New Fee to Bank Cash

[WizardTN]

Bank of New York Mellon Corp. on Thursday took the extraordinary step of telling large clients it will charge them to hold cash.

http://online.wsj.com/article/SB10001424053111903366504576488123965468018.html?mod=WSJ_hp_LEFTTopStories

Now we know where the money is going.

[WizardTN]

You know, the more I think about this the more steamed I get.
The blatant message from the banks is "We really don't want your money unless we can play with it."

I called my bank yesterday to activate a new debit card on my business account. The customer service rep tried to convince me I should open a savings account for the business, so I could get some interest. I asked him what they were paying and he said "With bonuses it is 1.05%" I laughed and told him to buy silver.

[Mossy]

...The customer service rep tried to convince me I should open a savings account for the business, so I could get some interest. I asked him what they were paying and he said "With bonuses it is 1.05%" I laughed and told him to buy silver.

I think the counter people are being instructed to encourage savings accounts so the bank has an excuse to carry more cash on hand.

[theo]

With interest rates this low, I'm surprised they waited this long. Anyway, I know someone who works there. For what it is worth BNY Mellon sent around an internal memo claiming that the article misconstrued the facts and the new policy effects a comparatively small group of very large clients. Keep in mind that BNY Mellon offers very specialized products to corporate clients so this isn't quite the same as PNC charging us check fees. Having said that I agree that we will see higher banking fees in the future.

[hobo finds]

You know, the more I think about this the more steamed I get.
The blatant message from the banks is "We really don't want your money unless we can play with it."

I called my bank yesterday to activate a new debit card on my business account. The customer service rep tried to convince me I should open a savings account for the business, so I could get some interest. I asked him what they were paying and he said "With bonuses it is 1.05%" I laughed and told him to buy silver.

New fee by me. If you need to replace your debit card they will charge you $5.00! Now don't they make money when I use the debit card? Back of mine is scratched up and won't work all the time!

[fansubs_ca]

Solution A:

If you have more than $50,000,000 spread it amoung multiple banks

Solution B:

Get your own big assed safe and withdraw cash...

...hmmm, I know where there is a former Target Store that's been empty for years,
perfect place for a big assed safe. ^_^

Funny mental image of Apple withdrawing their "excess" cash from the bank...
...and asking for it in nickels!

[Mossy]

Funny mental image of Apple withdrawing their "excess" cash from the bank...
...and asking for it in nickels!

Is there that many in the US?

[Lemon Thrower]

there is actually a good reason for this.

the banks now get charged deposit insurance on their total assets, not just insured deposits. it used to be that they could route these huge overnight deposits to an uninsured product, but that is no longer possible. the bank actually loses money by accepting these deposits. Welcome to Obamanomics.