It is a common occurrence in the Eurozone, and it now appears the U.S. is to follow suit. Using the term “Balance Sheet Utilization Fee”, J.P. Morgan is now charging some customers 1% to deposit their cash with the bank. This is viewed by many financial analysts as a way of regulating the flow of cash – often seen as an enemy of regulators.
New federal rules have been brought in to basically penalize banks for being in possession of deposits that may be rapidly withdrawn should the depositor suspect a forthcoming economic crisis.
If you believe that the introduction of banking fees for depositing cash is simply just another nail in the U.S. dollar’s coffin, please Like & Share this post.
