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On 8/26/11, PH™ <[email protected]> wrote: > > > > ----- Forwarded Message ----- > * > * BUSINESS > * AUGUST 5, 2011 > New Fee to Bank CashjsonData: http://on.wsj.com/pCwOut > By LIZ RAPPAPORT > Bank of New York Mellon Corp. on Thursday took the extraordinary step of > telling large clients it will charge them to hold cash. > Bank of New York Mellon is preparing to charge some large depositors to hold > their cash, in the latest sign of the worries roiling global markets. Liz > Rappaport has details. > The unusual move means some U.S. depositors will have to pay to keep big > chunks of money in a bank, marking a stark new phase of the long-running > global financial crisis. > The shift is also emblematic of the strains plaguing the U.S. economy. > Fearful corporations and investors have been socking away cash in their bank > accounts rather than put it into even the safest investments. > The giant bank, which specializes in handling funds for financial > institutions and corporations, will begin assessing a fee next week on > customers that have been flooding the bank with dollars, Bank of New York > told clients in a note reviewed by The Wall Street Journal. > Journal Community > More > * State Street: Pricing on Deposits Hasn't Changed > * Real Time Econ: The Problem With Trapped Cash > * BNY Mellon Statement on Deposit Fees > The decision won't affect individual savers, who already are stuck with near > zero interest rates as the Federal Reserve keeps rates low to support a soft > economy. But it is a glaring sign that corporate executives, bank leaders > and money-market fund managers are fleeing from risk and hoarding cash as > the recovery threatens to peter out. > INSIGHT FROM CFO JOURNAL > * Treasurers Bristle at Deposit Charges > * More Banks Could Start Charging Depositors > Sign up for a Free Trial now » > A Bank of New York Mellon spokesman said, "the vast majority of clients will > not be affected by the proposed fee." > The Dow Jones Industrial Average plunged 512.76 points Thursday. The > one-month Treasury bill traded at a negative yield for the first time since > June—signaling that investors are so worried that they are prepared to pay > the government to take their money. > The letter said Bank of New York finds its deposits "suddenly and > substantially increasing" as investors are in a mass "de-risk" mode. The > bank said the decision was driven by the fact that it cannot invest much of > the new deposits because clients have the ability to move the funds out at > any moment. > The ultra-low interest rates set by the Federal Reserve in an effort to > stimulate the anemic recovery have also neutered banks' ability to reap > profits from investing their deposits. > In times of crisis, the Markets Hub roundtable discusses where investors can > look to for the last few safe havens and whether the answer lies in gold, > emerging technology, treasuries or healthcare. (Photo: AP Photo.) > "I'm not surprised BONY is charging," said Sheila Bair, who left as chairman > of the Federal Deposit Insurance Corp. last month and is now at the Pew > Charitable Trusts. "The deposits are transient and given continued economic > weakness, there is not a lot it can do with them." > While other banks haven't followed Bank of New York in charging depositors, > some analysts speculated that rivals might follow suit. > Some corporate executives, meanwhile, took a dim view of the new fee. > "If it's true, I think it's atrocious," Gary Cox, chief financial officer of > Champions Life Insurance Co. in Richardson, Texas, told CFO Journal, a news > service of The Wall Street Journal. Champions, which has $150 million in > assets, has bank accounts with three local Texas firms and J.P. Morgan > Chase. > Such a move, he said, "would encourage us to find another bank." > A spokesman for J.P. Morgan Chase said it has not imposed similar fees. > Over the past two weeks, money-market funds, corporate treasurers and > investment houses have pulled money out of securities that mature in more > than one day in favor of stashing their cash in bank accounts at Bank of New > York and other banks with custodial operations. The accounts don't earn > interest, but have a big attraction: They are insured by the Federal Deposit > Insurance Corp. > The fastest-growing asset on bank balance sheets this year is cash. Since > the beginning of the year, U.S. bank holdings of cash are up 83%, or $890 > billion, to $1.98 trillion. Consumer loans, by contrast, have grown 0.2%, or > $1.7 billion. Commercial and industrial loans are up 3.8%, or $46.1 billion. > Bank of New York said that customers that have deposited more than $50 > million into their accounts since the end of July will face an annual fee of > at least 0.13% of the excess deposits. The fee would rise if the one-month > Treasury yield dips below zero, according to the letter sent to customers. > Getty Images > Bank of New York Mellon is preparing to charge some large depositors to hold > their cash. > The bank had $162.5 billion in deposits as of March 31. > Holding cash comes at a cost to banks. Bank of New York and others pay fees > of about 0.10% to the FDIC to insure their deposits, said people familiar > with the matter. > Given the size of recent deposits and the flows in and out of money-market > funds, the charges could run into the millions of dollars. > Huge deposit flows pose another problem for banks: They force banks to hold > increasing amounts of capital, which they are loath to do because doing so > depresses profits—which are already under pressure with a slow economy and > rising regulatory demands. > One place banks have turned to put their cash is the Federal Reserve. Since > late 2008 it has been paying 0.25% interest on funds banks hold with in > reserve with the Fed. > However, banks and economists have speculated that one of the Fed's options > is to reduce or even eliminate that interest payment, hoping to push banks > to invest their deposits in the private sector. > The Fed has worried that removing the payment would hurt vulnerable parts of > the financial system—namely money-market funds, which would struggle to make > profits in a world where interest rates are almost zero. > But with the economy weakening, the Fed is considering all sorts of ways to > promote spending, investment and growth. > While financial institutions haven't rushed to impose commissions, other > countries have used negative interest rates to stem a torrent of incoming > funds. In 2009, Sweden cut its benchmark interest rate below zero, and in > the late 1970s Switzerland's central bank imposed negative interest rates to > slow capital inflows that were driving up the value of the Swiss franc. > —Jon Hilsenrath, Damian Paletta and Vipal Monga contributed to this article. > Write to Liz Rappaport at [email protected] > Corrections & Amplifications > Gary Cox is Champions Life Insurance Co.'s chief financial officer. An > earlier version of this article misspelled his last name as Cos. > More > Real Time Econ: The Problem With Trapped Cash > BNY Mellon Statement on Deposit Fees > Copyright 2011 Dow Jones & Company, Inc. All Rights Reserved > This copy is for your personal, non-commercial use only. Distribution and > use of this material are governed by our Subscriber Agreement and by > copyright law. 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