Banks Don't Need Your Money

[Lin ASL Ebron]

“Banks don’t have a need for deposits, and the demand for loans by households and firms is weak,” Niels Storm Stenbaek, chief economist at the Danish Bankers Association, said in a phone interview.

 

Video discussion

 

Interesting times we live in...

 

Agape'

[trottigy]

Yes, if you open an account at a bank and have a negative balance, they will charge you fees - after all you asked them to provide a service. It is reasonable that the bank should get something in return for their work. I know I like to get paid when someone asks me to work for them - that's just the kind of world we live in.

My personal opinion - if you don't have enough money to keep some in the account, don't open the account and if you have close it. TADA no more fees, but also no more bank service.

Edited February 7, 2015 by trottigy

[Lin ASL Ebron]

The person was not speaking of fees against overdraft.  In addition, paying bank fees to have an account is not new.  The new thought is that banks are no longer viewing depositors the same way.  In the past, depositors were entitled to a measure of protection different from investors.  That is no longer the view of banks.  The most recent budget bill in the U.S. includes measures that will enable banks to take money from depositors in the event of another banking crisis comparable to what happened in 2008.  Dodd Frank has pretty much been gutted and it wasn't that strong to begin with.  FDIC has had to admit in recent years that they do not have funding to protect depositors and now banks have access to FDIC protections.

 

Depositor protections

 

Agape'

[Lin ASL Ebron]

November 2014  G20 Summit in Australia discuss bank deposits and the Derivative debt wherein it was  decided that in the event of another banking crisis comparable to 2008, bank depositors will bail out the banks instead of governments.

 

Agape'