The cash crisis begins as Chase to start charging 1% fee on bank deposits starting May 1
by: J. D. Heyes
NaturalNews.com
Saturday, May 02, 2015
As we predicted, the cash crisis in America is beginning, and the occasion has been marked by a recent announcement from one of the country’s largest banks. Beginning May 1, JPMorgan Chase will begin charging certain (wealthy) depositors for the “right” to keep their money in JPMorgan Chase banks.
As noted by GovtSlaves.info, the bank sent some of its larger depositors a letter that said it would charge them a “balance sheet utilization fee” of 1 percent annually on deposits in excess of the money they require for operations. In other words, that amounts to a negative interest rate on many of those deposits.
“The targeted customers – mostly other financial institutions – are already snatching their money out of the bank,” Bloomberg News reports, adding that this is “exactly what Chief Executive Officer Jamie Dimon wants. The goal is to shed $100 billion in deposits, and he’s about 20 percent of the way there so far.”
Pay for the “privilege” of depositing cash
The Rest…HERE
