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01:22 PM
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Banks To Charge You For Holding Your Own Money
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[quote:Anonymous Coward 4022521:MV8xNjgzMTIwXzI3ODEzNTYyXzgxMEJDNzI4] I guess I see what you mean. Funny thing about the US, $11 an hour can be good or bad. My brother was living in Oakland, California back until about 2005. You couldn't live any decent kind of life there on any less than than about $20 an hour. I visited him there once about 2002 and gave a bum a dollar to ride the BART train home from work. That bum was a welder making $18 an hour. I told him that if he was living in Detroit he'd be driving a Cadillac. My brother left Detroit to go to Oakland. In Detroit if you made $20 you lived like a fucking king. [/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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