and I refused to pay the first $7 they charged me. They eventually waived it because they have a policy where a account needs to be at a balance of $0 to close it, and I sure as hell wasn't going to deposit $7 just to close my account. [/quote]
Original Message
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.
[
link to www.cbsnews.com
]
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