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Savers Pay U.S. Banks to Keep Cash as Rates Dip, Fees Multiply

It’s getting tougher for U.S. savers to find a bank where they won’t end up paying to keep their money safe.

The average interest paid on savings, checking, money-market and certificate of deposit accounts fell to 0.99 percent in July, the first dip below 1 percent in a decade, according to researcher Market Rates Insight. Banks also have been raising fees and adding new ones, most recently in response to the financial-services overhaul bill that became law July 21.

The result is that an increasing number of savers are seeing their deposit earnings eaten up by charges. That’s frustrating people like Ken Ward, who recently passed on a savings account with a 0.01 percent interest rate at the Chase bank branch near his home in Wantagh, New York.

“We went to Chase because of the convenience,” said Ward, 57, a stock-loan trader who was helping his daughter find a place to tuck away $10,000. “But with those rates, we might as well put it in the mattress and then at least we won’t be charged any fees.”

Had they gone with the Chase savings account, it would have paid about $1 in annual interest. Potential fees included $4 if the balance fell below $300, $2 for each non-Chase ATM withdrawal and $3 for each withdrawal after making more than four withdrawals in a monthly statement cycle.

Ward said he and his daughter settled on a 13-month Chase CD paying 0.75 percent, and will look for a better alternative when it matures.

Following Fed Lower

http://www.bloomberg.com/news/2010-08-26/savers-pay-u-s-bank...

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The banks are sucking us dry.

The banks are sucking us dry. It is all one big fraud starting at the Federal Reserve on down.

Speak For Yourself! I Been Dry Since Before Prohibition.

Or did I miss your meaning?

If you are referring the unhealthy aspect surrounding Bank loaning & debting their patrons... perhaps this will help:
Mark Twain Autobiography Available 100 Years Late. Wrote This One Myself. Procrastinated.
http://www.dailypaul.com/node/135632

Avoid debt... it is contagious.

The Fed: Loaning You Blind, since 1913

(1835 - 1910)

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

The banks...

latest ploy is to transfer an old account to a new account that is "supposed" to mean lower fees for you. You then have to use your debit card a set minimum each month. But if you don't obtain that minimum, guess what? More fees! And of course they get more debit transaction fees.

They tried hard to get me to change, not listening to my reasoning not to. I am sure there is more hidden fee language for the new accounts as well. Probably getting around the recent changes in the law. Since when has a bank ever been in your favor? I guess WAMU was...but we know what happened to them.

Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!

Warning: Red alert -- inflation

Less than 1%? That's almost free!

Basically, the powers that be are handing out money like crazy in order to stimulate the economy artificially.

Maybe it'll "work". But only like the last time: create an artificial boom leading to an inevitable bust.

You were warned.

Credit Union

if we must.

I Don't Cotton to Banks! They're Nothing But Debt.

Do you need to launder bank notes?

I just leave them in my pockets on wash day. While my pants come back clean, those dastardly bank notes are clean & gone.

Our neighborhood cleaning lady has a gambling problem. The other day she kindly left a very small bag of silver with some cookies on my table. Her note said,

Dear Mr Twain,_____________________________July 13

I would like to share with you some of your winnings. Here are some cookies I made for you.

Sincerely, Rosie

Now I ask you... What are the odds of your bank doing that?

Credit Unions are far less worse; eliminate your banking habits.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

"Just Say No - to Banks"

"Credit Kills"

"The FED - destroying your dollar since 1913"

"Bank Free Zone"

"Banks, for when Mafias aren't cool"

You Can Always Take Your Money to The Bank

Its getting it out that is cause for alarm.

Here is an account how I lost $50,000 to the "Money Trust" panic they caused in 1908. I warned 'em. I tried to get my money out.

THE KNICKERBOCKER GETS 2 WEEKS MORE
MARK TWAIN'S WARNING, New York Times, January 19, 1908

http://www.twainquotes.com/19080119.html They quoted me correctly, only because I wrote it down for them.

... Knickerbocker will be delivered over to a permanent receivership. I have already tried a permanent receivership once and did not like the result.

It costs more to keep a permanent receive than it does to keep a harem. Anybody who has had experience in these matters will endorse this statement. In the long run - in the very long run - we got some of our money.

Should have kept my money in a harem.

Disclaimer: Mark Twain (1835-1910-To be continued) is unlicensed. His river pilot's license went delinquent in 1862. Caution advised. Daily Paul

Ron Paul Says . . .

The transfer of wealth comes as savers and fixed-income families lose purchasing power, large banks benefit, and corporations receive plush contracts from the government – as is the case with military contractors. These companies use the newly printed money before it circulates, while the middle class is forced to accept it at face value later on. This becomes a huge hidden tax on the middle class, many of whom never object to government spending in hopes that the political promises will be fulfilled and they will receive some of the goodies. But surprise – it doesn’t happen. The result instead is higher prices for prescription drugs, energy, and other necessities. The freebies never come.

The moral of the story is that spending is always a tax. The inflation tax, though hidden, only makes things worse. Taxing, borrowing, and inflating to satisfy wealth transfers from the middle class to the rich in an effort to pay for profligate government spending, can never make a nation wealthier. But it certainly can make it poorer.

http://www.lewrockwell.com/paul/paul334.html

Follow me on Twitter for breaking news from a libertarian perspective

www.twitter.com/AbolishTheFed

bump

for discussion. I think everyone is frustrated with this.

Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.

You need to have lots and lots and lots of money

Before it takes up any space. Why not just get a safe? Not using a bank is a hassle for a few weeks when you first switch, then it's easy. The banks are a big weld in the chains that bind people, breaking it makes freedom seem reachable.

I am

definitely feeling a market need for an alternative to banks.

Banks have outlived their usefulness, and are becoming increasingly predatory.
I know it's been that way for a long time, but it's really getting glaringly bad now.