CNBC reports Bank of New York Mellon

Rick Santorrum reported BoNY will have an additional charge on large deposits. This could mean the Dinar, or the massive sell off in the market. Take from this what you will.

@AR15mike wrote:Rick Santorrum reported BoNY will have an additional charge on large deposits. This could mean the Dinar, or the massive sell off in the market. Take from this what you will.

Is there anyone out there who has ever been charged a fee for a deposit? I have only once or twice made a large deposit (proceeds from a house sale which was NOT exactly in the millions!), but have never, unfortunately, had a REALLY large deposit - not yet, anyway!

Seriously though, has anyone out in Dinar land ever been charged for a truly large deposit? I'm really asking. I've just never heard of such a thing. And I hope you're right about your conjecture, ARI5mike!

Just to be clear this is simply something I saw while following my stock investments, I just found it odd that the media mentioned "hot money" deposits after Okie Oil Man, so it's either a coincidence or Okie is telling the truth. I report , you decide. ( I hope Fox doesn't sue me).

I read an article stating that they were trying to get passed a 1% tax on all deposits!! I will try to find it. They are hiding these laws within other laws, like health care scam. Barry Soetoro aka Obummer and Soros want our $$$!!!! Geez I hope it didn't go thru...

Candi :flower:

Financial Services


Flooded With Cash, Bank of NY to Charge Fee for Large Dollar Deposits
By Matt Egan

Published August 04, 2011

FOXBusiness
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Reuters

In a dramatic sign of the growing fear in the financial markets, Bank of New York Mellon (BK: 23.85, -0.80, -3.25%) is seeing such a surge of cash that it plans to begin charging large depositors a fee to hold dollars.

The New York-based investment manager and trust bank is citing a sudden increase in dollar deposits caused by jitters about the U.S. and European debt crises.

"In the past month, we have seen a growing level of deposits on our balance sheet from clients seeking a safe-haven in light of the global interest rate and credit environment," Bank of New York said in a statement. "As markets stabilize, we expect deposit levels will trend lower as they are redeployed into the markets. At that time, it is likely this fee will no longer be necessary."

Bank of New York plans to charge 0.13%, plus an additional fee if the one-month Treasury yield falls below zero. The unusual charge will take effect August 8 and be slapped onto accounts that have an average monthly balance of $50 million per client relationship, The Wall Street Journal reported. Clients who maintain routine deposit levels won't be affected, the bank said.

In a letter obtained by the Journal, Bank of New York said its customers are in the midst of a “mass de-risk” and its deposits are "suddenly and substantially increasing."

For their part, JPMorgan Chase (JPM: 38.31, -1.59, -3.98%) and State Street (STT: 39.36, -1.50, -3.67%) told FOX Business they haven't begun to charge customers fees on large deposits.

The Bank of New York move highlights the flight to safety in the financial markets away from risky assets like stocks and commodities and in favor of safe-havens like dollars and Treasurys.

For example, the Dow Jones Industrial Average tumbled more than 300 points Thursday as economically-sensitive stocks like Caterpillar (CAT: 90.75, -5.53, -5.74%) and U.S. Steel (X: 34.96, -2.34, -6.27%) slump on fears the U.S. will suffer a double-dip recession.

The benchmark index, which has plunged about 1,000 points from its May highs, narrowly avoided on Wednesday its first eight-day losing streak since 1978. The broader S&P 500 is flirting with correction territory, which signifies a pullback of at least 10% from recent highs.

While equities retreated Thursday, the U.S. dollar soared more than 1% against the euro and Treasurys rallied, with the one-month U.S. bond yielding near zero.



Wall Street has been spooked by Washington’s struggle to avoid an unprecedented default by raising the debt ceiling and a flurry of alarming economic indicators, including lethargic gross domestic product growth and the weakest manufacturing growth in almost two years.

Some believe these reports signal the U.S. is in jeopardy of slipping into another recession, which is technically defined as two consecutive quarters of negative growth. Others see the nation avoiding a double-dip, but struggling to achieve the growth economies typically see after deep recessions such as the one the U.S. is struggling to rebound from.

I would not have belived it but its true, this is highway robbery and another example of the scare tactics being used to take your hard earned money...we have been led down the road too many times with this kind of thinking if one person does something wrong the whole of society must pay its an excuse used and ploy by many a Business to take your money.


http://money.msn.com/stock-broker-guided/article.aspx?post=fe47ae55-0d5d-4e86-978e-b950b8fcaca4&GT1=33031