Posted on 12/03/2012 7:00:04 AM PST by Perdogg
Credit Suisse Group AG (CS) said Monday it will start applying negative credit rates on cash clearing accounts above a certain threshold, effective from Dec. 10.
"We invite our customers to keep cash balances as low as possible to avoid negative credit charges," Credit Suisse said in a statement sent via the Swift payments system to customers in the Swiss interbank market.
(Excerpt) Read more at 4-traders.com ...
The Economy Is Going To Implode Pt.1 of 8
The Economy Is Going To Implode Pt.2 of 8
The Economy Is Going To Implode Pt.3 of 8
The Economy Is Going To Implode Pt.4 of 8
The Economy Is Going To Implode Pt.5 of 8
The Economy Is Going To Implode Pt.6 of 8
Everybody relax. Obama says our economy is fine, so nothing to see here.
PING
Gonna be some lumpy mattresses out there.
Swiss banks are basically charging you for a safe place to put your money.
My first thought too.
The usual argument is that you are wasting the interest you could make by putting it in the bank, now, not so much.
I dont have 50 million in cash to park for short periods(24,48,36 hrs) so I won’t sweat it
Sure, lets make it prohibitive to keep cash. After all, its everyone’s patriotic duty to either 1) spend, 2) buy stocks, or (best of all) buy US Treasuries.
Why would anyone put money in the bank to pay for the privilege
Does this mean they Are Charging customers who have Money on Deposit instead of paying interest?? If so, hold on tight, this is the beginning of the End.
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