Where the American dream dies.
For
clueless bank executives who wonder
why people hate their fucking guts:
Droves of consumers and businesses unnerved by the lurching markets have been taking their money out of risky investments and socking it away in bank accounts, where it does little to stimulate the economy.
Though financial institutions are not yet turning away customers at the door, they are trying to discourage some depositors from parking that cash with them. With fewer attractive lending and investment options for that money, it is harder for the banks to turn it around for a healthy profit.
In August, Bank of New York Mellon warned that it would impose a 0.13 percentage point fee on the deposits of certain clients who were moving huge piles of cash in and out of their accounts.
You see, banks don't want to lend money to anyone, because the margins on such investments are shittier than slapping swipe fees and ATM fees on consumers. And really, they can get free money from the fed, so why should they pay customers even a billionth of a cent in interest for their deposits?
And really, if you start using a bank like, you know, a bank, and use it to deposit your money, you might soon have to pay for that privilege?
Yup, they're nothing but assholes.