Economist: U.S. Banks Preparing to Charge Customers For Deposits

[Raystonn]

Economist: U.S. Banks Preparing to Charge Customers For Deposits
Negative interest rates coming to USA

http://www.infowars.com/economist-u-s-banks-preparing-to-charge-customers-for-deposits/

[RiverBoatBTC]

Another one of you guys? Really? You know Alex Jones ate paint chips a child.

[cooldgamer]

Economist: U.S. Banks Preparing to Charge Customers For Deposits
Negative interest rates coming to USA

http://www.infowars.com/economist-u-s-banks-preparing-to-charge-customers-for-deposits/

It probably won't go negative, they'll just have high fees that nobody pays attention to and a really small interest rate.  In other words, do what they always have

[Ibian]

0% on my account. And a number of fees. The future is now.

[BCwinning]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

[okthen]

This would certainly drive the bitcoin price up!
It's outrageous though. I doubt it happens, everyone would move to the one bank who didn't apply it.

[Miz4r]

This would certainly drive the bitcoin price up!
It's outrageous though. I doubt it happens, everyone would move to the one bank who didn't apply it.

Fees will most certainly go up, which has the same effect as a negative interest rate except it creates less of a ruckus which is exactly why they will choose that route. I can't wait for the day I don't have to use a bank account at all anymore.

[Benjig]

C'mon Watson, for the love of god. This is about banks being charged to keep deposits at the central bank not individual depositors. Put down the carnival barker's suit and read before you publish this stuff.

[okthen]

This would certainly drive the bitcoin price up!
It's outrageous though. I doubt it happens, everyone would move to the one bank who didn't apply it.

Fees will most certainly go up, which has the same effect as a negative interest rate except it creates less of a ruckus which is exactly why they will choose that route. I can't wait for the day I don't have to use a bank account at all anymore.

Maybe you're right.
Anyway it is depressing, and I agree that not being dependent on banks will be the best thing bitcoin will give us.

[Wolf Rainer]

Monetaring banking system, the biggest scam of history. And this help to show to those people who said bitcoin it`s a scam coin used for terrorist and traffic, how much they have they heads inside they asses.

Print money from nowhere and charge people fees for they works, make them spend all the day of them lifes working to buy things they don`t need with a fake coin, that`s the monetary system.

[Benjig]

The Blessing of the Banks must continue! Our betters know far better how to spend the a nations wealth than we do. (For low information voters, that was sarcasm.)
Here's the question... The Fed has pumped trillions of dollars into the economy and interest rates are at historic lows, yet inflation remains very low.... Where did all those dollars go?

[okthen]

Banks are a business, we all have to know it even though they tend to be demonized.
What really bothers me is that nowadays you need to use their services.
No one should be obliged to have a bank account to receive their salary. I'm not sure what a proper alternative would be, but they're basically forcing everyone to put your money in a third party company. Not cool.

[CEG5952]

Another one of you guys? Really? You know Alex Jones ate paint chips a child.

True. Is there any validity to this at all, though? It's a pretty scary thought. I've been trying to keep a decent amount of money in silver, gold and bitcoin in case shit hits the proverbial fan.

[Miz4r]

The Blessing of the Banks must continue! Our betters know far better how to spend the a nations wealth than we do. (For low information voters, that was sarcasm.)
Here's the question... The Fed has pumped trillions of dollars into the economy and interest rates are at historic lows, yet inflation remains very low.... Where did all those dollars go?

To the banks of course who love being able to borrow money at historic low interest rates and then use that money to blow up some more bubbles around the world. This is all happening completely outside of the common people (and the real economy), who can only afford to buy less on average so there's no way inflation can be high under these circumstances. I'm surprised there isn't deflation yet, but I guess the people lifting on the stock market prevent that from happening. Once the stock market bubble pops there will be deflation and the real show starts.

[spazzdla]

Negative interest rates already in EU....

[cbeast]

The Blessing of the Banks must continue! Our betters know far better how to spend the a nations wealth than we do. (For low information voters, that was sarcasm.)
Here's the question... The Fed has pumped trillions of dollars into the economy and interest rates are at historic lows, yet inflation remains very low.... Where did all those dollars go?

Wall Street stock prices have inflated.

[okthen]

Negative interest rates already in EU....

Only learned of this today...
I hope it doesn't help break Europe further apart.

[Ibian]

Negative interest rates already in EU....

Only learned of this today...
I hope it doesn't help break Europe further apart.

You got it backwards. Right now all the EU countries are in effect states in the European Nation. Unelected politicians make our laws for us, and what little control we still have over our own country falls within the limits they set. What we need to survive as nations, and if the tinfoil crowd is right, to survive period, is to abolish the EU, starting with individual member nations walking away.

[Raystonn]

Your window to walk is before the EU gets its own military.

[Ron~Popeil]

Your window to walk is before the EU gets its own military.

That is a terrifying statement. At least in the US we have the illusion of accountability.

[Harley997]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

[Ron~Popeil]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

You also pay a premium in the form of inflation. 

[Ibian]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

http://o.canada.com/news/bmo-atm-winnipeg-460526

Much secure. Many safe.

My multibit wallet is more secure than that bank. And that's the weakest of my holdings.

[sukamasoto]

whether the bank accepts deposits using bitcoin.
if it should be U.S. citizens happy

[scryptasicminer]

With so many existing fee, banks already charged people for deposit.

[RodeoX]

Banks are a business, we all have to know it even though they tend to be demonized.
What really bothers me is that nowadays you need to use their services.
No one should be obliged to have a bank account to receive their salary. I'm not sure what a proper alternative would be, but they're basically forcing everyone to put your money in a third party company. Not cool.

That is what bothers me also. I don't care if they are trying to make a buck, but I should not be coerced into participating in such a scheme.

[peeveepee]

That is what bothers me also. I don't care if they are trying to make a buck, but I should not be coerced into participating in such a scheme.

Can we demand company to pay in cash?

[Deviant1]

Just another nail in the coffin...

[CurbsideProphet]

If your bank is charging you fees, switch.  No monthly fees, no ATM fees, no minimum balance, blah blah blah.  Do some shopping it's pretty easy to find a checking or savings with no fees (unless you do wires or things of that nature).  Look at the online banks especially.

[Harley997]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

http://o.canada.com/news/bmo-atm-winnipeg-460526

Much secure. Many safe.

My multibit wallet is more secure than that bank. And that's the weakest of my holdings.

Your multibit wallet is very safe. There is a very small chance that your coins could be stolen (key logger, password cracker, 0 day attacks). Even if a bank were to fail then your deposits are insured up to a certain amount. Banks will protect you from unauthorized withdrawals.

[Ibian]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

http://o.canada.com/news/bmo-atm-winnipeg-460526

Much secure. Many safe.

My multibit wallet is more secure than that bank. And that's the weakest of my holdings.

Your multibit wallet is very safe. There is a very small chance that your coins could be stolen (key logger, password cracker, 0 day attacks). Even if a bank were to fail then your deposits are insured up to a certain amount. Banks will protect you from unauthorized withdrawals.

Yeah banks will protect me, right up until they do a Cyprus. It's just a matter of time until it hits the rest of the western world, starting with EU countries.

[Harley997]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

http://o.canada.com/news/bmo-atm-winnipeg-460526

Much secure. Many safe.

My multibit wallet is more secure than that bank. And that's the weakest of my holdings.

Your multibit wallet is very safe. There is a very small chance that your coins could be stolen (key logger, password cracker, 0 day attacks). Even if a bank were to fail then your deposits are insured up to a certain amount. Banks will protect you from unauthorized withdrawals.

Yeah banks will protect me, right up until they do a Cyprus. It's just a matter of time until it hits the rest of the western world, starting with EU countries.

Cyprus was very unusual and very localized. IMO the chances of a Cyprus type "solution" to a bank crisis to be implemented in the US are about the same as your multibit wallet being "stolen" (meaning keys stolen), and a Cyprus "solution" would be only temporary while your keys being stolen would be permanent and a thief would likely take all of your coins. 

[Ibian]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

http://o.canada.com/news/bmo-atm-winnipeg-460526

Much secure. Many safe.

My multibit wallet is more secure than that bank. And that's the weakest of my holdings.

Your multibit wallet is very safe. There is a very small chance that your coins could be stolen (key logger, password cracker, 0 day attacks). Even if a bank were to fail then your deposits are insured up to a certain amount. Banks will protect you from unauthorized withdrawals.

Yeah banks will protect me, right up until they do a Cyprus. It's just a matter of time until it hits the rest of the western world, starting with EU countries.

Cyprus was very unusual and very localized. IMO the chances of a Cyprus type "solution" to a bank crisis to be implemented in the US are about the same as your multibit wallet being "stolen" (meaning keys stolen), and a Cyprus "solution" would be only temporary while your keys being stolen would be permanent and a thief would likely take all of your coins. 

Cyprus was a test case.

[Ron~Popeil]

it basically happens now anyway with the maintenance fees.
ie: savings account with less than X $$ = a monthly fee..
charging you money for keeping your money in there.

Banks charge for keeping your money safe.

They basically charge you for what you are doing to keep your coins safe. The difference is that banks guarantee this while you have no guarantee that your security will be sufficient.

http://o.canada.com/news/bmo-atm-winnipeg-460526

Much secure. Many safe.

My multibit wallet is more secure than that bank. And that's the weakest of my holdings.

Your multibit wallet is very safe. There is a very small chance that your coins could be stolen (key logger, password cracker, 0 day attacks). Even if a bank were to fail then your deposits are insured up to a certain amount. Banks will protect you from unauthorized withdrawals.

Yeah banks will protect me, right up until they do a Cyprus. It's just a matter of time until it hits the rest of the western world, starting with EU countries.

Cyprus was very unusual and very localized. IMO the chances of a Cyprus type "solution" to a bank crisis to be implemented in the US are about the same as your multibit wallet being "stolen" (meaning keys stolen), and a Cyprus "solution" would be only temporary while your keys being stolen would be permanent and a thief would likely take all of your coins. 

Cyprus was a test case.

I tend to agree. People will be looking for a safe place to store wealth and bit coin is a natural destination for it.

[DrG]

Nothing except the powerful elite is stopping Congress/Executive branch from passing a law that takes a chunk of all wealth in your current possession.  Of course most people think this won't happen because my God the Kennedys/Rockafellers/Mellons won't stand for it... uh, just like the health care law they can be bypassed.  Gotta pass it to know what's in it!

[Ron~Popeil]

Nothing except the powerful elite is stopping Congress/Executive branch from passing a law that takes a chunk of all wealth in your current possession.  Of course most people think this won't happen because my God the Kennedys/Rockafellers/Mellons won't stand for it... uh, just like the health care law they can be bypassed.  Gotta pass it to know what's in it!

They floated the idea of nationalizing retirement accounts a few years ago. Thankfully the house of representatives found their collective balls recently and they haven't been able to do much since.

[bitsmichel]

Banks are a business, we all have to know it even though they tend to be demonized.
What really bothers me is that nowadays you need to use their services.
No one should be obliged to have a bank account to receive their salary. I'm not sure what a proper alternative would be, but they're basically forcing everyone to put your money in a third party company. Not cool.

That is what bothers me also. I don't care if they are trying to make a buck, but I should not be coerced into participating in such a scheme.

Agreed, this is a mafia type of business. We live in a time where we do not need banks anymore, at all. The government is yet to realize this, but they get profits from banks.. so who are they to change the law? The degree of corruption in the government is reaching all time high
 

[Schinder75]

Step by step the financial system based on debts an interests is going to die. It never was sustained and its a mathematical certainity that it cannot last over a long period of time. Each new $ or € can only be brought in the system when someones gets it as debt. No debt, no money. Due to the fact that every debts has its interests, do the math....there is not enough money in the world to pay all debts back. Thats fact.

If FED and EZB are not able to fight the deflation, money systems as we know will collapse. Only the inflation makes nations be able to pay there debts.

It's time for bitcoin to rule the world. Money for the people and not for capital, gouvernments and banks. Times cannot be better for the little coin exploring the world ;-)

[RiverBoatBTC]

Banking with interest rates on with small scale community banks work... look at credit unions. Its when banks become huge, they start to need more investments to pay that %. Thus taking the money out of the community, investing it in go know what.
I only use credit unions cause they have way better advantages then banks do lower interest rates, not as strict on lending reqs and best of all I can actually go in and talk to a human being about things... no 1800indiadialup on the phone for 2 hours.
Yes being in the credit union cost me a whole 1$ dollar a month, but do you know where that dollar goes? To the upkeep of a hospice house they built for its members, they also just donated 3 million dollars to a local historical site to keep it afloat for the next 20 years.
All the money collect from the community stays in the community all loans are local, the tellers all know you by name when you walk in its all and all a way better experience.

[ShakyhandsBTCer]

Banks are a business, we all have to know it even though they tend to be demonized.
What really bothers me is that nowadays you need to use their services.
No one should be obliged to have a bank account to receive their salary. I'm not sure what a proper alternative would be, but they're basically forcing everyone to put your money in a third party company. Not cool.

That is what bothers me also. I don't care if they are trying to make a buck, but I should not be coerced into participating in such a scheme.

Noone is really "coerced" into participating in the banking system. The issue is that it is very expensive to not use the banking system. At least by "yesterdays" standards.

[Harley997]

Banks are a business, we all have to know it even though they tend to be demonized.
What really bothers me is that nowadays you need to use their services.
No one should be obliged to have a bank account to receive their salary. I'm not sure what a proper alternative would be, but they're basically forcing everyone to put your money in a third party company. Not cool.

That is what bothers me also. I don't care if they are trying to make a buck, but I should not be coerced into participating in such a scheme.

Agreed, this is a mafia type of business. We live in a time where we do not need banks anymore, at all. The government is yet to realize this, but they get profits from banks.. so who are they to change the law? The degree of corruption in the government is reaching all time high
 

Have you ever tried to go a full month without using a bank? It is much more difficult then you may imagine, and expensive as well.