Canadian Bank Charging Negative 0.75% Rate

[Y_Participant 4591]

Effective December 22, 2016, BMO Nesbitt Burns will begin charging clients a market-rate negative interest charge of 75 basis points on cash balances of all foreign currencies held in their account(s), excluding U.S. dollars. Interest is calculated on the average daily balance. The first charge will cover the period of December 22, 2016 to January 21, 2017.

http://www.zerohedge.com/print/578374

Pass the popcorn…

[experiencedParticipant]

Get the eff out!

Enough American banks act as though they own your money; imagine what it will be like when the crap hits the fan.

“Today is the run on the banks, mgtow left last week.

"It seems like there's times a body gets struck down so low, there ain't a power on earth that can ever bring him up again. Seems like something inside dies so he don't even want to get up again. But he does."

[uchibenkeiParticipant 7965]

Don’t hold foreign currency with that bank. S~~~ like this is why i moved to Kuwait.

I bathe in the tears of single moms.

[Silverstone the SecondParticipant]

Yeah, f~~~ all that bulls~~~. These are the banks you simply stop banking with. That’s all you have to do.

Feminism is a movement where opinions are presented as facts and emotions are presented as evidence.

[KevinStylesParticipant 2580]

Sounds like moving your money out of BMO is a good first step. They loose enough peoples money and other banks will be discouraged to follow suit.

[ResidentEvil7Participant 9547]

How do you charge a negative interest?

https://themanszone.webs.com/

[BeerParticipant 11832]

ResidentEvil7 wrote:

How do you charge a negative interest?

Well…instead of giving you a % each month to hold your money, they take it away lol. Somehow though, it won’t get so negative that they’ll have to pay you interest to take a loan.

It was already done in other parts of the world as a pathetic attempt to stimulate the economy…if the bank is taking money from people, then they won’t save it, they’ll spend our economies back into growth! I don’t think its worked anywhere. To me it seems like the people who want to save and invest are just going to find investments to pile money in that don’t get hit by a negative interest rate, and people that live paycheck to paycheck whether by choice or necessity are going to continue to do so.

Its kind of funny though when countries do this s~~~ while at the same time so many places around the world right now are having problems funding pensions and with personal retirement savings. Way to make it even harder for people to prepare for their future!

[CatsPawParticipant 423]

Cashless society+negative interest rates: Profit! (note we dont even need the “?????” step here).

Until people start using barter and you are left with digital numbers no one cares about.
But then again Elites are always reacting AFTER the fact so … whatever.

Oh, and they will make gold, silver and even barter illegal. Again, then people wont work at all.
We already did this experiment… like over 500 times in human history. And it always ends up the same way (and starts the same way btw).

The cyclical Capitalism to socialism to communism to crash, reset and Capitalism again.

My parent lived in communist Poland, so they still remember it. I dont, but at LEAST I understand it.

[GrumpyParticipant]

Bank Of Montreal (BMO)

Leading the way of bad Banking and p~~~ poor customer service since 1996

There was a time in my life when I gave a fuck. Now you have to pay ME for it

[Author]

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