Coming to a bank near you? -.25% interest rates

[MostlyHarmless]

Originally Posted by goofin

Isnt socialism just dandy?

What does "voluntarily accepting to give advanced notice of withdrawal in return for interest earned on a savings account" have to do with socialism?

Nobody forces you to put your money into a savings account. You can keep it on a checking account and withdraw any amount at any time. Or you can choose other forms of investment. If you don't like the terms, don't sign the contract.

Sorry, but bashing this practice is just bullshit. And it exists here in the US just as well. Ever tried to get your money out of a CD before the term ends? Voila, you're gonna pay to get your money.


Jan

[goofin]

you assumed I was talking about paying to get my money out early from a savings account or a cd. -.25% interest was the main focus, and since its in a bank thats in Europe........

[MostlyHarmless]

Originally Posted by goofin

you assumed I was talking about paying to get my money out early from a savings account or a cd. -.25% interest was the main focus, and since its in a bank thats in Europe........

Sorry, misunderstood that post then.

Well, isn't a negative interest rate the logical consequence of a deflation?


Jan

[Pector55]

LOL, what a great way to fight deflation! Bernanke will probably love this idea. He has a history of being scared of deflation. If the fed can have banks do a neg interest rate, he can go neg in the prime and still push past the fear of losing power at zero interest rates. In the process, he can push lots of money out there and have the banks suck a bunch of it back up. Also, it can help to stop that rediculous [sic] increase in savings rate we have been seeing lately.

Screw it... more reason to buy and hold metals as a savings account. I am paying for my vacation this year by selling an ounce of platinum that has been sittin in my safe since January.

[goofin]

Originally Posted by MostlyHarmless

Sorry, misunderstood that post then.

Well, isn't a negative interest rate the logical consequence of a deflation?


Jan

Hey not a problem, maybe i should have put something in quotes to be more clear

[Pector55]

Originally Posted by MostlyHarmless

Sorry, misunderstood that post then.

Well, isn't a negative interest rate the logical consequence of a deflation?


Jan

Logical? NO! Deflation is logical in itself. Interest rate manipulation via the fed and IMF is illogical and the cause of our current problems despite all the dumbasses who lay it solely at the feet of GWB.

[Kenshin]

As much as they would like to see a cashless society. You can thank the drug dealers from keeping that from happening. The cash that flows from illegal drugs will keep the politicians dirty enough to prevent that from happening.

[Morel42]

The Swedish have had insane monitary policies for years.. Their tax schemes, and the fact that by law they have to keep inflation at a maximum rate of 2% a year, meanwhile not converting over the Euro which their own currency has lost 20% of it's value.. AND that they have an overall 51% tax burden from Federal tax, the avg worker takes home 40% of his/her paycheck..

It's basically the worse example of extreme socialistic ideals and micromanaging of an economy.. Just as a totall unregulated free market with no oversight will cause an economy to collapse, an economy in a stranglehold will fail just as badly.

[camper]

So long as there is a free market in banking in the US, I won't worry. Big banks will pork the same people they're porking now, and small banks & credit unions will get the savvy consumer who doesn't choose banks based on 'don't have to turn left to get there' or 'where we always banked' mentality.

Banks pay ME to use my money in the form of interest, I'm not paying THEM a storage fee so they can make more money for shareholders from it.

camper

[God's Country]

So yet another example of responsible people (saving money) getting fucked
for being so damn responsible.