11/04/2015 Banks Poised to Charge for Deposits. Federal Reserve puts negative rates on table to entice lending
http://www.wnd.com/2015/11/banks-poised-to-charge-for-deposits/?cat_orig=money Federal Reserve Chairman Janet Yellen suggested the Fed might consider negative interest rates, which effectively means financial institutions would charge customers to keep money in an account.
Several of Europes ailing commercial banks have imposed the measure in a desperate attempt to reinvigorate the economy.
But in the United States, banks have generally tried to entice customers with various interest rate advantages and other banking benefits, such as free checking and savings or even free money to open accounts.
That could soon change.
As Zero Hedge reported: Yellen says if [rates] outlook worsened, fed might weight negative rates. Yellen says negative rates could help encourage banks to lend.
Charging customers to keep deposits proved disastrous in Japan, and banks aborted the practice in 2000.
Yellen tempered the statement with a softer outlook, saying she doesnt see need for negative rates now, and the economy [seems] on a steady path of improvement, Zero Hedge reported.
But as WND previously reported, U.S. economic statistics have been badly skewed.
'APOCALYPSE': BIG RETAIL SHUTTERING AT RECORD PACE Closings just tip of economic woes
http://www.wnd.com/2015/11/banks-poised-to-charge-for-deposits/?cat_orig=money In July, financial eyes were wide open on the retail sector, watching with concern as several big name stores from Macys, Office
Depot and Pier One to Pep Boys, Childrens Place and Barnes & Noble announced massive closings.
At the same time, the White House has been presenting a rosy view of the economy, painting the jobs numbers and national growth data as irrefutable positives.