Author Topic: Negative Interest, or charging for accounts (Read 3159 times)

AZRedhawk44 · « **on:** November 24, 2013, 10:23:30 PM »

http://www.ft.com/intl/cms/s/0/b1d409d0-5399-11e3-b425-00144feabdc0.html#axzz2lcjbWgNf

Ready to have interest rates so low that you have to pay for banking as a service?

I'm not. And I won't play, personally. I'd shift to using money orders and stamps to pay bills. If you can't find a way to make a profit off your free money from the Fed PLUS the revenues made off loaning depositor moneys... you deserve to go out of business.

I don't have enough BTC yet... I want 2-3 months of mortgage and bills in BTC to feel a bit more comfortable.

But I'll put my savings into the gun safe before I pay to remain at a bank. Fortunately I bank at a Credit Union rather than one of these banks that can't seem to keep afloat, and it is doing better than most of the banks. But if it sinks that far, a run is not far from negative interest.

Gewehr98 · « **Reply #1 on:** November 24, 2013, 10:30:22 PM »

Why not barter?

Chickens.

Goats.

All unmarked and untraceable.

If you're gonna drop off the radar, go big or go home.

freakazoid · « **Reply #2 on:** November 24, 2013, 10:31:32 PM »

It seems that you have to be registered with them to view the article.

RoadKingLarry · « **Reply #3 on:** November 24, 2013, 10:45:27 PM »

I still have a "free" checking account that actually draws interest. The bank is making money off of my money by the fees they collect when I use my check card/debit card. If they want to start charging me for letting them make money I'll take my business elsewhere.

Ben · « **Reply #4 on:** November 24, 2013, 11:07:45 PM »

Yeah, site needs registration so I didn't read the article. I recall from my youth though, that banks charging monthly for checking accounts was the norm, not the exception. Then it was "free for over 'X' dollars in the account", then free checking became more the norm than the exception. Pendulum might be swinging back.

AZRedhawk44 · « **Reply #5 on:** November 24, 2013, 11:10:11 PM »

http://www.zerohedge.com/news/2013-11-24/banks-warn-fed-they-may-have-start-charging-depositors

Here y'all go. Different article. Same topic.

charby · « **Reply #6 on:** November 24, 2013, 11:17:30 PM »

Quote from: Gewehr98 on November 24, 2013, 10:30:22 PM

Why not barter?

Chickens.

Goats.

All unmarked and untraceable.

If you're gonna drop off the radar, go big or go home.

Don't forget to quit your day job also, since the feds know how much you make and your health insurance benefits.

Phantom Warrior · « **Reply #7 on:** November 25, 2013, 12:07:59 AM »

Quote from: AZRedhawk44 on November 24, 2013, 10:23:30 PM

Fortunately I bank at a Credit Union rather than one of these banks that can't seem to keep afloat, and it is doing better than most of the banks.

This is what I was going to say. I don't personally bank with one but I've heard good things about credit unions. Most people I know that use them said they are less eager to nickle and dime you to death with fees.

French G. · « **Reply #8 on:** November 25, 2013, 01:37:07 AM »

I bank with a small hometown based 4 branch affair, see the president quite regularly around town. I really don't miss the ignorant fees of the big banks. At one point I had $30K in deposits with BoA and they decided to change a bunch of policies and started getting me for checking min balances, charging for stuff they never charged for and such. And then I left.

RevDisk · « **Reply #9 on:** November 25, 2013, 04:35:46 PM »

Quote from: freakazoid on November 24, 2013, 10:31:32 PM

It seems that you have to be registered with them to view the article.

Copy the URL, paste it into google search, click on first link.

Trust me, I'm a geek.

Also, I only use credit unions. I only use a bank for my mortgage, because it's down the street from my house. I paid extra for the mortgage to be non-transferable with no prepayment penalty.

lupinus · « **Reply #10 on:** November 25, 2013, 05:02:32 PM »

Sadly, our local credit unions are useless.

The state one is great for credit, but their checking blows. The local city ones sucks all around. Good credit unions are great, but they aren't immune from suck.

p12 · « **Reply #11 on:** November 26, 2013, 06:59:38 AM »

Would this only effect banks and not credit unions? If yes why?

RevDisk · « **Reply #12 on:** November 26, 2013, 08:53:26 AM »

Quote from: p12 on November 26, 2013, 06:59:38 AM

Would this only effect banks and not credit unions? If yes why?

Technically no. There are some credit unions that act suspiciously like banks. Citadel, I think it was, some folks told me it was nearly as bad as Bank of America and some of the other less pleasant banks. Most credit unions are designed to benefit the members, not shareholders. They are less incentivized towards running a profit or gouging members. OTOH, they tend to offer lower interest rates on deposits. So, it's moreso a question of motives rather than how they operate in a technical sense.

lupinus is correct. Good credit unions are awesome (PSECU), but bad credit unions suck.

p12 · « **Reply #13 on:** November 26, 2013, 10:03:49 AM »

Quote from: RevDisk on November 26, 2013, 08:53:26 AM

Technically no. There are some credit unions that act suspiciously like banks. Citadel, I think it was, some folks told me it was nearly as bad as Bank of America and some of the other less pleasant banks. Most credit unions are designed to benefit the members, not shareholders. They are less incentivized towards running a profit or gouging members. OTOH, they tend to offer lower interest rates on deposits. So, it's moreso a question of motives rather than how they operate in a technical sense.

lupinus is correct. Good credit unions are awesome (PSECU), but bad credit unions suck.

Mine that I currently do business with is GENCO. They send out a quarterly or annual report on thier business. What would I need to look for in that report so I will know to be concerned?

Kingcreek · « **Reply #14 on:** November 26, 2013, 10:33:18 AM »

There are still a few mutual or thrift institutions, different from shareholder banks or stock institutions and not credit union either. Think savings and loan.

Scout26 · « **Reply #15 on:** November 26, 2013, 01:56:59 PM »

If you are a Veteran, then USAA Federal Savings Bank is the only way to go

Phantom Warrior · « **Reply #16 on:** November 26, 2013, 02:43:50 PM »

Quote from: scout26 on November 26, 2013, 01:56:59 PM

If you are a Veteran, then USAA Federal Savings Bank is the only way to go

This times eleventy billion. I signed up with USAA in 2006 and haven't looked back.

p12 · « **Reply #17 on:** November 26, 2013, 03:05:02 PM »

Quote from: scout26 on November 26, 2013, 01:56:59 PM

If you are a Veteran, then USAA Federal Savings Bank is the only way to go

Never served. Don't have that option. My dad did. WW2. Does that count.

Phantom Warrior · « **Reply #18 on:** November 26, 2013, 08:52:10 PM »

Quote from: p12 on November 26, 2013, 03:05:02 PM

Never served. Don't have that option. My dad did. WW2. Does that count.

If your dad is or was a USAA member, then potentially yes. See here and click on "A Legacy to Pass Down" on the left hand side.

News:

Author Topic: Negative Interest, or charging for accounts (Read 3159 times)