EXCLUSIVE: Chase to Charge Customers Fees For Handing Cash Deposits…(Get Out Of The Banks!!)
By Susanne Posel
OccupyCorporatism.com
June 9, 2014
Beginning August 1st of this year, JP Morgan & Chase Co. will charge their customers for depositing cash into their accounts.
According to an internal document sent to account holders, in less than a month from now “the fee for all types of Cash Deposit Processing (CDP) will be $0.25 per $100 [deposited]. The CDP fee will only apply after you exceed your account’s cash deposit limit.”
One reason for Chase to charge their customers a fee on cash deposits may reside in the fact that the major banks are “charging customers who deposit lots of cash.”
Wherein Chase is charging customers for every $100 in cash deposited, other banks are charging on every cash deposit of $10,000; or $0.20 on every $100 deposited.
Kris Dawsey, economist for Goldman Sachs, warned about banks charging customers fees for simply depositing cash into their account in 2013.
When asked about a meeting of the Federal Reserve (Fed) Board and the Federal Open Market Committee (FOMC), wherein it was revealed that the 0.25% annual interest rate on money that the banks keep in the Fed would be reduced, Dawsey said: “One risk is that the move could prompt charges … on bank deposits.”
Last November, Kristin Lemkau, spokesperson for JP Morgan & Chase Co said: “We have no intention of charging for retail customer deposits.”
However this promise has not been kept.
The Rest…HERE
