Charging Clients on Deposits

Banning cash transactions and then charging for deposits seems to be our future. Now this is the latest:

HSBC has become one of the biggest global banks to say it will begin charging clients on deposits in a basket of European currencies to prevent its profit margins from being crushed in a record low-interest rate environment. The unusual steps come after the ECB became the first big central bank to announce a negative deposit rate – in effect a penalty on banks parking their surplus cash – last year. HSBC -0.5% premarket.

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