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Good grief - bank charging fee for deposits
Posted by: Olde Farte ()
Date: August 04, 2011 07:06PM

http://finance.yahoo.com/news/Bank-of-New-York-Mellon-adds-apf-3353726022.html

The article says will trickle down to small depositors - time to break out that mattress.

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Re: Good grief - bank charging fee for deposits
Posted by: hear ye ()
Date: August 04, 2011 07:14PM

"The bank said it has seen such a large increase in deposits over the last month that it will charge a 0.13 percent fee to clients with "extraordinary high deposit levels."

More evidence that big investors are parking their money rather than invest in a bad market in a country led by a guy who has no clue about the business world.

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Re: Good grief - bank charging fee for deposits
Posted by: Les ()
Date: August 04, 2011 07:35PM

You can thank the Fed for setting interest rates at 0. There's no buffer in short-term t-bills. In the past, they were paying 5-6 percent and you could withstand a small haircut in the value of your fund. You can also thank Europe and Washington for continuing to punt their debt problems until they've gotten too large to manage.

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Re: Good grief - bank charging fee for deposits
Posted by: ... ()
Date: August 04, 2011 08:20PM

Saw this coming, brought gold at 600 and later silver at 9. All fiat money goes to 0.

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Re: Good grief - bank charging fee for deposits
Posted by: Young investor ()
Date: August 04, 2011 08:28PM

... Wrote:
-------------------------------------------------------
> Saw this coming, brought gold at 600 and later
> silver at 9. All fiat money goes to 0.


I saw something that said put 10% of your assets in gold.
Would you advise that?

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Re: Good grief - bank charging fee for deposits
Posted by: ... ()
Date: August 04, 2011 08:32PM

I'd advise putting 10% in gold as a start. After that, another 30%, and take what's left and buy silver.


Young investor Wrote:
-------------------------------------------------------
> ... Wrote:
> --------------------------------------------------
> -----
> > Saw this coming, brought gold at 600 and later
> > silver at 9. All fiat money goes to 0.
>
>
> I saw something that said put 10% of your assets
> in gold.
> Would you advise that?

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Re: Good grief - bank charging fee for deposits
Posted by: Young investor ()
Date: August 04, 2011 08:35PM

But silver is not appreciating.

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Re: Good grief - bank charging fee for deposits
Posted by: ... ()
Date: August 04, 2011 08:39PM

During the crisis of 08, I sold gold at 800 +/- and purchased silver at 9 on margin. It's certainly appreciated from there, albeit not in a straight line. After today's dip, I am adamant anyone who buys will do OK.

In lieu, if you are looking for something less volatile, platinum may work.

Young investor Wrote:
-------------------------------------------------------
> But silver is not appreciating.

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Re: Good grief - bank charging fee for deposits
Posted by: SoylentGreen ()
Date: August 05, 2011 05:04AM

This is nothing new. It's been done on and off for years to businesses.

About 15 years ago they were hitting you up for .10 a check. Might still be for all I know.

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Re: Good grief - bank charging fee for deposits
Posted by: Olde Farte ()
Date: August 05, 2011 11:13AM

SoylentGreen Wrote:
-------------------------------------------------------
> This is nothing new. It's been done on and off
> for years to businesses.
>
> About 15 years ago they were hitting you up for
> .10 a check. Might still be for all I know.

This is a fee for DEPOSITS, not withdraw.

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Re: Good grief - bank charging fee for deposits
Posted by: OMG Thoes Pubs are rite ()
Date: August 05, 2011 11:20AM

If you cut taxes on big money, the jobs will follow..........NOT.

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Re: Good grief - bank charging fee for deposits
Posted by: Les ()
Date: August 05, 2011 11:38AM

It has all the signs of a bank run if they're being inundated with these deposits. People are fleeing money markets and foreign banks, Italy in particular at the present time.

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Re: Good grief - bank charging fee for deposits
Posted by: Bill N ()
Date: August 05, 2011 12:42PM

Olde Farte Wrote:
-------------------------------------------------------
> SoylentGreen Wrote:
> --------------------------------------------------
> -----
> > This is nothing new. It's been done on and off
> > for years to businesses.
> >
> > About 15 years ago they were hitting you up for
> > .10 a check. Might still be for all I know.
>
> This is a fee for DEPOSITS, not withdraw.

Yes some banks have been hitting businesses with check fees for deposits as well as withdraws for several years.

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Re: Good grief - bank charging fee for deposits
Posted by: Cramer ()
Date: August 05, 2011 01:25PM

hear ye Wrote:
-------------------------------------------------------
> "The bank said it has seen such a large increase
> in deposits over the last month that it will
> charge a 0.13 percent fee to clients with
> "extraordinary high deposit levels."
>
> More evidence that big investors are parking their
> money rather than invest in a bad market in a
> country led by a guy who has no clue about the
> business world.

Gee, I don't know. Even after the recent correction my portfolio is up 63% from when it crashed while Bush was in office. I'd say this has more to do with the fact that investors are taking profits off the table rather than risk their money while a bunch of fringe lunatics have strangle hold on Congress. Not to mention the issues in Japan and Europe...


One thing is certain to me, cash is becoming worthless. So worthless that big money has to pay to park it someplace. Prepare for massive inflation.

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Re: Good grief - bank charging fee for deposits
Posted by: Dentured Servant ()
Date: August 05, 2011 01:31PM

Olde Farte Wrote:
-------------------------------------------------------
> http://finance.yahoo.com/news/Bank-of-New-York-Mel
> lon-adds-apf-3353726022.html
>
> The article says will trickle down to small
> depositors - time to break out that mattress.


How are you going to fit $50 million in your mattress to avoid the fee? That's where the fee kicks in.

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Re: Good grief - bank charging fee for deposits
Posted by: even older ()
Date: August 05, 2011 01:59PM

Gold is only going to go up. The asians believe in gold and buy as much as they can. That is why you have so many home invasions. The crooks are looking for the gold stashed away. Asians dont believe in banks having experienced so much turmoil in their own countries.
I went to a coin show awhile back in Annandale. Asians came with briefcases loaded with cash buying gold at the asking price of the dealers. The dealers couldnt be happier.

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Re: Good grief - bank charging fee for deposits
Posted by: Les ()
Date: August 05, 2011 02:59PM

Foreign central banks are buying gold as the US dollar loses its reserve status.

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Re: Good grief - bank charging fee for deposits
Posted by: oh geezus cryst ()
Date: August 05, 2011 03:37PM

For BNYM, this is for big institutional clients, not retail depositors.

As for gold, I certainly wouldn't buy at almost $1700/oz. after this sprinting, over-hyped run-up. There's far safer investments to park your cash in the short term.

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Re: Good grief - bank charging fee for deposits
Posted by: ... ()
Date: August 05, 2011 03:42PM

Banks don't need the money in their coffers from which to whittle away fees. If one is averse to buying gold and silver, put it in the mattress. The banks cannot lend the money with fractional-reserve shenanigans, so in this way, one would be striking a small blow to the banking system.

Furthermore, there is something to be said for the saying 'if you don't hold it, you don't own it'.

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Re: Good grief - bank charging fee for deposits
Posted by: Olde Farte ()
Date: August 05, 2011 06:08PM

oh geezus cryst Wrote:
-------------------------------------------------------
> For BNYM, this is for big institutional clients,
> not retail depositors.

Wrong - Note that the bank guy said it would trickle down to you and me.

When beancounters want to improve the bottomline, they improve the bottomline.

They installed ATMs and got rid of employees.

Ka-Ching!

They said "Hey! We can charge for this!" and instantiated ATM fees.

Ka-Ching!

They said "Damn! Those fees WORK! Let's do it some more!" and instantiated fees across their services.

Ka-Ching!

They said "Hmmm..do you think we can actually CHARGE people for giving us their money that we turn around and invest to make money for ourselves!?"

Ka-Ching!

Next!

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Re: Good grief - bank charging fee for deposits
Posted by: Warhawk ()
Date: August 05, 2011 06:13PM

Credit Unions FTW.

__________________________________
That's not a ladybug, that's a cannapiller.

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Re: Good grief - bank charging fee for deposits
Posted by: Olde Farte ()
Date: August 05, 2011 06:24PM

Warhawk Wrote:
-------------------------------------------------------
> Credit Unions FTW.

Exactly what I did this year when Chevy Chase went to Capit{oa}l One.

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Re: Good grief - bank charging fee for deposits
Posted by: MongoLloyd ()
Date: August 06, 2011 04:51PM

Gold and silver is the last bubble before the end. You'll take a haircut coming and going if you use a coin dealer which means the prices have to really move big time to make the game work. The average slob on the street can't afford to buy your gold coins and will try to Jew you down on your silver. Yet, gold and silver is the last game in town.

It's all about playing Musical chairs. The last one left holding the coins lose because they can't cash out.

The global Power Elites are Satanic monsters and are superstitious. They believe in numerology and November 11, 2011 (11-11-11) is when the first super shock will be unleashed. Something will be passed by Exec Order that will target any small holder of gold. You can hold it but, you won't be able to cash out. Expect the game to completely fall apart regardless in 2012.

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