Community Chat

[Blahblahvampemer]

---

@terrier3 wrote:

---

@esmeraldagooch wrote:

What  would you do if your bank decided to charge you to deposit and hold your savings? Apparently it's been discussed three times here in the USA in the last three weeks. 

Others are already dealing with it.

http://www.bloombergview.com/quicktake/negative-interest-rates

---

The laughable part of this story is the interest rates charged on credit cards - have they gone down??? I don't think so.

So the bank gets the money at less than one percent interest rate - and lends it out in morgages or CCs for 4%-38%...making HUGE profits just shuffling money around.

---

Of course not!  Americans are getting into serious debt.  Again.  Another housing bubble is building.  Again.  

[Blahblahvampemer]

---

@handygal2 wrote:

---

@terrier3 wrote:

---

@151949 wrote:

The small amount of money we keep in our passbook savings acct. is not there to earn interest. The money we want to grow for us we invest with our broker. The money we keep in our savings is "working savings" - it is mostly our income tax return and we keep it in the bank til it is needed to pay for things like insurance, property taxes and our yearly campground fees, and our trip home to Pa. The interest is so low it is , essentially, almost nothing, but that is OK - we don't have it there to earn interest. It's just resting there so when we need it to pay something it is at our disposal. So,  I guess it is there for our convenience. In the meanwhile I do get that the bank makes money with my money, good for them!

---

I have investments too...but as my investments grow (or even if they don't) the fees charged by the brokerage house really add up...they make a ton of money, no matter how the market does.

---

I agree. Banks and brokerage houses are "cleaning up" at the expense of the saver/investor. The government doesn't seem to care.

---

They care enough to create some of the most brutal regs ever created, and they start in 2016.  Both the Senate and House are starting to see what they'll have to fix as the "unintended consequences" will hit the middle class, and society in general, like a to if bricks.

[Snowpuppy]

---

@esmeraldagooch wrote:

Moments ago, the Bank of Canada's chief finally said what we had been patiently waiting for over the past several months: admission that Europe's experiment with negative rates is about to cross the Atlantic. From Market News:

http://www.zerohedge.com/news/2015-12-08/canada-just-hinted-negative-interest-rates-are-coming

---

I read that on zero hedge tonite and then read the original story in the Toronto Star.

Canadians didn't get caught up in the housing disaster of 2008 becase they were far more conservative in their lending.

That said, the now have a newly elected liberal PM.