The Phaserl


JPMorgan Chase Cracks Down on Cash. Is Your Bank Next?

from Gold Silver Worlds:

The Federal Reserve bank and its owners, the largest banks on Wall Street, want badly to be able to charge you interest for the privilege of depositing your funds. The problem is getting you to stand for it.

Depositors already complain vigorously about zero percent returns on checking and savings accounts. If they must start actually paying the bank to hold funds on deposit, many will opt to simply withdraw the cash and stuff it under their mattress or into a safe deposit box. That simply won’t do.

Bankers in the U.S. can learn something from the Swiss. The Swiss National Bank recently implemented negative interest rates without first solving the “problem” of how to prevent cash from fleeing the banks. Predictably, depositors started doing some math.

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1 comment to JPMorgan Chase Cracks Down on Cash. Is Your Bank Next?

  • Jerry

    Going to their actual site and reading the article I find once again an erroneous statement about the change in the JPMorgan Chase safe deposit box agreement. The article states “No Cash or Bullion Allowed in Safe Deposit Boxes”. This is not completely true. The updated safe deposit box rental agreement from JPMorgan Chase says that the renter agrees not to store any cash or coins other than those found to have a collectible value. There is nothing stated about not being able to store precious metals in the safe deposit box. JPMorgan Chase says cash and coins. Precious metals, in general, are still OK. My bank and many other banks have had this restriction on cash being in a safe deposit box years ago. Not a big deal.

    Many fear mongers are getting their facts wrong as usual.

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