My father-in-law warned me this could happen but I thought he was crazy. As a senior derivatives trader for 30 years, he had watched it happen in other countries and worried it could happen here. It seems like his fear just may become a reality.
Last week, Bank of New York Mellon took an extraordinary step. They began telling their larger clients that it will begin to charge them to hold cash.
That is not a typo!
The bank will begin to charge large depositors to hold their cash. Could this be the next phase of the long running global financial crisis? Could the average American’s deposits be next in line for charges?
It has happened before in other countries under similar conditions so there is no reason to think it can’t happen here.
Right now your cash is sitting in the bank earning nothing and there is a reasonable chance that in the near future you will will actually have to pay a fee for the privilege of keeping your money there.
Be proactive! We offer a virtually risk free opportunity to take that money and earn outsized returns.